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

New York, NY 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, 2025

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders for the 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.

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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	25.2%
Industrials	20.2%
Health Care	11.3%
Information Technology	9.9%
Consumer Discretionary	8.4%
Consumer Staples	7.5%
Materials	6.2%
Communication Services	3.9%
Utilities	2.8%
Other	2.6%

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	$44	0.80%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$116,187,291
# of Portfolio Holdings302
Portfolio Turnover Rate78%
Total Net Advisory Fees Paid$415,484

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 Global Industry Classification Standard (GICS) 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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

380987701-SAR-0625 Institutional Class

Semi-Annual Shareholder Report

June 30, 2025

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

Service Class

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Financials	25.2%
Industrials	20.2%
Health Care	11.3%
Information Technology	9.9%
Consumer Discretionary	8.4%
Consumer Staples	7.5%
Materials	6.2%
Communication Services	3.9%
Utilities	2.8%
Other	2.6%

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	$58	1.05%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$116,187,291
# of Portfolio Holdings302
Portfolio Turnover Rate78%
Total Net Advisory Fees Paid$415,484

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

380987776-SAR-0625 Service Class

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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?

Sector Allocation (%)

Financials	23.3%
Industrials	13.8%
Health Care	12.3%
Information Technology	9.8%
Consumer Discretionary	8.0%
Consumer Staples	7.1%
Communication Services	6.5%
Energy	5.5%
Materials	4.8%
Other	8.6%

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	$35	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$263,964,404
# of Portfolio Holdings67
Portfolio Turnover Rate48%
Total Net Advisory Fees Paid$889,793

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

380987107-SAR-0625 Institutional Class

Semi-Annual Shareholder Report

June 30, 2025

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

Service Class

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Financials	23.3%
Industrials	13.8%
Health Care	12.3%
Information Technology	9.8%
Consumer Discretionary	8.0%
Consumer Staples	7.1%
Communication Services	6.5%
Energy	5.5%
Materials	4.8%
Other	8.6%

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	$47	0.93%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$263,964,404
# of Portfolio Holdings67
Portfolio Turnover Rate48%
Total Net Advisory Fees Paid$889,793

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

380987677-SAR-0625 Service Class

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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?

Sector Allocation (%)

Industrials	21.1%
Information Technology	19.1%
Health Care	17.6%
Consumer Discretionary	13.7%
Financials	9.6%
Communication Services	5.4%
Consumer Staples	4.7%
Energy	3.3%
Utilities	2.9%
Other	4.3%

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	$43	0.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$66,227,108
# of Portfolio Holdings70
Portfolio Turnover Rate43%
Total Net Advisory Fees Paid$243,016

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

380987636-SAR-0625 Institutional Class

Semi-Annual Shareholder Report

June 30, 2025

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

Service Class

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Industrials	21.1%
Information Technology	19.1%
Health Care	17.6%
Consumer Discretionary	13.7%
Financials	9.6%
Communication Services	5.4%
Consumer Staples	4.7%
Energy	3.3%
Utilities	2.9%
Other	4.3%

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	$51	0.98%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$66,227,108
# of Portfolio Holdings70
Portfolio Turnover Rate43%
Total Net Advisory Fees Paid$243,016

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

380987719-SAR-0625 Service Class

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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?

Sector Allocation (%)

Financials	17.8%
Industrials	16.2%
Utilities	9.1%
Information Technology	8.9%
Energy	8.4%
Real Estate	8.0%
Consumer Discretionary	7.2%
Consumer Staples	6.8%
Materials	6.7%
Other	9.7%

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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$436,854,840
# of Portfolio Holdings104
Portfolio Turnover Rate49%
Total Net Advisory Fees Paid$1,586,101

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

380987602-SAR-0625 Institutional Class

Semi-Annual Shareholder Report

June 30, 2025

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

Service Class

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Financials	17.8%
Industrials	16.2%
Utilities	9.1%
Information Technology	8.9%
Energy	8.4%
Real Estate	8.0%
Consumer Discretionary	7.2%
Consumer Staples	6.8%
Materials	6.7%
Other	9.7%

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	$54	1.08%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$436,854,840
# of Portfolio Holdings104
Portfolio Turnover Rate49%
Total Net Advisory Fees Paid$1,586,101

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

380987743-SAR-0625 Service Class

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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?

Sector Allocation (%)

Financials	19.1%
Health Care	17.0%
Information Technology	14.7%
Industrials	14.5%
Consumer Discretionary	12.0%
Real Estate	6.6%
Energy	5.0%
Utilities	2.8%
Communication Services	2.6%
Other	4.1%

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	$40	0.81%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$153,385,139
# of Portfolio Holdings530
Portfolio Turnover Rate79%
Total Net Advisory Fees Paid$509,051

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

380987404-SAR-0625 Institutional Class

Semi-Annual Shareholder Report

June 30, 2025

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

Service Class

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Financials	19.1%
Health Care	17.0%
Information Technology	14.7%
Industrials	14.5%
Consumer Discretionary	12.0%
Real Estate	6.6%
Energy	5.0%
Utilities	2.8%
Communication Services	2.6%
Other	4.1%

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	$52	1.06%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$153,385,139
# of Portfolio Holdings530
Portfolio Turnover Rate79%
Total Net Advisory Fees Paid$509,051

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

380987669-SAR-0625 Service Class

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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?

Sector Allocation (%)

Information Technology	50.7%
Communication Services	12.3%
Consumer Discretionary	9.8%
Health Care	9.3%
Industrials	6.8%
Financials	4.3%
Consumer Staples	2.2%
Materials	1.6%
Energy	1.5%
Money Market Instruments	1.3%

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	$36	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$440,900,632
# of Portfolio Holdings54
Portfolio Turnover Rate31%
Total Net Advisory Fees Paid$1,320,920

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

380987503-SAR-0625 Institutional Class

Semi-Annual Shareholder Report

June 30, 2025

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

Service Class

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Information Technology	50.7%
Communication Services	12.3%
Consumer Discretionary	9.8%
Health Care	9.3%
Industrials	6.8%
Financials	4.3%
Consumer Staples	2.2%
Materials	1.6%
Energy	1.5%
Money Market Instruments	1.3%

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	$49	0.95%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$440,900,632
# of Portfolio Holdings54
Portfolio Turnover Rate31%
Total Net Advisory Fees Paid$1,320,920

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

380987750-SAR-0625 Service Class

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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?

Sector Allocation (%)

Information Technology	30.1%
Financials	16.8%
Communication Services	11.4%
Health Care	10.1%
Consumer Discretionary	9.8%
Industrials	8.0%
Consumer Staples	4.2%
Real Estate	3.5%
Energy	2.1%
Other	3.2%

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	$28	0.56%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$371,527,957
# of Portfolio Holdings157
Portfolio Turnover Rate98%
Total Net Advisory Fees Paid$957,120

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - U.S. Equity Insights Fund

380987206-SAR-0625 Institutional Class

Semi-Annual Shareholder Report

June 30, 2025

Goldman Sachs Variable Insurance Trust - U.S. Equity Insights Fund

Service Class

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Information Technology	30.1%
Financials	16.8%
Communication Services	11.4%
Health Care	10.1%
Consumer Discretionary	9.8%
Industrials	8.0%
Consumer Staples	4.2%
Real Estate	3.5%
Energy	2.1%
Other	3.2%

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	$39	0.77%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$371,527,957
# of Portfolio Holdings157
Portfolio Turnover Rate98%
Total Net Advisory Fees Paid$957,120

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - U.S. Equity Insights Fund

380987768-SAR-0625 Service Class

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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
Developed markets ex US Equity	13.1	13.1	-	13.1
Long-Term Fixed Income	31.0	31.0	-	31.0
Cash and Short-Term Investments	134.2	104.5	29.7	74.8
US Equity	56.2	56.2	-	56.2

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	$34	0.67%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

^ 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, 2025)

Total Net Assets$245,758,845
# of Portfolio Holdings12
Portfolio Turnover Rate47%
Total Net Advisory Fees Paid$804,540

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

380987610-SAR-0625 Institutional Class

Semi-Annual Shareholder Report

June 30, 2025

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

Service Class

Fund Overview

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
Developed markets ex US Equity	13.1	13.1	-	13.1
Long-Term Fixed Income	31.0	31.0	-	31.0
Cash and Short-Term Investments	134.2	104.5	29.7	74.8
US Equity	56.2	56.2	-	56.2

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	$46	0.92%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$245,758,845
# of Portfolio Holdings12
Portfolio Turnover Rate47%
Total Net Advisory Fees Paid$804,540

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

380987651-SAR-0625 Service Class

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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?

Sector Allocation (%)

Mortgage-Backed Securities	34.1%
U.S. Treasury Obligations	27.2%
Corporate Bond	21.4%
Asset- Backed Securities	11.8%
Commercial Mortgage-Backed Securities	5.6%
Foreign Bond	5.1%
Collateralized Mortgage Obligations	2.0%
Foreign Government Securities	1.3%
Other	10.0%

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	$21	0.41%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$184,680,924
# of Portfolio Holdings682
Portfolio Turnover Rate285%
Total Net Advisory Fees Paid$332,496

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

380987628-SAR-0625 Institutional Class

Semi-Annual Shareholder Report

June 30, 2025

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

Service Class

Fund Overview

What did the Fund invest in?

Sector Allocation (%)

Mortgage-Backed Securities	34.1%
U.S. Treasury Obligations	27.2%
Corporate Bond	21.4%
Asset- Backed Securities	11.8%
Commercial Mortgage-Backed Securities	5.6%
Foreign Bond	5.1%
Collateralized Mortgage Obligations	2.0%
Foreign Government Securities	1.3%
Other	10.0%

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	$33	0.66%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$184,680,924
# of Portfolio Holdings682
Portfolio Turnover Rate285%
Total Net Advisory Fees Paid$332,496

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

380987727-SAR-0625 Service Class

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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.

Sector Allocation (%)

Repurchase Agreements	62.8%
U.S. Treasury Obligations	35.3%
U.S. Government Agency Obligations	9.8%

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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$3,951,456,567
# of Portfolio Holdings323
Total Net Advisory Fees Paid$3,044,884

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Government Money Market Fund

380987594-SAR-0625 Institutional Shares

Semi-Annual Shareholder Report

June 30, 2025

Goldman Sachs Variable Insurance Trust - Government Money Market Fund

Service Shares

Fund Overview

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.

Sector Allocation (%)

Repurchase Agreements	62.8%
U.S. Treasury Obligations	35.3%
U.S. Government Agency Obligations	9.8%

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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics (as of June 30, 2025)

Total Net Assets$3,951,456,567
# of Portfolio Holdings323
Total Net Advisory Fees Paid$3,044,884

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.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Government Money Market Fund

380987693-SAR-0625 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. Michael Latham is the “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.

LOGO

Goldman Sachs Variable Insurance Trust Goldman Sachs Government Money Market Fund Semi-Annual Financial Statements June 30, 2025

Goldman Sachs Government Money Market Fund


Table of Contents	Page

Schedule of Investments

Goldman Sachs Government Money Market Fund		3

Financial Statements

Statement of Assets and Liabilities		13

Statement of Operations		14

Statements of Changes in Net Assets		15

Financial Highlights

Goldman Sachs Government Money Market Fund		16

Notes to Financial Statements		18

Statement Regarding Basis for Approval of Investment Advisory Contract		24

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Obligations - 9.8%

Federal Farm Credit Banks Funding Corp. (Prime Rate - 2.990%)
$	3,132,000		4.510	%^(a)	06/18/26	$	3,132,000
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.000%)
	2,078,000		4.500	^(a)	07/28/25		2,078,000
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.020%)
	1,514,000		4.480	^(a)	09/08/25		1,514,000
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.025%)
	1,265,000		4.472	^(a)	03/18/26		1,265,296
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.030%)
	1,439,000		4.468	^(a)	04/17/26		1,439,094
	2,378,000		4.470	^(a)	04/17/26		2,378,154
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.035%)
	1,608,000		4.465	^(a)	04/29/26		1,608,000
	3,146,000		4.465	^(a)	01/13/27		3,146,000
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.040%)
	1,383,000		4.460	^(a)	05/21/26		1,383,000
	434,000		4.460	^(a)	05/28/26		434,000
	1,118,000		4.460	^(a)	06/12/26		1,118,000
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.060%)
	1,604,000		4.440	^(a)	03/24/26		1,604,000
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.070%)
	2,154,000		4.430	^(a)	01/02/26		2,154,000
	2,221,000		4.430	^(a)	01/29/26		2,221,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.040%)
	2,499,000		4.430	^(a)	02/11/26		2,499,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.055%)
	2,754,000		4.445	^(a)	11/25/25		2,754,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.070%)
	2,255,000		4.460	^(a)	12/07/26		2,255,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.075%)
	1,804,000		4.465	^(a)	11/16/26		1,804,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.080%)
	2,846,000		4.470	^(a)	03/11/27		2,846,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.085%)
	2,776,000		4.475	^(a)	12/29/25		2,776,000
	1,069,000		4.475	^(a)	08/07/26		1,069,000
	6,250,000		4.475	^(a)	02/26/27		6,250,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.090%)
	1,650,000		4.480	^(a)	02/09/26		1,650,000
	1,031,000		4.480	^(a)	02/24/27		1,031,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.095%)
	3,327,000		4.485	^(a)	07/17/26		3,327,000
	4,189,000		4.485	^(a)	02/12/27		4,189,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.100%)
	3,130,000		4.490	^(a)	04/15/26		3,130,000
	1,285,000		4.490	^(a)	02/09/27		1,285,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.105%)
	1,085,000		4.495	^(a)	03/18/26		1,085,054
	2,887,000		4.495	^(a)	05/26/26		2,887,000
	5,284,000		4.495	^(a)	02/01/27		5,284,000
	7,500,000		4.495	^(a)	03/05/27		7,500,000
	4,248,000		4.495	^(a)	05/14/27		4,248,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.110%)
	1,149,000		4.500	^(a)	03/13/26		1,149,000
	1,261,000		4.500	^(a)	04/16/26		1,261,000
	1,568,000		4.500	^(a)	04/21/26		1,568,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.115%)
	426,000		4.505	^(a)	04/08/26		426,000
	15,395,000		4.505	^(a)	01/28/27		15,395,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Obligations – (continued)

$	5,505,000		4.505	%^(a)	02/10/27	$	5,505,000
	7,026,000		4.505	^(a)	05/06/27		7,026,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.120%)
	1,427,000		4.510	^(a)	07/15/26		1,427,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.125%)
	1,736,000		4.515	^(a)	06/10/26		1,736,000
	1,700,000		4.515	^(a)	06/15/26		1,700,000
	3,514,000		4.515	^(a)	06/18/26		3,514,000
	4,049,000		4.515	^(a)	08/06/26		4,049,000
	1,036,000		4.515	^(a)	09/21/26		1,036,000
	7,525,000		4.515	^(a)	04/29/27		7,525,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.130%)
	1,561,000		4.520	^(a)	08/13/25		1,561,000
	2,015,000		4.520	^(a)	08/28/26		2,015,000
	6,465,000		4.520	^(a)	04/23/27		6,465,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.135%)
	2,012,000		4.525	^(a)	12/18/26		2,011,964
	2,704,000		4.525	^(a)	01/08/27		2,704,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.140%)
	2,699,000		4.530	^(a)	08/22/25		2,699,000
	539,000		4.530	^(a)	08/26/26		539,000
	1,909,000		4.525	^(a)	09/03/26		1,910,609
	2,046,000		4.530	^(a)	09/04/26		2,046,000
	1,210,000		4.530	^(a)	09/09/26		1,210,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.150%)
	2,003,000		4.540	^(a)	12/15/25		2,003,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.155%)
	1,989,000		4.545	^(a)	09/15/25		1,988,979
	2,024,000		4.541	^(a)	09/25/25		2,024,438
	3,220,000		4.545	^(a)	11/28/25		3,220,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.160%)
	2,306,000		4.550	^(a)	07/21/25		2,306,000
	3,323,000		4.550	^(a)	08/04/25		3,323,000
	756,000		4.550	^(a)	10/27/25		756,000
Federal Home Loan Bank
	857,000		4.146		12/26/25		839,852
	4,020,000		4.224		12/26/25		3,939,563
	2,209,000		4.252		01/06/26		2,161,625
	2,274,000		4.244		01/20/26		2,221,593
	5,354,000		4.251		01/20/26		5,230,610
	2,274,000		4.250		01/21/26		2,221,361
	2,433,000		4.241		01/22/26		2,376,509
	2,274,000		4.246		01/22/26		2,221,201
Federal Home Loan Bank (SOFR + 0.030%)
	6,350,000		4.420	^(a)	02/19/26		6,350,000
Federal Home Loan Bank (SOFR + 0.045%)
	3,175,000		4.435	^(a)	05/18/26		3,175,000
Federal Home Loan Bank (SOFR + 0.085%)
	3,880,000		4.475	^(a)	02/26/27		3,880,000
Federal Home Loan Bank (SOFR + 0.090%)
	585,000		4.480	^(a)	02/19/26		585,000
	3,225,000		4.480	^(a)	02/12/27		3,225,000
	6,565,000		4.480	^(a)	02/19/27		6,565,000
Federal Home Loan Bank (SOFR + 0.100%)
	2,505,000		4.490	^(a)	04/17/26		2,505,000
	3,815,000		4.490	^(a)	10/21/26		3,815,000
	2,215,000		4.490	^(a)	05/27/27		2,215,000
	6,235,000		4.490	^(a)	06/10/27		6,235,000


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, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Obligations – (continued)

Federal Home Loan Bank (SOFR + 0.110%)
$	3,105,000		4.500	%^(a)	04/07/26	$	3,105,000
	635,000		4.500	^(a)	02/12/27		635,000
Federal Home Loan Bank (SOFR + 0.115%)
	2,155,000		4.505	^(a)	01/25/27		2,155,000
Federal Home Loan Bank (SOFR + 0.130%)
	3,180,000		4.520	^(a)	04/16/27		3,180,000
	2,875,000		4.520	^(a)	04/23/27		2,875,000
Federal Home Loan Bank (SOFR + 0.135%)
	9,420,000		4.525	^(a)	01/06/27		9,420,000
Federal Home Loan Bank (SOFR + 0.140%)
	4,735,000		4.530	^(a)	08/25/25		4,735,000
	4,960,000		4.530	^(a)	09/09/26		4,960,000
	2,970,000		4.525	^(a)	10/29/26		2,972,641
Federal Home Loan Bank (SOFR + 0.155%)
	4,575,000		4.545	^(a)	07/08/25		4,575,000
	6,495,000		4.545	^(a)	08/21/25		6,495,000
	4,325,000		4.545	^(a)	08/22/25		4,325,000
	3,320,000		4.545	^(a)	09/26/25		3,320,000
	2,365,000		4.545	^(a)	11/14/25		2,365,000
	3,850,000		4.545	^(a)	12/08/25		3,850,000
Federal Home Loan Bank (SOFR + 0.160%)
	7,980,000		4.550	^(a)	07/10/25		7,980,000
	6,790,000		4.550	^(a)	07/14/25		6,790,000
	2,920,000		4.550	^(a)	07/25/25		2,920,000
	1,785,000		4.550	^(a)	08/08/25		1,785,000
Federal Home Loan Mortgage Corp. (SOFR + 0.090%)
	5,604,000		4.480	^(a)	01/26/26		5,604,000
Federal Home Loan Mortgage Corp. (SOFR + 0.115%)
	33,411,000		4.505	^(a)	05/05/27		33,410,988
Federal Home Loan Mortgage Corp. (SOFR + 0.140%)
	5,343,000		4.530	^(a)	09/04/26		5,343,000
	2,350,000		4.527	^(a)	10/29/26		2,351,199
Federal National Mortgage Association (SOFR + 0.120%)
	1,184,000		4.510	^(a)	07/29/26		1,184,000
Federal National Mortgage Association (SOFR + 0.135%)
	11,725,000		4.525	^(a)	08/21/26		11,724,874
Federal National Mortgage Association (SOFR + 0.140%)
	11,281,000		4.530	^(a)	09/11/26		11,281,000
U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%)
	1,425,000		4.550	^(a)	03/15/30		1,425,000
	2,633,704		4.550	^(a)(b)	12/15/33		2,633,704
	250,000		4.550	^(a)	09/15/26		250,000


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	388,856,308



U.S. Treasury Obligations - 35.3%

United States Treasury Bills
	57,953,200		4.344		08/19/25		57,617,911
	9,016,200		4.507		08/19/25		8,964,037
	4,662,100		4.392		08/21/25		4,633,799
	13,159,500		4.441	^(c)	08/26/25		13,070,444
	2,540,000		4.329		09/02/25		2,521,270
	6,919,700		4.334		09/02/25		6,868,675
	1,342,700		4.333	^(c)	09/16/25		1,330,509
	44,449,100		4.338	^(c)	09/16/25		44,045,542
	13,119,400		4.343	^(c)	09/16/25		13,000,288
	42,535,000		4.349	^(c)	09/16/25		42,148,821
	7,056,400		4.350		09/18/25		6,990,667


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations – (continued)

$	9,672,500		4.344	%	09/23/25	$	9,577,060
	29,568,100		4.350		09/23/25		29,276,348
	13,164,100		4.299		09/25/25		13,032,177
	62,714,200		4.339		09/30/25		62,045,214
	19,155,200		4.335	^(c)	10/02/25		18,950,266
	13,404,400		4.340	^(c)	10/02/25		13,260,991
	1,578,900		4.345	^(c)	10/02/25		1,562,008
	69,994,300		4.323		10/07/25		69,192,997
	844,200		4.329		10/07/25		834,536
	2,738,100		4.334		10/07/25		2,706,754
	1,452,600		4.189		10/16/25		1,435,078
	2,881,500		4.192		10/16/25		2,846,742
	25,063,500		4.203		10/16/25		24,761,172
	5,907,600		4.318		10/21/25		5,830,209
	11,336,400		4.323		10/21/25		11,187,889
	1,450,400		4.339		10/21/25		1,431,399
	628,500		4.344		10/21/25		620,266
	4,451,000		4.355		10/21/25		4,392,690
	14,697,700		4.308	^(c)	10/28/25		14,493,890
	155,936,000		4.313	^(c)	10/28/25		153,773,672
	14,235,800		4.318	^(c)	10/28/25		14,038,395
	9,777,300		4.208		10/30/25		9,642,898
	23,813,500		4.337		10/30/25		23,486,152
	10,807,000		4.282		11/20/25		10,630,559
	190,600		4.297		11/20/25		187,488
	834,500		4.299		11/20/25		820,876
	647,400		4.301		11/20/25		636,830
	471,600		4.321		11/20/25		463,900
	1,503,700		4.293		11/28/25		1,477,647
	4,049,500		4.298		11/28/25		3,979,338
	331,000		4.304		11/28/25		325,265
	137,600		4.308		11/28/25		135,216
	31,385,600		4.309		11/28/25		30,841,809
	10,773,800		4.298		12/04/25		10,580,051
	10,136,800		4.298		12/11/25		9,946,327
	1,767,100		4.241		12/18/25		1,732,483
	338,500		4.245		12/18/25		331,869
	1,559,200		4.255	^(c)	12/18/25		1,528,656
	1,039,500		4.257		12/18/25		1,019,136
	2,121,300		4.281		12/18/25		2,079,744
	212,100		4.287		12/18/25		207,945
	7,708,500		4.297		12/18/25		7,557,492
	31,314,200		4.303		12/18/25		30,700,759
	5,419,900		4.237		12/26/25		5,310,214
	6,477,900		4.240		12/26/25		6,346,803
	1,455,300		4.250		12/26/25		1,425,848
	2,079,000		4.254	^(c)	12/26/25		2,036,926
	14,537,500		4.256		12/26/25		14,243,296
	20,428,200		4.267		12/26/25		20,014,782
	37,478,700		4.304		12/26/25		36,720,221
	5,462,700		4.235	^(c)	01/02/26		5,348,670
	4,016,700		4.240	^(c)	01/02/26		3,932,854
	4,275,000		4.251	^(c)	01/02/26		4,185,762
	39,807,300		4.256	^(c)	01/02/26		38,976,347
	17,085,000		4.166		03/19/26		16,596,348
	23,118,600		4.029		04/16/26		22,409,643
	5,446,600		4.149		05/14/26		5,258,116
	35,941,400		4.160		06/11/26		34,584,313


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)

United States Treasury Floating Rate Note
$		2,985,500		4.285	%	08/15/25	$	2,977,218
		132,000		4.289		08/15/25		131,807
		7,660,900		4.290		08/15/25		7,649,704
		1,853,800		4.292		08/15/25		1,848,657
		3,956,100		4.296		08/15/25		3,945,126
		444,600		4.299		08/15/25		443,950
		177,500		4.394		08/15/25		177,241
		2,297,000		4.460		08/15/25		2,293,643
		2,485,200		4.216		12/31/25		2,438,672
		1,577,500		4.231		12/31/25		1,547,966
		1,577,500		4.251		12/31/25		1,547,966
		631,000		4.274		12/31/25		619,186
		2,002,900		4.291		12/31/25		2,002,390
		788,700		4.300		12/31/25		788,499
		631,000		4.312		12/31/25		630,839
		1,577,300		4.315		12/31/25		1,576,899
		3,453,300		4.227		01/31/26		3,415,853
		4,310,000		4.228		01/31/26		4,215,823
		3,251,000		4.178		02/28/26		3,260,442
		670,000		4.044		03/31/26		653,784
		1,750,700		4.062		03/31/26		1,708,327
		1,318,100		4.122		03/31/26		1,321,675
		1,856,500		4.123		03/31/26		1,811,566
		742,600		4.132		03/31/26		744,614
		551,500		3.863		04/30/26		555,409
		3,071,800		3.875		04/30/26		2,991,590
		393,900		3.894		04/30/26		396,692
		3,229,400		3.955		04/30/26		3,145,075
		12,545,500		3.960		04/30/26		12,634,421
		3,643,000		3.966		04/30/26		3,668,821
		494,000		3.976		04/30/26		497,501
		1,976,000		4.014		04/30/26		1,990,006
		2,444,800		4.061		04/30/26		2,380,962
		698,500		4.066		04/30/26		680,261
		1,047,800		4.070	^(c)	04/30/26		1,020,440
		698,500		4.073		04/30/26		688,900
		1,397,000		4.101		04/30/26		1,406,902
		4,507,000		4.108		04/30/26		4,538,945
		450,700		4.204		04/30/26		438,932
		2,185,800		3.938		05/15/26		2,180,022
		2,360,700		3.904		05/31/26		2,294,452
		821,900		3.934		05/31/26		798,835
		1,352,100		4.002		06/30/26		1,324,234
		1,352,100		4.004		06/30/26		1,310,251
		1,352,100		4.005	^(c)	06/30/26		1,324,234
		901,400		4.006	^(c)	06/30/26		873,500
		3,520,700		4.010		06/30/26		3,411,729
		3,520,700		4.015		06/30/26		3,500,153
		901,400		4.034		06/30/26		873,500
		901,400		4.045		06/30/26		873,500
		856,200		4.131		06/30/26		860,419
		1,541,200		4.135		06/30/26		1,548,794
		2,136,500		4.136		06/30/26		2,147,028
		3,520,700		4.155		06/30/26		3,411,729
		3,723,800		4.159		06/30/26		3,742,149
		1,910,000		4.197		06/30/26		1,850,883
		2,571,200		4.087		07/15/26		2,581,634
		1,714,200		4.092		07/15/26		1,721,156


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations – (continued)

$		$2,995,100		4.107	%	07/15/26	$	3,007,254
United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%)
		3,585,800		4.405	^(a)	07/31/25		3,585,990
		80,700		4.410	^(a)	07/31/25		80,704
United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%)
		88,789,100		4.440	^(a)	04/30/27		88,808,038
		19,851,500		4.441	^(a)	04/30/27		19,855,734
United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%)
		12,551,700		4.416	^(a)	10/31/25		12,548,384
United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%)
		3,900		4.469	^(a)	07/31/26		3,897
United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%)
		12,965,800		4.483	^(a)	10/31/26		12,968,058
		8,311,300		4.485	^(a)	10/31/26		8,312,748
		14,245,700		4.486	^(a)	10/31/26		14,248,181
United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%)
		43,761,500		4.481	^(a)	01/31/26		43,767,196
		42,582,800		4.485	^(a)	01/31/26		42,588,342


TOTAL U.S. TREASURY OBLIGATIONS							$	1,393,333,731


TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS							$	1,782,190,039



Repurchase Agreements^(d)- 62.8%

Bank of America, National Association
		8,000,000		4.260		10/01/25	$	8,000,000
Maturity Value: $8,170,400
Settlement Date: 04/04/25
Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $8,160,088.
		8,000,000		4.280		11/03/25	$	8,000,000
Maturity Value: $8,173,102
Settlement Date: 05/05/25
Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $8,160,088.
		5,000,000		4.350		11/12/25	$	5,000,000
Maturity Value: $5,111,167
Settlement Date: 05/12/25
Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $5,100,090.
		10,000,000		4.270		12/09/25	$	10,000,000
Maturity Value: $10,253,828
Settlement Date: 05/09/25
Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $10,200,088.
		15,000,000		3.900		03/31/26	$	15,000,000
Maturity Value: $15,580,125
Settlement Date: 04/08/25
Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $15,300,085.


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, 2025 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(d)– (continued)

Bank of Montreal (SOFR + 0.300)
$		6,000,000		4.420	%^(e)	10/10/25	$	6,000,000
Maturity Value: $6,316,767
Settlement Date: 08/06/24
Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 08/20/25 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $6,179,995.

Barclays Bank PLC
		10,000,000		4.390		07/03/25	$	10,000,000
Maturity Value: $10,041,461
Settlement Date: 05/30/25
Collateralized by a U.S. Treasury Bill, 0.000%, due 07/24/25, a U.S. Treasury Bond, 2.250%, due 08/15/46, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 05/15/41. The aggregate market value of the collateral, including accrued interest, was $10,204,994.
		35,000,000		4.400		07/03/25	$	35,000,000
Maturity Value: $35,145,444
Settlement Date: 05/30/25
Collateralized by Federal Farm Credit Bank, 5.420%, due 08/12/33, Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 01/01/28 to 09/01/48, Federal National Mortgage Association, 3.000% to 3.500%, due 08/01/39 to 01/01/47 and Government National Mortgage Association, 2.000% to 6.500%, due 11/15/26 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $36,055,097.

Barclays Bank PLC (SOFR + 0.000)
		25,000,000		4.390	^(e)	07/07/25	$	25,000,000
Maturity Value: $25,094,507
Settlement Date: 06/06/25
Collateralized by U.S. Treasury Bonds, 1.625% to 3.000%, due 05/15/42 to 11/15/50, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.125%, due 02/15/41 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/26 to 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 08/15/43, a U.S. Treasury Note, 2.750%, due 02/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $25,512,485.
		35,000,000		4.390	^(e)	07/09/25	$	35,000,000
Maturity Value: $35,772,518
Settlement Date: 01/09/25
Collateralized by U.S. Treasury Bonds, 2.875% to 3.000%, due 05/15/42 to 05/15/49 and a U.S. Treasury Note, 1.375%, due 11/15/31. The aggregate market value of the collateral, including accrued interest, was $35,785,580.


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(d)– (continued)

Barclays Bank PLC (SOFR + 0.000) – (continued)
$		10,000,000		4.390	%^(e)	07/10/25	$	10,000,000
Maturity Value: $10,220,719
Settlement Date: 01/10/25
Collateralized by a U.S. Treasury Bill, 0.000%, due 09/11/25, a U.S. Treasury Bond, 3.750%, due 08/15/41 and U.S. Treasury Notes, 0.500% to 3.875%, due 02/28/27 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $10,224,509.

BNP Paribas
		20,000,000		4.250	^(f)	07/08/25	$	20,000,000
Maturity Value: $20,427,361
Settlement Date: 01/08/25
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 07/01/41 to 07/01/55, Federal National Mortgage Association, 2.000% to 6.500%, due 07/01/32 to 05/01/55 and Government National Mortgage Association, 2.500% to 7.000%, due 04/15/43 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $ 20,600,002.
		10,000,000		4.240	^(f)	07/10/25	$	10,000,000
Maturity Value: $10,213,178
Settlement Date: 01/10/25
Collateralized by a U.S. Treasury Bill, 0.000%, due 10/07/25, a U.S. Treasury Bond, 4.625%, due 11/15/44, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 05/15/31 to 05/15/48, a U.S. Treasury Note, 3.750%, due 12/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/45 to 02/15/52. The aggregate market value of the collateral, including accrued interest, was $10,199,999.
		10,000,000		4.270	^(f)	07/14/25	$	10,000,000
Maturity Value: $10,215,872
Settlement Date: 01/13/25
Collateralized by a U.S. Treasury Bond, 3.000%, due 11/15/45, a U.S. Treasury Floating Rate Note, 4.463%, due 07/31/26, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/25 to 05/15/39, U.S. Treasury Notes, 0.625% to 3.875%, due 11/30/27 to 09/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/51 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001.
		12,000,000		4.230	^(f)	08/14/25	$	12,000,000
Maturity Value: $12,215,730
Settlement Date: 03/14/25
Collateralized by a U.S. Treasury Bill, 0.000%, due 10/16/25, a U.S. Treasury Bond, 4.500%, due 11/15/54 and U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.000%, due 01/15/26 to 02/15/48. The aggregate market value of the collateral, including accrued interest, was $12,240,025.
		25,000,000		4.250	^(f)	09/18/25	$	25,000,000
Maturity Value: $25,543,056
Settlement Date: 03/18/25
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 12/01/36 to 07/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 10/01/30 to 04/01/55 and Government National Mortgage Association, 4.000% to 6.000%, due 10/20/48 to 01/20/55. The aggregate market value of the collateral, including accrued interest, was $ 25,750,003.


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^(d)– (continued)

BNP Paribas – (continued)
$		15,000,000		4.300	%^(f)	10/20/25	$	15,000,000
Maturity Value: $15,222,167
Settlement Date: 06/18/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25. The market value of the collateral, including accrued interest, was $15,300,090.
		15,000,000		4.240	^(f)	11/10/25	$	15,000,000
Maturity Value: $15,326,834
Settlement Date: 05/09/25
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 05/01/44 to 06/01/55, Federal National Mortgage Association, 2.500% to 6.500%, due 11/01/45 to 04/01/55, Government National Mortgage Association, 2.500% to 6.500%, due 07/20/30 to 04/20/55 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/36. The aggregate market value of the collateral, including accrued interest, was $15,442,120.
		5,000,000		4.280	^(f)	11/28/25	$	5,000,000
Maturity Value: $5,108,783
Settlement Date: 05/29/25
Collateralized by a U.S. Treasury Floating Rate Note, 4.463%, due 07/31/26, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26 and a U.S. Treasury Note, 3.750%, due 08/31/26. The aggregate market value of the collateral, including accrued interest, was $5,100,079.
		10,000,000		4.300	^(f)	11/28/25	$	10,000,000
Maturity Value: $10,218,583
Settlement Date: 05/29/25
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 05/01/48 to 05/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 04/01/26 to 05/01/55 and a U.S. Treasury Note, 3.750%, due 08/31/31. The aggregate market value of the collateral, including accrued interest, was $10,299,716.
		11,000,000		4.270	^(f)	12/11/25	$	11,000,000
Maturity Value: $11,238,764
Settlement Date: 06/11/25
Collateralized by U.S. Treasury Bonds, 3.625% to 4.750%, due 02/15/41 to 05/15/54, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.500% to 1.875%, due 01/15/28 to 07/15/34, U.S. Treasury Notes, 3.750% to 4.625%, due 04/30/27 to 02/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $11,220,013.

BofA Securities, Inc. (SOFR + 0.500)
		25,000,000		4.440	^(e)	07/15/25	$	25,000,000
Maturity Value: $25,283,666
Settlement Date: 04/14/25
Collateralized by Federal National Mortgage Association, 2.125%, due 04/24/26 and a U.S. Treasury Note, 4.750%, due 07/31/25. The aggregate market value of the collateral, including accrued interest, was $25,500,068.

Principal
Amount

Interest
Rate

Maturity
Date

Amortized
Cost

Repurchase Agreements^(d)– (continued)

BofA Securities, Inc. (SOFR + 0.500) – (continued)

27,000,000

4.440

%^(e)

10/29/25

27,000,000

Maturity Value: $27,915,750

Settlement Date: 01/27/25

Collateralized by a U.S. Treasury Bond, 4.375%, due 05/15/40 and U.S. Treasury Notes, 0.500% to 5.000%, due 08/31/25 to 10/31/28. The aggregate market value of the collateral, including accrued interest, was $27,540,012.

BofA Securities, Inc. (SOFR + 0.400)

3,000,000

4.430

^(e)

07/09/25

3,000,000

Maturity Value: $3,066,819

Settlement Date: 01/09/25

Collateralized by U.S. Treasury Bills, 0.000%, due 07/03/25 to 08/28/25 and U.S. Treasury Notes, 0.500% to 4.250%, due 12/31/26 to 08/31/27. The aggregate market value of the collateral, including accrued interest, was $ 3,060,028.

27,000,000

4.430

^(e)

07/28/25

27,000,000

Maturity Value: $27,604,695

Settlement Date: 01/27/25

Collateralized by Federal Home Loan Mortgage Corp., 4.610%, due 05/23/28 and a U.S. Treasury Note, 4.125%, due 03/31/31. The aggregate market value of the collateral, including accrued interest, was $27,540,099.

Citibank, National Association (SOFR + 0.100)

12,000,000

4.400

^(e)

07/14/25

12,000,000

Maturity Value: $12,378,400

Settlement Date: 10/29/24

Collateralized by Government National Mortgage Association, 3.500% to 5.500%, due 05/20/49 to 11/20/52. The aggregate market value of the collateral, including accrued interest, was $12,240,000.

Citigroup Global Markets, Inc. (SOFR + 0.100)

30,000,000

4.400

^(e)

07/18/25

30,000,000

Maturity Value: $30,674,667

Settlement Date: 01/15/25

Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.875%, due 01/15/29 and U.S. Treasury Notes, 1.375% to 4.250%, due 12/31/28 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $ 30,600,029.

10,000,000

4.400

^(e)

09/22/25

10,000,000

Maturity Value: $10,227,333

Settlement Date: 03/20/25

Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/29 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 10/31/29. The aggregate market value of the collateral, including accrued interest, was $ 10,200,065.

Citigroup Global Markets, Inc. (SOFR + 0.200)

20,000,000

4.410

^(e)

07/15/25

20,000,000

Maturity Value: $20,455,700

Settlement Date: 01/10/25

Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $ 20,400,063.


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, 2025 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(d)– (continued)

Citigroup Global Markets, Inc. (SOFR + 0.200) – (continued)
$		40,000,000		4.410	%^(e)	07/18/25	$	40,000,000
Maturity Value: $40,901,600
Settlement Date: 01/15/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $ 40,800,014.
		15,000,000		4.410	^(e)	09/22/25	$	15,000,000
Maturity Value: $15,341,775
Settlement Date: 03/20/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $ 15,300,047.
		40,000,000		4.410	^(e)	10/10/25	$	40,000,000
Maturity Value: $41,185,800
Settlement Date: 02/10/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $ 40,800,014.

Citigroup Global Markets, Inc.
		5,000,000		4.310	^(f)	07/07/25	$	5,000,000
Maturity Value: $5,110,743
Settlement Date: 01/03/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $ 5,100,024.
		5,000,000		4.320		07/09/25	$	5,000,000
Maturity Value: $5,108,600
Settlement Date: 01/09/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $ 5,100,024.
		5,000,000		4.320		07/09/25	$	5,000,000
Maturity Value: $5,108,600
Settlement Date: 01/09/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $ 5,100,024.
		10,000,000		4.400		07/21/25	$	10,000,000
Maturity Value: $10,184,556
Settlement Date: 02/20/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $ 10,200,036.


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(d)– (continued)

Citigroup Global Markets, Inc. – (continued)
$		5,000,000		4.300	%	09/17/25	$	5,000,000
Maturity Value: $5,109,889
Settlement Date: 03/17/25
Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $5,100,022.
		2,000,000		4.250		10/02/25	$	2,000,000
Maturity Value: $2,042,972
Settlement Date: 04/03/25
Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031.
		2,000,000		4.250		10/02/25	$	2,000,000
Maturity Value: $2,042,972
Settlement Date: 04/03/25
Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031.
		2,000,000		4.250		10/02/25	$	2,000,000
Maturity Value: $2,042,972
Settlement Date: 04/03/25
Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031.
		5,000,000		4.290		10/31/25	$	5,000,000
Maturity Value: $5,162,663
Settlement Date: 01/31/25
Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $5,100,022.
		7,000,000		4.380		11/28/25	$	7,000,000
Maturity Value: $7,155,855
Settlement Date: 05/29/25
Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.625%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $7,140,008.
		7,000,000		4.310		01/16/26	$	7,000,000
Maturity Value: $7,179,344
Settlement Date: 06/16/25
Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.625%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $7,140,008.


8		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^(d)– (continued)

Citigroup Global Markets, Inc. (SOFR + 0.000)
$	15,000,000		4.390	%^(e)	01/05/26	$	15,000,000
Maturity Value: $15,504,850
Settlement Date: 04/04/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $ 15,300,047.

Credit Agricole Corporate and Investment Bank (SOFR + 0.000)
	25,000,000		4.390	^(e)	07/03/25	$	25,000,000
Maturity Value: $25,530,458
Settlement Date: 01/10/25
Collateralized by U.S. Treasury Notes, 0.625% to 4.375%, due 01/31/28 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $ 25,500,091.
	45,000,000		4.390	^(e)	07/03/25	$	45,000,000
Maturity Value: $45,954,825
Settlement Date: 01/10/25
Collateralized by U.S. Treasury Notes, 0.625% to 4.375%, due 01/31/28 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $ 45,900,092.
	8,000,000		4.390	^(e)	09/18/25	$	8,000,000
Maturity Value: $8,198,038
Settlement Date: 02/27/25
Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $ 8,160,068.
	19,000,000		4.390	^(e)	09/25/25	$	19,000,000
Maturity Value: $19,486,558
Settlement Date: 02/27/25
Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $ 19,380,036.
	20,000,000		4.390	^(e)	01/12/26	$	20,000,000
Maturity Value: $20,521,922
Settlement Date: 06/12/25
Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $ 20,400,055.
	20,000,000		4.390	^(e)	01/12/26	$	20,000,000
Maturity Value: $20,521,922
Settlement Date: 06/12/25
Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $ 20,400,055.

HSBC Bank PLC (SOFR + 0.100)
	18,000,000		4.400	^(e)	07/14/25	$	18,000,000
Maturity Value: $18,576,400
Settlement Date: 10/25/24
Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.625% to 1.750%, due 01/15/28 to 02/15/43 and a U.S. Treasury Note, 2.250%, due 08/15/27. The aggregate market value of the collateral, including accrued interest, was $ 18,362,327.


	Principal Amount	Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(d)– (continued)

HSBC Securities (USA), Inc. (SOFR + 0.100)
$	40,000,000		4.400	%^(e)	07/14/25	$	40,000,000
Maturity Value: $41,285,778
Settlement Date: 10/24/24
Collateralized by Federal National Mortgage Association, 5.000% to 6.000%, due 07/01/54 to 01/01/55 and Government National Mortgage Association, 2.500% to 5.000%, due 10/20/27 to 03/20/51. The aggregate market value of the collateral, including accrued interest, was $41,205,035.

HSBC Securities (USA), Inc. (SOFR + 0.000)
	12,000,000		4.390	^(e)	07/14/25	$	12,000,000
Maturity Value: $12,384,856
Settlement Date: 10/24/24
Collateralized by a U.S. Treasury Bill, 0.000%, due 07/31/25. The market value of the collateral, including accrued interest, was $12,241,545.

J.P. Morgan Securities LLC (SOFR + 0.200)
	10,000,000		4.410	^(e)	07/07/25	$	10,000,000
Maturity Value: $10,218,050
Settlement Date: 01/10/25
Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 03/01/54. The market value of the collateral, including accrued interest, was $10,335,943.
	30,000,000		4.410	^(e)	07/14/25	$	30,000,000
Maturity Value: $30,139,650
Settlement Date: 06/06/25
Collateralized by Federal Farm Credit Bank, 2.000% to 4.630%, due 03/24/26 to 01/28/41, Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 09/01/31 to 01/01/55 and Government National Mortgage Association, 3.000% to 7.000%, due 09/15/26 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $30,798,212.
	13,000,000		4.410	^(e)	07/28/25	$	13,000,000
Maturity Value: $13,288,242
Settlement Date: 01/28/25
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 01/01/39 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $13,436,724.
	26,000,000		4.410	^(e)	08/06/25	$	26,000,000
Maturity Value: $26,576,485
Settlement Date: 02/06/25
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 5.500%, due 01/01/34 to 10/01/54, Federal National Mortgage Association, 3.500% to 7.500%, due 02/01/27 to 01/01/54, Government National Mortgage Association, 2.000% to 7.000%, due 11/20/32 to 06/20/55 and a U.S. Treasury Bond, 3.375%, due 08/15/42. The aggregate market value of the collateral, including accrued interest, was $26,843,723.

Joint Account III
	948,600,000		4.404		07/01/25	$	948,600,000
Maturity Value: $948,716,033


The accompanying notes are an integral part of these financial statements.		9

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


	Principal Amount	Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(d)– (continued)

Royal Bank of Canada
$	40,000,000		4.240	%^(f)	11/03/25	$	40,000,000
Maturity Value: $40,838,578
Settlement Date: 05/09/25
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 05/01/32 to 02/01/55 and Federal National Mortgage Association, 6.000%, due 12/01/54. The aggregate market value of the collateral, including accrued interest, was $40,799,998.
	8,000,000		4.270	^(f)	11/10/25	$	8,000,000
Maturity Value: $8,171,749
Settlement Date: 05/13/25
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 07/01/51 to 02/01/55 and Federal National Mortgage Association, 3.000% to 3.500%, due 11/01/42 to 12/01/46. The aggregate market value of the collateral, including accrued interest, was $8,160,000.
	35,000,000		4.300	^(f)	11/14/25	$	35,000,000
Maturity Value: $35,702,333
Settlement Date: 05/30/25
Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 6.500%, due 07/01/51 to 02/01/55 and Federal National Mortgage Association, 2.500% to 6.000%, due 07/01/52 to 07/01/54. The aggregate market value of the collateral, including accrued interest, was $35,700,001.
	15,000,000		4.230	^(f)	01/07/26	$	15,000,000
Maturity Value: $15,357,787
Settlement Date: 06/18/25
Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000.
	10,000,000		4.240	^(f)	01/07/26	$	10,000,000
Maturity Value: $10,240,267
Settlement Date: 06/17/25
Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001.
	15,000,000		4.240	^(f)	01/07/26	$	15,000,000
Maturity Value: $15,360,400
Settlement Date: 06/17/25
Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000.
	10,000,000		4.240	^(f)	01/09/26	$	10,000,000
Maturity Value: $10,239,089
Settlement Date: 06/20/25
Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001.


	Principal Amount	Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(d)– (continued)

Royal Bank of Canada – (continued)
$	15,000,000		4.110	%^(f)	02/27/26	$	15,000,000
Maturity Value: $15,422,988
Settlement Date: 06/25/25
Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 5.000%, due 11/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000.

Wells Fargo Bank, National Association (SOFR + 0.000)
	35,000,000		4.390	^(e)	07/14/25	$	35,000,000
Maturity Value: $35,072,557
Settlement Date: 06/27/25
Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 05/01/55. The market value of the collateral, including accrued interest, was $36,050,000.
	85,000,000		4.390	^(e)	07/14/25	$	85,000,000
Maturity Value: $85,269,497
Settlement Date: 06/18/25
Collateralized by Government National Mortgage Association, 4.500%, due 05/20/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/27 to 07/15/31 and a U.S. Treasury Note, 4.375%, due 01/31/32. The aggregate market value of the collateral, including accrued interest, was $ 86,841,885.

Wells Fargo Securities, LLC
	350,000,000		4.400		07/01/25	$	350,000,000
Maturity Value: $350,042,778
Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 10/20/28 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $360,500,002.
	10,000,000		4.310	^(f)	07/07/25	$	10,000,000
Maturity Value: $10,217,894
Settlement Date: 01/06/25
Collateralized by Federal National Mortgage Association, 2.500% to 7.000%, due 05/01/27 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $10,300,002.


TOTAL REPURCHASE AGREEMENTS						$	2,481,600,000


TOTAL INVESTMENTS - 107.9%						$	4,263,790,039


LIABILITIES IN EXCESS OF OTHER ASSETS - (7.9)%							(312,333,472	)


NET ASSETS - 100.0%						$	3,951,456,567

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, 2025.
(b)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on June 30, 2025.
(c)		All or a portion represents a forward commitment.
(d)		Unless noted, all repurchase agreements were entered into on June 30, 2025. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.


10		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND


(e)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on June 30, 2025.
(f)		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:
Mo.		—Month
PLC		—Public Limited Company
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.		11

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III— At June 30, 2025, the Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of July 1, 2025, as follows:


Fund	Principal Amount		Maturity Value		Collateral Value Allocation

Government Money Market Fund		$948,600,000	$	948,716,033	$	972,868,520

REPURCHASE AGREEMENTS— At June 30, 2025, 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.		4.430%	$111,600,000
Bank of America, N.A.		4.400	418,500,000
Wells Fargo Securities, LLC		4.400	418,500,000
Total			$948,600,000

At June 30, 2025, the Joint Repurchase Agreement Account III was fully collateralized by:


Issuer	Interest Rate		Maturity Dates
Federal Home Loan Mortgage Corp.		1.500% to 7.500%	07/01/29 to 06/01/55
Federal National Mortgage Association		2.000 to 7.000	08/01/33 to 04/01/55
Government National Mortgage Association		2.500 to 7.500	11/20/37 to 06/20/55
U.S. Treasury Inflation-Indexed Notes		0.375	1/15/2027
U.S. Treasury Notes		0.375 to 1.750	09/30/27 to 11/15/29


12		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, 2025 (Unaudited)


	Goldman Sachs Government Money Market Fund

Assets:

Investments based on amortized cost	$	1,782,190,039
Repurchase agreements based on amortized cost		2,481,600,000
Cash		35,171,251
Receivables:
Investments sold		91,316,282
Interest		9,102,888
Fund shares sold		6,856,380
Reimbursement from investment adviser		11,708

Total assets		4,406,248,548


Liabilities:

Payables:
Investments purchased		388,903,455
Fund shares redeemed		65,295,835
Management fees		261,787
Distribution and Service fees and Transfer Agency fees		108,871
Accrued expenses		222,033

Total liabilities		454,791,981


Net Assets:

Paid-in capital		3,951,405,198
Total distributable earnings		51,369

NET ASSETS	$	3,951,456,567
Net Assets:
Institutional Shares	$	3,203,192,085
Service Shares		748,264,482
Total Net Assets	$	3,951,456,567
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		3,203,150,212
Service Shares		748,254,967
Net asset value, offering and redemption price per share:
Institutional Shares	$	1.00
Service Shares		1.00


The accompanying notes are an integral part of these financial statements.		13

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Statement of Operations

For the Six Months Ended June 30, 2025 (Unaudited)


	Goldman Sachs Government Money Market Fund

Investment income:

Interest income	$	83,527,018


Expenses:

Management fees		3,044,884

Distribution and Service fees—Service Shares		927,769

Transfer Agency fees^(a)		380,576

Custody, accounting and administrative services		63,254

Professional fees		54,728

Printing and mailing costs		25,037

Registration fees		23,630

Trustee fees		16,876

Other		8,750

Total expenses		4,545,504

Less — expense reductions		(136,050	)

Net expenses		4,409,454

NET INVESTMENT INCOME		79,117,564



Net realized gain from investment transactions		146,250

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	79,263,814

(a)

Institutional and Service Shares incurred Transfer Agency fees of $306,360 and $74,216, respectively.


14		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, 2025 (Unaudited)				For the Fiscal Year Ended December 31, 2024

From operations:

Net investment income		$	79,117,564			$	140,395,818

Net realized gain from investment transactions			146,250				834,649


Net increase in net assets resulting from operations			79,263,814				141,230,467



Distributions to shareholders:

From distributable earnings:

Institutional Shares			(64,782,780	)			(103,853,032	)

Service Shares			(14,773,079	)			(37,103,765	)


Total distributions to shareholders			(79,555,859	)			(140,956,797	)



From share transactions (at $ 1.00 per share):

Proceeds from sales of shares			1,436,818,755				2,380,943,637

Reinvestment of distributions			79,563,840				140,916,235

Cost of shares redeemed			(1,184,698,717	)			(1,440,158,719	)


Net increase in net assets resulting from share transactions			331,683,878				1,081,701,153


TOTAL INCREASE			331,391,833				1,081,974,823



Net Assets:

Beginning of period		$	3,620,064,734			$	2,538,089,911


End of period		$	3,951,456,567			$	3,620,064,734


The accompanying notes are an integral part of these financial statements.		15

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, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

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)			0.021				0.050				0.050				0.016				–^(b)				0.004

Distributions to shareholders from net investment income^(c)			(0.021	)			(0.050	)			(0.050	)			(0.016	)			–^(b)				(0.004	)

Distributions to shareholders from net realized gains			–	^(b)			–				–				–				–				–


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			2.12	%			5.17	%			5.05	%			1.58	%			0.01	%			0.43	%


Net assets, end of period (in 000’s)		$	3,203,192			$	2,871,689			$	1,756,707			$	1,834,293			$	523,751			$	582,216

Ratio of net expenses to average net assets			0.18	%^(e)			0.18	%			0.19	%			0.17	%			0.09	%			0.18	%

Ratio of total expenses to average net assets			0.19	%^(e)			0.20	%			0.21	%			0.20	%			0.21	%			0.20	%

Ratio of net investment income to average net assets			4.21	%^(e)			5.00	%			4.96	%			1.92	%			–	%^(f)			0.35	%

(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%.


16		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, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

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)			0.020				0.048				0.047				0.014				–	^(b)			0.003

Distributions to shareholders from net investment income^(c)			(0.020	)			(0.048	)			(0.047	)			(0.014	)			–	^(b)			(0.003	)

Distributions to shareholders from net realized gains			–	^(b)			–				–				–				–				–


Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00


Total Return^(d)			1.99	%			4.91	%			4.79	%			1.37	%			0.01	%			0.27	%


Net assets, end of period (in 000’s)		$	748,264			$	748,376			$	781,383			$	678,468			$	501,008			$	579,416

Ratio of net expenses to average net assets			0.43	%^(e)			0.43	%			0.44	%			0.38	%			0.09	%			0.33	%

Ratio of total expenses to average net assets			0.44	%^(e)			0.46	%			0.46	%			0.45	%			0.46	%			0.45	%

Ratio of net investment income to average net assets			3.96	%^(e)			4.79	%			4.70	%			1.48	%			–	%^(f)			0.19	%

(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)

(e)

Annualized.

(f)

Amount is less than 0.005%.


The accompanying notes are an integral part of these financial statements.		17

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements

June 30, 2025 (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.


18

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.

G. Segment Reporting — The Fund follows Fund Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”) - Improvements to Reportable Segment Disclosures. The Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the fund’s prospectuses. The Chief Operating Decision Maker (“CODM”) is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the fund’s single segment, is consistent with that presented within The Fund’s financial statements.

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:


		19

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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, 2025, 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 30, 2026, 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 month period ended June 30, 2025, these expense reductions, including any fee waiver and Other Expense reimbursements, were as follows:



Fund	Transfer Agency Waiver		Other Expense Reimbursements		Total Expense Reductions

Goldman Sachs Government Money Market Fund		$ 19,897		$ 116,153		$	136,050


20

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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.


	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, 2025			Contractual rate, if any			Ratio of net expenses to average net assets for the six months ended June 30, 2025

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		—			0.01			—			0.01

Total Annual Fund Operating Expenses					0.19						0.44

Other Reimbursements					(0.01	)					(0.01	)

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 month period ended June 30, 2025, there were no 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.

G. Line of Credit Facility — As of June 30, 2025, the Fund participated in a $1,300,000,000 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 month period ended June 30, 2025, the Fund did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

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


		21

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

5. OTHER RISKS (continued)

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 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.

Stable NAV Risk — The Funds may not be able to maintain a stable $1.00 share price at all times. If any money market fund that intends to maintain a stable NAV fails to do so (or if there is a perceived threat of such a failure), other such money market funds, including the Funds, could be subject to increased redemption activity, which could adversely affect the Fund’s NAV. Shareholders of the Funds should not rely on or expect the Investment Adviser or an affiliate to purchase distressed assets from the Fund, make capital infusions into the Fund, enter into capital support agreements with the Fund or take other actions to help the Fund maintain a stable $1.00 share price.

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 June 30, 2025 (Unaudited)			For the Fiscal Year Ended December 31, 2024



	Shares			Shares



Institutional Shares*

Shares sold		1,308,182,705		2,103,638,162

Reinvestment of distributions		64,789,011		103,810,381

Shares redeemed		(1,041,237,302	)	(1,092,691,213)



		331,734,414		1,114,757,330


22

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

9. SUMMARY OF SHARE TRANSACTIONS (continued)




	Goldman Sachs Government Money Market Fund

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Fiscal Year Ended December 31, 2024



	Shares			Shares



Service Shares*

Shares sold		128,636,049		277,305,475

Reinvestment of distributions		14,774,829		37,105,854

Shares redeemed		(143,461,414	)	(347,467,506)



		(50,536	)	(33,056,177)



NET INCREASE IN SHARES		331,683,878		1,081,701,153

* Valued at $1.00 per share.


		23

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, 2026 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 17-18, 2025 (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)

(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)

(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


24

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 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 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. They also noted the changes in the Investment Adviser’s senior management personnel and in the 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. 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, 2024. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates.

The Trustees considered the performance of the Fund in light of its investment objective 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 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 prior periods. The Trustees acknowledged that although the Federal Reserve cut interest rates in September—December 2024, rates remain elevated compared to recent norms and the interest rate environment remained uncertain in light of broader economic and political 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.


		25

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 2024 and 2023, 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


26

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, 2026.


		27

LOGO

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 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 © 2025 Goldman Sachs. All rights reserved. VITMMSAR-25

LOGO

Goldman Sachs Variable Insurance Trust Goldman Sachs Core Fixed Income Fund Goldman Sachs Trend Driven Allocation Fund Semi-Annual Financial Statements June 30, 2025

Goldman Sachs Variable Insurance Trust


Table of Contents	Page

Schedules of Investments

Goldman Sachs Core Fixed Income Fund		3

Goldman Sachs Trend Driven Allocation Fund		19

Financial Statements

Statements of Assets and Liabilities		20

Statements of Operations		21

Statements of Changes in Net Assets		22

Financial Highlights

Goldman Sachs Core Fixed Income Fund		23

Goldman Sachs Trend Driven Allocation Fund		25

Notes to Financial Statements		27

Statement Regarding Basis for Approval of Investment Advisory Contract		40

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

June 30, 2025 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Securities – 34.1%

Fannie Mae REMICS, Series 2025-11, Class FB SOFR + 1.000%
$		413,047		5.305	%	03/25/55^(a)	$	410,624
FHLMC
		1,739		7.500		12/01/29		1,826
		742		5.000		10/01/33		755
		979		5.000		07/01/35		996
		1,535		5.000		12/01/35		1,555
		300		5.000		03/01/38		305
		800		5.000		06/01/41		810
		3,879		4.500		08/01/48		3,766
		4,851		4.500		11/01/48		4,710
		486,085		3.000		09/01/49		429,773
		355,536		4.000		03/01/50		335,677
		707,081		4.500		03/01/50		686,779
		244,275		3.000		10/01/50		214,831
		837,800		2.500		02/01/51		699,882
		1,710,285		2.000		05/01/51		1,361,982
		781,077		2.500		05/01/51		656,097
		786,926		2.500		05/01/51		664,759
		1,772,554		2.500		08/01/51		1,495,639
		727,702		2.500		09/01/51		610,864
		753,319		4.500		04/01/52		723,743
		495,917		4.500		06/01/52		478,425
		314,727		6.000		12/01/52		324,144
		889,278		6.500		06/01/54		931,175
FNMA
		2,670		7.000		08/01/26		2,684
		1,131		8.000		10/01/29		1,167
		619		8.500		04/01/30		653
		1,176		8.000		05/01/30		1,198
		2,170		8.000		08/01/32		2,317
		2,853		4.500		08/01/39		2,828
		5,089		3.000		01/01/43		4,697
		10,267		3.000		01/01/43		9,463
		5,883		3.000		03/01/43		5,449
		15,729		3.000		03/01/43		14,393
		49,769		3.000		03/01/43		45,527
		6,491		3.000		04/01/43		5,971
		8,132		3.000		04/01/43		7,443
		11,961		3.000		04/01/43		10,938
		14,605		3.000		04/01/43		13,358
		61,821		3.000		04/01/43		56,547
		8,446		3.000		05/01/43		7,714
		30,949		3.000		05/01/43		28,296
		34,922		3.000		05/01/43		31,952
		191,042		4.500		04/01/45		188,184
		23,205		4.500		05/01/45		22,843
		113,263		4.000		02/01/48		107,467
		132,694		4.000		03/01/48		125,904
		2,437		4.000		07/01/48		2,311
		8,045		4.000		07/01/48		7,641
		218,294		4.500		07/01/48		211,958
		143,021		4.000		08/01/48		135,659
		113,736		5.000		11/01/48		113,842
		1,728,565		2.000		10/01/50		1,381,400
		393,971		3.000		10/01/50		347,468
		493,384		3.000		10/01/50		433,913
		502,826		3.000		10/01/50		443,474


	Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Securities – (continued)

FNMA – (continued)
$		1,728,001		2.000	%	11/01/50	$	1,379,330
		66,271		2.500		03/01/51		56,004
		83,313		2.500		09/01/51		70,327
		326,737		2.500		10/01/51		275,767
		150,979		2.500		11/01/51		127,305
		192,117		2.500		11/01/51		162,088
		1,219,078		6.000		11/01/52		1,252,507
		785,978		5.500		04/01/53		792,850
		1,515,275		6.500		09/01/53		1,571,867
		6,000,000		2.500		TBA-30yr^(b)		4,975,470
		2,000,000		3.500		TBA-30yr^(b)		1,800,690
		1,000,000		4.000		TBA-30yr^(b)		929,574
		16,000,000		5.500		TBA-30yr^(b)		15,999,344
		1,000,000		6.000		TBA-30yr^(b)		1,016,330
FNMA, Series 2012-111, Class B
		3,894		7.000		10/25/42		4,163
FNMA, Series 2012-153, Class B
		10,424		7.000		07/25/42		11,338
Freddie Mac REMICS, Series 5502, Class FG SOFR + 1.000%
		287,553		5.305		02/25/55^(a)		284,759
GNMA
		216		7.000		11/15/25		216
		51		7.000		04/15/26		51
		176		7.000		04/15/26		176
		318		7.000		03/15/27		318
		112		7.000		11/15/27		112
		679		7.000		11/15/27		691
		1,523		7.000		02/15/28		1,533
		39		7.000		05/15/28		40
		749		7.000		06/15/28		759
		402		7.000		07/15/28		408
		730		7.000		07/15/28		738
		33,482		6.000		08/20/34		35,071
		31,859		5.000		06/15/40		32,446
		134,239		4.000		08/20/43		128,869
		51,442		4.000		10/20/45		48,860
		774,363		4.000		07/20/48		729,699
		25,114		5.000		08/20/48		25,105
		83,452		4.500		09/20/48		81,397
		88,972		5.000		10/20/48		88,883
		239,012		5.000		11/20/48		238,772
		30,594		5.000		12/20/48		30,536
		195,399		4.500		01/20/49		190,283
		26,487		4.500		03/20/49		25,794
		545,542		3.000		08/20/49		484,616
		172,831		4.500		10/20/49		168,748
		354,733		3.000		03/20/50		314,522
		167,777		4.500		03/20/50		163,814
		707,326		3.000		11/20/51		626,012
		848,126		3.000		11/20/51		746,685
		807,678		4.500		09/20/52		780,031
		810,309		4.500		10/20/52		782,572
		3,000,000		2.000		TBA-30yr^(b)		2,443,170
		2,000,000		2.500		TBA-30yr^(b)		1,699,274
		1,000,000		5.000		TBA-30yr^(b)		982,217
		4,000,000		5.500		TBA-30yr^(b)		4,003,974
		1,000,000		6.000		TBA-30yr^(b)		1,014,340


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, 2025 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Securities – (continued)

GNMA – (continued)
$		2,000,000		3.500	%	TBA-30yr^(b)	$	1,812,782
GNMA, Series 2021-135, Class A
		828,463		2.000		08/20/51		673,003


TOTAL MORTGAGE-BACKED SECURITIES (Cost $63,664,544)								62,880,006



Corporate Bonds – 21.4%

Aerospace/Defense – 0.8%
Boeing Co. (The)
		50,000		3.450		11/01/28^(c)		48,202
		2,000		2.950		02/01/30^(c)		1,855
		176,000		5.150		05/01/30^(c)		179,235
		187,000		6.528		05/01/34^(c)		203,356
		325,000		5.705		05/01/40^(c)		320,545
		100,000		5.805		05/01/50^(c)		95,936
		174,000		6.858		05/01/54^(c)		190,570
Howmet Aerospace, Inc.
		122,000		4.850		10/15/31^(c)		123,750
Northrop Grumman Corp.
		75,000		3.250		01/15/28^(c)		73,281
		25,000		4.750		06/01/43		22,590
		50,000		5.250		05/01/50^(c)		46,974
RTX Corp.
		50,000		3.950		08/16/25^(c)		49,926
		50,000		4.125		11/16/28^(c)		49,818
		25,000		4.050		05/04/47^(c)		19,910

								1,425,948

Agriculture – 0.1%
Archer-Daniels-Midland Co.
		100,000		2.900		03/01/32^(c)		90,204
Bunge Ltd. Finance Corp.
		139,000		4.200		09/17/29^(c)		137,471

								227,675

Auto Manufacturers – 0.4%
Ford Motor Credit Co. LLC
		215,000		5.850		05/17/27^(c)		216,693
General Motors Financial Co., Inc.
		125,000		4.300		07/13/25^(c)		124,895
		125,000		1.500		06/10/26^(c)		121,338
		125,000		2.350		01/08/31^(c)		108,224
Hyundai Capital America
		160,000		5.400		06/24/31^(c)(d)		163,512

								734,662

Banks – 5.2%
Bank of America Corp.
SOFR + 1.290%
		140,000		5.080		01/20/27^(a)(c)		140,409
TSFR3M + 1.302%
		85,000		3.419		12/20/28^(a)(c)		83,070
SOFR + 1.630%
		370,000		5.202		04/25/29^(a)(c)		378,124
SOFR + 2.150%
		175,000		2.592		04/29/31^(a)(c)		160,028
SOFR + 1.220%
		110,000		2.299		07/21/32^(a)(c)		95,845


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Banks – (continued)
SOFR + 1.830%
$		390,000		4.571	%	04/27/33^(a)(c)	$	383,550
SOFR + 1.310%
		75,000		5.511		01/24/36^(a)(c)		77,136
US 5 Year CMT T-Note + 1.200%
		100,000		2.482		09/21/36^(a)(c)		84,761
Bank of America Corp., GMTN
TSFR3M + 1.632%
		25,000		3.593		07/21/28^(a)(c)		24,614
Bank of America Corp., MTN
TSFR3M + 1.837%
		75,000		3.824		01/20/28^(a)(c)		74,361
SOFR + 1.050%
		400,000		2.551		02/04/28^(a)(c)		388,799
SOFR + 2.040%
		305,000		4.948		07/22/28^(a)(c)		308,492
TSFR3M + 1.572%
		50,000		4.271		07/23/29^(a)(c)		49,861
SOFR + 1.530%
		50,000		1.898		07/23/31^(a)(c)		43,915
SOFR + 2.160%
		73,000		5.015		07/22/33^(a)(c)		73,862
Bank of America Corp., Series N
SOFR + 1.220%
		50,000		2.651		03/11/32^(a)(c)		44,842
Bank of New York Mellon Corp. (The)
SOFR + 1.755%
		20,000		4.596		07/26/30^(a)(c)		20,212
Citigroup, Inc.
		45,000		3.400		05/01/26		44,653
		150,000		4.450		09/29/27		150,096
SOFR + 1.422%
		75,000		2.976		11/05/30^(a)(c)		70,153
SOFR + 2.086%
		165,000		4.910		05/24/33^(a)(c)		164,611
SOFR + 1.830%
		210,000		6.020		01/24/36^(a)(c)		215,616
First Horizon Corp.
SOFR + 1.766%
		160,000		5.514		03/07/31^(a)(c)		162,307
Huntington Bancshares, Inc.
SOFRINDX + 1.870%
		830,000		5.709		02/02/35^(a)(c)		848,033
JPMorgan Chase & Co.
TSFR3M + 1.507%
		100,000		3.960		01/29/27^(a)(c)		99,720
		15,000		3.625		12/01/27^(c)		14,796
TSFR3M + 1.599%
		972,000		3.782		02/01/28^(a)(c)		963,506
TSFR3M + 1.207%
		45,000		3.509		01/23/29^(a)(c)		44,076
TSFR3M + 3.790%
		25,000		4.493		03/24/31^(a)(c)		24,953
SOFR + 2.040%
		25,000		2.522		04/22/31^(a)(c)		22,849
SOFR + 1.340%
		430,000		4.946		10/22/35^(a)(c)		425,562


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)
SOFR + 1.680%
$		430,000		5.572	%	04/22/36^(a)(c)	$	446,060
M&T Bank Corp.
SOFR + 2.800%
		265,000		7.413		10/30/29^(a)(c)		287,540
M&T Bank Corp., MTN
SOFR + 1.610%
		450,000		5.385		01/16/36^(a)(c)		447,881
Morgan Stanley
		25,000		3.625		01/20/27		24,792
		20,000		3.950		04/23/27		19,873
SOFR + 1.295%
		213,000		5.050		01/28/27^(a)(c)		213,619
SOFR + 1.000%
		200,000		2.475		01/21/28^(a)(c)		194,194
SOFR + 2.076%
		165,000		4.889		07/20/33^(a)(c)		165,193
SOFR + 1.555%
		420,000		5.320		07/19/35^(a)(c)		425,084
SOFR + 1.757%
		155,000		5.664		04/17/36^(a)(c)		160,676
SOFR + 1.360%
		150,000		2.484		09/16/36^(a)(c)		127,435
Morgan Stanley, GMTN
TSFR3M + 1.890%
		25,000		4.431		01/23/30^(a)(c)		24,943
SOFR + 1.143%
		400,000		2.699		01/22/31^(a)(c)		368,664
Morgan Stanley, MTN
SOFR + 1.590%
		305,000		5.164		04/20/29^(a)(c)		310,996
SOFR + 3.120%
		50,000		3.622		04/01/31^(a)(c)		47,933
SOFR + 1.034%
		75,000		1.794		02/13/32^(a)(c)		64,149
Truist Financial Corp., MTN
SOFR + 2.050%
		50,000		6.047		06/08/27^(a)(c)		50,667
US Bancorp
SOFR + 2.020%
		145,000		5.775		06/12/29^(a)(c)		150,491
Wells Fargo & Co.
		175,000		3.000		10/23/26		172,002
Wells Fargo & Co., GMTN
		50,000		4.300		07/22/27		50,004
Wells Fargo & Co., MTN
SOFR + 1.980%
		215,000		4.808		07/25/28^(a)(c)		216,776

								9,651,784

Beverages – 0.5%
Coca-Cola Consolidated, Inc.
		98,000		5.450		06/01/34^(c)		100,997
Constellation Brands, Inc.
		50,000		4.400		11/15/25^(c)		49,913
		50,000		3.600		02/15/28^(c)		49,121
		25,000		3.150		08/01/29^(c)		23,750
		100,000		2.250		08/01/31^(c)		86,744


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Beverages – (continued)
Keurig Dr Pepper, Inc.
$		225,000		4.597	%	05/25/28^(c)	$	226,794
		25,000		3.800		05/01/50^(c)		18,473
Pernod Ricard International Finance LLC
		520,000		1.625		04/01/31^(c)(d)		438,246

								994,038

Biotechnology – 0.4%
Amgen, Inc.
		239,000		5.250		03/02/30^(c)		246,355
		238,000		5.250		03/02/33^(c)		243,754
Royalty Pharma PLC
		75,000		1.200		09/02/25^(c)		74,470
		198,000		5.400		09/02/34^(c)		200,602

								765,181

Building Materials – 0.3%
Carrier Global Corp.
		150,000		2.493		02/15/27^(c)		145,997
		75,000		2.722		02/15/30^(c)		69,767
		200,000		2.700		02/15/31^(c)		181,942
		166,000		5.900		03/15/34^(c)		176,734
Masco Corp.
		50,000		1.500		02/15/28^(c)		46,407

								620,847

Chemicals – 0.1%
DuPont de Nemours, Inc.
		50,000		4.493		11/15/25^(c)		49,929
Ecolab, Inc.
		4,000		2.750		08/18/55^(c)		2,385
Huntsman International LLC
		25,000		4.500		05/01/29^(c)		23,704
International Flavors & Fragrances, Inc.
		20,000		1.832		10/15/27^(c)(d)		18,837
		74,000		2.300		11/01/30^(c)(d)		65,448
Sherwin-Williams Co. (The)
		25,000		3.450		06/01/27^(c)		24,662
		50,000		2.950		08/15/29^(c)		47,226

								232,191

Commercial Services – 0.2%
PayPal Holdings, Inc.
		75,000		2.650		10/01/26^(c)		73,651
		25,000		2.850		10/01/29^(c)		23,597
Quanta Services, Inc.
		182,000		5.250		08/09/34^(c)		184,193
S&P Global, Inc.
		75,000		4.250		05/01/29^(c)		74,997

								356,438

Computers – 0.2%
Dell International LLC / EMC Corp.
		89,000		6.020		06/15/26^(c)		89,853
		25,000		5.300		10/01/29^(c)		25,723
Hewlett Packard Enterprise Co.
		45,000		4.900		10/15/25^(c)		44,969
		151,000		5.000		10/15/34^(c)		146,509

								307,054


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, 2025 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Diversified Financial Services – 0.6%
Air Lease Corp.
$		75,000		3.375	%	07/01/25^(c)	$	75,000
Air Lease Corp., GMTN
		75,000		3.750		06/01/26^(c)		74,493
Air Lease Corp., MTN
		75,000		2.875		01/15/26^(c)		74,236
		275,000		5.200		07/15/31^(c)		281,095
Aviation Capital Group LLC
		50,000		1.950		01/30/26^(c)(d)		49,211
Capital One Financial Corp.
SOFR + 1.990%
		415,000		5.884		07/26/35^(a)(c)		427,835
Intercontinental Exchange, Inc.
		75,000		3.625		09/01/28^(c)		73,539
Mastercard, Inc.
		25,000		3.300		03/26/27^(c)		24,737
Nuveen LLC
		25,000		4.000		11/01/28^(c)(d)		24,801

								1,104,947

Electric – 0.6%
American Electric Power Co., Inc.
		50,000		2.300		03/01/30^(c)		45,147
Arizona Public Service Co.
		45,000		2.950		09/15/27^(c)		43,550
Berkshire Hathaway Energy Co.
		25,000		3.250		04/15/28^(c)		24,456
		50,000		3.700		07/15/30^(c)		48,523
Dominion Energy, Inc., Series C
		25,000		3.375		04/01/30^(c)		23,771
Entergy Corp.
		45,000		2.950		09/01/26^(c)		44,253
Exelon Corp.
		50,000		4.050		04/15/30^(c)		49,217
FirstEnergy Corp.
		100,000		2.650		03/01/30^(c)		91,830
FirstEnergy Corp., Series B
		50,000		2.250		09/01/30^(c)		44,385
Florida Power & Light Co.
		68,000		4.125		02/01/42^(c)		57,815
MidAmerican Energy Co.
		25,000		3.650		04/15/29^(c)		24,533
NextEra Energy Capital Holdings, Inc.
		70,000		1.900		06/15/28^(c)		65,431
Ohio Power Co., Series P
		25,000		2.600		04/01/30^(c)		23,033
Pacific Gas and Electric Co.
		25,000		2.100		08/01/27^(c)		23,688
		50,000		2.500		02/01/31^(c)		43,402
		25,000		3.300		08/01/40^(c)		17,918
Progress Energy, Inc.
		95,000		7.000		10/30/31		107,302
Southern Co. (The)
		60,000		3.250		07/01/26^(c)		59,357
Xcel Energy, Inc.
		250,000		3.350		12/01/26^(c)		246,409

								1,084,020


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Electronics – 0.1%
Allegion U.S. Holding Co., Inc.
$		110,000		5.600	%	05/29/34^(c)	$	112,966

Entertainment – 0.1%
Warnermedia Holdings, Inc.
		200,000		4.054		03/15/29^(c)		162,910
		16,000		4.279		03/15/32^(c)		11,898

								174,808

Environmental Control – 0.3%
Republic Services, Inc.
		100,000		1.750		02/15/32^(c)		84,161
Veralto Corp.
		345,000		5.450		09/18/33^(c)		355,757
Waste Management, Inc.
		75,000		3.150		11/15/27^(c)		73,477
		50,000		1.150		03/15/28^(c)		46,357

								559,752

Food – 1.4%
General Mills, Inc.
		75,000		4.200		04/17/28^(c)		74,879
J M Smucker Co. (The)
		179,000		5.900		11/15/28^(c)		188,117
		198,000		6.200		11/15/33^(c)		212,576
Kraft Heinz Foods Co.
		95,000		3.750		04/01/30^(c)		91,983
Kroger Co. (The)
		191,000		5.000		09/15/34^(c)		189,946
Mars, Inc.
		425,000		4.800		03/01/30^(c)(d)		430,550
		25,000		3.200		04/01/30^(c)(d)		23,704
		375,000		5.000		03/01/32^(c)(d)		380,015
		650,000		5.200		03/01/35^(c)(d)		657,652
The Campbell’s Company
		279,000		5.400		03/21/34^(c)		283,326

								2,532,748

Gas – 0.1%
East Ohio Gas Co. (The)
		25,000		2.000		06/15/30^(c)(d)		22,228
NiSource, Inc.
		95,000		3.490		05/15/27^(c)		93,576
		25,000		3.600		05/01/30^(c)		24,013

								139,817

Hand/Machine Tools – 0.0%
Stanley Black & Decker, Inc.
		24,000		4.250		11/15/28^(c)		23,849

Healthcare-Products – 0.6%
Alcon Finance Corp.
		413,000		3.000		09/23/29^(c)(d)		388,918
DH Europe Finance II Sarl
		25,000		2.600		11/15/29^(c)		23,344
Solventum Corp.
		290,000		5.400		03/01/29^(c)		298,668
		140,000		5.600		03/23/34^(c)		144,052
STERIS Irish FinCo UnLtd Co.
		75,000		2.700		03/15/31^(c)		67,364
Stryker Corp.
		100,000		1.950		06/15/30^(c)		89,211


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)

Healthcare-Products – (continued)
Thermo Fisher Scientific, Inc.
$		25,000		1.750	%	10/15/28^(c)	$	23,151

								1,034,708

Healthcare-Services – 1.3%
Adventist Health System
		30,000		2.952		03/01/29^(c)		27,862
		95,000		5.757		12/01/34^(c)		95,142
Banner Health
		120,000		2.338		01/01/30^(c)		110,245
Baylor Scott & White Holdings, Series 2021
		40,000		1.777		11/15/30^(c)		35,153
Centene Corp.
		96,000		4.250		12/15/27^(c)		94,575
		68,000		2.625		08/01/31^(c)		58,300
Cigna Group (The)
		34,000		2.400		03/15/30^(c)		31,018
		250,000		2.375		03/15/31^(c)		222,244
		260,000		5.125		05/15/31^(c)		267,488
		125,000		4.800		08/15/38^(c)		117,353
CommonSpirit Health
		225,000		6.461		11/01/52^(c)		238,247
HCA, Inc.
		80,000		3.500		09/01/30^(c)		75,642
		345,000		5.450		04/01/31^(c)		355,665
Humana, Inc.
		55,000		5.950		03/15/34^(c)		57,111
Laboratory Corp. of America Holdings
		86,000		4.800		10/01/34^(c)		84,221
Rush Obligated Group, Series 2020
		60,000		3.922		11/15/29^(c)		58,843
Sutter Health, Series 20A
		40,000		2.294		08/15/30^(c)		36,125
UnitedHealth Group, Inc.
		275,000		5.000		04/15/34^(c)		274,718
		125,000		3.050		05/15/41^(c)		91,833

								2,331,785

Insurance – 0.3%
American International Group, Inc.
		25,000		3.400		06/30/30^(c)		23,787
Arch Capital Group US, Inc.
		36,000		5.144		11/01/43		33,523
Berkshire Hathaway Finance Corp.
		75,000		1.850		03/12/30^(c)		67,974
Chubb Corp. (The)
		171,000		6.800		11/15/31		190,665
Marsh & McLennan Cos., Inc.
		50,000		4.375		03/15/29^(c)		50,207
Principal Financial Group, Inc.
		50,000		3.100		11/15/26^(c)		49,156
		75,000		2.125		06/15/30^(c)		66,858
Willis North America, Inc.
		25,000		2.950		09/15/29^(c)		23,531

								505,701

Internet – 0.5%
Amazon.com, Inc.
		147,000		5.200		12/03/25^(c)		147,190


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Internet – (continued)
Expedia Group, Inc.
$		14,000		4.625	%	08/01/27^(c)	$	14,056
		35,000		3.800		02/15/28^(c)		34,481
		85,000		3.250		02/15/30^(c)		80,265
		14,000		2.950		03/15/31^(c)		12,753
Meta Platforms, Inc.
		250,000		3.500		08/15/27^(c)		247,640
Netflix, Inc.
		210,000		5.875		11/15/28		221,362
Uber Technologies, Inc.
		175,000		4.500		08/15/29^(c)(d)		174,099

								931,846

Investment Companies – 0.1%
Blackstone Private Credit Fund
		75,000		6.000		01/29/32^(c)		75,453
Blackstone Secured Lending Fund
		125,000		5.875		11/15/27^(c)		127,677

								203,130

Iron/Steel – 0.0%
Steel Dynamics, Inc.
		50,000		1.650		10/15/27^(c)		47,128

Lodging – 0.6%
Choice Hotels International, Inc.
		114,000		5.850		08/01/34^(c)		114,937
Hyatt Hotels Corp.
		365,000		5.500		06/30/34^(c)		365,422
Las Vegas Sands Corp.
		120,000		5.625		06/15/28^(c)		122,434
		40,000		6.000		06/14/30^(c)		41,256
Marriott International, Inc.
		125,000		5.000		10/15/27^(c)		127,042
		91,000		4.875		05/15/29^(c)		92,306
Marriott International, Inc., Series HH
		325,000		2.850		04/15/31^(c)		295,172

								1,158,569

Machinery-Diversified – 0.5%
AGCO Corp.
		112,000		5.800		03/21/34^(c)		113,674
IDEX Corp.
		105,000		2.625		06/15/31^(c)		93,664
Ingersoll Rand, Inc.
		90,000		5.700		08/14/33^(c)		94,228
Otis Worldwide Corp.
		25,000		2.293		04/05/27^(c)		24,204
		150,000		2.565		02/15/30^(c)		138,350
Regal Rexnord Corp.
		453,000		6.300		02/15/30^(c)		474,703

								938,823

Media – 0.1%
Charter Communications Operating LLC / Charter
Communications Operating Capital
		74,000		4.908		07/23/25^(c)		73,992
Comcast Corp.
		25,000		3.300		02/01/27^(c)		24,657
		75,000		3.300		04/01/27^(c)		73,884
		25,000		3.750		04/01/40^(c)		20,716


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, 2025 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Media – (continued)
Fox Corp.
$		25,000		4.709	%	01/25/29^(c)	$	25,214

								218,463

Oil & Gas – 0.1%
Occidental Petroleum Corp.
		69,000		7.875		09/15/31		77,508
Phillips 66
		25,000		1.300		02/15/26^(c)		24,488

								101,996

Packaging & Containers – 0.0%
Berry Global, Inc.
		50,000		1.570		01/15/26^(c)		49,051

Pharmaceuticals – 0.7%
AbbVie, Inc.
		107,000		4.050		11/21/39^(c)		93,750
Becton Dickinson and Co.
		100,000		2.823		05/20/30^(c)		92,539
Cardinal Health, Inc.
		265,000		5.350		11/15/34^(c)		270,068
Cencora, Inc.
		75,000		3.450		12/15/27^(c)		73,569
CVS Health Corp.
		350,000		2.125		09/15/31^(c)		299,358
		162,000		4.780		03/25/38^(c)		148,628
Pfizer, Inc.
		75,000		3.450		03/15/29^(c)		73,448
Zoetis, Inc.
		45,000		3.000		09/12/27^(c)		43,912
		150,000		2.000		05/15/30^(c)		134,757

								1,230,029

Pipelines – 0.7%
Cheniere Energy Partners LP
		75,000		5.950		06/30/33^(c)		78,262
Columbia Pipelines Operating Co. LLC
		240,000		6.036		11/15/33^(c)(d)		251,965
Energy Transfer LP
		25,000		5.250		04/15/29^(c)		25,599
		275,000		5.750		02/15/33^(c)		285,464
Kinder Morgan, Inc.
		275,000		4.300		03/01/28^(c)		275,231
MPLX LP
		75,000		2.650		08/15/30^(c)		67,896
		35,000		4.500		04/15/38^(c)		30,988
		25,000		5.500		02/15/49^(c)		22,615
Plains All American Pipeline LP / PAA Finance Corp.
		25,000		3.800		09/15/30^(c)		23,897
Sabine Pass Liquefaction LLC
		75,000		5.000		03/15/27^(c)		75,448
Targa Resources Corp.
		55,000		4.200		02/01/33^(c)		51,536
Western Midstream Operating LP
		25,000		5.450		04/01/44^(c)		21,757
Williams Cos., Inc. (The)
		35,000		4.000		09/15/25^(c)		34,932
		125,000		5.650		03/15/33^(c)		129,904

								1,375,494


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Real Estate – 0.0%
CoStar Group, Inc.
$		100,000		2.800	%	07/15/30^(c)(d)	$	90,304

REITS – 0.8%
Agree LP
		170,000		4.800		10/01/32^(c)		168,257
Alexandria Real Estate Equities, Inc.
		25,000		3.375		08/15/31^(c)		23,110
American Homes 4 Rent LP
		50,000		4.900		02/15/29^(c)		50,546
		30,000		2.375		07/15/31^(c)		26,112
American Tower Corp.
		75,000		2.100		06/15/30^(c)		66,649
Crown Castle, Inc.
		60,000		3.650		09/01/27^(c)		58,983
CubeSmart LP
		45,000		4.000		11/15/25^(c)		44,841
		20,000		2.500		02/15/32^(c)		17,200
Essex Portfolio LP
		50,000		3.000		01/15/30^(c)		46,755
Healthcare Realty Holdings LP
		25,000		2.050		03/15/31^(c)		20,936
Host Hotels & Resorts LP, Series J
		42,000		2.900		12/15/31^(c)		36,811
Invitation Homes Operating Partnership LP
		75,000		2.300		11/15/28^(c)		70,208
		195,000		2.000		08/15/31^(c)		165,609
Kilroy Realty LP
		20,000		4.750		12/15/28^(c)		19,850
Mid-America Apartments L.P.
		50,000		1.700		02/15/31^(c)		42,960
National Retail Properties, Inc.
		45,000		4.000		11/15/25^(c)		44,866
Prologis L.P.
		25,000		1.750		07/01/30^(c)		21,965
		125,000		4.625		01/15/33^(c)		124,323
Realty Income Corp.
		25,000		3.950		08/15/27^(c)		24,857
		75,000		3.400		01/15/30^(c)		71,803
Regency Centers LP
		100,000		2.950		09/15/29^(c)		94,584
UDR, Inc., MTN
		25,000		2.100		08/01/32^(c)		20,698
		100,000		1.900		03/15/33^(c)		79,931
WP Carey, Inc.
		25,000		3.850		07/15/29^(c)		24,336
		25,000		2.400		02/01/31^(c)		21,996

								1,388,186

Retail – 0.4%
7-Eleven, Inc.
		100,000		1.300		02/10/28^(c)(d)		92,270
AutoNation, Inc.
		83,000		4.500		10/01/25^(c)		82,856
		25,000		1.950		08/01/28^(c)		23,189
Dollar General Corp.
		170,000		3.875		04/15/27^(c)		168,542
Dollar Tree, Inc.
		50,000		4.200		05/15/28^(c)		49,554


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)

Retail – (continued)
Home Depot, Inc. (The)
$		25,000		3.900	%	12/06/28^(c)	$	24,923
Lowe’s Cos., Inc.
		25,000		3.100		05/03/27^(c)		24,509
		75,000		1.700		09/15/28^(c)		69,387
		25,000		3.000		10/15/50^(c)		15,626
McDonald’s Corp., MTN
		25,000		4.200		04/01/50^(c)		19,868
Starbucks Corp.
		100,000		4.000		11/15/28^(c)		99,274
Tractor Supply Co.
		50,000		1.750		11/01/30^(c)		43,328

								713,326

Semiconductors – 0.3%
Applied Materials, Inc.
		25,000		1.750		06/01/30^(c)		22,216
Broadcom, Inc.
		74,000		4.150		04/15/32^(c)(d)		71,253
		100,000		3.419		04/15/33^(c)(d)		90,576
		162,000		3.137		11/15/35^(c)(d)		136,649
		100,000		3.500		02/15/41^(c)(d)		79,114
Intel Corp.
		175,000		5.200		02/10/33^(c)		176,477
		65,000		5.150		02/21/34^(c)		64,787

								641,072

Software – 1.5%
Adobe, Inc.
		50,000		2.150		02/01/27^(c)		48,613
AppLovin Corp.
		422,000		5.500		12/01/34^(c)		428,582
Fiserv, Inc.
		25,000		4.200		10/01/28^(c)		24,871
Intuit, Inc.
		25,000		1.350		07/15/27^(c)		23,700
MSCI, Inc.
		180,000		4.000		11/15/29^(c)(d)		174,076
Oracle Corp.
		150,000		4.500		05/06/28^(c)		150,823
		34,000		2.950		04/01/30^(c)		31,731
		175,000		4.650		05/06/30^(c)		176,674
		275,000		2.875		03/25/31^(c)		250,720
		256,000		5.250		02/03/32^(c)		262,648
		250,000		6.250		11/09/32^(c)		270,395
		157,000		4.900		02/06/33^(c)		157,372
		125,000		6.900		11/09/52^(c)		138,994
Roper Technologies, Inc.
		50,000		4.200		09/15/28^(c)		49,870
Synopsys, Inc.
		160,000		5.000		04/01/32^(c)		162,039
		126,000		5.150		04/01/35^(c)		127,020
Take-Two Interactive Software, Inc.
		85,000		3.700		04/14/27^(c)		84,166
VMware, Inc.
		25,000		1.800		08/15/28^(c)		23,129
		100,000		2.200		08/15/31^(c)		86,773


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Software – (continued)
Workday, Inc.
$		75,000		3.500	%	04/01/27^(c)	$	74,056

								2,746,252

Telecommunications – 1.2%
AT&T, Inc.
		288,000		2.300		06/01/27^(c)		277,584
		150,000		4.350		03/01/29^(c)		150,314
		50,000		2.750		06/01/31^(c)		45,310
		10,000		2.550		12/01/33^(c)		8,371
		25,000		4.900		08/15/37^(c)		23,957
		60,000		4.850		03/01/39^(c)		56,733
		75,000		3.500		06/01/41^(c)		58,822
		25,000		4.350		06/15/45^(c)		20,709
		25,000		5.150		11/15/46^(c)		23,020
T-Mobile USA, Inc.
		75,000		1.500		02/15/26^(c)		73,521
		391,000		3.750		04/15/27^(c)		387,056
		25,000		4.750		02/01/28^(c)		25,035
		175,000		2.050		02/15/28^(c)		165,403
		83,000		3.875		04/15/30^(c)		80,589
		75,000		3.500		04/15/31^(c)		70,461
		500,000		5.200		01/15/33^(c)		507,956
Verizon Communications, Inc.
		108,000		4.329		09/21/28		108,451
		200,000		2.550		03/21/31^(c)		179,411

								2,262,703

Transportation – 0.2%
Burlington Northern Santa Fe LLC
		25,000		4.050		06/15/48^(c)		20,184
CSX Corp.
		175,000		3.800		03/01/28^(c)		173,469
FedEx Corp.
		45,000		3.400		02/15/28^(c)(d)		43,882
Union Pacific Corp.
		125,000		2.800		02/14/32^(c)		112,768

								350,303

Trucking & Leasing – 0.1%
Penske Truck Leasing Co. LP / PTL Finance Corp.
		120,000		5.250		07/01/29^(c)(d)		122,876


TOTAL CORPORATE BONDS (Cost $39,908,458)								39,490,470



Asset- Backed Securities – 11.8%

Collateralized Debt Obligations – 0.1%
Arbor Realty Commercial Real Estate Notes Ltd., Series 2022- FL1, Class A (SOFR + 1.450%)
		143,308		5.754		01/15/37^(a)(c)(d)		143,308

Collateralized Loan Obligations – 8.5%
AGL CLO 40 Ltd., Series 2025-40A, Class A1 (TSFR3M + 1.240%)
		1,000,000		5.551		07/22/38^(a)(c)(d)		999,884
Apidos CLO XV, Series 2013-15A, Class A1RR (TSFR3M + 1.272%)
		135,904		5.541		04/20/31^(a)(c)(d)		135,973


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, 2025 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Value

Asset- Backed Securities – (continued)

Collateralized Loan Obligations – (continued)
Ares European CLO XXI DAC, Series 21A, Class B (3 mo. Euribor + 1.700%)
$		250,000		4.147	%	04/15/38^(a)(c)(d)	$	294,616
Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class A (TSFR3M + 1.300%)
		1,250,000		0.010		07/25/38^(a)(d)(e)		1,250,000
Carlyle US CLO Ltd., Series 2024-2A, Class B (TSFR3M + 2.050%)
		400,000		6.332		04/25/37^(a)(c)(d)		401,838
Carlyle US CLO Ltd., Series 2025-3A, Class A (TSFR3M + 1.380%)
		850,000		5.636		07/25/38^(a)(d)(e)		852,338
Cathedral Lake VIII Ltd., Series 2021-8A, Class C (TSFR3M + 2.882%)
		200,000		7.151		01/20/35^(a)(c)(d)		200,364
CBAM Ltd., Series 2018-5A, Class A (TSFR3M + 1.282%)
		168,186		5.561		04/17/31^(a)(c)(d)		168,338
CBAMR Ltd., Series 2017-4A, Class A1R (TSFR3M + 1.420%)
		800,000		0.010		03/31/38^(a)(d)		802,000
Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR (TSFR3M + 1.420%)
		270,000		5.689		07/20/37^(a)(c)(d)		271,021
CFIP CLO Ltd., Series 2021-1A, Class A (TSFR3M + 1.482%)
		700,000		5.751		01/20/35^(a)(c)(d)		700,946
CFIP CLO Ltd., Series 2021-1A, Class C1 (TSFR3M + 2.662%)
		300,000		6.931		01/20/35^(a)(c)(d)		300,344
CIFC Funding Ltd., Series 2018-1A, Class A1R (TSFR3M + 1.320%)
		350,000		5.589		01/18/38^(a)(c)(d)		350,962
CIFC Funding Ltd., Series 2019-4A, Class A1R2 (TSFR3M + 1.300%)
		1,300,000		0.010		07/15/38^(a)(d)(e)		1,300,000
Crown City CLO I, Series 2020-1A, Class A1AR (TSFR3M + 1.452%)
		250,000		5.721		07/20/34^(a)(c)(d)		250,084
Diameter Capital Clo 1 Ltd., Series 2021-1A, Class A1R (TSFR3M + 1.390%)
		425,000		5.646		10/15/37^(a)(c)(d)		426,154
Elmwood CLO X Ltd., Series 2021-3A, Class AR2 (TSFR3M + 1.300%)
		550,000		0.010		07/20/38^(a)(d)(e)		550,000
Fidelity Grand Harbour CLO DAC, Series 2023-1A, Class B1R (3 mo. Euribor + 1.750%)
		350,000		3.893		02/15/38^(a)(c)(d)		411,179
Goldentree Loan Management U.S. CLO 6 Ltd., Series 2019-6A, Class AR2 (TSFR3M + 0.970%)
		300,000		5.239		04/20/35^(a)(c)(d)		298,611
Greenacre Park CLO LLC, Series 2021-2A, Class AR (TSFR3M + 1.370%)
		800,000		5.667		07/20/37^(a)(d)		803,110
Halseypoint CLO 7 Ltd., Series 2023-7A, Class A1R (TSFR3M + 1.450%)
		600,000		5.801		07/20/38^(a)(d)		600,000
Jamestown CLO XV Ltd., Series 2020-15A, Class A1R (TSFR3M + 1.370%)
		300,000		5.626		07/15/35^(a)(c)(d)		300,185


	Principal Amount			Interest Rate			Maturity Date	Value

Asset- Backed Securities – (continued)

Collateralized Loan Obligations – (continued)
JP Morgan Mortgage Trust, Series 2023-HE3, Class A1 (SOFR + 1.600%)
$		70,395			5.902	%	05/20/54^(a)(c)(d)	$	70,737
Mountain View CLO XV Ltd., Series 2019-2A, Class A1R (TSFR3M + 1.670%)
		275,000			5.926		07/15/37^(a)(c)(d)		276,239
OCP CLO Ltd., Series 2019-16A, Class AR (TSFR3M + 1.262%)
		217,329			5.472		04/10/33^(a)(c)(d)		217,438
Palmer Square Loan Funding Ltd., Series 2022-3A, Class A1BR (TSFR3M + 1.400%)
		325,000			5.656		04/15/31^(a)(c)(d)		325,001
Pikes Peak CLO 5, Series 2020-5A, Class A1R (TSFR3M + 1.400%)
		450,000			5.669		10/20/37^(a)(c)(d)		451,002
Polus U.S. CLO II Ltd., Series 2025-2A, Class A1 (TSFR3M + 1.520%)
		400,000			5.804		07/20/38^(a)(c)(d)		401,407
Regatta 30 Funding Ltd., Series 2024-4A, Class A1 (TSFR3M + 1.320%)
		400,000			5.633		01/25/38^(a)(c)(d)		401,080
Sound Point Euro CLO 14 Funding DAC, Series 14A, Class B (3 mo. Euribor + 1.600%)
		250,000			3.894		04/20/39^(a)(c)(d)		292,980
Southwick Park CLO LLC, Series 2019-4A, Class A1R (TSFR3M + 1.322%)
		239,084			5.591		07/20/32^(a)(c)(d)		239,257
Trinitas CLO XXXI Ltd., Series 2024-31A, Class A1 (TSFR3M + 1.350%)
		575,000			5.622		01/22/38^(a)(c)(d)		576,406
Voya CLO Ltd., Series 2020-2A, Class A1RR (TSFR3M +
		1.310	%)
		850,000			5.590		01/20/38^(a)(c)(d)		851,230

									15,770,724

Diversified Financial Services – 3.2%
American Express Credit Account Master Trust, Series 2025-3, Class A
		550,000			4.510		04/15/32		557,377
Bank of America Auto Trust, Series 2023-2A, Class A2
		2,930			5.850		08/17/26^(c)(d)		2,931
Barclays Dryrock Issuance Trust, Series 2023-1, Class A
		600,000			4.720		02/15/29		601,342
Barclays Dryrock Issuance Trust, Series 2023-2, Class A (SOFR + 0.900%)
		300,000			5.204		08/15/28^(a)		300,490
Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A
		300,000			4.950		10/15/27		300,330
Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1
		275,000			5.230		12/08/27		275,757
Citibank Credit Card Issuance Trust, Series 2025-A2, Class A
		375,000			4.490		06/21/32		377,216
Citizens Auto Receivables Trust, Series 2024-1, Class A2A
		73,977			5.430		10/15/26^(c)(d)		74,002
Discover Card Execution Note Trust, Series 2023-A1, Class A
		300,000			4.310		03/15/28		299,796
Exeter Automobile Receivables Trust, Series 2025-1A, Class A2
		187,942			4.700		09/15/27^(c)		187,909
Exeter Automobile Receivables Trust, Series 2025-1A, Class A3
		150,000			4.670		08/15/28^(c)		150,115


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)

Diversified Financial Services – (continued)
Exeter Automobile Receivables Trust, Series 2025-3A, Class A3
$		350,000		4.780	%	07/16/29^(c)	$	351,499
Ford Credit Auto Lease Trust, Series 2024-A, Class A2A
		6,712		5.240		07/15/26^(c)		6,713
Ford Credit Auto Owner Trust, Series 2023-C, Class A2A
		32,939		5.680		09/15/26^(c)		32,952
Ford Credit Auto Owner Trust, Series 2024-1, Class A
		350,000		4.870		08/15/36^(c)(d)		356,305
GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class A2A
		15,921		5.890		11/16/26^(c)		15,930
GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A2A
		82,133		5.120		02/16/27^(c)		82,189
Honda Auto Receivables Owner Trust, Series 2023-4, Class A3
		525,000		5.670		06/21/28^(c)		530,610
Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A2A
		132,514		5.150		06/15/26^(c)(d)		132,564
Nissan Auto Lease Trust, Series 2024-A, Class A2A
		291,264		5.110		10/15/26^(c)		291,402
Santander Drive Auto Receivables Trust, Series 2025-1, Class A2
		184,343		4.760		08/16/27^(c)		184,406
Santander Drive Auto Receivables Trust, Series 2025-1, Class A3
		375,000		4.740		01/16/29^(c)		375,461
Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3
		464,568		4.710		02/15/28^(c)		465,475

								5,952,771


TOTAL ASSET- BACKED SECURITIES (Cost $21,706,241)								21,866,803



Commercial Mortgage-Backed Securities – 5.6%

3650R Commercial Mortgage Trust, Series 2021-PF1, Class AS
		150,000		2.778		11/15/54^(a)		126,477
BANK, Series 2019-BN21, Class A5
		150,000		2.851		10/17/52^(c)		139,054
BANK, Series 2021-BN31, Class AS
		275,000		2.211		02/15/54^(a)(c)		235,865
BANK, Series 2021-BN32, Class A5
		150,000		2.643		04/15/54^(a)(c)		134,103
BANK, Series 2022-BNK43, Class A5
		200,000		4.399		08/15/55^(c)		193,393
BANK, Series 2023-BNK46, Class A4
		200,000		5.745		08/15/56^(c)		210,248
BANK, Series 2025-BNK50, Class A5
		250,000		5.652		05/15/68^(a)(c)		261,671
BANK5, Series 2024-5YR11, Class A3
		250,000		5.893		11/15/57^(c)		261,549
BANK5, Series 2024-5YR11, Class AS
		150,000		6.139		11/15/57^(c)		156,413
BANK5, Series 2024-5YR7, Class A3
		475,000		5.769		06/15/57^(c)		493,092
BANK5, Series 2024-5YR8, Class A3
		150,000		5.884		08/15/57^(c)		156,321
BANK5, Series 2024-5YR9, Class AS
		200,000		6.182		08/15/57^(a)(c)		208,490


	Principal Amount		Interest Rate			Maturity Date	Value

Commercial Mortgage-Backed Securities – (continued)

BANK5, Series 2025-5YR15, Class A3
$		350,000		5.452	%	06/15/30^(c)(e)	$	360,137
BBCMS Mortgage Trust, Series 2024-5C25, Class AS
		210,000		6.358		03/15/57^(a)(c)		219,247
BBCMS Mortgage Trust, Series 2025-5C34, Class A3
		500,000		5.659		05/15/58^(c)		519,647
Benchmark Mortgage Trust, Series 2024-V8, Class A3
		200,000		6.189		07/15/57^(a)(c)		210,969
BLP Commercial Mortgage Trust, Series 2024-IND2, Class A (TSFR1M + 1.342%)
		237,207		5.654		03/15/41^(a)(d)		237,503
BMO Mortgage Trust, Series 2023-C7, Class A5
		200,000		6.160		12/15/56^(c)		215,942
BMO Mortgage Trust, Series 2024-5C6, Class A3
		150,000		5.316		09/15/57^(c)		153,039
BMO Mortgage Trust, Series 2024-C9, Class A5
		350,000		5.759		07/15/57^(c)		368,166
BMO Mortgage Trust, Series 2025-5C11, Class A3
		300,000		5.669		07/15/58^(c)		312,689
BX Commercial Mortgage Trust, Series 2024-AIRC, Class A (TSFR1M + 1.691%)
		194,144		6.003		08/15/39^(a)(d)		194,872
BX Commercial Mortgage Trust, Series 2024-XL4, Class A (TSFR1M + 1.442%)
		213,068		5.754		02/15/39^(a)(d)		213,298
BX Trust, Series 2022-PSB, Class A (TSFR1M + 2.451%)
		39,087		6.763		08/15/39^(a)(d)		39,064
BX Trust, Series 2024-BIO, Class A (TSFR1M + 1.642%)
		350,000		5.954		02/15/41^(a)(d)		349,781
BX Trust, Series 2024-PAT, Class A (TSFR1M + 2.090%)
		150,000		6.402		03/15/41^(a)(d)		150,000
EQUS Mortgage Trust, Series 2021-EQAZ, Class A (TSFR1M + 1.019%)
		199,977		5.331		10/15/38^(a)(c)(d)		199,915
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-152, Class A2
		200,000		3.780		11/25/32^(a)(c)		191,830
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-161, Class A2
		300,000		4.900		10/25/33^(a)(c)		307,534
Freddie Mac Multifamily Structured Pass Through Certificates, Series K510, Class A2
		100,000		5.069		10/25/28^(a)(c)		102,784
Freddie Mac Multifamily Structured Pass Through Certificates, Series KF153, Class AS (SOFR + 0.680%)
		153,149		4.992		02/25/33^(a)(c)		153,441
Houston Galleria Mall Trust, Series 2025-HGLR, Class A
		225,000		5.644		02/05/45^(a)(d)		231,006
Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A
		290,000		5.649		01/13/40^(a)(d)		298,736
Hudson Yards Mortgage Trust, Series 2025-SPRL, Class B
		100,000		5.950		01/13/40^(a)(d)		102,774
IRV Trust, Series 2025-200P, Class A
		350,000		5.471		03/14/47^(a)(c)(d)		353,029
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A
		250,000		3.024		01/05/39^(d)		227,540


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, 2025 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Value

Commercial Mortgage-Backed Securities – (continued)

J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A
$		150,000		5.990	%	10/05/39^(a)(d)	$	153,000
KIND Commercial Mortgage Trust, Series 2024-1, Class A (TSFR1M + 1.890%)
		350,000		6.202		08/15/41^(a)(d)		350,438
LEX Mortgage Trust, Series 2024-BBG, Class A
		300,000		5.036		10/13/33^(a)(c)(d)		300,948
MSWF Commercial Mortgage Trust, Series 2023-2, Class A2
		325,000		6.890		12/15/56^(c)		342,173
ROCK Trust, Series 2024-CNTR, Class A
		400,000		5.388		11/13/41^(d)		407,224
ROCK Trust, Series 2024-CNTR, Class B
		100,000		5.930		11/13/41^(d)		102,891
Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class A12 (TSFR1M + 1.691%)
		300,000		6.003		08/15/41^(a)(d)		298,500
Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class B12 (TSFR1M + 2.290%)
		100,000		6.602		08/15/41^(a)(d)		98,500


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $10,320,320)								10,343,293



Foreign Bonds – 5.1%

Agriculture – 0.3%
BAT Capital Corp. (United Kingdom)
		100,000		2.259		03/25/28^(c)		94,602
		400,000		6.000		02/20/34^(c)		421,526

								516,128

Banks – 2.2%
Banco Santander SA (Spain)
		400,000		6.921		08/08/33		433,345
Barclays PLC (United Kingdom) SOFR + 1.590%
		340,000		5.785		02/25/36^(a)(c)		347,521
BNP Paribas SA (France)
SOFR + 1.004%
		200,000		1.323		01/13/27^(a)(c)(d)		196,546
SOFR + 1.620%
		290,000		5.786		01/13/33^(a)(c)(d)		301,657
Canadian Imperial Bank of Commerce (Canada)
SOFR + 1.105%
		285,000		5.245		01/13/31^(a)(c)		291,822
Credit Suisse AG (Switzerland)
		250,000		1.250		08/07/26		241,908
ING Groep NV (Netherlands)
US 1 Year CMT T-Note + 1.100%
		200,000		1.400		07/01/26^(a)(c)(d)		200,000
Kreditanstalt fuer Wiederaufbau (Germany)
		780,000		5.125		09/29/25		781,170
Macquarie Group Ltd. (Australia)
SOFR + 1.069%
		50,000		1.340		01/12/27^(a)(c)(d)		49,161


	Principal Amount		Interest Rate			Maturity Date	Value

Foreign Bonds – (continued)

Banks – (continued)
NatWest Group PLC (United Kingdom)
US 1 Year CMT T-Note + 1.050%
$		200,000		5.115	%	05/23/31^(a)(c)	$	203,383
Toronto-Dominion Bank (The) (Canada)
		175,000		4.456		06/08/32		171,720
UBS Group AG (Switzerland)
		250,000		4.550		04/17/26		250,019
SOFR + 5.020%
		250,000		9.016		11/15/33^(a)(c)(d)		308,999
SOFR + 1.760%
		255,000		5.580		05/09/36^(a)(c)(d)		261,034
Westpac Banking Corp. (Australia)
US 5 Year CMT T-Note + 2.000%
		25,000		4.110		07/24/34^(a)(c)		24,157
Westpac Banking Corp., GMTN (Australia)
USISOA05 + 2.236%
		25,000		4.322		11/23/31^(a)(c)		24,841

								4,087,283

Beverages – 0.5%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
		135,000		4.700		02/01/36^(c)		131,721
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
		25,000		8.200		01/15/39		31,890
		40,000		5.450		01/23/39^(c)		40,667
Bacardi-Martini BV (Bermuda)
		450,000		5.550		02/01/30^(c)(d)		461,842
JDE Peet’s NV (Netherlands)
		150,000		1.375		01/15/27^(c)(d)		142,712

								808,832

Biotechnology – 0.0%
CSL Finance PLC (Australia)
		25,000		3.850		04/27/27^(c)(d)		24,813

Commercial Services – 0.3%
Ashtead Capital, Inc. (United Kingdom)
		209,000		5.800		04/15/34^(c)(d)		214,135
DP World Crescent Ltd. (United Arab Emirates)
		200,000		5.500		05/08/35^(d)		202,117
DP World Crescent Ltd., EMTN (United Arab Emirates)
		200,000		3.875		07/18/29		192,000

								608,252

Diversified Financial Services – 0.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
		250,000		2.450		10/29/26^(c)		243,575
		225,000		3.000		10/29/28^(c)		214,391
		320,000		5.375		12/15/31^(c)		327,240
Avolon Holdings Funding Ltd. (Ireland)
		90,000		6.375		05/04/28^(c)(d)		93,805
		60,000		5.150		01/15/30^(c)(d)		60,440

								939,451


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

Foreign Bonds – (continued)

Mining – 0.1%
Glencore Funding LLC (Australia)
$		150,000		2.625	%	09/23/31^(c)(d)	$	131,796

Oil & Gas – 0.4%
Petronas Capital Ltd. (Malaysia)
		200,000		4.950		01/03/31^(c)(d)		203,895
		200,000		5.340		04/03/35^(c)(d)		205,278
Saudi Arabian Oil Co. (Saudi Arabia)
		220,000		3.500		04/16/29		212,339
		200,000		5.750		07/17/54^(c)(d)		186,937

								808,449

Pipelines – 0.2%
Enbridge, Inc. (Canada)
		111,000		5.700		03/08/33^(c)		115,083
		125,000		2.500		08/01/33^(c)		104,020
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)
		176,648		2.940		09/30/40		144,797

								363,900

Semiconductors – 0.1%
NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands)
		25,000		3.400		05/01/30^(c)		23,669
		125,000		2.500		05/11/31^(c)		110,327
		125,000		2.650		02/15/32^(c)		108,699

								242,695

Software – 0.1%
Constellation Software, Inc. (Canada)
		97,000		5.461		02/16/34^(c)(d)		98,930

Telecommunications – 0.4%
British Telecommunications PLC (United Kingdom)
		230,000		9.625		12/15/30		282,935
Rogers Communications, Inc. (Canada)
		505,000		3.200		03/15/27^(c)		495,175

								778,110

Transportation – 0.0%
Canadian Pacific Railway Co. (Canada)
		25,000		2.050		03/05/30^(c)		22,523


TOTAL FOREIGN BONDS (Cost $9,413,125)								9,431,162



Collateralized Mortgage Obligations – 2.0%

Alternative Loan Trust, Series 2005-38, Class A1 (Federal Reserve US 12 mo. Cumulative Avg 1 yr. CMT + 1.500%)
		31,567		5.899		09/25/35^(a)(c)		28,329
COLT Mortgage Loan Trust, Series 2024-INV1, Class A1
		252,397		5.903		12/25/68^(c)(d)		253,683
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2
(SOFR + 1.550%)
		28,675		5.855		10/25/41^(a)(c)(d)		28,767
Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2
(SOFR + 1.650%)
		42,000		5.955		12/25/41^(a)(c)(d)		42,242
Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M1
(SOFR + 1.900%)
		12,346		6.205		04/25/42^(a)(c)(d)		12,401


	Principal Amount		Interest Rate			Maturity Date	Value

Collateralized Mortgage Obligations – (continued)

Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2
(SOFR + 3.000%)
$		36,000		7.305	%	04/25/42^(a)(c)(d)	$	36,953
Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2
(SOFR + 1.800%)
		100,000		6.105		01/25/44^(a)(c)(d)		101,069
FHLMC, Series 2021-DNA5, Class M2 (SOFR + 1.650%)
		10,110		5.955		01/25/34^(a)(c)(d)		10,169
Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M1
(SOFR + 1.200%)
		344,742		5.505		05/25/44^(a)(c)(d)		345,121
Freddie Mac STACR REMIC Trust, Series 2025-DNA2, Class A1
(SOFR + 1.100%)
		336,875		5.405		05/25/45^(a)(c)(d)		337,413
J.P. Morgan Mortgage Trust, Series 2024-1, Class A4
		153,311		6.000		06/25/54^(a)(c)(d)		154,591
JP Morgan Mortgage Trust, Series 2021-6, Class A3
		81,149		2.500		10/25/51^(a)(c)(d)		66,142
JP Morgan Mortgage Trust Series, Series 2024-VIS2, Class A1
		682,228		5.853		11/25/64^(c)(d)		687,720
JP Morgan Mortgage Trust Series, Series 2025-DSC1, Class A1
		446,545		–		09/25/65^(a)(c)(d)		450,448
JP Morgan Mortgage Trust Series, Series 2025-NQM2, Class A1
		417,685		5.567		09/25/65^(a)(c)(d)		420,071
Verus Securitization Trust, Series 2021-7, Class A1
		318,762		1.829		10/25/66^(c)(d)		286,445
Verus Securitization Trust, Series 2022-1, Class A3
		217,657		3.288		01/25/67^(a)(c)(d)		197,876
Verus Securitization Trust, Series 2023-INV3, Class A2
		272,956		7.330		11/25/68^(a)(c)(d)		277,907
Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1
		5,029		3.500		07/25/49^(a)(c)(d)		4,514


TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,737,358)								3,741,861



Foreign Government Securities – 1.3%

Regional (state/province) – 0.4%
Province of Quebec Canada
		810,000		0.600		07/23/25		808,057

Sovereign – 0.9%
Chile Government International Bond
		200,000		5.650		01/13/37^(c)		206,463
Indonesia Government International Bond
		200,000		4.850		01/11/33^(c)		200,490
Mexico Government International Bond
		400,000		3.250		04/16/30^(c)		368,800
		110,000		1.450		10/25/33^(c)		101,748
		200,000		4.280		08/14/41^(c)		154,120
Panama Government International Bond
		200,000		6.875		01/31/36^(c)		199,328
Peruvian Government International Bond
		70,000		5.500		03/30/36^(c)		70,122
		50,000		3.230		07/28/21^(c)		26,843
Republic of Poland Government International Bond, Series 10Y
		120,000		5.125		09/18/34^(c)		120,430
Romanian Government International Bond
		40,000		3.000		02/27/27^(d)		38,523


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, 2025 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Value

Foreign Government Securities – (continued)

Sovereign – (continued)
Romanian Government International Bond – (continued)
$		10,000		2.124	%	07/16/31^(d)	$	9,799
		30,000		2.625		12/02/40^(d)		21,987
		10,000		4.625		04/03/49^(d)		8,771
Romanian Government International Bond, EMTN
		50,000		2.875		03/11/29		56,390

								1,583,814


TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $2,521,119)								2,391,871



U.S. Government Agency Securities – 1.2%

Federal Farm Credit Banks Funding Corp.
		460,000		2.900		04/12/32		426,569
		230,000		3.300		05/19/32		218,441
		130,000		3.500		09/01/32		123,938
		600,000		2.850		03/28/34		533,946
		340,000		3.080		03/30/37		290,777
Federal Home Loan Banks
		250,000		3.375		09/10/32		236,702
		430,000		4.750		12/10/32		445,746


TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $2,451,351)								2,276,119



Municipal Bonds – 0.5%

California – 0.1%
State of California
		105,000		7.625		03/01/40^(c)		125,682

Florida – 0.0%
State Board of Administration Finance Corp., Series A
		70,000		2.154		07/01/30^(c)		62,632

Illinois – 0.1%
Illinois State Taxable Pension Funding GO Bonds Series 2003
		21,814		5.100		06/01/33		21,879
State of Illinois GO Bonds
		78,571		7.350		07/01/35^(c)		84,008

								105,887

Louisiana – 0.1%
Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2022-ELL, Class A3
		140,000		4.275		02/01/36^(c)		136,128

Maryland – 0.1%
Maryland Economic Development Corp.
		160,000		4.968		11/30/32^(c)		163,036
		65,000		5.018		11/30/33^(c)		66,050

								229,086

Ohio – 0.1%
American Municipal Power, Inc., Series E
		95,000		6.270		02/15/50^(c)		97,661


TOTAL MUNICIPAL BONDS (Cost $740,773)								757,076


	Principal Amount		Interest Rate			Maturity Date	Value

Certificate of Deposit – 0.2%

National Bank of Kuwait
$		441,000		4.630	%	08/28/25	$	441,137
(Cost $441,007)



U.S. Treasury Obligations – 27.2%

U.S. Treasury Bonds
		2,370,000		4.750	^(f)	02/15/41		2,399,995
		1,640,000		3.125	^(f)	11/15/41		1,344,288
		1,550,000		2.750	^(f)	08/15/42		1,185,508
		2,310,000		2.750	^(f)	11/15/42		1,758,848
		450,000		4.000	^(f)	11/15/42		410,484
		560,000		3.875	^(f)	05/15/43		500,238
		100,000		4.375	^(f)	08/15/43		95,344
		2,200,000		4.625	^(f)	05/15/44		2,157,719
		480,000		3.125	^(f)	05/15/48		364,200
		480,000		3.000	^(f)	08/15/48		354,975
		510,000		2.375	^(f)	11/15/49		328,073
		610,000		2.000	^(f)	02/15/50		358,184
		480,000		2.375	^(f)	05/15/51		304,425
		170,000		2.000	^(f)	08/15/51		98,016
		1,288,400		4.000	^(f)	11/15/52		1,126,947
		1,130,000		4.750	^(f)	11/15/53		1,120,113
U.S. Treasury Inflation Indexed Bonds
		450,000		1.500	^(f)	02/15/53		384,099
U.S. Treasury Notes
		2,020,000		0.750	^(f)	05/31/26		1,960,347
		3,670,000		0.875	^(f)	06/30/26		3,558,180
		1,720,000		0.625	^(f)	07/31/26		1,659,262
		620,000		4.375	^(f)	08/15/26		622,688
		640,000		0.750	^(f)	08/31/26		616,825
		640,000		2.625	^(f)	05/31/27		626,825
		4,330,000		0.500	^(f)	06/30/27		4,063,096
		970,000		2.875	^(f)	05/15/28		948,327
		2,830,000		1.250	^(f)	05/31/28		2,640,080
		3,050,000		1.250	^(f)	06/30/28		2,839,598
		250,000		3.125	^(f)	11/15/28		245,332
		6,070,000		1.500	^(f)	02/15/30		5,493,350
		364,900		3.625	^(f)	03/31/30		362,306
		760,000		3.750	^(f)	05/31/30		758,337
		1,120,000		3.750	^(f)	06/30/30		1,117,287
		1,560,000		3.875	^(f)	06/30/30		1,566,094
		1,570,000		4.000	^(f)	06/30/32		1,571,227
U.S. Treasury Strip Coupon
		2,079,100		–	^(f)	11/15/29^(g)		1,757,273
		430,000		–	^(f)	08/15/30^(g)		351,916
		430,000		–	^(f)	11/15/30^(g)		347,954
		720,000		–	^(f)	08/15/31^(g)		562,691
		1,130,000		–	^(f)	11/15/31^(g)		872,766
		929,900		–	^(f)	05/15/32^(g)		701,469
		430,000		–	^(f)	08/15/33^(g)		305,197
		550,000		–	^(f)	08/15/35^(g)		351,517


TOTAL U.S. TREASURY OBLIGATIONS (Cost $52,286,670)								50,191,400


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 – 8.1%^(h)

Goldman Sachs Financial Square Government Fund - Institutional Shares
	14,995,574	4.231%	$	14,995,574
(Cost $14,995,574)

TOTAL INVESTMENTS – 118.5% (Cost $222,186,540)			$	218,806,772

LIABILITIES IN EXCESS OF OTHER ASSETS – (18.5)%				(34,125,848	)

NET ASSETS – 100.0%			$	184,680,924

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, 2025.
(b)		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 $36,677,165 which represents approximately 19.9% of the Fund’s net assets as of June 30, 2025.
(c)		Securities with “Call” features. Maturity dates disclosed are the final maturity date.
(d)		Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)		When-issued security.
(f)		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.
(g)		Zero coupon bond until next reset date.
(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
SOFRINDX		—Secured Overnight Financing Rate Index
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, 2025, 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.
	CAD	238,383	USD	168,456		7/2/2025	$	6,601
	CHF	182,587	USD	223,333		7/29/2025		7,645
	GBP	156,808	USD	212,328		8/28/2025		2,993
	SEK	2,287,592	USD	241,177		9/18/2025		1,882
	EUR	100,433	USD	118,277		9/23/2025		692
	CAD	238,384	USD	175,255		9/25/2025		562



TOTAL							$	20,375


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, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss



Morgan Stanley Co., Inc.
	USD	180,775	CAD	255,817		7/2/2025	$	(7,084	)
	USD	221,921	CHF	181,432		7/29/2025		(7,597	)
	USD	273,641	GBP	202,089		8/28/2025		(3,857	)
	USD	228,105	SEK	2,163,597		9/18/2025		(1,780	)
	USD	1,206,722	EUR	1,024,669		9/23/2025		(7,058	)
	USD	188,071	CAD	255,817		9/25/2025		(603	)



TOTAL							$	(27,979	)

FORWARD SALES CONTRACTS — At June 30, 2025, 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		07/15/55	$	(6,000,000	)	$	(5,738,712	)
Federal National Mortgage Association		6.500		TBA-30yr		07/15/55		(5,000,000	)		(5,161,650	)
Government National Mortgage Association		3.000		TBA-30yr		07/15/55		(1,000,000	)		(883,939	)
Government National Mortgage Association		4.500		TBA-30yr		07/15/55		(1,000,000	)		(956,768	)



Total (Proceed Receivable $12,602,813)										$	(12,741,069	)

(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, 2025, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)


Long position contracts:
ICE 3 Month SONIA Index Future		20		03/17/26	$	6,615,833		$	9,954
U.S. Treasury 10 Year Note		24		09/19/25		2,691,375			814
U.S. Treasury 2 Year Note		31		09/30/25		6,449,211			13,914
U.S. Treasury 5 Year Note		144		09/30/25		15,699,375			84,162
U.S. Treasury Long Bond		22		09/19/25		2,538,250			66,980
U.S. Treasury Ultra Bond		73		09/19/25		8,684,719			301,225



Total								$	477,049



Short position contracts:
Euro Bund Future		(1)		09/08/25		(153,405	)		680
U.S. Treasury 10 Year Ultra Note		(26)		09/19/25		(2,970,906	)		(61,549	)



Total								$	(60,869	)



Total Futures Contracts								$	416,180

SWAP CONTRACTS — At June 30, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index	Financing Rate Received (Paid) by the Fund	Credit Spread at June 30, 2025^(a)	Termination Date	Notional Amount (000’s)		Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
ICE CDX Investment Grade Index^(b)	1.000%	2.1799%	12/20/2028		1,425	$	31,063	$	17,594	$	13,469
ICE CDX Investment Grade Index^(b)	1.000%	2.2323	06/20/2029		7,708		172,067		128,445		43,622
ICE CDX Investment Grade Index^(b)	1.000%	2.2520	12/20/2029		9,025		203,239		187,481		15,758
Chile Government International Bond^(b)	1.000%	2.1089	06/20/2030		90		1,898		1,650		248
ICE CDX Investment Grade Index^(b)	1.000%	2.2147	06/20/2030		1,800		39,864		34,425		5,439


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)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index	Financing Rate Received (Paid) by the Fund		Credit Spread at June 30, 2025^(a)			Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
Indonesia Government International Bond^(b)		1.000%		1.0075	%		06/20/2030		200	$	2,015	$	1,086	$	929
Philippine Government International Bond^(b)		1.000%		1.6610			06/20/2030		200		3,322		2,344		978



TOTAL										$	453,468	$	373,025	$	80,443

(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.

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)


1.892%^(b)	1 Day ESTRON	9/17/2025	EUR	46,530	$	(1,787	)	$	–		$	(1,787	)
3.620 ^(b)	1 Day SOFR	6/30/2027	USD	5,030		19,982			–			19,982
3 Month BBSW^(c)	3.750%	9/17/2027	AUD	12,520		(104,242	)		(89,980	)		(14,262	)
3.500 ^(c)	3 Month BBSW	9/17/2027	AUD	1,030		5,323			3,892			1,431
2.750 ^(d)	CORRA	9/17/2027	CAD	6,930		29,949			17,953			11,996
2.500 ^(d)	CORRA	9/17/2027	CAD	120		94			16			78
2.000 ^(b)	1 Day ESTRON	9/17/2027	EUR	660		3,425			3,232			193
1.500 ^(b)	1 Day ESTRON	9/17/2027	EUR	540		(6,164	)		–			(6,164	)
3.750 ^(b)	1 Day SONIO	9/17/2027	GBP	4,440		25,042			3,846			21,196
3.500 ^(b)	1 Day SONIO	9/17/2027	GBP	120		(98	)		–			(98	)
12 Month BOJDTR^(b)	0.750	9/17/2027	JPY	420,000		1,561			–			1,561
4.250 ^(b)	6 Month NIBOR	9/17/2027	NOK	44,460		42,753			17,168			25,585
2.250 ^(b)	3 Month STIBOR	9/17/2027	SEK	46,520		35,610			21,582			14,028
1 Day SOFR^(b)	3.750	9/17/2027	USD	7,630		(58,704	)		(18,374	)		(40,330	)
1 Day SOFR^(b)	3.500	9/17/2027	USD	180		(526	)		–			(526	)
1 Day ESTRON^(b)	2.180	11/20/2027	EUR	23,360		(18,632	)		(18,984	)		352
2.143 ^(b)	1 Day ESTRON	11/20/2027	EUR	23,360		28,395			–			28,395
2.500 ^(b)	1 Day ESTRON	5/14/2028	EUR	1,432		12,654			2,247			10,408
3.368 ^(b)	1 Day SOFR	6/23/2028	USD	5,720		8,872			3,356			5,516
1 Day SONIO^(b)	3.750	9/17/2028	GBP	30		(240	)		–			(240	)
2.325 ^(b)	1 Day ESTRON	2/25/2029	EUR	1,241		931			–			931
1 Day SOFR^(b)	3.620	11/30/2029	USD	5,930		(62,147	)		(5,114	)		(57,033	)
1 Day SOFR^(b)	3.600	11/30/2029	USD	4,810		(46,641	)		–			(46,641	)
1 Day SOFR^(b)	3.600	6/23/2030	USD	6,040		(14,896	)		(4,603	)		(10,293	)
2.750 ^(d)	CORRA	9/17/2030	CAD	1,010		4,477			407			4,070
2.000 ^(b)	1 Day ESTRON	9/17/2030	EUR	1,440		(22,826	)		–			(22,826	)
3.750 ^(b)	1 Day SONIO	9/17/2030	GBP	1,210		8,378			–			8,378
12 Month BOJDTR^(b)	1.000	9/17/2030	JPY	1,426,490		(30,753	)		(25,264	)		(5,489	)
3.750 ^(d)	3 Month NZD BKBM	9/17/2030	NZD	2,270		9,023			6,973			2,050
12 Month BOJDTR^(b)	1.295	8/2/2034	JPY	213,361		7,244			(2,598	)		9,842
4.098 ^(b)	1 Day SOFR	6/24/2035	USD	1,470		5,448			1,955			3,493
6 Month BBSW^(d)	4.500	9/17/2035	AUD	130		(3,069	)		(2,469	)		(600	)
3.000 ^(d)	CORRA	9/17/2035	CAD	310		245			–			245
0.500 ^(b)	1 Day SOFR	9/17/2035	CHF	80		(510	)		–			(510	)
2.000 ^(b)	1 Day ESTRON	9/17/2035	EUR	70		(4,524	)		–			(4,524	)
3.750 ^(b)	1 Day SONIO	9/17/2035	GBP	270		(7,293	)		–			(7,293	)
12 Month BOJDTR^(b)	1.250	9/17/2035	JPY	344,000		(97	)		–			(97	)
6 Month NIBOR^(b)	4.250	9/17/2035	NOK	5,260		(21,337	)		(10,666	)		(10,671	)
4.250 ^(d)	3 Month NZD BKBM	9/17/2035	NZD	1,050		7,303			6,320			983
2.750 ^(b)	3 Month STIBOR	9/17/2035	SEK	3,900		7,353			2,812			4,541


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, 2025 (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)


1 Day SOFR^(b)	3.750%	9/17/2035	USD	580	$	(3,486	)	$	–		$	(3,486	)
2.160%^(b)	12 Month BOJDTR	8/2/2044	JPY	239,990		(52,648	)		–			(52,648	)
2.000 ^(b)	1 Day ESTRON	9/17/2045	EUR	160		(23,798	)		–			(23,798	)
1 Day ESTRON^(b)	2.000	5/17/2053	EUR	513		43,010			(1,270	)		44,280
1 Day ESTRON^(b)	2.500	11/10/2053	EUR	379		11,614			(22,714	)		34,328
1 Day ESTRON^(b)	1.750	9/17/2055	EUR	390		95,075			–			95,075
1.750 ^(b)	12 Month BOJDTR	9/17/2055	JPY	96,000		(72,012	)		–			(72,012	)
2.530 ^(b)	1 Day ESTRON	3/19/2056	EUR	430		(15,599	)		–			(15,599	)
1 Day ESTRON^(b)	2.610	3/19/2056	EUR	430		17,561			–			17,561
1 Day ESTRON^(b)	2.500	9/17/2075	EUR	90		5,132			–			5,132



TOTAL					$	(135,575	)	$	(110,277	)	$	(25,297	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

(b)

Payments made annually.

(c)

Payments made quarterly.

(d)

Payments made semi-annually.

OVER-THE-COUNTER - INTEREST RATE SWAPTIONS — At June 30, 2025, the Fund had the following purchased and written option contracts:


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by the Fund		Unrealized Appreciation/ (Depreciation)



Purchased Option Contracts:
Calls
3M IRS	Bank of America		EUR	2.25		03/09/2027		1,570,000	$	1,570,000	$	11,986	$	11,034	$	952
3M IRS	JPMorgan Chase			2.45		03/25/2026		310,000		310,000		4,157		4,966		(809	)



Total purchased option contracts								1,880,000	$	1,880,000	$	16,143	$	16,000	$	143


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ (Depreciation)



Written Option Contracts:
Calls
3M IRS	Bank of America		EUR	2.35		03/09/2027		(150,000	)	$	(150,000	)	$	(6,535	)	$	(11,201	)	$	4,665
3M IRS	JPMorgan Chase			2.50		03/25/2026		(130,000	)		(130,000	)		(3,895	)		(5,013	)		1,118



Total written option contracts								(280,000	)	$	(280,000	)	$	(10,430	)	$	(16,214	)	$	5,783




Abbreviations:
3M IRS		—3 Months Interest Rate Swaptions


18		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS TREND DRIVEN ALLOCATION FUND

Schedule of Investments

June 30, 2025 (Unaudited)


Shares		Dividend Rate	Value

Investment Companies (Institutional Shares) – 67.7%^(a)

Goldman Sachs Financial Square Government Fund
28,236,475		4.231%	$	28,236,475

Goldman Sachs Financial Square Treasury Instruments Fund
33,675,436		4.122		33,675,436

Goldman Sachs Financial Square Treasury Obligations Fund
33,681,028		4.186		33,681,029

Goldman Sachs Financial Square Treasury Solutions Fund
33,202,554		4.130		33,202,554

Goldman Sachs VIT Government Money Market Fund
37,643,610		4.230		37,643,610

Total Investment Companies (Cost $166,439,104)				166,439,104


		Description

Exchange-Traded Funds – 25.1%
	51,765	iShares Core S&P 500 ETF		32,140,888
	52,100	Vanguard S&P 500 ETF		29,594,363

TOTAL EXCHANGE-TRADED FUNDS (Cost $33,135,832)				61,735,251

TOTAL INVESTMENTS – 92.8% (Cost $199,574,936)			$	228,174,355

OTHER ASSETS IN EXCESS OF LIABILITIES – 7.2%				17,584,490

NET ASSETS – 100.0%			$	245,758,845

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, 2025, 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		242		09/19/25	$	15,185,362	$	100,213
FTSE 100 Index		55		09/19/25		6,635,702		(47,200	)
S&P 500 E-Mini Index		244		09/19/25		76,295,750		2,264,824
TOPIX Index		52		09/11/25		10,311,170		247,389
U.S. Treasury 10 Year Note		679		09/19/25		76,143,484		1,144,880



Total Futures Contracts							$	3,710,106


The accompanying notes are an integral part of these financial statements.		19

GOLDMAN SACHS VARIABLE INSURANCE FIXED INCOME & TACTICAL ALLOCATION FUNDS

Statements of Assets and Liabilities

June 30, 2025 (Unaudited)


	Core Fixed Income Fund			Trend Driven Allocation Fund

Assets:

Investments in unaffiliated issuers, at value (cost $207,190,966 and $33,135,832, respectively)	$	203,811,198		$	61,735,251
Investments in affiliated issuers, at value (cost $14,995,574 and $166,439,104, respectively)		14,995,574			166,439,104
Purchased Options, at value (premiums paid $16,000 and $–, respectively)		16,143			—
Cash		3,605,988			6,902,946
Foreign Currency, at value (cost $16,745 and $231,004, respectively)		17,117			239,567
Receivables:
Investments sold		29,747,645			—
Collateral on certain derivative contracts^(a)		1,137,772			9,365,957
Interest and Dividends		1,117,981			563,932
Fund shares sold		238,071			439,452
Reimbursement from investment adviser		11,081			9,480
Unrealized gain on forward foreign currency exchange contracts		20,375			—
Unrealized gain on swap contracts		80,443			—
Upfront payments received on swap contracts		373,025			—
Variation margin on futures contracts		120,132			441,428
Variation margin on swap contracts		19,018			—
Other assets		1,031			1,798

Total assets		255,312,594			246,138,915


Liabilities:

Written options, at value (premiums received $16,213 and $–, respectively)		10,430			—
Forward sale contracts, at value (proceeds received $– and $12,602,813, respectively)		12,741,069			—
Unrealized loss on forward foreign currency exchange contracts		27,979			—
Payables:
Investments purchased		57,722,113			128,912
Management fees		29,003			64,859
Distribution and Service fees and Transfer Agency fees		12,021			26,808
Fund shares redeemed		10,736			106,208
Accrued expenses		78,319			53,283

Total liabilities		70,631,670			380,070


Net Assets:

Paid-in capital		198,315,701			215,630,197
Total distributable earnings (loss)		(13,634,777	)		30,128,648

NET ASSETS	$	184,680,924		$	245,758,845
Net Assets:
Institutional	$	80,910,679		$	380,815
Service		103,770,245			245,378,030
Total Net Assets	$	184,680,924		$	245,758,845
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		8,445,892			30,091
Service		10,849,458			19,559,004
Net asset value, offering and redemption price per share:
Institutional	$	9.58		$	12.66
Service		9.56			12.55

(a)	Segregated for initial margin and/or collateral as follows:


Fund	Futures	Forwards	Swaps
Core Fixed Income Fund	$722,381	$—	$415,391
Trend Driven Allocation Fund	9,365,957	—	—


20		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE FIXED INCOME & TACTICAL ALLOCATION FUNDS

Statements of Operations

For the Six Months Ended June 30, 2025 (Unaudited)


	Core Fixed Income Fund			Trend Driven Allocation Fund

Investment income:

Interest	$	3,448,980		$	—

Dividends — affiliated issuers		280,604			3,623,777

Dividends — unaffiliated issuers		3,744			497,384

Total Investment Income		3,733,328			4,121,161



Expenses:

Management fees		342,980			978,477

Distribution and/or Service (12b-1) fees – Service Shares		125,500			309,183

Professional fees		67,690			48,395

Custody, accounting and administrative services		46,415			36,219

Transfer Agency fees^(a)		17,149			24,772

Trustee fees		13,778			13,995

Printing and mailing costs		12,731			15,530

Other		6,264			8,007

Total expenses		632,507			1,434,578

Less — expense reductions		(153,932	)		(291,128	)

Net expenses		478,575			1,143,450

NET INVESTMENT INCOME		3,254,753			2,977,711



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(485,569	)		7,384,990

Foreign currency transactions		(38,255	)		26,165

Swap Contracts		77,196			—

Purchased Options		4,564			—

Forward foreign currency exchange contracts		(80,265	)		—

Written options		(3,772	)		—

Futures contracts		(601,284	)		(8,112,639	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		4,117,036			(4,855,121	)

Futures contracts		778,820			7,165,686

Foreign currency translations		255,281			121,669

Swap Contracts		(201,001	)		—

Purchased Options		2,489			—

Forward foreign currency exchange contracts		(20,373	)		—

Written options		5,783			—

Forward sales contracts		(254,789	)		—

Net realized and unrealized gain		3,555,861			1,730,750

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,810,614		$	4,708,461

^(a)

Class specific Transfer Agency fees were as follows:


	Transfer Agency Fees
Fund	Institutional		Service
Core Fixed Income Fund	$	7,109	$	10,040
Trend Driven Allocation Fund		37		24,735


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS VARIABLE INSURANCE FIXED INCOME & TACTICAL ALLOCATION FUNDS

Statements of Changes in Net Assets


	Core Fixed Income Fund						Trend Driven Allocation Fund
	For the Six Months Ended June 30, 2025 (Unaudited)			For the Fiscal Year Ended December 31, 2024			For the Six Months Ended June 30, 2025 (Unaudited)			For the Fiscal Year Ended December 31, 2024

From operations:

Net investment income	$	3,254,753		$	5,680,521		$	2,977,711		$	8,246,776

Net realized gain (loss)		(1,127,385	)		(2,532,957	)		(701,484	)		25,729,465

Net change in unrealized gain (loss)		4,683,246			(1,504,499	)		2,432,234			(2,973,395	)


Net increase in net assets resulting from operations		6,810,614			1,643,065			4,708,461			31,002,846



Distributions to shareholders:

From distributable earnings:

Institutional Shares		(1,676,246	)		(2,246,995	)		–			(12,289	)

Service Shares		(2,170,572	)		(3,476,734	)		–			(8,251,555	)


Total distributions to shareholders		(3,846,818	)		(5,723,729	)		–			(8,263,844	)



From share transactions:

Proceeds from sales of shares		20,108,448			40,288,542			5,301,257			11,260,759

Reinvestment of distributions		3,846,818			5,713,711			–			8,263,844

Cost of shares redeemed		(9,749,211	)		(9,311,900	)		(26,408,747	)		(58,118,700	)


Net increase (decrease) in net assets resulting from share transactions		14,206,055			36,690,353			(21,107,490	)		(38,594,097	)


TOTAL INCREASE (DECREASE)		17,169,851			32,609,689			(16,399,029	)		(15,855,095	)



Net Assets:

Beginning of period	$	167,511,073		$	134,901,384		$	262,157,874		$	278,012,969


End of period	$	184,680,924		$	167,511,073		$	245,758,845		$	262,157,874


22		The accompanying notes are an integral part of these financial statements.

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, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	9.42			$	9.68			$	9.41			$	11.13			$	11.53			$	10.85


Net investment income^(a)			0.19				0.38				0.33				0.21				0.12				0.18

Net realized and unrealized gain (loss)			0.18				(0.26	)			0.23				(1.77	)			(0.36	)			0.86


Total from investment operations			0.37				0.12				0.56				(1.56	)			(0.24	)			1.04


Distributions to shareholders from net investment income			(0.21	)			(0.38	)			(0.29	)			(0.16	)			(0.14	)			(0.26	)

Distributions to shareholders from net realized gains			–				–				–				–				(0.02	)			(0.10	)


Total distributions			(0.21	)			(0.38	)			(0.29	)			(0.16	)			(0.16	)			(0.36	)


Net asset value, end of period		$	9.58			$	9.42			$	9.68			$	9.41			$	11.13			$	11.53


Total Return^(b)			3.99	%			1.24	%			6.08	%			(14.03	)%			(2.06	)%			9.64	%


Net assets, end of period (in 000’s)		$	80,911			$	68,175			$	47,421			$	38,157			$	31,179			$	25,194

Ratio of net expenses to average net assets			0.41	%^(c)			0.42	%			0.43	%			0.41	%			0.41	%			0.41	%

Ratio of total expenses to average net assets			0.59	%^(c)			0.62	%			0.62	%			0.70	%			0.81	%			0.93	%

Ratio of net investment income to average net assets			3.94	%^(c)			3.97	%			3.45	%			2.07	%			1.09	%			1.61	%

Portfolio turnover rate^(d)			285	%			766	%			841	%			693	%			513	%			501	%

(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

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, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	9.40			$	9.67			$	9.40			$	11.13			$	11.53			$	10.85


Net investment income^(a)			0.17				0.35				0.30				0.18				0.09				0.16

Net realized and unrealized gain (loss)			0.19				(0.26	)			0.24				(1.77	)			(0.34	)			0.85


Total from investment operations			0.36				0.09				0.54				(1.59	)			(0.25	)			1.01


Distributions to shareholders from net investment income			(0.20	)			(0.36	)			(0.27	)			(0.14	)			(0.13	)			(0.23	)

Distributions to shareholders from net realized gains			–				–				–				–				(0.02	)			(0.10	)


Total distributions			(0.20	)			(0.36	)			(0.27	)			(0.14	)			(0.15	)			(0.33	)


Net asset value, end of period		$	9.56			$	9.40			$	9.67			$	9.40			$	11.13			$	11.53


Total Return^(b)			3.88	%			0.89	%			5.83	%			(14.28	)%			(2.23	)%			9.37	%


Net assets, end of period (in 000’s)		$	103,770			$	99,336			$	87,480			$	72,540			$	71,867			$	46,631

Ratio of net expenses to average net assets			0.66	%^(c)			0.67	%			0.68	%			0.66	%			0.66	%			0.66	%

Ratio of total expenses to average net assets			0.84	%^(c)			0.87	%			0.87	%			0.95	%			1.06	%			1.18	%

Ratio of net investment income to average net assets			3.69	%^(c)			3.72	%			3.19	%			1.82	%			0.85	%			1.39	%

Portfolio turnover rate^(d)			285	%			766	%			841	%			693	%			513	%			501	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


24		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


	Trend Driven Allocation Fund

	Institutional Shares

	Six Months Ended June 30, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	12.39			$	11.43			$	10.06			$	12.92			$	12.61			$	12.32


Net investment income (loss)^(a)			0.16				0.40				0.26				0.07				(0.04	)			0.02

Net realized and unrealized gain (loss)			0.11				0.99				1.33				(2.51	)			2.10				0.52


Total from investment operations			0.27				1.39				1.59				(2.44	)			2.06				0.54


Distributions to shareholders from net investment income			–				(0.43	)			(0.22	)			–				–				(0.07	)

Distributions to shareholders from net realized gains			–				–				–				(0.42	)			(1.75	)			(0.18	)


Total distributions			–				(0.43	)			(0.22	)			(0.42	)			(1.75	)			(0.25	)


Net asset value, end of period		$	12.66			$	12.39			$	11.43			$	10.06			$	12.92			$	12.61


Total Return^(b)			2.18	%			12.05	%			15.85	%			(19.00	)%			16.46	%			4.35	%


Net assets, end of period (in 000’s)		$	381			$	377			$	442			$	506			$	337			$	289

Ratio of net expenses to average net assets			0.67	%^(c)			0.67	%			0.67	%			0.66	%			0.65	%			0.60	%

Ratio of total expenses to average net assets			0.91	%^(c)			0.89	%			0.89	%			0.92	%			0.87	%			0.90	%

Ratio of net investment income (loss) to average net assets			2.66	%^(c)			3.22	%			2.38	%			0.63	%			(0.32	)%			0.13	%

Portfolio turnover rate^(d)			47	%			7	%			10	%			344	%			12	%			168	%

(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 accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS TREND DRIVEN ALLOCATION FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Trend Driven Allocation Fund

	Service Shares

	Six Months Ended June 30, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	12.30			$	11.35			$	9.99			$	12.86			$	12.59			$	12.30


Net investment income (loss)^(a)			0.15				0.37				0.23				0.02				(0.08	)			(0.01	)

Net realized and unrealized gain (loss)			0.10				0.97				1.32				(2.47	)			2.10				0.51


Total from investment operations			0.25				1.34				1.55				(2.45	)			2.02				0.50


Distributions to shareholders from net investment income			–				(0.39	)			(0.19	)			–				–				(0.03	)

Distributions to shareholders from net realized gains			–				–				–				(0.42	)			(1.75	)			(0.18	)


Total distributions			–				(0.39	)			(0.19	)			(0.42	)			(1.75	)			(0.21	)


Net asset value, end of period		$	12.55			$	12.30			$	11.35			$	9.99			$	12.86			$	12.59


Total Return^(b)			2.03	%			11.76	%			15.57	%			(19.16	)%			16.17	%			4.10	%


Net assets, end of period (in 000’s)		$	245,378			$	261,781			$	277,571			$	266,934			$	357,316			$	335,784

Ratio of net expenses to average net assets			0.92	%^(c)			0.92	%			0.92	%			0.91	%			0.92	%			0.85	%

Ratio of total expenses to average net assets			1.16	%^(c)			1.14	%			1.14	%			1.17	%			1.14	%			1.15	%

Ratio of net investment income (loss) to average net assets			2.40	%^(c)			2.99	%			2.14	%			0.13	%			(0.58	)%			(0.12	)%

Portfolio turnover rate^(d)			47	%			7	%			10	%			344	%			12	%			168	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


26		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements

June 30, 2025 (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 Core Fixed Income Fund	Institutional and Service	Diversified

Goldman Sachs Trend Driven Allocation 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 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 valuation policy of the Funds and Underlying Funds is to value investments at fair value.

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 Statements 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 each 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 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.

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 according to the following schedule:


		27

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid

Core Fixed Income Fund	Quarterly	Annually

Trend Driven Allocation Fund	Annually	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.

F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds’ prospectus. The Chief Operating Decision Maker (“CODM”) is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Funds’ single segment, is consistent with that presented within each Funds’ financial statements.

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 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 GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing


28

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 exchange traded funds (“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 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.

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 a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, a 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 a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules 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,


		29

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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 Core Fixed Income 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 a 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, a 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.


30

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. A 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 a 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. A 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, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a 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 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. A 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, a 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 a 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 a 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 Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2025:


Core Fixed Income Fund

Investment Type	Level 1		Level 2		Level 3



Assets

Fixed Income

Asset- Backed Securities	$	—	$	21,866,803	$	—

Certificate of Deposit		—		441,137		—

Collateralized Mortgage Obligations		—		3,741,861		—

Commercial Mortgage-Backed Securities		—		10,343,293		—

Corporate Bond		—		39,490,470		—

Foreign Bond		—		9,431,162		—

Foreign Government Securities		808,057		1,583,814		—

Futures Contracts		301,225		—		—

Mortgage-Backed Securities		—		62,880,006		—

Municipal Bond		—		757,076		—

U.S. Government Agency Securities		—		2,276,119		—

U.S. Treasury Obligations		50,191,400		—		—


		31

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



Investment Company	$	14,995,574		$	—		$	—



Total	$	66,296,256		$	152,811,741		$	—



Liabilities

Fixed Income

Forward Sales Contracts	$	—		$	(12,741,069	)	$	—



Derivative Type



Assets

Credit Default Swap Contracts^(a)	$	—		$	80,443		$	—

Forward Foreign Currency Exchange Contracts^(a)		—			20,376			—

Futures Contracts^(a)		176,504			—			—

Interest Rate Swap Contracts^(a)		—			371,630			—

Purchased Options Contracts		16,143			—			—



Total	$	192,647		$	472,449		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(27,980	)	$	—

Futures Contracts^(a)		(61,549	)		—			—

Interest Rate Swap Contracts^(a)		—			(396,927	)		—

Written Options Contracts		(10,430	)		—			—



Total	$	(71,979	)	$	(424,907	)	$	—



Trend Driven Allocation Fund

Investment Type	Level 1			Level 2			Level 3



Assets

Exchange-Traded Funds	$	61,735,251		$	—		$	—

Investment Companies		166,439,104			—			—



Total	$	228,174,355		$	—		$	—



Derivative Type



Assets

Futures Contracts^(a)	$	3,757,306		$	—		$	—



Liabilities

Futures Contracts^(a)	$	(47,200	)	$	—		$	—

(a) 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, 2025. 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.


32

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)


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	$	80,443	Payable for unrealized loss on swap contracts	$	—

Currency	Receivables for unrealized gain on forward foreign currency exchange contracts	$	20,375	Payable for unrealized loss on forward foreign currency exchange contracts	$	(27,979)

Interest Rate	Purchased options at value, Variation margin on futures and swap contracts	$	865,503	Written options at value, Variation margin on futures and swap contracts	$	(468,906)

Total		$	966,321		$	(496,885)

Trend Driven Allocation Fund

Risk	Statement of Assets and Liabilities	Assets¹		Statement of Assets and Liabilities	Liabilities¹

Equity	Variation margin on futures contracts	$	2,612,426	Variation margin on futures contracts	$	(47,200)

Interest Rate	Variation margin on futures contracts	$	1,144,880		$	—

Total		$	3,757,306		$	(47,200)

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, 2025 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, 2025. 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:


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	$	(72,596)	$	(20,373)

Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		41,461		(6,436)

Interest Rate	Net realized gain (loss) from futures, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures, purchased options, written options and swap contracts		(572,426)		592,526

Total		$	(603,561)	$	565,717

Trend Driven Allocation Fund

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		(8,565,295)		5,229,696

Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		452,656		1,935,990

Total		$	(8,112,639)	$	7,165,686


		33

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

For the six month period ended June 30, 2025, the relevant values for each derivative type were as follows:

Average number of Contracts or Notional Amounts^(a)

Fund

Futures Contracts

Forward Contracts

Swap Contracts

Purchased Options

Written Options

Core Fixed Income Fund

292

12,699,240

2,495,317,298

1,948,000

232,500

Trend Driven Allocation Fund

1,312

–

(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, 2025.

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 the Fund’s average daily net assets.

For the six months ended June 30, 2025, 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%



Trend Driven Allocation Fund		0.79			0.71			0.68			0.66			0.65			0.79			0.65^*

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 30, 2026, and prior to such date the Investment Advisor may not terminate the arrangements without approval of the Trustees.

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 Fund, 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. For the six months ended June 30, 2025, GSAM waived $10,484 and $25,307 of the Core Fixed Income Fund’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, 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.

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


34

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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 each Fund is 0.004%. These Other Expense limitations will remain in place through at least April 30, 2026, 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, 2025, 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		$	10,484		$	143,448		$	153,932



Trend Driven Allocation Fund			173,937			117,191			291,128

E. Line of Credit Facility — As of June 30, 2025, the Funds participated in a $1,300,000,000 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, 2025, the Fund did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

F. Other Transactions with Affiliates — The following table provides information about Core Fixed Income Fund investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2025:


Core Fixed Income Fund
Underlying Fund	Beginning value as of December 31, 2024		Purchases at Cost		Proceeds from Sales		Ending value as of June 30, 2025		Shares as of June 30, 2025		Dividend Income



Goldman Sachs Financial Square Government Fund - Institutional Shares

	$	11,381,392	$	49,023,782	$	45,409,600	$	14,995,574		14,995,574	$	280,603

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, 2025:


Trend Driven Allocation Fund
Underlying Fund	Beginning value as of December 31, 2024			Purchases at Cost			Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Ending value as of June 30, 2025			Shares as of June 30, 2025		Dividend Income			Capital Gain Distribution



Goldman Sachs Financial Square Government Fund

		$	31,511,321		$	61,351,631		$	(64,626,477)		$	–		$	–		$	28,236,475		28,236,475		$	667,616		$	–



Goldman Sachs Financial Square Treasury Instruments Fund

			38,056,474			1,692,052			(6,073,090)			–			–			33,675,436		33,675,436			727,292			–



Goldman Sachs Financial Square Treasury Obligations Fund

			38,062,066			1,692,052			(6,073,090)			–			–			33,681,029		33,681,028			731,083			–



Goldman Sachs Financial Square Treasury Solutions Fund

			37,583,592			1,692,052			(6,073,090)			–			–			33,202,554		33,202,554			716,629			–


		35

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Trend Driven Allocation Fund



Underlying Fund	Beginning value as of December 31, 2024		Purchases at Cost		Proceeds from Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of June 30, 2025		Shares as of June 30, 2025		Dividend Income		Capital Gain Distribution



Goldman Sachs VIT Government Money Market Fund

	$	36,863,405	$	780,205	$	–	$	–	$	–	$	37,643,610		37,643,610	$	781,157	$	–



Total	$	182,076,858	$	67,207,992	$	(82,845,747)	$	–	$	–	$	166,439,104			$	3,623,777	$	–

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, 2025, 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	$	572,143,876	$	28,477,687	$	564,947,823	$	21,443,683



Goldman Sachs Trend Driven Allocation Fund		—		29,330,695		—		35,539,147

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2024, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:


	Core Fixed Income Fund			Trend Driven Allocation Fund


Capital loss carryforwards:

Perpetual Short-Term	$	(4,639,816	)	$	—

Perpetual Long-Term		(4,934,326	)		(5,737,882	)



Total capital loss carryforwards		(9,574,142	)		(5,737,882	)



Timing differences (Post October Loss Deferral and Straddle Loss Deferrals)		(747,727	)		(34,855	)

As of June 30, 2025, 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			Trend Driven Allocation Fund



Tax Cost	$	221,611,468		$	200,270,729



Gross unrealized gain		17,715,639			67,908,847

Gross unrealized loss		(20,520,335	)		(40,005,221	)



Net unrealized gain (loss)	$	(2,804,696	)	$	27,903,626

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 contracts, net mark to market gains/(losses) on foreign currency contracts, swap transactions, and differences in the tax treatment of market discount accretion and premium amortization.


36

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

7. 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 Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Credit/Default Risk — An issuer or guarantor of a security held by the Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in NAV.

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.

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.


		37

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

8. OTHER RISKS (continued)

Tax Diversification Risk — The Fund intends to meet the diversification requirements that are applicable to insurance company separate accounts under Subchapter L of the Code (the “Diversification Requirements”). In order for the Fund to qualify for “look through” treatment under the Diversification Requirements, Fund shares must be sold only to persons permitted to hold shares, directly or indirectly (each, a “Permitted Investor”), under Section 817 of the Code and Treasury Regulation 1.817-5(f), as supplemented by published rulings and procedures issued thereunder by the Internal Revenue Service (“IRS”). To the extent an investor in Fund shares no longer qualifies as a Permitted Investor, and such investor fails to restore its status as a Permitted Investor or obtain a waiver or closing agreement with respect to such failure from the IRS, the Fund may no longer qualify for “look through” treatment. Therefore, in testing compliance with the Diversification Requirements, an investor in the Fund, such as, for example, an insurance company separate account, no longer would be able to look through the Fund to its underlying investments. Instead, the Fund would be considered a single investment for purposes of the Diversification Requirements. A failure to satisfy the Diversification Requirements (whether resulting from investors in Fund shares or otherwise) could have significant adverse tax consequences for variable contract owners whose contract values are determined by investment in the Fund. See “Taxation” in the Statement of Additional Information for more information.

U.S. Government Securities Risk — The U.S. government may not provide support to U.S. government agencies, instrumentalities or sponsored enterprises if it not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities or sponsored enterprises, including those issued by the Federal National Mortgage Association, Federal Home Loan mortgage corporation and the Federal Home Loan Banks, are neither issued not guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

9. INDEMNIFICATIONS

10. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.


38

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Core Fixed Income Fund

	For the Six Months Ended June 30, 2025 (Unaudited)						For the Fiscal Year Ended December 31, 2024



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		1,350,303		$	12,852,112			2,339,517		$	22,272,717

Reinvestment of distributions		175,625			1,676,246			233,542			2,236,977

Shares redeemed		(318,956	)		(3,046,442	)		(232,260	)		(2,209,904	)



		1,206,972			11,481,916			2,340,799			22,299,790



Service Shares

Shares sold		763,449			7,256,336			1,894,338			18,015,825

Reinvestment of distributions		227,762			2,170,572			363,632			3,476,734

Shares redeemed		(705,026	)		(6,702,769	)		(742,982	)		(7,101,996	)



		286,185			2,724,139			1,514,988			14,390,563



NET INCREASE IN SHARES		1,493,157		$	14,206,055			3,855,787		$	36,690,353


	Trend Driven Allocation Fund

	For the Six Months Ended June 30, 2025 (Unaudited)						For the Fiscal Year Ended December 31, 2024



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		64		$	777			2,075		$	26,395

Reinvestment of distributions		—			—			970			12,289

Shares redeemed		(388	)		(4,720	)		(11,281	)		(135,876	)



		(324	)		(3,943	)		(8,236	)		(97,192	)



Service Shares

Shares sold		435,909			5,300,480			915,092			11,234,364

Reinvestment of distributions		—			—			655,926			8,251,555

Shares redeemed		(2,162,726	)		(26,404,027	)		(4,740,600	)		(57,982,824	)



		(1,726,817	)		(21,103,547	)		(3,169,582	)		(38,496,905	)



NET DECREASE IN SHARES		(1,727,141	)	$	(21,107,490	)		(3,177,818	)	$	(38,594,097	)


		39

GOLDMAN SACHS VIT FIXED INCOME & TACTICAL ALLOCATION FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Core Fixed Income Fund 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.

(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)

(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 a benchmark performance index; in the case of the Core Fixed Income 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)

(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, portfolio trading, distribution and other services, as applicable;

(k)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l)

information regarding commissions paid by the Fund and broker oversight, (in the case of the Trend Driven Allocation Fund) 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;


40

GOLDMAN SACHS VIT FIXED INCOME & TACTICAL ALLOCATION FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(m)

the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n)

(o)

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 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 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. They also noted the changes in the Investment Adviser’s senior management personnel and in the 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. 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, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. 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 Core Fixed Income 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 Funds’ risk profiles, and how the Investment 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.


		41

GOLDMAN SACHS VIT FIXED INCOME & TACTICAL ALLOCATION FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

The Trustees observed that the Core Fixed Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the ten-year period and in the third quartile for the one-, three-, and five-year periods, and had outperformed the Fund’s benchmark index for the one-, five-, and ten-year periods and underperformed for the three-year period ended March 31, 2025. They also noted that the Core Fixed Income Fund had experienced certain portfolio management changes in 2021, 2022, and 2024. 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- and three-year periods and in the third quartile for the five- and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. 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.

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. 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.

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 2024 and 2023, 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	Core Fixed Income Fund	Trend Driven Allocation Fund

First $1 billion	0.40%	0.79%

Next $1 billion	0.36	0.71

Next $3 billion	0.34	0.68

Next $3 billion	0.33	0.66


42

GOLDMAN SACHS VIT FIXED INCOME & TACTICAL ALLOCATION FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)


Average Daily Net Assets	Core Fixed Income Fund	Trend Driven Allocation Fund

Over $8 billion	0.32%	0.65%

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 thes Trend Driven Allocation Fund) 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.

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 & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) 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 fees earned by the Investment Adviser for managing the fund in which the Trend Driven Allocation Fund’s cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) 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; (i) 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; (j) 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 (k) the possibility that the working relationship between the Investment Adviser and the 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 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 Trend Driven Allocation Fund’s 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


		43

GOLDMAN SACHS VIT FIXED INCOME & TACTICAL ALLOCATION FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

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, 2026.


44

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LOGO

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York New York 10282 © 2025 Goldman Sachs. All rights reserved. VITFISAR-25

LOGO

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, 2025

Goldman Sachs Variable Insurance Trust


Table of Contents	Page

Schedules of Investments

Goldman Sachs International Equity Insights Fund		3

Goldman Sachs Large Cap Value Fund		10

Goldman Sachs Mid Cap Growth Fund		12

Goldman Sachs Mid Cap Value Fund		14

Goldman Sachs Small Cap Equity Insights Fund		17

Goldman Sachs Strategic Growth Fund		24

Goldman Sachs U.S. Equity Insights Fund		26

Financial Statements

Statements of Assets and Liabilities		29

Statements of Operations		31

Statements of Changes in Net Assets		33

Financial Highlights

Goldman Sachs International Equity Insights Fund		37

Goldman Sachs Large Cap Value Fund		39

Goldman Sachs Mid Cap Growth Fund		41

Goldman Sachs Mid Cap Value Fund		43

Goldman Sachs Small Cap Equity Insights Fund		45

Goldman Sachs Strategic Growth Fund		47

Goldman Sachs U.S. Equity Insights Fund		49

Notes to Financial Statements		51

Statement Regarding Basis for Approval of Investment Advisory Contract		71

GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – 97.8%

Australia – 7.2%
24,551	ANZ Group Holdings Ltd. (Banks)	$	470,809
4,785	Aristocrat Leisure Ltd. (Consumer Services)		205,012
53,528	BHP Group Ltd. (Materials)		1,287,756
7,409	Commonwealth Bank of Australia (Banks)		901,737
30,129	Computershare Ltd. (Commercial & Professional Services)		790,407
19,997	Evolution Mining Ltd. (Materials)		104,110
97,688	Glencore PLC (Materials)*		380,655
285	Macquarie Group Ltd. (Financial Services)		42,866
21,045	National Australia Bank Ltd. (Banks)		545,440
43,323	Northern Star Resources Ltd. (Materials)		535,132
2,904	Pro Medicus Ltd. (Health Care Equipment & Services)		543,439
107,292	Qantas Airways Ltd. (Transportation)		757,972
656	REA Group Ltd. (Media & Entertainment)		103,884
42,288	Suncorp Group Ltd. (Insurance)		602,674
296,292	Telstra Group Ltd. (Telecommunication Services)		944,764
7,312	Westpac Banking Corp. (Banks)		162,959

			8,379,616


Austria – 0.1%
865	BAWAG Group AG (Banks)*^(a)		110,618


Belgium – 0.2%
361	Deme Group NV (Capital Goods)		54,948
2,027	KBC Ancora (Banks)		139,540

			194,488


Brazil – 0.1%
1,903	Yara International ASA (Materials)		70,226


China – 1.4%
110,000	Lenovo Group Ltd. (Technology Hardware & Equipment)		132,901
21,648	Prosus NV (Consumer Discretionary Distribution & Retail)*		1,214,594
142,900	Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)		249,375

			1,596,870


Denmark – 2.4%
2,690	Cementir Holding NV (Materials)		47,010
2,008	Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*		416,998


Shares	Description	Value

Common Stocks – (continued)

Denmark – (continued)
24,276	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)	$	1,682,182
840	Pandora A/S (Consumer Durables & Apparel)		148,004
2,191	Scandinavian Tobacco Group A/S (Food, Beverage & Tobacco)^(a)		29,079
254	Sydbank AS (Banks)		18,840
27,465	Vestas Wind Systems A/S (Capital Goods)		412,551

			2,754,664


Finland – 1.9%
109,761	Nokia OYJ (Technology Hardware & Equipment)		569,509
81,927	Nordea Bank Abp (Banks)		1,215,610
4,377	Sampo OYJ, Class A (Insurance)		47,108
17,770	Wartsila OYJ Abp (Capital Goods)		419,983

			2,252,210


France – 10.6%
8,035	Air Liquide SA (Materials)		1,656,827
1,082	Airbus SE (Capital Goods)		226,355
30,726	AXA SA (Insurance)		1,508,802
462	Capgemini SE (Software & Services)		79,111
1,275	Cie de Saint-Gobain SA (Capital Goods)		149,781
25,757	Cie Generale des Etablissements Michelin SCA (Automobiles & Components)		958,012
5,178	Covivio SA REIT (Equity Real Estate Investment Trusts (REITs))		328,307
10,543	Danone SA (Food, Beverage & Tobacco)		862,664
1,961	Dassault Aviation SA (Capital Goods)		693,355
9,728	Dassault Systemes (Software & Services)		352,559
442	Eiffage SA (Capital Goods)		62,107
45,781	Engie SA (Utilities)		1,075,982
263	Gaztransport Et Technigaz SA (Energy)		52,028
7,029	Legrand SA (Capital Goods)		942,087
1,103	Quadient SA (Technology Hardware & Equipment)		20,676
5,670	Safran SA (Capital Goods)		1,849,125
305	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		72,975
3,098	Thales SA (Capital Goods)		914,761
4,122	TotalEnergies SE (Energy)		251,948
6,662	Valeo SE (Automobiles & Components)		73,128
1,606	Vinci SA (Capital Goods)		236,838

			12,367,428


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, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Georgia – 0.1%
1,088	TBC Bank Group PLC (Banks)	$	69,320


Germany – 11.1%
3,715	Allianz SE (Insurance)		1,507,672
6,518	BASF SE (Materials)		322,377
8,503	Continental AG (Automobiles & Components)		742,123
21,510	Deutsche Bank AG (Financial Services)		637,674
1,314	Deutsche Boerse AG (Financial Services)		429,270
7,519	Deutsche Post AG (Transportation)		348,279
33,746	E.ON SE (Utilities)		621,792
3,532	Fresenius Medical Care AG (Health Care Equipment & Services)		202,932
11,829	Fresenius SE & Co. KGaA (Health Care Equipment & Services)		595,269
1,690	FUCHS SE (Materials)		70,193
1,322	GEA Group AG (Capital Goods)		92,672
2,299	Hannover Rueck SE (Insurance)		724,446
6,131	Henkel AG & Co. KGaA (Household & Personal Products)		444,653
17,043	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		727,260
3,922	Knorr-Bremse AG (Capital Goods)		380,422
1,832	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Insurance)		1,189,581
225	Rheinmetall AG (Capital Goods)		476,483
5,327	SAP SE (Software & Services)		1,628,888
1,398	Sartorius AG (Pharmaceuticals, Biotechnology & Life Sciences)		290,870
4,356	Scout24 SE (Media & Entertainment)^(a)		601,341
137	Siemens AG (Capital Goods)		35,190
5,487	Siemens Energy AG (Capital Goods)*		641,326
2,064	Siemens Healthineers AG (Health Care Equipment & Services)^(a)		114,582
862	Symrise AG (Materials)		90,393

			12,915,688


Hong Kong – 2.1%
52,200	AIA Group Ltd. (Insurance)		472,851
11,300	Hong Kong Exchanges & Clearing Ltd. (Financial Services)		607,788


Shares	Description	Value

Common Stocks – (continued)

Hong Kong – (continued)
34,700	Hongkong Land Holdings Ltd. (Real Estate Management & Development)	$	200,219
22,500	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		259,269
225,000	Swire Pacific Ltd., Class B (Capital Goods)		318,932
46,200	Swire Properties Ltd. (Real Estate Management & Development)		115,483
530,000	WH Group Ltd. (Food, Beverage & Tobacco)^(a)		510,810

			2,485,352


Italy – 2.9%
23,895	A2A SpA (Utilities)		64,362
19,814	Banca Mediolanum SpA (Financial Services)		341,459
9,384	Banca Monte dei Paschi di Siena SpA (Banks)		79,591
17,468	Banco BPM SpA (Banks)		203,896
3,859	Coca-Cola HBC AG (Food, Beverage & Tobacco)*		201,604
48,172	Enel SpA (Utilities)		457,186
4,054	FinecoBank Banca Fineco SpA (Banks)		89,932
8,889	Hera SpA (Utilities)		42,937
139,020	Intesa Sanpaolo SpA (Banks)		800,813
1,785	Leonardo SpA (Capital Goods)		100,722
771	Prysmian SpA (Capital Goods)		54,586
9,564	RAI Way SpA (Telecommunication Services)^(a)		68,497
29,840	Saipem SpA (Energy)		81,577
276,108	Telecom Italia SpA (Telecommunication Services)*		136,429
9,598	UniCredit SpA (Banks)		643,867

			3,367,458


Ivory Coast (Cote D’Ivoire) – 0.0%
1,050	Endeavour Mining PLC (Materials)		32,255


Japan – 22.0%
5,000	Advantest Corp. (Semiconductors & Semiconductor Equipment)		370,655
6,500	Aichi Corp. (Capital Goods)		60,957
4,700	Aisin Corp. (Automobiles & Components)		60,124
39,400	Asia Pile Holdings Corp. (Materials)		266,556
54,300	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		531,649
36,700	Avex, Inc. (Media & Entertainment)		323,975
1,000	Base Co. Ltd. (Software & Services)		23,910


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)
6,900	Broadleaf Co. Ltd. (Software & Services)	$	34,978
17,800	Central Japan Railway Co. (Transportation)		397,912
3,000	Chubu Steel Plate Co. Ltd. (Materials)		43,992
9,100	Chudenko Corp. (Capital Goods)		209,770
17,200	Computer Engineering & Consulting Ltd. (Software & Services)		261,242
4,800	Cresco Ltd. (Software & Services)		57,766
6,400	Curves Holdings Co. Ltd. (Consumer Services)		30,736
73,100	Dai-ichi Life Holdings, Inc. (Insurance)		555,751
5,800	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		134,375
1,400	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		48,108
99,600	Daiwa Securities Group, Inc. (Financial Services)		707,362
2,700	Denso Corp. (Automobiles & Components)		36,437
2,600	EDION Corp. (Consumer Discretionary Distribution & Retail)		38,060
53,800	EXEO Group, Inc. (Capital Goods)		684,892
2,000	FALCO HOLDINGS Co. Ltd. (Health Care Equipment & Services)		31,542
4,700	Fuji Electric Co. Ltd. (Capital Goods)		216,444
9,800	Fujitsu Ltd. (Software & Services)		237,742
7,700	Furyu Corp. (Consumer Durables & Apparel)		54,029
27,100	GREE Holdings, Inc. (Media & Entertainment)		97,925
21,200	Heiwa Corp. (Consumer Services)		309,085
600	Heiwado Co. Ltd. (Consumer Staples Distribution & Retail)		11,781
29,400	Hitachi Ltd. (Capital Goods)		854,492
2,300	Hochiki Corp. (Technology Hardware & Equipment)		49,722
9,700	Hokuriku Electric Power Co. (Utilities)		48,490
3,700	Hoya Corp. (Health Care Equipment & Services)		439,420
4,500	Innotech Corp. (Technology Hardware & Equipment)		44,147
7,200	Inter Action Corp. (Semiconductors & Semiconductor Equipment)		68,550


Shares	Description	Value

Common Stocks – (continued)

Japan – (continued)
17,600	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary Distribution & Retail)	$	267,984
2,400	Isuzu Motors Ltd. (Automobiles & Components)		30,403
6,600	Iyogin Holdings, Inc. (Banks)		72,316
78,700	Japan Post Holdings Co. Ltd. (Insurance)		728,937
35,200	KDDI Corp. (Telecommunication Services)		604,405
1,000	Keyence Corp. (Technology Hardware & Equipment)		399,828
22,200	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		311,103
3,400	Life Corp. (Consumer Staples Distribution & Retail)		52,149
3,300	Lion Corp. (Household & Personal Products)		34,120
7,600	Mitsubishi Chemical Group Corp. (Materials)		39,946
34,300	Mitsubishi Corp. (Capital Goods)		685,379
28,800	Mitsubishi Electric Corp. (Capital Goods)		619,458
53,600	Mitsubishi UFJ Financial Group, Inc. (Banks)		730,761
2,900	MIXI, Inc. (Media & Entertainment)		70,015
5,000	Mizuho Financial Group, Inc. (Banks)		138,800
6,500	Modec, Inc. (Energy)		278,609
25,700	MS&AD Insurance Group Holdings, Inc. (Insurance)		574,539
18,600	NEC Corp. (Software & Services)		542,656
6,400	NGK Insulators Ltd. (Capital Goods)		80,330
33	Nippon Building Fund, Inc. REIT (Equity Real Estate Investment Trusts (REITs))		30,471
28,000	Nippon Signal Co. Ltd. (Technology Hardware & Equipment)		209,111
4,900	Nippon Steel Corp. (Materials)		92,668
330,800	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		353,662
5,100	Nippon Yusen KK (Transportation)		183,472
700	Nissei ASB Machine Co. Ltd. (Capital Goods)		28,437
3,600	NOK Corp. (Automobiles & Components)		53,114
103,200	Nomura Holdings, Inc. (Financial Services)		680,057
18,900	Obayashi Corp. (Capital Goods)		286,369
3,500	Oita Bank Ltd. (The) (Banks)		97,044
4,300	Okamura Corp. (Commercial & Professional Services)		66,212


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, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Japan – (continued)
5,100	Oracle Corp. Japan (Software & Services)	$	607,872
12,600	ORIX Corp. (Financial Services)		284,340
700	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		34,705
1,400	Pan Pacific International Holdings Corp. (Consumer Discretionary Distribution & Retail)		48,153
4,500	Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services)		80,078
3,000	PCA Corp. (Software & Services)		37,482
5,800	PIA Corp. (Consumer Services)*		118,469
13,900	PS Construction Co. Ltd. (Capital Goods)		166,719
6,200	Rakuten Group, Inc. (Consumer Discretionary Distribution & Retail)*		34,163
2,900	Recruit Holdings Co. Ltd. (Commercial & Professional Services)		170,539
1,600	RS Technologies Co. Ltd. (Semiconductors & Semiconductor Equipment)		35,146
2,900	Sakai Chemical Industry Co. Ltd. (Materials)		53,567
6,900	Sanrio Co. Ltd. (Consumer Discretionary Distribution & Retail)		333,654
2,700	Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		34,344
5,900	SBI Holdings, Inc. (Financial Services)		205,586
900	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)		73,180
600	SCSK Corp. (Software & Services)		18,077
3,200	Shimizu Corp. (Capital Goods)		35,743
16,700	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		300,638
2,100	Socionext, Inc. (Semiconductors & Semiconductor Equipment)		40,232
1,400	SoftBank Group Corp. (Telecommunication Services)		101,788
6,700	Solasto Corp. (Health Care Equipment & Services)		19,373
7,600	Sompo Holdings, Inc. (Insurance)		229,024
4,300	Sony Group Corp. (Consumer Durables & Apparel)		111,801


Shares	Description	Value

Common Stocks – (continued)

Japan – (continued)
42,200	Sumitomo Electric Industries Ltd. (Automobiles & Components)	$	904,912
10,300	Sumitomo Mitsui Financial Group, Inc. (Banks)		259,364
16,100	Sumitomo Mitsui Trust Group, Inc. (Banks)		428,219
5,400	Suzuki Motor Corp. (Automobiles & Components)		65,104
1,300	Taiheiyo Cement Corp. (Materials)		32,255
16,300	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		503,230
15,100	Tanseisha Co. Ltd. (Commercial & Professional Services)		139,131
5,900	Toa Corp. (Capital Goods)		61,821
3,800	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		727,736
4,800	Tokyo Tekko Co. Ltd. (Materials)		180,735
14,100	Tosho Co. Ltd. (Consumer Services)		59,148
1,200	TOTO Ltd. (Capital Goods)		30,217
6,600	Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		136,958
1,400	Toyo Kanetsu KK (Energy)		38,458
90,700	Toyota Motor Corp. (Automobiles & Components)		1,562,125
5,000	TRE Holdings Corp. (Commercial & Professional Services)		47,380
12,900	Tsugami Corp. (Capital Goods)		165,973
5,000	Tsukishima Holdings Co. Ltd. (Capital Goods)		73,815
7,700	Tsuruha Holdings, Inc. (Consumer Staples Distribution & Retail)		601,042
2,600	Wellneo Sugar Co. Ltd. (Food, Beverage & Tobacco)		40,682
3,700	Yahagi Construction Co. Ltd. (Capital Goods)		43,670
24,200	Yamaha Motor Co. Ltd. (Automobiles & Components)		181,090
6,200	Yamaichi Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		114,744
12,900	Yokogawa Electric Corp. (Technology Hardware & Equipment)		344,609

			25,602,022


Luxembourg – 0.3%
4,319	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)		307,795


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)

Netherlands – 3.9%
9,082	Aegon Ltd. (Insurance)	$	65,815
2,751	ASML Holding NV (Semiconductors & Semiconductor Equipment)		2,204,479
1,931	Euronext NV (Financial Services)^(a)		330,861
8,115	Heineken Holding NV (Food, Beverage & Tobacco)		605,539
37,682	ING Groep NV (Banks)		825,903
2,513	Wolters Kluwer NV (Commercial & Professional Services)		420,269

			4,452,866


New Zealand – 0.1%
4,522	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)		99,325
478	Xero Ltd. (Software & Services)*		56,561

			155,886


Norway – 1.4%
38,354	DNB Bank ASA (Banks)		1,060,664
6,315	Kongsberg Gruppen ASA (Capital Goods)		244,877
2,706	Mowi ASA (Food, Beverage & Tobacco)		52,262
22,084	Orkla ASA (Food, Beverage & Tobacco)		240,528

			1,598,331


Singapore – 1.7%
15,400	CapitaLand Ascendas REIT REIT (Equity Real Estate Investment Trusts (REITs))		32,496
53,600	Singapore Exchange Ltd. (Financial Services)		627,614
40,800	Singapore Technologies Engineering Ltd. (Capital Goods)		250,173
186,100	Singapore Telecommunications Ltd. (Telecommunication Services)		561,052
6,522	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		199,978
8,500	United Overseas Bank Ltd. (Banks)		240,582

			1,911,895


Spain – 0.3%
11,840	Banco Bilbao Vizcaya Argentaria SA (Banks)		182,316
459	Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail)		23,944


Shares	Description	Value

Common Stocks – (continued)

Spain – (continued)
50,284	Prosegur Cia de Seguridad SA (Commercial & Professional Services)	$	172,820

			379,080


Sweden – 2.9%
5,920	AcadeMedia AB (Consumer Services)^(a)		52,227
1,668	Alfa Laval AB (Capital Goods)		70,254
20,403	Atlas Copco AB, Class B (Capital Goods)		290,387
7,363	Boliden AB (Materials)*		230,090
4,562	Epiroc AB, Class B (Capital Goods)		87,465
3,167	Evolution AB (Consumer Services)^(a)		251,533
2,197	Hemnet Group AB (Media & Entertainment)		64,506
4,807	Investor AB, Class B (Financial Services)		142,448
836	Saab AB, Class B (Capital Goods)		46,743
5,834	Sectra AB, Class B (Health Care Equipment & Services)*		216,266
15,416	SSAB AB, Class A (Materials)		92,772
26,199	Svenska Handelsbanken AB, Class A (Banks)		350,734
29,240	Swedbank AB, Class A (Banks)		774,460
86,358	Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment)		737,957

			3,407,842


Switzerland – 5.1%
17,746	ABB Ltd. (Capital Goods)		1,063,497
5,212	Cie Financiere Richemont SA (Consumer Durables & Apparel)		986,282
1,327	DSM-Firmenich AG (Materials)		141,173
1,698	Kuehne + Nagel International AG (Transportation)		367,690
810	Schindler Holding AG (Capital Goods)		294,262
1,990	Schindler Holding AG Participation Certificates (Capital Goods)		741,017
625	SGS SA (Commercial & Professional Services)		63,460
1,582	Sika AG (Materials)		430,437
606	Sonova Holding AG (Health Care Equipment & Services)		180,724
276	TX Group AG (Media & Entertainment)		72,293
47,445	UBS Group AG (Financial Services)		1,610,842

			5,951,677


United Kingdom – 11.4%
5,229	3i Group PLC (Financial Services)		295,921
1,404	Admiral Group PLC (Insurance)		63,049


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, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

United Kingdom – (continued)
4,276	Associated British Foods PLC (Food, Beverage & Tobacco)	$	120,816
23,144	AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		1,617,303
31,706	Aviva PLC (Insurance)		269,556
9,610	Babcock International Group PLC (Capital Goods)		151,357
35,218	BAE Systems PLC (Capital Goods)		914,009
36,013	Beazley PLC (Insurance)		462,408
8,737	Entain PLC (Consumer Services)		108,213
10,877	Halma PLC (Technology Hardware & Equipment)		478,089
4,922	Hiscox Ltd. (Insurance)		84,957
99,361	HSBC Holdings PLC (Banks)		1,201,890
28,047	Imperial Brands PLC (Food, Beverage & Tobacco)		1,108,142
2,581	Keller Group PLC (Capital Goods)		51,924
18,313	Lancashire Holdings Ltd. (Insurance)		144,540
397,625	Lloyds Banking Group PLC (Banks)		418,110
9,299	M&G PLC (Financial Services)		32,869
42,706	National Grid PLC (Utilities)		626,867
118,353	NatWest Group PLC (Banks)		831,188
3,362	Next PLC (Consumer Discretionary Distribution & Retail)		574,210
13,541	Playtech PLC (Consumer Services)		69,887
21,586	RELX PLC (Commercial & Professional Services)		1,169,912
47,108	Rolls-Royce Holdings PLC (Capital Goods)		624,306
1,675	Smiths Group PLC (Capital Goods)		51,664
12,428	SSE PLC (Utilities)		312,939
197,897	Tesco PLC (Consumer Staples Distribution & Retail)		1,091,110
40,890	Vodafone Group PLC ADR (Telecommunication Services)		435,888

			13,311,124


United States – 8.6%
8,497	Amrize Ltd. (Materials)*		423,859
14,596	BP PLC ADR (Energy)		436,858
3,147	Carnival PLC ADR (Consumer Services)*		80,280
19,105	GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		733,632
8,497	Holcim AG (Materials)*		630,980
23,544	Nestle SA (Food, Beverage & Tobacco)		2,340,895
15,855	Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences)		1,924,434


Shares	Description	Value

Common Stocks – (continued)

United States – (continued)
2,305	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	$	752,398
8,719	Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences)		844,119
3,473	Schneider Electric SE (Capital Goods)		932,449
24,674	Shell PLC (Energy)		866,539

			9,966,443

TOTAL COMMON STOCKS (Cost $94,706,045)			113,641,154


Shares	Description	Rate			Value

Preferred Stock – 0.3%

Germany – 0.3%
1,301	Sartorius AG (Pharmaceuticals, Biotechnology & Life Sciences)
(Cost $317,407)			0.34	%		331,362

TOTAL INVESTMENTS – 98.1% (Cost $95,023,452)					$	113,972,516

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%						2,214,775

NET ASSETS – 100.0%					$	116,187,291

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		25.7	%
Industrials		20.7
Health Care		11.6
Information Technology		10.0
Consumer Discretionary		8.6
Consumer Staples		7.6
Materials		6.4
Communication Services		3.9
Utilities		2.9
Energy		1.8
Real Estate		0.8

TOTAL INVESTMENTS		100.0	%


8		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2025, 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		10		09/19/25	$	627,494	$	4,502
FTSE 100 Index		2		09/19/25		241,298		(2,006	)
MSCI Singapore Index		1		07/30/25		32,344		979
SPI 200 Index		1		09/18/25		140,466		365
TOPIX Index		2		09/11/25		396,583		9,905
Total Futures Contracts							$	13,745


The accompanying notes are an integral part of these financial statements.		9

GOLDMAN SACHS VARIABLE INSURANCE TRUST-LARGE CAP VALUE FUND

Schedule of Investments

June 30, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – 99.7%

Aerospace & Defense – 2.5%
20,723	Boeing Co. (The)*	$	4,342,090
9,009	Woodward, Inc.		2,208,016

			6,550,106


Automobile Components – 0.7%
28,964	Aptiv PLC (Jersey)*		1,975,924


Banks – 9.3%
163,090	Bank of America Corp.		7,717,419
29,544	Citigroup, Inc.		2,514,785
37,702	JPMorgan Chase & Co.		10,930,187
41,010	Wells Fargo & Co.		3,285,721

			24,448,112


Beverages – 0.7%
26,887	Coca-Cola Co. (The)		1,902,255


Biotechnology – 0.7%
16,952	BioNTech SE ADR (Germany)*		1,804,879


Broadline Retail – 2.9%
34,434	Amazon.com, Inc.*		7,554,475


Capital Markets – 5.1%
4,465	Blackrock, Inc.		4,684,902
35,834	Morgan Stanley		5,047,577
43,043	Nasdaq, Inc.		3,848,905

			13,581,384


Chemicals – 2.8%
14,834	Air Products and Chemicals, Inc.		4,184,078
9,562	Sherwin-Williams Co. (The)		3,283,208

			7,467,286


Communications Equipment – 1.0%
6,318	Motorola Solutions, Inc.		2,656,466


Construction Materials – 0.9%
4,115	Martin Marietta Materials, Inc.		2,258,970


Consumer Finance – 2.7%
7,583	American Express Co.		2,418,825
21,522	Capital One Financial Corp.		4,579,021

			6,997,846


Consumer Staples Distribution & Retail – 2.9%
78,342	Walmart, Inc.		7,660,281


Containers & Packaging – 1.1%
64,876	International Paper Co.		3,038,143


Electric Utilities – 3.6%
54,638	Exelon Corp.		2,372,382
56,907	NextEra Energy, Inc.		3,950,484
96,212	PPL Corp.		3,260,625

			9,583,491


Electrical Equipment – 4.6%
15,598	Eaton Corp. PLC		5,568,330
5,693	GE Vernova, Inc.		3,012,451
10,745	Rockwell Automation, Inc.		3,569,167

			12,149,948


Entertainment – 1.6%
33,222	Walt Disney Co. (The)		4,119,860


Shares	Description	Value

Common Stocks – (continued)

Financial Services – 3.1%
11,522	Berkshire Hathaway, Inc., Class B*		5,597,042
15,312	Fiserv, Inc.*		2,639,942

			8,236,984


Ground Transportation – 1.3%
20,712	Old Dominion Freight Line, Inc.		3,361,558


Health Care Equipment & Supplies – 3.6%
37,296	Abbott Laboratories		5,072,629
40,134	Boston Scientific Corp.*		4,310,793

			9,383,422


Health Care Providers & Services – 2.7%
22,543	UnitedHealth Group, Inc.		7,032,740


Hotels, Restaurants & Leisure – 2.0%
32,856	Chipotle Mexican Grill, Inc.*		1,844,864
38,854	Starbucks Corp.		3,560,192

			5,405,056


Household Products – 2.1%
35,539	Procter & Gamble Co. (The)		5,662,074


Industrial Conglomerates – 3.7%
31,154	3M Co.		4,742,885
21,442	Honeywell International, Inc.		4,993,413

			9,736,298


Industrial REITs – 1.9%
46,490	Prologis, Inc. REIT		4,887,029


Insurance – 3.1%
19,061	Marsh & McLennan Cos., Inc.		4,167,497
14,794	Travelers Cos., Inc. (The)		3,957,987

			8,125,484


Interactive Media & Services – 3.5%
18,143	Alphabet, Inc., Class A		3,197,341
8,131	Meta Platforms, Inc., Class A		6,001,410

			9,198,751


IT Services – 1.4%
12,204	Accenture PLC, Class A (Ireland)		3,647,654


Life Sciences Tools & Services – 2.5%
20,560	Danaher Corp.		4,061,422
6,367	Thermo Fisher Scientific, Inc.		2,581,564

			6,642,986


Machinery – 1.7%
11,635	Caterpillar, Inc.		4,516,823


Multi-Utilities – 1.2%
32,453	Ameren Corp.		3,116,786


Office REITs – 0.9%
36,723	BXP, Inc. REIT		2,477,701


Oil, Gas & Consumable Fuels – 5.5%
18,852	DT Midstream, Inc.		2,072,023
30,733	Expand Energy Corp.		3,593,917
82,802	Exxon Mobil Corp.		8,926,056

			14,591,996


10		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST-LARGE CAP VALUE FUND


Shares	Description	Value

Common Stocks – (continued)

Personal Care Products – 1.3%
165,696	Kenvue, Inc.		3,468,017


Pharmaceuticals – 2.9%
50,056	Johnson & Johnson		7,646,054


Residential REITs – 1.0%
13,550	AvalonBay Communities, Inc.
	REIT		2,757,425


Semiconductors & Semiconductor Equipment – 4.1%
29,339	Marvell Technology, Inc.		2,270,838
25,675	Microchip Technology, Inc.		1,806,750
16,926	NVIDIA Corp.		2,674,139
19,077	Texas Instruments, Inc.		3,960,767

			10,712,494


Software – 3.3%
4,320	Cadence Design Systems, Inc.*		1,331,208
47,766	Dynatrace, Inc.*		2,637,161
17,638	Salesforce, Inc.		4,809,706

			8,778,075


Specialty Retail – 2.3%
17,831	Lowe’s Cos., Inc.		3,956,164
17,464	TJX Cos., Inc. (The)		2,156,629

			6,112,793


Shares	Description	Value

Common Stocks – (continued)

Wireless Telecommunication Services – 1.5%
16,440	T-Mobile US, Inc.		3,916,994

TOTAL COMMON STOCKS (Cost $214,381,837)			263,164,620


Shares	Dividend Rate	Value

Investment Company – 0.0%^(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
3,156	4.231%		3,156
(Cost $3,156)

TOTAL INVESTMENTS – 99.7% (Cost $214,384,993)		$	263,167,776

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%			796,628

NET ASSETS – 100.0%		$	263,964,404

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


The accompanying notes are an integral part of these financial statements.		11

GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP GROWTH FUND

Schedule of Investments

June 30, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – 99.1%

Aerospace & Defense – 7.4%
2,609	Axon Enterprise, Inc.*	$	2,160,095
10,630	Howmet Aerospace, Inc.		1,978,562
3,233	Woodward, Inc.		792,376

			4,931,033


Beverages – 1.3%
8,923	Coca-Cola Europacific Partners PLC (United Kingdom)		827,341


Biotechnology – 4.8%
3,815	Alnylam Pharmaceuticals, Inc.*		1,244,033
2,800	BioNTech SE ADR (Germany)*		298,116
4,940	Insmed, Inc.*		497,162
5,388	Neurocrine Biosciences, Inc.*		677,218
38,878	Roivant Sciences Ltd.*		438,155

			3,154,684


Capital Markets – 5.3%
47,384	Blue Owl Capital, Inc.		910,247
1,317	Coinbase Global, Inc., Class A*		461,595
2,672	MSCI, Inc.		1,541,049
6,358	Nasdaq, Inc.		568,533

			3,481,424


Construction & Engineering – 2.3%
3,992	Quanta Services, Inc.		1,509,295


Construction Materials – 1.7%
2,054	Martin Marietta Materials, Inc.		1,127,564


Consumer Staples Distribution & Retail – 1.7%
10,635	BJ’s Wholesale Club Holdings, Inc.*		1,146,772


Electrical Equipment – 4.9%
3,362	AMETEK, Inc.		608,388
3,095	Rockwell Automation, Inc.		1,028,066
12,701	Vertiv Holdings Co., Class A		1,630,935

			3,267,389


Entertainment – 5.4%
9,278	Live Nation Entertainment, Inc.*		1,403,576
15,890	ROBLOX Corp., Class A*		1,671,628
2,750	TKO Group Holdings, Inc.		500,362

			3,575,566


Financial Services – 4.4%
3,192	Corpay, Inc.*		1,059,169
20,518	Equitable Holdings, Inc.		1,151,060
8,522	Fidelity National Information Services, Inc.		693,776

			2,904,005


Food Products – 0.7%
9,360	Lamb Weston Holdings, Inc.		485,316


Ground Transportation – 1.5%
6,091	Old Dominion Freight Line, Inc.		988,569


Health Care Equipment & Supplies – 5.0%
2,631	Align Technology, Inc.*		498,127
4,725	Cooper Cos., Inc. (The)*		336,231
13,166	Dexcom, Inc.*		1,149,260


Shares	Description	Value

Common Stocks – (continued)

Health Care Equipment & Supplies – (continued)
4,252	Insulet Corp.*		1,335,894

			3,319,512


Health Care Providers & Services – 3.5%
7,773	Cencora, Inc.		2,330,734


Health Care Technology – 2.0%
4,517	Veeva Systems, Inc., Class A*		1,300,806


Hotels, Restaurants & Leisure – 11.3%
6,930	Cava Group, Inc.*		583,714
1,431	Domino’s Pizza, Inc.		644,809
2,701	DoorDash, Inc., Class A*		665,824
18,715	DraftKings, Inc., Class A*		802,686
3,936	Hilton Worldwide Holdings, Inc.		1,048,314
6,597	Royal Caribbean Cruises Ltd.		2,065,785
5,302	Texas Roadhouse, Inc.		993,648
2,079	Wingstop, Inc.		700,082

			7,504,862


Household Durables – 0.8%
4,966	Lennar Corp., Class A		549,289


Independent Power and Renewable Electricity Producers – 2.9%
10,005	Vistra Corp.		1,939,069


IT Services – 3.7%
7,598	Cloudflare, Inc., Class A*		1,487,916
2,457	Gartner, Inc.*		993,169

			2,481,085


Life Sciences Tools & Services – 2.3%
4,136	Agilent Technologies, Inc.		488,089
484	Mettler-Toledo International, Inc.*		568,565
2,256	West Pharmaceutical Services, Inc.		493,613

			1,550,267


Machinery – 0.5%
2,178	ITT, Inc.		341,576


Oil, Gas & Consumable Fuels – 3.4%
2,736	Cheniere Energy, Inc.		666,270
8,992	DT Midstream, Inc.		988,311
4,818	Expand Energy Corp.		563,417

			2,217,998


Personal Care Products – 1.0%
5,177	elf Beauty, Inc.*		644,226


Professional Services – 1.3%
8,101	Booz Allen Hamilton Holding Corp.		843,557


Semiconductors & Semiconductor Equipment – 2.3%
6,003	Entegris, Inc.		484,142
7,737	Marvell Technology, Inc.		598,844
6,121	Microchip Technology, Inc.		430,735

			1,513,721


Software – 13.0%
2,758	Atlassian Corp., Class A*		560,122
12,091	Datadog, Inc., Class A*		1,624,184
12,565	Dynatrace, Inc.*		693,714


12		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP GROWTH FUND


Shares	Description	Value

Common Stocks – (continued)

Software – (continued)
838	Fair Isaac Corp.*		1,531,830
1,804	HubSpot, Inc.*		1,004,160
1,599	Monday.com Ltd.*		502,854
1,775	Tyler Technologies, Inc.*		1,052,291
9,272	Varonis Systems, Inc.*		470,554
3,770	Zscaler, Inc.*		1,183,554

			8,623,263


Specialty Retail – 1.6%
280	AutoZone, Inc.*		1,039,424


Trading Companies & Distributors – 3.1%
33,303	Fastenal Co.		1,398,726
893	United Rentals, Inc.		672,786

			2,071,512

TOTAL COMMON STOCKS (Cost $51,928,663)			65,669,859


Shares	Dividend Rate	Value

Investment Company – 2.6%^(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
1,698,723	4.231%		1,698,723
(Cost $1,698,723)

TOTAL INVESTMENTS – 101.7% (Cost $53,627,386)		$	67,368,582

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.7)%			(1,141,474)

NET ASSETS – 100.0%		$	66,227,108

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


The accompanying notes are an integral part of these financial statements.		13

GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP VALUE FUND

Schedule of Investments

June 30, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – 95.8%

Aerospace & Defense – 2.2%
25,981	L3Harris Technologies, Inc.	$	6,517,074
13,378	Woodward, Inc.		3,278,814

			9,795,888


Automobile Components – 0.6%
39,684	Aptiv PLC (Jersey)*		2,707,242


Banks – 6.8%
145,821	Citizens Financial Group, Inc.		6,525,490
124,970	Fifth Third Bancorp		5,140,016
148,749	First Horizon Corp.		3,153,479
258,658	Huntington Bancshares, Inc.		4,335,108
33,010	M&T Bank Corp.		6,403,610
34,951	Wintrust Financial Corp.		4,333,225

			29,890,928


Beverages – 2.4%
98,190	Coca-Cola Europacific Partners PLC (United Kingdom)		9,104,177
31,143	Molson Coors Beverage Co., Class B		1,497,667

			10,601,844


Capital Markets – 2.5%
44,582	Nasdaq, Inc.		3,986,522
44,321	Raymond James Financial, Inc.		6,797,512

			10,784,034


Chemicals – 2.6%
137,105	Chemours Co. (The)		1,569,852
33,097	LyondellBasell Industries NV, Class A		1,914,993
43,483	RPM International, Inc.		4,776,173
42,968	Westlake Corp.		3,262,560

			11,523,578


Commercial Services & Supplies – 0.6%
13,697	Waste Connections, Inc.		2,557,504


Communications Equipment – 1.0%
112,450	Juniper Networks, Inc.		4,490,129


Construction Materials – 1.8%
13,989	Martin Marietta Materials, Inc.		7,679,401


Consumer Staples Distribution & Retail – 3.1%
78,058	BJ’s Wholesale Club Holdings, Inc.*		8,416,994
56,650	Performance Food Group Co.*		4,955,176

			13,372,170


Containers & Packaging – 1.1%
103,371	International Paper Co.		4,840,864


Electric Utilities – 3.7%
46,009	Entergy Corp.		3,824,268
52,098	Exelon Corp.		2,262,095
12,051	NRG Energy, Inc.		1,935,149
196,335	PG&E Corp.		2,736,910
158,675	PPL Corp.		5,377,496

			16,135,918


Electrical Equipment – 5.1%
56,064	AMETEK, Inc.		10,145,341


Shares	Description	Value

Common Stocks – (continued)

Electrical Equipment – (continued)
30,068	Rockwell Automation, Inc.	$	9,987,688
16,886	Vertiv Holdings Co., Class A		2,168,331

			22,301,360


Entertainment – 1.2%
28,098	TKO Group Holdings, Inc.		5,112,431


Financial Services – 3.2%
95,633	Corebridge Financial, Inc.		3,394,972
99,087	Fidelity National Information Services, Inc.		8,066,673
31,066	Global Payments, Inc.		2,486,522

			13,948,167


Food Products – 0.4%
33,596	Lamb Weston Holdings, Inc.		1,741,953


Gas Utilities – 0.4%
45,834	UGI Corp.		1,669,274


Ground Transportation – 0.6%
9,883	Saia, Inc.*		2,707,843


Health Care Equipment & Supplies – 0.9%
54,276	Cooper Cos., Inc. (The)*		3,862,280


Health Care Providers & Services – 1.6%
13,700	Cencora, Inc.		4,107,945
11,530	Humana, Inc.		2,818,854

			6,926,799


Health Care REITs – 0.5%
36,450	Ventas, Inc. REIT		2,301,818


Hotels, Restaurants & Leisure – 1.4%
30,368	Boyd Gaming Corp.		2,375,689
12,157	Royal Caribbean Cruises Ltd.		3,806,843

			6,182,532


Household Durables – 2.2%
63,522	D.R. Horton, Inc.		8,189,256
14,239	Lennar Corp., Class A		1,574,976

			9,764,232


Independent Power and Renewable Electricity Producers – 0.9%
49,480	Ormat Technologies, Inc.		4,144,445


Industrial REITs – 0.6%
153,091	Americold Realty Trust, Inc. REIT		2,545,903


Insurance – 5.3%
25,412	Allstate Corp. (The)		5,115,690
23,505	American Financial Group, Inc.		2,966,566
36,955	Arch Capital Group Ltd.		3,364,753
25,966	Globe Life, Inc.		3,227,314
40,650	Prudential Financial, Inc.		4,367,436
52,259	Unum Group		4,220,437

			23,262,196


Life Sciences Tools & Services – 1.9%
15,551	Agilent Technologies, Inc.		1,835,173
2,973	Mettler-Toledo International, Inc.*		3,492,443


14		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP VALUE FUND


Shares	Description	Value

Common Stocks – (continued)

Life Sciences Tools & Services – (continued)
13,833	West Pharmaceutical Services, Inc.	$	3,026,660

			8,354,276


Machinery – 2.8%
13,880	IDEX Corp.		2,436,911
54,882	Ingersoll Rand, Inc.		4,565,085
17,434	ITT, Inc.		2,734,174
34,745	Stanley Black & Decker, Inc.		2,353,974

			12,090,144


Media – 0.7%
44,295	Omnicom Group, Inc.		3,186,582


Metals & Mining – 1.2%
40,242	Steel Dynamics, Inc.		5,151,378


Multi-Utilities – 4.1%
75,066	CMS Energy Corp.		5,200,573
168,172	NiSource, Inc.		6,784,058
70,911	Public Service Enterprise Group, Inc.		5,969,288

			17,953,919


Oil, Gas & Consumable Fuels – 8.4%
89,570	BKV Corp. (Thailand)*		2,160,428
19,689	Cheniere Energy, Inc.		4,794,665
68,369	Devon Energy Corp.		2,174,818
24,094	Diamondback Energy, Inc.		3,310,516
38,417	DT Midstream, Inc.		4,222,413
46,847	Expand Energy Corp.		5,478,288
44,743	Kinetik Holdings, Inc.		1,970,929
35,941	Ovintiv, Inc.		1,367,555
322,515	Permian Resources Corp.		4,392,654
55,405	Phillips 66		6,609,817

			36,482,083


Passenger Airlines – 1.3%
72,499	United Airlines Holdings, Inc.*		5,773,095


Personal Care Products – 0.9%
180,588	Kenvue, Inc.		3,779,707


Pharmaceuticals – 0.4%
54,170	Organon & Co.		524,366
33,083	Royalty Pharma PLC, Class A		1,191,980

			1,716,346


Professional Services – 0.7%
30,043	Booz Allen Hamilton Holding Corp.		3,128,378


Residential REITs – 3.3%
79,970	American Homes 4 Rent, Class A REIT		2,884,518
27,149	AvalonBay Communities, Inc. REIT		5,524,822
25,873	Camden Property Trust REIT		2,915,628
48,340	Equity LifeStyle Properties, Inc. REIT		2,981,128

			14,306,096


Shares	Description	Value

Common Stocks – (continued)

Semiconductors & Semiconductor Equipment – 3.1%
64,427	Marvell Technology, Inc.	$	4,986,650
89,142	Microchip Technology, Inc.		6,272,923
21,562	MKS, Inc.		2,142,400

			13,401,973


Software – 3.0%
121,649	Dynatrace, Inc.*		6,716,241
20,150	Monday.com Ltd.*		6,336,772

			13,053,013


Specialized REITs – 3.7%
30,501	Digital Realty Trust, Inc. REIT		5,317,239
31,416	Extra Space Storage, Inc. REIT		4,631,975
185,286	VICI Properties, Inc. REIT		6,040,324

			15,989,538


Specialty Retail – 2.9%
720	AutoZone, Inc.*		2,672,805
13,809	Burlington Stores, Inc.*		3,212,526
20,402	Floor & Decor Holdings, Inc., Class A*		1,549,736
23,536	Ross Stores, Inc.		3,002,723
46,046	Wayfair, Inc., Class A*		2,354,792

			12,792,582


Technology Hardware, Storage & Peripherals – 1.8%
186,224	Hewlett Packard Enterprise Co.		3,808,281
4,768	Sandisk Corp.*		216,229
62,947	Western Digital Corp.		4,027,978

			8,052,488


Trading Companies & Distributors – 2.9%
141,256	Fastenal Co.		5,932,752
8,719	United Rentals, Inc.		6,568,895

			12,501,647

TOTAL COMMON STOCKS (Cost $351,686,705)			418,563,978


Shares	Dividend Rate	Value

Investment Company – 3.0%^(a)

Goldman Sachs Financial Square Government Fund - Institutional Shares
13,187,911	4.231%		13,187,911
(Cost $13,187,911)

TOTAL INVESTMENTS – 98.8% (Cost $364,874,616)		$	431,751,889

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%			5,102,951

NET ASSETS – 100.0%		$	436,854,840

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.


The accompanying notes are an integral part of these financial statements.		15

GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP VALUE FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)



Investment Abbreviations:

PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


16		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, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – 97.8%

Aerospace & Defense – 0.8%
30,215	Archer Aviation, Inc., Class A*	$	327,833
6,779	Mercury Systems, Inc.*		365,117
2,086	Moog, Inc., Class A		377,504
4,242	Park Aerospace Corp.		62,654
2,126	V2X, Inc.*		103,217

			1,236,325


Automobile Components – 0.5%
64,907	American Axle & Manufacturing Holdings, Inc.*		264,821
562	Cooper-Standard Holdings, Inc.*		12,083
5,326	Motorcar Parts of America, Inc.*		59,651
8,743	Phinia, Inc.		388,976

			725,531


Banks – 9.5%
715	1st Source Corp.		44,380
336	Amalgamated Financial Corp.		10,483
11,104	Ameris Bancorp		718,429
28,743	Associated Banc-Corp.		701,042
3,077	BancFirst Corp.		380,379
1,838	Bancorp, Inc. (The)*		104,711
3,699	Bank of Hawaii Corp.		249,793
2,786	BankUnited, Inc.		99,154
450	Business First Bancshares, Inc.		11,093
24,307	Cadence Bank		777,338
74,435	Capitol Federal Financial, Inc.		454,054
843	Carter Bankshares, Inc.*		14,618
3,166	Central Pacific Financial Corp.		88,743
1,151	Chemung Financial Corp.		55,789
3,484	Community Trust Bancorp, Inc.		184,373
24,359	CVB Financial Corp.		482,065
3,523	Dime Community Bancshares, Inc.		94,910
5,922	Equity Bancshares, Inc., Class A		241,618
925	Esquire Financial Holdings, Inc.		87,561
5,989	FB Financial Corp.		271,302
500	Fidelity D&D Bancorp, Inc.		23,000
584	First Bancorp, Inc. (The)		14,839
19,186	First Financial Bankshares, Inc.		690,312
2,862	First Internet Bancorp		76,988
10,678	First Merchants Corp.		408,967
935	Flushing Financial Corp.		11,108
4,582	Fulton Financial Corp.		82,659
12,651	Hancock Whitney Corp.		726,167
13,961	Hanmi Financial Corp.		344,558
11,085	Hilltop Holdings, Inc.		336,430
1,621	Home Bancorp, Inc.		83,935
3,269	HomeTrust Bancshares, Inc.		122,293
9,722	International Bancshares Corp.		647,096
1,321	Investar Holding Corp.		25,522
9,571	Live Oak Bancshares, Inc.		285,216
449	Metrocity Bankshares, Inc.		12,832
475	Northeast Bank		42,270
2,818	Northeast Community Bancorp, Inc.		65,504
2,169	Northrim BanCorp, Inc.		202,281
5,385	Origin Bancorp, Inc.		192,460
1,011	Park National Corp.		169,100


Shares	Description	Value

Common Stocks – (continued)

Banks – (continued)
530	Plumas Bancorp	$	23,564
15,407	Provident Financial Services, Inc.		270,085
7,525	Red River Bancshares, Inc.		441,718
417	Republic Bancorp, Inc., Class A		30,487
2,897	ServisFirst Bancshares, Inc.		224,546
1,919	Sierra Bancorp		56,975
773	SmartFinancial, Inc.		26,112
5,807	Southern First Bancshares, Inc.*		220,840
8,890	Southside Bancshares, Inc.		261,633
1,205	Stock Yards Bancorp, Inc.		95,171
7,810	Texas Capital Bancshares, Inc.*		620,114
6,668	Triumph Financial, Inc.*		367,473
11,526	TrustCo Bank Corp.		385,199
7,864	Trustmark Corp.		286,721
4,420	UMB Financial Corp.		464,807
21,919	United Community Banks, Inc.		652,967
16,940	WesBanco, Inc.		535,812
3,496	Westamerica BanCorp		169,346

			14,768,942


Biotechnology – 6.8%
26,440	ACADIA Pharmaceuticals, Inc.*		570,311
24,658	ADMA Biologics, Inc.*		449,022
2,164	Agios Pharmaceuticals, Inc.*		71,975
4,972	Altimmune, Inc.*		19,242
106,768	Amicus Therapeutics, Inc.*		611,781
772	Arcellx, Inc.*		50,836
4,183	Arcturus Therapeutics Holdings, Inc.*		54,421
5,228	Arcus Biosciences, Inc.*		42,556
40,747	Ardelyx, Inc.*		159,728
12,939	Arrowhead Pharmaceuticals, Inc.*		204,436
6,954	Astria Therapeutics, Inc.*		37,273
6,213	Beam Therapeutics, Inc.*		105,683
13,385	BioCryst Pharmaceuticals, Inc.*		119,930
1,906	Biohaven Ltd.*		26,894
2,043	Bridgebio Pharma, Inc.*		88,217
25,164	CareDx, Inc.*		491,705
34,616	Catalyst Pharmaceuticals, Inc.*		751,167
1,267	Celldex Therapeutics, Inc.*		25,783
8,779	Cogent Biosciences, Inc.*		63,033
3,346	CRISPR Therapeutics AG (Switzerland)*		162,749
4,465	Cullinan Therapeutics, Inc.*		33,621
4,475	Cytokinetics, Inc.*		147,854
11,134	Denali Therapeutics, Inc.*		155,765
9,376	Design Therapeutics, Inc.*		31,597
20,045	Dyne Therapeutics, Inc.*		190,828
6,690	Entrada Therapeutics, Inc.*		44,957
95,153	Erasca, Inc.*		120,844
35,537	Heron Therapeutics, Inc.*^(a)		73,562
782	Janux Therapeutics, Inc.*		18,064
24,735	Keros Therapeutics, Inc.*		330,212
1,607	Krystal Biotech, Inc.*		220,898
4,101	Larimar Therapeutics, Inc.*		11,852
1,068	Madrigal Pharmaceuticals, Inc.*		323,219
26,920	MannKind Corp.*		100,681
2,956	MeiraGTx Holdings PLC*		19,273


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, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Biotechnology – (continued)
24,812	Myriad Genetics, Inc.*	$	131,752
11,361	Nurix Therapeutics, Inc.*		129,402
3,527	Nuvalent, Inc., Class A*		269,110
10,949	ORIC Pharmaceuticals, Inc.*		111,132
674	Protagonist Therapeutics, Inc.*		37,252
11,977	PTC Therapeutics, Inc.*		584,957
6,269	Recursion Pharmaceuticals, Inc., Class A*^(a)		31,721
26,324	Relay Therapeutics, Inc.*		91,081
12,007	Replimune Group, Inc.*		111,545
2,616	Rhythm Pharmaceuticals, Inc.*		165,305
7,731	Rigel Pharmaceuticals, Inc.*		144,802
3,493	Solid Biosciences, Inc.*		17,011
5,746	Spyre Therapeutics, Inc.*		86,018
16,607	TG Therapeutics, Inc.*		597,686
4,764	Travere Therapeutics, Inc.*		70,507
16,831	Twist Bioscience Corp.*		619,212
3,384	Vaxcyte, Inc.*		110,014
33,295	Veracyte, Inc.*		899,964
5,798	Vericel Corp.*		246,705

			10,385,145


Broadline Retail – 0.1%
6,043	Groupon, Inc.*		202,138


Building Products – 0.8%
12,606	Griffon Corp.		912,296
6,399	Janus International Group, Inc.*		52,088
4,052	Tecnoglass, Inc.		313,463

			1,277,847


Capital Markets – 2.3%
58,029	BGC Group, Inc., Class A		593,637
50,169	DigitalBridge Group, Inc.		519,249
2,892	Piper Sandler Cos.		803,803
11,958	StepStone Group, Inc., Class A		663,669
10,478	Victory Capital Holdings, Inc., Class A		667,134
27,887	WisdomTree, Inc.		320,979

			3,568,471


Chemicals – 0.8%
14,935	American Vanguard Corp.*		58,545
64,987	Aspen Aerogels, Inc.*		384,723
8,899	Avient Corp.		287,527
1,306	Hawkins, Inc.		185,583
605	Ingevity Corp.*		26,069
690	Innospec, Inc.		58,022
2,354	PureCycle Technologies, Inc.*		32,250
2,533	Stepan Co.		138,251
14,439	Tronox Holdings PLC		73,206

			1,244,176


Commercial Services & Supplies – 1.1%
1,249	BrightView Holdings, Inc.*		20,796
13,805	Deluxe Corp.		219,637
63,525	Healthcare Services Group, Inc.*		954,781
387	Liquidity Services, Inc.*		9,129
18,201	Montrose Environmental Group, Inc.*		398,420
915	OPENLANE, Inc.*		22,372


Shares	Description	Value

Common Stocks – (continued)

Commercial Services & Supplies – (continued)
4,056	Pitney Bowes, Inc.	$	44,251

			1,669,386


Communications Equipment – 0.8%
2,140	Applied Optoelectronics, Inc.*		54,977
53,682	CommScope Holding Co., Inc.*		444,487
4,186	Harmonic, Inc.*		39,641
5,105	NETGEAR, Inc.*		148,402
19,381	NetScout Systems, Inc.*		480,843

			1,168,350


Construction & Engineering – 3.1%
3,193	IES Holdings, Inc.*		945,862
2,716	Limbach Holdings, Inc.*		380,512
19,805	Matrix Service Co.*		267,566
2,397	MYR Group, Inc.*		434,936
6,566	Orion Group Holdings, Inc.*		59,554
10,045	Primoris Services Corp.		782,907
5,161	Sterling Infrastructure, Inc.*		1,190,797
14,572	Tutor Perini Corp.*		681,678

			4,743,812


Construction Materials – 0.6%
2,057	Knife River Corp.*		167,933
8,082	United States Lime & Minerals, Inc.		806,584

			974,517


Consumer Finance – 1.5%
7,552	Encore Capital Group, Inc.*		292,338
6,129	Enova International, Inc.*		683,506
2,244	FirstCash Holdings, Inc.		303,254
9,790	OppFi, Inc.		136,962
12,335	Regional Management Corp.		360,305
6,444	Upstart Holdings, Inc.*		416,798
729	World Acceptance Corp.*		120,373

			2,313,536


Diversified Consumer Services – 2.6%
8,083	Adtalem Global Education, Inc.*		1,028,400
97,100	Coursera, Inc.*		850,596
66,005	European Wax Center, Inc., Class A*		371,608
724	Graham Holdings Co., Class B		685,027
32,618	Laureate Education, Inc.*		762,609
27,606	Mister Car Wash, Inc.*		165,912
19,419	Udemy, Inc.*		136,515
631	Universal Technical Institute, Inc.*		21,385

			4,022,052


Diversified REITs – 1.0%
2,577	Alpine Income Property Trust, Inc. REIT		37,908
24,702	American Assets Trust, Inc. REIT		487,865
27,137	Armada Hoffler Properties, Inc. REIT		186,431
58,634	Broadstone Net Lease, Inc. REIT		941,076

			1,653,280


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)

Diversified Telecommunication Services – 0.4%
4,722	ATN International, Inc.	$	76,732
27,040	Bandwidth, Inc., Class A*		429,936
217	Cogent Communications Holdings, Inc.		10,462
334	IDT Corp., Class B		22,819

			539,949


Electric Utilities – 0.3%
5,889	Genie Energy Ltd., Class B		158,296
5,356	Oklo, Inc.*		299,883

			458,179


Electrical Equipment – 2.2%
14,569	American Superconductor Corp.*		534,537
3,203	Array Technologies, Inc.*		18,898
215	Atkore, Inc.		15,168
15,947	Bloom Energy Corp., Class A*		381,452
2,651	Enovix Corp.*		27,411
16,833	NEXTracker, Inc., Class A*		915,210
4,756	NuScale Power Corp.*^(a)		188,147
19,316	Plug Power, Inc.*^(a)		28,781
2,797	Powell Industries, Inc.		588,629
17,548	Shoals Technologies Group, Inc., Class A*		74,579
52,490	Sunrun, Inc.*		429,368
8,443	Thermon Group Holdings, Inc.*		237,080

			3,439,260


Electronic Equipment, Instruments & Components – 2.5%
36,488	Arlo Technologies, Inc.*		618,836
475	ePlus, Inc.*		34,248
3,412	Fabrinet (Thailand)*		1,005,448
3,465	Itron, Inc.*		456,098
13,914	Knowles Corp.*		245,165
9,061	Napco Security Technologies, Inc.		269,021
406	OSI Systems, Inc.*		91,293
17,120	Ouster, Inc.*		415,160
26,152	Powerfleet, Inc.*		112,715
4,381	Richardson Electronics Ltd.		42,277
31,914	Vishay Intertechnology, Inc.		506,794

			3,797,055


Energy Equipment & Services – 1.5%
44,060	Borr Drilling Ltd. (Mexico)*		80,630
47,325	Expro Group Holdings NV*		406,522
3,370	Helix Energy Solutions Group, Inc.*		21,029
19,194	Kodiak Gas Services, Inc.		657,778
2,393	Liberty Energy, Inc.		27,472
3,011	Natural Gas Services Group, Inc.*		77,714
5,238	Noble Corp. PLC		139,069
31,644	Oceaneering International, Inc.*		655,664
3,186	Oil States International, Inc.*		17,077
24,343	TETRA Technologies, Inc.*		81,792
457	Tidewater, Inc.*		21,081
21,970	Transocean Ltd.*		56,902

			2,242,730


Shares	Description	Value

Common Stocks – (continued)

Entertainment – 0.8%
30,846	AMC Entertainment Holdings, Inc., Class A*	$	95,623
11,886	IMAX Corp.*		332,332
20,785	Madison Square Garden Entertainment Corp.*		830,776

			1,258,731


Financial Services – 3.0%
2,904	Alerus Financial Corp.		62,843
23,931	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		964,419
7,591	Burford Capital Ltd.		108,248
10,720	Enact Holdings, Inc.		398,248
13,241	Jackson Financial, Inc., Class A		1,175,668
50,236	Marqeta, Inc., Class A*		292,876
3,988	NCR Atleos Corp.*		113,778
48,445	Pagseguro Digital Ltd., Class A (Brazil)		467,010
36,087	Remitly Global, Inc.*		677,353
419	Sezzle, Inc.*		75,106
11,697	Velocity Financial, Inc.*		216,862

			4,552,411


Food Products – 0.7%
37,970	BRC, Inc., Class A*		49,741
10,191	Cal-Maine Foods, Inc.		1,015,329
727	J & J Snack Foods Corp.		82,449

			1,147,519


Gas Utilities – 0.4%
8,533	ONE Gas, Inc.		613,181


Ground Transportation – 0.1%
29,314	FTAI Infrastructure, Inc.		180,867
2,022	PAMT Corp.*		26,023

			206,890


Health Care Equipment & Supplies – 3.1%
20,197	Accuray, Inc.*		27,670
11,195	Alphatec Holdings, Inc.*		124,264
27,698	AtriCure, Inc.*		907,663
106,048	Cerus Corp.*		149,528
6,074	Delcath Systems, Inc.*		82,606
12,159	Embecta Corp.		117,821
5,514	Haemonetics Corp.*		411,400
12,160	Inogen, Inc.*		85,485
14,396	Integra LifeSciences Holdings Corp.*		176,639
8,246	iRadimed Corp.		493,028
2,053	iRhythm Technologies, Inc.*		316,080
832	LeMaitre Vascular, Inc.		69,098
9,648	LivaNova PLC*		434,353
5,800	PROCEPT BioRobotics Corp.*		334,080
10,864	Pulmonx Corp.*		28,138
5,358	QuidelOrtho Corp.*		154,418
1,456	Semler Scientific, Inc.*^(a)		56,405
24,907	Tandem Diabetes Care, Inc.*		464,266
907	TransMedics Group, Inc.*		121,547
1,504	Treace Medical Concepts, Inc.*		8,843
668	UFP Technologies, Inc.*		163,099


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, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Health Care Equipment & Supplies – (continued)
4,955	Zimvie, Inc.*	$	46,329

			4,772,760


Health Care Providers & Services – 2.3%
118,963	agilon health, Inc.*		273,615
47,660	Ardent Health, Inc.*		651,036
9,129	Aveanna Healthcare Holdings, Inc.*		47,745
1,963	CorVel Corp.*		201,757
20,074	Enhabit, Inc.*		193,513
14,686	Hims & Hers Health, Inc.*		732,097
15,685	Joint Corp. (The)*		181,005
84,139	LifeStance Health Group, Inc.*		434,999
1,706	National Research Corp.		28,661
164	Nutex Health, Inc.*		20,416
9,466	Pennant Group, Inc. (The)*		282,560
15,555	Privia Health Group, Inc.*		357,765
15,577	Viemed Healthcare, Inc.*		107,637

			3,512,806


Health Care REITs – 0.5%
7,578	Community Healthcare Trust, Inc. REIT		126,022
33,897	Global Medical REIT, Inc. REIT		234,906
11,981	Sabra Health Care REIT, Inc. REIT		220,930
4,694	Universal Health Realty Income Trust REIT		187,619

			769,477


Health Care Technology – 1.0%
16,692	Health Catalyst, Inc.*		62,929
17,894	Phreesia, Inc.*		509,263
23,442	Waystar Holding Corp.*		958,075

			1,530,267


Hotel & Resort REITs – 1.2%
48,726	Apple Hospitality REIT, Inc. REIT		568,632
49,182	Chatham Lodging Trust REIT		342,799
90,152	RLJ Lodging Trust REIT		656,307
95,655	Service Properties Trust REIT		228,615
1,987	Summit Hotel Properties, Inc. REIT		10,114
1,875	Xenia Hotels & Resorts, Inc. REIT		23,569

			1,830,036


Hotels, Restaurants & Leisure – 1.9%
1,582	Brinker International, Inc.*		285,282
5,331	Dine Brands Global, Inc.		129,703
1,111	Hilton Grand Vacations, Inc.*		46,140
49,445	International Game Technology PLC		781,725
1,821	Lindblad Expeditions Holdings, Inc.*		21,251
24,573	Portillo’s, Inc., Class A*		286,767
3,276	RCI Hospitality Holdings, Inc.		124,881
17,582	Red Rock Resorts, Inc., Class A		914,792
1,681	Shake Shack, Inc., Class A*		236,349


Shares	Description	Value

Common Stocks – (continued)

Hotels, Restaurants & Leisure – (continued)
6,064	Sweetgreen, Inc., Class A*	$	90,232

			2,917,122


Household Durables – 0.8%
10,352	Beazer Homes USA, Inc.*		231,574
5,146	Green Brick Partners, Inc.*		323,580
7,218	LGI Homes, Inc.*		371,871
1,196	M/I Homes, Inc.*		134,096
2,042	Meritage Homes Corp.		136,753

			1,197,874


Household Products – 0.4%
31,558	Energizer Holdings, Inc.		636,209


Independent Power and Renewable Electricity Producers – 0.6%
10,700	Ormat Technologies, Inc.		896,232


Industrial REITs – 0.6%
112,294	LXP Industrial Trust REIT		927,548


Insurance – 2.0%
2,768	Ambac Financial Group, Inc.*		19,653
13,015	AMERISAFE, Inc.		569,146
462	Enstar Group Ltd.*		155,398
39,946	Fidelis Insurance Holdings Ltd. (United Kingdom)		662,305
6,374	Lemonade, Inc.*		279,245
4,225	Oscar Health, Inc., Class A*		90,584
762	Palomar Holdings, Inc.*		117,538
195	Root, Inc., Class A*		24,954
4,282	Selective Insurance Group, Inc.		371,035
1,428	Stewart Information Services Corp.		92,963
5,797	Trupanion, Inc.*		320,864
11,120	Universal Insurance Holdings, Inc.		308,358

			3,012,043


Interactive Media & Services – 0.5%
11,319	Grindr, Inc. (Singapore)*		256,941
10,415	QuinStreet, Inc.*		167,682
104,933	Vimeo, Inc.*		423,929

			848,552


IT Services – 0.7%
3,403	Applied Digital Corp.*		34,268
2,293	Backblaze, Inc., Class A*		12,611
4,226	BigBear.ai Holdings, Inc.*		28,695
16,967	BigCommerce Holdings, Inc., Series 1*		84,835
19,146	DigitalOcean Holdings, Inc.*		546,810
59,269	Fastly, Inc., Class A*		418,439

			1,125,658


Leisure Products – 1.2%
4,862	Acushnet Holdings Corp.		354,051
6,892	Latham Group, Inc.*		43,971
4,642	MasterCraft Boat Holdings, Inc.*		86,248
126,677	Peloton Interactive, Inc., Class A*		879,139
40,196	Smith & Wesson Brands, Inc.		348,901


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)

Leisure Products – (continued)
12,025	Topgolf Callaway Brands Corp.*	$	96,801

			1,809,111


Life Sciences Tools & Services – 0.9%
58,386	Adaptive Biotechnologies Corp.*		680,197
10,090	Alpha Teknova, Inc.*		49,542
4,279	BioLife Solutions, Inc.*		92,170
4,720	CryoPort, Inc.*		35,211
55,928	Cytek Biosciences, Inc.*		190,155
3,144	Mesa Laboratories, Inc.		296,228
12,209	Personalis, Inc.*		80,091

			1,423,594


Machinery – 2.4%
577	Alamo Group, Inc.		126,005
678	Astec Industries, Inc.		28,266
2,290	Chart Industries, Inc.*		377,048
2,596	ESCO Technologies, Inc.		498,095
6,953	Federal Signal Corp.		739,938
6,430	Gencor Industries, Inc.*		90,020
1,192	Gorman-Rupp Co. (The)		43,770
11,908	Helios Technologies, Inc.		397,370
7,658	Hillenbrand, Inc.		153,696
16,132	Kennametal, Inc.		370,391
4,704	Manitowoc Co., Inc. (The)*		56,542
11,750	Microvast Holdings, Inc.*		42,653
8,715	Miller Industries, Inc.		387,469
2,618	Omega Flex, Inc.		84,771
833	Park-Ohio Holdings Corp.		14,877
2,660	Shyft Group, Inc. (The)		33,356
888	SPX Technologies, Inc.*		148,900
1,213	Worthington Enterprises, Inc.		77,195

			3,670,362


Marine Transportation – 0.5%
28,879	Costamare, Inc. (Monaco)		263,088
7,825	Genco Shipping & Trading Ltd.		102,273
7,634	Pangaea Logistics Solutions Ltd.		35,880
106,017	Safe Bulkers, Inc. (Monaco)		382,721

			783,962


Media – 0.5%
14,049	AMC Networks, Inc., Class A*		88,087
614	Cable One, Inc.		83,387
50,042	Entravision Communications Corp., Class A		116,098
27,024	Gannett Co., Inc.*		96,746
70,800	Gray Media, Inc.		320,724
5,331	Thryv Holdings, Inc.*		64,825

			769,867


Metals & Mining – 0.7%
34,147	Coeur Mining, Inc.*		302,543
2,923	Constellium SE*		38,876
45,646	Hecla Mining Co.		273,420
5,356	Olympic Steel, Inc.		174,552
1,948	Ryerson Holding Corp.		42,018
22,300	United States Antimony Corp.*		48,614
10,633	Worthington Steel, Inc.		317,182

			1,197,205


Shares	Description	Value

Common Stocks – (continued)

Mortgage Real Estate Investment Trusts (REITs) – 0.7%
39,485	BrightSpire Capital, Inc. REIT	$	199,399
11,924	MFA Financial, Inc. REIT		112,801
6,202	Nexpoint Real Estate Finance, Inc. REIT		85,526
30,193	Orchid Island Capital, Inc. REIT		211,653
54,338	TPG RE Finance Trust, Inc. REIT		419,489

			1,028,868


Multi-Utilities – 0.6%
15,534	Black Hills Corp.		871,457


Office REITs – 0.5%
93,984	Empire State Realty Trust, Inc., Class A REIT		760,331
16,829	Hudson Pacific Properties, Inc. REIT*		46,112

			806,443


Oil, Gas & Consumable Fuels – 3.6%
44,688	Clean Energy Fuels Corp.*		87,142
63,009	Crescent Energy Co., Class A		541,877
55,486	Diversified Energy Co. PLC		813,980
12,161	Excelerate Energy, Inc., Class A		356,560
19,831	Golar LNG Ltd. (Cameroon)		816,839
44,291	Magnolia Oil & Gas Corp., Class A		995,662
154,744	Nordic American Tankers Ltd.		406,977
1,536	PBF Energy, Inc., Class A		33,285
3,190	Peabody Energy Corp.		42,810
4,779	Sable Offshore Corp.*		105,042
14,624	Scorpio Tankers, Inc. (Monaco)		572,237
48,860	SFL Corp. Ltd. (Norway)		407,004
938	SM Energy Co.		23,178
10,502	VAALCO Energy, Inc.		37,912
14,572	Vital Energy, Inc.*		234,463

			5,474,968


Passenger Airlines – 1.0%
5,620	Allegiant Travel Co.*		308,819
1,929	Joby Aviation, Inc.*		20,351
9,711	SkyWest, Inc.*		999,942
11,799	Sun Country Airlines Holdings, Inc.*		138,638

			1,467,750


Personal Care Products – 0.2%
40,325	Herbalife Ltd.*		347,602


Pharmaceuticals – 2.9%
60,207	Amneal Pharmaceuticals, Inc.*		487,075
14,626	Amphastar Pharmaceuticals, Inc.*		335,813
9,386	ANI Pharmaceuticals, Inc.*		612,436
10,022	Atea Pharmaceuticals, Inc.*		36,079
2,916	Axsome Therapeutics, Inc.*		304,401
8,422	Collegium Pharmaceutical, Inc.*		249,039
4,015	Edgewise Therapeutics, Inc.*		52,637
6,673	Evolus, Inc.*		61,458
429	Ligand Pharmaceuticals, Inc.*		48,769


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, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Pharmaceuticals – (continued)
7,989	Phibro Animal Health Corp., Class A	$	204,039
11,625	Prestige Consumer Healthcare, Inc.*		928,256
30,108	SIGA Technologies, Inc.		196,304
27,803	Supernus Pharmaceuticals, Inc.*		876,351
21,908	Xeris Biopharma Holdings, Inc.*		102,310

			4,494,967


Professional Services – 2.1%
167,478	Alight, Inc., Class A		947,925
6,601	BlackSky Technology, Inc.*		135,849
35,297	Conduent, Inc.*		93,184
12,326	Franklin Covey Co.*		281,279
5,853	IBEX Holdings Ltd.*		170,322
679	ICF International, Inc.		57,518
4,436	Korn Ferry		325,292
8,145	Legalzoom.com, Inc.*		72,572
16,867	Planet Labs PBC*		102,889
3,491	TriNet Group, Inc.		255,332
54,427	Upwork, Inc.*		731,499

			3,173,661


Real Estate Management & Development – 0.6%
12,157	Anywhere Real Estate, Inc.*		44,008
8,773	Compass, Inc., Class A*		55,094
27,524	Douglas Elliman, Inc.*		63,856
14,722	FRP Holdings, Inc.*		395,875
37,820	Kennedy-Wilson Holdings, Inc.		257,176
2,044	RE/MAX Holdings, Inc., Class A*		16,720
1,723	St Joe Co. (The)		82,187

			914,916


Residential REITs – 0.7%
20,060	NexPoint Residential Trust, Inc. REIT		668,399
31,842	Veris Residential, Inc. REIT		474,127

			1,142,526


Retail REITs – 1.2%
2,268	CBL & Associates Properties, Inc. REIT		57,585
9,735	FrontView REIT, Inc. REIT		116,820
25,012	Kite Realty Group Trust REIT		566,522
5,516	Macerich Co. (The) REIT		89,249
14,448	Phillips Edison & Co., Inc. REIT		506,113
4,097	Tanger, Inc. REIT		125,286
19,966	Whitestone REIT		249,176

			1,710,751


Semiconductors & Semiconductor Equipment – 3.2%
17,978	ACM Research, Inc., Class A*		465,630
1,426	Alpha & Omega Semiconductor Ltd.*		36,591
7,980	Ambarella, Inc.*		527,199
2,579	CEVA, Inc.*		56,686
8,257	Credo Technology Group Holding Ltd.*		764,516
3,250	Diodes, Inc.*		171,892


Shares	Description	Value

Common Stocks – (continued)

Semiconductors & Semiconductor Equipment – (continued)
1,893	Impinj, Inc.*	$	210,255
13,939	MaxLinear, Inc.*		198,073
7,254	Power Integrations, Inc.		405,499
10,567	Rigetti Computing, Inc.*^(a)		125,325
13,386	Semtech Corp.*		604,244
5,360	Silicon Laboratories, Inc.*		789,850
2,838	SiTime Corp.*		604,721

			4,960,481


Software – 6.9%
15,340	Alarm.com Holdings, Inc.*		867,784
7,078	Alkami Technology, Inc.*		213,331
31,133	Asana, Inc., Class A*		420,295
2,202	AvePoint, Inc.*		42,521
6,991	BlackLine, Inc.*		395,830
25,718	C3.ai, Inc., Class A*		631,891
17,240	Cleanspark, Inc.*^(a)		190,157
34,192	Clearwater Analytics Holdings, Inc., Class A*		749,831
7,605	Commvault Systems, Inc.*		1,325,780
14,930	Consensus Cloud Solutions, Inc.*		344,286
35,160	Digital Turbine, Inc.*		207,444
17,387	D-Wave Quantum, Inc. (Canada)*^(a)		254,546
28,383	Freshworks, Inc., Class A*		423,190
1,578	Hut 8 Corp. (Canada)*		29,351
15,607	MARA Holdings, Inc.*		244,718
23,635	Olo, Inc., Class A*		210,351
1,586	Ooma, Inc.*		20,459
3,001	PagerDuty, Inc.*		45,855
1,004	PROS Holdings, Inc.*		15,723
2,329	Q2 Holdings, Inc.*		217,971
4,768	Red Violet, Inc.		234,586
12,629	Riot Platforms, Inc.*		142,708
28,411	Sapiens International Corp. NV (Israel)		831,022
14,350	SoundHound AI, Inc., Class A*^(a)		153,975
1,537	SoundThinking, Inc.*		20,066
7,629	Sprout Social, Inc., Class A*		159,522
22,239	Varonis Systems, Inc.*		1,128,629
33,124	Verint Systems, Inc.*		651,549
5,153	Vertex, Inc., Class A*		182,081
9,344	Zeta Global Holdings Corp., Class A*		144,739

			10,500,191


Specialized REITs – 0.3%
3,314	Gladstone Land Corp. REIT		33,703
93,498	Uniti Group, Inc. REIT*		403,911

			437,614


Specialty Retail – 4.2%
30,356	American Eagle Outfitters, Inc.		292,025
430	America’s Car-Mart, Inc.*		24,097
4,902	Arko Corp.		20,735
2,029	Asbury Automotive Group, Inc.*		483,998
7,185	Beyond, Inc.*		49,433
6,051	Boot Barn Holdings, Inc.*		919,752
4,656	Buckle, Inc. (The)		211,149
4,695	Citi Trends, Inc.*		156,766


22		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)

Specialty Retail – (continued)
19,432	EVgo, Inc.*	$	70,927
18,825	Haverty Furniture Cos., Inc.		383,089
22,658	Monro, Inc.		337,831
26,823	RealReal, Inc. (The)*		128,482
35,139	Revolve Group, Inc.*		704,537
12,690	Sonic Automotive, Inc., Class A		1,014,312
27,099	Stitch Fix, Inc., Class A*		100,266
41,583	Warby Parker, Inc., Class A*		911,915
677	Winmark Corp.		255,642
18,751	Zumiez, Inc.*		248,638

			6,313,594


Technology Hardware, Storage & Peripherals – 0.6%
10,901	Corsair Gaming, Inc.*		102,797
15,490	IonQ, Inc.*		665,605
2,383	Quantum Computing, Inc.*		45,682
8,028	Turtle Beach Corp.*		111,027

			925,111


Textiles, Apparel & Luxury Goods – 0.8%
12,073	Kontoor Brands, Inc.		796,456
25,069	Movado Group, Inc.		382,302

			1,178,758


Trading Companies & Distributors – 0.4%
11,798	Custom Truck One Source, Inc.*		58,282
2,360	DXP Enterprises, Inc.*		206,854
3,261	Rush Enterprises, Inc., Class A		167,974
2,997	Xometry, Inc., Class A*		101,269

			534,379


Water Utilities – 0.9%
7,746	American States Water Co.		593,808
14,366	Consolidated Water Co. Ltd.		431,267
1,234	Global Water Resources, Inc.		12,575
5,672	Middlesex Water Co.		307,309
4,374	Pure Cycle Corp.*		46,889

			1,391,848


Wireless Telecommunication Services – 0.4%
22,343	Spok Holdings, Inc.		395,024


Shares	Description	Value

Common Stocks – (continued)

Wireless Telecommunication Services – (continued)
5,018	Telephone and Data Systems, Inc.	$	178,541

			573,565

TOTAL COMMON STOCKS (Cost $141,232,506)			150,089,548


Shares	Dividend Rate	Value

Investment Company – 0.5%^(b)

Goldman Sachs Financial Square Government Fund - Institutional Shares
725,644	4.231%		725,644
(Cost $725,644)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $141,958,150)			150,815,192



Securities Lending Reinvestment Vehicle – 0.7%^(b)

Goldman Sachs Financial Square Government Fund – Institutional Shares
1,053,167	4.231%		1,053,167
(Cost $1,053,167)

TOTAL INVESTMENTS – 99.0% (Cost $143,011,317)		$	151,868,359

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%			1,516,780

NET ASSETS – 100.0%		$	153,385,139

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2025, 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

09/19/25

$ 2,739,625

$ 89,609


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS VARIABLE INSURANCE TRUST-STRATEGIC GROWTH FUND

Schedule of Investments

June 30, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – 98.7%

Aerospace & Defense – 1.4%
24,307	General Electric Co.	$	6,256,379


Automobiles – 1.8%
24,631	Tesla, Inc.*		7,824,283


Banks – 0.8%
74,244	Bank of America Corp.		3,513,226


Biotechnology – 3.5%
46,866	AbbVie, Inc.		8,699,267
8,236	Alnylam Pharmaceuticals, Inc.*		2,685,677
3,516	Argenx SE ADR (Netherlands)*		1,938,090
15,196	Neurocrine Biosciences, Inc.*		1,909,985

			15,233,019


Broadline Retail – 5.3%
105,617	Amazon.com, Inc.*		23,171,314


Capital Markets – 0.5%
3,900	S&P Global, Inc.		2,056,431


Chemicals – 1.0%
12,617	Sherwin-Williams Co. (The)		4,332,173


Commercial Services & Supplies – 0.4%
10,492	Waste Connections, Inc.		1,959,066


Construction Materials – 0.6%
5,153	Martin Marietta Materials, Inc.		2,828,791


Consumer Staples Distribution & Retail – 2.2%
9,995	Costco Wholesale Corp.		9,894,450


Electrical Equipment – 4.4%
13,271	AMETEK, Inc.		2,401,520
11,043	Eaton Corp. PLC		3,942,241
15,913	GE Vernova, Inc.		8,420,364
13,968	Rockwell Automation, Inc.		4,639,750

			19,403,875


Entertainment – 4.3%
9,863	Netflix, Inc.*		13,207,839
7,494	Spotify Technology SA*		5,750,446

			18,958,285


Financial Services – 3.0%
23,909	Mastercard, Inc., Class A		13,435,424


Ground Transportation – 0.5%
13,557	Old Dominion Freight Line, Inc.		2,200,301


Health Care Equipment & Supplies – 2.7%
16,974	Abbott Laboratories		2,308,634
41,812	Boston Scientific Corp.*		4,491,027
8,960	Intuitive Surgical, Inc.*		4,868,953

			11,668,614


Hotels, Restaurants & Leisure – 1.4%
28,155	Cava Group, Inc.*		2,371,496
15,643	DoorDash, Inc., Class A*		3,856,156

			6,227,652


Household Durables – 0.4%
15,460	Lennar Corp., Class A		1,710,031


Interactive Media & Services – 8.0%
31,563	Alphabet, Inc., Class A		5,562,348


Shares	Description	Value

Common Stocks – (continued)

Interactive Media & Services – (continued)
42,829	Alphabet, Inc., Class C	$	7,597,436
30,087	Meta Platforms, Inc., Class A		22,206,914

			35,366,698


IT Services – 2.6%
14,913	Cloudflare, Inc., Class A*		2,920,413
37,885	Snowflake, Inc., Class A*		8,477,526

			11,397,939


Oil, Gas & Consumable Fuels – 1.5%
27,792	Cheniere Energy, Inc.		6,767,908


Pharmaceuticals – 3.2%
29,159	AstraZeneca PLC ADR (United
	Kingdom)		2,037,631
15,727	Eli Lilly & Co.		12,259,668

			14,297,299


Semiconductors & Semiconductor Equipment – 19.8%
65,964	Broadcom, Inc.		18,182,977
5,802	KLA Corp.		5,197,083
60,274	Marvell Technology, Inc.		4,665,208
17,184	Micron Technology, Inc.		2,117,928
344,278	NVIDIA Corp.		54,392,481
12,452	Texas Instruments, Inc.		2,585,284

			87,140,961


Software – 19.3%
17,733	AppLovin Corp., Class A*		6,207,969
13,307	Atlassian Corp., Class A*		2,702,519
31,434	Datadog, Inc., Class A*		4,222,529
50,184	Dynatrace, Inc.*		2,770,659
5,174	HubSpot, Inc.*		2,880,003
114,210	Microsoft Corp.		56,809,196
18,523	Salesforce, Inc.		5,051,037
39,858	Samsara, Inc., Class A*		1,585,551
9,026	Zscaler, Inc.*		2,833,622

			85,063,085


Specialty Retail – 1.0%
10,977	Lowe’s Cos., Inc.		2,435,467
13,982	Ross Stores, Inc.		1,783,823

			4,219,290


Technology Hardware, Storage & Peripherals – 9.1%
195,335	Apple, Inc.		40,076,882

TOTAL COMMON STOCKS (Cost $189,427,088)			435,003,376


24		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST-STRATEGIC GROWTH FUND


Shares	Dividend Rate	Value

Investment Company – 1.3%^(a)

Goldman Sachs Financial Square Government Fund - Institutional Shares
5,929,362	4.231%	$	5,929,362
(Cost $5,929,362)

TOTAL INVESTMENTS – 100.0% (Cost $195,356,450)		$	440,932,738

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%			(32,106)

NET ASSETS – 100.0%		$	440,900,632

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


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

June 30, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – 99.1%

Aerospace & Defense – 2.1%
5,142	General Dynamics Corp.	$	1,499,716
14,378	General Electric Co.		3,700,753
12,352	Howmet Aerospace, Inc.		2,299,078
950	RTX Corp.		138,719
1,598	Textron, Inc.		128,303

			7,766,569


Air Freight & Logistics – 0.9%
34,566	United Parcel Service, Inc., Class B		3,489,092


Automobiles – 1.8%
21,600	Tesla, Inc.*		6,861,456


Banks – 5.9%
27,731	Bank of America Corp.		1,312,231
49,344	Citigroup, Inc.		4,200,161
25,995	Citizens Financial Group, Inc.		1,163,276
8,149	Cullen/Frost Bankers, Inc.		1,047,473
62,701	Huntington Bancshares, Inc.		1,050,869
23,653	JPMorgan Chase & Co.		6,857,241
22,911	PNC Financial Services Group,
	Inc. (The)		4,271,069
3,681	Synovus Financial Corp.		190,492
17,655	Truist Financial Corp.		758,988
23,341	US Bancorp		1,056,180

			21,907,980


Beverages – 0.7%
35,465	Coca-Cola Co. (The)		2,509,149


Biotechnology – 2.6%
6,039	AbbVie, Inc.		1,120,959
18,212	BioMarin Pharmaceutical, Inc.*		1,001,114
15,932	Exact Sciences Corp.*		846,627
11,961	Natera, Inc.*		2,020,691
6,645	Regeneron Pharmaceuticals, Inc.		3,488,625
2,444	Vertex Pharmaceuticals, Inc.*		1,088,069

			9,566,085


Broadline Retail – 4.0%
65,078	Amazon.com, Inc.*		14,277,462
21,291	Coupang, Inc. (South Korea)*		637,878

			14,915,340


Building Products – 0.5%
24,669	Carrier Global Corp.		1,805,524


Capital Markets – 3.9%
4,944	Ameriprise Financial, Inc.		2,638,761
16,070	CME Group, Inc.		4,429,213
2,188	Coinbase Global, Inc., Class A*		766,872
71,396	Invesco Ltd.		1,125,915
34,678	Morgan Stanley		4,884,743
465	Morningstar, Inc.		145,978
667	MSCI, Inc.		384,686

			14,376,168


Chemicals – 1.4%
11,297	Linde PLC		5,300,327


Commercial Services & Supplies – 0.2%
3,546	Cintas Corp.		790,297


Shares	Description	Value

Common Stocks – (continued)

Communications Equipment – 1.1%
32,900	Arista Networks, Inc.*	$	3,365,999
1,801	Motorola Solutions, Inc.		757,249

			4,123,248


Construction & Engineering – 0.7%
10,386	AECOM		1,172,164
411	Comfort Systems USA, Inc.		220,382
5,956	MasTec, Inc.*		1,015,081

			2,407,627


Construction Materials – 0.2%
3,344	Vulcan Materials Co.		872,182


Consumer Finance – 0.8%
13,640	Capital One Financial Corp.		2,902,046


Consumer Staples Distribution & Retail – 1.5%
2,422	Costco Wholesale Corp.		2,397,635
24,358	Sysco Corp.		1,844,875
15,582	Target Corp.		1,537,164

			5,779,674


Diversified Consumer Services – 0.6%
12,571	Bright Horizons Family Solutions, Inc.*		1,553,650
9,543	H&R Block, Inc.		523,815

			2,077,465


Diversified Telecommunication Services – 0.9%
80,972	Verizon Communications, Inc.		3,503,659


Electric Utilities – 1.1%
57,516	NextEra Energy, Inc.		3,992,761


Electrical Equipment – 0.9%
19,003	AMETEK, Inc.		3,438,783


Electronic Equipment, Instruments & Components – 0.5%
1,418	Jabil, Inc.		309,266
3,117	Teledyne Technologies, Inc.*		1,596,870

			1,906,136


Energy Equipment & Services – 0.1%
7,319	TechnipFMC PLC (United Kingdom)		252,066


Entertainment – 2.3%
5,481	Netflix, Inc.*		7,339,772
5,185	ROBLOX Corp., Class A*		545,462
7,588	Roku, Inc.*		666,909

			8,552,143


Financial Services – 4.6%
12,709	Affirm Holdings, Inc.*		878,700
9,261	Berkshire Hathaway, Inc., Class B*		4,498,716
4,098	Euronet Worldwide, Inc.*		415,455
5,869	Mastercard, Inc., Class A		3,298,026
22,485	Visa, Inc., Class A		7,983,299

			17,074,196


Food Products – 0.3%
31,699	Kraft Heinz Co. (The)		818,468


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)

Food Products – (continued)
3,225	Pilgrim’s Pride Corp.	$	145,061

			963,529


Ground Transportation – 0.7%
23,568	Lyft, Inc., Class A*		371,432
23,233	Uber Technologies, Inc.*		2,167,639

			2,539,071


Health Care Equipment & Supplies – 2.4%
39,427	Abbott Laboratories		5,362,466
6,471	GE HealthCare Technologies,
	Inc.		479,307
4,160	Intuitive Surgical, Inc.*		2,260,586
8,072	Medtronic PLC		703,636

			8,805,995


Health Care Providers & Services – 1.8%
19,143	CVS Health Corp.		1,320,484
1,319	Molina Healthcare, Inc.*		392,930
5,733	UnitedHealth Group, Inc.		1,788,524
17,844	Universal Health Services, Inc.,
	Class B		3,232,441

			6,734,379


Health Care REITs – 1.2%
28,647	Welltower, Inc. REIT		4,403,903


Health Care Technology – 0.5%
8,829	Doximity, Inc., Class A*		541,571
3,954	Veeva Systems, Inc., Class A*		1,138,673

			1,680,244


Hotels, Restaurants & Leisure – 1.7%
10,762	Airbnb, Inc., Class A*		1,424,243
389	Booking Holdings, Inc.		2,252,014
1,410	Darden Restaurants, Inc.		307,338
7,970	DoorDash, Inc., Class A*		1,964,685
1,966	Royal Caribbean Cruises Ltd.		615,633

			6,563,913


Household Products – 1.7%
39,131	Procter & Gamble Co. (The)		6,234,351


Insurance – 1.6%
1,932	Arthur J Gallagher & Co.		618,472
944	Erie Indemnity Co., Class A		327,370
2,952	MetLife, Inc.		237,400
5,583	Principal Financial Group, Inc.		443,457
8,144	Progressive Corp. (The)		2,173,308
8,432	Travelers Cos., Inc. (The)		2,255,897

			6,055,904


Interactive Media & Services – 7.2%
22,505	Alphabet, Inc., Class A		3,966,056
66,876	Alphabet, Inc., Class C		11,863,134
11,121	Meta Platforms, Inc., Class A		8,208,299
32,041	Pinterest, Inc., Class A*		1,148,990
9,658	Reddit, Inc., Class A*		1,454,205

			26,640,684


IT Services – 0.9%
2,663	Gartner, Inc.*		1,076,438
990	GoDaddy, Inc., Class A*		178,259


Shares	Description	Value

Common Stocks – (continued)

IT Services – (continued)
3,563	MongoDB, Inc.*	$	748,194
9,421	Twilio, Inc., Class A*		1,171,596

			3,174,487


Leisure Products – 0.1%
23,513	Mattel, Inc.*		463,676


Life Sciences Tools & Services – 0.9%
18,680	IQVIA Holdings, Inc.*		2,943,781
487	Mettler-Toledo International, Inc.*		572,089

			3,515,870


Machinery – 0.9%
3,888	Caterpillar, Inc.		1,509,360
6,740	Otis Worldwide Corp.		667,395
1,827	Parker-Hannifin Corp.		1,276,105

			3,452,860


Media – 0.1%
10,682	News Corp., Class A		317,469


Metals & Mining – 0.4%
14,329	Southern Copper Corp. (Mexico)		1,449,665


Multi-Utilities – 0.1%
3,008	Public Service Enterprise Group, Inc.		253,213


Oil, Gas & Consumable Fuels – 2.0%
18,813	Antero Midstream Corp.		356,506
27,674	Antero Resources Corp.*		1,114,709
11,044	Chevron Corp.		1,581,391
61,712	Kinder Morgan, Inc.		1,814,333
15,193	Marathon Petroleum Corp.		2,523,709

			7,390,648


Passenger Airlines – 0.3%
19,505	Alaska Air Group, Inc.*		965,107


Pharmaceuticals – 1.9%
1,553	Eli Lilly & Co.		1,210,610
9,872	Johnson & Johnson		1,507,948
14,617	Pfizer, Inc.		354,316
25,970	Zoetis, Inc.		4,050,022

			7,122,896


Professional Services – 0.8%
1,352	Broadridge Financial Solutions, Inc.		328,577
8,698	Equifax, Inc.		2,256,000
3,293	Genpact Ltd.		144,925
5,398	Parsons Corp.*		387,414

			3,116,916


Real Estate Management & Development – 0.1%
6,881	Zillow Group, Inc., Class C*		482,014


Semiconductors & Semiconductor Equipment – 11.7%
32,711	Broadcom, Inc.		9,016,787
5,105	Enphase Energy, Inc.*		202,413
34,703	Intel Corp.		777,347
1,073	MACOM Technology Solutions Holdings, Inc.*		153,750


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS VARIABLE INSURANCE TRUST-U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Semiconductors & Semiconductor Equipment – (continued)
164,101	NVIDIA Corp.	$	25,926,317
16,322	QUALCOMM, Inc.		2,599,442
22,782	Texas Instruments, Inc.		4,729,999

			43,406,055


Software – 9.3%
11,457	Datadog, Inc., Class A*		1,539,019
1,233	Docusign, Inc.*		96,038
6,168	Dolby Laboratories, Inc., Class A		458,036
332	Fair Isaac Corp.*		606,883
2,162	Intuit, Inc.		1,702,856
45,853	Microsoft Corp.		22,807,741
2,851	Palantir Technologies, Inc., Class A*		388,648
10,383	Palo Alto Networks, Inc.*		2,124,777
44,657	RingCentral, Inc., Class A*		1,266,026
2,875	Samsara, Inc., Class A*		114,367
1,263	ServiceNow, Inc.*		1,298,465
9,035	Workday, Inc., Class A*		2,168,400

			34,571,256


Specialized REITs – 2.2%
4,676	Digital Realty Trust, Inc. REIT		815,167
2,176	Equinix, Inc. REIT		1,730,943
8,905	Extra Space Storage, Inc. REIT		1,312,953
1,755	Iron Mountain, Inc. REIT		180,010
10,130	Lamar Advertising Co., Class A REIT		1,229,377
10,159	Public Storage REIT		2,980,854

			8,249,304


Specialty Retail – 0.9%
602	Carvana Co.*		202,850
3,781	Chewy, Inc., Class A*		161,146
11,509	Gap, Inc. (The)		251,011
5,612	Home Depot, Inc. (The)		2,057,584
2,137	Lithia Motors, Inc.		721,922

			3,394,513


Technology Hardware, Storage & Peripherals – 6.7%
121,025	Apple, Inc.		24,830,699


Textiles, Apparel & Luxury Goods – 0.5%
30,870	Birkenstock Holding PLC (Germany)*		1,518,187
1,825	Lululemon Athletica, Inc.*		433,583

			1,951,770


Shares	Description	Value

Common Stocks – (continued)

Wireless Telecommunication Services – 0.9%
13,730	T-Mobile US, Inc.	$	3,271,310

TOTAL INVESTMENTS – 99.1% (Cost $254,815,181)		$	368,171,674

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%			3,356,283

NET ASSETS – 100.0%		$	371,527,957

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.



Investment Abbreviations:
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2025, the Fund had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

S&P 500 E-Mini Index

09/19/25

$ 2,188,813

$ 72,827


28		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Assets and Liabilities

June 30, 2025 (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 $95,023,452, $214,381,837, $51,928,663 and $351,686,705, respectively)	$	113,972,516	$	263,164,620	$	65,669,859	$	418,563,978
Investments in affiliated issuers, at value (cost $–, $3,156, $1,698,723 and $13,187,911, respectively)		—		3,156		1,698,723		13,187,911
Cash		581,544		463,303		65,950		793,307
Foreign Currency, at value (cost $849,908, $–, $– and $–, respectively)		856,683		—		—		—
Receivables:
Investments sold		2,856,431		—		882,735		—
Collateral on certain derivative contracts		655,529		—		—		—
Foreign tax reclaims		590,150		5,032		—		878
Dividends		134,968		165,959		14,422		561,317
Reimbursement from investment adviser		12,144		8,570		7,666		4,096
Securities lending income		44		—		—		—
Fund shares sold		—		391,428		758		4,373,526
Other assets		331		272		2,570		161

Total assets		119,660,340		264,202,340		68,342,683		437,485,174


Liabilities:

Variation margin on futures contracts		253		—		—		—
Payables:
Investments purchased		2,670,176		—		1,929,692		—
Due to broker		546,006		—		—		—
Fund shares redeemed		126,560		80,761		101,941		317,871
Management fees		36,588		72,330		21,534		132,882
Distribution and Service fees and Transfer Agency fees		4,837		19,138		6,902		13,626
Accrued expenses		88,629		65,707		55,506		165,955

Total liabilities		3,473,049		237,936		2,115,575		630,334


Net Assets:

Paid-in capital		89,272,279		184,177,833		42,203,432		334,602,727
Total distributable earnings		26,915,012		79,786,571		24,023,676		102,252,113


NET ASSETS	$	116,187,291	$	263,964,404	$	66,227,108	$	436,854,840
Net Assets:
Institutional	$	77,713,186	$	80,452,514	$	2,895,425	$	328,628,955
Service		38,474,105		183,511,890		63,331,683		108,225,885
Total Net Assets	$	116,187,291	$	263,964,404	$	66,227,108	$	436,854,840
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		7,199,142		9,004,357		220,073		19,084,552
Service		3,547,769		20,529,464		5,236,297		6,207,707
Net asset value, offering and redemption price per share:
Institutional	$	10.79	$	8.93	$	13.16	$	17.22
Service		10.84		8.94		12.09		17.43


The accompanying notes are an integral part of these financial statements.		29

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Assets and Liabilities (continued)

June 30, 2025 (Unaudited)


	Small Cap Equity Insights Fund		Strategic Growth Fund		U.S. Equity Insights Fund

Assets:

Investments in unaffiliated issuers, at value (cost $141,232,506, $189,427,088 and $254,815,181, respectively)^(a)	$	150,089,548	$	435,003,376	$	368,171,674
Investments in affiliated issuers, at value (cost $725,644, $5,929,362 and $–, respectively)		725,644		5,929,362		—
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		1,053,167		—		—
Cash		2,431,350		519,382		3,582,149
Receivables:
Fund shares sold		169,506		181,795		273,378
Dividends		157,125		10,712		72,268
Investments sold		11,736		—		—
Reimbursement from investment adviser		3,444		9,096		9,061
Foreign tax reclaims		2,224		2,821		1,006
Securities lending income		1,556		—		—
Collateral on certain derivative contracts		—		—		175,910
Variation margin on futures contracts		3,625		—		10,543
Other assets		274		912		1,192

Total assets		154,649,199		441,657,456		372,297,181


Liabilities:
Payables:
Payable upon return of securities loaned		1,053,167		—		—
Fund shares redeemed		72,548		533,225		603,480
Management fees		43,174		119,106		80,290
Collateral on certain derivative contracts		23,772		—		—
Distribution and Service fees and Transfer Agency fees		5,554		27,200		7,445
Accrued expenses		65,845		77,293		78,009

Total liabilities		1,264,060		756,824		769,224


Net Assets:
Paid-in capital		140,107,042		144,448,133		240,051,603
Total distributable earnings		13,278,097		296,452,499		131,476,354

NET ASSETS	$	153,385,139	$	440,900,632	$	371,527,957
Net Assets:
Institutional	$	110,424,865	$	202,952,838	$	326,771,132
Service		42,960,274		237,947,794		44,756,825
Total Net Assets	$	153,385,139	$	440,900,632	$	371,527,957
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		8,320,096		12,429,639		14,563,467
Service		3,287,541		14,808,160		1,976,448
Net asset value, offering and redemption price per share:
Institutional	$	13.27	$	16.33	$	22.44
Service		13.07		16.07		22.65

^(a)

Includes loaned securities having a market value of $1,053,806, $– and $– for Small Cap Equity Insights Fund, Strategic Growth Fund and U.S. Equity Insights Fund, respectively.


30		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Operations

June 30, 2025 (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 $267,966, $–, $– and $1,580, respectively)		$	2,395,521			$	2,432,082			$	176,968			$	4,002,526

Securities lending income, net of rebates received or paid to borrowers – affiliated issuer			4,408				—				—				338

Dividends — affiliated issuers			2,823				16,001				17,344				100,437


Total Investment Income			2,402,752				2,448,083				194,312				4,103,301



Expenses:

Management fees			431,590				942,808				261,703				1,589,873

Custody, accounting and administrative services			68,835				29,399				17,334				29,598

Professional fees			63,117				55,848				53,569				52,767

Distribution and/or Service (12b-1) fees			44,750				225,339				72,399				117,641

Trustee fees			13,719				13,915				13,681				14,109

Transfer Agency fees^(a)			10,657				26,189				6,016				41,295

Printing and mailing costs			6,968				11,888				12,607				5,000

Registration fees			—				45				9				—

Other			3,259				5,002				2,211				8,504


Total expenses			642,895				1,310,433				439,529				1,858,787


Less — expense reductions			(169,874	)			(181,902	)			(145,853	)			(23,023	)


Net expenses			473,021				1,128,531				293,676				1,835,764


NET INVESTMENT INCOME (LOSS)			1,929,731				1,319,552				(99,364	)			2,267,537



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers			5,465,701				25,698,299				6,552,262				26,810,291

Foreign currency transactions			35,449				—				165				1,816

Futures contracts			159,355				—				—				—

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers			14,298,047				(18,354,534	)			(738,780	)			(21,916,912	)

Foreign currency translations			116,631				265				—				27

Futures contracts			16,325				—				—				—


Net realized and unrealized gain			20,091,508				7,344,030				5,813,647				4,895,222


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	22,021,239			$	8,663,582			$	5,714,283			$	7,162,759

^(a)

Class specific Transfer Agency fees were as follows:


	Transfer Agency Fees
Fund	Institutional		Service
International Equity Insights Fund		$7,077		$3,580
Large Cap Value Fund		8,162		18,027
Mid Cap Growth Fund		224		5,792
Mid Cap Value Fund		31,884		9,411


The accompanying notes are an integral part of these financial statements.		31

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Operations (continued)

June 30, 2025 (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 $5,415, $948 and $–, respectively)		$	1,215,697			$	959,585			$	2,310,911

Dividends — affiliated issuers			23,698				81,277				817

Securities lending income, net of rebates received or paid to borrowers – affiliated issuer			14,940				—				—


Total Investment Income			1,254,335				1,040,862				2,311,728



Expenses:

Management fees			509,953				1,382,455				1,098,947

Professional fees			56,022				54,682				55,839

Distribution and/or Service (12b-1) fees			48,246				257,565				53,944

Custody, accounting and administrative services			32,748				32,122				33,951

Transfer Agency fees^(a)			14,571				38,942				35,450

Trustee fees			13,778				14,061				14,010

Printing and mailing costs			10,799				17,859				15,545

Registration fees			236				44				198

Other			4,445				5,743				5,669


Total expenses			690,798				1,803,473				1,313,553


Less — expense reductions			(50,451	)			(178,257	)			(268,580	)


Net expenses			640,347				1,625,216				1,044,973


NET INVESTMENT INCOME (LOSS)			613,988				(584,354	)			1,266,755



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers			603,124				36,052,555				4,643,000

Foreign currency transactions			—				27				—

Futures contracts			(383,764	)			—				(362,110	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers			(2,962,012	)			(14,061,532	)			6,056,951

Futures contracts			217,101				—				162,283

Foreign currency translations			—				149				—


Net realized and unrealized gain (loss)			(2,525,551	)			21,991,199				10,500,124


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(1,911,563	)		$	21,406,845			$	11,766,879

^(a)

Class specific Transfer Agency fees were as follows:


	Transfer Agency Fees
Fund	Institutional		Service
Small Cap Equity Insights Fund		$10,711		$3,860
Strategic Growth Fund		18,337		20,605
U.S. Equity Insights Fund		31,134		4,316


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

June 30, 2025 (Unaudited)


	International Equity Insights Fund						Large Cap Value Fund

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Fiscal Year Ended December 31, 2024			For the Six Months Ended June 30, 2025 (Unaudited)			For the Fiscal Year Ended December 31, 2024

From operations:

Net investment income	$	1,929,731		$	2,237,632		$	1,319,552		$	3,135,982

Net realized gain		5,660,505			11,876,070			25,698,299			34,945,091

Net change in unrealized gain (loss)		14,431,003			(7,732,163	)		(18,354,269	)		6,843,102


Net increase in net assets resulting from operations		22,021,239			6,381,539			8,663,582			44,924,175



Distributions to shareholders:

From distributable earnings:

Institutional Shares		–			(4,359,207	)		–			(11,419,934	)

Service Shares		–			(2,118,195	)		–			(24,965,024	)


Total distributions to shareholders		–			(6,477,402	)		–			(36,384,958	)



From share transactions:

Proceeds from sales of shares		10,281,265			5,340,662			6,687,485			6,554,512

Reinvestment of distributions		–			6,477,402			–			36,384,958

Cost of shares redeemed		(14,162,887	)		(18,577,626	)		(24,242,099	)		(59,320,824	)


Net decrease in net assets resulting from share transactions		(3,881,622	)		(6,759,562	)		(17,554,614	)		(16,381,354	)


TOTAL INCREASE (DECREASE)		18,139,617			(6,855,425	)		(8,891,032	)		(7,842,137	)



Net Assets:

Beginning of period	$	98,047,674		$	104,903,099		$	272,855,436		$	280,697,573


End of period	$	116,187,291		$	98,047,674		$	263,964,404		$	272,855,436


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)

June 30, 2025 (Unaudited)


	Mid Cap Growth Fund						Mid Cap Value Fund

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Fiscal Year Ended December 31, 2024			For the Six Months Ended June 30, 2025 (Unaudited)			For the Fiscal Year Ended December 31, 2024

From operations:

Net investment income (loss)	$	(99,364	)	$	(229,634	)	$	2,267,537		$	4,071,636

Net realized gain		6,552,427			11,515,918			26,812,107			39,385,202

Net change in unrealized gain (loss)		(738,780	)		536,961			(21,916,885	)		9,439,108


Net increase in net assets resulting from operations		5,714,283			11,823,245			7,162,759			52,895,946



Distributions to shareholders:

From distributable earnings:

Institutional Shares		–			(183,376	)		–			(22,346,482	)

Service Shares		–			(7,178,874	)		–			(7,562,396	)


Total distributions to shareholders		–			(7,362,250	)		–			(29,908,878	)



From share transactions:

Proceeds from sales of shares		6,984,392			4,869,881			50,804,857			24,974,652

Reinvestment of distributions		–			7,362,250			–			29,908,878

Cost of shares redeemed		(10,965,521	)		(14,460,582	)		(70,481,776	)		(77,492,627	)


Net decrease in net assets resulting from share transactions		(3,981,129	)		(2,228,451	)		(19,676,919	)		(22,609,097	)


TOTAL INCREASE (DECREASE)		1,733,154			2,232,544			(12,514,160	)		377,971



Net Assets:

Beginning of period	$	64,493,954		$	62,261,410		$	449,369,000		$	448,991,029


End of period	$	66,227,108		$	64,493,954		$	436,854,840		$	449,369,000


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)

June 30, 2025 (Unaudited)


	Small Cap Equity Insights Fund						Strategic Growth Fund

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Fiscal Year Ended December 31, 2024			For the Six Months Ended June 30, 2025 (Unaudited)			For the Fiscal Year Ended December 31, 2024

From operations:

Net investment income (loss)	$	613,988		$	662,738		$	(584,354	)	$	(1,061,758	)

Net realized gain		219,360			27,355,340			36,052,582			45,117,308

Net change in unrealized gain (loss)		(2,744,911	)		(4,876,916	)		(14,061,383	)		66,730,570


Net increase (decrease) in net assets resulting from operations		(1,911,563	)		23,141,162			21,406,845			110,786,120



Distributions to shareholders:

From distributable earnings:

Institutional Shares		–			(9,967,498	)		–			(14,116,534	)

Service Shares		–			(3,285,027	)		–			(17,717,139	)


Total distributions to shareholders		–			(13,252,525	)		–			(31,833,673	)



From share transactions:

Proceeds from sales of shares		14,295,187			28,899,945			73,976,458			29,714,042

Reinvestment of distributions		–			13,252,525			–			31,833,672

Cost of shares redeemed		(11,623,146	)		(23,052,447	)		(81,670,674	)		(80,063,168	)


Net increase (decrease) in net assets resulting from share transactions		2,672,041			19,100,023			(7,694,216	)		(18,515,454	)


TOTAL INCREASE		760,478			28,988,660			13,712,629			60,436,993



Net Assets:

Beginning of period	$	152,624,661		$	123,636,001		$	427,188,003		$	366,751,010


End of period	$	153,385,139		$	152,624,661		$	440,900,632		$	427,188,003


The accompanying notes are an integral part of these financial statements.		35

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Changes in Net Assets (continued)

June 30, 2025 (Unaudited)


	U.S. Equity Insights Fund

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Fiscal Year Ended December 31, 2024

From operations:

Net investment income	$	1,266,755		$	1,926,403

Net realized gain		4,280,890			61,281,367

Net change in unrealized gain		6,219,234			23,941,033


Net increase in net assets resulting from operations		11,766,879			87,148,803



Distributions to shareholders:

From distributable earnings:

Institutional Shares		–			(45,338,169	)

Service Shares		–			(6,364,126	)


Total distributions to shareholders		–			(51,702,295	)



From share transactions:

Proceeds from sales of shares		11,757,590			20,868,263

Reinvestment of distributions		–			51,702,296

Cost of shares redeemed		(25,446,290	)		(58,156,442	)


Net increase (decrease) in net assets resulting from share transactions		(13,688,700	)		14,414,117


TOTAL INCREASE (DECREASE)		(1,921,821	)		49,860,625



Net Assets:

Beginning of period	$	373,449,778		$	323,589,153


End of period	$	371,527,957		$	373,449,778


36		The accompanying notes are an integral part of these financial statements.

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, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	8.79			$	8.86			$	7.66			$	9.16			$	8.62			$	8.19


Net investment income^(a)			0.18				0.21	^(b)			0.20	^(c)			0.25	^(d)			0.21				0.12

Net realized and unrealized gain (loss)			1.82				0.35				1.23				(1.49	)			0.83				0.43


Total from investment operations			2.00				0.56				1.43				(1.24	)			1.04				0.55


Distributions to shareholders from net investment income			–				(0.29	)			(0.23	)			(0.26	)			(0.27	)			(0.12	)

Distributions to shareholders from net realized gains			–				(0.34	)			–				–				(0.23	)			–


Total distributions			–				(0.63	)			(0.23	)			(0.26	)			(0.50	)			(0.12	)


Net asset value, end of period		$	10.79			$	8.79			$	8.86			$	7.66			$	9.16			$	8.62


Total Return^(e)			22.75	%			6.13	%			18.71	%			(13.55	)%			12.17	%			6.79	%


Net assets, end of period (in 000’s)		$	77,713			$	64,825			$	67,221			$	59,170			$	63,179			$	50,114

Ratio of net expenses to average net assets			0.80	%^(f)			0.81	%			0.82	%			0.83	%			0.85	%			0.87	%

Ratio of total expenses to average net assets			1.12	%^(f)			1.09	%			1.10	%			0.99	%			1.14	%			1.37	%

Ratio of net investment income to average net assets			3.70	%^(f)			2.19	%			2.38	%^(c)			3.09	%^(d)			2.22	%			1.59	%

Portfolio turnover rate^(g)			78	%			151	%			162	%			164	%			167	%			175	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

(c)

Reflects income recognized from special dividends which amounts to $0.03 per share and 0.33% of average net assets.

(d)

Reflects income recognized from special dividends which amounts to $0.04 per share and 0.45% of average net assets.

(e)

(f)

Annualized.

(g)


The accompanying notes are an integral part of these financial statements.		37

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, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	8.84			$	8.90			$	7.70			$	9.20			$	8.66			$	8.23


Net investment income^(a)			0.17				0.19	^(b)			0.18	^(c)			0.22	^(d)			0.19				0.10

Net realized and unrealized gain (loss)			1.83				0.35				1.23				(1.48	)			0.83				0.44


Total from investment operations			2.00				0.54				1.41				(1.26	)			1.02				0.54


Distributions to shareholders from net investment income			–				(0.26	)			(0.21	)			(0.24	)			(0.25	)			(0.11	)

Distributions to shareholders from net realized gains			–				(0.34	)			–				–				(0.23	)			–


Total distributions			–				(0.60	)			(0.21	)			(0.24	)			(0.48	)			(0.11	)


Net asset value, end of period		$	10.84			$	8.84			$	8.90			$	7.70			$	9.20			$	8.66


Total Return^(e)			22.62	%			5.81	%			18.43	%			(13.72	)%			11.81	%			6.53	%


Net assets, end of period (in 000’s)		$	38,474			$	33,223			$	37,682			$	34,154			$	44,372			$	47,685

Ratio of net expenses to average net assets			1.05	%^(f)			1.06	%			1.07	%			1.09	%			1.10	%			1.12	%

Ratio of total expenses to average net assets			1.37	%^(f)			1.34	%			1.35	%			1.25	%			1.40	%			1.61	%

Ratio of net investment income to average net assets			3.47	%^(f)			1.98	%			2.14	%^(c)			2.74	%^(d)			1.97	%			1.30	%

Portfolio turnover rate^(g)			78	%			151	%			162	%			164	%			167	%			175	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

(c)

Reflects income recognized from special dividends which amounts to $0.03 per share and 0.33% of average net assets.

(d)

Reflects income recognized from special dividends which amounts to $0.04 per share and 0.45% of average net assets.

(e)

(f)

Annualized.

(g)


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

	Institutional Shares
	Six Months Ended June 30, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	8.62			$	8.43			$	8.34			$	9.97			$	9.27			$	9.19


Net investment income^(a)			0.05				0.12				0.11				0.13				0.11				0.12

Net realized and unrealized gain (loss)			0.26				1.39				0.93				(0.72	)			2.09				0.24


Total from investment operations			0.31				1.51				1.04				(0.59	)			2.20				0.36


Distributions to shareholders from net investment income			–				(0.14	)			(0.16	)			(0.13	)			(0.13	)			(0.12	)

Distributions to shareholders from net realized gains			–				(1.18	)			(0.79	)			(0.91	)			(1.37	)			(0.16	)


Total distributions			–				(1.32	)			(0.95	)			(1.04	)			(1.50	)			(0.28	)


Net asset value, end of period		$	8.93			$	8.62			$	8.43			$	8.34			$	9.97			$	9.27


Total Return^(b)			3.60	%			17.10	%			13.01	%			(6.37	)%			24.13	%			3.97	%


Net assets, end of period (in 000’s)		$	80,453			$	85,065			$	80,219			$	145,165			$	179,541			$	160,076

Ratio of net expenses to average net assets			0.70	%^(c)			0.70	%			0.71	%			0.70	%			0.69	%			0.71	%

Ratio of total expenses to average net assets			0.83	%^(c)			0.81	%			0.79	%			0.80	%			0.79	%			0.81	%

Ratio of net investment income to average net assets			1.21	%^(c)			1.26	%			1.33	%			1.38	%			1.08	%			1.44	%

Portfolio turnover rate^(d)			48	%			57	%			58	%			46	%			54	%			58	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		39

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, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	8.63			$	8.44			$	8.35			$	9.98			$	9.27			$	9.19


Net investment income^(a)			0.04				0.10				0.10				0.11				0.09				0.10

Net realized and unrealized gain (loss)			0.27				1.38				0.91				(0.72	)			2.09				0.24


Total from investment operations			0.31				1.48				1.01				(0.61	)			2.18				0.34


Distributions to shareholders from net investment income			–				(0.11	)			(0.13	)			(0.11	)			(0.10	)			(0.10	)

Distributions to shareholders from net realized gains			–				(1.18	)			(0.79	)			(0.91	)			(1.37	)			(0.16	)


Total distributions			–				(1.29	)			(0.92	)			(1.02	)			(1.47	)			(0.26	)


Net asset value, end of period		$	8.94			$	8.63			$	8.44			$	8.35			$	9.98			$	9.27


Total Return^(b)			3.59	%			16.79	%			12.71	%			(6.57	)%			23.93	%			3.73	%


Net assets, end of period (in 000’s)		$	183,512			$	187,791			$	200,479			$	238,371			$	307,721			$	299,564

Ratio of net expenses to average net assets			0.93	%^(c)			0.93	%			0.94	%			0.93	%			0.92	%			0.94	%

Ratio of total expenses to average net assets			1.08	%^(c)			1.06	%			1.04	%			1.05	%			1.04	%			1.06	%

Ratio of net investment income to average net assets			0.98	%^(c)			1.03	%			1.12	%			1.15	%			0.84	%			1.21	%

Portfolio turnover rate^(d)			48	%			57	%			58	%			46	%			54	%			58	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

	Institutional Shares
	Six Months Ended June 30, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	11.97			$	10.99			$	9.32			$	13.05			$	13.93			$	11.50


Net investment loss^(a)			(0.01	)			(0.03	)			(0.01	)			(0.02	)			(0.07	)			(0.04	)

Net realized and unrealized gain (loss)			1.20				2.38				1.75				(3.38	)			1.71				5.06


Total from investment operations			1.19				2.35				1.74				(3.40	)			1.64				5.02


Distributions to shareholders from net realized gains			–				(1.37	)			(0.07	)			(0.33	)			(2.52	)			(2.59	)


Net asset value, end of period		$	13.16			$	11.97			$	10.99			$	9.32			$	13.05			$	13.93


Total Return^(b)			9.94	%			20.48	%			18.68	%			(26.20	)%			11.65	%			44.33	%


Net assets, end of period (in 000’s)		$	2,895			$	1,768			$	1,408			$	1,132			$	483			$	151

Ratio of net expenses to average net assets			0.83	%^(c)			0.83	%			0.83	%			0.82	%			0.83	%			0.85	%

Ratio of total expenses to average net assets			1.22	%^(c)			1.13	%			1.15	%			1.20	%			1.33	%			1.23	%

Ratio of net investment loss to average net assets			(0.16	)%^(c)			(0.22	)%			(0.06	)%			(0.16	)%			(0.47	)%			(0.34	)%

Portfolio turnover rate^(d)			43	%			73	%			63	%			59	%			50	%			71	%

(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 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 accompanying notes are an integral part of these financial statements.		41

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, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	11.01			$	10.21			$	8.68			$	12.20			$	13.19			$	11.00


Net investment loss^(a)			(0.02	)			(0.04	)			(0.02	)			(0.03	)			(0.09	)			(0.06	)

Net realized and unrealized gain (loss)			1.10				2.21				1.62				(3.16	)			1.62				4.84


Total from investment operations			1.08				2.17				1.60				(3.19	)			1.53				4.78


Distributions to shareholders from net realized gains			–				(1.37	)			(0.07	)			(0.33	)			(2.52	)			(2.59	)


Net asset value, end of period		$	12.09			$	11.01			$	10.21			$	8.68			$	12.20			$	13.19


Total Return^(b)			9.81	%			20.29	%			18.45	%			(26.30	)%			11.48	%			44.16	%


Net assets, end of period (in 000’s)		$	63,332			$	62,726			$	60,854			$	51,286			$	76,986			$	82,134

Ratio of net expenses to average net assets			0.98	%^(c)			0.98	%			0.98	%			0.98	%			0.99	%			1.01	%

Ratio of total expenses to average net assets			1.47	%^(c)			1.38	%			1.40	%			1.51	%			1.43	%			1.48	%

Ratio of net investment loss to average net assets			(0.34	)%^(c)			(0.37	)%			(0.22	)%			(0.36	)%			(0.62	)%			(0.50	)%

Portfolio turnover rate^(d)			43	%			73	%			63	%			59	%			50	%			71	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

	Institutional Shares
	Six Months Ended June 30, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	16.87			$	16.01			$	14.89			$	19.53			$	17.23			$	16.22


Net investment income^(a)			0.11				0.16				0.14				0.16				0.09				0.10

Net realized and unrealized gain (loss)			0.24				1.90				1.53				(1.98	)			5.20				1.26


Total from investment operations			0.35				2.06				1.67				(1.82	)			5.29				1.36


Distributions to shareholders from net investment income			–				(0.18	)			(0.16	)			(0.13	)			(0.10	)			(0.10	)

Distributions to shareholders from net realized gains			–				(1.02	)			(0.39	)			(2.69	)			(2.89	)			(0.25	)


Total distributions			–				(1.20	)			(0.55	)			(2.82	)			(2.99	)			(0.35	)


Net asset value, end of period		$	17.22			$	16.87			$	16.01			$	14.89			$	19.53			$	17.23


Total Return^(b)			2.07	%			12.40	%			11.42	%			(9.99	)%			30.95	%			8.38	%


Net assets, end of period (in 000’s)		$	328,629			$	331,816			$	326,257			$	311,440			$	383,315			$	327,376

Ratio of net expenses to average net assets			0.83	%^(c)			0.84	%			0.84	%			0.83	%			0.83	%			0.84	%

Ratio of total expenses to average net assets			0.84	%^(c)			0.84	%			0.85	%			0.85	%			0.85	%			0.90	%

Ratio of net investment income to average net assets			1.32	%^(c)			0.96	%			0.96	%			0.89	%			0.46	%			0.68	%

Portfolio turnover rate^(d)			49	%			62	%			92	%			75	%			63	%			111	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		43

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, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	17.10			$	16.21			$	15.07			$	19.73			$	17.39			$	16.37


Net investment income^(a)			0.09				0.12				0.11				0.10				0.04				0.06

Net realized and unrealized gain (loss)			0.24				1.92				1.54				(1.99	)			5.24				1.28


Total from investment operations			0.33				2.04				1.65				(1.89	)			5.28				1.34


Distributions to shareholders from net investment income			–				(0.13	)			(0.12	)			(0.08	)			(0.05	)			(0.07	)

Distributions to shareholders from net realized gains			–				(1.02	)			(0.39	)			(2.69	)			(2.89	)			(0.25	)


Total distributions			–				(1.15	)			(0.51	)			(2.77	)			(2.94	)			(0.32	)


Net asset value, end of period		$	17.43			$	17.10			$	16.21			$	15.07			$	19.73			$	17.39


Total Return^(b)			1.93	%			12.16	%			11.11	%			(10.23	)%			30.57	%			8.17	%


Net assets, end of period (in 000’s)		$	108,226			$	117,553			$	122,734			$	89,460			$	169,283			$	158,909

Ratio of net expenses to average net assets			1.08	%^(c)			1.08	%			1.09	%			1.08	%			1.08	%			1.09	%

Ratio of total expenses to average net assets			1.09	%^(c)			1.09	%			1.10	%			1.10	%			1.10	%			1.14	%

Ratio of net investment income to average net assets			1.10	%^(c)			0.71	%			0.73	%			0.56	%			0.21	%			0.39	%

Portfolio turnover rate^(d)			49	%			62	%			92	%			75	%			63	%			111	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

	Institutional Shares
	Six Months Ended June 30, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	13.44			$	12.28			$	10.40			$	13.08			$	13.51			$	12.62


Net investment income^(a)			0.06				0.07				0.08	^(b)			0.07	^(c)			0.05	^(d)			0.05

Net realized and unrealized gain (loss)			(0.23	)			2.37				1.92				(2.59	)			3.17				1.03


Total from investment operations			(0.17	)			2.44				2.00				(2.52	)			3.22				1.08


Distributions to shareholders from net investment income			–				(0.14	)			(0.12	)			(0.04	)			(0.08	)			(0.03	)

Distributions to shareholders from net realized gains			–				(1.14	)			–				(0.12	)			(3.57	)			(0.16	)


Total distributions			–				(1.28	)			(0.12	)			(0.16	)			(3.65	)			(0.19	)


Net asset value, end of period		$	13.27			$	13.44			$	12.28			$	10.40			$	13.08			$	13.51


Total Return^(e)			(1.26	)%			19.05	%			19.28	%			(19.38	)%			23.79	%			8.56	%


Net assets, end of period (in 000’s)		$	110,425			$	114,090			$	95,809			$	87,877			$	108,716			$	84,887

Ratio of net expenses to average net assets			0.81	%^(f)			0.81	%			0.82	%			0.81	%			0.81	%			0.81	%

Ratio of total expenses to average net assets			0.88	%^(f)			0.87	%			0.87	%			0.95	%			0.93	%			1.08	%

Ratio of net investment income to average net assets			0.90	%^(f)			0.54	%			0.75	%^(b)			0.65	%^(c)			0.34	%^(d)			0.46	%

Portfolio turnover rate^(g)			79	%			158	%			152	%			163	%			172	%			147	%

(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)

(f)

Annualized.

(g)


The accompanying notes are an integral part of these financial statements.		45

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, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	13.25			$	12.12			$	10.27			$	12.93			$	13.39			$	12.51


Net investment income^(a)			0.04				0.04				0.06	^(b)			0.05	^(c)			0.01	^(d)			0.02

Net realized and unrealized gain (loss)			(0.22	)			2.34				1.88				(2.58	)			3.14				1.02


Total from investment operations			(0.18	)			2.38				1.94				(2.53	)			3.15				1.04


Distributions to shareholders from net investment income			–				(0.11	)			(0.09	)			(0.01	)			(0.04	)			–

Distributions to shareholders from net realized gains			–				(1.14	)			–				(0.12	)			(3.57	)			(0.16	)


Total distributions			–				(1.25	)			(0.09	)			(0.13	)			(3.61	)			(0.16	)


Net asset value, end of period		$	13.07			$	13.25			$	12.12			$	10.27			$	12.93			$	13.39


Total Return^(e)			(1.36	)%			18.82	%			18.95	%			(19.64	)%			23.50	%			8.34	%


Net assets, end of period (in 000’s)		$	42,960			$	38,534			$	27,827			$	21,617			$	22,114			$	17,239

Ratio of net expenses to average net assets			1.06	%^(f)			1.06	%			1.07	%			1.06	%			1.06	%			1.06	%

Ratio of total expenses to average net assets			1.13	%^(f)			1.12	%			1.12	%			1.20	%			1.18	%			1.33	%

Ratio of net investment income to average net assets			0.68	%^(f)			0.29	%			0.50	%^(b)			0.43	%^(c)			0.09	%^(d)			0.22	%

Portfolio turnover rate^(g)			79	%			158	%			152	%			163	%			172	%			147	%

(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)

(f)

Annualized.

(g)


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

	Institutional Shares
	Six Months Ended June 30, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	15.39			$	12.54			$	9.20			$	16.63			$	15.43			$	11.90


Net investment loss^(a)			(0.01	)			(0.02	)			(0.01	)			(0.01	)			(0.05	)			–	^(b)

Net realized and unrealized gain (loss)			0.95				4.08				3.84				(5.24	)			3.46				4.79


Total from investment operations			0.94				4.06				3.83				(5.25	)			3.41				4.79


Distributions to shareholders from net investment income			–				–				–				–				–				(0.01	)

Distributions to shareholders from net realized gains			–				(1.21	)			(0.49	)			(2.18	)			(2.21	)			(1.25	)


Total distributions			–				(1.21	)			(0.49	)			(2.18	)			(2.21	)			(1.26	)


Net asset value, end of period		$	16.33			$	15.39			$	12.54			$	9.20			$	16.63			$	15.43


Total Return^(c)			6.11	%			32.37	%			41.94	%			(32.52	)%			21.93	%			40.37	%


Net assets, end of period (in 000’s)		$	202,953			$	191,210			$	160,030			$	122,077			$	187,144			$	167,930

Ratio of net expenses to average net assets			0.70	%^(d)			0.72	%			0.75	%			0.74	%			0.73	%			0.74	%

Ratio of total expenses to average net assets			0.79	%^(d)			0.79	%			0.79	%			0.82	%			0.79	%			0.81	%

Ratio of net investment loss to average net assets			(0.17	)%^(d)			(0.13	)%			(0.06	)%			(0.11	)%			(0.27	)%			(0.01	)%

Portfolio turnover rate^(e)			31	%			39	%			47	%			29	%			20	%			45	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		47

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, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	15.17			$	12.40			$	9.12			$	16.55			$	15.41			$	11.91


Net investment loss^(a)			(0.03	)			(0.05	)			(0.03	)			(0.05	)			(0.09	)			(0.03	)

Net realized and unrealized gain (loss)			0.93				4.03				3.80				(5.20	)			3.44				4.78


Total from investment operations			0.90				3.98				3.77				(5.25	)			3.35				4.75


Distributions to shareholders from net realized gains			–				(1.21	)			(0.49	)			(2.18	)			(2.21	)			(1.25	)


Total distributions			–				(1.21	)			(0.49	)			(2.18	)			(2.21	)			(1.25	)


Net asset value, end of period		$	16.07			$	15.17			$	12.40			$	9.12			$	16.55			$	15.41


Total Return^(b)			5.93	%			32.09	%			41.65	%			(32.68	)%			21.56	%			39.98	%


Net assets, end of period (in 000’s)		$	237,948			$	235,978			$	206,721			$	115,205			$	262,782			$	257,714

Ratio of net expenses to average net assets			0.95	%^(c)			0.97	%			1.00	%			0.99	%			0.98	%			0.99	%

Ratio of total expenses to average net assets			1.04	%^(c)			1.04	%			1.03	%			1.07	%			1.04	%			1.06	%

Ratio of net investment loss to average net assets			(0.42	)%^(c)			(0.38	)%			(0.31	)%			(0.38	)%			(0.52	)%			(0.24	)%

Portfolio turnover rate^(d)			31	%			39	%			47	%			29	%			20	%			45	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

	Institutional Shares
	Six Months Ended June 30, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	21.68			$	19.53			$	15.88			$	20.06			$	20.08			$	17.93


Net investment income^(a)			0.08				0.13				0.15				0.15				0.18				0.15

Net realized and unrealized gain (loss)			0.68				5.47				3.63				(4.10	)			5.61				2.98


Total from investment operations			0.76				5.60				3.78				(3.95	)			5.79				3.13


Distributions to shareholders from net investment income			–				(0.15	)			(0.13	)			(0.14	)			(0.19	)			(0.16	)

Distributions to shareholders from net realized gains			–				(3.30	)			–				(0.09	)			(5.62	)			(0.82	)


Total distributions			–				(3.45	)			(0.13	)			(0.23	)			(5.81	)			(0.98	)


Net asset value, end of period		$	22.44			$	21.68			$	19.53			$	15.88			$	20.06			$	20.08


Total Return^(b)			3.51	%			28.32	%			23.81	%			(19.74	)%			29.41	%			17.49	%


Net assets, end of period (in 000’s)		$	326,771			$	326,795			$	279,958			$	242,239			$	317,468			$	267,592

Ratio of net expenses to average net assets			0.56	%^(c)			0.56	%			0.57	%			0.56	%			0.55	%			0.56	%

Ratio of total expenses to average net assets			0.71	%^(c)			0.70	%			0.69	%			0.72	%			0.71	%			0.75	%

Ratio of net investment income to average net assets			0.74	%^(c)			0.57	%			0.83	%			0.86	%			0.81	%			0.85	%

Portfolio turnover rate^(d)			98	%			204	%			201	%			203	%			206	%			203	%

(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 accompanying notes are an integral part of these financial statements.		49

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, 2025 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)				2024				2023				2022				2021				2020

Per Share Data

Net asset value, beginning of period		$	21.90			$	19.71			$	16.02			$	20.23			$	20.21			$	18.04


Net investment income^(a)			0.06				0.08				0.11				0.11				0.14				0.12

Net realized and unrealized gain (loss)			0.69				5.51				3.66				(4.13	)			5.64				2.99


Total from investment operations			0.75				5.59				3.77				(4.02	)			5.78				3.11


Distributions to shareholders from net investment income			–				(0.10	)			(0.08	)			(0.10	)			(0.14	)			(0.12	)

Distributions to shareholders from net realized gains			–				(3.30	)			–				(0.09	)			(5.62	)			(0.82	)


Total distributions			–				(3.40	)			(0.08	)			(0.19	)			(5.76	)			(0.94	)


Net asset value, end of period		$	22.65			$	21.90			$	19.71			$	16.02			$	20.23			$	20.21


Total Return^(b)			3.42	%			28.00	%			23.59	%			(19.90	)%			29.11	%			17.27	%


Net assets, end of period (in 000’s)		$	44,757			$	46,655			$	43,631			$	41,870			$	61,849			$	54,149

Ratio of net expenses to average net assets			0.77	%^(c)			0.77	%			0.78	%			0.77	%			0.77	%			0.77	%

Ratio of total expenses to average net assets			0.96	%^(c)			0.95	%			0.94	%			0.97	%			0.93	%			1.00	%

Ratio of net investment income to average net assets			0.53	%^(c)			0.36	%			0.62	%			0.64	%			0.60	%			0.63	%

Portfolio turnover rate^(d)			98	%			204	%			201	%			203	%			206	%			203	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


50		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements

June 30, 2025 (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.


		51

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. 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 translations. 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.

F. Segment Reporting — The Funds follow Fund Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds’ prospectuses. The Chief Operating Decision Maker (“CODM”) is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Funds’ single segment, is consistent with that presented within each Fund’s financial statements.

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 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).


52

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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:

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.

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.


		53

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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, 2025:


International Equity Insights Fund
Investment Type	Level 1			Level 2		Level 3
Assets

Common Stock and/or Other Equity Investments^(a)
Africa	$	—		$	32,255	$	—
Asia		200,219			31,465,240		—
Europe		2,580,992			61,121,639		—
North America		1,674,629			8,291,814		—
Oceania		—			8,535,502		—
South America		—			70,226		—
Total	$	4,455,840		$	109,516,676	$	—

Derivative Type

Assets
Futures Contracts^(b)	$	15,751		$	—	$	—

Liabilities
Futures Contracts^(b)	$	(2,006	)	$	—	$	—

Large Cap Value Fund
Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	7,428,457		$	—	$	—
North America		255,736,163			—		—
Investment Company		3,156			—		—
Total	$	263,167,776		$	—	$	—

Mid Cap Growth Fund
Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	1,125,457		$	—	$	—
North America		64,544,402			—		—
Investment Company		1,698,723			—		—
Total	$	67,368,582		$	—	$	—


54

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



Mid Cap Value Fund
Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)
Asia	$	2,160,428	$	—	$	—
Europe		11,811,419		—		—
North America		404,592,131		—		—
Investment Company		13,187,911		—		—
Total	$	431,751,889	$	—	$	—

Small Cap Equity Insights Fund
Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)
Africa	$	816,839	$	—	$	—
Asia		2,093,411		—		—
Europe		2,450,104		—		—
North America		144,262,184		—		—
South America		467,010		—		—
Investment Company		725,644		—		—
Securities Lending Reinvestment Vehicle		1,053,167		—		—
Total	$	151,868,359	$	—	$	—

Derivative Type

Assets

Futures Contracts^(b)	$	89,609	$	—	$	—

Strategic Growth Fund
Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)
Europe	$	3,975,721	$	—	$	—
North America		431,027,655		—		—
Investment Company		5,929,362		—		—
Total	$	440,932,738	$	—	$	—

U.S. Equity Insights Fund
Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)
Asia	$	637,878	$	—	$	—
Europe		1,770,253		—		—
North America		365,763,543		—		—
Total	$	368,171,674	$	—	$	—

Derivative Type

Assets
Futures Contracts^(b)	$	72,827	$	—	$	—


		55

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

^(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

International Equity Insights Fund

Risk

Statement of Assets and Liabilities

Assets¹

Statement of Assets and Liabilities

Liabilities¹

Equity

Variation margin on futures contracts

15,751

Variation margin on futures contracts

(2,006

)

Small Cap Equity Insights Fund

Risk

Statement of Assets and Liabilities

Assets¹

Statement of Assets and Liabilities

Liabilities¹

Equity

Variation margin on futures contracts

89,609

Variation margin on futures contracts

—

U.S. Equity Insights Fund

Risk

Statement of Assets and Liabilities

Assets¹

Statement of Assets and Liabilities

Liabilities¹

Equity

Variation margin on futures contracts

72,827

Variation margin on futures contracts

—


56

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

International Equity Insights Fund


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	$	159,355	$	16,325

Small Cap Equity Insights Fund


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		(383,764	)		217,101

U.S. Equity Insights Fund


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		(362,110	)		162,283

For the six months ended June 30, 2025, the relevant values for each derivative type were as follows:


	Average number of Contracts^(a)
Fund	Futures Contracts
International Equity Insights Fund		20
Small Cap Equity Insights Fund		49
U.S. Equity Insights Fund		20

^(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, 2025.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.


		57

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2025, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate					Effective Rate	Effective Net Management Rate^
Fund	First $1 billion	Next $1 billion	Next $3 billion	Next $3 billion	Over $8 billion	Effective Rate	Effective Net Management Rate^
International Equity Insights Fund	0.81%	0.73%	0.69%	0.68%	0.67%	0.81%	0.78%^*
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	0.68 ^*
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 30, 2026 and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

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, 2025, with respect to the Funds’ investments in an affiliated Underlying Fund GSAM waived $115, $637, $638, $3,772, $902, $3,121 and $27 of the International Equity Insights Fund, Large Cap Value Fund, Mid Cap Growth Fund, Mid Cap Value Fund, Small Cap Equity Insights Fund, Strategic Growth Fund, and U.S. Equity Insights Fund 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, 2025 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, 2025 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 30, 2026, 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 30, 2026, and prior to such date Goldman Sachs may not terminate the arrangement without approval of the Board of Trustees.


58

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds are 0.004%, 0.004%, 0.004%, 0.024%, 0.094%, 0.004% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 30, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to April 30, 2025, the Other Expense limitation was 0.054% for Mid Cap Value 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, 2025, 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	$	16,106	$	–	$	–	$	153,768	$	169,874

Large Cap Value Fund		53,015		18,027		–		110,860		181,902

Mid Cap Growth Fund		18,687		–		28,957		98,209		145,853

Mid Cap Value Fund		3,772		–		–		19,251		23,023

Small Cap Equity Insights Fund		902		–		–		49,549		50,451

Strategic Growth Fund		61,535		–		–		116,722		178,257

U.S. Equity Insights Fund		141,827		–		8,631		118,122		268,580

E. Line of Credit Facility — As of June 30, 2025, the Funds participated in a $1,300,000,000 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 fiscal year ended December 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 14, 2025 the facility was $1,150,000,000.

F. Other Transactions with Affiliates — For the six months ended June 30, 2025, Goldman Sachs did not earn brokerage commissions from portfolio transactions.

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, 2025:

International Equity Insights Fund


Underlying Fund	Beginning value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Ending value as of June 30, 2025		Shares as of June 30, 2025		Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

	$	81	$	2,478,041	$	(2,478,122	)	$	–		–	$	2,823


Large Cap Value Fund
Underlying Fund	Beginning value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Ending value as of June 30, 2025		Shares as of June 30, 2025		Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

		2,137		13,611,290		(13,610,271	)		3,156		3,156		16,001


		59

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Mid Cap Growth Fund


Underlying Fund	Beginning value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Ending value as of June 30, 2025		Shares as of June 30, 2025		Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

	$	211,545	$	13,223,520	$	(11,736,342	)	$	1,698,723		1,698,723	$	17,344



Mid Cap Value Fund
Underlying Fund	Beginning value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Ending value as of June 30, 2025		Shares as of June 30, 2025		Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

		1,607,866		57,048,124		(45,468,079	)		13,187,911		13,187,911		100,437



Small Cap Equity Insights Fund
Underlying Fund	Beginning value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Ending value as of June 30, 2025		Shares as of June 30, 2025		Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

		1,209,171		11,618,386		(12,101,913	)		725,644		725,644		23,698



Strategic Growth Fund
Underlying Fund	Beginning value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Ending value as of June 30, 2025		Shares as of June 30, 2025		Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

		2,883,077		59,480,266		(56,433,981	)		5,929,362		5,929,362		81,277



U.S. Equity Insights Fund
Underlying Fund	Beginning value as of December 31, 2024		Purchases at Cost		Proceeds from Sales			Ending value as of June 30, 2025		Shares as of June 30, 2025		Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

		–		1,108,312		(1,108,312	)		–		–		817


60

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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, 2025, were as follows:


Fund	Purchases		Sales



International Equity Insights Fund	$	82,123,208	$	84,011,999



Large Cap Value Fund		127,988,662		144,647,364



Mid Cap Growth Fund		25,961,946		30,374,663



Mid Cap Value Fund		204,584,187		237,572,395



Small Cap Equity Insights Fund		118,565,366		115,139,303



Strategic Growth Fund		120,930,647		132,143,767



U.S. Equity Insights Fund		350,349,939		363,207,010

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


		61

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

7. SECURITIES LENDING (continued)

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, 2025, 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, 2025, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:


	For the six months ended June 30, 2025

					Amounts Payable to
	Earnings of GSAL		Amounts Received		Goldman Sachs
	Relating to		by the Funds		Upon Return of
	Securities		from Lending to		Securities Loaned as of
Fund	Loaned		Goldman Sachs		June 30, 2025



International Equity Insights Fund	$	600	$	120	$	—



Small Cap Equity Insights Fund		3,023		1,877		47,277



U.S. Equity Insights Fund		42		37		—

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended June 30, 2025.


	Beginning value as		Purchases		Proceeds			Ending value as
Fund	of December 31, 2024		at Cost		from Sales			of June 30, 2025



International Equity Insights Fund	$	1,041,900	$	8,448,347	$	(9,490,247	)	$	—



Small Cap Equity Insights Fund		1,943,370		14,330,279		(15,220,482	)		1,053,167

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2024, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:


	International
	Equity Insights		Large Cap Value			Mid Cap Growth		Mid Cap Value		Small Cap Equity
	Fund		Fund			Fund		Fund		Insights Fund


Timing differences — (Real Estate Investment Trusts, late year ordinary loss deferral, and post October loss deferral)	$	—	$	(36,468	)	$	—	$	214,392	$	53,655


	Strategic Growth			U.S. Equity
	Fund			Insights Fund

Timing differences	$	(4	)	$	—


62

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

8. TAX INFORMATION (continued)

As of June 30, 2025, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	International Equity
	Insights Fund			Large Cap Value Fund			Mid Cap Growth Fund



Tax Cost	$	95,806,314		$	215,093,488		$	53,892,647



Gross unrealized gain		19,992,086			56,167,786			14,785,319

Gross unrealized loss		(1,825,884	)		(8,093,498	)		(1,309,384	)



Net unrealized gain (loss)	$	18,166,202		$	48,074,288		$	13,475,935


				Small Cap Equity
	Mid Cap Value Fund			Insights Fund			Strategic Growth Fund



Tax Cost	$	369,856,541		$	143,856,563		$	196,054,228



Gross unrealized gain		80,746,182			18,370,585			246,460,158

Gross unrealized loss		(18,850,834	)		(10,358,789	)		(1,581,648	)



Net unrealized gain (loss)	$	61,895,348		$	8,011,796		$	244,878,510



							U.S. Equity Insights
							Fund



Tax Cost							$	255,986,812



Gross unrealized gain								118,720,276

Gross unrealized loss								(6,535,414	)



Net unrealized gain (loss)							$	112,184,862

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


		63

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

9. OTHER RISKS (continued)

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.

Investment Style Risk — Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

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 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, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, 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.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.


64

GOLDMAN SACHS VARIABLE INSURANCE TRUST 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 have been evaluated through the date of issuance, 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:


	International Equity Insights Fund

	For the Six Months Ended June 30, 2025 (Unaudited)						For the Fiscal Year Ended December 31, 2024



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		440,689		$	3,983,935			306,482		$ 2,913,239

Reinvestment of distributions		—			—			475,376		4,359,207

Shares redeemed		(619,136	)		(5,962,753	)		(995,179	)	(9,393,442)



		(178,447	)		(1,978,818	)		(213,321	)	(2,120,996)



Service Shares

Shares sold		658,092			6,297,330			258,995		2,427,423

Reinvestment of distributions		—			—			229,739		2,118,195

Shares redeemed		(869,203	)		(8,200,134	)		(962,763	)	(9,184,184)



		(211,111	)		(1,902,804	)		(474,029	)	(4,638,566)



NET DECREASE IN SHARES		(389,558	)	$	(3,881,622	)		(687,350	)	$ (6,759,562)



	Large Cap Value Fund

	For the Six Months Ended June 30, 2025 (Unaudited)						For the Fiscal Year Ended December 31, 2024



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		261,537		$	2,257,838			590,812		$ 5,454,648

Reinvestment of distributions		—			—			1,260,478		11,419,934

Shares redeemed		(1,124,024	)		(9,265,695	)		(1,503,373	)	(13,970,849)



		(862,487	)		(7,007,857	)		347,917		2,903,733



Service Shares

Shares sold		515,097			4,429,647			119,393		1,099,864

Reinvestment of distributions		—			—			2,749,452		24,965,024

Shares redeemed		(1,733,765	)		(14,976,404	)		(4,878,616	)	(45,349,975)



		(1,218,668	)		(10,546,757	)		(2,009,771	)	(19,285,087)


		65

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Large Cap Value Fund

	For the Six Months Ended June 30, 2025 (Unaudited)						For the Fiscal Year Ended December 31, 2024



	Shares			Dollars			Shares			Dollars

NET DECREASE IN SHARES		(2,081,155	)	$	(17,554,614	)		(1,661,854	)	$ (16,381,354)



	Mid Cap Growth Fund

	For the Six Months Ended June 30, 2025 (Unaudited)						For the Fiscal Year Ended December 31, 2024



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		72,568		$	782,356			29,601		$ 340,916

Reinvestment of distributions		—			—			14,182		183,376

Shares redeemed		(245	)		(2,881	)		(24,149	)	(276,573)



		72,323			779,475			19,634		247,719



Service Shares

Shares sold		568,377			6,202,036			423,473		4,528,965

Reinvestment of distributions		—			—			603,774		7,178,874

Shares redeemed		(1,029,465	)		(10,962,640	)		(1,290,465	)	(14,184,009)



		(461,088	)		(4,760,604	)		(263,218	)	(2,476,170)



NET DECREASE IN SHARES		(388,765	)	$	(3,981,129	)		(243,584	)	$ (2,228,451)



	Mid Cap Value Fund

	For the Six Months Ended June 30, 2025 (Unaudited)						For the Fiscal Year Ended December 31, 2024



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		557,551		$	9,055,275			1,232,116		$ 21,006,206

Reinvestment of distributions		—			—			1,239,405		22,346,482

Shares redeemed		(1,146,480	)		(19,055,654	)		(3,179,541	)	(54,305,638)



		(588,929	)		(10,000,379	)		(708,020	)	(10,952,950)



Service Shares

Shares sold		2,441,917			41,749,582			228,427		3,968,446

Reinvestment of distributions		—			—			413,472		7,562,396

Shares redeemed		(3,109,687	)		(51,426,122	)		(1,335,992	)	(23,186,989)



		(667,770	)		(9,676,540	)		(694,093	)	(11,656,147)



NET DECREASE IN SHARES		(1,256,699	)	$	(19,676,919	)		(1,402,113	)	$ (22,609,097)


66

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small Cap Equity Insights Fund

	For the Six Months Ended June 30, 2025 (Unaudited)						For the Fiscal Year Ended December 31, 2024



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		527,609		$	6,785,406			1,314,235		$ 18,193,349

Reinvestment of distributions		—			—			686,940		9,967,498

Shares redeemed		(698,248	)		(8,827,976	)		(1,315,237	)	(17,803,778)



		(170,639	)		(2,042,570	)		685,938		10,357,069



Service Shares

Shares sold		599,751			7,509,781			774,701		10,706,596

Reinvestment of distributions		—			—			229,562		3,285,027

Shares redeemed		(221,226	)		(2,795,170	)		(390,842	)	(5,248,669)



		378,525			4,714,611			613,421		8,742,954



NET INCREASE IN SHARES		207,886		$	2,672,041			1,299,359		$ 19,100,023



	Strategic Growth Fund

	For the Six Months Ended June 30, 2025 (Unaudited)						For the Fiscal Year Ended December 31, 2024



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		775,106		$	10,424,025			437,949		$ 6,140,517

Reinvestment of distributions		—			—			914,283		14,116,534

Shares redeemed		(768,488	)		(11,431,396	)		(1,687,991	)	(24,085,712)



		6,618			(1,007,371	)		(335,759	)	(3,828,661)



Service Shares

Shares sold		4,304,837			63,552,433			1,674,997		23,573,525

Reinvestment of distributions		—			—			1,164,070		17,717,138

Shares redeemed		(5,056,276	)		(70,239,278	)		(3,946,733	)	(55,977,456)



		(751,439	)		(6,686,845	)		(1,107,666	)	(14,686,793)



NET DECREASE IN SHARES		(744,821	)	$	(7,694,216	)		(1,443,425	)	$ (18,515,454)



	U.S. Equity Insights Fund

	For the Six Months Ended June 30, 2025 (Unaudited)						For the Fiscal Year Ended December 31, 2024



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		493,417		$	10,620,543			830,157		$ 18,611,634

Reinvestment of distributions		—			—			2,048,720		45,338,169

Shares redeemed		(1,002,696	)		(21,057,257	)		(2,137,416	)	(47,602,217)



		(509,279	)		(10,436,714	)		741,461		16,347,586


		67

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	U.S. Equity Insights Fund

	For the Six Months Ended June 30, 2025 (Unaudited)						For the Fiscal Year Ended December 31, 2024



	Shares			Dollars			Shares			Dollars



Service Shares

Shares sold		53,274		$	1,137,047			101,127		$ 2,256,629

Reinvestment of distributions		—			—			284,621		6,364,127

Shares redeemed		(206,755	)		(4,389,033	)		(469,429	)	(10,554,225)



		(153,481	)		(3,251,986	)		(83,681	)	(1,933,469)



NET INCREASE (DECREASE) IN SHARES		(662,760	)	$	(13,688,700	)		657,780		$ 14,414,117


68

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The 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, 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.

(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)

(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 and U.S. Equity Insights 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)

(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)

(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;


		71

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 Large Cap Value Fund, Mid Cap Growth Fund, Mid 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)

(o)

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 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.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

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, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. 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 and U.S. Equity Insight Fund to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.


72

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 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 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, 2025. They also noted that in April 2018 the International Equity Insights Fund had been repositioned from the Strategic International Equity Fund, which involved changes to the Fund’s investment strategy and portfolio management. The Trustees observed that the Large Cap Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-year period, in the third quartile for the one- and five-year periods, and in the fourth quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the three- and five-year periods and underperformed for the one- and ten-year periods ended March 31, 2025. They noted that the Mid Cap Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. They further noted that the Mid Cap Growth Fund had experienced certain portfolio management changes in early 2025. The Trustees considered that the Mid Cap Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and five-year periods and in the third quartile for the three- and ten-year periods, and had outperformed the Fund’s benchmark index for the three- and five-year periods and underperformed for the one- and ten-year periods ended March 31, 2025. They noted that the Small Cap Equity Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. The Trustees observed that the Strategic Growth 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-, five-, and ten-year periods ended March 31, 2025. They considered that the Strategic Growth Fund had experienced certain portfolio management changes in 2024 and 2025. The Trustees noted that the U.S. Equity Insights Fund had placed in the top half of the Fund’s peer group for the one-year period and in the third quartile for the three-, five-, and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025.

Costs of Services Provided and Competitive Information

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 Strategic Growth 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.

Profitability


		73

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale


	International
Average Daily	Equity Insights	Large Cap Value	Strategic Growth	U.S. Equity
Net Assets	Fund	Fund	Fund	Insights Fund


First $1 billion	0.81%	0.72%	0.71%	0.62%

Next $1 billion	0.73	0.65	0.64	0.59

Next $3 billion	0.69	0.62	0.61	0.56

Next $3 billion	0.68	0.60	0.59	0.55

Over $8 billion	0.67	0.59	0.58	0.54


Average Daily	Mid Cap Growth	Mid Cap Value	Small Cap Equity
Net Assets	Fund	Fund	Insights Fund


First $2 billion	0.87%	0.77%	0.70%

Next $3 billion	0.78	0.69	0.63

Next $3 billion	0.74	0.66	0.60

Over $8 billion	0.73	0.65	0.59

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 International Equity Insights Fund, Large Cap Value Fund, Mid Cap Growth Fund, Strategic Growth 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 the Mid Cap Growth Fund and U.S. Equity Insights Fund, and the transfer agency fees paid by the Large Cap Value Fund and Strategic Growth 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.

Other Benefits to the Investment Adviser and Its Affiliates


74

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

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’ 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, 2026.


		75

LOGO

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 Michael Latham James A. McNamara Lawrence W. Stranghoener OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN L.P. SACHS ASSET MANAGEMENT, Investment Adviser 200 West Street, New York New York 10282 © 2025 Goldman Sachs. All rights reserved. VITEQTYSAR-25

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
				Principal Executive Officer
				Goldman Sachs Variable Insurance Trust

Date:				August 22, 2025

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
				Principal Executive Officer
				Goldman Sachs Variable Insurance Trust

Date:				August 22, 2025

By:				/s/ Joseph F. DiMaria

				Joseph F. DiMaria
				Principal Financial Officer
				Goldman Sachs Variable Insurance Trust

Date:				August 22, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302

CERTIFICATIONS PURSUANT TO SECTION 906

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