Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

Institutional Shares

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

Service Shares

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

Institutional Shares

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

Service Shares

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

Institutional Shares

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

Service Shares

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

Institutional Shares

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

Service Shares

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

Institutional Shares

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

Service Shares

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

Institutional Shares

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

Service Shares

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

Institutional Shares

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

Service Shares

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

Institutional Shares

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

Service Shares

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

Institutional Shares

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

Service Shares

Goldman Sachs Variable Insurance Trust - Government Money Market Fund

Institutional Shares

Goldman Sachs Variable Insurance Trust - Government Money Market Fund

Service Shares

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Fund Overview

What did the Fund invest in?

What were the Fund costs for the Period?

Key Fund Statistics

Additional Information

Disclosure

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Sector Allocation (%)

Asset Class Exposure (%)*

Asset Class Exposure (%)*

Sector Allocation (%)

Sector Allocation (%)

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, 2026

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, 2026

This semi-annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). 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.

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.

Table Summary
Financials	23.6%
Industrials	18.4%
Information Technology	13.5%
Health Care	10.1%
Consumer Discretionary	9.1%
Consumer Staples	7.6%
Materials	5.6%
Communication Services	3.4%
Energy	3.2%
Other	3.0%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$42	0.80%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$136,648,439
# of Portfolio Holdings as of Period End333
Portfolio Turnover Rate for the Period76%
Total Net Advisory Fees Paid for the Period$512,626

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

Institutional Shares

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

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 MSCI Inc. (“MSCI”) and S&P Dow Jones Indices, a division of S&P Global (“S&P DJI”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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-0626 Institutional Shares

Semi-Annual Shareholder Report

June 30, 2026

Table Summary
Financials	23.6%
Industrials	18.4%
Information Technology	13.5%
Health Care	10.1%
Consumer Discretionary	9.1%
Consumer Staples	7.6%
Materials	5.6%
Communication Services	3.4%
Energy	3.2%
Other	3.0%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$55	1.05%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$136,648,439
# of Portfolio Holdings as of Period End333
Portfolio Turnover Rate for the Period76%
Total Net Advisory Fees Paid for the Period$512,626

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

Service Shares

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

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-0626 Service Shares

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). 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.

Table Summary
Information Technology	19.5%
Financials	19.0%
Industrials	13.6%
Health Care	11.8%
Consumer Discretionary	11.3%
Consumer Staples	8.1%
Materials	4.3%
Energy	4.1%
Utilities	4.0%
Other	4.1%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$38	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$282,668,467
# of Portfolio Holdings as of Period End61
Portfolio Turnover Rate for the Period68%
Total Net Advisory Fees Paid for the Period$912,851

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

Institutional Shares

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

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-0626 Institutional Shares

Semi-Annual Shareholder Report

June 30, 2026

Table Summary
Information Technology	19.5%
Financials	19.0%
Industrials	13.6%
Health Care	11.8%
Consumer Discretionary	11.3%
Consumer Staples	8.1%
Materials	4.3%
Energy	4.1%
Utilities	4.0%
Other	4.1%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$50	0.93%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$282,668,467
# of Portfolio Holdings as of Period End61
Portfolio Turnover Rate for the Period68%
Total Net Advisory Fees Paid for the Period$912,851

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

Service Shares

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

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-0626 Service Shares

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). 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.

Table Summary
Information Technology	29.4%
Industrials	18.3%
Health Care	17.5%
Consumer Discretionary	12.3%
Financials	5.6%
Materials	4.2%
Communication Services	3.9%
Utilities	2.8%
Other	6.1%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$45	0.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$73,553,052
# of Portfolio Holdings as of Period End65
Portfolio Turnover Rate for the Period78%
Total Net Advisory Fees Paid for the Period$259,200

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

Institutional Shares

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

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-0626 Institutional Shares

Semi-Annual Shareholder Report

June 30, 2026

Table Summary
Information Technology	29.4%
Industrials	18.3%
Health Care	17.5%
Consumer Discretionary	12.3%
Financials	5.6%
Materials	4.2%
Communication Services	3.9%
Utilities	2.8%
Other	6.1%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$53	0.98%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$73,553,052
# of Portfolio Holdings as of Period End65
Portfolio Turnover Rate for the Period78%
Total Net Advisory Fees Paid for the Period$259,200

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

Service Shares

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

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-0626 Service Shares

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). 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.

Table Summary
Industrials	18.1%
Financials	16.7%
Information Technology	9.8%
Consumer Discretionary	9.1%
Health Care	8.7%
Utilities	8.7%
Materials	7.5%
Energy	7.0%
Real Estate	6.3%
Other	7.3%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$43	0.81%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$489,633,683
# of Portfolio Holdings as of Period End84
Portfolio Turnover Rate for the Period87%
Total Net Advisory Fees Paid for the Period$1,784,622

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

Institutional Shares

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

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-0626 Institutional Shares

Semi-Annual Shareholder Report

June 30, 2026

Table Summary
Industrials	18.1%
Financials	16.7%
Information Technology	9.8%
Consumer Discretionary	9.1%
Health Care	8.7%
Utilities	8.7%
Materials	7.5%
Energy	7.0%
Real Estate	6.3%
Other	7.3%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$57	1.06%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$489,633,683
# of Portfolio Holdings as of Period End84
Portfolio Turnover Rate for the Period87%
Total Net Advisory Fees Paid for the Period$1,784,622

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

Service Shares

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

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-0626 Service Shares

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). 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.

Table Summary
Health Care	19.5%
Financials	18.1%
Industrials	14.2%
Information Technology	13.5%
Consumer Discretionary	12.9%
Energy	6.5%
Real Estate	5.6%
Materials	5.3%
Communication Services	3.7%
Other	1.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$45	0.81%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$228,501,781
# of Portfolio Holdings as of Period End580
Portfolio Turnover Rate for the Period90%
Total Net Advisory Fees Paid for the Period$698,507

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

Institutional Shares

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

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-0626 Institutional Shares

Semi-Annual Shareholder Report

June 30, 2026

Table Summary
Health Care	19.5%
Financials	18.1%
Industrials	14.2%
Information Technology	13.5%
Consumer Discretionary	12.9%
Energy	6.5%
Real Estate	5.6%
Materials	5.3%
Communication Services	3.7%
Other	1.8%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$59	1.06%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$228,501,781
# of Portfolio Holdings as of Period End580
Portfolio Turnover Rate for the Period90%
Total Net Advisory Fees Paid for the Period$698,507

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

Service Shares

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

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-0626 Service Shares

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). 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.

Table Summary
Information Technology	46.8%
Communication Services	17.7%
Industrials	11.9%
Health Care	8.1%
Consumer Discretionary	6.2%
Financials	5.0%
Materials	1.2%
Energy	1.2%
Consumer Staples	1.2%
Other	2.0%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$37	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$501,931,759
# of Portfolio Holdings as of Period End58
Portfolio Turnover Rate for the Period37%
Total Net Advisory Fees Paid for the Period$1,539,268

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

Institutional Shares

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

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-0626 Institutional Shares

Semi-Annual Shareholder Report

June 30, 2026

Table Summary
Information Technology	46.8%
Communication Services	17.7%
Industrials	11.9%
Health Care	8.1%
Consumer Discretionary	6.2%
Financials	5.0%
Materials	1.2%
Energy	1.2%
Consumer Staples	1.2%
Other	2.0%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$50	0.95%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$501,931,759
# of Portfolio Holdings as of Period End58
Portfolio Turnover Rate for the Period37%
Total Net Advisory Fees Paid for the Period$1,539,268

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

Service Shares

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

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-0626 Service Shares

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). 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.

Table Summary
Information Technology	36.1%
Consumer Discretionary	11.8%
Financials	11.6%
Health Care	10.9%
Communication Services	9.0%
Industrials	8.5%
Consumer Staples	5.5%
Energy	2.7%
Real Estate	1.9%
Other	1.1%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$29	0.56%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$376,997,720
# of Portfolio Holdings as of Period End148
Portfolio Turnover Rate for the Period112%
Total Net Advisory Fees Paid for the Period$992,740

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

Institutional Shares

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

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-0626 Institutional Shares

Semi-Annual Shareholder Report

June 30, 2026

Table Summary
Information Technology	36.1%
Consumer Discretionary	11.8%
Financials	11.6%
Health Care	10.9%
Communication Services	9.0%
Industrials	8.5%
Consumer Staples	5.5%
Energy	2.7%
Real Estate	1.9%
Other	1.1%

Based on a hypothetical $10,000 investment.

Table Summary
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

Total Net Assets as of Period End$376,997,720
# of Portfolio Holdings as of Period End148
Portfolio Turnover Rate for the Period112%
Total Net Advisory Fees Paid for the Period$992,740

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

Service Shares

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

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-0626 Service Shares

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). 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.

Table Summary
Mortgage-Backed Securities	32.8%
U.S. Treasury Obligations	27.3%
Corporate Bond	25.2%
Asset- Backed Securities	12.6%
Commercial Mortgage-Backed Securities	5.2%
Collateralized Mortgage Obligations	3.6%
Foreign Bond	3.0%
Foreign Government Securities	1.3%
Other	4.7%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$21	0.42%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$238,052,088
# of Portfolio Holdings as of Period End689
Portfolio Turnover Rate for the Period228%
Total Net Advisory Fees Paid for the Period$441,274

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

Institutional Shares

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

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-0626 Institutional Shares

Semi-Annual Shareholder Report

June 30, 2026

Table Summary
Mortgage-Backed Securities	32.8%
U.S. Treasury Obligations	27.3%
Corporate Bond	25.2%
Asset- Backed Securities	12.6%
Commercial Mortgage-Backed Securities	5.2%
Collateralized Mortgage Obligations	3.6%
Foreign Bond	3.0%
Foreign Government Securities	1.3%
Other	4.7%

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$33	0.67%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$238,052,088
# of Portfolio Holdings as of Period End689
Portfolio Turnover Rate for the Period228%
Total Net Advisory Fees Paid for the Period$441,274

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

Service Shares

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

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-0626 Service Shares

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Trend Driven Allocation Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). 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.

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.

Table Summary
	Gross	Long	Short	Net
Long-Term Fixed Income	33.2	33.2	-	33.2
US Equity	55.1	55.1	-	55.1
Cash and Short-Term Investments	277.2	175.0	102.2	72.9
Developed markets ex US Equity	14.3	14.3	-	14.3

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$30	0.58%^{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.

Total Net Assets as of Period End$151,609,730
# of Portfolio Holdings as of Period End12
Portfolio Turnover Rate for the Period6%
Total Net Advisory Fees Paid for the Period$418,392

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

Institutional Shares

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

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-0626 Institutional Shares

Semi-Annual Shareholder Report

June 30, 2026

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.

Table Summary
	Gross	Long	Short	Net
Long-Term Fixed Income	33.2	33.2	-	33.2
US Equity	55.1	55.1	-	55.1
Cash and Short-Term Investments	277.2	175.0	102.2	72.9
Developed markets ex US Equity	14.3	14.3	-	14.3

Based on a hypothetical $10,000 investment.

Table Summary
Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service	$42	0.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Total Net Assets as of Period End$151,609,730
# of Portfolio Holdings as of Period End12
Portfolio Turnover Rate for the Period6%
Total Net Advisory Fees Paid for the Period$418,392

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

Service Shares

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

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-0626 Service Shares

Semi-Annual Shareholder Report

June 30, 2026

This semi-annual shareholder report contains important information about Goldman Sachs Government Money Market Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “Period”). 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.

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.

Table Summary
Repurchase Agreements	69.4%
U.S. Government Agency Obligations	20.5%
U.S. Treasury Obligations	16.1%

Based on a hypothetical $10,000 investment.

Table Summary
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

Total Net Assets as of Period End$3,615,034,814
# of Portfolio Holdings as of Period End369
Total Net Advisory Fees Paid for the Period$3,069,793

Goldman Sachs Variable Insurance Trust - Government Money Market Fund

Institutional Shares

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

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-0626 Institutional Shares

Semi-Annual Shareholder Report

June 30, 2026

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.

Table Summary
Repurchase Agreements	69.4%
U.S. Government Agency Obligations	20.5%
U.S. Treasury Obligations	16.1%

Based on a hypothetical $10,000 investment.

Table Summary
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

Total Net Assets as of Period End$3,615,034,814
# of Portfolio Holdings as of Period End369
Total Net Advisory Fees Paid for the Period$3,069,793

Goldman Sachs Variable Insurance Trust - Government Money Market Fund

Service Shares

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

Transfer Agency Fees

Institutional

Core Fixed Income Fund

Trend Driven Allocation Fund

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-0626 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, 2026

Goldman Sachs Government Money Market Fund


Table of Contents	Page

Schedule of Investments		3

Financial Statements

Statement of Assets and Liabilities		12

Statement of Operations		13

Statements of Changes in Net Assets		14

Financial Highlights		15

Notes to Financial Statements		17

Statement Regarding Basis for Approval of Investment Advisory Contract		23

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Obligations - 20.5%

Federal Farm Credit Banks Funding Corp.
$	691,000		3.605	%	07/27/26	$	689,263
Federal Farm Credit Banks Funding Corp. (3M USD T-Bill + 0.105%)
	718,000		3.881	^(a)	02/17/28		718,000
Federal Farm Credit Banks Funding Corp. (3M USD T-Bill + 0.190%)
	905,000		3.966	^(a)	11/24/27		905,000
Federal Farm Credit Banks Funding Corp. (3M USD T-Bill + 0.200%)
	2,307,000		3.976	^(a)	11/05/27		2,307,000
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.000%)
	1,138,000		3.750	^(a)	10/29/27		1,138,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.020%)
	255,000		3.640	^(a)	11/04/26		255,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.035%)
	966,000		3.655	^(a)	11/19/26		966,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.040%)
	61,000		3.660	^(a)	03/04/27		61,000
	910,000		3.660	^(a)	05/21/27		910,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.045%)
	2,433,000		3.665	^(a)	06/22/27		2,433,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.050%)
	529,000		3.670	^(a)	05/06/27		529,000
	2,475,000		3.670	^(a)	05/20/27		2,475,000
	1,935,000		3.670	^(a)	06/11/27		1,935,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.055%)
	25,000,000		3.675	^(a)	06/04/27		25,000,000
	3,453,000		3.675	^(a)	06/28/27		3,453,000
	3,480,000		3.675	^(a)	07/13/27		3,480,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.060%)
	589,000		3.680	^(a)	07/28/27		589,000
	2,834,000		3.680	^(a)	10/19/27		2,834,000
	3,506,000		3.680	^(a)	10/22/27		3,506,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.065%)
	759,000		3.685	^(a)	09/03/27		759,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.070%)
	2,255,000		3.690	^(a)	12/07/26		2,255,000
	1,365,000		3.690	^(a)	10/12/27		1,365,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.075%)
	1,804,000		3.695	^(a)	11/16/26		1,804,000
	966,000		3.695	^(a)	04/19/27		966,000
	1,134,000		3.695	^(a)	11/05/27		1,134,000
	243,000		3.695	^(a)	01/11/28		243,000
	1,723,000		3.695	^(a)	02/11/28		1,723,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.080%)
	2,118,000		3.700	^(a)	03/11/27		2,118,000
	728,000		3.700	^(a)	03/11/27		728,000
	748,000		3.700	^(a)	02/09/28		748,000
	676,000		3.701	^(a)	05/10/28		675,878
Federal Farm Credit Banks Funding Corp. (SOFR + 0.085%)
	6,250,000		3.705	^(a)	02/26/27		6,250,000
	1,261,000		3.705	^(a)	01/03/28		1,261,000
	1,348,000		3.705	^(a)	01/18/28		1,348,000
	1,547,000		3.705	^(a)	01/21/28		1,547,000
	1,263,000		3.705	^(a)	02/25/28		1,263,000
	565,000		3.705	^(a)	03/02/28		565,000
	718,000		3.705	^(a)	03/24/28		718,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.090%)
	1,031,000		3.710	^(a)	02/24/27		1,031,000
	1,789,000		3.710	^(a)	02/02/28		1,789,000
	1,378,000		3.710	^(a)	02/09/28		1,378,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Obligations– (continued)

$	882,000		3.710	%^(a)	02/11/28	$	882,000
	1,688,000		3.710	^(a)	02/17/28		1,688,000
	2,145,000		3.710	^(a)	05/15/28		2,145,000
	2,004,000		3.710	^(a)	06/16/28		2,004,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.095%)
	3,327,000		3.715	^(a)	07/17/26		3,327,000
	619,000		3.715	^(a)	02/12/27		619,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.100%)
	1,285,000		3.720	^(a)	02/09/27		1,285,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.105%)
	5,284,000		3.725	^(a)	02/01/27		5,284,000
	7,500,000		3.725	^(a)	03/05/27		7,500,000
	7,881,000		3.725	^(a)	05/18/28		7,881,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.115%)
	15,395,000		3.735	^(a)	01/28/27		15,395,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.120%)
	1,427,000		3.740	^(a)	07/15/26		1,427,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.125%)
	4,049,000		3.745	^(a)	08/06/26		4,049,000
	1,036,000		3.745	^(a)	09/21/26		1,036,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.130%)
	2,015,000		3.750	^(a)	08/28/26		2,015,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.135%)
	2,012,000		3.755	^(a)	12/18/26		2,011,989
	2,704,000		3.755	^(a)	01/08/27		2,704,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.140%)
	539,000		3.760	^(a)	08/26/26		539,000
	1,909,000		3.756	^(a)	09/03/26		1,909,240
	2,046,000		3.760	^(a)	09/04/26		2,046,000
	1,210,000		3.760	^(a)	09/09/26		1,210,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.240%)
	2,012,000		3.849	^(a)	01/28/28		2,017,092
Federal Farm Credit Banks Funding Corp. (SOFR + 0.250%)
	1,395,000		3.860	^(a)	11/12/27		1,398,362
Federal Home Loan Bank System
	6,025,000		3.658		07/09/26		6,020,180
	14,251,000		3.649		07/21/26		14,222,973
	5,053,000		3.598		07/22/26		5,042,488
	2,908,000		3.655		07/22/26		2,901,951
	8,656,000		3.696		07/24/26		8,636,025
	3,819,000		3.641		07/27/26		3,809,250
	771,000		3.659		07/29/26		768,838
	5,028,000		3.698		07/29/26		5,013,903
	2,850,000		3.653		07/31/26		2,841,470
	1,432,000		3.660		07/31/26		1,427,714
	3,492,000		3.669		07/31/26		3,481,548
	2,528,000		3.672		07/31/26		2,520,433
	5,044,000		3.709		07/31/26		5,028,903
	7,340,000		3.709		07/31/26		7,318,030
	3,659,000		3.663		08/27/26		3,638,127
	7,156,000		3.705		08/27/26		7,115,177
	7,122,000		3.660		09/09/26		7,072,908
	2,195,000		3.660		09/09/26		2,179,870
	8,445,000		3.732		09/11/26		8,383,402
	7,512,000		3.613		09/21/26		7,451,941
	15,024,000		3.643		09/21/26		14,903,883
	1,503,000		3.716		09/24/26		1,490,207
	7,512,000		3.600		09/28/26		7,447,465
	7,512,000		3.601		09/29/26		7,446,740


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, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Obligations– (continued)

$	7,421,000		3.722	%	09/30/26	$	7,353,239
	6,200,000		3.728		09/30/26		6,143,387
	15,484,000		3.682		10/01/26		15,343,130
	3,086,000		3.603		10/08/26		3,056,509
	5,400,000		3.609		10/13/26		5,344,122
	19,397,000		3.717		10/13/26		19,196,285
	8,639,000		3.723		10/13/26		8,549,606
	5,708,000		3.751		12/04/26		5,618,708
	9,810,000		3.752		12/07/26		9,653,588
	4,617,000		3.712		12/24/26		4,536,329
	6,080,000		3.716		12/24/26		5,973,766
	1,073,000		3.726		12/24/26		1,054,252
	14,143,000		3.721		12/31/26		13,885,392
	24,663,000		3.726		12/31/26		24,213,776
	7,474,000		3.762		02/19/27		7,299,614
	5,995,000		3.792		03/01/27		5,848,108
	2,667,000		4.000		03/31/27		2,589,539
Federal Home Loan Bank System (SOFR + 0.005%)
	1,650,000		3.625	^(a)	08/06/26		1,650,000
	820,000		3.625	^(a)	08/06/26		820,000
	1,525,000		3.625	^(a)	08/10/26		1,525,000
Federal Home Loan Bank System (SOFR + 0.010%)
	3,015,000		3.630	^(a)	08/21/26		3,015,000
Federal Home Loan Bank System (SOFR + 0.040%)
	700,000		3.660	^(a)	05/27/27		700,000
Federal Home Loan Bank System (SOFR + 0.050%)
	3,205,000		3.670	^(a)	05/06/27		3,205,000
Federal Home Loan Bank System (SOFR + 0.060%)
	3,995,000		3.680	^(a)	07/28/27		3,995,000
	3,570,000		3.680	^(a)	07/30/27		3,570,000
	630,000		3.740	^(a)	08/20/27		630,000
	1,575,000		3.680	^(a)	10/20/27		1,575,000
Federal Home Loan Bank System (SOFR + 0.065%)
	1,965,000		3.685	^(a)	11/19/27		1,965,000
Federal Home Loan Bank System (SOFR + 0.070%)
	45,000,000		3.690	^(a)	10/29/27		45,000,000
Federal Home Loan Bank System (SOFR + 0.085%)
	3,880,000		3.705	^(a)	02/26/27		3,880,000
	6,515,000		3.705	^(a)	02/18/28		6,515,000
	13,025,000		3.705	^(a)	02/25/28		13,025,000
	4,895,000		3.705	^(a)	05/26/28		4,895,000
Federal Home Loan Bank System (SOFR + 0.090%)
	6,565,000		3.710	^(a)	02/19/27		6,565,000
	6,500,000		3.710	^(a)	02/11/28		6,500,000
	2,500,000		3.710	^(a)	02/11/28		2,500,000
	11,355,000		3.710	^(a)	06/09/28		11,355,000
Federal Home Loan Bank System (SOFR + 0.095%)
	4,645,000		3.715	^(a)	04/09/27		4,645,000
Federal Home Loan Bank System (SOFR + 0.100%)
	3,815,000		3.720	^(a)	10/21/26		3,815,000
	6,590,000		3.720	^(a)	06/15/28		6,590,000
Federal Home Loan Bank System (SOFR + 0.115%)
	2,155,000		3.735	^(a)	01/25/27		2,155,000
Federal Home Loan Bank System (SOFR + 0.135%)
	9,420,000		3.755	^(a)	01/06/27		9,420,000
Federal Home Loan Bank System (SOFR + 0.140%)
	4,960,000		3.760	^(a)	09/09/26		4,960,000
	2,970,000		3.756	^(a)	10/29/26		2,970,653


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Obligations– (continued)

Federal Home Loan Mortgage Corp.
$	3,824,000		3.599	%	07/21/26	$	3,816,480
	9,649,000		3.598		08/31/26		9,591,367
Federal Home Loan Mortgage Corp. (SOFR + 0.080%)
	3,960,000		3.700	^(a)	01/08/27		3,960,000
Federal Home Loan Mortgage Corp. (SOFR + 0.095%)
	9,179,000		3.715	^(a)	05/05/27		9,179,000
Federal Home Loan Mortgage Corp. (SOFR + 0.140%)
	5,343,000		3.760	^(a)	09/04/26		5,343,000
	2,350,000		3.758	^(a)	10/29/26		2,350,297
	15,966,000		3.760	^(a)	09/22/27		15,966,000
	402,000		3.760	^(a)	10/06/27		402,000
	16,074,000		3.760	^(a)	10/06/27		16,074,000
Federal National Mortgage Association (SOFR + 0.085%)
	9,031,000		3.705	^(a)	03/06/28		9,031,000
	30,975,000		3.705	^(a)	06/08/28		30,975,000
Federal National Mortgage Association (SOFR + 0.090%)
	9,007,000		3.710	^(a)	02/02/28		9,007,000
Federal National Mortgage Association (SOFR + 0.120%)
	1,184,000		3.740	^(a)	07/29/26		1,184,000
Federal National Mortgage Association (SOFR + 0.135%)
	9,624,000		3.755	^(a)	08/21/26		9,623,988
	2,101,000		3.755	^(a)	08/21/26		2,100,997
Federal National Mortgage Association (SOFR + 0.140%)
	11,281,000		3.760	^(a)	09/11/26		11,281,000
U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%)
	1,413,655		3.860	^(a)(b)	07/07/26		1,413,655
	1,125,000		3.860	^(a)(b)	07/07/26		1,125,000
	955,945		3.860	^(a)(b)	07/07/26		955,945


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	738,867,982



U.S. Treasury Obligations - 16.1%

United States Treasury Bills
	51,000		3.624		07/02/26		50,995
	1,773,800		3.684		07/09/26		1,772,373
	1,909,500		3.686		07/09/26		1,907,964
	358,400		3.704		07/09/26		358,112
	1,451,200		3.715		07/09/26		1,450,033
	2,756,800		3.715		07/09/26		2,754,583
	1,741,600		3.717		07/09/26		1,740,199
	883,400		3.712		09/03/26		877,699
	926,100		3.686		09/17/26		918,828
	2,329,500		3.686		09/17/26		2,311,209
	438,700		3.691		09/17/26		435,255
	976,900		3.691		09/17/26		969,229
	14,672,700		3.720		09/17/26		14,557,489
	1,932,600		3.723		09/17/26		1,917,425
	1,159,600		3.723		09/17/26		1,150,495
	8,999,800		3.725		09/17/26		8,929,133
	433,600		3.823	^(c)	10/01/26		429,506
	563,900		3.824	^(c)	10/01/26		558,575
	3,573,200		3.761		10/13/26		3,535,368
	3,092,700		3.712		10/15/26		3,059,930
	7,907,800		3.718		10/15/26		7,824,010
	763,500		3.761		10/20/26		754,872
	734,400		3.850		10/27/26		725,347
	5,777,600		3.855		10/27/26		5,706,383
	1,232,300		3.860		10/27/26		1,217,110


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)

$	1,398,700		3.860	%	10/27/26	$	1,381,459
	1,218,700		3.860		10/27/26		1,203,678
	3,515,500		3.865		10/27/26		3,472,166
	1,740,800		3.865		10/27/26		1,719,342
	2,069,500		3.871		10/27/26		2,043,990
	6,662,300		3.712		11/05/26		6,577,787
	1,351,400		3.718		11/05/26		1,334,257
	4,686,500		3.733		11/12/26		4,623,439
	182,600		3.759		12/03/26		179,730
	2,571,900		3.759		12/03/26		2,531,475
	556,900		3.770		12/03/26		548,147
	2,052,100		3.786		12/03/26		2,019,845
United States Treasury Floating Rate Note
	220,300		3.868		02/28/27		217,441
	1,835,800		3.874		02/28/27		1,811,972
	1,300,700		3.877		02/28/27		1,302,762
	734,300		3.888		02/28/27		735,464
	720,600		3.611		03/15/27		722,922
	609,400		3.683		03/15/27		611,364
	1,652,100		3.856		03/15/27		1,657,423
	734,300		3.861		03/15/27		736,666
	899,000		3.558		03/31/27		900,698
	1,637,100		3.583		03/31/27		1,640,193
	1,884,000		3.591		03/31/27		1,887,559
	1,759,200		3.594		03/31/27		1,762,523
	6,108,200		3.599		03/31/27		6,119,738
	3,010,800		3.599		03/31/27		3,016,487
	3,054,100		3.604		03/31/27		3,059,869
	1,505,400		3.609		03/31/27		1,508,244
	4,030,700		3.623		03/31/27		4,038,314
	3,037,100		3.654		03/31/27		3,042,837
	1,523,500		3.658		03/31/27		1,526,378
	1,523,500		3.662		03/31/27		1,526,378
	1,523,500		3.680		03/31/27		1,526,378
	876,600		3.797		03/31/27		868,183
	1,922,000		3.819		03/31/27		1,903,545
	3,203,400		3.829		03/31/27		3,172,641
	2,140,500		3.879		04/15/27		2,150,440
	1,468,500		3.900		04/15/27		1,475,319
	716,900		3.900		04/15/27		720,229
	3,584,800		3.905		04/15/27		3,601,447
	1,811,600		3.739		04/30/27		1,763,871
	1,583,000		3.739		04/30/27		1,582,967
	3,623,100		3.739		04/30/27		3,623,024
	2,717,400		3.740		04/30/27		2,695,388
	1,811,600		3.740		04/30/27		1,811,562
	2,717,400		3.740		04/30/27		2,717,343
	1,845,300		3.740		04/30/27		1,830,353
	3,690,500		3.740		04/30/27		3,690,423
	3,088,900		3.746		04/30/27		3,088,836
	1,840,700		3.746		04/30/27		1,840,662
	727,200		3.749		04/30/27		708,041
	1,839,000		3.750		04/30/27		1,838,962
	1,090,700		3.751		04/30/27		1,090,677
	2,577,000		3.751		04/30/27		2,576,946
	1,104,400		3.751		04/30/27		1,095,454
	1,892,800		3.751		04/30/27		1,877,468
	1,810,800		3.754		04/30/27		1,810,762
	599,500		3.754		04/30/27		583,705


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

$	2,206,600		3.761	%	04/30/27	$	2,206,554
	1,196,700		3.765		04/30/27		1,165,171
	1,540,800		3.768		04/30/27		1,540,768
	1,495,800		3.781		04/30/27		1,456,391
	1,495,800		3.782		04/30/27		1,495,769
	2,094,100		3.790		04/30/27		2,038,928
	897,500		3.791		04/30/27		890,230
	897,500		3.794		04/30/27		890,230
	897,500		3.795		04/30/27		897,481
	2,094,100		3.795		04/30/27		2,094,056
	1,406,700		3.758		05/15/27		1,390,178
	2,229,100		3.764		05/15/27		2,202,919
	704,400		3.888		05/15/27		708,050
	3,599,200		3.781		05/31/27		3,601,287
	1,363,500		3.784		05/31/27		1,364,290
	1,215,200		3.789		05/31/27		1,202,464
	3,681,400		3.789		05/31/27		3,683,534
	3,555,900		3.808		05/31/27		3,518,632
	5,689,400		3.808		05/31/27		5,692,698
	1,922,800		3.809		05/31/27		1,902,648
	1,070,700		3.810		05/31/27		1,071,321
	2,466,200		3.901		05/31/27		2,467,630
United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%)
	115,900		3.877	^(a)	01/31/27		115,852
	546,800		3.877	^(a)	01/31/27		546,575
United States Treasury Floating Rate Note (3M USD T-Bill + 0.099%)
	5,658,000		3.872	^(a)	01/31/28		5,659,672
	4,365,800		3.872	^(a)	01/31/28		4,367,090
	2,689,300		3.872	^(a)	01/31/28		2,690,095
	290,900		3.872	^(a)(c)	01/31/28		290,986
	4,365,700		3.872	^(a)	01/31/28		4,366,990
	3,508,400		3.872	^(a)	01/31/28		3,509,437
	417,700		3.872	^(a)	01/31/28		417,824
	248,000		3.872	^(a)	01/31/28		248,073
	492,100		3.872	^(a)	01/31/28		492,245
	2,512,300		3.872	^(a)	01/31/28		2,513,042
	151,100		3.873	^(a)	01/31/28		151,145
	1,958,000		3.873	^(a)	01/31/28		1,958,579
	487,000		3.874	^(a)	01/31/28		487,144
	586,700		3.874	^(a)	01/31/28		586,873
	6,932,200		3.874	^(a)	01/31/28		6,934,249
	402,600		3.875	^(a)	01/31/28		402,719
	2,640,000		3.875	^(a)	01/31/28		2,640,780
	15,960,900		3.875	^(a)	01/31/28		15,965,616
	5,686,200		3.876	^(a)	01/31/28		5,687,880
United States Treasury Floating Rate Note (3M USD T-Bill + 0.103%)
	1,386,000		3.877	^(a)	04/30/28		1,386,444
	5,077,900		3.877	^(a)	04/30/28		5,079,529
	31,171,900		3.877	^(a)	04/30/28		31,181,897
	3,435,100		3.877	^(a)	04/30/28		3,436,202
	934,300		3.877	^(a)	04/30/28		934,600
	1,386,100		3.877	^(a)	04/30/28		1,386,544
	42,897,200		3.878	^(a)	04/30/28		42,910,958
United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%)
	215,100		3.937	^(a)	07/31/27		215,008
	7,424,600		3.937	^(a)	07/31/27		7,421,426
	430,300		3.937	^(a)	07/31/27		430,116
	15,053,600		3.938	^(a)	07/31/27		15,047,164


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, 2026 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations– (continued)

United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%)
$		6,282,200		3.931	%^(a)	04/30/27	$	6,283,236
		2,804,600		3.931	^(a)	04/30/27		2,805,063
		2,337,100		3.931	^(a)	04/30/27		2,337,486
		1,654,700		3.931	^(a)	04/30/27		1,654,973
		972,500		3.934	^(a)	04/30/27		972,660
		2,428,200		3.934	^(a)	04/30/27		2,428,601
		974,900		3.934	^(a)	04/30/27		975,061
		2,437,200		3.934	^(a)	04/30/27		2,437,602
		1,949,800		3.934	^(a)	04/30/27		1,950,122
		485,800		3.935		04/30/27		485,880
		86,360,200		3.935	^(a)	04/30/27		86,374,448
		1,943,100		3.935	^(a)	04/30/27		1,943,421
		2,965,000		3.935	^(a)	04/30/27		2,965,489
		2,428,000		3.935	^(a)	04/30/27		2,428,401
		1,942,400		3.935	^(a)	04/30/27		1,942,720
		2,428,000		3.935	^(a)	04/30/27		2,428,401
		2,992,600		3.935	^(a)	04/30/27		2,993,094
		1,377,900		3.936	^(a)	04/30/27		1,378,127
		18,473,600		3.936	^(a)	04/30/27		18,476,648
		983,600		3.936	^(a)	04/30/27		983,762
United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%)
		145,200		3.957	^(a)	07/31/26		145,219
		3,900		3.963	^(a)	07/31/26		3,900
United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%)
		4,709,700		3.966	^(a)	10/31/27		4,709,700
		1,606,200		3.966	^(a)	10/31/27		1,606,200
United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%)
		12,965,800		3.978	^(a)	10/31/26		12,966,366
		1,053,400		3.980	^(a)	10/31/26		1,053,446
		2,925,100		3.980	^(a)	10/31/26		2,925,228
		718,000		3.980	^(a)	10/31/26		718,031
		2,308,300		3.980	^(a)	10/31/26		2,308,401
		588,500		3.980	^(a)	10/31/26		588,526
		718,000		3.980	^(a)	10/31/26		718,031
		1,498,900		3.981	^(a)	10/31/26		1,498,965
		12,746,800		3.981	^(a)	10/31/26		12,747,356


TOTAL U.S. TREASURY OBLIGATIONS							$	582,195,842


TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS							$	1,321,063,824




Repurchase Agreements^(d)- 69.4%

Bank of Montreal
		6,000,000		3.650	^(e)	07/07/26	$	6,000,000
Maturity Value: $6,485,450
Settlement Date: 08/06/24
Collateralized by Government National Mortgage Association, 6.000%, due 03/20/54. The market value of the collateral, including accrued interest, was $6,180,000.

Principal
Amount

Interest
Rate

Maturity
Date

Amortized
Cost

Repurchase Agreements^(d)– (continued)

Barclays Bank PLC

26,000,000

3.620

%^(e)

07/07/26

26,000,000

Maturity Value: $26,078,433

Settlement Date: 06/22/26

Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.000%, due 06/01/41 to 03/01/46, Federal National Mortgage Association, 4.000% to 6.000%, due 08/01/39 to 06/01/41 and Government National Mortgage Association, 2.000% to 7.000%, due 11/20/32 to 04/20/56. The aggregate market value of the collateral, including accrued interest, was $26,785,386.

BNP Paribas

10,000,000

3.560

^(e)

07/07/26

10,000,000

Maturity Value: $10,269,967

Settlement Date: 12/11/25

Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 07/01/32 to 06/01/56, Federal National Mortgage Association, 3.000% to 7.000%, due 10/01/40 to 06/01/56, Government National Mortgage Association, 3.000% to 8.000%, due 03/20/46 to 01/20/56, a U.S. Treasury Bond, 4.000%, due 05/15/43 and a U.S. Treasury Floating Rate Note, 4.000%, due 01/31/27. The aggregate market value of the collateral, including accrued interest, was $10,258,676.

25,000,000

3.650

^(e)

07/07/26

25,000,000

Maturity Value: $25,466,389

Settlement Date: 03/16/26

Collateralized by U.S. Treasury Bonds, 3.000% to 4.000%, due 08/15/45 to 08/15/54, U.S. Treasury Inflation-Indexed Notes, 1.000% to 2.000%, due 07/15/32 to 01/15/34, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/36 to 05/15/49, U.S. Treasury Notes, 1.000% to 5.000%, due 07/31/27 to 05/15/35 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/43 to 05/15/44. The aggregate market value of the collateral, including accrued interest, was $25,500,003.

35,000,000

3.650

^(e)

07/07/26

35,000,000

Maturity Value: $35,642,298

Settlement Date: 02/17/26

Collateralized by Federal Farm Credit Bank, 2.000%, due 08/12/36, Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 12/01/32 to 06/01/56, Federal National Mortgage Association, 2.000% to 8.000%, due 02/01/36 to 06/01/56, Government National Mortgage Association, 2.000% to 8.000%, due 01/20/33 to 06/20/56 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/36. The aggregate market value of the collateral, including accrued interest, was $35,997,281.

BofA Securities, Inc.

13,000,000

3.660

^(e)

07/07/26

13,000,000

Maturity Value: $13,240,544

Settlement Date: 01/29/26

Collateralized by Federal Farm Credit Bank, 4.000%, due 03/16/28, Federal Home Loan Mortgage Corp., 0.000%, due 07/01/26 and Tennessee Valley Authority, 6.000%, due 04/01/36. The aggregate market value of the collateral, including accrued interest, was $13,260,130.


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)

BofA Securities, Inc. – (continued)
$		4,000,000		3.730	%^(e)	07/07/26	$	4,000,000
Maturity Value: $4,151,272
Settlement Date: 07/30/25
Collateralized by Government National Mortgage Association, 4.000% to 6.000%, due 03/20/54 to 04/20/56. The aggregate market value of the collateral, including accrued interest, was $4,120,002.


Citibank, National Association
		12,000,000		3.630		07/15/26	$	12,000,000
Maturity Value: $12,755,040
Settlement Date: 10/29/24
Collateralized by Federal Farm Credit Bank, 2.000% to 5.000%, due 07/10/26 to 04/13/46, Federal Home Loan Bank, 1.000% to 6.000%, due 01/15/27 to 07/15/50, Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 03/15/31 to 07/13/40, Federal National Mortgage Association, 4.000% to 8.000%, due 07/01/30 to 02/10/31, Government National Mortgage Association, 5.000%, due 03/15/33, Tennessee Valley Authority, 0.000% to 5.000%, due 09/15/26 to 03/15/65 and a U.S. Treasury Note, 4.000%, due 06/30/29. The aggregate market value of the collateral, including accrued interest, was $12,240,001.


Citigroup Global Markets, Inc.
		303,000,000		3.650		07/01/26	$	303,000,000
Maturity Value: $303,030,721
Collateralized by Government National Mortgage Association, 4.000% to 6.000%, due 10/20/40 to 06/20/56 and a U.S. Treasury Note, 5.000%, due 10/31/28. The aggregate market value of the collateral, including accrued interest, was $309,060,001.
		12,000,000		3.620	^(e)	07/07/26	$	12,000,000
Maturity Value: $12,283,567
Settlement Date: 03/23/26
Collateralized by a U.S. Treasury Bond, 4.000%, due 08/15/44 and a U.S. Treasury Note, 5.000%, due 11/15/26. The aggregate market value of the collateral, including accrued interest, was $12,240,044.
		33,000,000		3.620	^(e)	07/07/26	$	33,000,000
Maturity Value: $33,600,619
Settlement Date: 02/18/26
Collateralized by a U.S. Treasury Bond, 4.000%, due 11/15/52 and U.S. Treasury Notes, 3.000% to 5.000%, due 07/31/27 to 05/31/33. The aggregate market value of the collateral, including accrued interest, was $33,660,008.
		6,000,000		3.630	^(e)	07/07/26	$	6,000,000
Maturity Value: $6,127,050
Settlement Date: 02/27/26
Collateralized by Government National Mortgage Association, 5.000% to 8.000%, due 01/15/29 to 05/20/54 and a U.S. Treasury Note, 4.000%, due 03/31/31. The aggregate market value of the collateral, including accrued interest, was $6,120,001.
		15,000,000		3.630	^(e)	07/07/26	$	15,000,000
Maturity Value: $15,355,437
Settlement Date: 03/23/26
Collateralized by Government National Mortgage Association, 3.000% to 9.000%, due 11/15/27 to 06/20/56. The aggregate market value of the collateral, including accrued interest, was $15,300,001.


	Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(d)– (continued)

Citigroup Global Markets, Inc. – (continued)
$		25,000,000		3.630	%^(e)	07/07/26	$	25,000,000
Maturity Value: $25,461,312
Settlement Date: 04/08/26
Collateralized by Government National Mortgage Association, 4.000% to 5.000%, due 05/15/39 to 01/15/43 and a U.S. Treasury Note, 4.000%, due 08/31/29. The aggregate market value of the collateral, including accrued interest, was $25,500,001.
		25,000,000		3.630	^(e)	07/07/26	$	25,000,000
Maturity Value: $25,458,791
Settlement Date: 02/23/26
Collateralized by Federal Home Loan Bank, 4.000%, due 05/06/30, Government National Mortgage Association, 4.000% to 8.000%, due 12/15/28 to 05/20/56, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/47 and a U.S. Treasury Note, 4.000%, due 04/30/31. The aggregate market value of the collateral, including accrued interest, was $25,500,000.
		25,000,000		3.630	^(e)	07/07/26	$	25,000,000
Maturity Value: $25,456,271
Settlement Date: 02/17/26
Collateralized by Government National Mortgage Association, 3.000% to 8.000%, due 05/15/28 to 05/20/56 and a U.S. Treasury Note, 4.000%, due 12/31/32. The aggregate market value of the collateral, including accrued interest, was $25,500,000.
		35,000,000		3.630	^(e)	07/07/26	$	35,000,000
Maturity Value: $35,638,779
Settlement Date: 02/18/26
Collateralized by Government National Mortgage Association, 3.000% to 8.000%, due 09/20/27 to 04/20/56 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 11/15/48. The aggregate market value of the collateral, including accrued interest, was $35,700,002.
		45,000,000		3.630	^(e)	07/07/26	$	45,000,000
Maturity Value: $45,821,287
Settlement Date: 04/10/26
Collateralized by Government National Mortgage Association, 3.000% to 9.000%, due 08/20/28 to 05/20/56 and a U.S. Treasury Note, 2.000%, due 11/30/28. The aggregate market value of the collateral, including accrued interest, was $45,900,003.
		12,000,000		3.560		11/10/26	$	12,000,000
Maturity Value: $12,325,147
Settlement Date: 02/09/26
Collateralized by Government National Mortgage Association, 3.000% to 9.000%, due 11/15/26 to 06/20/56 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $12,239,993.
		10,000,000		3.620		12/03/26	$	10,000,000
Maturity Value: $10,276,528
Settlement Date: 03/03/26
Collateralized by Government National Mortgage Association, 4.000% to 8.000%, due 07/20/28 to 05/20/56. The aggregate market value of the collateral, including accrued interest, was $10,200,001.


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, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(d)– (continued)

Citigroup Global Markets, Inc. – (continued)
$	15,000,000		3.720	%	12/14/26	$	15,000,000
Maturity Value: $15,427,800
Settlement Date: 03/13/26
Collateralized by Government National Mortgage Association, 3.000% to 7.000%, due 12/15/27 to 06/20/56. The aggregate market value of the collateral, including accrued interest, was $15,300,000.


Credit Agricole Corporate and Investment Bank
	10,000,000		3.610	^(e)	07/07/26	$	10,000,000
Maturity Value: $10,183,508
Settlement Date: 04/02/26
Collateralized by U.S. Treasury Bonds, 2.000% to 6.000%, due 05/15/30 to 05/15/46, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/46, U.S. Treasury Inflation-Indexed Notes, 2.000%, due 10/15/28 to 07/15/35 and U.S. Treasury Notes, 1.000% to 4.000%, due 12/15/26 to 08/15/35. The aggregate market value of the collateral, including accrued interest, was $10,200,021.
	5,000,000		3.620	^(e)	07/07/26	$	5,000,000
Maturity Value: $5,091,506
Settlement Date: 04/23/26
Collateralized by U.S. Treasury Bonds, 3.000%, due 11/15/42 to 11/15/48 and U.S. Treasury Notes, 1.000% to 4.000%, due 10/31/26 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $5,100,032.
	10,000,000		3.620	^(e)	07/07/26	$	10,000,000
Maturity Value: $10,184,017
Settlement Date: 03/05/26
Collateralized by U.S. Treasury Bonds, 2.000% to 4.000%, due 05/15/41 to 08/15/51, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 11/15/34 and U.S. Treasury Notes, 2.000% to 5.000%, due 11/15/26 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $10,200,042.
	19,000,000		3.620	^(e)	07/07/26	$	19,000,000
Maturity Value: $19,351,543
Settlement Date: 03/11/26
Collateralized by U.S. Treasury Bonds, 2.000% to 4.000%, due 08/15/41 to 05/15/51, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/43, U.S. Treasury Inflation-Indexed Notes, 1.000% to 2.000%, due 10/15/30 to 07/15/35, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/41 and U.S. Treasury Notes, 0.000% to 5.000%, due 09/30/27 to 11/15/35. The aggregate market value of the collateral, including accrued interest, was $19,380,002.
	25,000,000		3.620	^(e)	07/07/26	$	25,000,000
Maturity Value: $25,455,014
Settlement Date: 01/28/26
Collateralized by U.S. Treasury Bonds, 2.000% to 4.000%, due 08/15/46 to 05/15/53, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/49, a U.S. Treasury Inflation-Indexed Note, 2.000%, due 07/15/35, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/38 to 11/15/50, U.S. Treasury Notes, 1.000% to 5.000%, due 08/15/26 to 11/15/33 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/49 to 05/15/55. The aggregate market value of the collateral, including accrued interest, was $25,500,001.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(d)– (continued)

Credit Agricole Corporate and Investment Bank – (continued)
$	36,000,000		3.620	%^(e)	07/07/26	$	36,000,000
Maturity Value: $36,662,460
Settlement Date: 06/29/26
Collateralized by U.S. Treasury Bonds, 1.000% to 3.000%, due 11/15/41 to 05/15/50, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/49, U.S. Treasury Inflation-Indexed Notes, 0.000% to 2.000%, due 10/15/29 to 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/45 to 11/15/45, U.S. Treasury Notes, 1.000% to 5.000%, due 07/31/26 to 08/15/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/46 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $36,719,999.
	45,000,000		3.620	^(e)	07/07/26	$	45,000,000
Maturity Value: $45,819,025
Settlement Date: 01/28/26
Collateralized by U.S. Treasury Bills, 0.000%, due 08/06/26 to 08/18/26, U.S. Treasury Bonds, 2.000%, due 11/15/41 to 11/15/51, U.S. Treasury Inflation-Indexed Notes, 0.000% to 1.000%, due 10/15/26 to 10/15/30, U.S. Treasury Notes, 1.000% to 5.000%, due 03/31/27 to 11/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/53. The aggregate market value of the collateral, including accrued interest, was $45,900,013.


HSBC Bank PLC
	18,000,000		3.630		07/15/26	$	18,000,000
Maturity Value: $19,139,820
Settlement Date: 10/25/24
Collateralized by U.S. Treasury Bills, 0.000%, due 09/03/26 to 02/18/27, U.S. Treasury Bonds, 1.000% to 3.000%, due 08/15/45 to 05/15/50, a U.S. Treasury Inflation-Indexed Bond, 3.000%, due 04/15/32 and U.S. Treasury Notes, 4.000% to 5.000%, due 10/31/27 to 09/30/30. The aggregate market value of the collateral, including accrued interest, was $18,361,869.


HSBC Securities (USA), Inc.
	12,000,000		3.620		07/15/26	$	12,000,000
Maturity Value: $12,758,994
Settlement Date: 10/24/24
Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/45 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/35. The aggregate market value of the collateral, including accrued interest, was $12,241,231.
	15,000,000		3.630		07/15/26	$	15,000,000
Maturity Value: $15,208,725
Settlement Date: 02/27/26
Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.000%, due 06/01/32 to 10/01/55 and Federal National Mortgage Association, 2.000% to 7.000%, due 11/01/36 to 04/01/56. The aggregate market value of the collateral, including accrued interest, was $15,451,557.


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)

HSBC Securities (USA), Inc. – (continued)
$	25,000,000		3.630	%	07/15/26	$	25,000,000
Maturity Value: $25,340,312
Settlement Date: 03/02/26
Collateralized by Federal Home Loan Bank, 2.000%, due 05/14/30, Federal Home Loan Mortgage Corp., 3.000% to 7.000%, due 04/01/27 to 06/01/54, Federal National Mortgage Association, 3.000% to 7.000%, due 03/01/33 to 12/01/55 and Government National Mortgage Association, 2.000% to 7.000%, due 11/20/47 to 06/20/56. The aggregate market value of the collateral, including accrued interest, was $25,670,787.


J.P. Morgan Securities LLC
	20,000,000		3.620	^(e)	07/07/26	$	20,000,000
Maturity Value: $20,124,689
Settlement Date: 06/09/26
Collateralized by a U.S. Treasury Bond, 5.000%, due 02/15/46, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/27 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/29. The aggregate market value of the collateral, including accrued interest, was $20,445,187.
	85,000,000		3.620	^(e)	07/07/26	$	85,000,000
Maturity Value: $85,529,928
Settlement Date: 06/16/26
Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 04/01/56 to 07/01/56, Federal National Mortgage Association, 2.000% to 8.000%, due 01/01/29 to 06/01/55 and Government National Mortgage Association, 3.000% to 8.000%, due 09/15/32 to 03/20/56. The aggregate market value of the collateral, including accrued interest, was $87,682,469.
	225,000,000		3.620	^(e)	07/07/26	$	225,000,000
Maturity Value: $226,380,125
Settlement Date: 06/03/26
Collateralized by Federal Farm Credit Bank, 5.000%, due 02/17/39, Federal Home Loan Bank, 5.000%, due 12/24/40, Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 03/01/37 to 05/01/56, Federal National Mortgage Association, 2.000% to 7.000%, due 06/01/35 to 07/01/56 and Government National Mortgage Association, 2.000% to 7.000%, due 12/15/32 to 06/20/56. The aggregate market value of the collateral, including accrued interest, was $232,402,236.


Joint Account III
	188,000,000		3.650		07/01/26	$	188,000,000
Maturity Value: $188,019,061


RBC Dominion Securities, Inc.
	25,000,000		3.490	^(e)	07/07/26	$	25,000,000
Maturity Value: $25,661,646
Settlement Date: 12/19/25
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 11/01/37 to 05/01/56, Federal National Mortgage Association, 2.000% to 7.000%, due 08/01/44 to 06/01/56, Government National Mortgage Association, 3.000% to 7.000%, due 04/20/45 to 06/20/56, U.S. Treasury Bonds, 2.000% to 3.000%, due 02/15/42 to 05/15/42 and U.S. Treasury Notes, 3.000% to 5.000%, due 08/31/28 to 07/31/29. The aggregate market value of the collateral, including accrued interest, was $25,500,003.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(d)– (continued)

RBC Dominion Securities, Inc. – (continued)
$	12,000,000		3.550	%^(e)	07/07/26	$	12,000,000
Maturity Value: $12,288,733
Settlement Date: 12/16/25
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 11/01/37 to 06/01/56, Federal National Mortgage Association, 2.000% to 7.000%, due 09/01/37 to 05/01/56, Government National Mortgage Association, 4.000% to 6.000%, due 11/20/52 to 06/20/56 and a U.S. Treasury Note, 3.000%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $12,239,998.


Royal Bank of Canada - New York Branch
	25,000,000		3.590	^(e)	07/07/26	$	25,000,000
Maturity Value: $25,426,312
Settlement Date: 02/09/26
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 06/01/48 to 03/01/55, Federal National Mortgage Association, 2.000% to 5.000%, due 05/01/51 to 12/01/54 and a U.S. Treasury Note, 4.000%, due 06/30/27. The aggregate market value of the collateral, including accrued interest, was $25,500,000.
	10,000,000		3.600	^(e)	07/07/26	$	10,000,000
Maturity Value: $10,267,000
Settlement Date: 12/08/25
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 06/01/48 to 05/01/56, Federal National Mortgage Association, 4.000%, due 06/01/51 and a U.S. Treasury Note, 4.000%, due 06/30/27. The aggregate market value of the collateral, including accrued interest, was $10,200,001.
	18,000,000		3.650	^(e)	07/07/26	$	18,000,000
Maturity Value: $18,423,400
Settlement Date: 12/03/25
Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 05/01/53, Federal National Mortgage Association, 5.000%, due 12/01/55, a U.S. Treasury Bond, 3.000%, due 02/15/48 and a U.S. Treasury Note, 4.000%, due 06/30/27. The aggregate market value of the collateral, including accrued interest, was $18,360,001.


Wells Fargo Bank, National Association
	25,000,000		3.620	^(e)	07/07/26	$	25,000,000
Maturity Value: $25,284,069
Settlement Date: 03/24/26
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.000%, due 01/15/27. The market value of the collateral, including accrued interest, was $25,500,108.
	35,000,000		3.620	^(e)	07/07/26	$	35,000,000
Maturity Value: $36,347,948
Settlement Date: 06/27/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.000%, due 01/15/27. The market value of the collateral, including accrued interest, was $35,700,070.
	85,000,000		3.620	^(e)	07/07/26	$	85,000,000
Maturity Value: $88,350,513
Settlement Date: 06/18/25
Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.000%, due 01/15/27. The market value of the collateral, including accrued interest, was $86,700,014.


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, 2026 (Unaudited)


	Principal Amount	Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(d)– (continued)

Wells Fargo Securities, LLC
$	770,000,000		3.650	%	07/01/26	$	770,000,000
Maturity Value: $770,078,069
Collateralized by Federal National Mortgage Association, 2.000% to 7.000%, due 12/01/27 to 07/01/56. The aggregate market value of the collateral, including accrued interest, was $793,099,996.
	30,000,000		3.620		07/15/26	$	30,000,000
Maturity Value: $30,147,817
Settlement Date: 05/27/26
Collateralized by Federal National Mortgage Association, 3.000% to 7.000%, due 01/01/41 to 03/01/56. The aggregate market value of the collateral, including accrued interest, was $30,900,001.
	45,000,000		3.620		07/15/26	$	45,000,000
Maturity Value: $46,271,526
Settlement Date: 10/07/25
Collateralized by Federal National Mortgage Association, 7.000%, due 10/01/53 to 03/01/56. The aggregate market value of the collateral, including accrued interest, was $46,350,001.


TOTAL REPURCHASE AGREEMENTS						$	2,510,000,000


TOTAL INVESTMENTS - 106.0%						$	3,831,063,824


LIABILITIES IN EXCESS OF OTHER ASSETS - (6.0)%							(216,029,010)


NET ASSETS - 100.0%						$	3,615,034,814

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, 2026.
(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, 2026.
(c)		All or a portion represents a forward commitment.
(d)		Unless noted, all repurchase agreements were entered into on June 30, 2026. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.
(e)		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 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


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III— At June 30, 2026, the Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of July 1, 2026, as follows:

Fund

Principal Amount

Maturity Value

Collateral Value

Allocation

Government Money Market Fund

$188,000,000

$188,019,061

$193,639,999

REPURCHASE AGREEMENTS— At June 30, 2026, the Principal Amounts of the Fund’s interest in the Joint Repurchase Agreement Account III were as follows:


Counterparty	Interest Rate		Principal Amount
Bank of America, N.A.		3.650%	$56,400,000
Bank of Montreal		3.650	37,600,000
Wells Fargo Securities, LLC		3.650	94,000,000
Total			$188,000,000

At June 30, 2026, the Joint Repurchase Agreement Account III was fully collateralized by :


Issuer	Interest Rate		Maturity Dates
Federal National Mortgage Association		2.000% to 7.000%	03/01/29 to 07/01/56
Government National Mortgage Association		2.000 to 9.000	05/20/35 to 06/20/56


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Statement of Assets and Liabilities

June 30, 2026 (Unaudited)


	Goldman Sachs Government Money Market Fund

Assets:

Investments based on amortized cost	$	1,321,063,824
Repurchase agreements based on amortized cost		2,510,000,000
Cash		29,523,524
Receivables:
Investments sold		11,024,791
Interest		10,271,526
Fund shares sold		1,327,165
Reimbursement from investment adviser		29,609
Other assets		31,813

Total assets		3,883,272,252


Liabilities:

Payables:
Fund shares redeemed		266,365,998
Investments purchased		1,281,068
Management fees		255,987
Distribution and Service fees and Transfer Agency fees		100,109
Accrued expenses		234,276

Total liabilities		268,237,438


Net Assets:

Paid-in capital		3,615,242,541
Total distributable loss		(207,727	)

NET ASSETS	$	3,615,034,814
Net Assets:
Institutional Shares	$	2,953,827,375
Service Shares		661,207,439
Total Net Assets	$	3,615,034,814
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		2,953,999,508
Service Shares		661,243,015
Net asset value, offering and redemption price per share:
Institutional Shares	$	1.00
Service Shares		1.00


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Statement of Operations

For the Six Months Ended June 30, 2026 (Unaudited)


	Goldman Sachs Government Money Market Fund

Investment income:

Interest income	$	71,083,514


Expenses:

Management fees		3,069,793

Distribution and Service fees—Service Shares		841,293

Transfer Agency fees^(a)		383,689

Professional fees		159,676

Custody, accounting and administrative services		69,782

Printing and mailing costs		54,850

Trustee fees		17,265

Registration fees		5,485

Other		15,333


Total expenses		4,617,166


Less — expense reductions		(272,053	)


Net expenses		4,345,113


NET INVESTMENT INCOME		66,738,401




Net realized loss from investment transactions		(23,086	)


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	66,715,315

^(a)Institutional and Service Shares incurred Transfer Agency fees of $316,391 and $67,298, respectively.


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

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, 2026 (Unaudited)			For the Fiscal Year Ended December 31, 2025

From operations:

Net investment income	$	66,738,401		$	153,550,839

Net realized gain (loss) from investment transactions		(23,086	)		1,026,307


Net increase in net assets resulting from operations		66,715,315			154,577,146



Distributions to shareholders:

From distributable earnings:

Institutional Shares		(56,184,145	)		(126,193,036	)

Service Shares		(11,114,097	)		(28,352,324	)


Total distributions to shareholders		(67,298,242	)		(154,545,360	)



From share transactions (at $1.00 per share):

Proceeds from sales of shares		2,169,031,237			2,534,826,315

Reinvestment of distributions		67,295,539			154,557,947

Cost of shares redeemed		(2,370,189,047	)		(2,560,000,770	)


Net increase (decrease) in net assets resulting from share transactions		(133,862,271	)		129,383,492


TOTAL INCREASE (DECREASE)		(134,445,198	)		129,415,278



Net Assets:

Beginning of period	$	3,749,480,012		$	3,620,064,734


End of period	$	3,615,034,814		$	3,749,480,012


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

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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

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)			0.017				0.041				0.050				0.050				0.016				–	^(b)

Net realized and unrealized gain			–				–	^(b)			–				–				–				–


Total from investment operations			0.017				0.041				0.050				0.050				0.016				–	^(b)


Distributions to shareholders from net investment income			(0.017	)			(0.041	)			(0.050	)			(0.050	)			(0.016	)			–	^(b)

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


Total distributions ^(c)			(0.017	)			(0.041	)			(0.050	)			(0.050	)			(0.016	)			–	^(b)


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


Total Return^(d)			1.77	%			4.20	%			5.17	%			5.05	%			1.58	%			0.01	%


Net assets, end of period (in 000’s)		$	2,953,827			$	3,057,708			$	2,871,689			$	1,756,707			$	1,834,293			$	523,751

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

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

Ratio of net investment income to average net assets			3.52	%^(e)			4.10	%			5.00	%			4.96	%			1.92	%			–	%^(f)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.0005 per share.

(c)

Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.

(d)

Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.

(e)

Annualized.

(f)

Amount is less than 0.005%.


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

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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

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)			0.017				0.038				0.048				0.047				0.014				–	^(b)

Net realized and unrealized loss			(0.001	)			–	^(b)			–				–				–				–


Total from investment operations			0.016				0.038				0.048				0.047				0.014				–	^(b)


Distributions to shareholders from net investment income			(0.016	)			(0.038	)			(0.048	)			(0.047	)			(0.014	)			–	^(b)

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


Total distributions ^(c)			(0.016	)			(0.038	)			(0.048	)			(0.047	)			(0.014	)			–	^(b)


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


Total Return^(d)			1.65	%			3.94	%			4.91	%			4.79	%			1.37	%			0.01	%


Net assets, end of period (in 000’s)		$	661,207			$	691,772			$	748,376			$	781,383			$	678,468			$	501,008

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

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

Ratio of net investment income to average net assets			3.27	%^(e)			3.85	%			4.79	%			4.70	%			1.48	%			–	%^(f)

(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%.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements

June 30, 2026 (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 (“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 (as defined below). 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.

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


		17

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - 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 prospectus. The Chief Operating Decision Maker (“CODM”) is the portfolio management team within the Fund’s Investment Adviser. The CODM monitors and actively manages the operating results of the 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

GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;


18

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Trustees have approved valuation procedures that govern the valuation of the portfolio investments held by the Fund (“Valuation Procedures”), 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 Act (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, 2026, 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, 2027, 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, 2026, these expense reductions, including any fee waiver and Other Expense reimbursements, were as follows:



Fund	Transfer Agency Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions

Goldman Sachs Government Money Market Fund		$ 26,406		$ 245,647		$	272,053

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.


		19

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


	Institutional Shares					Service Shares
Fee/Expense Type	Contractual rate, if any			Ratio of net expenses to average net assets for the for six months ended June 30, 2026		Contractual rate, if any			Ratio of net expenses to average net assets for the six months ended June 30, 2026

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 months period ended June 30, 2026, 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, 2026, the Fund participated in a $1,550,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months period ended June 30, 2026, the Fund did not have any borrowings under the facility. Prior to April 10, 2026, the facility was $1,300,000,000.

5. TAX INFORMATION

As of June 30, 2026, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Goldman Sachs Government Money Market Fund

Tax Cost	$	3,831,077,262

Gross unrealized gain		—

Gross unrealized loss		(13,438	)

Net unrealized gain (loss)	$	(13,438	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.

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.

6. OTHER RISKS

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


20

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

6. OTHER RISKS (continued)

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 the Fund’s 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 of 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. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, 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. 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.

7. 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.

8. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Fund may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.


		21

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

9. 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.

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Goldman Sachs Government Money Market Fund

	For the Six Months Ended June 30, 2026 (Unaudited)			For the Fiscal Year Ended December 31, 2025



	Shares			Shares



Institutional Shares*

Shares sold		2,064,969,717		2,298,205,911

Reinvestment of distributions		56,181,842		126,203,137

Shares redeemed		(2,224,554,242	)	(2,238,422,656)



		(103,402,683	)	185,986,392



Service Shares*

Shares sold		104,061,520		236,620,404

Reinvestment of distributions		11,113,697		28,354,810

Shares redeemed		(145,634,805	)	(321,578,114)



		(30,459,588	)	(56,602,900)



NET INCREASE (DECREASE) IN SHARES		(133,862,271	)	129,383,492

* Valued at $1.00 per share.


22

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, 2027 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 15-17, 2026 (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 five 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


		23

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, 2025. 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, November, and December 2024, and again in September, October, and December 2025, 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.


24

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 2025 and 2024, 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 U.S. Securities and Exchange Commission 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


		25

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the 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, 2027.


26

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LOGO

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Brian J. Wildman John G. Chou Joaquin Delgado Eileen H. Dowling OFFICERS Lawrence Hughes James A. McNamara, President and Principal John F. Killian Executive Officer Steven D. Krichmar Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser 200 West Street, New York New York 10282 © 2026 Goldman Sachs. All rights reserved. VITMMSAR-26

LOGO

Goldman Sachs Variable Insurance Trust Goldman Sachs Core Fixed Income Fund Goldman Sachs Trend Driven Allocation Fund Semi-Annual Financial Statements June 30, 2026 (Unaudited)

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			20

Financial Statements

Statements of Assets and Liabilities			21

Statements of Operations			22

Statements of Changes in Net Assets			23

Financial Highlights

Goldman Sachs Core Fixed Income Fund			24

Goldman Sachs Trend Driven Allocation Fund			26

Notes to Financial Statements			28

Statement Regarding Basis for Approval of Investment Advisory Contract			42

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate		Maturity Date	Value

Mortgage-Backed Securities – 32.8%

BANK5, Series 2023-5YR3, Class A3
$	1,150,000		6.724%	09/15/56^(a)	$	1,188,141
BANK5, Series 2026-5YR22, Class A3
	500,000		5.713	06/15/59^(a)		515,695
BMO Mortgage Trust, Series 2024-5C4, Class A3
	900,000		6.526	05/15/57^(a)		934,630
Fannie Mae REMICS, Series 2025-11, Class FB (SOFR + 1.000%)
	358,659		4.628	03/25/55^(a)		361,346
Federal Home Loan Mortgage Corporation
	2,600,747		2.500	03/01/52		2,188,605
FHLMC
	743		7.500	12/01/29		763
	629		5.000	10/01/33		633
	802		5.000	07/01/35		808
	1,308		5.000	12/01/35		1,320
	264		5.000	03/01/38		266
	554		5.000	06/01/41		559
	3,426		4.500	08/01/48		3,341
	4,440		4.500	11/01/48		4,331
	438,679		3.000	09/01/49		391,414
	323,166		4.000	03/01/50		306,212
	641,598		4.500	03/01/50		625,350
	221,806		3.000	10/01/50		196,899
	773,575		2.500	02/01/51		653,511
	1,590,053		2.000	05/01/51		1,282,282
	707,926		2.500	05/01/51		599,173
	720,831		2.500	05/01/51		615,980
	1,613,417		2.500	08/01/51		1,377,733
	663,134		2.500	09/01/51		564,468
	740,323		4.500	04/01/52		715,589
	444,394		4.500	06/01/52		429,918
	274,886		6.000	12/01/52		285,586
	856,406		6.000	01/01/54		876,523
	703,842		6.500	06/01/54		737,525
FNMA
	134		7.000	08/01/26		133
	640		8.000	10/01/29		649
	502		8.500	04/01/30		507
	962		8.000	05/01/30		972
	1,466		8.000	08/01/32		1,533
	4,000,000		4.500	TBA-15yr^(b)		3,951,719
	4,444		3.000	01/01/43		4,068
	8,898		3.000	01/01/43		8,145
	4,924		3.000	03/01/43		4,551
	13,875		3.000	03/01/43		12,652
	44,403		3.000	03/01/43		40,488
	5,586		3.000	04/01/43		5,094
	6,897		3.000	04/01/43		6,289
	12,688		3.000	04/01/43		11,569
	54,196		3.000	04/01/43		49,418
	7,111		3.000	05/01/43		6,484
	28,251		3.000	05/01/43		25,760
	30,866		3.000	05/01/43		28,144
	167,702		4.500	04/01/45		165,431
	20,196		4.500	05/01/45		19,891
	102,455		4.000	02/01/48		97,552
	117,491		4.000	03/01/48		111,730
	2,243		4.000	07/01/48		2,133


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Securities – (continued)

FNMA – (continued)
$	7,291		4.000	%	07/01/48	$	6,938
	198,469		4.500		07/01/48		193,603
	128,087		4.000		08/01/48		121,807
	100,582		5.000		11/01/48		101,035
	1,610,933		2.000		10/01/50		1,303,046
	365,633		3.000		10/01/50		325,288
	453,782		3.000		10/01/50		402,827
	465,713		3.000		10/01/50		414,324
	1,610,554		2.000		11/01/50		1,302,178
	60,146		2.500		03/01/51		51,460
	75,360		2.500		09/01/51		64,361
	297,545		2.500		10/01/51		254,025
	137,075		2.500		11/01/51		116,983
	173,737		2.500		11/01/51		148,272
	1,058,347		6.000		11/01/52		1,096,552
	697,496		5.500		04/01/53		704,259
	1,111,679		6.500		09/01/53		1,155,381
	939,106		6.000		08/01/55		964,461
	2,880,681		5.500		11/01/55		2,908,971
	5,000,000		2.000		TBA-30yr^(b)		3,990,235
	3,000,000		2.500		TBA-30yr^(b)		2,506,055
	1,000,000		3.000		TBA-30yr^(b)		872,109
	10,000,000		5.500		TBA-30yr^(b)		10,033,203
	7,000,000		6.000		TBA-30yr^(b)		7,150,938
FNMA, Series 2012-111, Class B
	3,258		7.000		10/25/42		3,465
FNMA, Series 2012-153, Class B
	8,869		7.000		07/25/42		9,439
Freddie Mac REMICS, Series 5502, Class FG (SOFR + 1.000%)
	165,895		4.628		02/25/55^(a)		166,114
GNMA
	19		7.000		11/15/27		19
	353		7.000		11/15/27		355
	495		7.000		02/15/28		495
	22		7.000		05/15/28		22
	507		7.000		06/15/28		510
	106		7.000		07/15/28		106
	491		7.000		07/15/28		493
	27,945		6.000		08/20/34		28,960
	29,346		5.000		06/15/40		29,609
	121,646		4.000		08/20/43		116,905
	46,320		4.000		10/20/45		44,160
	698,901		4.000		07/20/48		663,506
	22,380		5.000		08/20/48		22,453
	75,126		4.500		09/20/48		73,563
	77,815		5.000		10/20/48		78,183
	215,227		5.000		11/20/48		215,928
	27,686		5.000		12/20/48		27,816
	175,989		4.500		01/20/49		172,327
	23,743		4.500		03/20/49		23,248
	493,043		3.000		08/20/49		440,737
	153,876		4.500		10/20/49		150,674
	320,447		3.000		03/20/50		285,468
	147,675		4.500		03/20/50		144,602
	638,841		3.000		11/20/51		568,173
	764,647		3.000		11/20/51		676,874
	720,801		4.500		09/20/52		699,585


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, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Securities – (continued)

GNMA – (continued)
$	726,266		4.500	%	10/20/52	$	704,776
	956,951		5.000		02/20/56		948,323
	3,000,000		2.000		TBA-30yr^(b)		2,457,594
	2,000,000		2.500		TBA-30yr^(b)		1,707,910
	2,000,000		3.500		TBA-30yr^(b)		1,795,558
	1,000,000		5.000		TBA-30yr^(b)		985,863
	3,000,000		5.500		TBA-30yr^(b)		3,014,582
	3,000,000		6.000		TBA-30yr^(b)		3,055,175
GNMA, Series 2021-135, Class A
	751,240		2.000		08/20/51		616,122
HLTN Commercial Mortgage Trust, Series 2026-DPLO, Class A (TSFR1M + 1.700%)
	600,000		5.325		04/15/41^(a)(c)		601,523
Manhattan West Mortgage Trust, Series 2026-2MW, Class A
	500,000		5.498		06/10/48^(a)(c)		503,627
Manhattan West Mortgage Trust, Series 2026-2MW, Class B
	300,000		5.718		06/10/48^(a)(c)		301,573
NYC Trust, Series 2026-9W57, Class A
	800,000		5.053		06/06/40^(a)(c)		796,318
NYC Trust, Series 2026-9W57, Class B
	300,000		5.353		06/06/40^(a)(c)		298,531

TOTAL MORTGAGE-BACKED SECURITIES (Cost $78,925,214)							78,033,088



Corporate Bonds – 25.2%

Aerospace/Defense – 0.6%
Boeing Co. (The)
	50,000		3.450		11/01/28^(d)		48,693
	2,000		2.950		02/01/30^(d)		1,881
	176,000		5.150		05/01/30^(d)		178,133
	187,000		6.528		05/01/34^(d)		203,310
	325,000		5.705		05/01/40^(d)		330,345
	100,000		5.805		05/01/50^(d)		98,727
	174,000		6.858		05/01/54^(d)		195,512
Howmet Aerospace, Inc.
	122,000		4.850		10/15/31^(d)		122,369
Northrop Grumman Corp.
	75,000		3.250		01/15/28^(d)		73,701
	25,000		4.750		06/01/43		22,787
	50,000		5.250		05/01/50^(d)		47,012
RTX Corp.
	50,000		4.125		11/16/28^(d)		49,616
	25,000		4.050		05/04/47^(d)		20,065

							1,392,151


Agriculture – 0.1%
Archer-Daniels-Midland Co.
	100,000		2.900		03/01/32^(d)		90,888
Bunge Ltd. Finance Corp.
	139,000		4.200		09/17/29^(d)		137,366

							228,254


Auto Manufacturers – 1.1%
Ford Motor Credit Co. LLC
	215,000		5.850		05/17/27^(d)		216,558
	1,475,000		5.420		04/09/31^(d)		1,462,449
General Motors Financial Co., Inc.
	125,000		2.350		01/08/31^(d)		111,838


Principal Amount			Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Auto Manufacturers – (continued)

General Motors Financial Co., Inc. – (continued)
$	550,000			5.950	%	04/04/34^(d)	$	569,287
Hyundai Capital America
	160,000			5.400		06/24/31^(c)(d)		162,306

								2,522,438


Banks – 5.7%
Bank of America Corp.
(TSFR3M + 1.302%)
	85,000			3.419		12/20/28^(a)(d)		83,568
(SOFR + 1.630%)
	370,000			5.202		04/25/29^(a)(d)		373,479
(SOFR + 2.150%)
	175,000			2.592		04/29/31^(a)(d)		161,494
(SOFR + 1.220%)
	110,000			2.299		07/21/32^(a)(d)		97,162
(SOFR + 1.830%)
	390,000			4.571		04/27/33^(a)(d)		382,517
(SOFR + 1.310%)
	75,000			5.511		01/24/36^(a)(d)		76,604
(US 5 Year CMT T-Note +
	1.200%	)
	100,000			2.482		09/21/36^(a)(d)		87,308
(SOFR + 1.130%)
	1,280,000			5.045		02/06/37^(a)(d)		1,260,536
Bank of America Corp., GMTN
(TSFR3M + 1.632%)
	25,000			3.593		07/21/28^(a)(d)		24,764
Bank of America Corp., MTN
(TSFR3M + 1.837%)
	75,000			3.824		01/20/28^(a)(d)		74,740
(SOFR + 1.050%)
	400,000			2.551		02/04/28^(a)(d)		395,481
(SOFR + 2.040%)
	305,000			4.948		07/22/28^(a)(d)		306,250
(TSFR3M + 1.572%)
	50,000			4.271		07/23/29^(a)(d)		49,607
(SOFR + 1.530%)
	50,000			1.898		07/23/31^(a)(d)		44,647
(SOFR + 2.160%)
	73,000			5.015		07/22/33^(a)(d)		73,104
Bank of America Corp., Series N
(SOFR + 1.220%)
	50,000			2.651		03/11/32^(a)(d)		45,332
Bank of New York Mellon Corp. (The)
(SOFR + 1.755%)
	20,000			4.596		07/26/30^(a)(d)		19,995
Citigroup, Inc.
	150,000			4.450		09/29/27		149,784
(SOFR + 1.422%)
	75,000			2.976		11/05/30^(a)(d)		70,839
(SOFR + 2.086%)
	165,000			4.910		05/24/33^(a)(d)		164,187
(SOFR + 2.338%)
	400,000			6.270		11/17/33^(a)(d)		426,364
(SOFR + 1.830%)
	210,000			6.020		01/24/36^(a)(d)		216,573


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)
First Horizon Corp.
(SOFR + 1.766%)
$	160,000		5.514	%	03/07/31^(a)(d)	$	161,982
Huntington Bancshares, Inc.
(SOFRINDX + 1.870%)
	1,230,000		5.709		02/02/35^(a)(d)		1,258,721
JPMorgan Chase & Co.
	15,000		3.625		12/01/27^(d)		14,829
(TSFR3M + 1.599%)
	972,000		3.782		02/01/28^(a)(d)		968,064
(TSFR3M + 1.207%)
	45,000		3.509		01/23/29^(a)(d)		44,260
(SOFR + 2.040%)
	25,000		2.522		04/22/31^(a)(d)		23,046
(SOFR + 0.840%)
	105,000		4.347		01/22/32^(a)(d)		102,847
(SOFR + 1.340%)
	430,000		4.946		10/22/35^(a)(d)		424,103
(SOFR + 1.680%)
	995,000		5.572		04/22/36^(a)(d)		1,023,020
(SOFR + 1.635%)
	410,000		5.576		07/23/36^(a)(d)		416,575
(SOFR + 1.070%)
	150,000		4.898		01/22/37^(a)(d)		146,142
(SOFR + 1.300%)
	245,000		5.193		02/05/37^(a)(d)		241,420
M&T Bank Corp.
(SOFR + 2.800%)
	265,000		7.413		10/30/29^(a)(d)		280,428
M&T Bank Corp., MTN
(SOFR + 1.610%)
	450,000		5.385		01/16/36^(a)(d)		449,832
Morgan Stanley
	25,000		3.625		01/20/27		24,896
	20,000		3.950		04/23/27		19,935
(SOFR + 1.000%)
	200,000		2.475		01/21/28^(a)(d)		197,800
(SOFR + 2.076%)
	165,000		4.889		07/20/33^(a)(d)		163,731
(SOFR + 1.555%)
	420,000		5.320		07/19/35^(a)(d)		422,246
(SOFR + 1.757%)
	155,000		5.664		04/17/36^(a)(d)		159,022
(SOFR + 1.360%)
	150,000		2.484		09/16/36^(a)(d)		130,170
Morgan Stanley, GMTN
(TSFR3M + 1.890%)
	25,000		4.431		01/23/30^(a)(d)		24,775
(SOFR + 1.143%)
	400,000		2.699		01/22/31^(a)(d)		371,615
Morgan Stanley, MTN
(SOFR + 1.590%)
	305,000		5.164		04/20/29^(a)(d)		307,395
(SOFR + 3.120%)
	50,000		3.622		04/01/31^(a)(d)		47,891
(SOFR + 1.034%)
	75,000		1.794		02/13/32^(a)(d)		65,255


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Banks – (continued)
Truist Financial Corp., MTN
(SOFR + 1.922%)
$	425,000		5.711	%	01/24/35^(a)(d)	$	437,724
U.S. Bancorp
(SOFR + 1.296%)
	545,000		5.083		05/15/31^(a)(d)		550,973
US Bancorp
(SOFR + 2.020%)
	145,000		5.775		06/12/29^(a)(d)		148,071
Wells Fargo & Co.
	175,000		3.000		10/23/26		174,325
Wells Fargo & Co., GMTN
	50,000		4.300		07/22/27		49,980
Wells Fargo & Co., MTN
(SOFR + 1.980%)
	215,000		4.808		07/25/28^(a)(d)		215,606

							13,651,014


Beverages – 0.3%
Coca-Cola Consolidated, Inc.
	98,000		5.450		06/01/34^(d)		100,512
Constellation Brands, Inc.
	50,000		3.600		02/15/28^(d)		49,233
	25,000		3.150		08/01/29^(d)		23,904
	100,000		2.250		08/01/31^(d)		88,256
Keurig Dr Pepper, Inc.
	225,000		4.597		05/25/28^(d)		224,783
	19,000		3.800		05/01/50^(d)		13,560
Pernod Ricard International Finance LLC
	345,000		1.625		04/01/31^(c)(d)		298,163

							798,411


Biotechnology – 0.3%
Amgen, Inc.
	239,000		5.250		03/02/30^(d)		243,511
	184,000		5.250		03/02/33^(d)		187,256
Royalty Pharma PLC
	198,000		5.400		09/02/34^(d)		199,601

							630,368


Building Materials – 0.3%
Carrier Global Corp.
	150,000		2.493		02/15/27^(d)		148,324
	75,000		2.722		02/15/30^(d)		70,128
	200,000		2.700		02/15/31^(d)		183,299
	166,000		5.900		03/15/34^(d)		175,046
Masco Corp.
	50,000		1.500		02/15/28^(d)		47,581

							624,378


Chemicals – 0.1%
International Flavors & Fragrances, Inc.
	20,000		1.832		10/15/27^(c)(d)		19,313
	74,000		2.300		11/01/30^(c)(d)		66,730
Sherwin-Williams Co. (The)
	25,000		3.450		06/01/27^(d)		24,777
	50,000		2.950		08/15/29^(d)		47,585

							158,405


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, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Commercial Services – 0.5%
Cornell University, Series 2025
$	480,000		4.733	%	06/15/35^(d)	$	472,460
Global Payments, Inc.
	305,000		5.550		11/15/35^(d)		295,489
PayPal Holdings, Inc.
	75,000		2.650		10/01/26^(d)		74,702
Quanta Services, Inc.
	182,000		5.250		08/09/34^(d)		184,104
S&P Global, Inc.
	75,000		4.250		05/01/29^(d)		74,426

							1,101,181


Computers – 0.1%
Dell International LLC / EMC Corp.
	25,000		5.300		10/01/29^(d)		25,418
Hewlett Packard Enterprise Co.
	151,000		5.000		10/15/34^(d)		148,005

							173,423


Diversified Financial Services – 1.2%
American Express Co.
(SOFR + 1.420%)
	425,000		5.284		07/26/35^(a)(d)		429,521
Capital One Financial Corp.
(SOFR + 1.990%)
	415,000		5.884		07/26/35^(a)(d)		426,674
(SOFR + 2.036%)
	835,000		6.183		01/30/36^(a)(d)		855,797
Intercontinental Exchange, Inc.
	75,000		3.625		09/01/28^(d)		73,616
Mastercard, Inc.
	25,000		3.300		03/26/27^(d)		24,838
Nuveen LLC
	25,000		4.000		11/01/28^(c)(d)		24,669
Sumisho Air Lease Corp.
	400,000		4.850		03/24/31^(c)(d)		395,742
Sumisho Air Lease Corp., MTN
	275,000		5.200		07/15/31^(d)		276,214
Synchrony Financial
(SOFR + 1.530%)
	310,000		4.947		02/25/32^(a)(d)		302,046

							2,809,117


Electric – 0.5%
American Electric Power Co., Inc.
	50,000		2.300		03/01/30^(d)		45,948
Arizona Public Service Co.
	45,000		2.950		09/15/27^(d)		44,176
Berkshire Hathaway Energy Co.
	25,000		3.250		04/15/28^(d)		24,473
	50,000		3.700		07/15/30^(d)		48,289
Dominion Energy, Inc., Series C
	25,000		3.375		04/01/30^(d)		23,870
Entergy Corp.
	45,000		2.950		09/01/26^(d)		44,892
Exelon Corp.
	50,000		4.050		04/15/30^(d)		48,809
FirstEnergy Corp.
	100,000		2.650		03/01/30^(d)		92,505


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Electric – (continued)
FirstEnergy Corp., Series B
$	50,000		2.250	%	09/01/30^(d)	$	45,027
Florida Power & Light Co.
	68,000		4.125		02/01/42^(d)		58,042
MidAmerican Energy Co.
	25,000		3.650		04/15/29^(d)		24,447
NextEra Energy Capital Holdings, Inc.
	70,000		1.900		06/15/28^(d)		66,591
Ohio Power Co., Series P
	25,000		2.600		04/01/30^(d)		23,209
Pacific Gas and Electric Co.
	25,000		2.100		08/01/27^(d)		24,336
	50,000		2.500		02/01/31^(d)		44,884
	25,000		3.300		08/01/40^(d)		18,728
Progress Energy, Inc.
	95,000		7.000		10/30/31		104,059
Southern Co. (The)
	60,000		3.250		07/01/26^(d)		60,000
Xcel Energy, Inc.
	250,000		3.350		12/01/26^(d)		249,102

							1,091,387


Electronics – 0.0%
Allegion U.S. Holding Co., Inc.
	110,000		5.600		05/29/34^(d)		112,304


Environmental Control – 0.1%
Republic Services, Inc.
	100,000		1.750		02/15/32^(d)		85,503
Waste Management, Inc.
	75,000		3.150		11/15/27^(d)		73,854
	50,000		1.150		03/15/28^(d)		47,408

							206,765


Food – 0.9%
General Mills, Inc.
	75,000		4.200		04/17/28^(d)		74,535
J M Smucker Co. (The)
	179,000		5.900		11/15/28^(d)		184,211
	113,000		6.200		11/15/33^(d)		120,498
Mars, Inc.
	425,000		4.800		03/01/30^(c)(d)		426,248
	25,000		3.200		04/01/30^(c)(d)		23,760
	375,000		5.000		03/01/32^(c)(d)		377,525
	650,000		5.200		03/01/35^(c)(d)		652,548
The Campbell’s Company
	279,000		5.400		03/21/34^(d)		275,054
	95,000		4.750		03/23/35^(d)		88,678

							2,223,057


Gas – 0.1%
East Ohio Gas Co. (The)
	25,000		2.000		06/15/30^(c)(d)		22,476
NiSource, Inc.
	95,000		3.490		05/15/27^(d)		94,275
	25,000		3.600		05/01/30^(d)		24,001

							140,752


Hand/Machine Tools – 0.0%
Stanley Black & Decker, Inc.
	24,000		4.250		11/15/28^(d)		23,815


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 – 0.4%
Alcon Finance Corp.
$	413,000		3.000	%	09/23/29^(c)(d)	$	391,851
DH Europe Finance II Sarl
	25,000		2.600		11/15/29^(d)		23,439
Solventum Corp.
	113,000		5.400		03/01/29^(d)		114,920
	140,000		5.600		03/23/34^(d)		143,238
STERIS Irish FinCo UnLtd Co.
	75,000		2.700		03/15/31^(d)		68,172
Stryker Corp.
	100,000		1.950		06/15/30^(d)		90,539
Thermo Fisher Scientific, Inc.
	25,000		1.750		10/15/28^(d)		23,532

							855,691


Healthcare-Services – 1.9%
Adventist Health System
	30,000		2.952		03/01/29^(d)		28,459
	95,000		5.757		12/01/34^(d)		97,474
Adventist Health System, Series 2025
	590,000		4.742		12/01/30^(d)		584,294
Ascension Health, Series 2025
	280,000		4.923		11/15/35^(d)		276,632
Banner Health
	120,000		2.338		01/01/30^(d)		111,227
Baylor Scott & White Holdings, Series 2021
	40,000		1.777		11/15/30^(d)		35,519
Cigna Group (The)
	34,000		2.400		03/15/30^(d)		31,406
	250,000		2.375		03/15/31^(d)		225,085
	260,000		5.125		05/15/31^(d)		264,213
	125,000		4.800		08/15/38^(d)		118,404
CommonSpirit Health
	205,000		4.352		09/01/30^(d)		200,604
	225,000		6.461		11/01/52^(d)		241,363
CommonSpirit Health, Series 2025
	310,000		4.975		09/01/35^(d)		300,772
Elevance Health, Inc.
	500,000		4.600		09/15/32^(d)		490,138
HCA, Inc.
	425,000		4.500		02/15/27^(d)		424,719
	80,000		3.500		09/01/30^(d)		75,834
	345,000		5.450		04/01/31^(d)		352,443
Humana, Inc.
	55,000		5.950		03/15/34^(d)		56,932
Laboratory Corp. of America Holdings
	86,000		4.800		10/01/34^(d)		83,690
PeaceHealth Obligated Group
	185,000		4.335		11/15/28^(d)		183,771
Rush System for Health Obligated Group, Series 2020
	60,000		3.922		11/15/29^(d)		58,672
Sutter Health, Series 20A
	40,000		2.294		08/15/30^(d)		36,427
UnitedHealth Group, Inc.
	275,000		5.000		04/15/34^(d)		274,841
	125,000		3.050		05/15/41^(d)		94,306

							4,647,225


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Insurance – 0.2%
American International Group, Inc.
$	25,000		3.400	%	06/30/30^(d)	$	23,770
Arthur J Gallagher & Co.
	50,000		4.850		12/15/29^(d)		50,362
Berkshire Hathaway Finance Corp.
	75,000		1.850		03/12/30^(d)		68,667
Chubb INA Holdings LLC
	171,000		6.800		11/15/31		186,428
Principal Financial Group, Inc.
	50,000		3.100		11/15/26^(d)		49,781
	75,000		2.125		06/15/30^(d)		67,929
Willis North America, Inc.
	25,000		2.950		09/15/29^(d)		23,657

							470,594


Internet – 1.7%
Airbnb, Inc.
	305,000		5.250		03/16/36^(d)		303,863
Alphabet, Inc.
	950,000		4.100		11/15/30^(d)		934,918
AppLovin Corp.
	551,000		5.500		12/01/34^(d)		555,399
Expedia Group, Inc.
	14,000		4.625		08/01/27^(d)		14,010
	35,000		3.800		02/15/28^(d)		34,560
	85,000		3.250		02/15/30^(d)		80,691
	14,000		2.950		03/15/31^(d)		12,861
	250,000		5.400		02/15/35^(d)		247,536
Meta Platforms, Inc.
	250,000		3.500		08/15/27^(d)		247,919
	400,000		4.200		11/15/30^(d)		393,677
	800,000		4.875		11/15/35^(d)		778,442
Netflix, Inc.
	210,000		5.875		11/15/28		216,652
Uber Technologies, Inc.
	175,000		4.500		08/15/29^(c)(d)		173,766

							3,994,294


Investment Companies – 0.1%
Blackstone Secured Lending Fund
	125,000		5.875		11/15/27^(d)		125,930


Iron/Steel – 0.0%
Steel Dynamics, Inc.
	50,000		1.650		10/15/27^(d)		48,217


Leisure Time – 0.3%
Royal Caribbean Cruises Ltd.
	850,000		5.250		02/27/38^(d)		822,353


Lodging – 0.7%
Choice Hotels International, Inc.
	306,000		3.700		01/15/31^(d)		288,792
	114,000		5.850		08/01/34^(d)		115,803
Hyatt Hotels Corp.
	365,000		5.500		06/30/34^(d)		369,388
Las Vegas Sands Corp.
	120,000		5.625		06/15/28^(d)		121,448
	40,000		6.000		06/14/30^(d)		41,105
Marriott International, Inc.
	125,000		5.000		10/15/27^(d)		125,851
	91,000		4.875		05/15/29^(d)		91,669


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, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Lodging – (continued)
Marriott International, Inc. – (continued)
$	195,000		4.500	%	05/01/33^(d)	$	188,567
Marriott International, Inc., Series HH
	325,000		2.850		04/15/31^(d)		298,575

							1,641,198


Machinery-Construction & Mining – 0.2%
Vertiv Holdings Co.
	465,000		4.850		03/15/36^(d)		451,867


Machinery-Diversified – 0.4%
AGCO Corp.
	112,000		5.800		03/21/34^(d)		114,096
IDEX Corp.
	105,000		2.625		06/15/31^(d)		94,483
Ingersoll Rand, Inc.
	90,000		5.700		08/14/33^(d)		93,610
Otis Worldwide Corp.
	25,000		2.293		04/05/27^(d)		24,629
	150,000		2.565		02/15/30^(d)		139,297
Regal Rexnord Corp.
	453,000		6.300		02/15/30^(d)		472,414

							938,529


Media – 0.4%
Comcast Corp.
	25,000		3.750		04/01/40^(d)		19,993
Fox Corp.
	25,000		4.709		01/25/29^(d)		24,982
Space Exploration Technologies Corp.
	500,000		5.350		07/15/31^(c)(d)		499,453
	450,000		5.875		07/15/36^(c)(d)		444,044

							988,472


Oil & Gas – 0.0%
Occidental Petroleum Corp.
	69,000		7.875		09/15/31		77,785


Pharmaceuticals – 0.6%
AbbVie, Inc.
	107,000		4.050		11/21/39^(d)		94,247
Becton Dickinson and Co.
	100,000		2.823		05/20/30^(d)		93,349
Cencora, Inc.
	75,000		3.450		12/15/27^(d)		73,869
	425,000		2.700		03/15/31^(d)		387,460
CVS Health Corp.
	350,000		2.125		09/15/31^(d)		306,070
	162,000		4.780		03/25/38^(d)		151,865
Pfizer, Inc.
	75,000		3.450		03/15/29^(d)		73,256
Zoetis, Inc.
	45,000		3.000		09/12/27^(d)		44,302
	150,000		2.000		05/15/30^(d)		135,723

							1,360,141


Pipelines – 0.5%
Cheniere Energy Partners LP
	75,000		5.950		06/30/33^(d)		78,316
Columbia Pipelines Operating Co. LLC
	240,000		6.036		11/15/33^(c)(d)		251,882


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Pipelines – (continued)
Energy Transfer LP
$	25,000		5.250	%	04/15/29^(d)	$	25,337
	275,000		5.750		02/15/33^(d)		284,700
Kinder Morgan, Inc.
	275,000		4.300		03/01/28^(d)		273,953
MPLX LP
	75,000		2.650		08/15/30^(d)		69,030
	35,000		4.500		04/15/38^(d)		31,698
	25,000		5.500		02/15/49^(d)		23,039
Plains All American Pipeline LP / PAA Finance Corp.
	25,000		3.800		09/15/30^(d)		23,974
Targa Resources Corp.
	55,000		4.200		02/01/33^(d)		52,130
Williams Cos., Inc. (The)
	125,000		5.650		03/15/33^(d)		128,697

							1,242,756


Real Estate – 0.0%
CoStar Group, Inc.
	100,000		2.800		07/15/30^(c)(d)		90,039


REITS – 0.8%
Agree LP
	170,000		4.800		10/01/32^(d)		167,924
Alexandria Real Estate Equities, Inc.
	25,000		3.375		08/15/31^(d)		23,024
American Homes 4 Rent LP
	50,000		4.900		02/15/29^(d)		50,167
	30,000		2.375		07/15/31^(d)		26,517
American Tower Corp.
	75,000		2.100		06/15/30^(d)		67,798
Cousins Properties LP
	675,000		5.875		10/01/34^(d)		691,181
Crown Castle, Inc.
	60,000		3.650		09/01/27^(d)		59,401
CubeSmart LP
	20,000		2.500		02/15/32^(d)		17,620
Essex Portfolio LP
	50,000		3.000		01/15/30^(d)		47,153
Healthcare Realty Holdings LP
	25,000		2.050		03/15/31^(d)		21,793
Host Hotels & Resorts LP, Series J
	42,000		2.900		12/15/31^(d)		37,597
Invitation Homes Operating Partnership LP
	75,000		2.300		11/15/28^(d)		71,008
	195,000		2.000		08/15/31^(d)		168,367
Kilroy Realty LP
	20,000		4.750		12/15/28^(d)		19,852
Mid-America Apartments L.P.
	50,000		1.700		02/15/31^(d)		43,717
Prologis L.P.
	25,000		1.750		07/01/30^(d)		22,379
	125,000		4.625		01/15/33^(d)		123,578
Realty Income Corp.
	25,000		3.950		08/15/27^(d)		24,874
	75,000		3.400		01/15/30^(d)		71,795
Regency Centers LP
	100,000		2.950		09/15/29^(d)		95,014
UDR, Inc., MTN
	25,000		2.100		08/01/32^(d)		21,238


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

REITS – (continued)
UDR, Inc., MTN – (continued)
$	100,000		1.900	%	03/15/33^(d)	$	82,609
WP Carey, Inc.
	25,000		3.850		07/15/29^(d)		24,440
	25,000		2.400		02/01/31^(d)		22,465

							2,001,511


Retail – 0.3%
7-Eleven, Inc.
	100,000		1.300		02/10/28^(c)(d)		94,895
AutoNation, Inc.
	25,000		1.950		08/01/28^(d)		23,586
Dollar Tree, Inc.
	50,000		4.200		05/15/28^(d)		49,616
Home Depot, Inc. (The)
	25,000		3.900		12/06/28^(d)		24,781
Lowe’s Cos., Inc.
	25,000		3.100		05/03/27^(d)		24,757
	75,000		1.700		09/15/28^(d)		70,584
	25,000		3.000		10/15/50^(d)		15,823
McDonald’s Corp., MTN
	25,000		4.200		04/01/50^(d)		20,013
O’Reilly Automotive, Inc.
	145,000		5.100		03/12/36^(d)		143,628
Starbucks Corp.
	100,000		4.000		11/15/28^(d)		98,849
Tractor Supply Co.
	50,000		1.750		11/01/30^(d)		43,997

							610,529


Semiconductors – 0.3%
Applied Materials, Inc.
	25,000		1.750		06/01/30^(d)		22,494
Broadcom, Inc.
	74,000		4.150		04/15/32^(c)(d)		71,190
	100,000		3.419		04/15/33^(d)		91,140
	162,000		3.137		11/15/35^(c)(d)		137,409
	59,000		3.500		02/15/41^(d)		47,127
Intel Corp.
	175,000		5.200		02/10/33^(d)		176,939
	65,000		5.150		02/21/34^(d)		65,046

							611,345


Software – 2.4%
Adobe, Inc.
	50,000		2.150		02/01/27^(d)		49,385
Electronic Arts, Inc.
	179,000		2.950		02/15/51^(d)		138,138
Fidelity National Information Services, Inc.
	400,000		4.800		03/10/31^(d)		395,688
Fiserv, Inc.
	25,000		4.200		10/01/28^(d)		24,656
Intuit, Inc.
	25,000		1.350		07/15/27^(d)		24,235
MSCI, Inc.
	180,000		4.000		11/15/29^(c)(d)		174,325
Oracle Corp.
	34,000		2.950		04/01/30^(d)		31,298
	175,000		4.650		05/06/30^(d)		171,580
	275,000		2.875		03/25/31^(d)		245,712


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Software – (continued)
Oracle Corp. – (continued)
$	256,000		5.250	%	02/03/32^(d)	$	252,247
	470,000		4.800		09/26/32^(d)		447,200
	250,000		6.250		11/09/32^(d)		256,936
	157,000		4.900		02/06/33^(d)		149,032
	310,000		5.350		05/04/33^(d)		301,074
	370,000		5.200		09/26/35^(d)		346,286
	280,000		5.700		02/04/36^(d)		271,491
	125,000		6.900		11/09/52^(d)		119,862
	100,000		6.000		08/03/55^(d)		85,213
	135,000		6.700		02/04/56^(d)		127,081
Roper Technologies, Inc.
	50,000		4.200		09/15/28^(d)		49,607
Salesforce, Inc.
	900,000		4.900		09/15/31^(d)		897,905
	813,000		5.550		03/15/36^(d)		810,696
Synopsys, Inc.
	160,000		5.000		04/01/32^(d)		160,283
Take-Two Interactive Software, Inc.
	85,000		3.700		04/14/27^(d)		84,516
VMware, Inc.
	25,000		1.800		08/15/28^(d)		23,644
	100,000		2.200		08/15/31^(d)		88,076
Workday, Inc.
	75,000		3.500		04/01/27^(d)		74,455

							5,800,621


Telecommunication – 0.5%
Compute Financing LLC
	1,250,000		5.750		06/15/34		1,246,296


Telecommunications – 1.5%
AT&T, Inc.
	288,000		2.300		06/01/27^(d)		282,381
	150,000		4.350		03/01/29^(d)		149,024
	50,000		2.750		06/01/31^(d)		45,465
	10,000		2.550		12/01/33^(d)		8,402
	25,000		4.900		08/15/37^(d)		23,806
	60,000		4.850		03/01/39^(d)		55,799
	75,000		3.500		06/01/41^(d)		57,700
	25,000		4.350		06/15/45^(d)		20,104
	25,000		5.150		11/15/46^(d)		22,254
Beacon Point DC LLC
	540,000		6.129		11/30/42^(c)(d)		545,553
QTS Fayetteville I Dc1-2 LLC / QTS TRS Fayetteville I DC1-2 LLC
	980,000		5.700		04/15/36^(c)(d)		931,557
T-Mobile USA, Inc.
	391,000		3.750		04/15/27^(d)		388,859
	175,000		2.050		02/15/28^(d)		168,185
	83,000		3.875		04/15/30^(d)		80,433
	75,000		3.500		04/15/31^(d)		70,805
	500,000		5.200		01/15/33^(d)		505,868
Verizon Communications, Inc.
	52,000		4.329		09/21/28		51,830
	200,000		2.550		03/21/31^(d)		181,572

							3,589,597


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, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Transportation – 0.1%
Burlington Northern Santa Fe LLC
$	25,000		4.050	%	06/15/48^(d)	$	19,929
CSX Corp.
	175,000		3.800		03/01/28^(d)		173,173
FedEx Corp.
	45,000		3.400		02/15/28^(d)		44,243
Union Pacific Corp.
	125,000		2.800		02/14/32^(d)		113,757

							351,102


Trucking & Leasing – 0.0%
Penske Truck Leasing Co. LP / PTL Finance Corp.
	120,000		5.250		07/01/29^(c)(d)		121,462

TOTAL CORPORATE BONDS (Cost $60,719,547)							59,974,774



Asset- Backed Securities – 12.6%

Collateralized Debt Obligations – 0.0%
Arbor Realty Commercial Real Estate Notes Ltd., Series 2022- FL1, Class A (SOFR + 1.450%)
	61,031		5.043		01/15/37^(a)(c)		61,031


Collateralized Loan Obligations – 11.5%
720 East CLO IV Ltd., Series 2024-1A, Class A1R (TSFR3M + 1.260%)
	680,000		4.932		07/15/39^(a)(c)		680,115
Aligned Data Centers Issuer LLC, Series 2026-1A, Class A2I
	300,000		5.909		06/15/56^(c)(e)		300,209
Ares European CLO XXI DAC, Series 21A, Class B (3 mo. Euribor + 1.700%)
	250,000		3.904		04/15/38^(a)(c)		285,479
Arini European CLO X DAC, Series 10A, Class A (3 mo. Euribor + 1.280%)
	1,400,000		–		07/15/40^(a)(c)(e)(f)		1,599,641
Arini U.S. CLO III Ltd., Series 3A, Class A (TSFR3M + 1.270%)
	750,000		5.031		01/15/39^(a)(c)		751,144
Bain Capital Credit CLO, Series 2019-1A, Class BR3 (TSFR3M + 1.400%)
	725,000		5.075		04/19/34^(a)(c)		725,202
Barings CLO Ltd., Series 2023-4A, Class A1R (TSFR3M + 1.170%)
	1,050,000		4.845		01/20/39^(a)(c)		1,049,374
Belmont Park CLO Ltd., Series 2024-1A, Class A1R (TSFR3M + 1.280%)
	290,000		4.953		04/15/37^(a)(c)		291,122
Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class ARR (TSFR3M + 1.290%)
	330,000		4.963		07/15/37^(a)(c)		330,846
Benefit Street Partners CLO XXIV Ltd., Series 2021-24AR, Class ARR (TSFR3M + 1.230%)
	430,000		0.010		07/20/39^(a)(c)(e)(f)		429,998
Birch Grove CLO 3 Ltd., Series 2021-3A, Class A1R (TSFR3M + 1.260%)
	700,000		4.935		01/19/38^(a)(c)		702,644
Birch Grove CLO 7 Ltd., Series 2023-7A, Class A1R (TSFR3M + 1.260%)
	1,075,000		4.935		10/20/38^(a)(c)		1,075,296


Principal Amount		Interest Rate			Maturity Date	Value

Asset- Backed Securities – (continued)

Collateralized Loan Obligations – (continued)
Carlyle U.S. CLO Ltd., Series 2026-1A, Class A1 (TSFR3M + 1.160%)
$	1,150,000		4.836	%	04/25/39^(a)(c)	$	1,150,093
Carlyle US CLO Ltd., Series 2025-3A, Class A (TSFR3M + 1.380%)
	850,000		5.047		07/25/38^(a)(c)		852,884
CBAM Ltd., Series 2018-5A, Class A1R (TSFR3M + 1.340%)
	975,000		5.020		10/17/38^(a)(c)		980,995
CBAMR Ltd., Series 2017-4A, Class A1R (TSFR3M + 1.420%)
	800,000		5.093		03/31/38^(a)(c)		803,111
Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR (TSFR3M + 1.420%)
	270,000		5.095		07/20/37^(a)(c)		270,500
CFIP CLO Ltd., Series 2021-1A, Class A (TSFR3M + 1.482%)
	700,000		5.157		01/20/35^(a)(c)		700,435
CFIP CLO Ltd., Series 2021-1A, Class C1 (TSFR3M + 2.662%)
	300,000		6.337		01/20/35^(a)(c)		299,346
Diameter Capital CLO 10 Ltd., Series 2025-10A, Class A (TSFR3M + 1.310%)
	620,000		4.985		04/20/38^(a)(c)		620,818
Elmwood CLO 20 Ltd., Series 2022-7A, Class AR2 (TSFR3M + 1.200%)
	1,225,000		4.828		01/20/39^(a)(c)		1,225,681
Elmwood CLO 35 Ltd., Series 2024-11A, Class A (TSFR3M + 1.340%)
	1,175,000		5.015		10/18/37^(a)(c)		1,176,249
Fidelity Grand Harbour CLO DAC, Series 2023-1A, Class B1R (3 mo. Euribor + 1.750%)
	350,000		4.033		02/15/38^(a)(c)		400,385
GoldenTreee Loan Management U.S. CLO 29 Ltd., Series 2026- 29A, Class A (TSFR3M + 1.230%)
	525,000		4.869		04/20/38^(a)(c)		525,169
Halseypoint CLO 7 Ltd., Series 2023-7A, Class A1R (TSFR3M + 1.450%)
	600,000		5.125		07/20/38^(a)(c)		601,282
Henley CLO XVII DAC, Series 17A, Class A (3 mo. Euribor + 1.280%)
	1,200,000		0.010		07/15/38^(a)(c)(f)		1,371,529
Henley CLO XVII DAC, Series 17A, Class B (3 mo. Euribor + 1.850%)
	400,000		0.010		07/25/39^(a)(c)(f)		457,721
JP Morgan Mortgage Trust, Series 2023-HE3, Class A1 (SOFR + 1.600%)
	47,087		5.209		05/20/54^(a)(c)		47,183
Magnetite XLVII Ltd., Series 2024-47A, Class A (TSFR3M + 1.330%)
	550,000		4.997		01/25/38^(a)(c)		550,603
Octagon 61 Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.400%)
	1,400,000		5.075		04/20/38^(a)(c)		1,402,860
OHA Credit Funding 7 Ltd., Series 2020-7A, Class A1R2 (TSFR3M + 1.280%)
	650,000		4.955		07/19/38^(a)(c)		650,462
Pikes Peak CLO 5, Series 2020-5A, Class A1R (TSFR3M + 1.400%)
	450,000		5.075		10/20/37^(a)(c)		451,315
Polus U.S. CLO II Ltd., Series 2025-2A, Class A1 (TSFR3M + 1.520%)
	400,000		5.195		07/20/38^(a)(c)		401,192


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date	Value

Asset- Backed Securities – (continued)

Collateralized Loan Obligations – (continued)
Sound Point Euro CLO 14 Funding DAC, Series 14A, Class B (3 mo. Euribor + 1.600%)
$	250,000		3.838	%	04/20/39^(a)(c)	$	284,795
Trinitas CLO XXXI Ltd., Series 2024-31A, Class A1 (TSFR3M + 1.350%)
	575,000		5.014		01/22/38^(a)(c)		575,389
Warwick Capital CLO 1 Ltd., Series 2023-1A, Class AR (TSFR3M + 1.280%)
	850,000		4.955		10/20/38^(a)(c)		851,464
Wellington Management CLO 5 Ltd., Series 2025-5A, Class A (TSFR3M + 1.290%)
	1,000,000		4.965		10/18/38^(a)(c)		1,000,540
WISE CLO Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.100%)
	870,000		4.773		04/15/39^(a)(c)		870,875
Wonder Lake Park CLO Ltd., Series 2025-1A, Class A (TSFR3M + 1.290%)
	525,000		4.957		07/24/38^(a)(c)		525,577

							27,269,523


Diversified Financial Services – 1.1%
American Express Credit Account Master Trust, Series 2025-3, Class A
	550,000		4.510		04/15/32		551,168
Barclays Dryrock Issuance Trust, Series 2025-1, Class A
	425,000		3.970		07/15/31		421,175
Citibank Credit Card Issuance Trust, Series 2025-A2, Class A
	375,000		4.490		06/21/32		375,248
Exeter Automobile Receivables Trust, Series 2025-1A, Class A3
	23,271		4.670		08/15/28		23,277
Exeter Automobile Receivables Trust, Series 2025-3A, Class A3
	333,700		4.780		07/16/29		334,272
Ford Credit Auto Owner Trust, Series 2024-1, Class A
	350,000		4.870		08/15/36^(c)		353,200
Honda Auto Receivables Owner Trust, Series 2023-4, Class A3
	216,374		5.670		06/21/28		217,649
Santander Drive Auto Receivables Trust, Series 2025-1, Class A3
	182,753		4.740		01/16/29		182,970
Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3
	149,047		4.710		02/15/28		149,330

							2,608,289

TOTAL ASSET- BACKED SECURITIES (Cost $29,929,618)							29,938,843



Commercial Mortgage-Backed Securities – 5.2%

BANK, Series 2021-BN31, Class AS
	475,000		2.211		02/15/54^(a)		409,254
BANK, Series 2021-BN32, Class A5
	150,000		2.643		04/15/54^(a)		135,793
BANK, Series 2022-BNK43, Class A5
	200,000		4.399		08/15/55		193,389
BANK5, Series 2024-5YR11, Class AS
	150,000		6.139		11/15/57		153,455
BANK5, Series 2024-5YR7, Class A3
	475,000		5.769		06/15/57		485,429
BANK5, Series 2024-5YR8, Class A3
	150,000		5.884		08/15/57		153,940


Principal Amount		Interest Rate			Maturity Date	Value

Commercial Mortgage-Backed Securities – (continued)

BANK5, Series 2024-5YR9, Class AS
$	200,000		6.182	%	08/15/57^(a)	$	204,855
BANK5, Series 2025-5YR17, Class A3
	450,000		5.225		11/15/58		455,251
BBCMS Mortgage Trust, Series 2024-5C25, Class AS
	210,000		6.358		03/15/57^(a)		215,399
Benchmark Mortgage Trust, Series 2024-V8, Class A3
	200,000		6.189		07/15/57^(a)		206,758
BFLD Commercial Mortgage Trust, Series 2025-5MW, Class A
	1,000,000		4.830		10/10/42^(a)(c)		988,613
BLP Commercial Mortgage Trust, Series 2024-IND2, Class A (TSFR1M + 1.342%)
	190,254		4.968		03/15/41^(a)(c)		190,432
BMO Mortgage Trust, Series 2023-C7, Class A5
	200,000		6.160		12/15/56		210,449
BMO Mortgage Trust, Series 2024-C9, Class A5
	350,000		5.759		07/15/57		363,495
BX Commercial Mortgage Trust, Series 2024-AIRC, Class A (TSFR1M + 1.691%)
	173,450		5.317		08/15/41^(a)(c)		174,125
BX Commercial Mortgage Trust, Series 2024-VLT5, Class A
	400,000		5.591		11/13/46^(a)(c)		397,407
BX Commercial Mortgage Trust, Series 2024-XL4, Class A (TSFR1M + 1.442%)
	0		5.067		02/15/39^(a)(c)		—
BX Commercial Mortgage Trust, Series 2026-CSMO, Class A (TSFR1M + 1.400%)
	500,000		5.025		02/15/43^(a)(c)		500,979
BX Commercial Mortgage Trust, Series 2026-VLT10, Class A
	400,000		5.358		07/13/58^(a)(c)		388,916
BX Trust, Series 2024-BIO, Class A (TSFR1M + 1.642%)
	950,000		5.267		02/15/41^(a)(c)		950,441
Durst Commercial Mortgage Trust, Series 2025-151, Class A
	450,000		5.317		08/10/42^(a)(c)		451,788
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-152, Class A2
	200,000		3.780		11/25/32^(a)		191,549
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-161, Class A2
	300,000		4.900		10/25/33^(a)		305,113
Freddie Mac Multifamily Structured Pass Through Certificates, Series K510, Class A2
	100,000		5.069		10/25/28^(a)		101,024
Freddie Mac Multifamily Structured Pass Through Certificates, Series K544, Class A2
	650,000		4.266		07/25/30^(a)		644,566
Freddie Mac Multifamily Structured Pass Through Certificates, Series KF153, Class AS (SOFR + 0.680%)
	150,678		4.272		02/25/33^(a)		151,219
Houston Galleria Mall Trust, Series 2025-HGLR, Class A
	225,000		5.644		02/05/45^(a)(c)		229,912
Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A
	290,000		5.649		01/13/40^(a)(c)		294,806
Hudson Yards Mortgage Trust, Series 2025-SPRL, Class B
	100,000		5.950		01/13/40^(a)(c)		101,911
IRV Trust, Series 2025-200P, Class A
	350,000		5.471		03/14/47^(a)(c)		352,021


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, 2026 (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)(c)	$	150,923
KIND Commercial Mortgage Trust, Series 2024-1, Class A (TSFR1M + 1.890%)
	350,000		5.515		08/15/41^(a)(c)		350,219
LBTY Commercial Mortgage Trust, Series 2026-225L, Class A
	425,000		4.746		02/10/43^(a)(c)		417,552
LBTY Commercial Mortgage Trust, Series 2026-225L, Class B
	300,000		5.047		02/10/43^(a)(c)		295,045
LEX Mortgage Trust, Series 2024-BBG, Class A
	300,000		5.036		10/13/33^(a)(c)		298,976
MSWF Commercial Mortgage Trust, Series 2023-2, Class A2
	258,262		6.890		12/15/56		265,699
NYC Commercial Mortgage Trust, Series 2025-11X, Class A (TSFR1M + 1.743%)
	400,000		5.368		10/15/40^(a)(c)		401,577
ROCK Trust, Series 2024-CNTR, Class A
	400,000		5.388		11/13/41^(c)		403,976
ROCK Trust, Series 2024-CNTR, Class B
	100,000		5.930		11/13/41^(c)		101,537

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $12,337,125)							12,287,793



Collateralized Mortgage Obligations – 3.6%

Alternative Loan Trust, Series 2005-38, Class A1 (Federal Reserve US 12 mo. Cumulative Avg 1 yr. CMT + 1.500%)
	26,489		5.244		09/25/35^(a)		23,948
Angel Oak Mortgage Trust, Series 2021-8, Class A1
	598,953		1.820		11/25/66^(a)(c)		531,449
Angel Oak Mortgage Trust, Series 2025-11, Class A1
	8,317		4.975		10/25/70^(a)(c)		8,257
BRAVO Residential Funding Trust, Series 2025-NQM4, Class A1
	0		5.613		02/25/65^(c)		—
COLT Mortgage Loan Trust, Series 2024-INV1, Class A1
	189,685		5.903		12/25/68^(c)		189,931
COLT Mortgage Loan Trust, Series 2025-8, Class A1
	580,139		5.480		08/25/70^(c)		581,489
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2 (SOFR + 1.550%)
	15,939		5.178		10/25/41^(a)(c)		15,960
Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2 (SOFR + 1.650%)
	39,863		5.278		12/25/41^(a)(c)		39,986
Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2 (SOFR + 3.000%)
	36,000		6.628		04/25/42^(a)(c)		36,430
Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2 (SOFR + 1.800%)
	100,000		5.428		01/25/44^(a)(c)		100,696
Connecticut Avenue Securities Trust, Series 2026-R01, Class 2A1 (SOFR + 0.850%)
	568,892		4.478		01/25/46^(a)(c)		568,487
CSMC, Series 2021-NQM7, Class A1
	659,620		1.756		10/25/66^(a)(c)		578,909
Csmc Trust, Series 2021-NQM6, Class A1
	260,661		1.174		07/25/66^(a)(c)		224,694


Principal Amount		Interest Rate			Maturity Date	Value

Collateralized Mortgage Obligations – (continued)

Csmc Trust, Series 2022-NQM1, Class A1
$	393,342		3.265	%	11/25/66^(a)(c)	$	357,236
EFMT, Series 2026-NQM4, Class A1A
	482,210		5.466		04/25/71^(c)		482,365
FHLMC, Series 2021-DNA5, Class M2 (SOFR + 1.650%)
	4,298		5.278		01/25/34^(a)(c)		4,311
Freddie Mac Stacr Remic Trust, Series 2025-DNA3, Class A1 (SOFR + 0.950%)
	430,625		4.578		09/25/45^(a)(c)		431,029
Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M1 (SOFR + 1.200%)
	171,866		4.828		05/25/44^(a)(c)		172,058
Freddie Mac STACR REMIC Trust, Series 2025-DNA2, Class A1 (SOFR + 1.100%)
	187,250		4.728		05/25/45^(a)(c)		187,838
J.P. Morgan Mortgage Trust, Series 2024-1, Class A4
	48,292		6.000		06/25/54^(a)(c)		48,312
JP Morgan Mortgage Trust, Series 2021-6, Class A3
	75,475		2.500		10/25/51^(a)(c)		62,415
JP Morgan Mortgage Trust Series, Series 2024-VIS2, Class A1
	558,052		5.853		11/25/64^(c)		560,390
JP Morgan Mortgage Trust Series, Series 2025-NQM4, Class A1A
	505,091		4.954		03/25/66^(c)		500,275
MFA Trust, Series 2026-NQM1, Class A1
	316,212		5.051		02/25/71^(a)(c)(d)		313,003
OBX Trust, Series 2025-NQM11, Class A1A
	376,217		5.418		05/25/65^(c)		376,912
OBX Trust, Series 2025-NQM21, Class A1A
	478,514		4.989		10/25/65^(c)		475,178
PRKCM Trust, Series 2021-AFC2, Class A1
	421,672		2.071		11/25/56^(a)(c)		373,234
Verus Securitization Trust, Series 2021-7, Class A1
	486,371		2.829		10/25/66^(c)		441,863
Verus Securitization Trust, Series 2022-1, Class A3
	185,534		3.288		01/25/67^(a)(c)		171,651
Verus Securitization Trust, Series 2023-INV3, Class A2
	196,995		7.330		11/25/68^(a)(c)		197,723
Verus Securitization Trust, Series 2025-1, Class A1A
	482,060		5.620		01/25/70^(c)		483,869
Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1
	4,670		3.500		07/25/49^(a)(c)		4,176

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $8,578,263)							8,544,074



Foreign Bonds – 3.0%

Agriculture – 0.3%
BAT Capital Corp. (United Kingdom)
	100,000		2.259		03/25/28^(d)		96,227
	400,000		6.000		02/20/34^(d)		421,913
	225,000		5.625		08/15/35^(d)		231,986

							750,126


Banks – 1.0%
Banco Santander SA (Spain)
	400,000		6.921		08/08/33		434,706


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)

Banks – (continued)
Barclays PLC (United Kingdom) (SOFR + 1.590%)
$	340,000		5.785	%	02/25/36^(a)(d)	$	346,333
BNP Paribas SA (France) (SOFR + 1.620%)
	290,000		5.786		01/13/33^(a)(c)(d)		299,108
Canadian Imperial Bank of Commerce (Canada) (SOFR + 1.105%)
	285,000		5.245		01/13/31^(a)(d)		289,184
Credit Suisse AG (Switzerland)
	250,000		1.250		08/07/26		249,247
NatWest Group PLC (United Kingdom) (US 1 Year CMT T-Note + 1.050%)
	200,000		5.115		05/23/31^(a)(d)		201,171
Toronto-Dominion Bank (The) (Canada)
	175,000		4.456		06/08/32		172,000
UBS Group AG (Switzerland) (SOFR + 1.760%)
	255,000		5.580		05/09/36^(a)(c)(d)		259,590
Westpac Banking Corp. (Australia) (US 5 Year CMT T-Note + 2.000%)
	25,000		4.110		07/24/34^(a)(d)		24,358
Westpac Banking Corp., GMTN (Australia) (USISOA05 + 2.236%)
	25,000		4.322		11/23/31^(a)(d)		24,957

							2,300,654


Beverages – 0.3%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	135,000		4.700		02/01/36^(d)		131,390
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	25,000		8.200		01/15/39		31,391
	40,000		5.450		01/23/39^(d)		40,714
Bacardi-Martini BV (Bermuda)
	450,000		5.550		02/01/30^(c)(d)		458,428
JDE Peet’s NV (Netherlands)
	150,000		1.375		01/15/27^(c)(d)		147,194

							809,117


Biotechnology – 0.0%
CSL Finance PLC (Australia)
	25,000		3.850		04/27/27^(c)(d)		24,867


Building Materials – 0.1%
Cemex SAB de CV (Mexico)
	130,000		5.750		06/05/36^(d)		129,448


Commercial Services – 0.2%
Ashtead Capital, Inc. (United Kingdom)
	209,000		5.800		04/15/34^(c)(d)		212,749
DP World Crescent Ltd., EMTN (United Arab Emirates)
	200,000		3.875		07/18/29		191,243

							403,992


Diversified Financial Services – 0.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	250,000		2.450		10/29/26^(d)		248,488


Principal Amount		Interest Rate			Maturity Date	Value

Foreign Bonds – (continued)

Diversified Financial Services – (continued)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) – (continued)
$	225,000		3.000	%	10/29/28^(d)	$	216,683
	320,000		5.375		12/15/31^(d)		325,398
Avolon Holdings Funding Ltd. (Ireland)
	90,000		6.375		05/04/28^(c)(d)		92,348
	60,000		5.150		01/15/30^(c)(d)		60,202

							943,119


Mining – 0.1%
Glencore Funding LLC (Australia)
	150,000		2.625		09/23/31^(c)(d)		134,060


Oil & Gas – 0.1%
Saudi Arabian Oil Co. (Saudi Arabia)
	220,000		3.500		04/16/29		212,169


Pipelines – 0.1%
Enbridge, Inc. (Canada)
	125,000		2.500		08/01/33^(d)		106,535
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)
	169,782		2.940		09/30/40		141,069

							247,604


Semiconductors – 0.1%
NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands)
	25,000		3.400		05/01/30^(d)		23,812
	125,000		2.500		05/11/31^(d)		111,992
	125,000		2.650		02/15/32^(d)		110,799

							246,603


Software – 0.0%
Constellation Software, Inc. (Canada)
	97,000		5.461		02/16/34^(c)(d)		95,005


Telecommunications – 0.3%
British Telecommunications Ltd. (United Kingdom)
	230,000		9.625		12/15/30		271,863
Rogers Communications, Inc. (Canada)
	505,000		3.200		03/15/27^(d)		500,306

							772,169


Transportation – 0.0%
Canadian Pacific Railway Co. (Canada)
	25,000		2.050		03/05/30^(d)		22,837

TOTAL FOREIGN BONDS (Cost $7,127,369)							7,091,770



Foreign Government Securities – 1.3%

Sovereign – 1.3%
Chile Government International Bond
	200,000		5.650		01/13/37^(d)		208,048
Eagle Funding Luxco Sarl
	570,000		5.500		08/17/30^(c)(d)		570,863
Indonesia Government International Bond
	200,000		4.850		01/11/33^(d)		196,250
	190,000		4.100		03/04/34^(d)		213,838
Mexico Government International Bond
	400,000		3.250		04/16/30^(d)		374,080
	110,000		1.450		10/25/33^(d)		102,467
	470,000		4.280		08/14/41^(d)		369,838


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, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Foreign Government Securities – (continued)

Sovereign – (continued)
Panama Government International Bond
$	200,000		6.875	%	01/31/36^(d)	$	218,276
Peruvian Government International Bond
	70,000		5.500		03/30/36^(d)		70,780
	50,000		3.230		07/28/21^(d)		27,750
Republic of Poland Government International Bond, Series 10Y
	120,000		5.125		09/18/34^(d)		120,761
Romanian Government International Bond
	40,000		3.000		02/27/27^(c)		39,450
	10,000		2.124		07/16/31^(c)		10,168
	270,000		6.125		10/07/37		313,713
	30,000		2.625		12/02/40^(c)		23,123
	10,000		4.625		04/03/49^(c)		9,094
Romanian Government International Bond, EMTN
	50,000		2.875		03/11/29		55,769
Serbia International Bond
	280,000		5.500		05/06/36^(c)		274,618

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $3,320,463)							3,198,886



U.S. Government Agency Securities – 0.9%

Federal Farm Credit Banks Funding Corp.
	460,000		2.900		04/12/32		425,871
	230,000		3.300		05/19/32		217,111
	130,000		3.500		09/01/32		123,729
	600,000		2.850		03/28/34		534,365
	340,000		3.080		03/30/37		294,583
Federal Home Loan Banks
	250,000		3.375		09/10/32		236,465
	430,000		4.750		12/10/32		438,090

TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $2,450,101)							2,270,214



Municipal Bonds – 0.4%

California – 0.2%
California Public Finance Authority, Series B
	225,000		5.403		11/15/36		225,218
State of California
	105,000		7.625		03/01/40		124,008

							349,226


Florida – 0.0%
State Board of Administration Finance Corp., Series A
	70,000		2.154		07/01/30		64,137


Illinois – 0.0%
Illinois State Taxable Pension Funding GO Bonds Series 2003
	19,935		5.100		06/01/33		20,139
State of Illinois GO Bonds
	71,429		7.350		07/01/35		76,346

							96,485


Louisiana – 0.1%
Louisiana Local Government Environmental Facilities & Community Development Authority, Series A3 - ELL
	140,000		4.275		02/01/36^(d)		135,854


Principal Amount		Interest Rate			Maturity Date	Value

Municipal Bonds – (continued)

Maryland – 0.1%
Maryland Economic Development Corp.
$	160,000		4.968	%	11/30/32	$	162,052
	65,000		5.018		11/30/33		65,864

							227,916


Ohio – 0.0%
American Municipal Power, Inc., Series E
	95,000		6.270		02/15/50		97,582

TOTAL MUNICIPAL BONDS (Cost $956,268)							971,200



U.S. Treasury Obligations – 27.3%

U.S. Treasury Bonds
	2,370,000		4.750	^(g)	02/15/41		2,370,370
	1,640,000		3.125	^(g)	11/15/41		1,339,419
	1,550,000		2.750	^(g)	08/15/42		1,183,812
	2,310,000		2.750	^(g)	11/15/42		1,755,600
	450,000		4.000	^(g)	11/15/42		406,055
	560,000		3.875	^(g)	05/15/43		494,988
	100,000		4.375	^(g)	08/15/43		94,047
	2,200,000		4.625	^(g)	05/15/44		2,125,406
	520,000		5.000	^(g)	05/15/46		524,062
	480,000		3.125	^(g)	05/15/48		360,600
	480,000		3.000	^(g)	08/15/48		351,675
	510,000		2.375	^(g)	11/15/49		324,886
	610,000		2.000	^(g)	02/15/50		355,516
	480,000		2.375	^(g)	05/15/51		300,150
	170,000		2.000	^(g)	08/15/51		96,820
	1,288,400		4.000	^(g)	11/15/52		1,102,186
	1,130,000		4.750	^(g)	11/15/53		1,093,275
	550,000		4.750	^(g)	05/15/55		533,586
U.S. Treasury Inflation Indexed Bonds
	1,000,000		1.500	^(g)	02/15/53		851,574
U.S. Treasury Notes
	1,720,000		0.625	^(g)	07/31/26		1,715,566
	640,000		0.750	^(g)	08/31/26		636,800
	4,330,000		0.500	^(g)	06/30/27		4,178,788
	970,000		2.875	^(g)	05/15/28		947,569
	2,830,000		1.250	^(g)	05/31/28		2,679,767
	3,050,000		1.250	^(g)	06/30/28		2,881,297
	250,000		3.125	^(g)	11/15/28		244,160
	7,390,000		4.625	^(g)	04/30/29		7,478,911
	6,070,000		1.500	^(g)	02/15/30		5,529,391
	364,900		3.625	^(g)	03/31/30		357,830
	760,000		3.750	^(g)	05/31/30		748,006
	1,120,000		3.750	^(g)	06/30/30		1,101,887
	2,540,000		4.125	^(g)	03/31/31		2,530,673
	2,500,000		4.125	^(g)	06/30/31		2,491,211
	830,000		2.750	^(g)	08/15/32		762,238
	2,530,000		4.250	^(g)	06/30/33		2,520,513
U.S. Treasury Strip Coupon
	430,000		–	^(g)	08/15/30^(f)		361,321
	430,000		–	^(g)	11/15/30^(f)		357,367
	720,000		–	^(g)	08/15/31^(f)		579,076
	430,000		–	^(g)	08/15/33^(f)		315,276
	550,000		–	^(g)	08/15/35^(f)		365,742


14		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

U.S. Treasury Obligations – (continued)

United States Treasury Floating Rate Note
$	620,000		4.375	%^(g)	08/15/26	$	620,339
	9,310,000		3.739	^(g)	04/30/27		9,284,907
	640,000		3.789	^(g)	05/31/27		631,525

TOTAL U.S. TREASURY OBLIGATIONS (Cost $67,496,866)							64,984,187


Shares		Description

Exchange-Traded Funds – 0.1%

	6,481		Goldman Sachs Corporate Bond ETF^(h)
(Cost $328,342)							327,915


Shares		Dividend Rate				Value

Investment Company – 3.2%^(h)

Goldman Sachs Central Government Fund - Institutional Shares
	7,666,521		3.703%				7,666,521
(Cost $7,666,521)

TOTAL INVESTMENTS – 115.6% (Cost $279,835,697)						$	275,289,265

LIABILITIES IN EXCESS OF OTHER ASSETS – (15.6)%							(37,237,177)

NET ASSETS – 100.0%						$	238,052,088


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, 2026.

	(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 $41,520,941 which represents approximately 17.4% of the Fund’s net assets as of June 30, 2026.

	(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.

	(d)	Securities with “Call” features. Maturity dates disclosed are the final maturity date.

	(e)	When-issued security.

	(f)	Zero coupon bond until next reset date.

	(g)	Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

	(h)	Represents an affiliated issuer.



Investment Abbreviations:
BBSW		—Bank Bill Swap Rate
BKBM		—Bank Bill Benchmark Rate
BOJDTR		—Bank of Japan Target Rate
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Index
CORRA		—Canadian Overnight Repo Rate Average
EMTN		—Euro Medium-Term Note
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
GO		—Government Obligations
LLP		—Limited Liability Company
LP		—Limited Partnership
Mo.		—Month
MTN		—Medium Term Note
NIBOR		—Norwegian Interbank Offered Rate
PLC		—Public Limited Company
REMICS		—Real Estate Mortgage Investment Conduit
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
USISOA		—USD SOFR ICE Swap 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


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, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2026, 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.
	USD	222,293	CHF	175,836		7/2/2026	$	4,674
	USD	225,207	GBP	167,076		7/15/2026		3,591
	USD	249,756	NOK	2,362,322		7/20/2026		11,163
	USD	473,192	JPY	76,189,229		8/5/2026		3,278
	USD	1,764,302	EUR	1,518,315		8/19/2026		25,899
	USD	274,155	SEK	2,530,311		8/26/2026		12,380
	CHF	182,442	USD	227,577		9/29/2026		489


TOTAL							$	61,474


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss

Morgan Stanley Co., Inc.
	CHF	182,442	USD	230,644		7/2/2026		(4,849	)
	NZD	306,834	USD	179,547		7/8/2026		(5,243	)
	GBP	282,344	USD	380,581		7/15/2026		(6,069	)
	JPY	71,530,442	USD	449,107		8/5/2026		(7,927	)
	USD	1,829,737	EUR	1,600,000		8/19/2026		(2,191	)
	SEK	2,506,168	USD	271,539		8/26/2026		(12,262	)
	USD	219,337	CHF	175,836		9/29/2026		(471	)


TOTAL							$	(39,012	)

FORWARD SALES CONTRACTS — At June 30, 2026, the Fund had the following forward sales contracts:


Description	Interest Rate		Maturity Date ^(a)		Settlement Date		Principal Amount			Value

Federal National Mortgage Association		4.000%		TBA-30yr		07/15/56	$	(1,000,000	)	$	(934,258	)
Federal National Mortgage Association		4.500		TBA-30yr		07/15/56		(2,000,000	)		(1,916,797	)
Federal National Mortgage Association		5.000		TBA-30yr		07/15/56		(5,000,000	)		(4,912,695	)
Government National Mortgage Association		3.000		TBA-30yr		07/15/56		(1,000,000	)		(887,808	)

Total (Proceed Receivable $8,640,430)										$	(8,651,558	)

(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, 2026, the Fund had the following futures contracts:


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

Long position contracts:
EURO-BOBL Future		36		09/08/26	$	4,743,940	$	18,172
EURO-BUXL Future		5		09/08/26		632,886		7,971
EURO-SCHATZ Future		31		09/08/26		3,752,992		9,211
ICE 3 Month SONIA Index Future		14		09/14/27		4,454,554		13,639
ICE 3 Month SONIA Index Future		23		03/16/27		7,323,153		(30,589)
Long Gilt Future		28		09/28/26		3,313,686		15,267
U.S. Treasury 10 Year Note		35		09/21/26		3,842,344		7,152
U.S. Treasury 2 Year Note		31		09/30/26		6,388,906		(5,909)
U.S. Treasury 5 Year Note		166		09/30/26		17,758,109		10,314
U.S. Treasury Long Bond		70		09/21/26		7,916,563		106,277
U.S. Treasury Ultra Bond		128		09/21/26		14,800,000		281,941


Total							$	433,446


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)

FUTURES CONTRACTS (continued)


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

Long position contracts: (continued)
Short position contracts:
3 Month SOFR Index Future		(51)		03/17/27	$	(12,234,900	)	$	(6,270)
Euro Bund Future		(10)		09/08/26		(1,453,159	)		(9,492)
U.S. Treasury 10 Year Ultra Note		(59)		09/21/26		(6,625,516	)		(31,499)


Total								$	(47,261)


Total Futures Contracts								$	386,185

SWAP CONTRACTS — At June 30, 2026, 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, 2026^(a)		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)

ICE CDX Investment Grade Index^(b)		1.000%		(2.0227)%		12/20/2029		2,000	$	40,454	$	32,251	$	8,203
ICE CDX Investment Grade Index^(b)		1.000%		(2.0835)		06/20/2030		1,800		37,502		27,503		10,000
ICE CDX Investment Grade Index^(b)		1.000%		(2.1658)		12/20/2030		18,742		405,915		365,371		40,544
Chile Government International Bond^(b)		1.000%		(2.6340)		06/20/2031		100		2,634		1,949		685
Indonesia Government International Bond^(b)		1.000%		(0.4619)		06/20/2031		200		924		(437)		1,361
Philippine Government International Bond^(b)		1.000%		(1.6565)		06/20/2031		200		3,313		642		2,671

TOTAL									$	490,742	$	427,279	$	63,464

(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)

12 Month BOJDTR^(b)	1.250%	12/15/2027	JPY	1,584,890	$	15,962	$	–	$	15,962
1 Day SOFR^(b)	3.416	4/22/2028	USD	3,120		18,579		–		18,579
1 Day ESTRON^(b)	2.500	6/14/2028	EUR	420		(609)		–		(609)
1 Day SOFR^(b)	3.927	6/30/2028	USD	2,900		4,674		(744)		5,418
4.021%^(b)	1 Day SOFR	6/30/2028	USD	400		(26)		–		(26)
1 Day ESTRON^(b)	2.500	9/10/2028	EUR	35,074		78,328		(45,519)		123,848
2.000 ^(b)	1 Day ESTRON	9/10/2028	EUR	35,074		(158,004)		–		(158,004)
3 Month BBSW^(c)	4.750	9/16/2028	AUD	5,300		(23,615)		(22,700)		(915)
3 Month BBSW^(c)	5.000	9/16/2028	AUD	1,900		(14,696)		(13,170)		(1,526)
CORRA^(d)	2.500	9/16/2028	CAD	8,910		25,655		–		25,655
CORRA^(d)	2.750	9/16/2028	CAD	20		(11)		(13)		2
1 Day ESTRON^(b)	2.000	9/16/2028	EUR	250		2,378		–		2,378
1 Day ESTRON^(b)	2.250	9/16/2028	EUR	1,660		17,184		–		17,184
1 Day ESTRON^(b)	2.500	9/16/2028	EUR	1,020		4,952		–		4,952
3.500 ^(b)	1 Day SONIO	9/16/2028	GBP	8,350		(111,434)		–		(111,434)
1 Day SONIO^(b)	3.750	9/16/2028	GBP	740		5,269		–		5,269
5.000 ^(b)	6 Month NIBOR	9/16/2028	NOK	28,670		7,972		4,108		3,864


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, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund^(a)	Payments Received by the Fund	Termination Date	Notional Amounts (000’s)		Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)

2.500%^(b)	3 Month STIBOR	9/16/2028	SEK	56,120	$	20,232	$	13,481	$	6,751
1 Day SOFR^(b)	3.000%	9/16/2028	USD	10,920		210,364		–		210,364
1 Day SOFR^(b)	3.250	9/16/2028	USD	1,120		16,252		–		16,252
1 Day SONIO^(b)	3.500	9/16/2029	GBP	30		587		–		586
12 Month BOJDTR^(b)	1.250	9/16/2029	JPY	374,000		30,008		–		30,008
1 Day SOFR^(b)	3.979	11/30/2030	USD	500		(1,270)		(109)		(1,160)
1 Day SOFR^(b)	3.903	11/30/2030	USD	6,780		2,632		(2,383)		5,015
1 Day ESTRON^(b)	2.500	4/16/2031	EUR	1,150		(2,223)		–		(2,223)
1 Day ESTRON^(b)	3.000	5/21/2031	EUR	11,080		(52,716)		(10,395)		(42,321)
2.800 ^(b)	1 Day ESTRON	5/21/2031	EUR	11,080		62,571		14,853		47,718
2.500 ^(b)	1 Day ESTRON	9/16/2031	EUR	2,990		(38,411)		–		(38,411)
3.750 ^(b)	1 Day SONIO	9/16/2031	GBP	2,300		(45,875)		–		(45,875)
12 Month BOJDTR^(b)	1.500	9/16/2031	JPY	2,985,000		434,122		–		434,121
4.000 ^(d)	3 Month NZD BKBM	9/16/2031	NZD	7,630		57,203		26,574		30,629
3.584 ^(b)	1 Day SOFR	4/22/2032	USD	4,570		(64,355)		–		(64,355)
12 Month BOJDTR^(b)	2.000	1/11/2033	JPY	242,597		26,997		(4,533)		31,530
1 Day SOFR^(b)	3.976	4/30/2033	USD	3,660		(7,971)		(785)		(7,186)
12 Month BOJDTR^(b)	2.500	5/22/2033	JPY	221,000		(807)		(3,517)		2,710
2.800 ^(b)	1 Day ESTRON	8/15/2035	EUR	1,270		16,713		5,550		11,163
3.300 ^(b)	1 Day ESTRON	4/21/2036	EUR	1,720		15,968		669		15,299
3.000 ^(b)	1 Day ESTRON	6/19/2036	EUR	5,010		13,591		–		13,591
1 Day ESTRON^(b)	3.200	6/19/2036	EUR	5,010		(19,382)		(1,816)		(17,566)
5.000 ^(d)	6 Month BBSW	9/16/2036	AUD	710		5,741		3,178		2,563
3.000 ^(d)	CORRA	9/16/2036	CAD	410		(3,916)		–		(3,916)
0.750 ^(b)	1 Day SOFR	9/16/2036	CHF	1,040		24,634		9,012		15,622
1 Day ESTRON^(b)	2.750	9/16/2036	EUR	3,180		56,037		–		56,037
1 Day SONIO^(b)	4.000	9/16/2036	GBP	200		7,741		–		7,741
1.750 ^(b)	12 Month BOJDTR	9/16/2036	JPY	345,000		(154,204)		–		(154,204)
4.500 ^(b)	6 Month NIBOR	9/16/2036	NOK	2,000		3,773		2,206		1,567
3 Month STIBOR^(b)	3.000	9/16/2036	SEK	7,150		(14,480)		(2,381)		(12,099)
1 Day SOFR^(b)	3.750	9/16/2036	USD	1,520		35,162		–		35,162
1 Day SOFR^(b)	3.894	4/22/2037	USD	2,550		32,136		(157)		32,293
1 Day SONIO^(b)	4.750	1/31/2039	GBP	1,530		(48,827)		(29,026)		(19,801)
4.629 ^(b)	1 Day SOFR	4/14/2041	USD	4,690		9,957		1,774		8,183
2.160 ^(b)	12 Month BOJDTR	8/2/2044	JPY	429,612		(167,120)		–		(167,120)
1 Day ESTRON^(b)	3.600	4/21/2046	EUR	1,220		(15,050)		(4,815)		(10,235)
4.500 ^(b)	12 Month BOJDTR	5/21/2046	JPY	278,000		8,692		13,833		(5,141)
2.500 ^(b)	12 Month BOJDTR	9/16/2046	JPY	72,000		(47,841)		–		(47,841)
1 Day ESTRON^(b)	3.100	8/15/2054	EUR	570		(15,188)		(7,974)		(7,214)
1 Day SOFR^(b)	4.048	4/13/2056	USD	4,360		(2,010)		(1,204)		(806)


TOTAL					$	262,025	$	(56,003)	$	318,028

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2026.

(b) Payments made annually.

(d) Payments made semi-annually.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At June 30, 2026, the Fund had the following purchased option contracts:

OVER-THE-COUNTER - INTEREST RATE SWAPTIONS — At June 30, 2026, 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:

Puts

IRO C JPY 1.690 23Jun27

JPMorgan Chase

JPY1.69

06/24/2027

$2,055,970,000

$ 20,339

$ 23,235

$ (2,896)


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

GOLDMAN SACHS TREND DRIVEN ALLOCATION FUND

Schedule of Investments

June 30, 2026 (Unaudited)



Shares	Dividend Rate	Value

Investment Companies (Institutional Shares) – 68.1%^(a)
Goldman Sachs Central Government Fund
1,944	3.703%	$	1,944
Goldman Sachs Financial Square Treasury Instruments Fund
21,526,046	3.524		21,526,046
Goldman Sachs Financial Square Treasury Obligations Fund
21,531,638	3.537		21,531,638
Goldman Sachs Financial Square Treasury Solutions Fund
21,053,164	3.521		21,053,164
Goldman Sachs VIT Government Money Market Fund
39,094,662	3.535		39,094,662


Total Investment Companies (Cost $103,207,454)			103,207,454


	Description

Exchange-Traded Funds – 25.0%
26,365	iShares Core S&P 500 ETF		19,744,485
26,600	Vanguard S&P 500 ETF		18,269,146


TOTAL EXCHANGE-TRADED FUNDS (Cost $15,625,521)			38,013,631

TOTAL INVESTMENTS – 93.1% (Cost $118,832,975)		$	141,221,085

OTHER ASSETS IN EXCESS OF LIABILITIES – 6.9%			10,388,645

NET ASSETS – 100.0%		$	151,609,730

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, 2026, 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		135		09/18/26	$	9,804,198	$	43,913
FTSE 100 Index		29		09/18/26		4,055,007		4,774
S&P 500 E-Mini Index		101		09/18/26		38,118,663		(278,038)
TOPIX Index		24		09/10/26		5,908,669		122,859
U.S. Treasury 10 Year Note		418		09/21/26		45,888,562		71,128



Total Futures Contracts							$	(35,364)


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

GOLDMAN SACHS VARIABLE INSURANCE FIXED INCOME & TACTICAL ALLOCATION FUNDS

Statements of Assets and Liabilities

June 30, 2026 (Unaudited)


	Core Fixed Income Fund			Trend Driven Allocation Fund

Assets:

Investments in unaffiliated issuers, at value (cost $271,840,834 and $15,625,521, respectively)	$	267,294,829		$	38,013,631
Investments in affiliated issuers, at value (cost $7,994,863 and $103,207,454, respectively)		7,994,436			103,207,454
Purchased Options, at value (premiums paid $23,235 and $–, respectively)		20,339			—
Cash		1,366,373			4,541,217
Foreign Currency, at value (cost $20,908 and $233,582, respectively)		20,286			232,280
Receivables:
Investments sold		17,865,566			430,705
Interest and Dividends		3,950,271			185,152
Collateral on certain derivative contracts^(a)		2,221,189			4,874,130
Fund shares sold		328,751			9,470
Reimbursement from investment adviser		18,544			8,441
Unrealized gain on forward foreign currency exchange contracts		61,474			—
Unrealized gain on swap contracts		63,464			—
Upfront payments received on swap contracts		427,279			—
Variation margin on futures contracts		—			262,436
Variation margin on swap contracts		29,343			—
Other assets		8,971			2,563


Total assets		301,671,115			151,767,479


Liabilities:

Variation margin on futures contracts		159,528			—
Forward sale contracts, at value (proceeds received ^A$8,640,430 and ^B$–, respectively)		8,651,558			—
Unrealized loss on forward foreign currency exchange contracts		39,012			—
Payables:
Investments purchased		54,573,059			—
Accrued professional fees		79,849			57,760
Management fees		38,961			37,012
Custody, accounting and administrative services		23,705			19,298
Fund shares redeemed		18,952			9,555
Distribution and Service fees and Transfer Agency fees		14,424			16,781
Accrued printing and mailing costs		11,884			13,331
Accrued expenses		8,095			4,012


Total liabilities		63,619,027			157,749


Net Assets:

Paid-in capital		252,312,821			121,552,277
Total distributable earnings (loss)		(14,260,733	)		30,057,453



NET ASSETS	$	238,052,088		$	151,609,730
Net Assets:
Institutional	$	115,723,016		$	449,888
Service		122,329,072			151,159,842

Total Net Assets	$	238,052,088		$	151,609,730
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		12,083,726			36,699
Service		12,795,208			12,442,202
Net asset value, offering and redemption price per share:
Institutional	$	9.58		$	12.26
Service		9.56			12.15

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


Fund	Futures	Swaps
Core Fixed Income Fund	$1,361,538	$859,651
Trend Driven Allocation Fund	4,874,130	—


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

GOLDMAN SACHS VARIABLE INSURANCE FIXED INCOME & TACTICAL ALLOCATION FUNDS

Statements of Operations

For the Six Months Ended June 30, 2026 (Unaudited)


	Core Fixed Income Fund			Trend Driven Allocation Fund

Investment income:

Interest	$	4,717,328		$	—

Dividends — affiliated issuers		110,918			1,834,568

Dividends — unaffiliated issuers		—			263,275

Total Investment Income		4,828,246			2,097,843



Expenses:

Management fees		444,474			598,013

Distribution and/or Service (12b-1) fees — Service Shares		144,394			188,706

Professional fees		72,463			50,403

Custody, accounting and administrative services		50,396			33,476

Transfer Agency fees^(a)		22,223			15,139

Printing and mailing costs		17,018			16,737

Trustee fees		13,726			13,711

Registration fees		2,156			334

Other		13,580			7,568


Total expenses		780,430			924,087


Less — expense reductions		(168,094	)		(298,822	)


Net expenses		612,336			625,265


NET INVESTMENT INCOME		4,215,910			1,472,578



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		154,848			2,161,813

Futures contracts		(1,271,580	)		3,316,108

Swap Contracts		55,461			—

Purchased Options		13,112			—

Forward foreign currency exchange contracts		21,171			—

Written Options		(15,873	)		—

Foreign currency transactions		53,205			(37,818	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(2,375,187	)		1,287,164

Investments — affiliated issuers		(427	)		—

Foreign currency translations		(36,529	)		7,015

Swap Contracts		(233,433	)		—

Purchased Options		13,703			—

Forward foreign currency exchange contracts		27,806			—

Written options		(14,526	)		—

Forward sales contracts		(2,068	)		—

Futures contracts		643,564			(54,936	)


Net realized and unrealized gain (loss)		(2,966,753	)		6,679,346


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,249,157		$	8,151,924

(a)

Class specific Transfer Agency fees were as follows:


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

GOLDMAN SACHS VARIABLE INSURANCE FIXED INCOME & TACTICAL ALLOCATION FUNDS

Statements of Changes in Net Assets

June 30, 2026 (Unaudited)


	Core Fixed Income Fund						Trend Driven Allocation Fund
	For the Six Months Ended June 30, 2026 (Unaudited)			For the Fiscal Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)			For the Fiscal Year Ended December 31, 2025

From operations:

Net investment income	$	4,215,910		$	6,997,445		$	1,472,578		$	5,555,486	^(a)

Net realized gain (loss)		(989,656	)		615,003			5,440,103			24,088,665

Net change in unrealized gain (loss)		(1,977,097	)		5,640,397			1,239,243			(8,890,040	)


Net increase in net assets resulting from operations		1,249,157			13,252,845			8,151,924			20,754,111	^(a)


Distributions to shareholders:

From distributable earnings:

Institutional Shares		(2,556,802	)		(3,139,974	)		–			(63,706	)

Service Shares		(2,624,316	)		(3,843,070	)		–			(23,945,769	)


Total distributions to shareholders		(5,181,118	)		(6,983,044	)		–			(24,009,475	)



From share transactions:

Proceeds from sales of shares		36,599,329			45,095,244			1,186,260			7,905,780

Reinvestment of distributions		5,181,117			6,983,044			202			24,009,475

Cost of shares redeemed		(11,404,056	)		(14,251,503	)		(13,971,082	)		(135,141,555	)


Net increase (decrease) in net assets resulting from share transactions		30,376,390			37,826,785			(12,784,620	)		(103,226,300	)


TOTAL INCREASE (DECREASE)		26,444,429			44,096,586			(4,632,696	)		(106,481,664	)^(a)



Net Assets:

Beginning of period	$	211,607,659		$	167,511,073		$	156,242,426		$	262,724,090	^(a)


End of period	$	238,052,088		$	211,607,659		$	151,609,730		$	156,242,426	^(a)

(a)

Revised. See Note 10.


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

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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	9.74			$	9.42			$	9.68			$	9.41			$	11.13			$	11.53


Net investment income^(a)			0.19				0.37				0.38				0.33				0.21				0.12

Net realized and unrealized gain (loss)			(0.12	)			0.32				(0.26	)			0.23				(1.77	)			(0.36)


Total from investment operations			0.07				0.69				0.12				0.56				(1.56	)			(0.24)


Distributions to shareholders from net investment income			(0.23	)			(0.37	)			(0.38	)			(0.29	)			(0.16	)			(0.14)

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


Total distributions			(0.23	)			(0.37	)			(0.38	)			(0.29	)			(0.16	)			(0.16)


Net asset value, end of period		$	9.58			$	9.74			$	9.42			$	9.68			$	9.41			$	11.13


Total Return^(b)			0.69	%			7.46	%			1.24	%			6.08	%			(14.03	)%			(2.06)%


Net assets, end of period (in 000’s)		$	115,723			$	98,087			$	68,175			$	47,421			$	38,157			$	31,179

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

Ratio of total expenses to average net assets			0.57	%^(c)			0.59	%			0.62	%			0.62	%			0.70	%			0.81%

Ratio of net investment income to average net assets			3.92	%^(c)			3.89	%			3.97	%			3.45	%			2.07	%			1.09%

Portfolio turnover rate^(d)			228	%			574	%			766	%			841	%			693	%			513%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one year are not annualized.

(c)

Annualized.

(d)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Core Fixed Income Fund

	Service Shares
	Six Months Ended June 30, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	9.73			$	9.40			$	9.67			$	9.40			$	11.13			$	11.53


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

Net realized and unrealized gain (loss)			(0.14	)			0.33				(0.26	)			0.24				(1.77	)			(0.34)


Total from investment operations			0.04				0.68				0.09				0.54				(1.59	)			(0.25)


Distributions to shareholders from net investment income			(0.21	)			(0.35	)			(0.36	)			(0.27	)			(0.14	)			(0.13)

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


Total distributions			(0.21	)			(0.35	)			(0.36	)			(0.27	)			(0.14	)			(0.15)


Net asset value, end of period		$	9.56			$	9.73			$	9.40			$	9.67			$	9.40			$	11.13


Total Return^(b)			0.47	%			7.32	%			0.89	%			5.83	%			(14.28	)%			(2.23)%


Net assets, end of period (in 000’s)		$	122,329			$	113,521			$	99,336			$	87,480			$	72,540			$	71,867

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

Ratio of total expenses to average net assets			0.82	%^(c)			0.84	%			0.87	%			0.87	%			0.95	%			1.06%

Ratio of net investment income to average net assets			3.67	%^(c)			3.65	%			3.72	%			3.19	%			1.82	%			0.85%

Portfolio turnover rate^(d)			228	%			574	%			766	%			841	%			693	%			513%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(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

	Institutional Shares
	Six Months Ended June 30, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	11.60			$	12.42	^(b)		$	11.45	^(b)		$	10.06			$	12.92			$	12.61


Net investment income (loss)^(a)			0.13				0.34	^(b)			0.41	^(b)			0.27	^(b)			0.09	^(b)			(0.04)

Net realized and unrealized gain (loss)			0.53				0.94	^(b)			0.99				1.34	^(b)			(2.53	)^(b)			2.10


Total from investment operations			0.66				1.28	^(b)			1.40	^(b)			1.61	^(b)			(2.44	)			2.06


Distributions to shareholders from net investment income			–				(0.55	)			(0.43	)			(0.22	)			–				–

Distributions to shareholders from net realized gains			–				(1.55	)			–				–				(0.42	)			(1.75)


Total distributions			–				(2.10	)			(0.43	)			(0.22	)			(0.42	)			(1.75)


Net asset value, end of period		$	12.26			$	11.60	^(b)		$	12.42	^(b)		$	11.45	^(b)		$	10.06			$	12.92


Total Return^(c)			5.69	%			10.34	%^(b)			12.12	%^(b)			16.05	%^(b)			(19.00	)%			16.46%


Net assets, end of period (in 000’s)		$	450			$	427	^(b)		$	378	^(b)		$	442			$	506			$	337

Ratio of net expenses to average net assets			0.58	%^(d)			0.58	%^(b)			0.57	%^(b)			0.61	%^(b)			0.62	%^(b)			0.65%

Ratio of total expenses to average net assets			0.97	%^(d)			0.93	%			0.89	%			0.89	%			0.92	%			0.87%

Ratio of net investment income (loss) to average net assets			2.20	%^(d)			2.66	%^(b)			3.32	%^(b)			2.44	%^(b)			0.67	%^(b)			(0.32)%

Portfolio turnover rate^(e)			6	%			52	%			7	%			10	%			344	%			12%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Revised. See Note 10.

(c)

(d)

Annualized.

(e)


26		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

	Service Shares
	Six Months Ended June 30, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	11.52			$	12.32	(b)		$	11.36	^(b)		$	9.99			$	12.86			$	12.59


Net investment income (loss)^(a)			0.11				0.30	^(b)			0.38	^(b)			0.24	(b)			0.02				(0.08)

Net realized and unrealized gain (loss)			0.52				0.95	^(b)			0.97				1.32				(2.47	)			2.10


Total from investment operations			0.63				1.25	^(b)			1.35	^(b)			1.56	(b)			(2.45	)			2.02


Distributions to shareholders from net investment income			–				(0.50	)			(0.39	)			(0.19	)			–				–

Distributions to shareholders from net realized gains			–				(1.55	)			–				–				(0.42	)			(1.75)


Total distributions			–				(2.05	)			(0.39	)			(0.19	)			(0.42	)			(1.75)


Net asset value, end of period		$	12.15			$	11.52	^(b)		$	12.32	^(b)		$	11.36	^(b)		$	9.99			$	12.86


Total Return^(c)			5.47	%			10.18	%^(b)			11.84	%^(b)			15.67	%^(b)			(19.16	)%			16.17%


Net assets, end of period (in 000’s)		$	151,160			$	155,816	^(b)		$	262,346	^(b)		$	277,870	^(b)		$	267,075	^(b)		$	357,316

Ratio of net expenses to average net assets			0.83	%^(d)			0.83	%^(b)			0.83	%^(b)			0.86	%^(b)			0.87	%^(b)			0.92%

Ratio of total expenses to average net assets			1.22	%^(d)			1.17	%			1.14	%			1.14	%			1.17	%			1.14%

Ratio of net investment income (loss) to average net assets			1.94	%^(d)			2.43	%^(b)			3.08	%^(b)			2.19	%^(b)			0.18	%^(b)			(0.58)%

Portfolio turnover rate^(e)			6	%			52	%			7	%			10	%			344	%			12%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Revised. See Note 10.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements

June 30, 2026 (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:

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 (“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:


28

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

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 Portfolio management team within the Fund’s 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

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).


		29

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Underlying Funds (including Money Market Funds) — Underlying Funds include 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 financial statements at SEC.gov.

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.


30

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of 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.


		31

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. 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, 2026:

Core Fixed Income Fund


Investment Type	Level 1		Level 2		Level 3



Assets
Fixed Income
Asset- Backed Securities	$	—	$	29,938,843	$	—
Collateralized Mortgage Obligations		—		8,544,074		—
Commercial Mortgage-Backed Securities		—		12,287,793		—
Corporate Bonds		—		59,974,774		—
Exchange-Traded Funds		327,915		—		—
Foreign Bond		—		7,091,770		—
Foreign Government Securities		—		3,198,886		—
Mortgage-Backed Securities		—		78,033,088		—
Municipal Bonds		—		971,200		—
U.S. Government Agency Securities		—		2,270,214		—


32

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



U.S. Treasury Obligations	$	64,984,187		$	—		$	—
Investment Company		7,666,521			—			—


Total	$	64,673,988		$	210,615,277		$	—


Liabilities
Fixed Income
Forward Sales Contracts	$	—		$	(8,651,558	)	$	—

Derivative Type



Assets
Credit Default Swap Contracts^(a)	$	—		$	63,464		$	—
Forward Foreign Currency Exchange Contracts^(a)		—			61,474			—

Futures Contracts^(a)		469,944			—			—

Interest Rate Swap Contracts^(a)		—			1,238,016			—

Purchased Options Contracts		—			20,339			—


Total	$	469,944		$	1,383,293		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(39,012	)	$	—

Futures Contracts^(a)		(83,759	)		—			—

Interest Rate Swap Contracts^(a)		—			(919,988	)		—


Total	$	(83,759	)	$	(959,000	)	$	—



Trend Driven Allocation Fund

Investment Type	Level 1			Level 2			Level 3



Assets
Exchange-Traded Funds	$	38,013,631		$	—		$	—
Investment Companies		103,207,454			—			—


Total	$	141,221,085		$	—		$	—


Derivative Type


Assets
Futures Contracts(a)	$	242,674		$	—		$	—

Liabilities
Futures Contracts(a)	$	(278,038	)	$	—		$	—

(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, 2026. 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.


		33

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

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	$	63,464	Payable for unrealized loss on swap contracts	$	—
Currency	Receivables for unrealized gain on forward foreign currency exchange contracts	$	61,474	Payable for unrealized loss on forward foreign currency exchange contracts	$	(39,012	)
Interest Rate	Purchased options at value, Variation margin on futures and swap contracts	$	1,728,299	Variation margin on futures and swap contracts	$	(1,003,747)

Total		$	1,853,237		$	(1,042,759	)

Trend Driven Allocation Fund


Risk	Statement of Assets and Liabilities	Assets¹		Statement of Assets and Liabilities	Liabilities¹
Equity	Variation margin on futures contracts	$	171,546	Variation margin on futures contracts	$	(278,038	)
Interest Rate	Variation margin on futures contracts	$	71,128	Variation margin on futures contracts	$	—

Total		$	242,674		$	(278,038)

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, 2026 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, 2026. 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	$	11,988		$	27,806

Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		12,551			(34,161	)

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		(1,222,248	)		443,469

Total		$	(1,197,709	)	$	437,114

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		5,044,358			(569,464	)

Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(1,728,250	)		514,528

Total		$	3,316,108		$	(54,936	)


34

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

For the six months ended June 30, 2026, 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

512

37,146,418

5,756,698,879

515,705,000

346,667

Trend Driven Allocation Fund

728

–

(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, 2026.

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, 2026, 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%	0.40%



Trend Driven Allocation Fund	0.79	0.71	0.68	0.66	0.65	0.79	0.59*

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 Adviser 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, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without approval of the Trustees.

The Core Fixed Income Fund invests in Institutional Shares of the Goldman Sachs Central Government Fund, Goldman Sachs Financial Square Government Fund, and the Goldman Sachs Corporate Bond ETF, each of which are affiliated Underlying Funds. The Trend Driven Allocation Fund invests in Institutional Shares of the Goldman Sachs Central Government Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, Goldman Sachs Financial Square Treasury Solutions Fund, and the Goldman Sachs VIT Government Money Market Fund, each of 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 (if any) as an investment adviser to the affiliated Underlying Funds in which the Funds invest, in connection with such investments. For the six months ended June 30, 2026, GSAM waived $3,200 and $88,784 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.


		35

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for each Fund is 0.004%. These Other Expense limitations will remain in place through at least April 30, 2027, 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, 2026, 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	$	3,200	$	164,894	$	168,094



Trend Driven Allocation Fund		179,621		119,201		271,915

E. Line of Credit Facility — As of June 30, 2026, the Funds participated in a $1,550,000,000 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, 2026, the Fund did not have any borrowings under the facility. Prior to April 10, 2026, the facility was $1,300,000,000.

F. Other Transactions with Affiliates —The Funds invest primarily in Institutional Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Funds. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2026:

Core Fixed Income Fund


Underlying Fund	Beginning value as of December 31, 2025		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Ending value as of June 30, 2026		Shares as of June 30, 2026		Dividend Income		Capital Gain Distribution



Goldman Sachs Central Government Fund

	$	–	$	27,744,176	$	(20,077,655)		$	–	$	–		$	7,666,521		7,666,521	$	38,439	$	–



Goldman Sachs Corporate Bond ETF

		–		328,342		–			–		(427	)		327,915		6,481		3,061		–



Goldman Sachs Financial Square Government Fund

		10,210,659		17,748,532		(27,959,191	)		–		–			–		–		69,418		–



Total	$	10,210,659	$	45,821,050	$	(48,036,846)		$	–	$	(427	)	$	7,994,436			$	110,918	$	–

Trend Driven Allocation Fund


Underlying Fund	Beginning value as of December 31, 2025		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of June 30, 2026		Shares as of June 30, 2026		Dividend Income		Capital Gain Distribution



Goldman Sachs Central Government Fund

	$	–	$	12,038,950	$	(12,035,062)		$	–	$	–	$	1,944		1,944	$	4,690	$	–



Goldman Sachs Financial Square Government Fund

		1,456,640		2,735,523		(4,192,163	)		–		–		–		–		24,255		–



Goldman Sachs Financial Square Treasury Instruments Fund

		22,314,879		–		(788,833	)		–		–		21,526,046		21,526,046		376,206		–


36

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Trend Driven Allocation Fund


Underlying Fund	Beginning value as of December 31, 2025		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of June 30, 2026		Shares as of June 30, 2026		Dividend Income		Capital Gain Distribution



Goldman Sachs Financial Square Treasury Obligations Fund

	$	22,320,472	$	–	$	(788,834	)	$	–	$	–	$	21,531,638		21,531,638	$	379,654	$	–



Goldman Sachs Financial Square Treasury Solutions Fund

		21,841,997		–		(788,833	)		–		–		21,053,164		21,053,164		368,071		–



Goldman Sachs VIT Government Money Market Fund

		38,412,970		681,692		–			–		–		39,094,662		39,094,662		681,692		–



Total	$	106,346,958	$	15,456,165	$	(18,593,724)		$	–	$	–	$	103,207,454			$	1,834,568	$	–

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, 2026, 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	$	579,223,153	$	52,682,500	$	579,728,166	$	22,736,211


Trend Driven Allocation Fund		—		2,401,473		—		7,024,072

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2025, 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	$ (3,942,965)	$ —

Perpetual Long-Term	(5,333,712)	—



Total capital loss carryforwards	(9,276,677)	—



Timing differences — (Late Year Ordinary Loss Deferral, Post October Loss Deferral and Straddle Loss Deferrals)	(668,069)	(13,261)


		37

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

7. TAX INFORMATION (continued)

As of June 30, 2026, 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	$ 279,455,495	$ 120,003,992



Gross unrealized gain	2,755,461	44,807,522

Gross unrealized loss	(6,921,691)	(23,590,429)



Net unrealized gain (loss)	$ (4,166,230)	$ 21,217,093

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.

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 the 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.


38

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

8. OTHER RISKS (continued)

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.

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. OTHER MATTERS

Subsequent to the issuance of the financial statements for the year ended December 31, 2025, management identified an immaterial error related to the calculation of the management fee waiver, which impacted several reporting periods. The calculation did not include the full impact of waiving indirect management fees for certain underlying investee funds.


		39

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

10. OTHER MATTERS (continued)

After assessing the error, management concluded that the error was not material to any previously issued financial statements. To correct the error, the Fund has revised the previously issued Statement of Changes in Net Assets for the fiscal year ended December 31, 2025, and the Financial Highlights for the fiscal years ended December 31, 2022; 2023; 2024 and 2025. Within the Statement of Changes in Net Assets for the fiscal year ended December 31, 2025, end of period net assets, beginning of period net assets, and net investment income were revised from $155,443,823, $262,157,874, and $5,323,099, respectively, to $156,242,426, $262,724,090, and $5,555,486, respectively.

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:



	Core Fixed Income Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		2,515,476		$	24,351,593			2,912,539		$	28,010,605

Reinvestment of distributions		266,727			2,556,801			326,413			3,139,974

Shares redeemed		(765,296	)		(7,391,874	)		(411,053	)		(3,941,221)


		2,016,907			19,516,520			2,827,899			27,209,358


Service Shares

Shares sold		1,265,966			12,247,736			1,782,362			17,084,639

Reinvestment of distributions		274,201			2,624,316			400,257			3,843,070

Shares redeemed		(414,171	)		(4,012,182	)		(1,076,680	)		(10,310,282)



		1,125,996			10,859,870			1,105,939			10,617,427



NET INCREASE IN SHARES		3,142,903		$	30,376,390			3,933,838		$	37,826,785



	Trend Driven Allocation Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		167		$	1,934			4,614		$	60,460

Reinvestment of distributions		—			—			5,535			63,706

Shares redeemed		(231	)		(2,804	)		(3,801	)		(48,820)


		(64	)		(870	)		6,348			75,346


Service Shares

Shares sold		100,903			1,184,326			635,155			7,845,320

Reinvestment of distributions		18			202			2,096,828			23,945,769

Shares redeemed		(1,189,636	)		(13,968,278	)		(10,486,887	)		(135,092,735)



		(1,088,715	)		(12,783,750	)		(7,754,904	)		(103,301,646)


40

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)



	Trend Driven Allocation Fund

	For the Six Months Ended June 30, 2026 (Unaudited)				For the Fiscal Year Ended December 31, 2025



	Shares		Dollars		Shares		Dollars

NET DECREASE IN SHARES		(1,088,779)	$	(12,784,620)		(7,748,556)	$	(103,226,300)


		41

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.

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

(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, 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;


42

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, 2025, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2026. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. 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.


		43

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 ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2026. 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 three-year period and in the third quartile for the one-, 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, 2026. 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. 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 2025 and 2024, 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


44

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 the 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) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (h) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (i) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (j) the possibility that the working relationship between the Investment Adviser and the 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; and (h) 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, 2027.


		45

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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 Brian J. Wildman GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent L GOLDMAN .P. SACHS ASSET MANAGEMENT, Investment Adviser 200 West Street, New York New York 10282 OFFICERS James A. McNamara, President and Principal Executive Officer Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary © 2026 Goldman Sachs. All rights reserved. VITFISAR-26

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, 2026

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		16

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 Management Agreement		71

GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 97.0%

Australia – 6.9%
17,159	AMP Ltd. (Financial Services)	$	19,067
2,321	ANZ Group Holdings Ltd. (Banks)		56,643
2,790	Aristocrat Leisure Ltd. (Consumer Services)		118,233
158,553	Aurizon Holdings Ltd. (Transportation)		458,615
39,801	BHP Group Ltd. (Materials)		1,658,626
1,801	Brambles Ltd. (Commercial & Professional Services)		24,317
8,437	Codan Ltd. (Technology Hardware & Equipment)		259,075
5,748	Commonwealth Bank of Australia (Banks)		655,067
9,532	Dicker Data Ltd. (Technology Hardware & Equipment)		83,177
20,914	Evolution Mining Ltd. (Materials)		172,933
37,967	Fortescue Ltd. (Materials)		505,352
3,377	Glencore PLC (Materials)*		23,026
1,999	Macquarie Group Ltd. (Financial Services)		347,514
13,595	MyState Ltd. (Banks)		43,109
18,802	National Australia Bank Ltd. (Banks)		493,718
3,381	Orica Ltd. (Materials)		55,447
12,083	Origin Energy Ltd. (Utilities)		91,844
27,239	Perenti Ltd. (Materials)		42,750
5,615	Perpetual Ltd. (Financial Services)		60,366
31,345	PLS Group Ltd. (Materials)*		109,840
22,343	Regis Resources Ltd. (Materials)		94,691
13,152	Rio Tinto PLC ADR (Materials)		1,248,519
4,118	Sandfire Resources Ltd. (Materials)*		55,330
46,256	South32 Ltd. (Materials)		125,604
85,988	Telstra Group Ltd. (Telecommunication Services)		301,549
24,103	Wesfarmers Ltd. (Consumer Discretionary Distribution & Retail)		1,508,445
27,697	Westpac Banking Corp. (Banks)		674,856
6,467	Woodside Energy Group Ltd. (Energy)		125,066

			9,412,779


Austria – 0.6%
813	AT&S Austria Technologie & Systemtechnik AG (Technology Hardware & Equipment)*		196,484
1,851	BAWAG Group AG (Banks)^(a)		371,096
383	OMV AG (Energy)		24,068
2,101	Strabag SE (Capital Goods)		213,891

			805,539


Belgium – 0.3%
4,483	KBC Ancora (Banks)		421,388


Shares	Description	Value

Common Stocks – (continued)

Belgium – (continued)
2,119	Umicore SA (Materials)	$	49,160

			470,548


Bermuda – 0.1%
23,248	Conduit Holdings Ltd. (Insurance)		145,552


China – 0.3%
16,000	Lenovo Group Ltd. (Technology Hardware & Equipment)		47,477
220,000	Nexteer Automotive Group Ltd. (Automobiles & Components)		107,540
4,381	Prosus NV (Consumer Discretionary Distribution & Retail)*		190,370

			345,387


Denmark – 1.2%
18,279	Danske Bank A/S (Banks)		979,802
23,184	H Lundbeck A/S, Class A (Pharmaceuticals, Biotechnology & Life Sciences)		129,762
1,296	Jyske Bank A/S (Banks)		187,527
6,371	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)		305,980
276	Pandora A/S (Consumer Durables & Apparel)		31,709
245	Ringkjoebing Landbobank A/S (Banks)		58,148

			1,692,928


Finland – 1.0%
51,529	Nordea Bank Abp (Banks)		977,862
43,284	Sampo OYJ, Class A (Insurance)		454,566

			1,432,428


France – 10.9%
5,766	Air Liquide SA (Materials)		1,141,824
30,559	AXA SA (Insurance)		1,531,295
12,041	BNP Paribas SA (Banks)		1,406,307
1,882	Capgemini SE (Software & Services)		188,939
8,930	Cie de Saint-Gobain SA (Capital Goods)		809,794
16,674	Danone SA (Food, Beverage & Tobacco)		1,362,905
7,194	EssilorLuxottica SA (Health Care Equipment & Services)		1,350,830
487	Hermes International SCA (Consumer Durables & Apparel)		890,575
7,322	Klepierre SA REIT (Equity Real Estate Investment Trusts (REITs))		306,012
5,880	Legrand SA (Capital Goods)		996,333
735	Nexans SA (Capital Goods)		122,336
5,202	Safran SA (Capital Goods)		2,050,011
234	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		48,521


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, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

France – (continued)
3,892	Thales SA (Capital Goods)	$	1,000,250
7,399	TotalEnergies SE (Energy)		572,132
6,662	Valeo SE (Automobiles & Components)		97,897
6,505	Vinci SA (Capital Goods)		950,043
1,149	Viridien (Energy)*		109,384

			14,935,388


Georgia – 0.1%
2,030	TBC Bank Group PLC (Banks)		119,268


Germany – 10.3%
1,959	AIXTRON SE (Semiconductors & Semiconductor Equipment)		118,371
1,899	Allianz SE (Insurance)		898,888
2,196	Aumovio SE (Automobiles & Components)*		90,653
9,112	BASF SE (Materials)		487,065
454	Bilfinger SE (Commercial & Professional Services)		41,733
36,649	Deutsche Bank AG (Financial Services)		1,241,192
563	Deutsche Boerse AG (Financial Services)		153,558
43,308	Deutsche Lufthansa AG (Transportation)		496,260
16,931	Deutsche Post AG (Transportation)		1,029,345
53,016	Deutsche Telekom AG (Telecommunication Services)		1,445,445
11,488	Fresenius SE & Co. KGaA (Health Care Equipment & Services)		524,846
505	Friedrich Vorwerk Group SE (Energy)		38,936
4,672	FUCHS SE (Materials)		173,604
2,934	GEA Group AG (Capital Goods)		201,466
4,302	Henkel AG & Co. KGaA (Household & Personal Products)		340,453
183	HOCHTIEF AG (Capital Goods)		106,076
7,671	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		722,624
193	Knorr-Bremse AG (Capital Goods)		22,458
4,545	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)		761,946
320	MTU Aero Engines AG (Capital Goods)		133,345
352	Muenchener Rueckversicherungs— Gesellschaft AG in Muenchen (Insurance)		196,578
9,082	RWE AG (Utilities)		587,334
7,405	SAP SE (Software & Services)		1,141,468


Shares	Description	Value

Common Stocks – (continued)

Germany – (continued)
1,666	Scout24 SE (Media & Entertainment)^(a)	$	137,869
7,860	Siemens AG (Capital Goods)		2,527,049
2,072	Siemens Energy AG (Capital Goods)		395,010

			14,013,572


Hong Kong – 2.2%
114,800	AIA Group Ltd. (Insurance)		1,051,021
94,600	Bank of East Asia Ltd. (The) (Banks)		151,455
212,000	Dah Sing Banking Group Ltd. (Banks)		313,342
26,000	Dah Sing Financial Holdings Ltd. (Banks)		125,273
50,700	Hongkong Land Holdings Ltd. (Real Estate Management & Development)		361,191
15,000	Johnson Electric Holdings Ltd. (Automobiles & Components)		37,370
165,000	Swire Pacific Ltd., Class B (Capital Goods)		262,605
18,200	Swire Properties Ltd. (Real Estate Management & Development)		47,804
566,000	WH Group Ltd. (Food, Beverage & Tobacco)^(a)		600,139

			2,950,200


Israel – 0.2%
1,569	Bank Leumi Le-Israel BM (Banks)		35,112
200	Elbit Systems Ltd. (Capital Goods)		152,075
354	Tower Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)*		91,657

			278,844


Italy – 2.8%
723	Azimut Holding SpA (Financial Services)		29,367
3,794	Banca Mediolanum SpA (Financial Services)		94,551
22,915	Banco BPM SpA (Banks)		396,255
42,745	Enel SpA (Utilities)		490,302
5,071	Esprinet SpA (Technology Hardware & Equipment)		39,086
15,282	FinecoBank Banca Fineco SpA (Banks)		384,251
10,400	Immobiliare Grande Distribuzione SIIQ SpA REIT (Equity Real Estate Investment Trusts (REITs))		50,087
5,360	Industrie De Nora SpA (Capital Goods)		40,824
4,738	Prysmian SpA (Capital Goods)		797,611
17,246	UniCredit SpA (Banks)		1,545,566

			3,867,900


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)

Ivory Coast – 0.0%
1,097	Endeavour Mining PLC (Materials)	$	53,732


Japan – 24.2%
7,400	77 Bank Ltd. (The) (Banks)		152,211
4,500	Advantest Corp. (Semiconductors & Semiconductor Equipment)		925,778
6,000	AGC, Inc. (Capital Goods)		259,256
2,700	Aozora Bank Ltd. (Banks)		45,263
3,400	Asahi Intecc Co. Ltd. (Health Care Equipment & Services)		79,717
3,400	Asahi Kogyosha Co. Ltd. (Capital Goods)		94,641
24,100	Asia Pile Holdings Corp. (Materials)		217,567
64,300	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		860,120
1,300	Awa Bank Ltd. (The) (Banks)		58,393
1,500	Bank of Nagoya Ltd. (The) (Banks)		55,477
1,800	Brother Industries Ltd. (Technology Hardware & Equipment)		40,948
900	Chiba Bank Ltd. (The) (Banks)		13,787
6,900	Chofu Seisakusho Co. Ltd. (Consumer Durables & Apparel)		84,544
3,900	Chubu Shiryo Co. Ltd. (Food, Beverage & Tobacco)		44,390
300	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		13,858
29,800	Chugin Financial Group, Inc. (Banks)		569,295
5,600	Cleanup Corp. (Consumer Durables & Apparel)		31,492
13,600	Cosmo Energy Holdings Co. Ltd. (Energy)		317,711
4,300	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		78,898
4,800	Daido Steel Co. Ltd. (Materials)		82,419
3,000	Daiichi Jitsugyo Co. Ltd. (Capital Goods)		56,690
44,700	Daiichi Life Group, Inc. (Insurance)		488,068
1,000	Daikin Industries Ltd. (Capital Goods)		152,539
2,000	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		38,206
68,500	Daiwa Securities Group, Inc. (Financial Services)		679,365
20,300	Denso Corp. (Automobiles & Components)		233,734
300	Disco Corp. (Semiconductors & Semiconductor Equipment)		156,070
94,000	ENEOS Holdings, Inc. (Energy)		695,823


Shares	Description	Value

Common Stocks – (continued)

Japan – (continued)
10,000	FANUC Corp. (Capital Goods)	$	460,461
300	Fast Retailing Co. Ltd. (Consumer Discretionary Distribution & Retail)		153,703
3,900	First Bank of Toyama Ltd. (The) (Banks)		61,493
1,200	Food & Life Cos. Ltd. (Consumer Services)		36,195
4,500	Fuji Electric Co. Ltd. (Capital Goods)		381,171
6,700	Fujikura Ltd. (Capital Goods)		265,601
33,400	Fujitsu Ltd. (Software & Services)		663,658
9,200	Fukuoka Financial Group, Inc. (Banks)		390,285
2,700	Fuso Chemical Co. Ltd. (Materials)		75,926
2,100	GSI Creos Corp. (Consumer Discretionary Distribution & Retail)		30,499
8,600	Hachijuni Nagano Bank Ltd. (Banks)		127,562
24,480	Hirakawa Hewtech Corp. (Capital Goods)		582,036
6,900	Hitachi Construction Machinery Co. Ltd. (Capital Goods)		226,207
7,200	Hitachi Ltd. (Capital Goods)		199,268
8,700	Hokkaido Gas Co. Ltd. (Utilities)		40,599
5,500	Hokuto Corp. (Food, Beverage & Tobacco)		61,845
4,600	Hoya Corp. (Health Care Equipment & Services)		741,986
5,800	Inaba Denki Sangyo Co. Ltd. (Capital Goods)		97,637
3,600	Inui Global Logistics Co. Ltd. (Transportation)		31,911
21,900	Isuzu Motors Ltd. (Automobiles & Components)		291,625
3,200	IwaiCosmo Holdings, Inc. (Financial Services)		79,108
3,300	JANOME Corp. (Consumer Durables & Apparel)		26,269
10,400	Japan Elevator Service Holdings Co. Ltd. (Commercial & Professional Services)		111,703
34,900	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		1,287,792
8,100	JVCKenwood Corp. (Consumer Durables & Apparel)		56,616
2,100	Kioxia Holdings Corp. (Semiconductors & Semiconductor Equipment)*		1,220,583
3,200	Kita-Nippon Bank Ltd. (The) (Banks)		107,156
17,600	K’s Holdings Corp. (Consumer Discretionary Distribution & Retail)		206,530
2,200	Kubota Corp. (Capital Goods)		36,811


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, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Japan – (continued)
41,300	Kyocera Corp. (Technology Hardware & Equipment)	$	915,953
2,900	Kyokuto Boeki Kaisha Ltd. (Capital Goods)		30,446
9,500	Kyushu Electric Power Co., Inc. (Utilities)		96,297
200	Lasertec Corp. (Semiconductors & Semiconductor Equipment)		63,528
115,300	LY Corp. (Media & Entertainment)		306,878
6,400	Makita Corp. (Capital Goods)		230,152
12,100	Matsui Construction Co. Ltd. (Capital Goods)		101,545
14,900	Mitsubishi Chemical Group Corp. (Materials)		104,552
2,200	Mitsubishi Corp. (Capital Goods)		58,855
13,000	Mitsubishi Electric Corp. (Capital Goods)		476,769
3,200	Mitsubishi Research Institute, Inc. (Software & Services)		87,696
30,900	Mitsubishi UFJ Financial Group, Inc. (Banks)		615,619
15,800	Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment)		1,134,200
800	Nachi-Fujikoshi Corp. (Capital Goods)		29,559
22,800	Nanto Bank Ltd. (The) (Banks)		249,238
20,500	NEC Corp. (Software & Services)		494,917
23,200	NGK Corp. (Capital Goods)		1,093,397
2,400	NHK Spring Co. Ltd. (Automobiles & Components)		58,328
1,400	Nippon Shinyaku Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		34,667
5,900	Nipro Corp. (Health Care Equipment & Services)		57,265
1,200	Nissan Chemical Corp. (Materials)		63,124
10,900	Nomura Holdings, Inc. (Financial Services)		95,701
7,400	Noritsu Koki Co. Ltd. (Consumer Durables & Apparel)		92,389
21,500	NSK Ltd. (Capital Goods)		151,920
549,800	NTT, Inc. (Telecommunication Services)		489,063
8,600	Oita Bank Ltd. (The) (Banks)		128,735
9,300	Okasan Securities Group, Inc. (Financial Services)		55,392
21,400	ORIX Corp. (Financial Services)		815,159
8,100	PHC Holdings Corp. (Health Care Equipment & Services)		51,376
26,500	Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment)		818,025


Shares	Description	Value

Common Stocks – (continued)

Japan – (continued)
18,800	Resorttrust, Inc. (Consumer Services)	$	201,685
2,500	Sankyu, Inc. (Transportation)		133,238
2,900	Sato Corp. (Commercial & Professional Services)		42,505
12,400	Seino Holdings Co. Ltd. (Transportation)		200,918
4,100	Shin-Etsu Chemical Co. Ltd. (Materials)		178,717
9,300	Shinsho Corp. (Capital Goods)		137,764
6,500	Soda Nikka Co. Ltd. (Capital Goods)		45,063
20,500	SoftBank Group Corp. (Telecommunication Services)		760,413
27,400	Sompo Holdings, Inc. (Insurance)		1,040,934
87,500	Sony Group Corp. (Consumer Durables & Apparel)		1,760,856
8,500	Sumitomo Chemical Co. Ltd. (Materials)		27,126
66,400	Sumitomo Electric Industries Ltd. (Automobiles & Components)		1,232,193
2,800	Sundrug Co. Ltd. (Consumer Staples Distribution & Retail)		65,525
5,000	Suruga Bank Ltd. (Banks)		75,423
11,100	Suzuki Co. Ltd. (Technology Hardware & Equipment)		224,572
52,900	TDK Corp. (Technology Hardware & Equipment)		1,186,776
3,900	Tokio Marine Holdings, Inc. (Insurance)		171,478
8,400	Tokyo Century Corp. (Financial Services)		129,497
2,200	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		1,066,679
6,800	Tosho Co. Ltd. (Consumer Services)		31,449
12,400	Tosoh Corp. (Materials)		225,197
2,400	Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		56,471
15,000	Toyota Motor Corp. (Automobiles & Components)		251,288
4,500	TPR Co. Ltd. (Automobiles & Components)		38,853
6,200	UACJ Corp. (Materials)		98,625
15,100	Yokohama Financial Group, Inc. (Banks)		162,619

			33,125,105


Liechtenstein – 0.0%
331	VP Bank AG, Class A (Financial Services)		36,787


Luxembourg – 0.2%
3,516	ArcelorMittal SA (Materials)		211,990


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 – 5.3%
35	Adyen NV (Financial Services)*^(a)	$	32,834
485	ASM International NV (Semiconductors & Semiconductor Equipment)		557,741
2,430	ASML Holding NV (Semiconductors & Semiconductor Equipment)		4,811,830
466	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		153,898
2,214	Eurocommercial Properties NV REIT (Equity Real Estate Investment Trusts (REITs))		69,038
1,881	EXOR NV (Financial Services)		144,107
60	ForFarmers NV (Food, Beverage & Tobacco)		427
21,492	ING Groep NV (Banks)		678,144
4,189	Kendrion NV (Automobiles & Components)		93,961
16,381	Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail)		659,211
374	Nedap NV (Technology Hardware & Equipment)		40,876
1,610	SBM Offshore NV (Energy)		55,659

			7,297,726


New Zealand – 0.3%
45,334	Channel Infrastructure NZ Ltd. (Energy)		82,392
13,491	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)		299,695

			382,087


Norway – 0.9%
35,002	Deep Value Driller AS (Energy)		72,490
13,890	Elkem ASA (Materials)*^(a)		44,945
1,827	Kongsberg Gruppen ASA (Capital Goods)		55,058
149,082	Norwegian Air Shuttle ASA (Transportation)		221,879
1,751	Orkla ASA (Food, Beverage & Tobacco)		18,409
69,885	Sea1 offshore, Inc. (Energy)		167,326
48,086	Solstad Maritime ASA (Energy)		119,019
2,992	SpareBank 1 SMN (Banks)		56,840
75,411	Var Energi ASA (Energy)		312,457
1,248	Wilh Wilhelmsen Holding ASA, Class A (Transportation)		86,617
7,683	Zaptec ASA (Capital Goods)		37,440

			1,192,480


Portugal – 0.4%
100,728	Banco Comercial Portugues SA, Class R (Banks)		119,181
69,785	EDP SA (Utilities)		364,551

			483,732


Shares	Description	Value

Common Stocks – (continued)

Singapore – 0.1%
14,100	Singapore Technologies Engineering Ltd. (Capital Goods)	$	113,566


South Africa – 0.2%
5,477	Anglo American PLC (Materials)		268,661


Spain – 2.9%
424	ACS Actividades de Construccion y Servicios SA (Capital Goods)		62,352
3,392	Amadeus IT Group SA (Consumer Services)		198,436
46,953	Banco Bilbao Vizcaya Argentaria SA (Banks)		1,182,127
10,086	CaixaBank SA (Banks)		142,900
9,555	Cellnex Telecom SA (Telecommunication Services)*^(a)		285,653
22,788	Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail)		1,436,381
8,127	Naturgy Energy Group SA (Utilities)		254,735
14,206	Repsol SA (Energy)		354,932
15,042	Unicaja Banco SA (Banks)^(a)		53,616

			3,971,132


Sweden – 2.0%
7,638	Atlas Copco AB, Class B (Capital Goods)		135,407
2,275	Epiroc AB, Class A (Capital Goods)		62,419
22,472	Epiroc AB, Class B (Capital Goods)		521,566
2,134	Hoist Finance AB (Financial Services)^(a)		39,366
17,445	Investor AB, Class A (Financial Services)		713,419
11,976	Nolato AB, Class B (Capital Goods)		60,119
3,043	Note AB (Technology Hardware & Equipment)*		49,513
8,086	Rusta AB (Consumer Discretionary Distribution & Retail)		67,039
5,341	Svenska Handelsbanken AB, Class A (Banks)		78,594
67,386	Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment)		755,714
5,236	Trelleborg AB, Class B (Capital Goods)		218,152

			2,701,308


Switzerland – 8.5%
17,375	ABB Ltd. (Capital Goods)		1,890,041


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, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Switzerland – (continued)
6,996	Ascom Holding AG (Health Care Equipment & Services)	$	50,643
2,003	Avolta AG (Consumer Discretionary Distribution & Retail)*		133,814
6,438	Cie Financiere Richemont SA (Consumer Durables & Apparel)		1,486,073
1,697	Galderma Group AG (Pharmaceuticals, Biotechnology & Life Sciences)*		385,979
159	LEM Holding SA (Technology Hardware & Equipment)*		91,373
2,079	Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences)		1,402,503
24,885	Nestle SA (Food, Beverage & Tobacco)		2,552,334
938	Partners Group Holding AG (Financial Services)		768,301
691	Sensirion Holding AG (Technology Hardware & Equipment)*^(a)		69,138
5,307	SGS SA (Commercial & Professional Services)		615,415
2,908	Sonova Holding AG (Health Care Equipment & Services)		690,193
21,513	UBS Group AG (Financial Services)		1,066,209
570	Zurich Insurance Group AG (Insurance)		421,591

			11,623,607


United Kingdom – 11.0%
9,887	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		1,874,773
10,097	BAE Systems PLC (Capital Goods)		247,444
110,915	Barclays PLC (Banks)		743,242
13,534	Beazley PLC (Insurance)		230,962
26,000	CK Hutchison Holdings Ltd. (Capital Goods)		220,367
19,608	Compass Group PLC (Consumer Services)		633,522
40,264	Costain Group PLC (Capital Goods)		110,822
4,045	Elixirr International PLC (Commercial & Professional Services)		37,022
7,404	GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		388,118
56,097	Harbour Energy PLC (Energy)		158,928
32,579	HSBC Holdings PLC (Banks)		616,046
30,682	Imperial Brands PLC (Food, Beverage & Tobacco)		1,133,973


Shares	Description	Value

Common Stocks – (continued)

United Kingdom – (continued)
6,538	Intertek Group PLC (Commercial & Professional Services)	$	503,283
2,581	Keller Group PLC (Capital Goods)		90,862
2,860	Lancashire Holdings Ltd. (Insurance)		24,482
702,934	Lloyds Banking Group PLC (Banks)		1,028,764
78,192	National Grid PLC (Utilities)		1,289,678
141,602	NatWest Group PLC (Banks)		1,249,490
51,634	PZ Cussons PLC (Household & Personal Products)		71,366
12,940	Reckitt Benckiser Group PLC (Household & Personal Products)		842,829
10,101	RELX PLC (Commercial & Professional Services)		319,240
36,026	Rolls-Royce Holdings PLC (Capital Goods)		690,606
4,765	Sage Group PLC (The) (Software & Services)		51,696
1,675	Smiths Group PLC (Capital Goods)		56,899
28,482	Standard Chartered PLC (Banks)		770,227
14,839	Unilever PLC (Household & Personal Products)		893,758
40,890	Vodafone Group PLC ADR (Telecommunication Services)		540,770
20,038	Volex PLC (Capital Goods)		150,074

			14,969,243


United States – 4.1%
3,651	Alcon AG (Health Care Equipment & Services)		246,187
25,381	BP PLC ADR (Energy)		937,828
3,156	InterContinental Hotels Group PLC (Consumer Services)		542,462
2,756	Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences)		430,742
34,346	PureTech Health PLC (Pharmaceuticals, Biotechnology & Life Sciences)*		62,630
3,053	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		1,255,047
17,924	Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences)		1,532,568
5,260	Shell PLC (Energy)		203,734
845	Spotify Technology SA (Media & Entertainment)*		387,965

			5,599,163

TOTAL COMMON STOCKS (Cost $111,410,257)			132,500,652


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND


Shares	Description	Rate		Value

Preferred Stocks – 0.5%

Germany – 0.5%
5,631	Henkel AG & Co. KGaA (Household & Personal Products)		2.82%	$	473,565
837	Sartorius AG (Pharmaceuticals, Biotechnology & Life Sciences)		0.33		219,586

TOTAL PREFERRED STOCKS (Cost $709,378)					693,151

Units	Description	Expiration Month		Value

Right – 0.0%

Spain – 0.0%
424	ACS Actividades de Construccion y Servicios SA*
(Cost $904)					890


Shares	Dividend Rate			Value

Investment Company – 0.0%^(b)
Goldman Sachs Central Government Fund - Institutional Shares
498	3.703%				498
(Cost $498)

TOTAL INVESTMENTS – 97.5% (Cost $112,121,037)				$	133,195,191

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.5%					3,453,248

NET ASSETS – 100.0%				$	136,648,439

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.

(b)

Represents an affiliated issuer.


Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


	% of
	Market
Sector Name	Value

Financials		24.1	%
Industrials		18.9
Information Technology		13.8
Health Care		10.4
Consumer Discretionary		9.4
Consumer Staples		7.8
Materials		5.7
Communication Services		3.5
Energy		3.3
Utilities		2.4
Real Estate		0.7
Investment Company		0.0

TOTAL INVESTMENTS		100.0	%

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2026, 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		17		09/18/26	$	1,234,603	$	14,367
FTSE 100 Index		3		09/18/26		419,483		474
Hang Seng Index		1		07/30/26		145,655		(1,269	)
MSCI Singapore Index		1		07/30/26		36,982		(249	)
SPI 200 Index		1		09/17/26		151,902		(2,154	)
TOPIX Index		3		09/10/26		738,583		22,567
Total Futures Contracts							$	33,736


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, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 99.9%

Aerospace & Defense – 3.2%
11,305	Honeywell Aerospace, Inc.*	$	2,499,199
11,897	L3Harris Technologies, Inc.		3,457,149
16,342	RTX Corp.		3,100,568


			9,056,916


Banks – 7.0%
106,461	Bank of America Corp.		6,066,148
21,319	Citigroup, Inc.		2,983,807
32,597	JPMorgan Chase & Co.		10,669,976


			19,719,931


Beverages – 1.3%
45,226	Coca-Cola Co. (The)		3,675,517


Biotechnology – 1.5%
817	Argenx SE ADR (Netherlands)*		757,988
6,790	Vertex Pharmaceuticals, Inc.*		3,372,797


			4,130,785


Broadline Retail – 7.6%
90,626	Amazon.com, Inc.*		21,599,801


Capital Markets – 3.6%
19,321	Intercontinental Exchange, Inc.		2,378,608
18,944	KKR & Co., Inc.		1,738,680
29,235	Morgan Stanley		6,111,285


			10,228,573


Chemicals – 0.7%
5,414	Sherwin-Williams Co. (The)		1,864,148


Communications Equipment – 1.1%
18,830	Arista Networks, Inc.*		3,198,840


Construction Materials – 1.4%
6,634	Martin Marietta Materials, Inc.		3,825,828


Consumer Finance – 1.6%
21,765	Capital One Financial Corp.		4,366,494


Consumer Staples Distribution & Retail – 4.5%
3,796	Casey’s General Stores, Inc.		3,017,023
3,018	Costco Wholesale Corp.		2,823,248
61,337	Walmart, Inc.		6,947,029


			12,787,300


Containers & Packaging – 1.3%
97,209	International Paper Co.		3,703,663


Electric Utilities – 2.8%
13,110	Constellation Energy Corp.		3,256,131
52,054	NextEra Energy, Inc.		4,568,779


			7,824,910


Electrical Equipment – 3.5%
13,593	Eaton Corp. PLC		5,792,249
8,527	Rockwell Automation, Inc.		4,221,547


			10,013,796


Electronic Equipment, Instruments & Components – 1.4%
10,252	Coherent Corp.*		4,044,106


Financial Services – 3.9%
22,068	Berkshire Hathaway, Inc., Class B*		11,042,607


Shares	Description	Value

Common Stocks – (continued)

Ground Transportation – 2.0%
68,291	CSX Corp.	$	3,245,871
11,452	Old Dominion Freight Line, Inc.		2,480,503


			5,726,374


Health Care Equipment & Supplies – 0.5%
34,952	Boston Scientific Corp.*		1,491,751


Health Care Providers & Services – 2.6%
13,356	Cardinal Health, Inc.		3,172,852
10,264	UnitedHealth Group, Inc.		4,266,026


			7,438,878


Hotels, Restaurants & Leisure – 1.4%
39,243	Starbucks Corp.		4,010,242


Household Products – 2.3%
44,282	Procter & Gamble Co. (The)		6,493,513


Industrial Conglomerates – 2.5%
28,256	3M Co.		4,574,929
11,305	Honeywell International, Inc.		2,531,078


			7,106,007


Industrial REITs – 1.6%
32,504	Prologis, Inc. REIT		4,403,317

Insurance – 2.9%
24,104	Marsh & McLennan Cos., Inc.		4,017,414
19,696	Progressive Corp. (The)		4,302,591


			8,320,005


Interactive Media & Services – 1.4%
6,764	Meta Platforms, Inc., Class A		3,810,094


IT Services – 1.1%
10,940	International Business Machines Corp.		3,076,437


Life Sciences Tools & Services – 1.7%
9,715	Thermo Fisher Scientific, Inc.		4,870,712


Metals & Mining – 1.0%
12,570	Steel Dynamics, Inc.		2,884,312


Multi-Utilities – 1.3%
31,821	Ameren Corp.		3,597,046


Oil, Gas & Consumable Fuels – 4.1%
50,917	ConocoPhillips		5,293,331
13,373	DT Midstream, Inc.		1,962,354
48,304	Expand Energy Corp.		4,404,842

			11,660,527


Passenger Airlines – 1.3%
26,201	United Airlines Holdings, Inc.*		3,563,074


Pharmaceuticals – 5.5%
33,489	Johnson & Johnson		8,505,201
53,880	Merck & Co., Inc.		6,923,580


			15,428,781


Residential REITs – 1.2%
	AvalonBay Communities, Inc.
17,881	REIT		3,373,966


Semiconductors & Semiconductor Equipment – 4.4%
5,312	Advanced Micro Devices, Inc.*		3,085,794


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)

Semiconductors & Semiconductor Equipment – (continued)
4,338	Applied Materials, Inc.	$	3,136,374
43,955	Intel Corp.*		6,137,437


			12,359,605


Software – 5.6%
42,423	Microsoft Corp.		15,824,627


Specialty Retail – 2.3%
8,220	Home Depot, Inc. (The)		2,899,030
23,443	TJX Cos., Inc. (The)		3,551,614


			6,450,644


Technology Hardware, Storage & Peripherals – 5.8%
49,240	Apple, Inc.		14,248,087
5,196	Dell Technologies, Inc., Class C		2,241,866


			16,489,953


Trading Companies & Distributors – 1.0%
2,508	United Rentals, Inc.		2,841,288

TOTAL COMMON STOCKS (Cost $231,335,809)			282,304,368


Shares	Description	Value

Investment Company – 0.0%^(a)
Goldman Sachs Central Government Fund - Institutional Shares
104,489	3.703%	$	104,489
(Cost $104,489)

TOTAL INVESTMENTS – 99.9% (Cost $231,440,298)		$	282,408,857

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			259,610


NET ASSETS – 100.0%		$	282,668,467

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, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 97.2%

Aerospace & Defense – 7.2%
3,968	Axon Enterprise, Inc.*	$	2,224,500
2,773	L3Harris Technologies, Inc.		805,806
11,612	Rocket Lab Corp.*		1,180,360
2,563	Woodward, Inc.		1,090,403


			5,301,069


Automobile Components – 0.7%
7,706	BorgWarner, Inc.		511,679


Banks – 0.8%
37,693	Flagstar Bank NA		563,133


Beverages – 0.9%
	Coca-Cola Europacific Partners
6,879	PLC (United Kingdom)		688,382


Biotechnology – 6.8%
1,761	Alnylam Pharmaceuticals, Inc.*		530,114
519	Argenx SE ADR (Netherlands)*		481,513
7,380	Cytokinetics, Inc.*		628,702
5,057	Insmed, Inc.*		539,177
7,876	Ionis Pharmaceuticals, Inc.*		624,488
788	Madrigal Pharmaceuticals, Inc.*		423,117
2,738	Natera, Inc.*		743,230
17,803	Roivant Sciences Ltd.*		630,048
4,830	Spyre Therapeutics, Inc.*		428,807


			5,029,196


Broadline Retail – 2.0%
13,219	eBay, Inc.		1,477,223


Building Products – 2.7%
4,843	Builders FirstSource, Inc.*		433,352
5,658	Modine Manufacturing Co.*		1,510,799


			1,944,151


Capital Markets – 2.6%
4,126	LPL Financial Holdings, Inc.		1,162,212
7,504	Robinhood Markets, Inc., Class A*		752,501


			1,914,713


Chemicals – 1.7%
13,886	Solstice Advanced Materials, Inc.		1,230,300


Communications Equipment – 1.9%
1,656	Lumentum Holdings, Inc.*		1,420,947


Construction & Engineering – 2.4%
885	Comfort Systems USA, Inc.		1,754,026


Construction Materials – 2.6%
24,294	James Hardie Industries PLC*		636,017
2,183	Martin Marietta Materials, Inc.		1,258,936


			1,894,953


Consumer Staples Distribution & Retail – 1.3%
1,207	Casey’s General Stores, Inc.		959,312


Electrical Equipment – 4.0%
2,978	Rockwell Automation, Inc.		1,474,348
4,385	Vertiv Holdings Co., Class A		1,468,186


			2,942,534


Electronic Equipment, Instruments & Components – 3.5%
2,629	Coherent Corp.*		1,037,062


Shares	Description	Value

Common Stocks – (continued)

Electronic Equipment, Instruments & Components – (continued)
4,020	Jabil, Inc.	$	1,549,629


			2,586,691


Entertainment – 2.6%
10,273	Live Nation Entertainment, Inc.*		1,881,089


Financial Services – 2.2%
3,555	Corpay, Inc.*		1,184,775
30,210	Rocket Cos., Inc., Class A*		475,808


			1,660,583


Ground Transportation – 0.7%
2,415	Old Dominion Freight Line, Inc.		523,089


Health Care Equipment & Supplies – 3.3%
20,501	Dexcom, Inc.*		1,380,742
11,138	Edwards Lifesciences Corp.*		1,007,544


			2,388,286


Health Care Providers & Services – 5.3%
7,709	Cencora, Inc.		2,181,493
11,342	Guardant Health, Inc.*		1,701,640


			3,883,133


Hotels, Restaurants & Leisure – 7.2%
11,537	Cava Group, Inc.*		905,424
5,304	DoorDash, Inc., Class A*		978,747
12,780	Dutch Bros, Inc., Class A*		917,732
4,192	Hilton Worldwide Holdings, Inc.		1,385,288
11,099	Viking Holdings Ltd.*		1,161,732


			5,348,923


Independent Power and Renewable Electricity Producers – 2.8%
12,871	Vistra Corp.		2,041,727


Interactive Media & Services – 1.3%
5,552	Reddit, Inc., Class A*		963,716


IT Services – 7.1%
10,829	Cloudflare, Inc., Class A*		2,656,137
1,608	MongoDB, Inc.*		540,127
7,859	Snowflake, Inc.*		2,000,116


			5,196,380


Life Sciences Tools & Services – 2.1%
7,937	Agilent Technologies, Inc.		1,054,272
3,643	Repligen Corp.*		497,051


			1,551,323


Oil, Gas & Consumable Fuels – 1.1%
8,592	Expand Energy Corp.		783,504


Semiconductors & Semiconductor Equipment – 12.4%
3,587	Astera Labs, Inc.*		1,732,593
7,379	Credo Technology Group Holding Ltd.*		2,006,719
2,977	FormFactor, Inc.*		476,111
4,950	Lattice Semiconductor Corp.*		757,152
3,659	MACOM Technology Solutions Holdings, Inc.*		1,391,774
3,916	Marvell Technology, Inc.		1,166,537
3,350	Teradyne, Inc.		1,620,864


			9,151,750


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 – 4.4%
10,947	Datadog, Inc., Class A*	$	2,850,161
4,529	JFrog Ltd.*		411,595


			3,261,756


Specialty Retail – 2.3%
3,112	Burlington Stores, Inc.*		985,882
3,318	Ross Stores, Inc.		706,236


			1,692,118


Trading Companies & Distributors – 1.3%
855	United Rentals, Inc.		968,621

TOTAL COMMON STOCKS (Cost $54,866,474)			71,514,307


Shares	Dividend Rate	Value

Investment Company – 2.8%^(a)
Goldman Sachs Central Government Fund - Institutional Shares
2,046,905	3.703%		2,046,905
(Cost $2,046,905)

TOTAL INVESTMENTS – 100.0% (Cost $56,913,379)		$	73,561,212

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%			(8,160)

NET ASSETS – 100.0%		$	73,553,052

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, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 99.1%

Aerospace & Defense – 1.8%
30,735	L3Harris Technologies, Inc.	$	8,931,284


Automobile Components – 2.0%
49,782	Aptiv PLC*		3,055,619
99,845	BorgWarner, Inc.		6,629,708


			9,685,327


Banks – 5.7%
152,436	Fifth Third Bancorp		8,592,817
160,525	Flagstar Bank NA		2,398,244
225,968	Huntington Bancshares, Inc.		4,006,413
35,087	PNC Financial Services Group, Inc. (The)		8,639,121
27,971	Wintrust Financial Corp.		4,495,499


			28,132,094


Beverages – 2.5%
121,479	Coca-Cola Europacific Partners PLC (United Kingdom)		12,156,404


Biotechnology – 1.2%
25,939	Cytokinetics, Inc.*		2,209,743
14,985	Insmed, Inc.*		1,597,701
24,252	Spyre Therapeutics, Inc.*		2,153,093


			5,960,537


Broadline Retail – 1.5%
64,342	eBay, Inc.		7,190,219


Building Products – 0.7%
36,511	Builders FirstSource, Inc.*		3,267,004


Capital Markets – 4.6%
28,283	Bank of New York Mellon Corp. (The)		4,090,005
64,073	Intercontinental Exchange, Inc.		7,888,027
109,186	Invesco Ltd.		2,881,418
26,307	LPL Financial Holdings, Inc.		7,410,156


			22,269,606


Chemicals – 1.5%
49,517	Celanese Corp.		2,277,782
56,432	Solstice Advanced Materials, Inc.		4,999,875

			7,277,657


Commercial Services & Supplies – 0.7%
20,123	Cintas Corp.		3,422,520


Communications Equipment – 1.5%
2,754	Lumentum Holdings, Inc.*		2,363,097
12,367	Motorola Solutions, Inc.		5,135,892


			7,498,989


Construction Materials – 4.2%
219,087	James Hardie Industries PLC*		5,735,698
26,007	Martin Marietta Materials, Inc.		14,998,237


			20,733,935


Consumer Finance – 2.4%
29,719	Capital One Financial Corp.		5,962,226
78,150	Synchrony Financial		5,943,307


			11,905,533


Consumer Staples Distribution & Retail – 2.8%
121,894	Performance Food Group Co.*		13,626,530


Shares	Description	Value

Common Stocks – (continued)

Containers & Packaging – 0.8%
99,703	International Paper Co.	$	3,798,684


Electric Utilities – 3.2%
432,476	PG&E Corp.		7,274,246
106,178	Xcel Energy, Inc.		8,526,094


			15,800,340


Electrical Equipment – 2.1%
21,031	Rockwell Automation, Inc.		10,412,027


Electronic Equipment, Instruments & Components – 5.5%
13,112	Coherent Corp.*		5,172,291
309,226	Ingram Micro Holding Corp.		8,482,069
6,568	Jabil, Inc.		2,531,833
595,013	Mirion Technologies, Inc.*		10,668,583


			26,854,776


Energy Equipment & Services – 0.7%
64,090	Baker Hughes Co.		3,556,995


Entertainment – 1.2%
32,793	Live Nation Entertainment, Inc.*		6,004,726


Financial Services – 1.9%
146,874	Equitable Holdings, Inc.		6,444,831
42,161	Global Payments, Inc.		3,059,202


			9,504,033


Gas Utilities – 0.8%
23,442	Atmos Energy Corp.		4,038,353


Ground Transportation – 1.4%
17,439	Old Dominion Freight Line, Inc.		3,777,288
7,377	Saia, Inc.*		3,106,897


			6,884,185


Health Care Equipment & Supplies – 1.0%
34,661	Dexcom, Inc.*		2,334,419
28,681	Edwards Lifesciences Corp.*		2,594,483


			4,928,902


Health Care Providers & Services – 2.7%
24,149	Cencora, Inc.		6,833,684
29,761	Quest Diagnostics, Inc.		6,307,844


			13,141,528


Hotels, Restaurants & Leisure – 3.1%
195,280	Aramark		11,111,432
48,399	Wyndham Hotels & Resorts, Inc.		4,075,680


			15,187,112


Independent Power and Renewable Electricity Producers – 1.2%
6,524	Talen Energy Corp.*		2,506,912
21,766	Vistra Corp.		3,452,741


			5,959,653


Industrial REITs – 0.7%
17,476	EastGroup Properties, Inc. REIT		3,539,414


Insurance – 2.1%
34,811	American Financial Group, Inc.		4,871,451
57,735	Unum Group		5,161,509


			10,032,960


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)

IT Services – 0.6%
10,990	Cloudflare, Inc., Class A*	$	2,695,627


Life Sciences Tools & Services – 1.6%
58,822	Agilent Technologies, Inc.		7,813,326


Machinery – 5.1%
123,938	Ingersoll Rand, Inc.		10,161,677
35,733	ITT, Inc.		7,066,558
29,524	Lincoln Electric Holdings, Inc.		7,838,917


			25,067,152


Media – 0.8%
53,068	Omnicom Group, Inc.		3,864,942


Metals & Mining – 1.0%
20,501	Steel Dynamics, Inc.		4,704,159


Multi-Utilities – 3.4%
48,794	Ameren Corp.		5,515,674
89,751	CMS Energy Corp.		6,865,951
38,892	Consolidated Edison, Inc.		4,302,622


			16,684,247


Oil, Gas & Consumable Fuels – 6.2%
52,108	Cheniere Energy, Inc.		12,454,333
171,367	Devon Energy Corp.		7,080,885
42,023	Expand Energy Corp.		3,832,077
162,452	Permian Resources Corp., Class A		2,990,741
24,873	Phillips 66		4,204,781


			30,562,817


Passenger Airlines – 1.7%
59,253	United Airlines Holdings, Inc.*		8,057,815


Pharmaceuticals – 2.2%
192,563	Royalty Pharma PLC, Class A		10,797,007


Real Estate Management & Development – 0.9%
31,096	CBRE Group, Inc., Class A*		4,188,320


Residential REITs – 1.1%
	Mid-America Apartment
40,283	Communities, Inc. REIT		5,596,920


Software – 1.3%
38,730	Zoom Communications, Inc.*		3,342,786
19,887	Zscaler, Inc.*		2,807,050


			6,149,836


Specialized REITs – 3.6%
54,100	Digital Realty Trust, Inc. REIT		9,715,278
288,328	VICI Properties, Inc. REIT		7,655,109


			17,370,387


Specialty Retail – 2.5%
18,443	Burlington Stores, Inc.*		5,842,743
30,499	Ross Stores, Inc.		6,491,712


			12,334,455


Technology Hardware, Storage & Peripherals – 1.0%
110,073	Hewlett Packard Enterprise Co.		4,965,393


Trading Companies & Distributors – 4.6%
13,026	United Rentals, Inc.		14,757,025
2,349	W.W. Grainger, Inc.		3,195,580


Shares	Description	Value

Common Stocks – (continued)

Trading Companies & Distributors – (continued)
13,796	WESCO International, Inc.	$	4,765,552


			22,718,157

TOTAL COMMON STOCKS (Cost $413,327,052)			485,271,887


Shares	Dividend Rate	Value

Investment Company – 0.0%^(a)

Goldman Sachs Central Government Fund - Institutional Shares
94,648	3.703%		94,648
(Cost $94,648)

TOTAL INVESTMENTS – 99.1% (Cost $413,421,700)		$	485,366,535

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%			4,267,148

NET ASSETS – 100.0%		$	489,633,683

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Non-income producing security.

(a)

Represents an affiliated issuer.


Investment Abbreviations:
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 101.0%

Aerospace & Defense – 2.4%
11,033	Archer Aviation, Inc., Class A*	$	52,186
11,142	Astronics Corp.*		905,399
2,228	Astronics Corp., Class B*		169,358
3,245	Firefly Aerospace, Inc.*		95,403
12,592	Mercury Systems, Inc.*		1,540,379
5,206	Moog, Inc., Class A		2,206,511
28,698	Redwire Corp.*		350,977
4,618	Satellogic, Inc., Class A*		26,415
1,592	Voyager Technologies, Inc., Class A*		51,342


			5,397,970


Air Freight & Logistics – 0.0%
2,735	Forward Air Corp.*		36,950


Automobile Components – 1.2%
16,818	Adient PLC*		309,115
11,512	Cooper-Standard Holdings, Inc.*		311,400
22,988	Dana, Inc.		625,504
22,282	Dauch Corp.*		120,768
5,171	Gentherm, Inc.*		176,383
38,065	Holley, Inc.*		97,066
5,106	LCI Industries		540,623
7,497	Motorcar Parts of America, Inc.*		114,854
22,416	Solid Power, Inc.*		58,057
416	Strattec Security Corp.*		33,883
9,754	Versigent PLC*		409,766


			2,797,419


Banks – 9.9%
874	ACNB Corp.		51,898
12,534	Ameris Bancorp		1,131,319
10,748	Associated Banc-Corp.		330,716
7,447	Atlantic Union Bankshares Corp.		315,083
3,077	BancFirst Corp.		341,947
13,473	Cathay General Bancorp		835,191
1,204	ChoiceOne Financial Services, Inc.		40,936
1,284	Civista Bancshares, Inc.		36,234
7,002	Community Trust Bancorp, Inc.		506,665
42,345	Eastern Bankshares, Inc.		941,753
2,277	FB Financial Corp.		126,032
500	Fidelity D&D Bancorp, Inc.		25,710
1,460	Finwise Bancorp*		21,170
584	First Bancorp, Inc. (The)		20,335
28,560	First Financial Bancorp		966,185
29,711	First Financial Bankshares, Inc.		1,028,001
3,959	First Internet Bancorp		110,060
9,135	First Merchants Corp.		399,108
5,048	Flagstar Bank NA		75,417
17,070	German American Bancorp, Inc.		810,142
23,410	Glacier Bancorp, Inc.		1,207,488
15,436	Hancock Whitney Corp.		1,153,378
12,500	Hanmi Financial Corp.		405,000
265	Hingham Institution For Savings (The)		81,395
11,304	Hope Bancorp, Inc.		154,639
9,202	Independent Bank Corp.		331,916
13,083	International Bancshares Corp.		993,654
1,131	Lakeland Financial Corp.		69,805


Shares	Description	Value

Common Stocks – (continued)

Banks – (continued)
1,919	Nicolet Bankshares, Inc.	$	317,383
10,206	Northrim BanCorp, Inc.		283,114
8,939	OFG Bancorp (Puerto Rico)		438,637
9,964	Origin Bancorp, Inc.		509,659
529	Park National Corp.		96,802
3,113	PCB Bancorp		88,316
6,498	Renasant Corp.		276,425
7,076	S&T Bancorp, Inc.		347,290
11,709	ServisFirst Bancshares, Inc.		1,015,756
3,653	Southern First Bancshares, Inc.*		223,198
10,557	Stock Yards Bancorp, Inc.		807,294
8,518	Trustmark Corp.		391,913
9,699	UMB Financial Corp.		1,384,629
22,310	United Bankshares, Inc.		1,022,467
28,791	United Community Banks, Inc.		1,010,276
15,372	Washington Trust Bancorp, Inc.		560,771
25,105	WesBanco, Inc.		979,848
3,496	Westamerica BanCorp		205,110
11,840	Western New England Bancorp, Inc.		169,312


			22,639,377


Beverages – 0.1%
4,176	National Beverage Corp.*		130,291


Biotechnology – 10.7%
31,324	ACADIA Pharmaceuticals, Inc.*		792,497
9,390	Alector, Inc.*		18,874
12,550	ALX Oncology Holdings, Inc.*		25,978
2,737	AnaptysBio, Inc.*		184,748
78,482	Annexon, Inc.*		448,132
47,794	Arbutus Biopharma Corp.*		229,411
8,998	Arcutis Biotherapeutics, Inc.*		235,928
58,786	Ardelyx, Inc.*		299,809
15,440	ArriVent Biopharma, Inc.*		536,386
66,631	Aurinia Pharmaceuticals, Inc. (Canada)*		1,130,728
9,935	Beam Therapeutics, Inc.*		340,969
13,968	BioCryst Pharmaceuticals, Inc.*		139,680
25,377	Biohaven Ltd.*		377,610
4,402	Bright Minds Biosciences, Inc. (Canada)*		309,020
13,197	C4 Therapeutics, Inc.*		61,630
48,754	Cabaletta Bio, Inc.*		151,625
26,176	Canton Strategic Holdings, Inc.*		73,816
4,622	Celcuity, Inc.*		483,554
25,368	Celldex Therapeutics, Inc.*		943,943
2,025	Climb Bio, Inc.*		26,406
9,211	Cogent Biosciences, Inc.*		356,466
21,782	Coherus Oncology, Inc.*		30,495
32,837	Compass Therapeutics, Inc.*		71,913
9,998	Corvus Pharmaceuticals, Inc.*		149,370
37,629	CytomX Therapeutics, Inc.*		141,109
57,608	Denali Therapeutics, Inc.*		1,481,678
3,056	Design Therapeutics, Inc.*		44,220
81,409	Eledon Pharmaceuticals, Inc.*		320,751
7,762	Emergent BioSolutions, Inc.*		65,046
8,293	Enanta Pharmaceuticals, Inc.*		120,912
5,821	Erasca, Inc.*		106,641
3,140	Evommune, Inc.*		41,731


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND


Shares	Description	Value

Common Stocks – (continued)

Biotechnology – (continued)
3,870	First Tracks Biotherapeutics, Inc.*	$	77,864
589	GRAIL, Inc.*		40,211
1,683	Greenwich Lifesciences, Inc.*^(a)		39,483
37,973	Hyperliquid Strategies, Inc.*		298,848
15,693	Ideaya Biosciences, Inc.*		584,878
13,468	ImmunityBio, Inc.*^(a)		117,912
6,084	Immunome, Inc.*		128,920
8,738	Immunovant, Inc.*		336,675
2,106	Inhibrx Biosciences, Inc.*		199,543
93,672	Iovance Biotherapeutics, Inc.*		389,676
16,973	Ironwood Pharmaceuticals, Inc.*		71,456
4,257	Jade Biosciences, Inc.*		94,591
12,008	Kodiak Sciences, Inc.*		467,832
873	Krystal Biotech, Inc.*		324,468
5,335	Kymera Therapeutics, Inc.*		611,764
13,931	Kyverna Therapeutics, Inc.*		124,125
23,133	Lexeo Therapeutics, Inc.*		107,684
5,420	MacroGenics, Inc.*		25,040
35,560	Myriad Genetics, Inc.*		203,048
1,907	Neurogene, Inc.*		59,975
8,237	Nkarta, Inc.*		23,311
25,456	Novavax, Inc.*		239,796
7,024	Nurix Therapeutics, Inc.*		170,402
28,286	ORIC Pharmaceuticals, Inc.*		306,337
43,055	Palisade Bio, Inc.*		89,985
2,361	Praxis Precision Medicines, Inc.*		790,439
15,463	Precision BioSciences, Inc.*		121,539
28,891	Prime Medicine, Inc.*		106,608
17,147	Protalix BioTherapeutics, Inc.*		39,953
4,812	Prothena Corp. PLC (Ireland)*		47,109
28,220	Puma Biotechnology, Inc.*		228,864
15,159	Relay Therapeutics, Inc.*		283,625
14,491	Rezolute, Inc.*		75,353
5,100	Rhythm Pharmaceuticals, Inc.*		566,253
68,988	Rocket Pharmaceuticals, Inc.*		235,939
73,043	Sana Biotechnology, Inc.*		254,920
36,572	Sarepta Therapeutics, Inc.*		657,199
2,835	SELLAS Life Sciences Group, Inc.*^(a)		41,845
4,644	Solid Biosciences, Inc.*		46,394
479	Spruce Biosciences, Inc.*		25,866
6,759	Spyre Therapeutics, Inc.*		600,064
6,882	Sutro Biopharma, Inc.*		228,482
12,256	Syndax Pharmaceuticals, Inc.*		267,916
3,428	Tango Therapeutics, Inc.*		107,159
1,842	Tectonic Therapeutic, Inc.*		63,319
14,362	TG Therapeutics, Inc.*		789,048
9,341	Travere Therapeutics, Inc.*		530,662
13,031	Twist Bioscience Corp.*		1,340,629
5,546	Vaxcyte, Inc.*		322,389
24,572	Veracyte, Inc.*		1,443,114
15,983	Verastem, Inc.*		61,055
20,092	Viridian Therapeutics, Inc.*		369,090
4,154	Zenas Biopharma, Inc.*		105,429


			24,625,162


Broadline Retail – 0.0%
2,031	Kohl’s Corp.		35,989


Shares	Description	Value

Common Stocks – (continued)

Building Products – 0.2%
1,328	Griffon Corp.	$	129,520
2,686	UFP Industries, Inc.		243,727


			373,247


Capital Markets – 1.4%
2,140	BGC Group, Inc., Class A		22,877
8,751	Donnelley Financial Solutions, Inc.*		367,104
74,145	GCM Grosvenor, Inc., Class A		911,984
1,894	Perella Weinberg Partners		30,228
1,485	Piper Sandler Cos.		107,425
3,763	Silvercrest Asset Management Group, Inc., Class A		38,044
34,004	StepStone Group, Inc., Class A		1,406,405
46,071	Webull Corp. (Cayman Islands)*		300,383


			3,184,450


Chemicals – 1.9%
5,433	Alto Ingredients, Inc.*		30,968
20,121	Avient Corp.		743,672
2,422	Balchem Corp.		409,197
11,170	Ecovyst, Inc.*		139,066
3,143	Flotek Industries, Inc.*		73,923
3,021	Hawkins, Inc.		429,284
15,415	Innospec, Inc.		1,254,627
12,358	Mativ Holdings, Inc.		93,550
11,105	Minerals Technologies, Inc.		821,437
1,061	Quaker Chemical Corp.		168,561
1,616	Stepan Co.		90,044


			4,254,329


Commercial Services & Supplies – 1.8%
6,907	ABM Industries, Inc.		305,566
91,956	BrightView Holdings, Inc.*		1,303,017
3,951	Brink’s Co. (The)		373,330
17,440	Deluxe Corp.		416,467
15,477	Ennis, Inc.		328,886
18,496	Healthcare Services Group, Inc.*		454,262
3,870	Liquidity Services, Inc.*		151,394
19,552	Millerknoll, Inc.		400,034
8,878	Onterris, Inc.*		179,424
3,422	Pitney Bowes, Inc.		59,953
2,722	Vestis Corp.*		39,524


			4,011,857


Communications Equipment – 0.3%
1,906	ADTRAN Holdings, Inc.*		26,493
567	Clearfield, Inc.*		22,561
20,697	Ondas, Inc.*		170,543
31,643	Vistance Networks, Inc.*		404,398


			623,995


Construction & Engineering – 1.0%
370	Argan, Inc.		295,463
1,908	Cardinal Infrastructure Group, Inc., Class A*		179,733
2,278	Centuri Holdings, Inc.*		68,887
12,753	Construction Partners, Inc., Class A*		1,514,674
9,144	Matrix Service Co.*		125,273


			2,184,030


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, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Construction Materials – 0.3%
8,609	Knife River Corp.*	$	720,143


Consumer Finance – 2.1%
878	Dave, Inc.*		327,134
10,299	Encore Capital Group, Inc.*		960,794
7,935	FirstCash Holdings, Inc.		1,716,499
8,509	LendingTree, Inc.*		376,864
16,307	Medallion Financial Corp.		166,494
47,214	Oportun Financial Corp.*		269,592
10,853	Regional Management Corp.		447,144
17,961	Upstart Holdings, Inc.*		636,358


			4,900,879


Consumer Staples Distribution & Retail – 0.2%
4,541	United Natural Foods, Inc.*		207,387
11,698	Yesway, Inc., Class A*		237,469


			444,856


Containers & Packaging – 0.3%
67,350	O-I Glass, Inc.*		648,581


Distributors – 0.0%
1,065	Weyco Group, Inc.		41,886


Diversified Consumer Services – 2.2%
947	American Public Education, Inc.*		50,854
21,861	Frontdoor, Inc.*		1,696,195
363	Graham Holdings Co., Class B		414,335
41,188	Laureate Education, Inc.*		1,495,948
14,760	Lincoln Educational Services Corp.*		736,524
6,415	OneSpaWorld Holdings Ltd. (Bahamas)		181,160
5,973	Perdoceo Education Corp.		191,136
6,009	Universal Technical Institute, Inc.*		257,005


			5,023,157


Diversified Telecommunication Services – 0.6%
4,664	Bandwidth, Inc., Class A*		295,231
40,787	Cogent Communications Holdings, Inc.		566,123
47,445	Liberty Latin America Ltd., Class A (Puerto Rico)*		371,969
38,279	Lumen Technologies, Inc.*		293,983


			1,527,306


Electrical Equipment – 1.1%
18,091	American Superconductor Corp.*		750,957
8,451	Amprius Technologies, Inc.*		117,131
2,532	Array Technologies, Inc.*		18,762
4,360	Atkore, Inc.		331,534
6,949	Babcock & Wilcox Enterprises, Inc.*		97,981
16,277	Enovix Corp.*^(a)		98,801
2,047	NuScale Power Corp.*		20,532
52,951	Plug Power, Inc.*		143,497
394	Preformed Line Products Co.		161,761
65,657	Sunrun, Inc.*		878,491


			2,619,447


Shares	Description	Value

Common Stocks – (continued)

Electronic Equipment, Instruments & Components – 2.6%
3,372	Aeva Technologies, Inc.*	$	96,844
15,074	Benchmark Electronics, Inc.		1,487,351
40,987	Knowles Corp.*		1,700,141
12,032	nLight, Inc.*		837,668
2,597	Novanta, Inc.*		421,337
803	PC Connection, Inc.		58,611
591	Plexus Corp.*		177,696
4,381	Richardson Electronics Ltd.		83,283
21,149	Vishay Intertechnology, Inc.		1,137,393


			6,000,324


Energy Equipment & Services – 2.7%
19,249	Archrock, Inc.		783,627
32,045	Atlas Energy Solutions, Inc.		532,267
28,195	Core Laboratories, Inc.		328,472
9,592	Flowco Holdings, Inc., Class A		204,693
14,234	Forum Energy Technologies, Inc.*		714,974
104,040	Helix Energy Solutions Group, Inc.*		909,310
6,469	Nabors Industries Ltd.*		543,461
25,038	National Energy Services Reunited Corp.*		749,387
84,252	Patterson-UTI Energy, Inc.		773,433
6,206	ProPetro Holding Corp.*		88,994
5,179	Ranger Energy Services, Inc., Class A		82,916
2,138	TETRA Technologies, Inc.*		24,223
1,285	Tidewater, Inc.*		85,620
50,214	Transocean Ltd.*		245,546


			6,066,923


Entertainment – 1.9%
70,169	AMC Entertainment Holdings, Inc., Class A*		133,321
27,470	Cinemark Holdings, Inc.		871,623
60,230	CuriosityStream, Inc.		160,212
29,648	IMAX Corp.*		1,181,769
12,887	Madison Square Garden Entertainment Corp.*		1,042,429
34,043	Marcus Corp. (The)		798,649
3,751	Starz Entertainment Corp.*		108,254


			4,296,257


Financial Services – 1.6%
50,470	Acacia Research Corp.*		235,190
9,206	Alerus Financial Corp.		286,307
23,931	Bladex, Inc. (Panama)		1,471,038
402	Essent Group Ltd.		25,841
1,052	Finance Of America Cos., Inc., Class A*		28,951
13,689	NCR Atleos Corp.*		594,240
3,536	NMI Holdings, Inc.*		145,294
11,603	Paymentus Holdings, Inc., Class A*		280,329
18,575	Paysign, Inc.*		152,129
1,524	Sezzle, Inc.*		261,564


			3,480,883


Food Products – 0.1%
37,970	BRC, Inc., Class A*		42,147


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)

Food Products – (continued)
1,354	Marzetti Company (The)	$	154,572


			196,719


Ground Transportation – 1.6%
2,307	ArcBest Corp.		331,147
2,840	Covenant Logistics Group, Inc.		125,471
7,549	Heartland Express, Inc.		114,896
57,722	Hertz Global Holdings, Inc.*		130,740
53,688	Marten Transport Ltd.		931,487
25,211	RXO, Inc.*		695,572
5,518	Universal Logistics Holdings, Inc.		81,666
31,893	Werner Enterprises, Inc.		1,390,854


			3,801,833


Health Care Equipment & Supplies – 2.5%
18,012	Alphatec Holdings, Inc.*		155,804
2,032	AngioDynamics, Inc.*		26,436
33,162	AtriCure, Inc.*		927,873
22,899	Butterfly Network, Inc.*		192,810
94,229	Cerus Corp.*		275,149
5,649	CONMED Corp.		184,892
10,970	CVRx, Inc.*		56,386
47,016	Enovis Corp.*		973,231
7,753	Haemonetics Corp.*		581,475
5,741	Inogen, Inc.*		37,029
6,420	iRadimed Corp.		613,495
1,390	iRhythm Holdings, Inc.*		165,341
1,316	Kestra Medical Technologies Ltd.*		33,479
5,021	LeMaitre Vascular, Inc.		481,815
2,339	Omnicell, Inc.*		97,115
4,172	Orthofix Medical, Inc.*		38,132
9,959	OrthoPediatrics Corp.*		190,516
558	Pro-Dex, Inc.*		32,671
16,690	SI-BONE, Inc.*		272,381
9,386	Strive, Inc., Class A*^(a)		102,401
3,363	TransMedics Group, Inc.*		223,370
276	UFP Technologies, Inc.*		73,176


			5,734,977


Health Care Providers & Services – 3.7%
313	Addus HomeCare Corp.*		31,447
41,234	Alignment Healthcare, Inc.*		981,781
13,423	AMN Healthcare Services, Inc.*		434,502
4,695	Aveanna Healthcare Holdings, Inc.*		40,236
54,057	Brookdale Senior Living, Inc.*		869,777
6,569	Castle Biosciences, Inc.*		156,671
8,605	Clover Health Investments Corp.*		45,090
55,293	Community Health Systems, Inc.*		184,679
2,134	CorVel Corp.*		133,418
11,074	HealthEquity, Inc.*		1,000,204
12,301	Hims & Hers Health, Inc.*		426,476
14,582	InfuSystem Holdings, Inc.*		140,716
43,858	LifeStance Health Group, Inc.*		469,719
17,486	Lumexa Imaging Holdings, Inc.*		197,242
35,028	NeoGenomics, Inc.*		511,058


Shares	Description	Value

Common Stocks – (continued)

Health Care Providers & Services – (continued)
1,439	Nutex Health, Inc.*	$	245,911
35,792	Oncology Institute, Inc. (The)*		194,351
171,120	OPKO Health, Inc.*		256,680
15,349	Option Care Health, Inc.*		321,868
17,825	Pennant Group, Inc. (The)*		658,634
21,182	Privia Health Group, Inc.*		545,013
54,636	Viemed Healthcare, Inc.*		622,850


			8,468,323


Health Care REITs – 0.5%
60,758	Sabra Health Care REIT, Inc. REIT		1,185,389


Health Care Technology – 0.3%
34,314	Evolent Health, Inc., Class A*		185,982
21,500	HealthStream, Inc.		585,875


			771,857


Hotel & Resort REITs – 2.3%
95,721	Apple Hospitality REIT, Inc. REIT		1,609,070
85,239	Braemar Hotels & Resorts, Inc. REIT		184,116
49,182	Chatham Lodging Trust REIT		650,678
48,997	DiamondRock Hospitality Co. REIT		596,783
37,846	Pebblebrook Hotel Trust REIT		734,591
16,837	Service Properties Trust REIT		28,455
45,488	Sunstone Hotel Investors, Inc. REIT		520,838
50,076	Xenia Hotels & Resorts, Inc. REIT		1,019,547


			5,344,078


Hotels, Restaurants & Leisure – 2.0%
2,945	Black Rock Coffee Bar, Inc., Class A*		24,414
63,017	Bloomin’ Brands, Inc.		575,975
50,243	Brightstar Lottery PLC		538,605
18,119	Cheesecake Factory, Inc. (The)		1,441,185
1,203	Cracker Barrel Old Country Store, Inc.		64,120
12,895	El Pollo Loco Holdings, Inc.*		218,699
2,126	Marriott Vacations Worldwide Corp.		216,597
1,644	Monarch Casino & Resort, Inc.		216,367
53,806	Portillo’s, Inc., Class A*		255,041
903	RCI Hospitality Holdings, Inc.		24,670
186,130	Sabre Corp.*		389,012
4,997	Shake Shack, Inc., Class A*		279,932
1,519	Super Group SGHC Ltd. (Guernsey)		20,583
18,319	Sweetgreen, Inc., Class A*		161,390


			4,426,590


Household Durables – 2.2%
8,717	Century Communities, Inc.		624,660
1,839	Champion Homes, Inc.*		162,053
10,177	Cricut, Inc., Class A		44,677
7,008	Green Brick Partners, Inc.*		560,920
3,619	Installed Building Products, Inc.		831,791


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, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Household Durables – (continued)
20,554	LGI Homes, Inc.*	$	1,308,879
242	M/I Homes, Inc.*		38,911
17,182	Meritage Homes Corp.		1,440,711

			5,012,602


Household Products – 0.9%
62,801	Energizer Holdings, Inc.		1,346,454
2,655	WD-40 Co.		646,864

			1,993,318


Independent Power and Renewable Electricity Producers – 0.3%
6,979	Ormat Technologies, Inc.		760,013


Industrial REITs – 0.1%
	One Liberty Properties, Inc.
11,525	REIT		281,441


Insurance – 2.5%
	Accelerant Holdings, Class A
29,485	(Cayman Islands)*		345,564
27,221	AMERISAFE, Inc.		920,886
17,561	CNO Financial Group, Inc.		895,260
926	Exzeo Group, Inc.*		15,622
1,472	Investors Title Co.		402,857
21,732	Lemonade, Inc.*		1,413,667
3,480	Octave Specialty Group, Inc.*		21,715
20,668	Oscar Health, Inc., Class A*		589,451
9,141	Stewart Information Services Corp.		603,489
14,258	Universal Insurance Holdings, Inc.		589,711

			5,798,222


Interactive Media & Services – 0.4%
13,226	EverQuote, Inc., Class A*		314,646
45,412	QuinStreet, Inc.*		665,286

			979,932


IT Services – 0.9%
2,738	Backblaze, Inc., Class A*		43,425
18,389	Crexendo, Inc.*		137,366
21,414	Everforth, Inc.*		382,668
41,604	Fastly, Inc., Class A*		763,849
12,569	Globant SA*		363,747
17,830	TSS, Inc.*		219,309

			1,910,364


Leisure Products – 0.5%
1,256	JAKKS Pacific, Inc.		29,240
9,261	Johnson Outdoors, Inc., Class A		426,376
20,677	MasterCraft Boat Holdings, Inc.*		533,880
14,939	Peloton Interactive, Inc., Class A*		88,290
9,355	Smith & Wesson Brands, Inc.		140,699

			1,218,485


Life Sciences Tools & Services – 0.8%
48,718	Adaptive Biotechnologies Corp.*		1,045,001
10,660	Alpha Teknova, Inc.*		60,549
2,106	BioLife Solutions, Inc.*		59,473
69,967	Cytek Biosciences, Inc.*		309,954
1,481	Mesa Laboratories, Inc.		147,434


Shares	Description	Value

Common Stocks – (continued)

Life Sciences Tools & Services – (continued)
16,148	Pacific Biosciences of California, Inc.*	$	27,129

			1,649,540


Machinery – 4.0%
116,353	3D Systems Corp.*		351,386
28,702	Aebi Schmidt Holding AG (Switzerland)		360,210
931	Blue Bird Corp.*		73,512
2,290	Chart Industries, Inc.*		478,473
4,067	Enpro, Inc.		1,532,974
2,807	ESCO Technologies, Inc.		982,562
4,085	Federal Signal Corp.		524,882
9,884	Gencor Industries, Inc.*		147,469
1,884	Helios Technologies, Inc.		168,147
48,595	Hillman Solutions Corp.*		410,142
4,542	Kadant, Inc.		1,427,233
8,861	Kennametal, Inc.		310,578
2,272	Luxfer Holdings PLC (United Kingdom)		40,987
17,483	Manitowoc Co., Inc. (The)*		242,839
74,942	Microvast Holdings, Inc.*		87,682
10,577	Miller Industries, Inc.		541,014
3,814	Omega Flex, Inc.		119,721
833	Park-Ohio Holdings Corp.		32,029
177	Proto Labs, Inc.*		14,427
2,653	Standex International Corp.		948,898
13,746	Trinity Industries, Inc.		475,337

			9,270,502


Marine Transportation – 0.5%
40,728	Costamare, Inc. (Monaco)		571,007
103,823	Safe Bulkers, Inc. (Monaco)		655,123

			1,226,130


Media – 0.6%
6,548	Cable One, Inc.*		347,764
93,945	EW Scripps Co. (The), Class A*		260,228
30,330	Gray Media, Inc.		120,410
11,222	John Wiley & Sons, Inc., Class A		544,379

			1,272,781


Metals & Mining – 2.8%
5,347	Ampco-Pittsburgh Corp.*		46,252
1,625	Caledonia Mining Corp. PLC (South Africa)		31,037
15,000	Century Aluminum Co.*		690,150
20,878	Commercial Metals Co.		1,310,095
25,851	Constellium SE*		823,871
8,967	Critical Metals Corp. (Austria)*		91,912
38,189	Ferroglobe PLC		121,441
4,262	Friedman Industries, Inc.		137,151
3,769	Hycroft Mining Holding Corp., Class A*^(a)		88,195
28,412	Ivanhoe Electric, Inc.*		273,039
3,486	Kaiser Aluminum Corp.		681,966
3,870	Materion Corp.		1,150,899
19,014	SSR Mining, Inc. (Canada)*		537,716
2,431	U.S. Goldmining, Inc. (Canada)*^(a)		19,764
21,000	United States Antimony Corp.*^(a)		152,460


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)

Metals & Mining – (continued)
1,735	USA Rare Earth, Inc.*	$	37,441
2,585	Warrior Met Coal, Inc.		209,799
2,970	Worthington Steel, Inc.		99,733

			6,502,921


Mortgage Real Estate Investment Trusts (REITs) – 0.6%
15,287	Ladder Capital Corp. REIT		152,105
109,003	Orchid Island Capital, Inc. REIT		759,751
31,454	TPG Mortgage Investment Trust, Inc. REIT		249,116
12,079	TPG RE Finance Trust, Inc. REIT		101,101

			1,262,073


Office REITs – 0.4%
165,004	Brandywine Realty Trust REIT		523,063
37,011	Douglas Emmett, Inc. REIT		436,730
5,233	Hudson Pacific Properties, Inc. REIT*		79,489

			1,039,282


Oil, Gas & Consumable Fuels – 3.8%
12,106	Clean Energy Fuels Corp.*		24,817
42,221	Comstock Resources, Inc.*		629,937
3,097	Core Natural Resources, Inc.		247,822
123,940	Crescent Energy Co., Class A		1,217,091
11,473	Delek US Holdings, Inc.		582,943
34,082	DHT Holdings, Inc.		563,376
16,565	Energy Fuels, Inc.*^(a)		240,193
3,829	Golar LNG Ltd. (Cameroon)		190,837
44,443	Green Plains, Inc.*		683,533
16,538	Kinetik Holdings, Inc.		799,447
49,866	Kosmos Energy Ltd. (Ghana)*		105,217
47,852	Magnolia Oil & Gas Corp., Class A		1,224,054
83,835	Nordic American Tankers Ltd.		464,446
32,616	Northern Oil & Gas, Inc.		591,981
4,512	PBF Energy, Inc., Class A		205,386
7,289	REX American Resources Corp.*		329,098
22,164	SandRidge Energy, Inc.		303,647
2,942	Scorpio Tankers, Inc. (Monaco)		203,763
1,754	Teekay Tankers Ltd., Class A (Canada)		113,782

			8,721,370


Passenger Airlines – 0.7%
3,758	Allegiant Travel Co.*		441,941
3,414	Frontier Group Holdings, Inc.*		27,005
12,599	SkyWest, Inc.*		1,251,458

			1,720,404


Personal Care Products – 0.0%
2,849	Herbalife Ltd.*		37,464


Pharmaceuticals – 1.5%
1,310	Alumis, Inc.*		36,863
71,673	Amneal Pharmaceuticals, Inc.*		1,240,660
4,007	Definium Therapeutics, Inc.*		188,489
1,861	Indivior Pharmaceuticals, Inc.*		76,357
3,762	Innoviva, Inc.*		85,435
1,085	LB Pharmaceuticals, Inc.*		35,214


Shares	Description	Value

Common Stocks – (continued)

Pharmaceuticals – (continued)
1,081	Ligand Pharmaceuticals, Inc.*	$	341,693
1,060	Liquidia Corp.*		84,514
1,759	MBX Biosciences, Inc.*		97,097
4,186	Nektar Therapeutics*		292,225
1,923	Omeros Corp.*^(a)		18,288
9,806	Phathom Pharmaceuticals, Inc.*		106,395
3,221	Rapport Therapeutics, Inc.*		134,219
10,103	Supernus Pharmaceuticals, Inc.*		469,890
723	Theravance Biopharma, Inc.*		12,291
14,128	Third Harmonic Bio, Inc.*^(b)		—

			3,219,630


Professional Services – 0.2%
4,850	Asure Software, Inc.*		38,509
4,263	Public Policy Holding Co., Inc.^(a)		31,589
18,288	Upwork, Inc.*		152,888
31,184	Verra Mobility Corp.*		132,532
3,655	Willdan Group, Inc.*		289,110

			644,628


Real Estate Management & Development – 0.3%
8,500	Forestar Group, Inc.*		269,025
71,771	Opendoor Technologies, Inc.*		331,582

			600,607


Residential REITs – 0.9%
32,679	NexPoint Residential Trust, Inc. REIT		912,398
75,517	UMH Properties, Inc. REIT		1,143,327

			2,055,725


Retail REITs – 0.9%
5,516	Macerich Co. (The) REIT		138,948
36,242	Phillips Edison & Co., Inc. REIT		1,508,392
5,596	Tanger, Inc. REIT		220,874

			1,868,214


Semiconductors & Semiconductor Equipment – 2.9%
4,574	ACM Research, Inc., Class A*		580,395
4,726	Alpha & Omega Semiconductor Ltd.*		223,682
7,443	Ambarella, Inc.*		638,609
9,260	AXT, Inc.*		667,461
17,130	Cohu, Inc.*		1,266,078
6,306	Diodes, Inc.*		690,129
6,216	MaxLinear, Inc.*		795,834
29,909	Navitas Semiconductor Corp.*		535,969
1,542	QuickLogic Corp.*		30,794
15,156	Rigetti Computing, Inc.*		292,814
2,293	Silicon Laboratories, Inc.*		501,158
3,214	Ultra Clean Holdings, Inc.*		458,284

			6,681,207


Software – 6.8%
117,316	8x8, Inc.*		200,610
1,048	A10 Networks, Inc.		39,153
20,253	Adeia, Inc.		666,931
5,845	Agilysys, Inc.*		610,803
22,555	Alkami Technology, Inc.*		408,697
17,753	Arteris, Inc.*		862,618
23,643	Asana, Inc., Class A*		165,501


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, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Software – (continued)
60,847	AvePoint, Inc.*	$	682,095
26,320	Cerence, Inc.*		297,942
11,465	Cipher Digital Inc*		280,893
25,857	Cleanspark, Inc.*		376,219
10,279	Clear Secure, Inc., Class A		572,849
4,762	Consensus Cloud Solutions, Inc.*		181,670
5,263	Core Scientific, Inc.*		134,680
38,906	Digital Turbine, Inc.*		501,887
71,928	Domo, Inc., Class B*		225,135
13,881	D-Wave Quantum, Inc. (Canada)*		333,005
8,560	eGain Corp.*		53,928
8,559	Hut 8 Corp.*		988,094
3,319	Intapp, Inc.*		83,672
1,186	InterDigital, Inc.		335,792
23,553	Keel Infrastructure Corp.*		135,194
20,086	MARA Holdings, Inc.*		278,995
32,449	Ooma, Inc.*		623,670
29,613	Porch Group, Inc.*		445,380
34,114	Progress Software Corp.*		1,145,548
8,742	Q2 Holdings, Inc.*		420,490
20,922	Rapid7, Inc.*		169,468
7,032	Red Violet, Inc.*		448,079
28,912	Riot Platforms, Inc.*		791,611
20,955	Silvaco Group, Inc.*		288,969
12,357	SoundHound AI, Inc., Class A*^(a)		79,950
24,698	Telos Corp.*		113,611
7,981	Tenable Holdings, Inc.*		294,339
4,899	Varonis Systems, Inc.*		205,562
40,001	Vertex, Inc., Class A*		459,212
8,907	Weave Communications, Inc.*		53,353
3,480	Xperi, Inc.*		28,640
63,054	Zeta Global Holdings Corp., Class A*		1,240,903

			15,225,148


Specialized REITs – 0.1%
4,448	Four Corners Property Trust, Inc. REIT		109,198
9,133	Smartstop Self Storage REIT, Inc. REIT		296,823

			406,021


Specialty Retail – 3.3%
24,071	Advance Auto Parts, Inc.		1,497,698
8,699	American Eagle Outfitters, Inc.		149,623
1,211	Boot Barn Holdings, Inc.*		198,931
7,142	Buckle, Inc. (The)		301,392
126,148	Camping World Holdings, Inc., Class A		962,509
6,299	Citi Trends, Inc.*		364,334
18,790	EVgo, Inc.*^(a)		35,889
1,779	Group 1 Automotive, Inc.		517,991
34,891	RealReal, Inc. (The)*		411,365
519	RH*		85,495
22,932	Shoe Station Group, Inc.		340,082
6,696	Signet Jewelers Ltd.		577,195
21,779	ThredUp, Inc., Class A*		149,186
39,703	Upbound Group, Inc.		842,498
8,797	Victoria’s Secret & Co.*		734,373


Shares	Description	Value

Common Stocks – (continued)

Specialty Retail – (continued)
23,741	Zumiez, Inc.*	$	422,590

			7,591,151


Technology Hardware, Storage & Peripherals – 0.2%
16,271	Corsair Gaming, Inc.*		157,341
1,421	CPI Card Group, Inc.*		29,528
16,405	Eastman Kodak Co.*		151,746
2,703	One Stop Systems, Inc.*		49,141
1,799	Quantum Computing, Inc.*^(a)		17,450

			405,206


Textiles, Apparel & Luxury Goods – 1.4%
60,989	Figs, Inc., Class A*		623,917
10,374	G-III Apparel Group Ltd.		349,708
23,169	Movado Group, Inc.		910,773
32,106	Steven Madden Ltd.		1,351,663

			3,236,061


Tobacco – 0.3%
8,379	Turning Point Brands, Inc.		710,623


Trading Companies & Distributors – 0.5%
4,329	Boise Cascade Co.		336,060
56,795	Custom Truck One Source, Inc.*		670,749
956	DXP Enterprises, Inc.*		161,316

			1,168,125


Wireless Telecommunication Services – 0.2%
61,961	Gogo, Inc.*		192,079
5,288	Telephone and Data Systems, Inc.		195,709

			387,788

TOTAL COMMON STOCKS (Cost $196,217,944)			230,852,452

Description

Dividend Rate

Value

Preferred Stock – 0.0%

Diversified Telecommunication Services – 0.0%

Liberty Latin America Ltd., Series A

9.00

(Cost $11)




Shares	Dividend Rate	Value

Investment Company – 0.0%^(c)

Goldman Sachs Central Government Fund - Institutional Shares
6,474	3.703%		6,474
(Cost $6,474)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $196,224,429)			230,858,937


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND



Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.8%^(c)

Goldman Sachs Financial Square Government Fund – Institutional Shares
1,860,963	3.538%	$	1,860,963
(Cost $1,860,963)

TOTAL INVESTMENTS – 101.8% (Cost $198,085,392)		$	232,719,900

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.8)%			(4,218,119)

NET ASSETS – 100.0%		$	228,501,781

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Non-income producing security.

(a)

All or a portion of security is on loan.

(b)

Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(c)

Represents an affiliated issuer.



Investment Abbreviations:
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2026, 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

09/18/26

$ 1,522,800

$ 15,382


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, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 99.4%

Aerospace & Defense – 2.9%
10,901	Axon Enterprise, Inc.*	$	6,111,210
22,811	General Electric Co.		8,525,155

			14,636,365


Automobiles – 1.9%
23,113	Tesla, Inc.*		9,721,328


Banks – 2.0%
70,023	Bank of America Corp.		3,989,911
18,546	JPMorgan Chase & Co.		6,070,662

			10,060,573


Biotechnology – 1.5%
3,290	Argenx SE ADR (Netherlands)*		3,052,363
119,654	Roivant Sciences Ltd.*		4,234,555

			7,286,918


Broadline Retail – 1.0%
20,527	Amazon.com, Inc.*		4,892,405


Commercial Services & Supplies – 0.3%
9,984	Waste Connections, Inc.		1,664,233


Communications Equipment – 1.4%
4,379	Lumentum Holdings, Inc.*		3,757,445
7,333	Motorola Solutions, Inc.		3,045,321

			6,802,766


Construction Materials – 1.2%
10,465	Martin Marietta Materials, Inc.		6,035,165


Consumer Finance – 0.8%
18,548	Capital One Financial Corp.		3,721,100


Consumer Staples Distribution & Retail – 1.2%
6,278	Costco Wholesale Corp.		5,872,881


Diversified Telecommunication Services – 0.2%
5,794	Space Exploration Technologies Corp., Class A*		989,963


Electrical Equipment – 4.5%
12,509	Eaton Corp. PLC		5,330,335
5,473	GE Vernova, Inc.		6,430,009
13,292	Rockwell Automation, Inc.		6,580,603
12,900	Vertiv Holdings Co., Class A		4,319,178

			22,660,125


Electronic Equipment, Instruments & Components – 1.2%
15,627	Coherent Corp.*		6,164,383


Entertainment – 1.3%
9,276	Spotify Technology SA*		4,258,890
9,814	TKO Group Holdings, Inc.		1,975,656

			6,234,546


Financial Services – 2.3%
22,467	Mastercard, Inc., Class A		11,539,051


Ground Transportation – 1.2%
28,528	Old Dominion Freight Line, Inc.		6,179,165


Health Care Equipment & Supplies – 1.6%
37,749	Edwards Lifesciences Corp.*		3,414,775
11,384	Intuitive Surgical, Inc.*		4,527,189

			7,941,964


Shares	Description	Value

Common Stocks – (continued)

Health Care Providers & Services – 0.9%
31,136	Guardant Health, Inc.*	$	4,671,334


Hotels, Restaurants & Leisure – 1.9%
23,426	DoorDash, Inc., Class A*		4,322,800
72,292	Dutch Bros, Inc., Class A*		5,191,289

			9,514,089


Interactive Media & Services – 16.3%
131,953	Alphabet, Inc., Class A		47,156,043
47,867	Alphabet, Inc., Class C		16,912,847
31,206	Meta Platforms, Inc., Class A		17,578,028

			81,646,918


IT Services – 1.6%
17,837	Cloudflare, Inc., Class A*		4,375,060
14,652	Snowflake, Inc.*		3,728,934

			8,103,994


Machinery – 1.9%
9,062	Caterpillar, Inc.		9,650,124


Oil, Gas & Consumable Fuels – 1.2%
22,065	Targa Resources Corp.		5,916,509


Pharmaceuticals – 4.1%
14,271	Eli Lilly & Co.		17,117,065
14,439	Johnson & Johnson		3,667,073

			20,784,138


Semiconductors & Semiconductor Equipment – 29.2%
35,520	Advanced Micro Devices, Inc.*		20,633,923
12,549	Applied Materials, Inc.		9,072,927
9,748	ARM Holdings PLC ADR*		3,456,349
40,329	Broadcom, Inc.		15,234,280
40,903	KLA Corp.		12,340,844
41,663	Marvell Technology, Inc.		12,410,991
13,044	Micron Technology, Inc.		15,056,559
291,015	NVIDIA Corp.		58,229,191

			146,435,064


Software – 10.3%
10,257	AppLovin Corp., Class A*		5,284,714
74,661	Microsoft Corp.		27,850,046
40,456	Palantir Technologies, Inc., Class A*		4,720,001
31,530	Palo Alto Networks, Inc.*		10,752,361
64,262	Samsara, Inc., Class A*		2,084,017
8,476	Zscaler, Inc.*		1,196,387

			51,887,526


Specialty Retail – 1.4%
12,438	Home Depot, Inc. (The)		4,386,634
13,306	Ross Stores, Inc.		2,832,182

			7,218,816


Technology Hardware, Storage & Peripherals – 3.1%
34,814	Apple, Inc.		10,073,779
8,888	Western Digital Corp.		5,676,943

			15,750,722


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST-STRATEGIC GROWTH FUND


Shares	Description	Value

Common Stocks – (continued)

Trading Companies & Distributors – 1.0%
4,416	United Rentals, Inc.	$	5,002,842

TOTAL COMMON STOCKS (Cost $256,640,252)			498,985,007

Shares	Dividend Rate	Value

Investment Company – 2.0%^(a)

Goldman Sachs Central Government Fund - Institutional Shares
10,047,472	3.703%		10,047,472
(Cost $10,047,472)

TOTAL INVESTMENTS – 101.4% (Cost $266,687,724)		$	509,032,479

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.4)%			(7,100,720)

NET ASSETS – 100.0%		$	501,931,759

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, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – 99.1%

Aerospace & Defense – 2.1%
8,440	Boeing Co. (The)*	$	1,827,007
3,734	General Dynamics Corp.		1,322,732
1,633	General Electric Co.		610,301
12,405	Howmet Aerospace, Inc.		3,335,208
15,970	Karman Holdings, Inc.*		797,223

			7,892,471


Automobile Components – 0.1%
14,767	Gentex Corp.		373,162


Automobiles – 2.4%
21,503	Tesla, Inc.*		9,044,162


Banks – 3.4%
14,343	Bank of America Corp.		817,264
21,289	Central BanCo, Inc.		646,760
28,108	JPMorgan Chase & Co.		9,200,592
9,083	PNC Financial Services Group, Inc. (The)		2,236,416

			12,901,032


Beverages – 2.6%
59,625	Coca-Cola Co. (The)		4,845,724
35,154	PepsiCo, Inc.		4,759,851

			9,605,575


Biotechnology – 1.9%
13,324	AbbVie, Inc.		3,352,852
7,599	Vertex Pharmaceuticals, Inc.*		3,774,651

			7,127,503


Broadline Retail – 3.5%
54,508	Amazon.com, Inc.*		12,991,437


Capital Markets – 1.5%
976	Blackrock, Inc.		938,483
1,775	Cboe Global Markets, Inc.		430,739
15,057	CME Group, Inc.		3,325,037
2,272	Coinbase Global, Inc., Class A*		332,144
20,257	Invesco Ltd.		534,582
1,765	MarketAxess Holdings, Inc.		200,310

			5,761,295


Chemicals – 0.3%
2,045	Linde PLC		1,061,232


Commercial Services & Supplies – 0.4%
5,541	Clean Harbors, Inc.*		1,655,374


Communications Equipment – 0.5%
17,085	Cisco Systems, Inc.		2,006,804


Construction & Engineering – 0.6%
170	Comfort Systems USA, Inc.		336,931
1,171	EMCOR Group, Inc.		971,789
4,445	Everus Construction Group, Inc.*		737,648
138	Quanta Services, Inc.		99,366

			2,145,734


Construction Materials – 0.3%
21,316	Amrize Ltd.*		1,136,143


Consumer Finance – 2.2%
6,918	Capital One Financial Corp.		1,387,889


Shares	Description	Value

Common Stocks – (continued)

Consumer Finance – (continued)
31,115	OneMain Holdings, Inc.	$	1,897,082
128,565	SoFi Technologies, Inc.*		2,305,170
36,675	Synchrony Financial		2,789,134

			8,379,275


Consumer Staples Distribution & Retail – 2.4%
2,775	Casey’s General Stores, Inc.		2,205,542
1,291	Costco Wholesale Corp.		1,207,692
47,460	Sysco Corp.		3,966,707
12,821	Walmart, Inc.		1,452,107

			8,832,048


Diversified Telecommunication Services – 0.2%
29,269	Comcast Corp., Class A		718,554


Electrical Equipment – 1.6%
13,374	AMETEK, Inc.		3,235,706
14,061	Emerson Electric Co.		2,012,832
2,789	Vertiv Holdings Co., Class A		933,813

			6,182,351


Electronic Equipment, Instruments & Components – 1.0%
4,278	Corning, Inc.		1,092,730
1,468	Fabrinet (Thailand)*		825,133
3,112	Jabil, Inc.		1,199,614
1,560	Littelfuse, Inc.		710,315

			3,827,792


Energy Equipment & Services – 0.1%
7,290	Baker Hughes Co.		404,595
1,917	TechnipFMC PLC (United Kingdom)		127,097

			531,692


Entertainment – 0.7%
17,431	Netflix, Inc.*		1,244,573
9,068	Roku, Inc.*		1,252,654

			2,497,227


Financial Services – 4.3%
15,678	Berkshire Hathaway, Inc., Class B*		7,845,114
27,251	Block, Inc.*		2,071,076
12,521	Mastercard, Inc., Class A		6,430,786

			16,346,976


Food Products – 0.3%
21,235	Tyson Foods, Inc., Class A		1,215,704


Ground Transportation – 1.2%
3,297	Old Dominion Freight Line, Inc.		714,130
3,464	Ryder System, Inc.		913,699
502	Saia, Inc.*		211,423
11,276	XPO, Inc.*		2,314,850

			4,154,102


Health Care Equipment & Supplies – 2.5%
15,527	Align Technology, Inc.*		2,618,784
64,908	Boston Scientific Corp.*		2,770,274
4,928	Cooper Cos., Inc. (The)*		353,387
16,706	GE HealthCare Technologies, Inc.		1,069,351
14,929	Globus Medical, Inc., Class A*		1,179,540


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)

Health Care Equipment & Supplies – (continued)
293	Intuitive Surgical, Inc.*	$	116,520
6,732	STERIS PLC		1,417,557

			9,525,413


Health Care Providers & Services – 2.9%
661	Chemed Corp.		307,854
38,601	CVS Health Corp.		3,993,273
3,713	Elevance Health, Inc.		1,435,929
10,196	HCA Healthcare, Inc.		3,975,318
581	Molina Healthcare, Inc.*		132,875
2,476	UnitedHealth Group, Inc.		1,029,100

			10,874,349


Health Care REITs – 1.2%
43,362	Healthpeak Properties, Inc. REIT		927,947
15,978	Welltower, Inc. REIT		3,626,527

			4,554,474


Hotel & Resort REITs – 0.1%
16,450	Host Hotels & Resorts, Inc. REIT		390,030


Hotels, Restaurants & Leisure – 2.8%
5,368	Airbnb, Inc., Class A*		768,161
68,953	Aramark		3,923,426
1,527	Cava Group, Inc.*		119,839
17,068	Chipotle Mexican Grill, Inc.*		580,312
820	Expedia Group, Inc.		209,821
4,072	Hilton Worldwide Holdings, Inc.		1,345,633
32,912	Starbucks Corp.		3,363,277
3,749	Viking Holdings Ltd.*		392,408

			10,702,877


Independent Power and Renewable Electricity Producers – 0.1%
797	Talen Energy Corp.*		306,255


Industrial REITs – 0.0%
2,784	Lineage, Inc. REIT		120,408


Insurance – 0.1%
702	Kinsale Capital Group, Inc.		231,526
2,399	Loews Corp.		271,591

			503,117


Interactive Media & Services – 7.2%
12,932	Alphabet, Inc., Class A		4,621,509
41,005	Alphabet, Inc., Class C		14,488,296
11,141	Meta Platforms, Inc., Class A		6,275,614
10,222	Reddit, Inc., Class A*		1,774,335

			27,159,754


IT Services – 0.5%
4,892	Gartner, Inc.*		634,101
3,798	International Business Machines Corp.		1,068,035

			1,702,136


Life Sciences Tools & Services – 0.5%
6,264	IQVIA Holdings, Inc.*		1,210,330
10,974	Tempus AI, Inc., Class A*		635,724

			1,846,054


Machinery – 2.0%
1,143	Caterpillar, Inc.		1,217,181


Shares	Description	Value

Common Stocks – (continued)

Machinery – (continued)
15,279	Illinois Tool Works, Inc.	$	4,132,511
1,596	Mueller Industries, Inc.		196,196
14,717	PACCAR, Inc.		1,767,806
390	Parker-Hannifin Corp.		381,467

			7,695,161


Marine Transportation – 0.6%
17,720	Kirby Corp.*		2,409,388


Media – 0.3%
53,599	Trade Desk, Inc. (The), Class A*		969,070


Metals & Mining – 0.5%
	Anglogold Ashanti PLC
11,098	(Australia)		897,717
21,742	Coeur Mining, Inc.		354,829
5,162	Newmont Corp.		482,131

			1,734,677


Oil, Gas & Consumable Fuels – 2.5%
2,934	Antero Resources Corp.*		103,101
6,361	Chevron Corp.		1,054,399
5,501	ConocoPhillips		571,884
23,554	Exxon Mobil Corp.		3,220,303
119,982	Kinder Morgan, Inc.		3,835,825
1,057	Targa Resources Corp.		283,424
1,767	Valero Energy Corp.		460,197

			9,529,133


Personal Care Products – 0.3%
14,463	elf Beauty, Inc.*		1,070,262


Pharmaceuticals – 3.1%
5,237	Eli Lilly & Co.		6,281,415
21,119	Johnson & Johnson		5,363,592

			11,645,007


Semiconductors & Semiconductor Equipment – 17.9%
8,722	Advanced Micro Devices, Inc.*		5,066,697
38,241	Broadcom, Inc.		14,445,538
17,904	Intel Corp.*		2,499,936
2,049	Lattice Semiconductor Corp.*		313,415
1,558	MACOM Technology Solutions Holdings, Inc.*		592,616
11,221	Microchip Technology, Inc.		1,023,355
7,399	Micron Technology, Inc.		8,540,592
326	Monolithic Power Systems, Inc.		450,649
145,097	NVIDIA Corp.		29,032,459
18,890	Texas Instruments, Inc.		5,630,542

			67,595,799


Software – 7.1%
1,699	AppLovin Corp., Class A*		875,376
5,291	Elastic NV*		301,693
23,098	Fortinet, Inc.*		3,548,315
34,590	Microsoft Corp.		12,902,762
15,999	Oracle Corp.		2,344,653
24,935	Palantir Technologies, Inc., Class A*		2,909,166
7,718	Synopsys, Inc.*		3,442,768
5,510	Zoom Communications, Inc.*		475,568


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, 2026 (Unaudited)


Shares	Description	Value

Common Stocks – (continued)

Software – (continued)
858	Zscaler, Inc.*	$	121,107

			26,921,408


Specialized REITs – 0.6%
7,207	Lamar Advertising Co., Class A REIT		1,124,148
35,724	VICI Properties, Inc. REIT		948,472

			2,072,620


Specialty Retail – 2.7%
766	AutoNation, Inc.*		142,315
6,200	Burlington Stores, Inc.*		1,964,160
2,105	Carvana Co.*		138,551
32,599	O’Reilly Automotive, Inc.*		3,002,042
31,612	TJX Cos., Inc. (The)		4,789,218

			10,036,286


Technology Hardware, Storage & Peripherals – 9.1%
100,504	Apple, Inc.		29,081,838
419	Sandisk Corp.*		952,693
1,774	Seagate Technology Holdings PLC		1,711,910
3,852	Western Digital Corp.		2,460,349

			34,206,790


Textiles, Apparel & Luxury Goods – 0.3%
6,861	Birkenstock Holding PLC (Germany)*^(a)		295,229
4,195	Deckers Outdoor Corp.*		416,521
16,414	On Holding AG, Class A (Switzerland)*		581,384

			1,293,134


Shares	Description	Value

Common Stocks – (continued)

Wireless Telecommunication Services – 0.6%
14,292	T-Mobile US, Inc.	$	2,397,197

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $251,275,190)			373,648,444

	Dividend Rate

Securities Lending Reinvestment Vehicle – 0.1%^(b)

Goldman Sachs Financial Square Government Fund – Institutional Shares
289,250	3.538%		289,250
(Cost $289,250)

TOTAL INVESTMENTS – 99.2% (Cost $251,564,440)		$	373,937,694

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%			3,060,026

NET ASSETS – 100.0%		$	376,997,720

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, 2026, 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

09/18/26

$ 2,264,475

$ (23,755)


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, 2026 (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 $112,120,539, $231,335,809, $54,866,474 and $413,327,052, respectively)	$	133,194,693	$	282,304,368	$	71,514,307	$	485,271,887
Investments in affiliated issuers, at value (cost $498, $104,489, $2,046,905 and $94,648, respectively)		498		104,489		2,046,905		94,648
Cash		1,696,732		591,305		61,005		570,057
Foreign Currency, at value (cost $1,096,769, $–, $– and $–, respectively)		1,094,753		—		—		—
Receivables:
Collateral on certain derivative contracts		800,506		—		—		—
Foreign tax reclaims		497,857		4,831		—		843
Investments sold		289,417		—		1,872,422		6,661,888
Dividends		126,717		153,740		12,353		390,916
Reimbursement from investment adviser		12,051		8,539		8,269		3,969
Fund shares sold		5,529		5,166		5,840		124,322
Securities lending income		25		—		—		31
Variation margin on futures contracts		17,895		—		—		—
Other assets		—		168		2,737		615

Total assets		137,736,673		283,172,606		75,523,838		493,119,176


Liabilities:

Payables:
Due to broker		616,877		—		—		—
Investments purchased		289,469		—		1,818,896		2,367,909
Accrued professional fees		73,125		66,146		65,705		65,409
Management fees		43,730		79,027		23,636		155,842
Fund shares redeemed		20,541		311,906		29,636		795,836
Distribution and Service fees and Transfer Agency fees		5,201		20,221		7,427		16,202
Accrued expenses		39,291		26,839		25,486		84,295

Total liabilities		1,088,234		504,139		1,970,786		3,485,493


Net Assets:

Paid-in capital		96,876,874		178,190,816		51,405,324		339,166,679
Total distributable earnings		39,771,565		104,477,651		22,147,728		150,467,004


NET ASSETS	$	136,648,439	$	282,668,467	$	73,553,052	$	489,633,683
Net Assets:
Institutional	$	96,848,263	$	93,855,525	$	4,618,408	$	372,068,511
Service		39,800,176		188,812,942		68,934,644		117,565,172
Total Net Assets	$	136,648,439	$	282,668,467	$	73,553,052	$	489,633,683
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		8,238,842		9,717,617		364,210		19,705,426
Service		3,367,126		19,534,086		6,022,871		6,140,043
Net asset value, offering and redemption price per share:
Institutional	$	11.76	$	9.66	$	12.68	$	18.88
Service		11.82		9.67		11.45		19.15


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, 2026 (Unaudited)


	Small Cap Equity Insights Fund		Strategic Growth Fund		U.S. Equity Insights Fund

Assets:

Investments in unaffiliated issuers, at value (cost $196,217,955, $256,640,252 and $251,275,190, respectively)^(a)	$	230,852,463	$	498,985,007	$	373,648,444
Investments in affiliated issuers, at value (cost $6,474, $10,047,472 and $–, respectively)		6,474		10,047,472		—
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		1,860,963		—		289,250
Cash		2,293,740		539,024		3,373,630
Receivables:
Dividends		171,510		11,609		125,416
Fund shares sold		167,675		60,831		36,611
Securities lending income		3,418		—		3,209
Foreign tax reclaims		2,224		2,708		1,006
Reimbursement from investment adviser		2,098		9,665		10,543
Investments sold		—		2,657,600		—
Collateral on certain derivative contracts		—		—		165,341
Variation margin on futures contracts		6,622		—		14,498
Other assets		30		289		1,967

Total assets		235,367,217		512,314,205		377,669,915


Liabilities:
Payables:
Fund shares redeemed		4,838,455		277,864		194,059
Payable upon return of securities loaned		1,860,963		—		289,250
Accrued professional fees		67,251		65,835		66,486
Management fees		65,595		136,172		83,363
Distribution and Service fees and Transfer Agency fees		8,840		30,966		7,693
Investments purchased		—		9,829,160		—
Accrued expenses		24,332		42,449		31,344

Total liabilities		6,865,436		10,382,446		672,195


Net Assets:
Paid-in capital		156,466,114		172,804,943		233,528,488
Total distributable earnings		72,035,667		329,126,816		143,469,232

NET ASSETS	$	228,501,781	$	501,931,759	$	376,997,720
Net Assets:
Institutional	$	159,148,054	$	231,367,319	$	332,000,388
Service		69,353,727		270,564,440		44,997,332
Total Net Assets	$	228,501,781	$	501,931,759	$	376,997,720
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		8,849,179		13,239,984		14,457,497
Service		3,923,299		15,819,333		1,938,684
Net asset value, offering and redemption price per share:
Institutional	$	17.98	$	17.47	$	22.96
Service		17.68		17.10		23.21

^(a)

Includes loaned securities having a market value of $1,760,159, $– and $279,695 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, 2026 (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 $287,875, $2,748, $– and $–, respectively)	$	2,493,332		$	2,038,152		$	130,797		$	3,440,477

Securities lending income, net of rebates received or paid to borrowers – affiliated issuer		11,293			39			163			4,682

Dividends — affiliated issuers		748			13,556			23,130			59,726


Total Investment Income		2,505,373			2,051,747			154,090			3,504,885



Expenses:

Management fees		532,342			966,884			278,922			1,786,745

Custody, accounting and administrative services		65,843			26,519			19,283			35,353

Professional fees		65,753			58,810			58,332			58,097

Distribution and/or Service (12b-1) fees		49,209			227,787			74,976			142,252

Printing and mailing costs		15,607			17,228			15,795			—

Trustee fees		13,647			13,770			13,586			13,951

Transfer Agency fees^(a)		13,145			26,858			6,412			46,409

Other		3,386			3,361			4,875			4,792


Total expenses		758,932			1,341,217			472,181			2,087,599


Less — expense reductions		(181,324	)		(186,572	)		(160,300	)		(58,626	)


Net expenses		577,608			1,154,645			311,881			2,028,973


NET INVESTMENT INCOME (LOSS)		1,927,765			897,102			(157,791	)		1,475,912



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		15,065,461			53,694,774			4,709,543			66,400,376

Foreign currency transactions		3,228			14			47			805

Futures contracts		164,174			—			—			—

Forward foreign currency exchange contracts		(8,810	)		—			—			—

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(799,882	)		(9,417,732	)		5,762,072			1,232,926

Futures contracts		20,961			—			—			—

Foreign currency translations		(30,364	)		(161	)		—			(28	)


Net realized and unrealized gain		14,414,768			44,276,895			10,471,662			67,634,079


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,342,533		$	45,173,997		$	10,313,871		$	69,109,991

^(a)

Class specific Transfer Agency fees were as follows:


	Transfer Agency Fees
Fund	Institutional		Service
International Equity Insights Fund		$9,208		$3,937
Large Cap Value Fund		8,635		18,223
Mid Cap Growth Fund		414		5,998
Mid Cap Value Fund		35,029		11,380


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, 2026 (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 $1,067, $1,042 and $1,009, respectively)	$	1,488,075		$	1,195,828		$	1,950,657

Dividends — affiliated issuers		25,392			69,417			—

Securities lending income, net of rebates received or paid to borrowers – affiliated issuer		14,040			—			4,026


Total Investment Income		1,527,507			1,265,245			1,954,683



Expenses:

Management fees		699,172			1,608,327			1,139,813

Distribution and/or Service (12b-1) fees		73,506			303,209			55,237

Professional fees		59,922			58,533			59,019

Custody, accounting and administrative services		32,090			36,315			34,455

Transfer Agency fees^(a)		19,977			45,305			36,768

Printing and mailing costs		16,995			15,910			13,475

Trustee fees		13,701			13,993			13,899

Other		5,672			7,326			7,477


Total expenses		921,035			2,088,918			1,360,143


Less — expense reductions		(35,157	)		(192,075	)		(276,883	)


Net expenses		885,878			1,896,843			1,083,260


NET INVESTMENT INCOME (LOSS)		641,629			(631,598	)		871,423



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		35,561,662			63,167,384			18,613,479

Futures contracts		507,542			—			176,917

Foreign currency transactions		—			5			(4	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		10,114,083			(8,620,314	)		(448,853	)

Foreign currency translations		—			(90	)		—

Futures contracts		99,005			—			(24,804	)


Net realized and unrealized gain		46,282,292			54,546,985			18,316,735


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	46,923,921		$	53,915,387		$	19,188,158

^(a)

Class specific Transfer Agency fees were as follows:


	Transfer Agency Fees
Fund	Institutional		Service
Small Cap Equity Insights Fund		$14,096		$5,881
Strategic Growth Fund		21,048		24,257
U.S. Equity Insights Fund		32,349		4,419


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, 2026 (Unaudited)


	International Equity Insights Fund						Large Cap Value Fund

	For the Six Months Ended June 30, 2026 (Unaudited)			For the Fiscal Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)			For the Fiscal Year Ended December 31, 2025

From operations:

Net investment income	$	1,927,765		$	2,385,170		$	897,102		$	2,265,050

Net realized gain		15,224,053			16,989,459			53,694,788			30,788,771

Net change in unrealized gain (loss)		(809,285	)		17,337,982			(9,417,893	)		(6,750,801	)


Net increase in net assets resulting from operations		16,342,533			36,712,611			45,173,997			26,303,020



Distributions to shareholders:

From distributable earnings:

Institutional Shares		–			(12,618,389	)		–			(12,045,590	)

Service Shares		–			(5,558,963	)		–			(26,076,765	)


Total distributions to shareholders		–			(18,177,352	)		–			(38,122,355	)



From share transactions:

Proceeds from sales of shares		4,940,575			17,473,431			1,546,627			10,077,718

Reinvestment of distributions		–			18,177,352			–			38,122,355

Cost of shares redeemed		(12,471,879	)		(24,396,506	)		(29,649,622	)		(43,638,709	)


Net increase (decrease) in net assets resulting from share transactions		(7,531,304	)		11,254,277			(28,102,995	)		4,561,364


TOTAL INCREASE (DECREASE)		8,811,229			29,789,536			17,071,002			(7,257,971	)



Net Assets:

Beginning of period	$	127,837,210		$	98,047,674		$	265,597,465		$	272,855,436


End of period	$	136,648,439		$	127,837,210		$	282,668,467		$	265,597,465


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, 2026 (Unaudited)


	Mid Cap Growth Fund						Mid Cap Value Fund

	For the Six Months Ended June 30, 2026 (Unaudited)			For the Fiscal Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)			For the Fiscal Year Ended December 31, 2025

From operations:

Net investment income (loss)	$	(157,791	)	$	(262,630	)	$	1,475,912		$	4,233,287

Net realized gain		4,709,590			8,082,458			66,401,181			51,784,291

Net change in unrealized gain (loss)		5,762,072			(3,594,215	)		1,232,898			(18,082,256	)


Net increase in net assets resulting from operations		10,313,871			4,225,613			69,109,991			37,935,322



Distributions to shareholders:

From distributable earnings:

Institutional Shares		–			(647,552	)		–			(38,937,278	)

Service Shares		–			(10,316,086	)		–			(12,730,385	)


Total distributions to shareholders		–			(10,963,638	)		–			(51,667,663	)



From share transactions:

Proceeds from sales of shares		8,923,969			11,607,162			12,100,108			62,581,796

Reinvestment of distributions		–			10,963,638			–			51,667,663

Cost of shares redeemed		(9,057,986	)		(16,953,531	)		(37,818,536	)		(103,643,998	)


Net increase (decrease) in net assets resulting from share transactions		(134,017	)		5,617,269			(25,718,428	)		10,605,461


TOTAL INCREASE (DECREASE)		10,179,854			(1,120,756	)		43,391,563			(3,126,880	)



Net Assets:

Beginning of period	$	63,373,198		$	64,493,954		$	446,242,120		$	449,369,000


End of period	$	73,553,052		$	63,373,198		$	489,633,683		$	446,242,120


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, 2026 (Unaudited)


	Small Cap Equity Insights Fund						Strategic Growth Fund

	For the Six Months Ended June 30, 2026 (Unaudited)			For the Fiscal Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)			For the Fiscal Year Ended December 31, 2025

From operations:

Net investment income (loss)	$	641,629		$	897,569		$	(631,598	)	$	(1,299,880	)

Net realized gain		36,069,204			11,128,292			63,167,389			79,311,723

Net change in unrealized gain (loss)		10,213,088			12,745,240			(8,620,404	)		(8,672,626	)


Net increase in net assets resulting from operations		46,923,921			24,771,101			53,915,387			69,339,217



Distributions to shareholders:

From distributable earnings:

Institutional Shares		–			(10,631,236	)		–			(31,726,909	)

Service Shares		–			(4,217,779	)		–			(37,446,533	)


Total distributions to shareholders		–			(14,849,015	)		–			(69,173,442	)



From share transactions:

Proceeds from sales of shares		23,320,122			26,385,156			50,788,740			90,165,692

Reinvestment of distributions		–			14,849,015			–			69,173,442

Cost of shares redeemed		(20,019,641	)		(25,503,539	)		(63,593,499	)		(125,871,781	)


Net increase (decrease) in net assets resulting from share transactions		3,300,481			15,730,632			(12,804,759	)		33,467,353


TOTAL INCREASE		50,224,402			25,652,718			41,110,628			33,633,128



Net Assets:

Beginning of period	$	178,277,379		$	152,624,661		$	460,821,131		$	427,188,003


End of period	$	228,501,781		$	178,277,379		$	501,931,759		$	460,821,131


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, 2026 (Unaudited)


	U.S. Equity Insights Fund

	For the Six Months Ended June 30, 2026 (Unaudited)			For the Fiscal Year Ended December 31, 2025

From operations:

Net investment income	$	871,423		$	2,231,723

Net realized gain		18,790,392			36,351,895

Net change in unrealized gain (loss)		(473,657	)		15,613,070


Net increase in net assets resulting from operations		19,188,158			54,196,688



Distributions to shareholders:

From distributable earnings:

Institutional Shares		–			(43,615,530	)

Service Shares		–			(6,009,559	)


Total distributions to shareholders		–			(49,625,089	)



From share transactions:

Proceeds from sales of shares		5,692,489			24,114,224

Reinvestment of distributions		–			49,625,089

Cost of shares redeemed		(27,343,619	)		(72,299,998	)


Net increase (decrease) in net assets resulting from share transactions		(21,651,130	)		1,439,315


TOTAL INCREASE (DECREASE)		(2,462,972	)		6,010,914



Net Assets:

Beginning of period	$	379,460,692		$	373,449,778


End of period	$	376,997,720		$	379,460,692


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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	10.39			$	8.79			$	8.86			$	7.66			$	9.16			$	8.62


Net investment income^(a)			0.17				0.22				0.21	^(b)			0.20	^(c)			0.25	^(d)			0.21

Net realized and unrealized gain (loss)			1.20				3.11				0.35				1.23				(1.49	)			0.83


Total from investment operations			1.37				3.33				0.56				1.43				(1.24	)			1.04


Distributions to shareholders from net investment income			–				(0.29	)			(0.29	)			(0.23	)			(0.26	)			(0.27	)

Distributions to shareholders from net realized gains			–				(1.44	)			(0.34	)			–				–				(0.23	)


Total distributions			–				(1.73	)			(0.63	)			(0.23	)			(0.26	)			(0.50	)


Net asset value, end of period		$	11.76			$	10.39			$	8.79			$	8.86			$	7.66			$	9.16


Total Return^(e)			13.19	%			38.48	%			6.13	%			18.71	%			(13.55	)%			12.17	%


Net assets, end of period (in 000’s)		$	96,848			$	88,705			$	64,825			$	67,221			$	59,170			$	63,179

Ratio of net expenses to average net assets			0.80	%^(f)			0.80	%			0.81	%			0.82	%			0.83	%			0.85	%

Ratio of total expenses to average net assets			1.08	%^(f)			1.12	%			1.09	%			1.10	%			0.99	%			1.14	%

Ratio of net investment income to average net assets			3.02	%^(f)			2.14	%			2.19	%			2.38	%^(c)			3.09	%^(d)			2.22	%

Portfolio turnover rate^(g)			76	%			156	%			151	%			162	%			164	%			167	%

(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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	10.46			$	8.84			$	8.90			$	7.70			$	9.20			$	8.66


Net investment income^(a)			0.15				0.20				0.19	^(b)			0.18	^(c)			0.22	^(d)			0.19

Net realized and unrealized gain (loss)			1.21				3.12				0.35				1.23				(1.48	)			0.83


Total from investment operations			1.36				3.32				0.54				1.41				(1.26	)			1.02


Distributions to shareholders from net investment income			–				(0.26	)			(0.26	)			(0.21	)			(0.24	)			(0.25	)

Distributions to shareholders from net realized gains			–				(1.44	)			(0.34	)			–				–				(0.23	)


Total distributions			–				(1.70	)			(0.60	)			(0.21	)			(0.24	)			(0.48	)


Net asset value, end of period		$	11.82			$	10.46			$	8.84			$	8.90			$	7.70			$	9.20


Total Return^(e)			13.00	%			38.15	%			5.81	%			18.43	%			(13.72	)%			11.81	%


Net assets, end of period (in 000’s)		$	39,800			$	39,132			$	33,223			$	37,682			$	34,154			$	44,372

Ratio of net expenses to average net assets			1.05	%^(f)			1.05	%			1.06	%			1.07	%			1.09	%			1.10	%

Ratio of total expenses to average net assets			1.33	%^(f)			1.36	%			1.34	%			1.35	%			1.25	%			1.40	%

Ratio of net investment income to average net assets			2.74	%^(f)			1.96	%			1.98	%			2.14	%^(c)			2.74	%^(d)			1.97	%

Portfolio turnover rate^(g)			76	%			156	%			151	%			162	%			164	%			167	%

(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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	8.18			$	8.62			$	8.43			$	8.34			$	9.97			$	9.27


Net investment income^(a)			0.04				0.09				0.12				0.11				0.13				0.11

Net realized and unrealized gain (loss)			1.44				0.84				1.39				0.93				(0.72	)			2.09


Total from investment operations			1.48				0.93				1.51				1.04				(0.59	)			2.20


Distributions to shareholders from net investment income			–				(0.10	)			(0.14	)			(0.16	)			(0.13	)			(0.13	)

Distributions to shareholders from net realized gains			–				(1.27	)			(1.18	)			(0.79	)			(0.91	)			(1.37	)


Total distributions			–				(1.37	)			(1.32	)			(0.95	)			(1.04	)			(1.50	)


Net asset value, end of period		$	9.66			$	8.18			$	8.62			$	8.43			$	8.34			$	9.97


Total Return^(b)			18.09	%			10.88	%			17.10	%			13.01	%			(6.37	)%			24.13	%


Net assets, end of period (in 000’s)		$	93,856			$	83,354			$	85,065			$	80,219			$	145,165			$	179,541

Ratio of net expenses to average net assets			0.70	%^(c)			0.70	%			0.70	%			0.71	%			0.70	%			0.69	%

Ratio of total expenses to average net assets			0.83	%^(c)			0.83	%			0.81	%			0.79	%			0.80	%			0.79	%

Ratio of net investment income to average net assets			0.83	%^(c)			0.97	%			1.26	%			1.33	%			1.38	%			1.08	%

Portfolio turnover rate^(d)			68	%			81	%			57	%			58	%			46	%			54	%

(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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	8.19			$	8.63			$	8.44			$	8.35			$	9.98			$	9.27


Net investment income^(a)			0.03				0.07				0.10				0.10				0.11				0.09

Net realized and unrealized gain (loss)			1.45				0.84				1.38				0.91				(0.72	)			2.09


Total from investment operations			1.48				0.91				1.48				1.01				(0.61	)			2.18


Distributions to shareholders from net investment income			–				(0.08	)			(0.11	)			(0.13	)			(0.11	)			(0.10	)

Distributions to shareholders from net realized gains			–				(1.27	)			(1.18	)			(0.79	)			(0.91	)			(1.37	)


Total distributions			–				(1.35	)			(1.29	)			(0.92	)			(1.02	)			(1.47	)


Net asset value, end of period		$	9.67			$	8.19			$	8.63			$	8.44			$	8.35			$	9.98


Total Return^(b)			18.07	%			10.60	%			16.79	%			12.71	%			(6.57	)%			23.93	%


Net assets, end of period (in 000’s)		$	188,813			$	182,244			$	187,791			$	200,479			$	238,371			$	307,721

Ratio of net expenses to average net assets			0.93	%^(c)			0.93	%			0.93	%			0.94	%			0.93	%			0.92	%

Ratio of total expenses to average net assets			1.08	%^(c)			1.08	%			1.06	%			1.04	%			1.05	%			1.04	%

Ratio of net investment income to average net assets			0.59	%^(c)			0.80	%			1.03	%			1.12	%			1.15	%			0.84	%

Portfolio turnover rate^(d)			68	%			81	%			57	%			58	%			46	%			54	%

(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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	10.83			$	11.97			$	10.99			$	9.32			$	13.05			$	13.93


Net investment loss^(a)			(0.02	)			(0.03	)			(0.03	)			(0.01	)			(0.02	)			(0.07	)

Net realized and unrealized gain (loss)			1.87				0.94				2.38				1.75				(3.38	)			1.71


Total from investment operations			1.85				0.91				2.35				1.74				(3.40	)			1.64


Distributions to shareholders from net realized gains			–				(2.05	)			(1.37	)			(0.07	)			(0.33	)			(2.52	)


Net asset value, end of period		$	12.68			$	10.83			$	11.97			$	10.99			$	9.32			$	13.05


Total Return^(b)			17.08	%			7.42	%			20.48	%			18.68	%			(26.20	)%			11.65	%


Net assets, end of period (in 000’s)		$	4,618			$	4,059			$	1,768			$	1,408			$	1,132			$	483

Ratio of net expenses to average net assets			0.83	%^(c)			0.83	%			0.83	%			0.83	%			0.82	%			0.83	%

Ratio of total expenses to average net assets			1.24	%^(c)			1.24	%			1.13	%			1.15	%			1.20	%			1.33	%

Ratio of net investment loss to average net assets			(0.36	)%^(c)			(0.27	)%			(0.22	)%			(0.06	)%			(0.16	)%			(0.47	)%

Portfolio turnover rate^(d)			78	%			83	%			73	%			63	%			59	%			50	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	9.79			$	11.01			$	10.21			$	8.68			$	12.20			$	13.19


Net investment loss^(a)			(0.03	)			(0.05	)			(0.04	)			(0.02	)			(0.03	)			(0.09	)

Net realized and unrealized gain (loss)			1.69				0.88				2.21				1.62				(3.16	)			1.62


Total from investment operations			1.66				0.83				2.17				1.60				(3.19	)			1.53


Distributions to shareholders from net realized gains			–				(2.05	)			(1.37	)			(0.07	)			(0.33	)			(2.52	)


Net asset value, end of period		$	11.45			$	9.79			$	11.01			$	10.21			$	8.68			$	12.20


Total Return^(b)			16.85	%			7.36	%			20.29	%			18.45	%			(26.30	)%			11.48	%


Net assets, end of period (in 000’s)		$	68,935			$	59,314			$	62,726			$	60,854			$	51,286			$	76,986

Ratio of net expenses to average net assets			0.98	%^(c)			0.98	%			0.98	%			0.98	%			0.98	%			0.99	%

Ratio of total expenses to average net assets			1.49	%^(c)			1.49	%			1.38	%			1.40	%			1.51	%			1.43	%

Ratio of net investment loss to average net assets			(0.50	)%^(c)			(0.43	)%			(0.37	)%			(0.22	)%			(0.36	)%			(0.62	)%

Portfolio turnover rate^(d)			78	%			83	%			73	%			63	%			59	%			50	%

(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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.29			$	16.87			$	16.01			$	14.89			$	19.53			$	17.23


Net investment income^(a)			0.06				0.18				0.16				0.14				0.16				0.09

Net realized and unrealized gain (loss)			2.53				1.38				1.90				1.53				(1.98	)			5.20


Total from investment operations			2.59				1.56				2.06				1.67				(1.82	)			5.29


Distributions to shareholders from net investment income			–				(0.21	)			(0.18	)			(0.16	)			(0.13	)			(0.10	)

Distributions to shareholders from net realized gains			–				(1.93	)			(1.02	)			(0.39	)			(2.69	)			(2.89	)


Total distributions			–				(2.14	)			(1.20	)			(0.55	)			(2.82	)			(2.99	)


Net asset value, end of period		$	18.88			$	16.29			$	16.87			$	16.01			$	14.89			$	19.53


Total Return^(b)			15.90	%			9.39	%			12.40	%			11.42	%			(9.99	)%			30.95	%


Net assets, end of period (in 000’s)		$	372,069			$	334,357			$	331,816			$	326,257			$	311,440			$	383,315

Ratio of net expenses to average net assets			0.81	%^(c)			0.82	%			0.84	%			0.84	%			0.83	%			0.83	%

Ratio of total expenses to average net assets			0.84	%^(c)			0.84	%			0.84	%			0.85	%			0.85	%			0.85	%

Ratio of net investment income to average net assets			0.70	%^(c)			1.04	%			0.96	%			0.96	%			0.89	%			0.46	%

Portfolio turnover rate^(d)			87	%			96	%			62	%			92	%			75	%			63	%

(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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	16.54			$	17.10			$	16.21			$	15.07			$	19.73			$	17.39


Net investment income^(a)			0.04				0.14				0.12				0.11				0.10				0.04

Net realized and unrealized gain (loss)			2.57				1.40				1.92				1.54				(1.99	)			5.24


Total from investment operations			2.61				1.54				2.04				1.65				(1.89	)			5.28


Distributions to shareholders from net investment income			–				(0.17	)			(0.13	)			(0.12	)			(0.08	)			(0.05	)

Distributions to shareholders from net realized gains			–				(1.93	)			(1.02	)			(0.39	)			(2.69	)			(2.89	)


Total distributions			–				(2.10	)			(1.15	)			(0.51	)			(2.77	)			(2.94	)


Net asset value, end of period		$	19.15			$	16.54			$	17.10			$	16.21			$	15.07			$	19.73


Total Return^(b)			15.78	%			9.13	%			12.16	%			11.11	%			(10.23	)%			30.57	%


Net assets, end of period (in 000’s)		$	117,565			$	111,886			$	117,553			$	122,734			$	89,460			$	169,283

Ratio of net expenses to average net assets			1.06	%^(c)			1.07	%			1.08	%			1.09	%			1.08	%			1.08	%

Ratio of total expenses to average net assets			1.09	%^(c)			1.09	%			1.09	%			1.10	%			1.10	%			1.10	%

Ratio of net investment income to average net assets			0.45	%^(c)			0.80	%			0.71	%			0.73	%			0.56	%			0.21	%

Portfolio turnover rate^(d)			87	%			96	%			62	%			92	%			75	%			63	%

(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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	14.28			$	13.44			$	12.28			$	10.40			$	13.08			$	13.51


Net investment income^(a)			0.06				0.09				0.07				0.08	^(b)			0.07	^(c)			0.05	^(d)

Net realized and unrealized gain (loss)			3.64				2.07				2.37				1.92				(2.59	)			3.17


Total from investment operations			3.70				2.16				2.44				2.00				(2.52	)			3.22


Distributions to shareholders from net investment income			–				(0.11	)			(0.14	)			(0.12	)			(0.04	)			(0.08	)

Distributions to shareholders from net realized gains			–				(1.21	)			(1.14	)			–				(0.12	)			(3.57	)


Total distributions			–				(1.32	)			(1.28	)			(0.12	)			(0.16	)			(3.65	)


Net asset value, end of period		$	17.98			$	14.28			$	13.44			$	12.28			$	10.40			$	13.08


Total Return^(e)			25.91	%			16.14	%			19.05	%			19.28	%			(19.38	)%			23.79	%


Net assets, end of period (in 000’s)		$	159,148			$	126,484			$	114,090			$	95,809			$	87,877			$	108,716

Ratio of net expenses to average net assets			0.81	%^(f)			0.81	%			0.81	%			0.82	%			0.81	%			0.81	%

Ratio of total expenses to average net assets			0.85	%^(f)			0.88	%			0.87	%			0.87	%			0.95	%			0.93	%

Ratio of net investment income to average net assets			0.72	%^(f)			0.63	%			0.54	%			0.75	%^(b)			0.65	%^(c)			0.34	%^(d)

Portfolio turnover rate^(g)			90	%			153	%			158	%			152	%			163	%			172	%

(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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	14.05			$	13.25			$	12.12			$	10.27			$	12.93			$	13.39


Net investment income^(a)			0.04				0.05				0.04				0.06	^(b)			0.05	^(c)			0.01	^(d)

Net realized and unrealized gain (loss)			3.59				2.03				2.34				1.88				(2.58	)			3.14


Total from investment operations			3.63				2.08				2.38				1.94				(2.53	)			3.15


Distributions to shareholders from net investment income			–				(0.07	)			(0.11	)			(0.09	)			(0.01	)			(0.04	)

Distributions to shareholders from net realized gains			–				(1.21	)			(1.14	)			–				(0.12	)			(3.57	)


Total distributions			–				(1.28	)			(1.25	)			(0.09	)			(0.13	)			(3.61	)


Net asset value, end of period		$	17.68			$	14.05			$	13.25			$	12.12			$	10.27			$	12.93


Total Return^(e)			25.84	%			15.82	%			18.82	%			18.95	%			(19.64	)%			23.50	%


Net assets, end of period (in 000’s)		$	69,354			$	51,793			$	38,534			$	27,827			$	21,617			$	22,114

Ratio of net expenses to average net assets			1.06	%^(f)			1.06	%			1.06	%			1.07	%			1.06	%			1.06	%

Ratio of total expenses to average net assets			1.10	%^(f)			1.13	%			1.12	%			1.12	%			1.20	%			1.18	%

Ratio of net investment income to average net assets			0.47	%^(f)			0.39	%			0.29	%			0.50	%^(b)			0.43	%^(c)			0.09	%^(d)

Portfolio turnover rate^(g)			90	%			153	%			158	%			152	%			163	%			172	%

(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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	15.49			$	15.39			$	12.54			$	9.20			$	16.63			$	15.43


Net investment loss^(a)			(0.01	)			(0.03	)			(0.02	)			(0.01	)			(0.01	)			(0.05	)

Net realized and unrealized gain (loss)			1.99				2.81				4.08				3.84				(5.24	)			3.46


Total from investment operations			1.98				2.78				4.06				3.83				(5.25	)			3.41


Distributions to shareholders from net realized gains			–				(2.68	)			(1.21	)			(0.49	)			(2.18	)			(2.21	)


Net asset value, end of period		$	17.47			$	15.49			$	15.39			$	12.54			$	9.20			$	16.63


Total Return^(b)			12.85	%			17.92	%			32.37	%			41.94	%			(32.52	)%			21.93	%


Net assets, end of period (in 000’s)		$	231,367			$	213,126			$	191,210			$	160,030			$	122,077			$	187,144

Ratio of net expenses to average net assets			0.70	%^(c)			0.70	%			0.72	%			0.75	%			0.74	%			0.73	%

Ratio of total expenses to average net assets			0.79	%^(c)			0.79	%			0.79	%			0.79	%			0.82	%			0.79	%

Ratio of net investment loss to average net assets			(0.15	)%^(c)			(0.17	)%			(0.13	)%			(0.06	)%			(0.11	)%			(0.27	)%

Portfolio turnover rate^(d)			37	%			54	%			39	%			47	%			29	%			20	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	15.18			$	15.17			$	12.40			$	9.12			$	16.55			$	15.41


Net investment loss^(a)			(0.03	)			(0.07	)			(0.05	)			(0.03	)			(0.05	)			(0.09	)

Net realized and unrealized gain (loss)			1.95				2.76				4.03				3.80				(5.20	)			3.44


Total from investment operations			1.92				2.69				3.98				3.77				(5.25	)			3.35


Distributions to shareholders from net realized gains			–				(2.68	)			(1.21	)			(0.49	)			(2.18	)			(2.21	)


Net asset value, end of period		$	17.10			$	15.18			$	15.17			$	12.40			$	9.12			$	16.55


Total Return^(b)			12.65	%			17.58	%			32.09	%			41.65	%			(32.68	)%			21.56	%


Net assets, end of period (in 000’s)		$	270,564			$	247,695			$	235,978			$	206,721			$	115,205			$	262,782

Ratio of net expenses to average net assets			0.95	%^(c)			0.95	%			0.97	%			1.00	%			0.99	%			0.98	%

Ratio of total expenses to average net assets			1.04	%^(c)			1.04	%			1.04	%			1.03	%			1.07	%			1.04	%

Ratio of net investment loss to average net assets			(0.39	)%^(c)			(0.42	)%			(0.38	)%			(0.31	)%			(0.38	)%			(0.52	)%

Portfolio turnover rate^(d)			37	%			54	%			39	%			47	%			29	%			20	%

(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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	21.79			$	21.68			$	19.53			$	15.88			$	20.06			$	20.08


Net investment income^(a)			0.05				0.14				0.13				0.15				0.15				0.18

Net realized and unrealized gain (loss)			1.12				3.25				5.47				3.63				(4.10	)			5.61


Total from investment operations			1.17				3.39				5.60				3.78				(3.95	)			5.79


Distributions to shareholders from net investment income			–				(0.16	)			(0.15	)			(0.13	)			(0.14	)			(0.19	)

Distributions to shareholders from net realized gains			–				(3.12	)			(3.30	)			–				(0.09	)			(5.62	)


Total distributions			–				(3.28	)			(3.45	)			(0.13	)			(0.23	)			(5.81	)


Net asset value, end of period		$	22.96			$	21.79			$	21.68			$	19.53			$	15.88			$	20.06


Total Return^(b)			5.37	%			15.75	%			28.32	%			23.81	%			(19.74	)%			29.41	%


Net assets, end of period (in 000’s)		$	332,000			$	332,935			$	326,795			$	279,958			$	242,239			$	317,468

Ratio of net expenses to average net assets			0.56	%^(c)			0.56	%			0.56	%			0.57	%			0.56	%			0.55	%

Ratio of total expenses to average net assets			0.71	%^(c)			0.71	%			0.70	%			0.69	%			0.72	%			0.71	%

Ratio of net investment income to average net assets			0.50	%^(c)			0.63	%			0.57	%			0.83	%			0.86	%			0.81	%

Portfolio turnover rate^(d)			112	%			198	%			204	%			201	%			203	%			206	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(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, 2026 (Unaudited)				Year Ended December 31,
	Six Months Ended June 30, 2026 (Unaudited)				2025				2024				2023				2022				2021

Per Share Data

Net asset value, beginning of period		$	22.04			$	21.90			$	19.71			$	16.02			$	20.23			$	20.21


Net investment income^(a)			0.03				0.09				0.08				0.11				0.11				0.14

Net realized and unrealized gain (loss)			1.14				3.28				5.51				3.66				(4.13	)			5.64


Total from investment operations			1.17				3.37				5.59				3.77				(4.02	)			5.78


Distributions to shareholders from net investment income			–				(0.11	)			(0.10	)			(0.08	)			(0.10	)			(0.14	)

Distributions to shareholders from net realized gains			–				(3.12	)			(3.30	)			–				(0.09	)			(5.62	)


Total distributions			–				(3.23	)			(3.40	)			(0.08	)			(0.19	)			(5.76	)


Net asset value, end of period		$	23.21			$	22.04			$	21.90			$	19.71			$	16.02			$	20.23


Total Return^(b)			5.31	%			15.49	%			28.00	%			23.59	%			(19.90	)%			29.11	%


Net assets, end of period (in 000’s)		$	44,997			$	46,526			$	46,655			$	43,631			$	41,870			$	61,849

Ratio of net expenses to average net assets			0.77	%^(c)			0.77	%			0.77	%			0.78	%			0.77	%			0.77	%

Ratio of total expenses to average net assets			0.96	%^(c)			0.96	%			0.95	%			0.94	%			0.97	%			0.93	%

Ratio of net investment income to average net assets			0.29	%^(c)			0.42	%			0.36	%			0.62	%			0.64	%			0.60	%

Portfolio turnover rate^(d)			112	%			198	%			204	%			201	%			203	%			206	%

(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, 2026 (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.

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, 2026 (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. In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with each Fund’s Valuation Procedures (as defined below), and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds’ prospectus.

G. Commission Recapture — GSAM, on behalf of certain Funds, may direct portfolio trades, subject to seeking best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to a Fund as cash payments and are included in net realized gain (loss) from investments on the Statements of Operations.

H. 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 portfolio management team within the Funds’ 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.

I. Income Tax Disclosure — The Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund’s financial position or the results of its operations.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS


52

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 (“Valuation Procedures”), 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 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:

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 Central Government Fund and Goldman Sachs Financial Square Government Fund (“Underlying Money Market Funds”) 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 financial statements at SEC.gov.

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.


		53

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B. Level 3 Fair Value Investments— To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

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, 2026:


International Equity Insights Fund
Investment Type	Level 1			Level 2		Level 3
Assets

Common Stock and/or Other Equity Investments^(a)
Africa	$	—		$	322,393	$	—
Asia		65,525			36,866,845		—
Europe		4,360,328			76,040,021		—
North America		1,471,345			4,273,370		—
Oceania		1,374,020			8,420,846		—
Investment Company		498			—		—
Total	$	7,271,716		$	125,923,475	$	—

Derivative Type

Assets
Futures Contracts^(b)	$	37,408		$	—	$	—

Liabilities
Futures Contracts^(b)	$	(3,672	)	$	—	$	—


54

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)


Large Cap Value Fund
Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(c)
Europe	$	757,988	$	—	$	—
North America		281,546,380		—		—
Investment Company		104,489		—		—
Total	$	282,408,857	$	—	$	—

Mid Cap Growth Fund
Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(c)
Europe	$	1,169,895	$	—	$	—
North America		70,344,412		—		—
Investment Company		2,046,905		—		—
Total	$	73,561,212	$	—	$	—

Mid Cap Value Fund
Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(c)
Europe	$	12,156,404	$	—	$	—
North America		473,115,483		—		—
Investment Company		94,648		—		—
Total	$	485,366,535	$	—	$	—

Small Cap Equity Insights Fund
Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)
Africa	$	327,091	$	—	$	—
Europe		1,990,694		—		—
North America		228,534,667		11		—
Investment Company		6,474		—		—
Securities Lending Reinvestment Vehicle		1,860,963		—		—
Total	$	232,719,889	$	11	$	—

Derivative Type

Assets

Futures Contracts^(b)	$	15,382	$	—	$	—


		55

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



Strategic Growth Fund
Investment Type	Level 1			Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(c)
Europe	$	3,052,363		$	—	$	—
North America		495,932,644			—		—
Investment Company		10,047,472			—		—
Total	$	509,032,479		$	—	$	—

U.S. Equity Insights Fund
Investment Type	Level 1			Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(c)
Asia	$	825,133		$	—	$	—
Europe		1,003,710			—		—
North America		370,921,884			—		—
Oceania		897,717			—		—
Securities Lending Reinvestment Vehicle		289,250			—		—
Total	$	373,937,694		$	—	$	—

Derivative Type

Liabilities
Futures Contracts^(b)	$	(23,755	)	$	—	$	—

^(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.

^(c)

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

37,408

Variation margin on futures contracts

(3,672

)

Small Cap Equity Insights Fund

Risk

Statement of Assets and Liabilities

Assets¹

Statement of Assets and Liabilities

Liabilities¹

Equity

Variation margin on futures contracts

15,382

Variation margin on futures contracts

—


56

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

U.S. Equity Insights Fund

Risk

Statement of Assets and Liabilities

Assets¹

Statement of Assets and Liabilities

Liabilities¹

Equity

Variation margin on futures contracts

—

Variation margin on futures contracts

(23,755

)

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	$	164,174	$	20,961

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		507,542		99,005

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		176,917		(24,804	)

For the six months ended June 30, 2026, the relevant values for each derivative type were as follows:


	Average number of Contracts^(a)
Fund	Futures Contracts
International Equity Insights Fund		19
Small Cap Equity Insights Fund		23
U.S. Equity Insights Fund		6

(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, 2026.


		57

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

For the six months ended June 30, 2026, 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, 2027 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 Central Government Fund and Goldman Sachs Financial Square Government Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable (if any) 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, 2026, with respect to the Funds’ investments in an affiliated Underlying Fund GSAM waived $317, $486, $2,123, $665 and $1,101 of the Large Cap Value Fund, Mid Cap Growth Fund, Mid Cap Value Fund, Small Cap Equity Insights Fund, and Strategic Growth 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, 2026 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, 2026 for the Mid Cap Growth Fund, Goldman Sachs agreed to waive distribution and services fees so as not to exceed an annual percentage rate of 0.15% of the average daily net assets attributable to Service Shares. These distribution and service fee waivers will remain in place through at least April 30, 2027, 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, 2027, 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)

D. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the International Equity Insights, Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds are 0.004%, 0.004%, 0.004%, 0.024%, 0.094%, 0.004% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 30, 2027, 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, 2026, 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	$	19,716	$	–	$	–	$	161,608	$	181,324

Large Cap Value Fund		54,033		18,223		–		114,316		186,572

Mid Cap Growth Fund		19,722		–		29,990		110,588		160,300

Mid Cap Value Fund		2,123		–		–		56,503		58,626

Small Cap Equity Insights Fund		665		–		–		34,492		35,157

Strategic Growth Fund		69,059		–		–		123,016		192,075

U.S. Equity Insights Fund		147,073		–		8,838		120,972		276,883

E. Line of Credit Facility — As of June 30, 2026, the Funds participated in a $1,550,000,000 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, 2026, the Funds did not have any borrowings under the facility. Prior to April 10, 2026, the facility was $1,300,000,000.

F. Other Transactions with Affiliates — For the six months ended June 30, 2026, Goldman Sachs earned $1,726, $1,184, $4,028, $162 and $1,615 in brokerage commissions from portfolio transactions, on behalf of the VIT Large Cap Value Fund, VIT Mid Cap Growth Fund, VIT Mid Cap Value Fund, VIT Small Cap Equity Insights Fund and VIT Strategic Growth Fund, respectively.

The following table provides information about the Funds’ investment in the Goldman Sachs Central Government Fund and Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2026:

International Equity Insights Fund


Underlying Fund	Beginning value as of December 31, 2025		Purchases at Cost	Proceeds from Sales	Ending value as of June 30, 2026	Shares as of June 30, 2026		Dividend Income

Goldman Sachs Central Government Fund - Institutional Shares

	$	–	$2,260,597	$2,260,099	$498		498	$	748


		59

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Large Cap Value Fund


Underlying Fund	Beginning value as of December 31, 2025		Purchases at Cost		Proceeds from Sales		Ending value as of June 30, 2026		Shares as of June 30, 2026		Dividend Income

Goldman Sachs Central Government Fund - Institutional Shares

	$	–	$	6,688,465	$	6,583,976	$	104,489		104,489	$	5,792

Goldman Sachs Financial Square Government Fund - Institutional Shares

		1,494,932		11,276,298		12,771,230		–		–		7,764



Total	$	1,494,932	$	17,964,763	$	19,355,206	$	104,489			$	13,556

Mid Cap Growth Fund


Underlying Fund	Beginning value as of December 31, 2025		Purchases at Cost		Proceeds from Sales		Ending value as of June 30, 2026		Shares as of June 30, 2026		Dividend Income

Goldman Sachs Central Government Fund - Institutional Shares

		–		8,029,079		5,982,174		2,046,905		2,046,905		12,950

Goldman Sachs Financial Square Government Fund - Institutional Shares

		1,911,362		7,370,857		9,282,219		–		–		10,180



Total	$	1,911,362	$	15,399,936	$	15,264,393	$	2,046,905			$	23,130

Mid Cap Value Fund


Underlying Fund	Beginning value as of December 31, 2025		Purchases at Cost		Proceeds from Sales		Ending value as of June 30, 2026		Shares as of June 30, 2026		Dividend Income

Goldman Sachs Central Government Fund - Institutional Shares

		–		15,174,592		15,079,944		94,648		94,648		14,008

Goldman Sachs Financial Square Government Fund - Institutional Shares

		4,349,549		28,971,334		33,320,883		–		–		45,718



Total	$	4,349,549	$	44,145,926	$	48,400,827	$	94,648			$	59,726

Small Cap Equity Insights Fund


Underlying Fund	Beginning value as of December 31, 2025		Purchases at Cost		Proceeds from Sales		Ending value as of June 30, 2026		Shares as of June 30, 2026		Dividend Income

Goldman Sachs Central Government Fund - Institutional Shares

	$	–	$	6,919,390	$	6,912,916	$	6,474		6,474	$	10,561

Goldman Sachs Financial Square Government Fund - Institutional Shares

		837,768		10,840,115		11,677,883		–		–		14,831



Total	$	837,768	$	17,759,505	$	18,590,799	$	6,474			$	25,392

Strategic Growth Fund


Underlying Fund	Beginning value as of December 31, 2025		Purchases at Cost		Proceeds from Sales		Ending value as of June 30, 2026		Shares as of June 30, 2026		Dividend Income

Goldman Sachs Central Government Fund - Institutional Shares

	$	–	$	41,814,686	$	31,767,214	$	10,047,472		10,047,472	$	43,881

Goldman Sachs Financial Square Government Fund - Institutional Shares

		1,845,032		17,973,956		19,818,988		–		–		25,536



Total	$	1,845,032	$	59,788,642	$	51,586,202	$	10,047,472			$	69,417


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, 2026, were as follows:


Fund	Purchases		Sales



International Equity Insights Fund	$	99,427,044	$	106,681,734



Large Cap Value Fund		183,050,758		208,584,135



Mid Cap Growth Fund		49,911,693		50,277,785



Mid Cap Value Fund		400,602,498		424,201,542



Small Cap Equity Insights Fund		189,471,742		178,759,187



Strategic Growth Fund		169,013,928		183,771,424



U.S. Equity Insights Fund		360,475,286		381,508,854

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 (“BNY”), 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 BNY 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 BNY are unable to purchase replacement securities, GSAL and/or BNY will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s


		61

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

7. SECURITIES LENDING (continued)

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, 2026, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds, GSAL and BNY 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, 2026, 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, 2026

					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, 2026



International Equity Insights Fund	$	1,252	$	—	$	—



Small Cap Equity Insights Fund		1,452		315		7,470



U.S. Equity Insights Fund		369		—		—

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended June 30, 2026.


	Beginning value as		Purchases		Proceeds			Ending value as
Fund	of December 31, 2025		at Cost		from Sales			of June 30, 2026



International Equity Insights Fund	$	552,960	$	2,120,285	$	(2,673,245	)	$	—



Mid Cap Value Fund		1,695,525		10,770,651		(12,466,176	)		—



Small Cap Equity Insights Fund		1,589,036		18,016,653		(17,744,726	)		1,860,963



U.S. Equity Insights Fund		—		6,747,045		(6,457,795	)		289,250

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2025, 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)	$	—	$	(578,969	)	$	(160,014	)	$	186,780	$	1,211


	Strategic Growth		U.S. Equity
	Fund		Insights Fund

Timing differences — (Real Estate Investment Trusts, late year ordinary loss deferral, and post October loss deferral)	$	—	$	33,034


62

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

8. TAX INFORMATION (continued)

As of June 30, 2026, 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	$	112,920,691		$	232,403,679		$	57,237,811



Gross unrealized gain		25,723,297			56,724,189			17,577,953

Gross unrealized loss		(5,448,797	)		(6,719,011	)		(1,214,303	)



Net unrealized gain (loss)	$	20,274,500		$	50,005,178		$	16,363,650


				Small Cap Equity
	Mid Cap Value Fund			Insights Fund			Strategic Growth Fund



Tax Cost	$	416,354,915		$	199,147,156		$	267,176,827



Gross unrealized gain		83,267,514			41,768,173			247,971,391

Gross unrealized loss		(14,255,894	)		(8,195,429	)		(6,115,739	)



Net unrealized gain (loss)	$	69,011,620		$	33,572,744		$	241,855,652



							U.S. Equity Insights
							Fund



Tax Cost							$	253,309,886



Gross unrealized gain								130,923,126

Gross unrealized loss								(10,295,318	)



Net unrealized gain (loss)							$	120,627,808

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, 2026 (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. Growth investing is an example of an investment style. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase. Value investing is an example of an investment style. Value stocks are those believed to be undervalued in comparison to their peers, due to market, company-specific or other factors.

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.

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


64

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

9. OTHER RISKS (continued)

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.

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, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		334,854		$	3,739,599			968,139		$ 9,680,897

Reinvestment of distributions		—			—			1,251,824		12,618,389

Shares redeemed		(637,590	)		(7,051,475	)		(1,055,974	)	(10,752,816)



		(302,736	)		(3,311,876	)		1,163,989		11,546,470



Service Shares

Shares sold		104,184			1,200,976			794,150		7,792,534

Reinvestment of distributions		—			—			547,681		5,558,963

Shares redeemed		(479,775	)		(5,420,404	)		(1,357,994	)	(13,643,690)



		(375,591	)		(4,219,428	)		(16,163	)	(292,193)



NET INCREASE (DECREASE) IN SHARES		(678,327	)	$	(7,531,304	)		1,147,826		$ 11,254,277



	Large Cap Value Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		153,468		$	1,343,913			561,363		$ 4,897,610

Reinvestment of distributions		—			—			1,483,447		12,045,590

Shares redeemed		(628,023	)		(5,499,770	)		(1,719,482	)	(14,528,282)



		(474,555	)		(4,155,857	)		325,328		2,414,918


		65

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)





	Large Cap Value Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Service Shares

Shares sold		23,045		$	202,714			597,288		$ 5,180,108

Reinvestment of distributions		—			—			3,203,534		26,076,765

Shares redeemed		(2,730,174	)		(24,149,852	)		(3,307,739	)	(29,110,427)



		(2,707,129	)		(23,947,138	)		493,083		2,146,446



NET INCREASE (DECREASE) IN SHARES		(3,181,684)		$	(28,102,995)			818,411		$ 4,561,364



	Mid Cap Growth Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		10,952		$	131,059			210,291		$ 2,583,810

Reinvestment of distributions		—			—			59,137		647,552

Shares redeemed		(21,427	)		(246,811	)		(42,493	)	(560,457)



		(10,475	)		(115,752	)		226,935		2,670,905



Service Shares

Shares sold		846,497			8,792,910			809,462		9,023,352

Reinvestment of distributions		—			—			1,043,081		10,316,086

Shares redeemed		(884,501	)		(8,811,175	)		(1,489,053	)	(16,393,074)



		(38,004	)		(18,265	)		363,490		2,946,364



NET INCREASE (DECREASE) IN SHARES		(48,479	)	$	(134,017	)		590,425		$ 5,617,269



	Mid Cap Value Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		600,615		$	10,482,223			937,206		$ 15,716,954

Reinvestment of distributions		—			—			2,419,968		38,937,278

Shares redeemed		(1,418,717	)		(25,037,683	)		(2,507,127	)	(43,104,726)



		(818,102	)		(14,555,460	)		850,047		11,549,506



Service Shares

Shares sold		90,102			1,617,885			2,730,181		46,864,842

Reinvestment of distributions		—			—			779,093		12,730,385

Shares redeemed		(714,128	)		(12,780,853	)		(3,620,682	)	(60,539,272)



		(624,026	)		(11,162,968	)		(111,408	)	(944,045)



NET INCREASE (DECREASE) IN SHARES		(1,442,128	)	$	(25,718,428	)		738,639		$ 10,605,461


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, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		924,149		$	14,711,584			966,011		$	13,223,597

Reinvestment of distributions		—			—			753,454			10,631,237

Shares redeemed		(931,964	)		(15,216,070	)		(1,353,206	)		(18,361,213)



		(7,815	)		(504,486	)		366,259			5,493,621



Service Shares

Shares sold		542,503			8,608,538			992,031			13,161,559

Reinvestment of distributions		—			—			303,656			4,217,778

Shares redeemed		(304,408	)		(4,803,571	)		(519,499	)		(7,142,326)



		238,095			3,804,967			776,188			10,237,011



NET INCREASE IN SHARES		230,280		$	3,300,481			1,142,447		$	15,730,632



	Strategic Growth Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		232,399		$	3,616,056			1,035,017		$	14,879,855

Reinvestment of distributions		—			—			2,032,473			31,726,909

Shares redeemed		(748,600	)		(11,882,970	)		(1,734,326	)		(27,956,155)



		(516,201	)		(8,266,914	)		1,333,164			18,650,609



Service Shares

Shares sold		3,063,185			47,172,684			5,000,977			75,285,837

Reinvestment of distributions		—			—			2,447,485			37,446,533

Shares redeemed		(3,558,171	)		(51,710,529	)		(6,693,742	)		(97,915,626)



		(494,986	)		(4,537,845	)		754,720			14,816,744



NET INCREASE (DECREASE) IN SHARES		(1,011,187	)	$	(12,804,759	)		2,087,884		$	33,467,353



	U.S. Equity Insights Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		236,900		$	5,212,966			1,016,147		$	22,432,936

Reinvestment of distributions		—			—			2,013,644			43,615,530

Shares redeemed		(1,060,744	)		(23,046,078)			(2,821,196	)		(64,023,741)



		(823,844	)		(17,833,112)			208,595			2,024,725


		67

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	U.S. Equity Insights Fund

	For the Six Months Ended June 30, 2026 (Unaudited)						For the Fiscal Year Ended December 31, 2025



	Shares			Dollars			Shares			Dollars



Service Shares

Shares sold		21,730		$	479,523			76,445		$ 1,681,288

Reinvestment of distributions		—			—			274,159		6,009,559

Shares redeemed		(193,655)			(4,297,541	)		(369,924	)	(8,276,257)



		(171,925	)		(3,818,018	)		(19,320	)	(585,410)



NET INCREASE (DECREASE) IN SHARES		(995,769	)	$	(21,651,130	)		189,275		$ 1,439,315


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, 2025, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2026. 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 Insights 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 and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2026. 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 third quartile 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 five-year period and underperformed for the one-, three-, and ten-year periods ended March 31, 2026. They noted that the Mid Cap 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, 2026. They further noted that the Mid Cap Growth Fund had experienced certain portfolio management changes in 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 five-, and ten-year periods and in the third quartile for the one- and three-year periods, and had outperformed the Fund’s benchmark index for the five- and ten-year periods and underperformed for the one- and three-year periods ended March 31, 2026. 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, 2026. 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, 2026. 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 three- and five-year periods and in the third quartile for the one- and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2026.

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 Mid Cap Value Fund that would have the effect of decreasing expenses of Service Class Shares of the Fund, 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.


		73

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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

Profitability

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)

leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds’ 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, 2027.


		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 Brian J. Wildman GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN L.P. SACHS ASSET MANAGEMENT, Investment Adviser 200 West Street, New York New York 10282 OFFICERS James A. McNamara, President and Principal Executive Officer Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary © 2026 Goldman Sachs. All rights reserved. VITEQTYSAR-26

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 26, 2026

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 26, 2026

By:				/s/ Joseph F. DiMaria

				Joseph F. DiMaria
				Principal Financial Officer
				Goldman Sachs Variable Insurance Trust

Date:				August 26, 2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302

CERTIFICATIONS PURSUANT TO SECTION 906

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