# EDGAR Filing Document

**Accession Number:** 0001046292
**File Stem:** 0001193125-25-185972
**Filing Date:** 2025-8
**Character Count:** 951890
**Document Hash:** 818a3120fdc302cd8d11c63ab20d4fd8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-185972.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001193125-25-185972

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0001046292

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08361
- **FILM NUMBER:** 251243543

**BUSINESS ADDRESS:**
- **STREET 1:** 71 SOUTH WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126554400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

## Series and Classes Contracts Data

### Goldman Sachs U.S. Equity Insights Fund (Series ID: S000009352)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000025633 | Institutional |  |
| C000025634 | Service       |  |

### Goldman Sachs Core Fixed Income Fund (Series ID: S000009353)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000025636 | Service       |  |
| C000128922 | Institutional |  |

### Goldman Sachs Government Money Market Fund (Series ID: S000009354)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000025638 | Service              |  |
| C000133599 | Institutional Shares |  |

### Goldman Sachs Small Cap Equity Insights Fund (Series ID: S000009355)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000025640 | Institutional |  |
| C000025641 | Service       |  |

### Goldman Sachs Strategic Growth Fund (Series ID: S000009356)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000025643 | Institutional |  |
| C000025644 | Service       |  |

### Goldman Sachs Large Cap Value Fund (Series ID: S000009357)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000025646 | Institutional |  |
| C000025647 | Service       |  |

### Goldman Sachs Mid Cap Value Fund (Series ID: S000009358)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000025649 | Institutional |  |
| C000025650 | Service       |  |

### Goldman Sachs International Equity Insights Fund (Series ID: S000009359)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000025652 | Institutional |  |
| C000025653 | Service       |  |

### Goldman Sachs Mid Cap Growth Fund (Series ID: S000009360)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000025655 | Service       |  |
| C000128923 | Institutional |  |

### Goldman Sachs Trend Driven Allocation Fund (Series ID: S000035992)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000110307 | Service Shares       |  |
| C000133600 | Institutional Shares |  |

?xml version='1.0' encoding='ASCII'? Goldman Sachs Variable Insurance Trust

### 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.**<br> **Goldman Sachs & Co. LLC**<br> **200 West Street**<br> **New York, NY 10282** | **Stephen H. Bier, Esq.**<br> **Dechert LLP**<br> **1095 Avenue of the Americas**<br> **New York, NY 10036** |

---

#### (Name and address of agents for service)

#### Registrant's telephone number, including area code: (312) 655-4400

#### Date of fiscal year end: December 31

#### Date of reporting period: June 30, 2025
ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders for the Goldman Sachs U.S. Equity Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs International Equity Insights Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Trend Driven Allocation Fund, and Goldman Sachs Government Money Market Fund is filed herewith.

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

# Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $44 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$116,187,291

* # of Portfolio Holdings302

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$415,484

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

380987701-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

# Service Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $58 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$116,187,291

* # of Portfolio Holdings302

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$415,484

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

380987776-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

# Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$263,964,404

* # of Portfolio Holdings67

* Portfolio Turnover Rate48%

* Total Net Advisory Fees Paid$889,793

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

380987107-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

# Service Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $47 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$263,964,404

* # of Portfolio Holdings67

* Portfolio Turnover Rate48%

* Total Net Advisory Fees Paid$889,793

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

380987677-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

# Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $43 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$66,227,108

* # of Portfolio Holdings70

* Portfolio Turnover Rate43%

* Total Net Advisory Fees Paid$243,016

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

380987636-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

# Service Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $51 | 0.98%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$66,227,108

* # of Portfolio Holdings70

* Portfolio Turnover Rate43%

* Total Net Advisory Fees Paid$243,016

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

380987719-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

# Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $42 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$436,854,840

* # of Portfolio Holdings104

* Portfolio Turnover Rate49%

* Total Net Advisory Fees Paid$1,586,101

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

380987602-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

# Service Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $54 | 1.08%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$436,854,840

* # of Portfolio Holdings104

* Portfolio Turnover Rate49%

* Total Net Advisory Fees Paid$1,586,101

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

380987743-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

# Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $40 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$153,385,139

* # of Portfolio Holdings530

* Portfolio Turnover Rate79%

* Total Net Advisory Fees Paid$509,051

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

380987404-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

# Service Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $52 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$153,385,139

* # of Portfolio Holdings530

* Portfolio Turnover Rate79%

* Total Net Advisory Fees Paid$509,051

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

380987669-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

# Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $36 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$440,900,632

* # of Portfolio Holdings54

* Portfolio Turnover Rate31%

* Total Net Advisory Fees Paid$1,320,920

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

380987503-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

# Service Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $49 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$440,900,632

* # of Portfolio Holdings54

* Portfolio Turnover Rate31%

* Total Net Advisory Fees Paid$1,320,920

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

380987750-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

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

# Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $28 | 0.56%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$371,527,957

* # of Portfolio Holdings157

* Portfolio Turnover Rate98%

* Total Net Advisory Fees Paid$957,120

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

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

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

380987206-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

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

# Service Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $39 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$371,527,957

* # of Portfolio Holdings157

* Portfolio Turnover Rate98%

* Total Net Advisory Fees Paid$957,120

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

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

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

380987768-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

# Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Trend Driven Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

### **Asset Class Exposure (%)^** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $34 | 0.67%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

^ Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. Short-term Investments include investment companies.

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$245,758,845

* # of Portfolio Holdings12

* Portfolio Turnover Rate47%

* Total Net Advisory Fees Paid$804,540

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

380987610-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

# Service Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Trend Driven Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

### **Asset Class Exposure (%)^** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $46 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

^ Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. Short-term Investments include investment companies.

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$245,758,845

* # of Portfolio Holdings12

* Portfolio Turnover Rate47%

* Total Net Advisory Fees Paid$804,540

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

380987651-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

# Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $21 | 0.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$184,680,924

* # of Portfolio Holdings682

* Portfolio Turnover Rate285%

* Total Net Advisory Fees Paid$332,496

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

380987628-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

# Service Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $33 | 0.66%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$184,680,924

* # of Portfolio Holdings682

* Portfolio Turnover Rate285%

* Total Net Advisory Fees Paid$332,496

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

380987727-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Government Money Market Fund

# Institutional Shares

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Government Money Market Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$3,951,456,567

* # of Portfolio Holdings323

* Total Net Advisory Fees Paid$3,044,884

Goldman Sachs Variable Insurance Trust - Government Money Market Fund

Institutional Shares

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Government Money Market Fund

380987594-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares

![Image](g909430i709d732204028e66d9bb.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Goldman Sachs Variable Insurance Trust - Government Money Market Fund

# Service Shares

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Government Money Market Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

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

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$3,951,456,567

* # of Portfolio Holdings323

* Total Net Advisory Fees Paid$3,044,884

Goldman Sachs Variable Insurance Trust - Government Money Market Fund

Service Shares

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Government Money Market Fund

380987693-SAR-0625&nbsp;&nbsp;&nbsp;&nbsp; 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](g909430dsp001.jpg)

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

------

## Goldman Sachs Government Money Market Fund

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Government Money Market Fund](#gmm909430_1) | 3 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#gmm909430_2) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#gmm909430_3) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#gmm909430_4) | 15 |
|  **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Government Money Market Fund](#gmm909430_5) | 16 |
|  **[Notes to Financial Statements](#gmm909430_6)** | 18 |
|  **[Statement Regarding Basis for Approval of Investment Advisory Contract](#gmm909430_7)** | 24 |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized<br>Cost** |
| **U.S. Government Agency Obligations - 9.8%** | **U.S. Government Agency Obligations - 9.8%** | **U.S. Government Agency Obligations - 9.8%** | **U.S. Government Agency Obligations - 9.8%** |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 2.990%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 2.990%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 2.990%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 2.990%) |
| $3132000 | 4.510 %<sup>(a)</sup> | 06/18/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132000 |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.000%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.000%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.000%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.000%) |
| 2078000 | 4.500 <sup>(a)</sup> | 07/28/25 | 2078000 |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.020%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.020%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.020%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.020%) |
| 1514000 | 4.480 <sup>(a)</sup> | 09/08/25 | 1514000 |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.025%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.025%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.025%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.025%) |
| 1265000 | 4.472 <sup>(a)</sup> | 03/18/26 | 1265296 |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.030%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.030%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.030%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.030%) |
| 1439000 | 4.468 <sup>(a)</sup> | 04/17/26 | 1439094 |
| 2378000 | 4.470 <sup>(a)</sup> | 04/17/26 | 2378154 |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.035%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.035%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.035%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.035%) |
| 1608000 | 4.465 <sup>(a)</sup> | 04/29/26 | 1608000 |
| 3146000 | 4.465 <sup>(a)</sup> | 01/13/27 | 3146000 |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.040%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.040%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.040%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.040%) |
| 1383000 | 4.460 <sup>(a)</sup> | 05/21/26 | 1383000 |
| 434000 | 4.460 <sup>(a)</sup> | 05/28/26 | 434000 |
| 1118000 | 4.460 <sup>(a)</sup> | 06/12/26 | 1118000 |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.060%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.060%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.060%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.060%) |
| 1604000 | 4.440 <sup>(a)</sup> | 03/24/26 | 1604000 |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.070%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.070%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.070%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.070%) |
| 2154000 | 4.430 <sup>(a)</sup> | 01/02/26 | 2154000 |
| 2221000 | 4.430 <sup>(a)</sup> | 01/29/26 | 2221000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.040%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.040%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.040%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.040%) |
| 2499000 | 4.430 <sup>(a)</sup> | 02/11/26 | 2499000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.055%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.055%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.055%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.055%) |
| 2754000 | 4.445 <sup>(a)</sup> | 11/25/25 | 2754000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.070%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.070%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.070%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.070%) |
| 2255000 | 4.460 <sup>(a)</sup> | 12/07/26 | 2255000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.075%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.075%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.075%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.075%) |
| 1804000 | 4.465 <sup>(a)</sup> | 11/16/26 | 1804000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.080%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.080%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.080%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.080%) |
| 2846000 | 4.470 <sup>(a)</sup> | 03/11/27 | 2846000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.085%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.085%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.085%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.085%) |
| 2776000 | 4.475 <sup>(a)</sup> | 12/29/25 | 2776000 |
| 1069000 | 4.475 <sup>(a)</sup> | 08/07/26 | 1069000 |
| 6250000 | 4.475 <sup>(a)</sup> | 02/26/27 | 6250000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.090%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.090%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.090%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.090%) |
| 1650000 | 4.480 <sup>(a)</sup> | 02/09/26 | 1650000 |
| 1031000 | 4.480 <sup>(a)</sup> | 02/24/27 | 1031000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.095%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.095%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.095%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.095%) |
| 3327000 | 4.485 <sup>(a)</sup> | 07/17/26 | 3327000 |
| 4189000 | 4.485 <sup>(a)</sup> | 02/12/27 | 4189000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.100%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.100%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.100%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.100%) |
| 3130000 | 4.490 <sup>(a)</sup> | 04/15/26 | 3130000 |
| 1285000 | 4.490 <sup>(a)</sup> | 02/09/27 | 1285000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.105%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.105%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.105%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.105%) |
| 1085000 | 4.495 <sup>(a)</sup> | 03/18/26 | 1085054 |
| 2887000 | 4.495 <sup>(a)</sup> | 05/26/26 | 2887000 |
| 5284000 | 4.495 <sup>(a)</sup> | 02/01/27 | 5284000 |
| 7500000 | 4.495 <sup>(a)</sup> | 03/05/27 | 7500000 |
| 4248000 | 4.495 <sup>(a)</sup> | 05/14/27 | 4248000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.110%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.110%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.110%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.110%) |
| 1149000 | 4.500 <sup>(a)</sup> | 03/13/26 | 1149000 |
| 1261000 | 4.500 <sup>(a)</sup> | 04/16/26 | 1261000 |
| 1568000 | 4.500 <sup>(a)</sup> | 04/21/26 | 1568000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.115%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.115%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.115%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.115%) |
| 426000 | 4.505 <sup>(a)</sup> | 04/08/26 | 426000 |
| 15395000 | 4.505 <sup>(a)</sup> | 01/28/27 | 15395000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized<br>Cost** |
| **U.S. Government Agency Obligations – (continued)** | **U.S. Government Agency Obligations – (continued)** | **U.S. Government Agency Obligations – (continued)** | **U.S. Government Agency Obligations – (continued)** |
| 5505000 | 4.505 %<sup>(a)</sup> | 02/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5505000 |
| 7026000 | 4.505 <sup>(a)</sup> | 05/06/27 | 7026000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.120%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.120%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.120%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.120%) |
| 1427000 | 4.510 <sup>(a)</sup> | 07/15/26 | 1427000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.125%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.125%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.125%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.125%) |
| 1736000 | 4.515 <sup>(a)</sup> | 06/10/26 | 1736000 |
| 1700000 | 4.515 <sup>(a)</sup> | 06/15/26 | 1700000 |
| 3514000 | 4.515 <sup>(a)</sup> | 06/18/26 | 3514000 |
| 4049000 | 4.515 <sup>(a)</sup> | 08/06/26 | 4049000 |
| 1036000 | 4.515 <sup>(a)</sup> | 09/21/26 | 1036000 |
| 7525000 | 4.515 <sup>(a)</sup> | 04/29/27 | 7525000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.130%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.130%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.130%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.130%) |
| 1561000 | 4.520 <sup>(a)</sup> | 08/13/25 | 1561000 |
| 2015000 | 4.520 <sup>(a)</sup> | 08/28/26 | 2015000 |
| 6465000 | 4.520 <sup>(a)</sup> | 04/23/27 | 6465000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.135%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.135%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.135%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.135%) |
| 2012000 | 4.525 <sup>(a)</sup> | 12/18/26 | 2011964 |
| 2704000 | 4.525 <sup>(a)</sup> | 01/08/27 | 2704000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.140%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.140%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.140%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.140%) |
| 2699000 | 4.530 <sup>(a)</sup> | 08/22/25 | 2699000 |
| 539000 | 4.530 <sup>(a)</sup> | 08/26/26 | 539000 |
| 1909000 | 4.525 <sup>(a)</sup> | 09/03/26 | 1910609 |
| 2046000 | 4.530 <sup>(a)</sup> | 09/04/26 | 2046000 |
| 1210000 | 4.530 <sup>(a)</sup> | 09/09/26 | 1210000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.150%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.150%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.150%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.150%) |
| 2003000 | 4.540 <sup>(a)</sup> | 12/15/25 | 2003000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.155%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.155%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.155%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.155%) |
| 1989000 | 4.545 <sup>(a)</sup> | 09/15/25 | 1988979 |
| 2024000 | 4.541 <sup>(a)</sup> | 09/25/25 | 2024438 |
| 3220000 | 4.545 <sup>(a)</sup> | 11/28/25 | 3220000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.160%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.160%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.160%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.160%) |
| 2306000 | 4.550 <sup>(a)</sup> | 07/21/25 | 2306000 |
| 3323000 | 4.550 <sup>(a)</sup> | 08/04/25 | 3323000 |
| 756000 | 4.550 <sup>(a)</sup> | 10/27/25 | 756000 |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| 857000 | 4.146 | 12/26/25 | 839852 |
| 4020000 | 4.224 | 12/26/25 | 3939563 |
| 2209000 | 4.252 | 01/06/26 | 2161625 |
| 2274000 | 4.244 | 01/20/26 | 2221593 |
| 5354000 | 4.251 | 01/20/26 | 5230610 |
| 2274000 | 4.250 | 01/21/26 | 2221361 |
| 2433000 | 4.241 | 01/22/26 | 2376509 |
| 2274000 | 4.246 | 01/22/26 | 2221201 |
| Federal Home Loan Bank (SOFR + 0.030%) | Federal Home Loan Bank (SOFR + 0.030%) | Federal Home Loan Bank (SOFR + 0.030%) | Federal Home Loan Bank (SOFR + 0.030%) |
| 6350000 | 4.420 <sup>(a)</sup> | 02/19/26 | 6350000 |
| Federal Home Loan Bank (SOFR + 0.045%) | Federal Home Loan Bank (SOFR + 0.045%) | Federal Home Loan Bank (SOFR + 0.045%) | Federal Home Loan Bank (SOFR + 0.045%) |
| 3175000 | 4.435 <sup>(a)</sup> | 05/18/26 | 3175000 |
| Federal Home Loan Bank (SOFR + 0.085%) | Federal Home Loan Bank (SOFR + 0.085%) | Federal Home Loan Bank (SOFR + 0.085%) | Federal Home Loan Bank (SOFR + 0.085%) |
| 3880000 | 4.475 <sup>(a)</sup> | 02/26/27 | 3880000 |
| Federal Home Loan Bank (SOFR + 0.090%) | Federal Home Loan Bank (SOFR + 0.090%) | Federal Home Loan Bank (SOFR + 0.090%) | Federal Home Loan Bank (SOFR + 0.090%) |
| 585000 | 4.480 <sup>(a)</sup> | 02/19/26 | 585000 |
| 3225000 | 4.480 <sup>(a)</sup> | 02/12/27 | 3225000 |
| 6565000 | 4.480 <sup>(a)</sup> | 02/19/27 | 6565000 |
| Federal Home Loan Bank (SOFR + 0.100%) | Federal Home Loan Bank (SOFR + 0.100%) | Federal Home Loan Bank (SOFR + 0.100%) | Federal Home Loan Bank (SOFR + 0.100%) |
| 2505000 | 4.490 <sup>(a)</sup> | 04/17/26 | 2505000 |
| 3815000 | 4.490 <sup>(a)</sup> | 10/21/26 | 3815000 |
| 2215000 | 4.490 <sup>(a)</sup> | 05/27/27 | 2215000 |
| 6235000 | 4.490 <sup>(a)</sup> | 06/10/27 | 6235000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized<br>Cost** |
| **U.S. Government Agency Obligations – (continued)** | **U.S. Government Agency Obligations – (continued)** | **U.S. Government Agency Obligations – (continued)** | **U.S. Government Agency Obligations – (continued)** |
| Federal Home Loan Bank (SOFR + 0.110%) | Federal Home Loan Bank (SOFR + 0.110%) | Federal Home Loan Bank (SOFR + 0.110%) | Federal Home Loan Bank (SOFR + 0.110%) |
| $3105000 | 4.500 %<sup>(a)</sup> | 04/07/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105000 |
| 635000 | 4.500 <sup>(a)</sup> | 02/12/27 | 635000 |
| Federal Home Loan Bank (SOFR + 0.115%) | Federal Home Loan Bank (SOFR + 0.115%) | Federal Home Loan Bank (SOFR + 0.115%) | Federal Home Loan Bank (SOFR + 0.115%) |
| 2155000 | 4.505 <sup>(a)</sup> | 01/25/27 | 2155000 |
| Federal Home Loan Bank (SOFR + 0.130%) | Federal Home Loan Bank (SOFR + 0.130%) | Federal Home Loan Bank (SOFR + 0.130%) | Federal Home Loan Bank (SOFR + 0.130%) |
| 3180000 | 4.520 <sup>(a)</sup> | 04/16/27 | 3180000 |
| 2875000 | 4.520 <sup>(a)</sup> | 04/23/27 | 2875000 |
| Federal Home Loan Bank (SOFR + 0.135%) | Federal Home Loan Bank (SOFR + 0.135%) | Federal Home Loan Bank (SOFR + 0.135%) | Federal Home Loan Bank (SOFR + 0.135%) |
| 9420000 | 4.525 <sup>(a)</sup> | 01/06/27 | 9420000 |
| Federal Home Loan Bank (SOFR + 0.140%) | Federal Home Loan Bank (SOFR + 0.140%) | Federal Home Loan Bank (SOFR + 0.140%) | Federal Home Loan Bank (SOFR + 0.140%) |
| 4735000 | 4.530 <sup>(a)</sup> | 08/25/25 | 4735000 |
| 4960000 | 4.530 <sup>(a)</sup> | 09/09/26 | 4960000 |
| 2970000 | 4.525 <sup>(a)</sup> | 10/29/26 | 2972641 |
| Federal Home Loan Bank (SOFR + 0.155%) | Federal Home Loan Bank (SOFR + 0.155%) | Federal Home Loan Bank (SOFR + 0.155%) | Federal Home Loan Bank (SOFR + 0.155%) |
| 4575000 | 4.545 <sup>(a)</sup> | 07/08/25 | 4575000 |
| 6495000 | 4.545 <sup>(a)</sup> | 08/21/25 | 6495000 |
| 4325000 | 4.545 <sup>(a)</sup> | 08/22/25 | 4325000 |
| 3320000 | 4.545 <sup>(a)</sup> | 09/26/25 | 3320000 |
| 2365000 | 4.545 <sup>(a)</sup> | 11/14/25 | 2365000 |
| 3850000 | 4.545 <sup>(a)</sup> | 12/08/25 | 3850000 |
| Federal Home Loan Bank (SOFR + 0.160%) | Federal Home Loan Bank (SOFR + 0.160%) | Federal Home Loan Bank (SOFR + 0.160%) | Federal Home Loan Bank (SOFR + 0.160%) |
| 7980000 | 4.550 <sup>(a)</sup> | 07/10/25 | 7980000 |
| 6790000 | 4.550 <sup>(a)</sup> | 07/14/25 | 6790000 |
| 2920000 | 4.550 <sup>(a)</sup> | 07/25/25 | 2920000 |
| 1785000 | 4.550 <sup>(a)</sup> | 08/08/25 | 1785000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.090%) | Federal Home Loan Mortgage Corp. (SOFR + 0.090%) | Federal Home Loan Mortgage Corp. (SOFR + 0.090%) | Federal Home Loan Mortgage Corp. (SOFR + 0.090%) |
| 5604000 | 4.480 <sup>(a)</sup> | 01/26/26 | 5604000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.115%) | Federal Home Loan Mortgage Corp. (SOFR + 0.115%) | Federal Home Loan Mortgage Corp. (SOFR + 0.115%) | Federal Home Loan Mortgage Corp. (SOFR + 0.115%) |
| 33411000 | 4.505 <sup>(a)</sup> | 05/05/27 | 33410988 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.140%) | Federal Home Loan Mortgage Corp. (SOFR + 0.140%) | Federal Home Loan Mortgage Corp. (SOFR + 0.140%) | Federal Home Loan Mortgage Corp. (SOFR + 0.140%) |
| 5343000 | 4.530 <sup>(a)</sup> | 09/04/26 | 5343000 |
| 2350000 | 4.527 <sup>(a)</sup> | 10/29/26 | 2351199 |
| Federal National Mortgage Association (SOFR + 0.120%) | Federal National Mortgage Association (SOFR + 0.120%) | Federal National Mortgage Association (SOFR + 0.120%) | Federal National Mortgage Association (SOFR + 0.120%) |
| 1184000 | 4.510 <sup>(a)</sup> | 07/29/26 | 1184000 |
| Federal National Mortgage Association (SOFR + 0.135%) | Federal National Mortgage Association (SOFR + 0.135%) | Federal National Mortgage Association (SOFR + 0.135%) | Federal National Mortgage Association (SOFR + 0.135%) |
| 11725000 | 4.525 <sup>(a)</sup> | 08/21/26 | 11724874 |
| Federal National Mortgage Association (SOFR + 0.140%) | Federal National Mortgage Association (SOFR + 0.140%) | Federal National Mortgage Association (SOFR + 0.140%) | Federal National Mortgage Association (SOFR + 0.140%) |
| 11281000 | 4.530 <sup>(a)</sup> | 09/11/26 | 11281000 |
| U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%) | U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%) | U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%) | U.S. International Development Finance Corp. (3 Mo. U.S. Treasury Bill Yield + 0.000%) |
| 1425000 | 4.550 <sup>(a)</sup> | 03/15/30 | 1425000 |
| 2633704 | 4.550 <sup>(a)(b)</sup> | 12/15/33 | 2633704 |
| 250000 | 4.550 <sup>(a)</sup> | 09/15/26 | 250000 |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | $388856308 |
| **U.S. Treasury Obligations - 35.3%** | **U.S. Treasury Obligations - 35.3%** | **U.S. Treasury Obligations - 35.3%** | **U.S. Treasury Obligations - 35.3%** |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| 57953200 | 4.344 | 08/19/25 | 57617911 |
| 9016200 | 4.507 | 08/19/25 | 8964037 |
| 4662100 | 4.392 | 08/21/25 | 4633799 |
| 13159500 | 4.441 <sup>(c)</sup> | 08/26/25 | 13070444 |
| 2540000 | 4.329 | 09/02/25 | 2521270 |
| 6919700 | 4.334 | 09/02/25 | 6868675 |
| 1342700 | 4.333 <sup>(c)</sup> | 09/16/25 | 1330509 |
| 44449100 | 4.338 <sup>(c)</sup> | 09/16/25 | 44045542 |
| 13119400 | 4.343 <sup>(c)</sup> | 09/16/25 | 13000288 |
| 42535000 | 4.349 <sup>(c)</sup> | 09/16/25 | 42148821 |
| 7056400 | 4.350 | 09/18/25 | 6990667 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized<br>Cost** |
| **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** |
| $9672500 | 4.344% | 09/23/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9577060 |
| 29568100 | 4.350 | 09/23/25 | 29276348 |
| 13164100 | 4.299 | 09/25/25 | 13032177 |
| 62714200 | 4.339 | 09/30/25 | 62045214 |
| 19155200 | 4.335 <sup>(c)</sup> | 10/02/25 | 18950266 |
| 13404400 | 4.340 <sup>(c)</sup> | 10/02/25 | 13260991 |
| 1578900 | 4.345 <sup>(c)</sup> | 10/02/25 | 1562008 |
| 69994300 | 4.323 | 10/07/25 | 69192997 |
| 844200 | 4.329 | 10/07/25 | 834536 |
| 2738100 | 4.334 | 10/07/25 | 2706754 |
| 1452600 | 4.189 | 10/16/25 | 1435078 |
| 2881500 | 4.192 | 10/16/25 | 2846742 |
| 25063500 | 4.203 | 10/16/25 | 24761172 |
| 5907600 | 4.318 | 10/21/25 | 5830209 |
| 11336400 | 4.323 | 10/21/25 | 11187889 |
| 1450400 | 4.339 | 10/21/25 | 1431399 |
| 628500 | 4.344 | 10/21/25 | 620266 |
| 4451000 | 4.355 | 10/21/25 | 4392690 |
| 14697700 | 4.308 <sup>(c)</sup> | 10/28/25 | 14493890 |
| 155936000 | 4.313 <sup>(c)</sup> | 10/28/25 | 153773672 |
| 14235800 | 4.318 <sup>(c)</sup> | 10/28/25 | 14038395 |
| 9777300 | 4.208 | 10/30/25 | 9642898 |
| 23813500 | 4.337 | 10/30/25 | 23486152 |
| 10807000 | 4.282 | 11/20/25 | 10630559 |
| 190600 | 4.297 | 11/20/25 | 187488 |
| 834500 | 4.299 | 11/20/25 | 820876 |
| 647400 | 4.301 | 11/20/25 | 636830 |
| 471600 | 4.321 | 11/20/25 | 463900 |
| 1503700 | 4.293 | 11/28/25 | 1477647 |
| 4049500 | 4.298 | 11/28/25 | 3979338 |
| 331000 | 4.304 | 11/28/25 | 325265 |
| 137600 | 4.308 | 11/28/25 | 135216 |
| 31385600 | 4.309 | 11/28/25 | 30841809 |
| 10773800 | 4.298 | 12/04/25 | 10580051 |
| 10136800 | 4.298 | 12/11/25 | 9946327 |
| 1767100 | 4.241 | 12/18/25 | 1732483 |
| 338500 | 4.245 | 12/18/25 | 331869 |
| 1559200 | 4.255 <sup>(c)</sup> | 12/18/25 | 1528656 |
| 1039500 | 4.257 | 12/18/25 | 1019136 |
| 2121300 | 4.281 | 12/18/25 | 2079744 |
| 212100 | 4.287 | 12/18/25 | 207945 |
| 7708500 | 4.297 | 12/18/25 | 7557492 |
| 31314200 | 4.303 | 12/18/25 | 30700759 |
| 5419900 | 4.237 | 12/26/25 | 5310214 |
| 6477900 | 4.240 | 12/26/25 | 6346803 |
| 1455300 | 4.250 | 12/26/25 | 1425848 |
| 2079000 | 4.254 <sup>(c)</sup> | 12/26/25 | 2036926 |
| 14537500 | 4.256 | 12/26/25 | 14243296 |
| 20428200 | 4.267 | 12/26/25 | 20014782 |
| 37478700 | 4.304 | 12/26/25 | 36720221 |
| 5462700 | 4.235 <sup>(c)</sup> | 01/02/26 | 5348670 |
| 4016700 | 4.240 <sup>(c)</sup> | 01/02/26 | 3932854 |
| 4275000 | 4.251 <sup>(c)</sup> | 01/02/26 | 4185762 |
| 39807300 | 4.256 <sup>(c)</sup> | 01/02/26 | 38976347 |
| 17085000 | 4.166 | 03/19/26 | 16596348 |
| 23118600 | 4.029 | 04/16/26 | 22409643 |
| 5446600 | 4.149 | 05/14/26 | 5258116 |
| 35941400 | 4.160 | 06/11/26 | 34584313 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
| $— | 2985500 | 4.285% | 08/15/25 | $2977218 |
|  | 132000 | 4.289 | 08/15/25 | 131807 |
|  | 7660900 | 4.290 | 08/15/25 | 7649704 |
|  | 1853800 | 4.292 | 08/15/25 | 1848657 |
|  | 3956100 | 4.296 | 08/15/25 | 3945126 |
|  | 444600 | 4.299 | 08/15/25 | 443950 |
|  | 177500 | 4.394 | 08/15/25 | 177241 |
|  | 2297000 | 4.460 | 08/15/25 | 2293643 |
|  | 2485200 | 4.216 | 12/31/25 | 2438672 |
|  | 1577500 | 4.231 | 12/31/25 | 1547966 |
|  | 1577500 | 4.251 | 12/31/25 | 1547966 |
|  | 631000 | 4.274 | 12/31/25 | 619186 |
|  | 2002900 | 4.291 | 12/31/25 | 2002390 |
|  | 788700 | 4.300 | 12/31/25 | 788499 |
|  | 631000 | 4.312 | 12/31/25 | 630839 |
|  | 1577300 | 4.315 | 12/31/25 | 1576899 |
|  | 3453300 | 4.227 | 01/31/26 | 3415853 |
|  | 4310000 | 4.228 | 01/31/26 | 4215823 |
|  | 3251000 | 4.178 | 02/28/26 | 3260442 |
|  | 670000 | 4.044 | 03/31/26 | 653784 |
|  | 1750700 | 4.062 | 03/31/26 | 1708327 |
|  | 1318100 | 4.122 | 03/31/26 | 1321675 |
|  | 1856500 | 4.123 | 03/31/26 | 1811566 |
|  | 742600 | 4.132 | 03/31/26 | 744614 |
|  | 551500 | 3.863 | 04/30/26 | 555409 |
|  | 3071800 | 3.875 | 04/30/26 | 2991590 |
|  | 393900 | 3.894 | 04/30/26 | 396692 |
|  | 3229400 | 3.955 | 04/30/26 | 3145075 |
|  | 12545500 | 3.960 | 04/30/26 | 12634421 |
|  | 3643000 | 3.966 | 04/30/26 | 3668821 |
|  | 494000 | 3.976 | 04/30/26 | 497501 |
|  | 1976000 | 4.014 | 04/30/26 | 1990006 |
|  | 2444800 | 4.061 | 04/30/26 | 2380962 |
|  | 698500 | 4.066 | 04/30/26 | 680261 |
|  | 1047800 | 4.070 <sup>(c)</sup> | 04/30/26 | 1020440 |
|  | 698500 | 4.073 | 04/30/26 | 688900 |
|  | 1397000 | 4.101 | 04/30/26 | 1406902 |
|  | 4507000 | 4.108 | 04/30/26 | 4538945 |
|  | 450700 | 4.204 | 04/30/26 | 438932 |
|  | 2185800 | 3.938 | 05/15/26 | 2180022 |
|  | 2360700 | 3.904 | 05/31/26 | 2294452 |
|  | 821900 | 3.934 | 05/31/26 | 798835 |
|  | 1352100 | 4.002 | 06/30/26 | 1324234 |
|  | 1352100 | 4.004 | 06/30/26 | 1310251 |
|  | 1352100 | 4.005 <sup>(c)</sup> | 06/30/26 | 1324234 |
|  | 901400 | 4.006 <sup>(c)</sup> | 06/30/26 | 873500 |
|  | 3520700 | 4.010 | 06/30/26 | 3411729 |
|  | 3520700 | 4.015 | 06/30/26 | 3500153 |
|  | 901400 | 4.034 | 06/30/26 | 873500 |
|  | 901400 | 4.045 | 06/30/26 | 873500 |
|  | 856200 | 4.131 | 06/30/26 | 860419 |
|  | 1541200 | 4.135 | 06/30/26 | 1548794 |
|  | 2136500 | 4.136 | 06/30/26 | 2147028 |
|  | 3520700 | 4.155 | 06/30/26 | 3411729 |
|  | 3723800 | 4.159 | 06/30/26 | 3742149 |
|  | 1910000 | 4.197 | 06/30/26 | 1850883 |
|  | 2571200 | 4.087 | 07/15/26 | 2581634 |
|  | 1714200 | 4.092 | 07/15/26 | 1721156 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** |
| $| $2995100 | 4.107% | 07/15/26 | $3007254 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.125%) |
|  | 3585800 | 4.405 <sup>(a)</sup> | 07/31/25 | 3585990 |
|  | 80700 | 4.410 <sup>(a)</sup> | 07/31/25 | 80704 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.160%) |
|  | 88789100 | 4.440 <sup>(a)</sup> | 04/30/27 | 88808038 |
|  | 19851500 | 4.441 <sup>(a)</sup> | 04/30/27 | 19855734 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.170%) |
|  | 12551700 | 4.416 <sup>(a)</sup> | 10/31/25 | 12548384 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.182%) |
|  | 3900 | 4.469 <sup>(a)</sup> | 07/31/26 | 3897 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.205%) |
|  | 12965800 | 4.483 <sup>(a)</sup> | 10/31/26 | 12968058 |
|  | 8311300 | 4.485 <sup>(a)</sup> | 10/31/26 | 8312748 |
|  | 14245700 | 4.486 <sup>(a)</sup> | 10/31/26 | 14248181 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.245%) |
|  | 43761500 | 4.481 <sup>(a)</sup> | 01/31/26 | 43767196 |
|  | 42582800 | 4.485 <sup>(a)</sup> | 01/31/26 | 42588342 |
| TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | $1393333731 |
| TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | $1782190039 |
| **Repurchase Agreements<sup>(d)</sup> - 62.8%** | **Repurchase Agreements<sup>(d)</sup> - 62.8%** | **Repurchase Agreements<sup>(d)</sup> - 62.8%** | **Repurchase Agreements<sup>(d)</sup> - 62.8%** | **Repurchase Agreements<sup>(d)</sup> - 62.8%** |
|  Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association |
|  | 8000000 | 4.260 | 10/01/25 | $8000000 |
|  Maturity Value: $8,170,400 | Maturity Value: $8,170,400 | Maturity Value: $8,170,400 | Maturity Value: $8,170,400 | Maturity Value: $8,170,400 |
|  Settlement Date: 04/04/25 | Settlement Date: 04/04/25 | Settlement Date: 04/04/25 | Settlement Date: 04/04/25 | Settlement Date: 04/04/25 |
|  Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $8,160,088. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $8,160,088. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $8,160,088. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $8,160,088. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $8,160,088. |
|  | 8000000 | 4.280 | 11/03/25 | $8000000 |
|  Maturity Value: $8,173,102 | Maturity Value: $8,173,102 | Maturity Value: $8,173,102 | Maturity Value: $8,173,102 | Maturity Value: $8,173,102 |
|  Settlement Date: 05/05/25 | Settlement Date: 05/05/25 | Settlement Date: 05/05/25 | Settlement Date: 05/05/25 | Settlement Date: 05/05/25 |
|  Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $8,160,088. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $8,160,088. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $8,160,088. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $8,160,088. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $8,160,088. |
|  | 5000000 | 4.350 | 11/12/25 | $5000000 |
|  Maturity Value: $5,111,167 | Maturity Value: $5,111,167 | Maturity Value: $5,111,167 | Maturity Value: $5,111,167 | Maturity Value: $5,111,167 |
|  Settlement Date: 05/12/25 | Settlement Date: 05/12/25 | Settlement Date: 05/12/25 | Settlement Date: 05/12/25 | Settlement Date: 05/12/25 |
|  Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $5,100,090. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $5,100,090. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $5,100,090. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $5,100,090. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $5,100,090. |
|  | 10000000 | 4.270 | 12/09/25 | $10000000 |
|  Maturity Value: $10,253,828 | Maturity Value: $10,253,828 | Maturity Value: $10,253,828 | Maturity Value: $10,253,828 | Maturity Value: $10,253,828 |
|  Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 |
|  Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $10,200,088. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $10,200,088. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $10,200,088. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $10,200,088. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $10,200,088. |
|  | 15000000 | 3.900 | 03/31/26 | $15000000 |
|  Maturity Value: $15,580,125 | Maturity Value: $15,580,125 | Maturity Value: $15,580,125 | Maturity Value: $15,580,125 | Maturity Value: $15,580,125 |
|  Settlement Date: 04/08/25 | Settlement Date: 04/08/25 | Settlement Date: 04/08/25 | Settlement Date: 04/08/25 | Settlement Date: 04/08/25 |
|  Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $15,300,085. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $15,300,085. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $15,300,085. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $15,300,085. | Collateralized by a U.S. Treasury Note, 1.375%, due 12/31/28. The market value of the collateral, including accrued interest, was $15,300,085. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** |
|  Bank of Montreal (SOFR + 0.300) | Bank of Montreal (SOFR + 0.300) | Bank of Montreal (SOFR + 0.300) | Bank of Montreal (SOFR + 0.300) | Bank of Montreal (SOFR + 0.300) |
| $| 6000000 | 4.420 %<sup>(e)</sup> | 10/10/25 | $6000000 |
|  Maturity Value: $6,316,767 | Maturity Value: $6,316,767 | Maturity Value: $6,316,767 | Maturity Value: $6,316,767 | Maturity Value: $6,316,767 |
|  Settlement Date: 08/06/24 | Settlement Date: 08/06/24 | Settlement Date: 08/06/24 | Settlement Date: 08/06/24 | Settlement Date: 08/06/24 |
|  Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 08/20/25 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $6,179,995. | Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 08/20/25 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $6,179,995. | Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 08/20/25 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $6,179,995. | Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 08/20/25 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $6,179,995. | Collateralized by Government National Mortgage Association, 2.000% to 8.000%, due 08/20/25 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $6,179,995. |
|  Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
|  | 10000000 | 4.390 | 07/03/25 | $10000000 |
|  Maturity Value: $10,041,461 | Maturity Value: $10,041,461 | Maturity Value: $10,041,461 | Maturity Value: $10,041,461 | Maturity Value: $10,041,461 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 07/24/25, a U.S. Treasury Bond, 2.250%, due 08/15/46, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 05/15/41. The aggregate market value of the collateral, including accrued interest, was $10,204,994. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/24/25, a U.S. Treasury Bond, 2.250%, due 08/15/46, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 05/15/41. The aggregate market value of the collateral, including accrued interest, was $10,204,994. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/24/25, a U.S. Treasury Bond, 2.250%, due 08/15/46, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 05/15/41. The aggregate market value of the collateral, including accrued interest, was $10,204,994. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/24/25, a U.S. Treasury Bond, 2.250%, due 08/15/46, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 05/15/41. The aggregate market value of the collateral, including accrued interest, was $10,204,994. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/24/25, a U.S. Treasury Bond, 2.250%, due 08/15/46, a U.S. Treasury Inflation-Indexed Bond, 1.500%, due 02/15/53, a U.S. Treasury Inflation-Indexed Note, 0.250%, due 07/15/29 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/28 to 05/15/41. The aggregate market value of the collateral, including accrued interest, was $10,204,994. |
|  | 35000000 | 4.400 | 07/03/25 | $35000000 |
|  Maturity Value: $35,145,444 | Maturity Value: $35,145,444 | Maturity Value: $35,145,444 | Maturity Value: $35,145,444 | Maturity Value: $35,145,444 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by Federal Farm Credit Bank, 5.420%, due 08/12/33, Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 01/01/28 to 09/01/48, Federal National Mortgage Association, 3.000% to 3.500%, due 08/01/39 to 01/01/47 and Government National Mortgage Association, 2.000% to 6.500%, due 11/15/26 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $36,055,097. | Collateralized by Federal Farm Credit Bank, 5.420%, due 08/12/33, Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 01/01/28 to 09/01/48, Federal National Mortgage Association, 3.000% to 3.500%, due 08/01/39 to 01/01/47 and Government National Mortgage Association, 2.000% to 6.500%, due 11/15/26 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $36,055,097. | Collateralized by Federal Farm Credit Bank, 5.420%, due 08/12/33, Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 01/01/28 to 09/01/48, Federal National Mortgage Association, 3.000% to 3.500%, due 08/01/39 to 01/01/47 and Government National Mortgage Association, 2.000% to 6.500%, due 11/15/26 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $36,055,097. | Collateralized by Federal Farm Credit Bank, 5.420%, due 08/12/33, Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 01/01/28 to 09/01/48, Federal National Mortgage Association, 3.000% to 3.500%, due 08/01/39 to 01/01/47 and Government National Mortgage Association, 2.000% to 6.500%, due 11/15/26 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $36,055,097. | Collateralized by Federal Farm Credit Bank, 5.420%, due 08/12/33, Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 01/01/28 to 09/01/48, Federal National Mortgage Association, 3.000% to 3.500%, due 08/01/39 to 01/01/47 and Government National Mortgage Association, 2.000% to 6.500%, due 11/15/26 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $36,055,097. |
|  Barclays Bank PLC (SOFR + 0.000) | Barclays Bank PLC (SOFR + 0.000) | Barclays Bank PLC (SOFR + 0.000) | Barclays Bank PLC (SOFR + 0.000) | Barclays Bank PLC (SOFR + 0.000) |
|  | 25000000 | 4.390 <sup>(e)</sup> | 07/07/25 | $25000000 |
|  Maturity Value: $25,094,507 | Maturity Value: $25,094,507 | Maturity Value: $25,094,507 | Maturity Value: $25,094,507 | Maturity Value: $25,094,507 |
|  Settlement Date: 06/06/25 | Settlement Date: 06/06/25 | Settlement Date: 06/06/25 | Settlement Date: 06/06/25 | Settlement Date: 06/06/25 |
|  Collateralized by U.S. Treasury Bonds, 1.625% to 3.000%, due 05/15/42 to 11/15/50, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.125%, due 02/15/41 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/26 to 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 08/15/43, a U.S. Treasury Note, 2.750%, due 02/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $25,512,485. | Collateralized by U.S. Treasury Bonds, 1.625% to 3.000%, due 05/15/42 to 11/15/50, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.125%, due 02/15/41 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/26 to 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 08/15/43, a U.S. Treasury Note, 2.750%, due 02/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $25,512,485. | Collateralized by U.S. Treasury Bonds, 1.625% to 3.000%, due 05/15/42 to 11/15/50, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.125%, due 02/15/41 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/26 to 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 08/15/43, a U.S. Treasury Note, 2.750%, due 02/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $25,512,485. | Collateralized by U.S. Treasury Bonds, 1.625% to 3.000%, due 05/15/42 to 11/15/50, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.125%, due 02/15/41 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/26 to 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 08/15/43, a U.S. Treasury Note, 2.750%, due 02/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $25,512,485. | Collateralized by U.S. Treasury Bonds, 1.625% to 3.000%, due 05/15/42 to 11/15/50, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.125%, due 02/15/41 to 02/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 04/15/26 to 01/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/25 to 08/15/43, a U.S. Treasury Note, 2.750%, due 02/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $25,512,485. |
|  | 35000000 | 4.390 <sup>(e)</sup> | 07/09/25 | $35000000 |
|  Maturity Value: $35,772,518 | Maturity Value: $35,772,518 | Maturity Value: $35,772,518 | Maturity Value: $35,772,518 | Maturity Value: $35,772,518 |
|  Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 |
|  Collateralized by U.S. Treasury Bonds, 2.875% to 3.000%, due 05/15/42 to 05/15/49 and a U.S. Treasury Note, 1.375%, due 11/15/31. The aggregate market value of the collateral, including accrued interest, was $35,785,580. | Collateralized by U.S. Treasury Bonds, 2.875% to 3.000%, due 05/15/42 to 05/15/49 and a U.S. Treasury Note, 1.375%, due 11/15/31. The aggregate market value of the collateral, including accrued interest, was $35,785,580. | Collateralized by U.S. Treasury Bonds, 2.875% to 3.000%, due 05/15/42 to 05/15/49 and a U.S. Treasury Note, 1.375%, due 11/15/31. The aggregate market value of the collateral, including accrued interest, was $35,785,580. | Collateralized by U.S. Treasury Bonds, 2.875% to 3.000%, due 05/15/42 to 05/15/49 and a U.S. Treasury Note, 1.375%, due 11/15/31. The aggregate market value of the collateral, including accrued interest, was $35,785,580. | Collateralized by U.S. Treasury Bonds, 2.875% to 3.000%, due 05/15/42 to 05/15/49 and a U.S. Treasury Note, 1.375%, due 11/15/31. The aggregate market value of the collateral, including accrued interest, was $35,785,580. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** |
|  Barclays Bank PLC (SOFR + 0.000) – (continued) | Barclays Bank PLC (SOFR + 0.000) – (continued) | Barclays Bank PLC (SOFR + 0.000) – (continued) | Barclays Bank PLC (SOFR + 0.000) – (continued) | Barclays Bank PLC (SOFR + 0.000) – (continued) |
| $| 10000000 | 4.390 %<sup>(e)</sup> | 07/10/25 | $10000000 |
|  Maturity Value: $10,220,719 | Maturity Value: $10,220,719 | Maturity Value: $10,220,719 | Maturity Value: $10,220,719 | Maturity Value: $10,220,719 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 09/11/25, a U.S. Treasury Bond, 3.750%, due 08/15/41 and U.S. Treasury Notes, 0.500% to 3.875%, due 02/28/27 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $10,224,509. | Collateralized by a U.S. Treasury Bill, 0.000%, due 09/11/25, a U.S. Treasury Bond, 3.750%, due 08/15/41 and U.S. Treasury Notes, 0.500% to 3.875%, due 02/28/27 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $10,224,509. | Collateralized by a U.S. Treasury Bill, 0.000%, due 09/11/25, a U.S. Treasury Bond, 3.750%, due 08/15/41 and U.S. Treasury Notes, 0.500% to 3.875%, due 02/28/27 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $10,224,509. | Collateralized by a U.S. Treasury Bill, 0.000%, due 09/11/25, a U.S. Treasury Bond, 3.750%, due 08/15/41 and U.S. Treasury Notes, 0.500% to 3.875%, due 02/28/27 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $10,224,509. | Collateralized by a U.S. Treasury Bill, 0.000%, due 09/11/25, a U.S. Treasury Bond, 3.750%, due 08/15/41 and U.S. Treasury Notes, 0.500% to 3.875%, due 02/28/27 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $10,224,509. |
|  BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas |
|  | 20000000 | 4.250 <sup>(f)</sup> | 07/08/25 | $20000000 |
|  Maturity Value: $20,427,361 | Maturity Value: $20,427,361 | Maturity Value: $20,427,361 | Maturity Value: $20,427,361 | Maturity Value: $20,427,361 |
|  Settlement Date: 01/08/25 | Settlement Date: 01/08/25 | Settlement Date: 01/08/25 | Settlement Date: 01/08/25 | Settlement Date: 01/08/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 07/01/41 to 07/01/55, Federal National Mortgage Association, 2.000% to 6.500%, due 07/01/32 to 05/01/55 and Government National Mortgage Association, 2.500% to 7.000%, due 04/15/43 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $20,600,002. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 07/01/41 to 07/01/55, Federal National Mortgage Association, 2.000% to 6.500%, due 07/01/32 to 05/01/55 and Government National Mortgage Association, 2.500% to 7.000%, due 04/15/43 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $20,600,002. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 07/01/41 to 07/01/55, Federal National Mortgage Association, 2.000% to 6.500%, due 07/01/32 to 05/01/55 and Government National Mortgage Association, 2.500% to 7.000%, due 04/15/43 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $20,600,002. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 07/01/41 to 07/01/55, Federal National Mortgage Association, 2.000% to 6.500%, due 07/01/32 to 05/01/55 and Government National Mortgage Association, 2.500% to 7.000%, due 04/15/43 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $20,600,002. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 07/01/41 to 07/01/55, Federal National Mortgage Association, 2.000% to 6.500%, due 07/01/32 to 05/01/55 and Government National Mortgage Association, 2.500% to 7.000%, due 04/15/43 to 05/20/55. The aggregate market value of the collateral, including accrued interest, was $20,600,002. |
|  | 10000000 | 4.240 <sup>(f)</sup> | 07/10/25 | $10000000 |
|  Maturity Value: $10,213,178 | Maturity Value: $10,213,178 | Maturity Value: $10,213,178 | Maturity Value: $10,213,178 | Maturity Value: $10,213,178 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 10/07/25, a U.S. Treasury Bond, 4.625%, due 11/15/44, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 05/15/31 to 05/15/48, a U.S. Treasury Note, 3.750%, due 12/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/45 to 02/15/52. The aggregate market value of the collateral, including accrued interest, was $10,199,999. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/07/25, a U.S. Treasury Bond, 4.625%, due 11/15/44, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 05/15/31 to 05/15/48, a U.S. Treasury Note, 3.750%, due 12/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/45 to 02/15/52. The aggregate market value of the collateral, including accrued interest, was $10,199,999. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/07/25, a U.S. Treasury Bond, 4.625%, due 11/15/44, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 05/15/31 to 05/15/48, a U.S. Treasury Note, 3.750%, due 12/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/45 to 02/15/52. The aggregate market value of the collateral, including accrued interest, was $10,199,999. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/07/25, a U.S. Treasury Bond, 4.625%, due 11/15/44, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 05/15/31 to 05/15/48, a U.S. Treasury Note, 3.750%, due 12/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/45 to 02/15/52. The aggregate market value of the collateral, including accrued interest, was $10,199,999. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/07/25, a U.S. Treasury Bond, 4.625%, due 11/15/44, U.S. Treasury Interest- Only Stripped Securities, 0.000%, due 05/15/31 to 05/15/48, a U.S. Treasury Note, 3.750%, due 12/31/28 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/45 to 02/15/52. The aggregate market value of the collateral, including accrued interest, was $10,199,999. |
|  | 10000000 | 4.270 <sup>(f)</sup> | 07/14/25 | $10000000 |
|  Maturity Value: $10,215,872 | Maturity Value: $10,215,872 | Maturity Value: $10,215,872 | Maturity Value: $10,215,872 | Maturity Value: $10,215,872 |
|  Settlement Date: 01/13/25 | Settlement Date: 01/13/25 | Settlement Date: 01/13/25 | Settlement Date: 01/13/25 | Settlement Date: 01/13/25 |
|  Collateralized by a U.S. Treasury Bond, 3.000%, due 11/15/45, a U.S. Treasury Floating Rate Note, 4.463%, due 07/31/26, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/25 to 05/15/39, U.S. Treasury Notes, 0.625% to 3.875%, due 11/30/27 to 09/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/51 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. | Collateralized by a U.S. Treasury Bond, 3.000%, due 11/15/45, a U.S. Treasury Floating Rate Note, 4.463%, due 07/31/26, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/25 to 05/15/39, U.S. Treasury Notes, 0.625% to 3.875%, due 11/30/27 to 09/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/51 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. | Collateralized by a U.S. Treasury Bond, 3.000%, due 11/15/45, a U.S. Treasury Floating Rate Note, 4.463%, due 07/31/26, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/25 to 05/15/39, U.S. Treasury Notes, 0.625% to 3.875%, due 11/30/27 to 09/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/51 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. | Collateralized by a U.S. Treasury Bond, 3.000%, due 11/15/45, a U.S. Treasury Floating Rate Note, 4.463%, due 07/31/26, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/25 to 05/15/39, U.S. Treasury Notes, 0.625% to 3.875%, due 11/30/27 to 09/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/51 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. | Collateralized by a U.S. Treasury Bond, 3.000%, due 11/15/45, a U.S. Treasury Floating Rate Note, 4.463%, due 07/31/26, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/25 to 05/15/39, U.S. Treasury Notes, 0.625% to 3.875%, due 11/30/27 to 09/30/29 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/51 to 11/15/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. |
|  | 12000000 | 4.230 <sup>(f)</sup> | 08/14/25 | $12000000 |
|  Maturity Value: $12,215,730 | Maturity Value: $12,215,730 | Maturity Value: $12,215,730 | Maturity Value: $12,215,730 | Maturity Value: $12,215,730 |
|  Settlement Date: 03/14/25 | Settlement Date: 03/14/25 | Settlement Date: 03/14/25 | Settlement Date: 03/14/25 | Settlement Date: 03/14/25 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 10/16/25, a U.S. Treasury Bond, 4.500%, due 11/15/54 and U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.000%, due 01/15/26 to 02/15/48. The aggregate market value of the collateral, including accrued interest, was $12,240,025. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/16/25, a U.S. Treasury Bond, 4.500%, due 11/15/54 and U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.000%, due 01/15/26 to 02/15/48. The aggregate market value of the collateral, including accrued interest, was $12,240,025. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/16/25, a U.S. Treasury Bond, 4.500%, due 11/15/54 and U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.000%, due 01/15/26 to 02/15/48. The aggregate market value of the collateral, including accrued interest, was $12,240,025. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/16/25, a U.S. Treasury Bond, 4.500%, due 11/15/54 and U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.000%, due 01/15/26 to 02/15/48. The aggregate market value of the collateral, including accrued interest, was $12,240,025. | Collateralized by a U.S. Treasury Bill, 0.000%, due 10/16/25, a U.S. Treasury Bond, 4.500%, due 11/15/54 and U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.000%, due 01/15/26 to 02/15/48. The aggregate market value of the collateral, including accrued interest, was $12,240,025. |
|  | 25000000 | 4.250 <sup>(f)</sup> | 09/18/25 | $25000000 |
|  Maturity Value: $25,543,056 | Maturity Value: $25,543,056 | Maturity Value: $25,543,056 | Maturity Value: $25,543,056 | Maturity Value: $25,543,056 |
|  Settlement Date: 03/18/25 | Settlement Date: 03/18/25 | Settlement Date: 03/18/25 | Settlement Date: 03/18/25 | Settlement Date: 03/18/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 12/01/36 to 07/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 10/01/30 to 04/01/55 and Government National Mortgage Association, 4.000% to 6.000%, due 10/20/48 to 01/20/55. The aggregate market value of the collateral, including accrued interest, was $25,750,003. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 12/01/36 to 07/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 10/01/30 to 04/01/55 and Government National Mortgage Association, 4.000% to 6.000%, due 10/20/48 to 01/20/55. The aggregate market value of the collateral, including accrued interest, was $25,750,003. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 12/01/36 to 07/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 10/01/30 to 04/01/55 and Government National Mortgage Association, 4.000% to 6.000%, due 10/20/48 to 01/20/55. The aggregate market value of the collateral, including accrued interest, was $25,750,003. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 12/01/36 to 07/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 10/01/30 to 04/01/55 and Government National Mortgage Association, 4.000% to 6.000%, due 10/20/48 to 01/20/55. The aggregate market value of the collateral, including accrued interest, was $25,750,003. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 12/01/36 to 07/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 10/01/30 to 04/01/55 and Government National Mortgage Association, 4.000% to 6.000%, due 10/20/48 to 01/20/55. The aggregate market value of the collateral, including accrued interest, was $25,750,003. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** |
|  BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) | BNP Paribas – (continued) |
| $| 15000000 | 4.300 %<sup>(f)</sup> | 10/20/25 | $15000000 |
|  Maturity Value: $15,222,167 | Maturity Value: $15,222,167 | Maturity Value: $15,222,167 | Maturity Value: $15,222,167 | Maturity Value: $15,222,167 |
|  Settlement Date: 06/18/25 | Settlement Date: 06/18/25 | Settlement Date: 06/18/25 | Settlement Date: 06/18/25 | Settlement Date: 06/18/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25. The market value of the collateral, including accrued interest, was $15,300,090. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25. The market value of the collateral, including accrued interest, was $15,300,090. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25. The market value of the collateral, including accrued interest, was $15,300,090. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25. The market value of the collateral, including accrued interest, was $15,300,090. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/25. The market value of the collateral, including accrued interest, was $15,300,090. |
|  | 15000000 | 4.240 <sup>(f)</sup> | 11/10/25 | $15000000 |
|  Maturity Value: $15,326,834 | Maturity Value: $15,326,834 | Maturity Value: $15,326,834 | Maturity Value: $15,326,834 | Maturity Value: $15,326,834 |
|  Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 05/01/44 to 06/01/55, Federal National Mortgage Association, 2.500% to 6.500%, due 11/01/45 to 04/01/55, Government National Mortgage Association, 2.500% to 6.500%, due 07/20/30 to 04/20/55 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/36. The aggregate market value of the collateral, including accrued interest, was $15,442,120. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 05/01/44 to 06/01/55, Federal National Mortgage Association, 2.500% to 6.500%, due 11/01/45 to 04/01/55, Government National Mortgage Association, 2.500% to 6.500%, due 07/20/30 to 04/20/55 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/36. The aggregate market value of the collateral, including accrued interest, was $15,442,120. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 05/01/44 to 06/01/55, Federal National Mortgage Association, 2.500% to 6.500%, due 11/01/45 to 04/01/55, Government National Mortgage Association, 2.500% to 6.500%, due 07/20/30 to 04/20/55 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/36. The aggregate market value of the collateral, including accrued interest, was $15,442,120. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 05/01/44 to 06/01/55, Federal National Mortgage Association, 2.500% to 6.500%, due 11/01/45 to 04/01/55, Government National Mortgage Association, 2.500% to 6.500%, due 07/20/30 to 04/20/55 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/36. The aggregate market value of the collateral, including accrued interest, was $15,442,120. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 05/01/44 to 06/01/55, Federal National Mortgage Association, 2.500% to 6.500%, due 11/01/45 to 04/01/55, Government National Mortgage Association, 2.500% to 6.500%, due 07/20/30 to 04/20/55 and a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 02/15/36. The aggregate market value of the collateral, including accrued interest, was $15,442,120. |
|  | 5000000 | 4.280 <sup>(f)</sup> | 11/28/25 | $5000000 |
|  Maturity Value: $5,108,783 | Maturity Value: $5,108,783 | Maturity Value: $5,108,783 | Maturity Value: $5,108,783 | Maturity Value: $5,108,783 |
|  Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 |
|  Collateralized by a U.S. Treasury Floating Rate Note, 4.463%, due 07/31/26, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26 and a U.S. Treasury Note, 3.750%, due 08/31/26. The aggregate market value of the collateral, including accrued interest, was $5,100,079. | Collateralized by a U.S. Treasury Floating Rate Note, 4.463%, due 07/31/26, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26 and a U.S. Treasury Note, 3.750%, due 08/31/26. The aggregate market value of the collateral, including accrued interest, was $5,100,079. | Collateralized by a U.S. Treasury Floating Rate Note, 4.463%, due 07/31/26, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26 and a U.S. Treasury Note, 3.750%, due 08/31/26. The aggregate market value of the collateral, including accrued interest, was $5,100,079. | Collateralized by a U.S. Treasury Floating Rate Note, 4.463%, due 07/31/26, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26 and a U.S. Treasury Note, 3.750%, due 08/31/26. The aggregate market value of the collateral, including accrued interest, was $5,100,079. | Collateralized by a U.S. Treasury Floating Rate Note, 4.463%, due 07/31/26, a U.S. Treasury Inflation-Indexed Bond, 2.000%, due 01/15/26 and a U.S. Treasury Note, 3.750%, due 08/31/26. The aggregate market value of the collateral, including accrued interest, was $5,100,079. |
|  | 10000000 | 4.300 <sup>(f)</sup> | 11/28/25 | $10000000 |
|  Maturity Value: $10,218,583 | Maturity Value: $10,218,583 | Maturity Value: $10,218,583 | Maturity Value: $10,218,583 | Maturity Value: $10,218,583 |
|  Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 05/01/48 to 05/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 04/01/26 to 05/01/55 and a U.S. Treasury Note, 3.750%, due 08/31/31. The aggregate market value of the collateral, including accrued interest, was $10,299,716. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 05/01/48 to 05/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 04/01/26 to 05/01/55 and a U.S. Treasury Note, 3.750%, due 08/31/31. The aggregate market value of the collateral, including accrued interest, was $10,299,716. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 05/01/48 to 05/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 04/01/26 to 05/01/55 and a U.S. Treasury Note, 3.750%, due 08/31/31. The aggregate market value of the collateral, including accrued interest, was $10,299,716. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 05/01/48 to 05/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 04/01/26 to 05/01/55 and a U.S. Treasury Note, 3.750%, due 08/31/31. The aggregate market value of the collateral, including accrued interest, was $10,299,716. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 05/01/48 to 05/01/55, Federal National Mortgage Association, 1.500% to 6.500%, due 04/01/26 to 05/01/55 and a U.S. Treasury Note, 3.750%, due 08/31/31. The aggregate market value of the collateral, including accrued interest, was $10,299,716. |
|  | 11000000 | 4.270 <sup>(f)</sup> | 12/11/25 | $11000000 |
|  Maturity Value: $11,238,764 | Maturity Value: $11,238,764 | Maturity Value: $11,238,764 | Maturity Value: $11,238,764 | Maturity Value: $11,238,764 |
|  Settlement Date: 06/11/25 | Settlement Date: 06/11/25 | Settlement Date: 06/11/25 | Settlement Date: 06/11/25 | Settlement Date: 06/11/25 |
|  Collateralized by U.S. Treasury Bonds, 3.625% to 4.750%, due 02/15/41 to 05/15/54, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.500% to 1.875%, due 01/15/28 to 07/15/34, U.S. Treasury Notes, 3.750% to 4.625%, due 04/30/27 to 02/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $11,220,013. | Collateralized by U.S. Treasury Bonds, 3.625% to 4.750%, due 02/15/41 to 05/15/54, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.500% to 1.875%, due 01/15/28 to 07/15/34, U.S. Treasury Notes, 3.750% to 4.625%, due 04/30/27 to 02/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $11,220,013. | Collateralized by U.S. Treasury Bonds, 3.625% to 4.750%, due 02/15/41 to 05/15/54, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.500% to 1.875%, due 01/15/28 to 07/15/34, U.S. Treasury Notes, 3.750% to 4.625%, due 04/30/27 to 02/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $11,220,013. | Collateralized by U.S. Treasury Bonds, 3.625% to 4.750%, due 02/15/41 to 05/15/54, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.500% to 1.875%, due 01/15/28 to 07/15/34, U.S. Treasury Notes, 3.750% to 4.625%, due 04/30/27 to 02/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $11,220,013. | Collateralized by U.S. Treasury Bonds, 3.625% to 4.750%, due 02/15/41 to 05/15/54, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, U.S. Treasury Inflation-Indexed Notes, 0.500% to 1.875%, due 01/15/28 to 07/15/34, U.S. Treasury Notes, 3.750% to 4.625%, due 04/30/27 to 02/15/35 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/55. The aggregate market value of the collateral, including accrued interest, was $11,220,013. |
|  BofA Securities, Inc. (SOFR + 0.500) | BofA Securities, Inc. (SOFR + 0.500) | BofA Securities, Inc. (SOFR + 0.500) | BofA Securities, Inc. (SOFR + 0.500) | BofA Securities, Inc. (SOFR + 0.500) |
|  | 25000000 | 4.440 <sup>(e)</sup> | 07/15/25 | $25000000 |
|  Maturity Value: $25,283,666 | Maturity Value: $25,283,666 | Maturity Value: $25,283,666 | Maturity Value: $25,283,666 | Maturity Value: $25,283,666 |
|  Settlement Date: 04/14/25 | Settlement Date: 04/14/25 | Settlement Date: 04/14/25 | Settlement Date: 04/14/25 | Settlement Date: 04/14/25 |
|  Collateralized by Federal National Mortgage Association, 2.125%, due 04/24/26 and a U.S. Treasury Note, 4.750%, due 07/31/25. The aggregate market value of the collateral, including accrued interest, was $25,500,068. | Collateralized by Federal National Mortgage Association, 2.125%, due 04/24/26 and a U.S. Treasury Note, 4.750%, due 07/31/25. The aggregate market value of the collateral, including accrued interest, was $25,500,068. | Collateralized by Federal National Mortgage Association, 2.125%, due 04/24/26 and a U.S. Treasury Note, 4.750%, due 07/31/25. The aggregate market value of the collateral, including accrued interest, was $25,500,068. | Collateralized by Federal National Mortgage Association, 2.125%, due 04/24/26 and a U.S. Treasury Note, 4.750%, due 07/31/25. The aggregate market value of the collateral, including accrued interest, was $25,500,068. | Collateralized by Federal National Mortgage Association, 2.125%, due 04/24/26 and a U.S. Treasury Note, 4.750%, due 07/31/25. The aggregate market value of the collateral, including accrued interest, was $25,500,068. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** |
|  BofA Securities, Inc. (SOFR + 0.500) – (continued) | BofA Securities, Inc. (SOFR + 0.500) – (continued) | BofA Securities, Inc. (SOFR + 0.500) – (continued) | BofA Securities, Inc. (SOFR + 0.500) – (continued) | BofA Securities, Inc. (SOFR + 0.500) – (continued) |
| $| 27000000 | 4.440 %<sup>(e)</sup> | 10/29/25 | $27000000 |
|  Maturity Value: $27,915,750 | Maturity Value: $27,915,750 | Maturity Value: $27,915,750 | Maturity Value: $27,915,750 | Maturity Value: $27,915,750 |
|  Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 |
|  Collateralized by a U.S. Treasury Bond, 4.375%, due 05/15/40 and U.S. Treasury Notes, 0.500% to 5.000%, due 08/31/25 to 10/31/28. The aggregate market value of the collateral, including accrued interest, was $27,540,012. | Collateralized by a U.S. Treasury Bond, 4.375%, due 05/15/40 and U.S. Treasury Notes, 0.500% to 5.000%, due 08/31/25 to 10/31/28. The aggregate market value of the collateral, including accrued interest, was $27,540,012. | Collateralized by a U.S. Treasury Bond, 4.375%, due 05/15/40 and U.S. Treasury Notes, 0.500% to 5.000%, due 08/31/25 to 10/31/28. The aggregate market value of the collateral, including accrued interest, was $27,540,012. | Collateralized by a U.S. Treasury Bond, 4.375%, due 05/15/40 and U.S. Treasury Notes, 0.500% to 5.000%, due 08/31/25 to 10/31/28. The aggregate market value of the collateral, including accrued interest, was $27,540,012. | Collateralized by a U.S. Treasury Bond, 4.375%, due 05/15/40 and U.S. Treasury Notes, 0.500% to 5.000%, due 08/31/25 to 10/31/28. The aggregate market value of the collateral, including accrued interest, was $27,540,012. |
|  BofA Securities, Inc. (SOFR + 0.400) | BofA Securities, Inc. (SOFR + 0.400) | BofA Securities, Inc. (SOFR + 0.400) | BofA Securities, Inc. (SOFR + 0.400) | BofA Securities, Inc. (SOFR + 0.400) |
|  | 3000000 | 4.430 <sup>(e)</sup> | 07/09/25 | $3000000 |
|  Maturity Value: $3,066,819 | Maturity Value: $3,066,819 | Maturity Value: $3,066,819 | Maturity Value: $3,066,819 | Maturity Value: $3,066,819 |
|  Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 07/03/25 to 08/28/25 and U.S. Treasury Notes, 0.500% to 4.250%, due 12/31/26 to 08/31/27. The aggregate market value of the collateral, including accrued interest, was $3,060,028. | Collateralized by U.S. Treasury Bills, 0.000%, due 07/03/25 to 08/28/25 and U.S. Treasury Notes, 0.500% to 4.250%, due 12/31/26 to 08/31/27. The aggregate market value of the collateral, including accrued interest, was $3,060,028. | Collateralized by U.S. Treasury Bills, 0.000%, due 07/03/25 to 08/28/25 and U.S. Treasury Notes, 0.500% to 4.250%, due 12/31/26 to 08/31/27. The aggregate market value of the collateral, including accrued interest, was $3,060,028. | Collateralized by U.S. Treasury Bills, 0.000%, due 07/03/25 to 08/28/25 and U.S. Treasury Notes, 0.500% to 4.250%, due 12/31/26 to 08/31/27. The aggregate market value of the collateral, including accrued interest, was $3,060,028. | Collateralized by U.S. Treasury Bills, 0.000%, due 07/03/25 to 08/28/25 and U.S. Treasury Notes, 0.500% to 4.250%, due 12/31/26 to 08/31/27. The aggregate market value of the collateral, including accrued interest, was $3,060,028. |
|  | 27000000 | 4.430 <sup>(e)</sup> | 07/28/25 | $27000000 |
|  Maturity Value: $27,604,695 | Maturity Value: $27,604,695 | Maturity Value: $27,604,695 | Maturity Value: $27,604,695 | Maturity Value: $27,604,695 |
|  Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 | Settlement Date: 01/27/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 4.610%, due 05/23/28 and a U.S. Treasury Note, 4.125%, due 03/31/31. The aggregate market value of the collateral, including accrued interest, was $27,540,099. | Collateralized by Federal Home Loan Mortgage Corp., 4.610%, due 05/23/28 and a U.S. Treasury Note, 4.125%, due 03/31/31. The aggregate market value of the collateral, including accrued interest, was $27,540,099. | Collateralized by Federal Home Loan Mortgage Corp., 4.610%, due 05/23/28 and a U.S. Treasury Note, 4.125%, due 03/31/31. The aggregate market value of the collateral, including accrued interest, was $27,540,099. | Collateralized by Federal Home Loan Mortgage Corp., 4.610%, due 05/23/28 and a U.S. Treasury Note, 4.125%, due 03/31/31. The aggregate market value of the collateral, including accrued interest, was $27,540,099. | Collateralized by Federal Home Loan Mortgage Corp., 4.610%, due 05/23/28 and a U.S. Treasury Note, 4.125%, due 03/31/31. The aggregate market value of the collateral, including accrued interest, was $27,540,099. |
|  Citibank, National Association (SOFR + 0.100) | Citibank, National Association (SOFR + 0.100) | Citibank, National Association (SOFR + 0.100) | Citibank, National Association (SOFR + 0.100) | Citibank, National Association (SOFR + 0.100) |
|  | 12000000 | 4.400 <sup>(e)</sup> | 07/14/25 | $12000000 |
|  Maturity Value: $12,378,400 | Maturity Value: $12,378,400 | Maturity Value: $12,378,400 | Maturity Value: $12,378,400 | Maturity Value: $12,378,400 |
|  Settlement Date: 10/29/24 | Settlement Date: 10/29/24 | Settlement Date: 10/29/24 | Settlement Date: 10/29/24 | Settlement Date: 10/29/24 |
|  Collateralized by Government National Mortgage Association, 3.500% to 5.500%, due 05/20/49 to 11/20/52. The aggregate market value of the collateral, including accrued interest, was $12,240,000. | Collateralized by Government National Mortgage Association, 3.500% to 5.500%, due 05/20/49 to 11/20/52. The aggregate market value of the collateral, including accrued interest, was $12,240,000. | Collateralized by Government National Mortgage Association, 3.500% to 5.500%, due 05/20/49 to 11/20/52. The aggregate market value of the collateral, including accrued interest, was $12,240,000. | Collateralized by Government National Mortgage Association, 3.500% to 5.500%, due 05/20/49 to 11/20/52. The aggregate market value of the collateral, including accrued interest, was $12,240,000. | Collateralized by Government National Mortgage Association, 3.500% to 5.500%, due 05/20/49 to 11/20/52. The aggregate market value of the collateral, including accrued interest, was $12,240,000. |
|  Citigroup Global Markets, Inc. (SOFR + 0.100) | Citigroup Global Markets, Inc. (SOFR + 0.100) | Citigroup Global Markets, Inc. (SOFR + 0.100) | Citigroup Global Markets, Inc. (SOFR + 0.100) | Citigroup Global Markets, Inc. (SOFR + 0.100) |
|  | 30000000 | 4.400 <sup>(e)</sup> | 07/18/25 | $30000000 |
|  Maturity Value: $30,674,667 | Maturity Value: $30,674,667 | Maturity Value: $30,674,667 | Maturity Value: $30,674,667 | Maturity Value: $30,674,667 |
|  Settlement Date: 01/15/25 | Settlement Date: 01/15/25 | Settlement Date: 01/15/25 | Settlement Date: 01/15/25 | Settlement Date: 01/15/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.875%, due 01/15/29 and U.S. Treasury Notes, 1.375% to 4.250%, due 12/31/28 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $30,600,029. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.875%, due 01/15/29 and U.S. Treasury Notes, 1.375% to 4.250%, due 12/31/28 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $30,600,029. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.875%, due 01/15/29 and U.S. Treasury Notes, 1.375% to 4.250%, due 12/31/28 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $30,600,029. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.875%, due 01/15/29 and U.S. Treasury Notes, 1.375% to 4.250%, due 12/31/28 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $30,600,029. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.875%, due 01/15/29 and U.S. Treasury Notes, 1.375% to 4.250%, due 12/31/28 to 02/28/29. The aggregate market value of the collateral, including accrued interest, was $30,600,029. |
|  | 10000000 | 4.400 <sup>(e)</sup> | 09/22/25 | $10000000 |
|  Maturity Value: $10,227,333 | Maturity Value: $10,227,333 | Maturity Value: $10,227,333 | Maturity Value: $10,227,333 | Maturity Value: $10,227,333 |
|  Settlement Date: 03/20/25 | Settlement Date: 03/20/25 | Settlement Date: 03/20/25 | Settlement Date: 03/20/25 | Settlement Date: 03/20/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/29 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 10/31/29. The aggregate market value of the collateral, including accrued interest, was $10,200,065. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/29 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 10/31/29. The aggregate market value of the collateral, including accrued interest, was $10,200,065. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/29 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 10/31/29. The aggregate market value of the collateral, including accrued interest, was $10,200,065. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/29 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 10/31/29. The aggregate market value of the collateral, including accrued interest, was $10,200,065. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/29 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 10/31/29. The aggregate market value of the collateral, including accrued interest, was $10,200,065. |
|  Citigroup Global Markets, Inc. (SOFR + 0.200) | Citigroup Global Markets, Inc. (SOFR + 0.200) | Citigroup Global Markets, Inc. (SOFR + 0.200) | Citigroup Global Markets, Inc. (SOFR + 0.200) | Citigroup Global Markets, Inc. (SOFR + 0.200) |
|  | 20000000 | 4.410 <sup>(e)</sup> | 07/15/25 | $20000000 |
|  Maturity Value: $20,455,700 | Maturity Value: $20,455,700 | Maturity Value: $20,455,700 | Maturity Value: $20,455,700 | Maturity Value: $20,455,700 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $20,400,063. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $20,400,063. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $20,400,063. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $20,400,063. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $20,400,063. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** |
|  Citigroup Global Markets, Inc. (SOFR + 0.200) – (continued) | Citigroup Global Markets, Inc. (SOFR + 0.200) – (continued) | Citigroup Global Markets, Inc. (SOFR + 0.200) – (continued) | Citigroup Global Markets, Inc. (SOFR + 0.200) – (continued) | Citigroup Global Markets, Inc. (SOFR + 0.200) – (continued) |
| $| 40000000 | 4.410 %<sup>(e)</sup> | 07/18/25 | $40000000 |
|  Maturity Value: $40,901,600 | Maturity Value: $40,901,600 | Maturity Value: $40,901,600 | Maturity Value: $40,901,600 | Maturity Value: $40,901,600 |
|  Settlement Date: 01/15/25 | Settlement Date: 01/15/25 | Settlement Date: 01/15/25 | Settlement Date: 01/15/25 | Settlement Date: 01/15/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $40,800,014. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $40,800,014. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $40,800,014. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $40,800,014. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $40,800,014. |
|  | 15000000 | 4.410 <sup>(e)</sup> | 09/22/25 | $15000000 |
|  Maturity Value: $15,341,775 | Maturity Value: $15,341,775 | Maturity Value: $15,341,775 | Maturity Value: $15,341,775 | Maturity Value: $15,341,775 |
|  Settlement Date: 03/20/25 | Settlement Date: 03/20/25 | Settlement Date: 03/20/25 | Settlement Date: 03/20/25 | Settlement Date: 03/20/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $15,300,047. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $15,300,047. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $15,300,047. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $15,300,047. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $15,300,047. |
|  | 40000000 | 4.410 <sup>(e)</sup> | 10/10/25 | $40000000 |
|  Maturity Value: $41,185,800 | Maturity Value: $41,185,800 | Maturity Value: $41,185,800 | Maturity Value: $41,185,800 | Maturity Value: $41,185,800 |
|  Settlement Date: 02/10/25 | Settlement Date: 02/10/25 | Settlement Date: 02/10/25 | Settlement Date: 02/10/25 | Settlement Date: 02/10/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $40,800,014. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $40,800,014. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $40,800,014. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $40,800,014. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $40,800,014. |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
|  | 5000000 | 4.310 <sup>(f)</sup> | 07/07/25 | $5000000 |
|  Maturity Value: $5,110,743 | Maturity Value: $5,110,743 | Maturity Value: $5,110,743 | Maturity Value: $5,110,743 | Maturity Value: $5,110,743 |
|  Settlement Date: 01/03/25 | Settlement Date: 01/03/25 | Settlement Date: 01/03/25 | Settlement Date: 01/03/25 | Settlement Date: 01/03/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. |
|  | 5000000 | 4.320 | 07/09/25 | $5000000 |
|  Maturity Value: $5,108,600 | Maturity Value: $5,108,600 | Maturity Value: $5,108,600 | Maturity Value: $5,108,600 | Maturity Value: $5,108,600 |
|  Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. |
|  | 5000000 | 4.320 | 07/09/25 | $5000000 |
|  Maturity Value: $5,108,600 | Maturity Value: $5,108,600 | Maturity Value: $5,108,600 | Maturity Value: $5,108,600 | Maturity Value: $5,108,600 |
|  Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 | Settlement Date: 01/09/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $5,100,024. |
|  | 10000000 | 4.400 | 07/21/25 | $10000000 |
|  Maturity Value: $10,184,556 | Maturity Value: $10,184,556 | Maturity Value: $10,184,556 | Maturity Value: $10,184,556 | Maturity Value: $10,184,556 |
|  Settlement Date: 02/20/25 | Settlement Date: 02/20/25 | Settlement Date: 02/20/25 | Settlement Date: 02/20/25 | Settlement Date: 02/20/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,036. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,036. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,036. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,036. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%,<br>due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%,<br>due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,036. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** |
|  Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) | Citigroup Global Markets, Inc. – (continued) |
| $| 5000000 | 4.300% | 09/17/25 | $5000000 |
|  Maturity Value: $5,109,889 | Maturity Value: $5,109,889 | Maturity Value: $5,109,889 | Maturity Value: $5,109,889 | Maturity Value: $5,109,889 |
|  Settlement Date: 03/17/25 | Settlement Date: 03/17/25 | Settlement Date: 03/17/25 | Settlement Date: 03/17/25 | Settlement Date: 03/17/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $5,100,022. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $5,100,022. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $5,100,022. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $5,100,022. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $5,100,022. |
|  | 2000000 | 4.250 | 10/02/25 | $2000000 |
|  Maturity Value: $2,042,972 | Maturity Value: $2,042,972 | Maturity Value: $2,042,972 | Maturity Value: $2,042,972 | Maturity Value: $2,042,972 |
|  Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. |
|  | 2000000 | 4.250 | 10/02/25 | $2000000 |
|  Maturity Value: $2,042,972 | Maturity Value: $2,042,972 | Maturity Value: $2,042,972 | Maturity Value: $2,042,972 | Maturity Value: $2,042,972 |
|  Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. |
|  | 2000000 | 4.250 | 10/02/25 | $2000000 |
|  Maturity Value: $2,042,972 | Maturity Value: $2,042,972 | Maturity Value: $2,042,972 | Maturity Value: $2,042,972 | Maturity Value: $2,042,972 |
|  Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 | Settlement Date: 04/03/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $2,040,031. |
|  | 5000000 | 4.290 | 10/31/25 | $5000000 |
|  Maturity Value: $5,162,663 | Maturity Value: $5,162,663 | Maturity Value: $5,162,663 | Maturity Value: $5,162,663 | Maturity Value: $5,162,663 |
|  Settlement Date: 01/31/25 | Settlement Date: 01/31/25 | Settlement Date: 01/31/25 | Settlement Date: 01/31/25 | Settlement Date: 01/31/25 |
|  Collateralized by Federal Home Loan Mortgage Corp.,<br> 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $5,100,022. | Collateralized by Federal Home Loan Mortgage Corp.,<br> 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $5,100,022. | Collateralized by Federal Home Loan Mortgage Corp.,<br> 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $5,100,022. | Collateralized by Federal Home Loan Mortgage Corp.,<br> 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $5,100,022. | Collateralized by Federal Home Loan Mortgage Corp.,<br> 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.250%, due 02/15/27. The aggregate market value of the collateral, including accrued interest, was $5,100,022. |
|  | 7000000 | 4.380 | 11/28/25 | $7000000 |
|  Maturity Value: $7,155,855 | Maturity Value: $7,155,855 | Maturity Value: $7,155,855 | Maturity Value: $7,155,855 | Maturity Value: $7,155,855 |
|  Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 | Settlement Date: 05/29/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.625%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $7,140,008. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.625%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $7,140,008. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.625%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $7,140,008. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.625%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $7,140,008. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.625%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $7,140,008. |
|  | 7000000 | 4.310 | 01/16/26 | $7000000 |
|  Maturity Value: $7,179,344 | Maturity Value: $7,179,344 | Maturity Value: $7,179,344 | Maturity Value: $7,179,344 | Maturity Value: $7,179,344 |
|  Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.625%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $7,140,008. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.625%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $7,140,008. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.625%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $7,140,008. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.625%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $7,140,008. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 06/01/55, Federal National Mortgage Association, 6.000%, due 06/01/55 and a U.S. Treasury Note, 2.625%, due 07/31/29. The aggregate market value of the collateral, including accrued interest, was $7,140,008. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** |
|  Citigroup Global Markets, Inc. (SOFR + 0.000) | Citigroup Global Markets, Inc. (SOFR + 0.000) | Citigroup Global Markets, Inc. (SOFR + 0.000) | Citigroup Global Markets, Inc. (SOFR + 0.000) | Citigroup Global Markets, Inc. (SOFR + 0.000) |
| $| 15000000 | 4.390 %<sup>(e)</sup> | 01/05/26 | $15000000 |
|  Maturity Value: $15,504,850 | Maturity Value: $15,504,850 | Maturity Value: $15,504,850 | Maturity Value: $15,504,850 | Maturity Value: $15,504,850 |
|  Settlement Date: 04/04/25 | Settlement Date: 04/04/25 | Settlement Date: 04/04/25 | Settlement Date: 04/04/25 | Settlement Date: 04/04/25 |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $15,300,047. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $15,300,047. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $15,300,047. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $15,300,047. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 1.625%, due 10/15/27 and U.S. Treasury Notes, 2.250% to 4.125%, due 02/15/27 to 12/31/27. The aggregate market value of the collateral, including accrued interest, was $15,300,047. |
|  Credit Agricole Corporate and Investment Bank (SOFR + 0.000) | Credit Agricole Corporate and Investment Bank (SOFR + 0.000) | Credit Agricole Corporate and Investment Bank (SOFR + 0.000) | Credit Agricole Corporate and Investment Bank (SOFR + 0.000) | Credit Agricole Corporate and Investment Bank (SOFR + 0.000) |
|  | 25000000 | 4.390 <sup>(e)</sup> | 07/03/25 | $25000000 |
|  Maturity Value: $25,530,458 | Maturity Value: $25,530,458 | Maturity Value: $25,530,458 | Maturity Value: $25,530,458 | Maturity Value: $25,530,458 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by U.S. Treasury Notes, 0.625% to 4.375%, due 01/31/28 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $25,500,091. | Collateralized by U.S. Treasury Notes, 0.625% to 4.375%, due 01/31/28 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $25,500,091. | Collateralized by U.S. Treasury Notes, 0.625% to 4.375%, due 01/31/28 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $25,500,091. | Collateralized by U.S. Treasury Notes, 0.625% to 4.375%, due 01/31/28 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $25,500,091. | Collateralized by U.S. Treasury Notes, 0.625% to 4.375%, due 01/31/28 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $25,500,091. |
|  | 45000000 | 4.390 <sup>(e)</sup> | 07/03/25 | $45000000 |
|  Maturity Value: $45,954,825 | Maturity Value: $45,954,825 | Maturity Value: $45,954,825 | Maturity Value: $45,954,825 | Maturity Value: $45,954,825 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by U.S. Treasury Notes, 0.625% to 4.375%, due 01/31/28 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $45,900,092. | Collateralized by U.S. Treasury Notes, 0.625% to 4.375%, due 01/31/28 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $45,900,092. | Collateralized by U.S. Treasury Notes, 0.625% to 4.375%, due 01/31/28 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $45,900,092. | Collateralized by U.S. Treasury Notes, 0.625% to 4.375%, due 01/31/28 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $45,900,092. | Collateralized by U.S. Treasury Notes, 0.625% to 4.375%, due 01/31/28 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $45,900,092. |
|  | 8000000 | 4.390 <sup>(e)</sup> | 09/18/25 | $8000000 |
|  Maturity Value: $8,198,038 | Maturity Value: $8,198,038 | Maturity Value: $8,198,038 | Maturity Value: $8,198,038 | Maturity Value: $8,198,038 |
|  Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 |
|  Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $8,160,068. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $8,160,068. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $8,160,068. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $8,160,068. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $8,160,068. |
|  | 19000000 | 4.390 <sup>(e)</sup> | 09/25/25 | $19000000 |
|  Maturity Value: $19,486,558 | Maturity Value: $19,486,558 | Maturity Value: $19,486,558 | Maturity Value: $19,486,558 | Maturity Value: $19,486,558 |
|  Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 | Settlement Date: 02/27/25 |
|  Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $19,380,036. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $19,380,036. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $19,380,036. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $19,380,036. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $19,380,036. |
|  | 20000000 | 4.390 <sup>(e)</sup> | 01/12/26 | $20000000 |
|  Maturity Value: $20,521,922 | Maturity Value: $20,521,922 | Maturity Value: $20,521,922 | Maturity Value: $20,521,922 | Maturity Value: $20,521,922 |
|  Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 |
|  Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $20,400,055. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $20,400,055. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $20,400,055. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $20,400,055. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $20,400,055. |
|  | 20000000 | 4.390 <sup>(e)</sup> | 01/12/26 | $20000000 |
|  Maturity Value: $20,521,922 | Maturity Value: $20,521,922 | Maturity Value: $20,521,922 | Maturity Value: $20,521,922 | Maturity Value: $20,521,922 |
|  Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 | Settlement Date: 06/12/25 |
|  Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $20,400,055. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $20,400,055. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $20,400,055. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $20,400,055. | Collateralized by U.S. Treasury Notes, 1.500% to 4.625%, due 06/30/26 to 05/15/34. The aggregate market value of the collateral, including accrued interest, was $20,400,055. |
|  HSBC Bank PLC (SOFR + 0.100) | HSBC Bank PLC (SOFR + 0.100) | HSBC Bank PLC (SOFR + 0.100) | HSBC Bank PLC (SOFR + 0.100) | HSBC Bank PLC (SOFR + 0.100) |
|  | 18000000 | 4.400 <sup>(e)</sup> | 07/14/25 | $18000000 |
|  Maturity Value: $18,576,400 | Maturity Value: $18,576,400 | Maturity Value: $18,576,400 | Maturity Value: $18,576,400 | Maturity Value: $18,576,400 |
|  Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 | Settlement Date: 10/25/24 |
|  Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.625% to 1.750%, due 01/15/28 to 02/15/43 and a U.S. Treasury Note, 2.250%, due 08/15/27. The aggregate market value of the collateral, including accrued interest, was $18,362,327. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.625% to 1.750%, due 01/15/28 to 02/15/43 and a U.S. Treasury Note, 2.250%, due 08/15/27. The aggregate market value of the collateral, including accrued interest, was $18,362,327. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.625% to 1.750%, due 01/15/28 to 02/15/43 and a U.S. Treasury Note, 2.250%, due 08/15/27. The aggregate market value of the collateral, including accrued interest, was $18,362,327. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.625% to 1.750%, due 01/15/28 to 02/15/43 and a U.S. Treasury Note, 2.250%, due 08/15/27. The aggregate market value of the collateral, including accrued interest, was $18,362,327. | Collateralized by U.S. Treasury Inflation-Indexed Bonds, 0.625% to 1.750%, due 01/15/28 to 02/15/43 and a U.S. Treasury Note, 2.250%, due 08/15/27. The aggregate market value of the collateral, including accrued interest, was $18,362,327. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** |
|  HSBC Securities (USA), Inc. (SOFR + 0.100) | HSBC Securities (USA), Inc. (SOFR + 0.100) | HSBC Securities (USA), Inc. (SOFR + 0.100) | HSBC Securities (USA), Inc. (SOFR + 0.100) | HSBC Securities (USA), Inc. (SOFR + 0.100) |
| $| 40000000 | 4.400 %<sup>(e)</sup> | 07/14/25 | $40000000 |
|  Maturity Value: $41,285,778 | Maturity Value: $41,285,778 | Maturity Value: $41,285,778 | Maturity Value: $41,285,778 | Maturity Value: $41,285,778 |
|  Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 |
|  Collateralized by Federal National Mortgage Association, 5.000% to 6.000%, due 07/01/54 to 01/01/55 and Government National Mortgage Association, 2.500% to 5.000%, due 10/20/27 to 03/20/51. The aggregate market value of the collateral, including accrued interest, was $41,205,035. | Collateralized by Federal National Mortgage Association, 5.000% to 6.000%, due 07/01/54 to 01/01/55 and Government National Mortgage Association, 2.500% to 5.000%, due 10/20/27 to 03/20/51. The aggregate market value of the collateral, including accrued interest, was $41,205,035. | Collateralized by Federal National Mortgage Association, 5.000% to 6.000%, due 07/01/54 to 01/01/55 and Government National Mortgage Association, 2.500% to 5.000%, due 10/20/27 to 03/20/51. The aggregate market value of the collateral, including accrued interest, was $41,205,035. | Collateralized by Federal National Mortgage Association, 5.000% to 6.000%, due 07/01/54 to 01/01/55 and Government National Mortgage Association, 2.500% to 5.000%, due 10/20/27 to 03/20/51. The aggregate market value of the collateral, including accrued interest, was $41,205,035. | Collateralized by Federal National Mortgage Association, 5.000% to 6.000%, due 07/01/54 to 01/01/55 and Government National Mortgage Association, 2.500% to 5.000%, due 10/20/27 to 03/20/51. The aggregate market value of the collateral, including accrued interest, was $41,205,035. |
|  HSBC Securities (USA), Inc. (SOFR + 0.000) | HSBC Securities (USA), Inc. (SOFR + 0.000) | HSBC Securities (USA), Inc. (SOFR + 0.000) | HSBC Securities (USA), Inc. (SOFR + 0.000) | HSBC Securities (USA), Inc. (SOFR + 0.000) |
|  | 12000000 | 4.390 <sup>(e)</sup> | 07/14/25 | $12000000 |
|  Maturity Value: $12,384,856 | Maturity Value: $12,384,856 | Maturity Value: $12,384,856 | Maturity Value: $12,384,856 | Maturity Value: $12,384,856 |
|  Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 07/31/25. The market value of the collateral, including accrued interest, was $12,241,545. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/31/25. The market value of the collateral, including accrued interest, was $12,241,545. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/31/25. The market value of the collateral, including accrued interest, was $12,241,545. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/31/25. The market value of the collateral, including accrued interest, was $12,241,545. | Collateralized by a U.S. Treasury Bill, 0.000%, due 07/31/25. The market value of the collateral, including accrued interest, was $12,241,545. |
|  J.P. Morgan Securities LLC (SOFR + 0.200) | J.P. Morgan Securities LLC (SOFR + 0.200) | J.P. Morgan Securities LLC (SOFR + 0.200) | J.P. Morgan Securities LLC (SOFR + 0.200) | J.P. Morgan Securities LLC (SOFR + 0.200) |
|  | 10000000 | 4.410 <sup>(e)</sup> | 07/07/25 | $10000000 |
|  Maturity Value: $10,218,050 | Maturity Value: $10,218,050 | Maturity Value: $10,218,050 | Maturity Value: $10,218,050 | Maturity Value: $10,218,050 |
|  Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 | Settlement Date: 01/10/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 03/01/54. The market value of the collateral, including accrued interest, was $10,335,943. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 03/01/54. The market value of the collateral, including accrued interest, was $10,335,943. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 03/01/54. The market value of the collateral, including accrued interest, was $10,335,943. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 03/01/54. The market value of the collateral, including accrued interest, was $10,335,943. | Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 03/01/54. The market value of the collateral, including accrued interest, was $10,335,943. |
|  | 30000000 | 4.410 <sup>(e)</sup> | 07/14/25 | $30000000 |
|  Maturity Value: $30,139,650 | Maturity Value: $30,139,650 | Maturity Value: $30,139,650 | Maturity Value: $30,139,650 | Maturity Value: $30,139,650 |
|  Settlement Date: 06/06/25 | Settlement Date: 06/06/25 | Settlement Date: 06/06/25 | Settlement Date: 06/06/25 | Settlement Date: 06/06/25 |
|  Collateralized by Federal Farm Credit Bank, 2.000% to 4.630%, due 03/24/26 to 01/28/41, Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 09/01/31 to 01/01/55 and Government National Mortgage Association, 3.000% to 7.000%, due 09/15/26 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $30,798,212. | Collateralized by Federal Farm Credit Bank, 2.000% to 4.630%, due 03/24/26 to 01/28/41, Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 09/01/31 to 01/01/55 and Government National Mortgage Association, 3.000% to 7.000%, due 09/15/26 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $30,798,212. | Collateralized by Federal Farm Credit Bank, 2.000% to 4.630%, due 03/24/26 to 01/28/41, Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 09/01/31 to 01/01/55 and Government National Mortgage Association, 3.000% to 7.000%, due 09/15/26 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $30,798,212. | Collateralized by Federal Farm Credit Bank, 2.000% to 4.630%, due 03/24/26 to 01/28/41, Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 09/01/31 to 01/01/55 and Government National Mortgage Association, 3.000% to 7.000%, due 09/15/26 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $30,798,212. | Collateralized by Federal Farm Credit Bank, 2.000% to 4.630%, due 03/24/26 to 01/28/41, Federal Home Loan Mortgage Corp., 2.000% to 7.500%, due 09/01/31 to 01/01/55 and Government National Mortgage Association, 3.000% to 7.000%, due 09/15/26 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $30,798,212. |
|  | 13000000 | 4.410 <sup>(e)</sup> | 07/28/25 | $13000000 |
|  Maturity Value: $13,288,242 | Maturity Value: $13,288,242 | Maturity Value: $13,288,242 | Maturity Value: $13,288,242 | Maturity Value: $13,288,242 |
|  Settlement Date: 01/28/25 | Settlement Date: 01/28/25 | Settlement Date: 01/28/25 | Settlement Date: 01/28/25 | Settlement Date: 01/28/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 01/01/39 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $13,436,724. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 01/01/39 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $13,436,724. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 01/01/39 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $13,436,724. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 01/01/39 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $13,436,724. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 01/01/39 to 06/01/55. The aggregate market value of the collateral, including accrued interest, was $13,436,724. |
|  | 26000000 | 4.410 <sup>(e)</sup> | 08/06/25 | $26000000 |
|  Maturity Value: $26,576,485 | Maturity Value: $26,576,485 | Maturity Value: $26,576,485 | Maturity Value: $26,576,485 | Maturity Value: $26,576,485 |
|  Settlement Date: 02/06/25 | Settlement Date: 02/06/25 | Settlement Date: 02/06/25 | Settlement Date: 02/06/25 | Settlement Date: 02/06/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 5.500%, due 01/01/34 to 10/01/54, Federal National Mortgage Association, 3.500% to 7.500%, due 02/01/27 to 01/01/54, Government National Mortgage Association, 2.000% to 7.000%, due 11/20/32 to 06/20/55 and a U.S. Treasury Bond, 3.375%, due 08/15/42. The aggregate market value of the collateral, including accrued interest, was $26,843,723. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 5.500%, due 01/01/34 to 10/01/54, Federal National Mortgage Association, 3.500% to 7.500%, due 02/01/27 to 01/01/54, Government National Mortgage Association, 2.000% to 7.000%, due 11/20/32 to 06/20/55 and a U.S. Treasury Bond, 3.375%, due 08/15/42. The aggregate market value of the collateral, including accrued interest, was $26,843,723. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 5.500%, due 01/01/34 to 10/01/54, Federal National Mortgage Association, 3.500% to 7.500%, due 02/01/27 to 01/01/54, Government National Mortgage Association, 2.000% to 7.000%, due 11/20/32 to 06/20/55 and a U.S. Treasury Bond, 3.375%, due 08/15/42. The aggregate market value of the collateral, including accrued interest, was $26,843,723. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 5.500%, due 01/01/34 to 10/01/54, Federal National Mortgage Association, 3.500% to 7.500%, due 02/01/27 to 01/01/54, Government National Mortgage Association, 2.000% to 7.000%, due 11/20/32 to 06/20/55 and a U.S. Treasury Bond, 3.375%, due 08/15/42. The aggregate market value of the collateral, including accrued interest, was $26,843,723. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 5.500%, due 01/01/34 to 10/01/54, Federal National Mortgage Association, 3.500% to 7.500%, due 02/01/27 to 01/01/54, Government National Mortgage Association, 2.000% to 7.000%, due 11/20/32 to 06/20/55 and a U.S. Treasury Bond, 3.375%, due 08/15/42. The aggregate market value of the collateral, including accrued interest, was $26,843,723. |
|  Joint Account III | Joint Account III | Joint Account III | Joint Account III | Joint Account III |
|  | 948600000 | 4.404 | 07/01/25 | $948600000 |
|  Maturity Value: $948,716,033 | Maturity Value: $948,716,033 | Maturity Value: $948,716,033 | Maturity Value: $948,716,033 | Maturity Value: $948,716,033 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| $| 40000000 | 4.240 %<sup>(f)</sup> | 11/03/25 | $40000000 |
|  Maturity Value: $40,838,578 | Maturity Value: $40,838,578 | Maturity Value: $40,838,578 | Maturity Value: $40,838,578 | Maturity Value: $40,838,578 |
|  Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 | Settlement Date: 05/09/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 05/01/32 to 02/01/55 and Federal National Mortgage Association, 6.000%, due 12/01/54. The aggregate market value of the collateral, including accrued interest, was $40,799,998. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 05/01/32 to 02/01/55 and Federal National Mortgage Association, 6.000%, due 12/01/54. The aggregate market value of the collateral, including accrued interest, was $40,799,998. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 05/01/32 to 02/01/55 and Federal National Mortgage Association, 6.000%, due 12/01/54. The aggregate market value of the collateral, including accrued interest, was $40,799,998. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 05/01/32 to 02/01/55 and Federal National Mortgage Association, 6.000%, due 12/01/54. The aggregate market value of the collateral, including accrued interest, was $40,799,998. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 05/01/32 to 02/01/55 and Federal National Mortgage Association, 6.000%, due 12/01/54. The aggregate market value of the collateral, including accrued interest, was $40,799,998. |
|  | 8000000 | 4.270 <sup>(f)</sup> | 11/10/25 | $8000000 |
|  Maturity Value: $8,171,749 | Maturity Value: $8,171,749 | Maturity Value: $8,171,749 | Maturity Value: $8,171,749 | Maturity Value: $8,171,749 |
|  Settlement Date: 05/13/25 | Settlement Date: 05/13/25 | Settlement Date: 05/13/25 | Settlement Date: 05/13/25 | Settlement Date: 05/13/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 07/01/51 to 02/01/55 and Federal National Mortgage Association, 3.000% to 3.500%, due 11/01/42 to 12/01/46. The aggregate market value of the collateral, including accrued interest, was $8,160,000. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 07/01/51 to 02/01/55 and Federal National Mortgage Association, 3.000% to 3.500%, due 11/01/42 to 12/01/46. The aggregate market value of the collateral, including accrued interest, was $8,160,000. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 07/01/51 to 02/01/55 and Federal National Mortgage Association, 3.000% to 3.500%, due 11/01/42 to 12/01/46. The aggregate market value of the collateral, including accrued interest, was $8,160,000. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 07/01/51 to 02/01/55 and Federal National Mortgage Association, 3.000% to 3.500%, due 11/01/42 to 12/01/46. The aggregate market value of the collateral, including accrued interest, was $8,160,000. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 7.000%, due 07/01/51 to 02/01/55 and Federal National Mortgage Association, 3.000% to 3.500%, due 11/01/42 to 12/01/46. The aggregate market value of the collateral, including accrued interest, was $8,160,000. |
|  | 35000000 | 4.300 <sup>(f)</sup> | 11/14/25 | $35000000 |
|  Maturity Value: $35,702,333 | Maturity Value: $35,702,333 | Maturity Value: $35,702,333 | Maturity Value: $35,702,333 | Maturity Value: $35,702,333 |
|  Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 | Settlement Date: 05/30/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 6.500%, due 07/01/51 to 02/01/55 and Federal National Mortgage Association, 2.500% to 6.000%, due 07/01/52 to 07/01/54. The aggregate market value of the collateral, including accrued interest, was $35,700,001. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 6.500%, due 07/01/51 to 02/01/55 and Federal National Mortgage Association, 2.500% to 6.000%, due 07/01/52 to 07/01/54. The aggregate market value of the collateral, including accrued interest, was $35,700,001. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 6.500%, due 07/01/51 to 02/01/55 and Federal National Mortgage Association, 2.500% to 6.000%, due 07/01/52 to 07/01/54. The aggregate market value of the collateral, including accrued interest, was $35,700,001. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 6.500%, due 07/01/51 to 02/01/55 and Federal National Mortgage Association, 2.500% to 6.000%, due 07/01/52 to 07/01/54. The aggregate market value of the collateral, including accrued interest, was $35,700,001. | Collateralized by Federal Home Loan Mortgage Corp., 1.500% to 6.500%, due 07/01/51 to 02/01/55 and Federal National Mortgage Association, 2.500% to 6.000%, due 07/01/52 to 07/01/54. The aggregate market value of the collateral, including accrued interest, was $35,700,001. |
|  | 15000000 | 4.230 <sup>(f)</sup> | 01/07/26 | $15000000 |
|  Maturity Value: $15,357,787 | Maturity Value: $15,357,787 | Maturity Value: $15,357,787 | Maturity Value: $15,357,787 | Maturity Value: $15,357,787 |
|  Settlement Date: 06/18/25 | Settlement Date: 06/18/25 | Settlement Date: 06/18/25 | Settlement Date: 06/18/25 | Settlement Date: 06/18/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. |
|  | 10000000 | 4.240 <sup>(f)</sup> | 01/07/26 | $10000000 |
|  Maturity Value: $10,240,267 | Maturity Value: $10,240,267 | Maturity Value: $10,240,267 | Maturity Value: $10,240,267 | Maturity Value: $10,240,267 |
|  Settlement Date: 06/17/25 | Settlement Date: 06/17/25 | Settlement Date: 06/17/25 | Settlement Date: 06/17/25 | Settlement Date: 06/17/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. |
|  | 15000000 | 4.240 <sup>(f)</sup> | 01/07/26 | $15000000 |
|  Maturity Value: $15,360,400 | Maturity Value: $15,360,400 | Maturity Value: $15,360,400 | Maturity Value: $15,360,400 | Maturity Value: $15,360,400 |
|  Settlement Date: 06/17/25 | Settlement Date: 06/17/25 | Settlement Date: 06/17/25 | Settlement Date: 06/17/25 | Settlement Date: 06/17/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. |
|  | 10000000 | 4.240 <sup>(f)</sup> | 01/09/26 | $10000000 |
|  Maturity Value: $10,239,089 | Maturity Value: $10,239,089 | Maturity Value: $10,239,089 | Maturity Value: $10,239,089 | Maturity Value: $10,239,089 |
|  Settlement Date: 06/20/25 | Settlement Date: 06/20/25 | Settlement Date: 06/20/25 | Settlement Date: 06/20/25 | Settlement Date: 06/20/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 6.000%, due 07/01/54. The aggregate market value of the collateral, including accrued interest, was $10,200,001. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Amortized<br>Cost** |
| **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** | **Repurchase Agreements<sup>(d)</sup> – (continued)** |
|  Royal Bank of Canada – (continued) | Royal Bank of Canada – (continued) | Royal Bank of Canada – (continued) | Royal Bank of Canada – (continued) | Royal Bank of Canada – (continued) |
| $| 15000000 | 4.110 %<sup>(f)</sup> | 02/27/26 | $15000000 |
|  Maturity Value: $15,422,988 | Maturity Value: $15,422,988 | Maturity Value: $15,422,988 | Maturity Value: $15,422,988 | Maturity Value: $15,422,988 |
|  Settlement Date: 06/25/25 | Settlement Date: 06/25/25 | Settlement Date: 06/25/25 | Settlement Date: 06/25/25 | Settlement Date: 06/25/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 5.000%, due 11/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 5.000%, due 11/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 5.000%, due 11/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 5.000%, due 11/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 02/01/55 and Federal National Mortgage Association, 5.000%, due 11/01/54. The aggregate market value of the collateral, including accrued interest, was $15,300,000. |
|  Wells Fargo Bank, National Association (SOFR + 0.000) | Wells Fargo Bank, National Association (SOFR + 0.000) | Wells Fargo Bank, National Association (SOFR + 0.000) | Wells Fargo Bank, National Association (SOFR + 0.000) | Wells Fargo Bank, National Association (SOFR + 0.000) |
|  | 35000000 | 4.390 <sup>(e)</sup> | 07/14/25 | $35000000 |
|  Maturity Value: $35,072,557 | Maturity Value: $35,072,557 | Maturity Value: $35,072,557 | Maturity Value: $35,072,557 | Maturity Value: $35,072,557 |
|  Settlement Date: 06/27/25 | Settlement Date: 06/27/25 | Settlement Date: 06/27/25 | Settlement Date: 06/27/25 | Settlement Date: 06/27/25 |
|  Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 05/01/55. The market value of the collateral, including accrued interest, was $36,050,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 05/01/55. The market value of the collateral, including accrued interest, was $36,050,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 05/01/55. The market value of the collateral, including accrued interest, was $36,050,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 05/01/55. The market value of the collateral, including accrued interest, was $36,050,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 05/01/55. The market value of the collateral, including accrued interest, was $36,050,000. |
|  | 85000000 | 4.390 <sup>(e)</sup> | 07/14/25 | $85000000 |
|  Maturity Value: $85,269,497 | Maturity Value: $85,269,497 | Maturity Value: $85,269,497 | Maturity Value: $85,269,497 | Maturity Value: $85,269,497 |
|  Settlement Date: 06/18/25 | Settlement Date: 06/18/25 | Settlement Date: 06/18/25 | Settlement Date: 06/18/25 | Settlement Date: 06/18/25 |
|  Collateralized by Government National Mortgage Association, 4.500%, due 05/20/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/27 to 07/15/31 and a U.S. Treasury Note, 4.375%, due 01/31/32. The aggregate market value of the collateral, including accrued interest, was $86,841,885. | Collateralized by Government National Mortgage Association, 4.500%, due 05/20/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/27 to 07/15/31 and a U.S. Treasury Note, 4.375%, due 01/31/32. The aggregate market value of the collateral, including accrued interest, was $86,841,885. | Collateralized by Government National Mortgage Association, 4.500%, due 05/20/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/27 to 07/15/31 and a U.S. Treasury Note, 4.375%, due 01/31/32. The aggregate market value of the collateral, including accrued interest, was $86,841,885. | Collateralized by Government National Mortgage Association, 4.500%, due 05/20/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/27 to 07/15/31 and a U.S. Treasury Note, 4.375%, due 01/31/32. The aggregate market value of the collateral, including accrued interest, was $86,841,885. | Collateralized by Government National Mortgage Association, 4.500%, due 05/20/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 10/15/27 to 07/15/31 and a U.S. Treasury Note, 4.375%, due 01/31/32. The aggregate market value of the collateral, including accrued interest, was $86,841,885. |
|  Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC |
|  | 350000000 | 4.400 | 07/01/25 | $350000000 |
|  Maturity Value: $350,042,778 | Maturity Value: $350,042,778 | Maturity Value: $350,042,778 | Maturity Value: $350,042,778 | Maturity Value: $350,042,778 |
|  Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 10/20/28 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $360,500,002. | Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 10/20/28 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $360,500,002. | Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 10/20/28 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $360,500,002. | Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 10/20/28 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $360,500,002. | Collateralized by Government National Mortgage Association, 1.500% to 7.500%, due 10/20/28 to 06/20/55. The aggregate market value of the collateral, including accrued interest, was $360,500,002. |
|  | 10000000 | 4.310 <sup>(f)</sup> | 07/07/25 | $10000000 |
|  Maturity Value: $10,217,894 | Maturity Value: $10,217,894 | Maturity Value: $10,217,894 | Maturity Value: $10,217,894 | Maturity Value: $10,217,894 |
|  Settlement Date: 01/06/25 | Settlement Date: 01/06/25 | Settlement Date: 01/06/25 | Settlement Date: 01/06/25 | Settlement Date: 01/06/25 |
|  Collateralized by Federal National Mortgage Association, 2.500% to 7.000%, due 05/01/27 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $10,300,002. | Collateralized by Federal National Mortgage Association, 2.500% to 7.000%, due 05/01/27 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $10,300,002. | Collateralized by Federal National Mortgage Association, 2.500% to 7.000%, due 05/01/27 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $10,300,002. | Collateralized by Federal National Mortgage Association, 2.500% to 7.000%, due 05/01/27 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $10,300,002. | Collateralized by Federal National Mortgage Association, 2.500% to 7.000%, due 05/01/27 to 04/01/55. The aggregate market value of the collateral, including accrued interest, was $10,300,002. |
| TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | $2481600000 |
| TOTAL INVESTMENTS - 107.9% | TOTAL INVESTMENTS - 107.9% | TOTAL INVESTMENTS - 107.9% | TOTAL INVESTMENTS - 107.9% | $4263790039 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (7.9)% | LIABILITIES IN EXCESS OF OTHER ASSETS - (7.9)% | LIABILITIES IN EXCESS OF OTHER ASSETS - (7.9)% | LIABILITIES IN EXCESS OF OTHER ASSETS - (7.9)% | (312333472) |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $3951456567 |

---

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

(a) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025.

(b) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on June 30, 2025.

(c) All or a portion represents a forward commitment.

(d) Unless noted, all repurchase agreements were entered into on June 30, 2025. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (e) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on June 30, 2025. |
| (f) | The instrument is subject to a demand feature. Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. |
| Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. | 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:** | **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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ADDITIONAL INVESTMENT INFORMATION**<br>

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | Principal Amount | Maturity Value | Collateral Value<br> Allocation |
|  Government Money Market Fund | $948600000 | $948716033 | $972868520 |

---

REPURCHASE AGREEMENTS— At June 30, 2025, the Principal Amounts of the Fund's interest in the Joint Repurchase Agreement Account III were as follows:

---

| | | |
|:---|:---|:---|
| Counterparty | Interest Rate | Principal<br>Amount |
|  ABN Amro Bank N.V. | 4.430% | $111600000 |
|  Bank of America, N.A. | 4.400 | 418500000 |
|  Wells Fargo Securities, LLC | 4.400 | 418500000 |
|  **Total** |  | $948600000 |

---

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

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Assets and Liabilities *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Goldman Sachs<br>Government Money<br>Market Fund** |
| **Assets:** |  |
| Investments based on amortized cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782190039 |
| Repurchase agreements based on amortized cost | 2481600000 |
|  Cash | 35171251 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 91316282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 9102888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 6856380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 11708 |
|  **Total assets** | 4406248548 |
| **Liabilities:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 388903455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 65295835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 261787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 108871 |
|  Accrued expenses | 222033 |
|  **Total liabilities** | 454791981 |
| **Net Assets:** |  |
|  Paid-in capital | 3951405198 |
|  Total distributable earnings | 51369 |
|  **NET ASSETS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951456567 |
|  Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $3203192085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 748264482 |
|  Total Net Assets | $3951456567 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 3203150212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 748254967 |
|  Net asset value, offering and redemption price per share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Operations *For the Six Months Ended June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Goldman Sachs<br>Government Money<br>Market Fund** |
| **Investment income:** |  |
|  Interest income | $83527018 |
| **Expenses:** |  |
|  Management fees | 3044884 |
|  Distribution and Service fees—Service Shares | 927769 |
|  Transfer Agency fees<sup>(a)</sup> | 380576 |
|  Custody, accounting and administrative services | 63254 |
|  Professional fees | 54728 |
|  Printing and mailing costs | 25037 |
|  Registration fees | 23630 |
|  Trustee fees | 16876 |
|  Other | 8750 |
|  **Total expenses** | 4545504 |
|  Less — expense reductions | (136050) |
|  **Net expenses** | 4409454 |
|  **NET INVESTMENT INCOME** | 79117564 |
|  **Net realized gain from investment transactions** | 146250 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $79263814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Institutional and Service Shares incurred Transfer Agency fees of $306,360 and $74,216, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** |
|  | **For the**<br> **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>December 31, 2024** |
| **From operations:** |  |  |
|  Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;79117564 | $&nbsp;&nbsp;&nbsp;&nbsp;140395818 |
|  Net realized gain from investment transactions | 146250 | 834649 |
|  **Net increase in net assets resulting from operations** | 79263814 | 141230467 |
| **Distributions to shareholders:** |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (64782780) | (103853032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (14773079) | (37103765) |
|  **Total distributions to shareholders** | (79555859) | (140956797) |
| **From share transactions (at $1.00 per share):** |  |  |
|  Proceeds from sales of shares | 1436818755 | 2380943637 |
|  Reinvestment of distributions | 79563840 | 140916235 |
|  Cost of shares redeemed | (1184698717) | (1440158719) |
|  **Net increase in net assets resulting from share transactions** | 331683878 | 1081701153 |
|  **TOTAL INCREASE** | 331391833 | 1081974823 |
| **Net Assets:** |  |  |
|  Beginning of period | $3620064734 | $2538089911 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951456567 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620064734 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.021 | 0.050 | 0.050 | 0.016 | –<sup>(b)</sup> | 0.004 |
|  Distributions to shareholders from net investment income<sup>(c)</sup>  | (0.021) | (0.050) | (0.050) | (0.016) | –<sup>(b)</sup> | (0.004) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> |  |  |  |  |  |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 2.12% | 5.17% | 5.05% | 1.58% | 0.01% | 0.43% |
|  Net assets, end of period (in 000's) | $3203192 | $2871689 | $1756707 | $1834293 | $523751 | $582216 |
|  Ratio of net expenses to average net assets | 0.18 %<sup>(e)</sup> | 0.18% | 0.19% | 0.17% | 0.09% | 0.18% |
|  Ratio of total expenses to average net assets | 0.19 %<sup>(e)</sup> | 0.20% | 0.21% | 0.20% | 0.21% | 0.20% |
|  Ratio of net investment income to average net assets | 4.21 %<sup>(e)</sup> | 5.00% | 4.96% | 1.92% | – %<sup>(f)</sup> | 0.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup>  | 0.020 | 0.048 | 0.047 | 0.014 | – <sup>(b)</sup> | 0.003 |
|  Distributions to shareholders from net investment income<sup>(c)</sup>  | (0.020) | (0.048) | (0.047) | (0.014) | – <sup>(b)</sup> | (0.003) |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> |  |  |  |  |  |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>**  | 1.99% | 4.91% | 4.79% | 1.37% | 0.01% | 0.27% |
|  Net assets, end of period (in 000's) | $748264 | $748376 | $781383 | $678468 | $501008 | $579416 |
|  Ratio of net expenses to average net assets | 0.43 %<sup>(e)</sup> | 0.43% | 0.44% | 0.38% | 0.09% | 0.33% |
|  Ratio of total expenses to average net assets | 0.44 %<sup>(e)</sup> | 0.46% | 0.46% | 0.45% | 0.46% | 0.45% |
|  Ratio of net investment income to average net assets | 3.96 %<sup>(e)</sup> | 4.79% | 4.70% | 1.48% | – %<sup>(f)</sup> | 0.19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.0005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Variable Insurance Trust (the "Trust" or "VIT") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust includes the Goldman Sachs Government Money Market Fund (the "Fund"). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service Shares. Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Fund pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The investment valuation policy of the Fund is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security's amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees ("Trustees"), GSAM evaluates daily the difference between the Fund's net asset value ("NAV") per share using the amortized costs of its portfolio securities and the Fund's NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security's fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Fund and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. The Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund's net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

The amortized cost for the Fund stated in the accompanying Statement of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

GSAM has reviewed the Fund's tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund's financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;E. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although the Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**19**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

The Trustees have approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. With respect to the Fund's investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation (including both the amortized cost and market-based methods of valuation) of the Fund's investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

As of June 30, 2025, all investments, including repurchase agreements, are classified as Level 2 of the fair value hierarchy. Please refer to the Schedule of Investments for further detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;D. Other Expense Agreements — GSAM has agreed to limit certain "Other Expenses" of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent that such expenses exceed, on an annual basis, 0.004% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This Other Expense limitation will remain in place through at least April 30, 2026, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund's expenses and are received irrespective of the application of the "Other Expense" limitation described above. For the six month period ended June 30, 2025, these expense reductions, including any fee waiver and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Transfer Agency<br>Waiver** | **Other Expense<br>Reimbursements** | **Total Expense<br>Reductions** |
|  Goldman Sachs Government Money Market Fund | $19897 | $116153 | $136050 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;E. Contractual and Net Fund Expenses — The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The following table outlines such fees (net of waivers) and Other Expenses (net of reimbursements and custodian and transfer agency fee credit reductions) in order to determine the Fund's net annualized expenses for the fiscal year. The Fund is not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Institutional Shares | Institutional Shares | Service Shares | Service Shares |
| Fee/Expense Type | Contractual <br>rate, if any  | Ratio of net expenses to<br> average net assets for<br>the six months ended<br>June 30, 2025 | Contractual <br>rate, if any  | Ratio of net expenses to<br>average net assets for<br>the six months ended<br>June 30, 2025 |
|  Management Fee | 0.16% | 0.16% | 0.16% | 0.16% |
|  Distribution and Service Fees | N/A | N/A | 0.25 | 0.25 |
|  Transfer Agency Fees | 0.02 | 0.02 | 0.02 | 0.02 |
|  Other Expenses |  | 0.01 |  | 0.01 |
|  **Total Annual Fund Operating Expenses** |  | 0.19 |  | 0.44 |
|  Other Reimbursements |  | (0.01) |  | (0.01) |
|  **Net Expenses** |  | 0.18% |  | 0.43% |

---

N/A — Fees not applicable to respective share class.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the six month period ended June 30, 2025, there were no purchase and sale transactions and related net realized gain (loss) for the Fund with affiliated funds in compliance with Rule 17a-7 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of June 30, 2025, the Fund participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six month period ended June 30, 2025, the Fund did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. OTHER RISKS

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

Interest Rate Risk — When interest rates increase, a Fund's yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund's portfolio holdings may have an adverse impact on the Fund's ability to provide a positive yield to its shareholders, pay expenses out current income, or minimize the volatility of the Fund's NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments.

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also increase transaction costs. In

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**21**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. OTHER RISKS (continued)

addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. INDEMNIFICATION

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. OTHER MATTERS

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Goldman Sachs Government Money Market Fund**  | **Goldman Sachs Government Money Market Fund**  |
|  | **For the Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended<br>December 31, 2024** |
|  | **Shares** | **Shares** |
|  **Institutional Shares\*** |  |  |
|  Shares sold | 1308182705 | 2103638162 |
|  Reinvestment of distributions | 64789011 | 103810381 |
|  Shares redeemed | (1041237302) | (1092691213) |
|  | 331734414 | 1114757330 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
|  | <br> **Goldman Sachs Government Money Market Fund** | <br> **Goldman Sachs Government Money Market Fund** |
|  | **For the Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended<br>December 31, 2024** |
|  | **Shares** | **Shares** |
|  **Service Shares\*** |  |  |
|  Shares sold | 128636049 | 277305475 |
|  Reinvestment of distributions | 14774829 | 37105854 |
|  Shares redeemed | (143461414) | (347467506) |
|  | (50536) | (33056177) |
|  **NET INCREASE IN SHARES** | 331683878 | 1081701153 |

---

\* Valued at $1.00 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**23**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs Government Money Market Fund (the "Fund") is an investment portfolio of Goldman Sachs Variable Insurance Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the "Outside Data Provider"); and information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser's affiliates from the Fund for transfer agency, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Fund's distribution arrangements. They received information regarding the Fund's assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2024. The information on the Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Fund's risk profile, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

The Trustees considered the performance of the Fund in light of its investment objective and strategies. The Trustees considered that, from March 2022 through July 2023, the Federal Reserve implemented a series of interest rate increases in response to inflationary pressures impacting the broader economy, and that, during this period, the Money Market Funds' yield improved as a result. They noted that the Investment Adviser has subsequently been able to reduce the amount of fees waived and/or reimbursed relative to such amounts waived and/or reimbursed during prior periods. The Trustees acknowledged that although the Federal Reserve cut interest rates in September—December 2024, rates remain elevated compared to recent norms and the interest rate environment remained uncertain in light of broader economic and political conditions and persistent inflationary concerns. The Trustees also considered that the Fund had maintained a stable net asset value per share. In light of these considerations, the Trustees believed that the Fund was providing investment performance within a competitive range for investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**25**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund's management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund's overall net and gross expenses to a peer group and a category universe; and data comparing the Fund's net expenses to the peer and category medians. The analyses also compared the Fund's other expenses and fee waivers/ reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund. In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Profitability
The Trustees reviewed the Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for the Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund.

The Trustees noted that the Fund does not have management fee breakpoints. They considered the asset levels in the Fund; the Fund's recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the peer group; and the Investment Adviser's undertaking to limit certain expenses of the Fund that exceed a specified level. They considered a report prepared by the Outside Data Provider, which surveyed money market funds' management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the money market fund business and the competitiveness of the fees charged to the Fund by the Investment Adviser.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC ("Goldman Sachs"); (b) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser's ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs' retention of certain fees as Fund Distributor; (f) Goldman Sachs' ability to engage in principal transactions with the Fund under exemptive orders from the SEC permitting such trades; (g) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (h) the possibility that the working relationship between the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

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

#### Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (f) the Fund's access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) the Fund's access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund's shareholders invested in the Fund in part because of the Fund's relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and the Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**27**

------

![LOGO](g909430page028.jpg)

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

------

![LOGO](g852438dsp_001.jpg)

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

------

## Goldman Sachs Variable Insurance Trust

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **Schedules of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Core Fixed Income Fund](#fit852438_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Trend Driven Allocation Fund](#fit852438_2) | 19 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#fit852438_3) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fit852438_4) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fit852438_5) | 22 |
|  **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Core Fixed Income Fund](#fit852438_6) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Trend Driven Allocation Fund](#fit852438_7) | 25 |
|  **[Notes to Financial Statements](#fit852438_8)** | 27 |
|  **[Statement Regarding Basis for Approval of Investment Advisory Contract](#fit852438_9)** | 40 |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Mortgage-Backed Securities – 34.1%** | **Mortgage-Backed Securities – 34.1%** | **Mortgage-Backed Securities – 34.1%** | **Mortgage-Backed Securities – 34.1%** | **Mortgage-Backed Securities – 34.1%** |
| Fannie Mae REMICS, Series 2025-11, Class FB SOFR + 1.000% | Fannie Mae REMICS, Series 2025-11, Class FB SOFR + 1.000% | Fannie Mae REMICS, Series 2025-11, Class FB SOFR + 1.000% | Fannie Mae REMICS, Series 2025-11, Class FB SOFR + 1.000% | Fannie Mae REMICS, Series 2025-11, Class FB SOFR + 1.000% |
| $— | 413047 | 5.305% | 03/25/55<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410624 |
| FHLMC | FHLMC | FHLMC | FHLMC | FHLMC |
|  | 1739 | 7.500 | 12/01/29 | 1826 |
|  | 742 | 5.000 | 10/01/33 | 755 |
|  | 979 | 5.000 | 07/01/35 | 996 |
|  | 1535 | 5.000 | 12/01/35 | 1555 |
|  | 300 | 5.000 | 03/01/38 | 305 |
|  | 800 | 5.000 | 06/01/41 | 810 |
|  | 3879 | 4.500 | 08/01/48 | 3766 |
|  | 4851 | 4.500 | 11/01/48 | 4710 |
|  | 486085 | 3.000 | 09/01/49 | 429773 |
|  | 355536 | 4.000 | 03/01/50 | 335677 |
|  | 707081 | 4.500 | 03/01/50 | 686779 |
|  | 244275 | 3.000 | 10/01/50 | 214831 |
|  | 837800 | 2.500 | 02/01/51 | 699882 |
|  | 1710285 | 2.000 | 05/01/51 | 1361982 |
|  | 781077 | 2.500 | 05/01/51 | 656097 |
|  | 786926 | 2.500 | 05/01/51 | 664759 |
|  | 1772554 | 2.500 | 08/01/51 | 1495639 |
|  | 727702 | 2.500 | 09/01/51 | 610864 |
|  | 753319 | 4.500 | 04/01/52 | 723743 |
|  | 495917 | 4.500 | 06/01/52 | 478425 |
|  | 314727 | 6.000 | 12/01/52 | 324144 |
|  | 889278 | 6.500 | 06/01/54 | 931175 |
| FNMA | FNMA | FNMA | FNMA | FNMA |
|  | 2670 | 7.000 | 08/01/26 | 2684 |
|  | 1131 | 8.000 | 10/01/29 | 1167 |
|  | 619 | 8.500 | 04/01/30 | 653 |
|  | 1176 | 8.000 | 05/01/30 | 1198 |
|  | 2170 | 8.000 | 08/01/32 | 2317 |
|  | 2853 | 4.500 | 08/01/39 | 2828 |
|  | 5089 | 3.000 | 01/01/43 | 4697 |
|  | 10267 | 3.000 | 01/01/43 | 9463 |
|  | 5883 | 3.000 | 03/01/43 | 5449 |
|  | 15729 | 3.000 | 03/01/43 | 14393 |
|  | 49769 | 3.000 | 03/01/43 | 45527 |
|  | 6491 | 3.000 | 04/01/43 | 5971 |
|  | 8132 | 3.000 | 04/01/43 | 7443 |
|  | 11961 | 3.000 | 04/01/43 | 10938 |
|  | 14605 | 3.000 | 04/01/43 | 13358 |
|  | 61821 | 3.000 | 04/01/43 | 56547 |
|  | 8446 | 3.000 | 05/01/43 | 7714 |
|  | 30949 | 3.000 | 05/01/43 | 28296 |
|  | 34922 | 3.000 | 05/01/43 | 31952 |
|  | 191042 | 4.500 | 04/01/45 | 188184 |
|  | 23205 | 4.500 | 05/01/45 | 22843 |
|  | 113263 | 4.000 | 02/01/48 | 107467 |
|  | 132694 | 4.000 | 03/01/48 | 125904 |
|  | 2437 | 4.000 | 07/01/48 | 2311 |
|  | 8045 | 4.000 | 07/01/48 | 7641 |
|  | 218294 | 4.500 | 07/01/48 | 211958 |
|  | 143021 | 4.000 | 08/01/48 | 135659 |
|  | 113736 | 5.000 | 11/01/48 | 113842 |
|  | 1728565 | 2.000 | 10/01/50 | 1381400 |
|  | 393971 | 3.000 | 10/01/50 | 347468 |
|  | 493384 | 3.000 | 10/01/50 | 433913 |
|  | 502826 | 3.000 | 10/01/50 | 443474 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** | **Value** |
| **Mortgage-Backed Securities – (continued)** | **Mortgage-Backed Securities – (continued)** | **Mortgage-Backed Securities – (continued)** | **Mortgage-Backed Securities – (continued)** | **Mortgage-Backed Securities – (continued)** | **Mortgage-Backed Securities – (continued)** |
|  FNMA – (continued) | FNMA – (continued) | FNMA – (continued) | FNMA – (continued) | FNMA – (continued) | FNMA – (continued) |
| $| 1728001 | 2.000% | 11/01/50 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379330 |
|  | 66271 | 2.500 | 03/01/51 |  | 56004 |
|  | 83313 | 2.500 | 09/01/51 |  | 70327 |
|  | 326737 | 2.500 | 10/01/51 |  | 275767 |
|  | 150979 | 2.500 | 11/01/51 |  | 127305 |
|  | 192117 | 2.500 | 11/01/51 |  | 162088 |
|  | 1219078 | 6.000 | 11/01/52 |  | 1252507 |
|  | 785978 | 5.500 | 04/01/53 |  | 792850 |
|  | 1515275 | 6.500 | 09/01/53 |  | 1571867 |
|  | 6000000 | 2.500 | TBA-30yr<sup>(b)</sup> |  | 4975470 |
|  | 2000000 | 3.500 | TBA-30yr<sup>(b)</sup> |  | 1800690 |
|  | 1000000 | 4.000 | TBA-30yr<sup>(b)</sup> |  | 929574 |
|  | 16000000 | 5.500 | TBA-30yr<sup>(b)</sup> |  | 15999344 |
|  | 1000000 | 6.000 | TBA-30yr<sup>(b)</sup> |  | 1016330 |
| FNMA, Series 2012-111, Class B | FNMA, Series 2012-111, Class B | FNMA, Series 2012-111, Class B | FNMA, Series 2012-111, Class B | FNMA, Series 2012-111, Class B | FNMA, Series 2012-111, Class B |
|  | 3894 | 7.000 | 10/25/42 |  | 4163 |
| FNMA, Series 2012-153, Class B | FNMA, Series 2012-153, Class B | FNMA, Series 2012-153, Class B | FNMA, Series 2012-153, Class B | FNMA, Series 2012-153, Class B | FNMA, Series 2012-153, Class B |
|  | 10424 | 7.000 | 07/25/42 |  | 11338 |
| Freddie Mac REMICS, Series 5502, Class FG SOFR + 1.000% | Freddie Mac REMICS, Series 5502, Class FG SOFR + 1.000% | Freddie Mac REMICS, Series 5502, Class FG SOFR + 1.000% | Freddie Mac REMICS, Series 5502, Class FG SOFR + 1.000% | Freddie Mac REMICS, Series 5502, Class FG SOFR + 1.000% | Freddie Mac REMICS, Series 5502, Class FG SOFR + 1.000% |
|  | 287553 | 5.305 | 02/25/55<sup>(a)</sup> |  | 284759 |
| GNMA | GNMA | GNMA | GNMA | GNMA | GNMA |
|  | 216 | 7.000 | 11/15/25 |  | 216 |
|  | 51 | 7.000 | 04/15/26 |  | 51 |
|  | 176 | 7.000 | 04/15/26 |  | 176 |
|  | 318 | 7.000 | 03/15/27 |  | 318 |
|  | 112 | 7.000 | 11/15/27 |  | 112 |
|  | 679 | 7.000 | 11/15/27 |  | 691 |
|  | 1523 | 7.000 | 02/15/28 |  | 1533 |
|  | 39 | 7.000 | 05/15/28 |  | 40 |
|  | 749 | 7.000 | 06/15/28 |  | 759 |
|  | 402 | 7.000 | 07/15/28 |  | 408 |
|  | 730 | 7.000 | 07/15/28 |  | 738 |
|  | 33482 | 6.000 | 08/20/34 |  | 35071 |
|  | 31859 | 5.000 | 06/15/40 |  | 32446 |
|  | 134239 | 4.000 | 08/20/43 |  | 128869 |
|  | 51442 | 4.000 | 10/20/45 |  | 48860 |
|  | 774363 | 4.000 | 07/20/48 |  | 729699 |
|  | 25114 | 5.000 | 08/20/48 |  | 25105 |
|  | 83452 | 4.500 | 09/20/48 |  | 81397 |
|  | 88972 | 5.000 | 10/20/48 |  | 88883 |
|  | 239012 | 5.000 | 11/20/48 |  | 238772 |
|  | 30594 | 5.000 | 12/20/48 |  | 30536 |
|  | 195399 | 4.500 | 01/20/49 |  | 190283 |
|  | 26487 | 4.500 | 03/20/49 |  | 25794 |
|  | 545542 | 3.000 | 08/20/49 |  | 484616 |
|  | 172831 | 4.500 | 10/20/49 |  | 168748 |
|  | 354733 | 3.000 | 03/20/50 |  | 314522 |
|  | 167777 | 4.500 | 03/20/50 |  | 163814 |
|  | 707326 | 3.000 | 11/20/51 |  | 626012 |
|  | 848126 | 3.000 | 11/20/51 |  | 746685 |
|  | 807678 | 4.500 | 09/20/52 |  | 780031 |
|  | 810309 | 4.500 | 10/20/52 |  | 782572 |
|  | 3000000 | 2.000 | TBA-30yr<sup>(b)</sup> |  | 2443170 |
|  | 2000000 | 2.500 | TBA-30yr<sup>(b)</sup> |  | 1699274 |
|  | 1000000 | 5.000 | TBA-30yr<sup>(b)</sup> |  | 982217 |
|  | 4000000 | 5.500 | TBA-30yr<sup>(b)</sup> |  | 4003974 |
|  | 1000000 | 6.000 | TBA-30yr<sup>(b)</sup> |  | 1014340 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Mortgage-Backed Securities – (continued)** | **Mortgage-Backed Securities – (continued)** | **Mortgage-Backed Securities – (continued)** | **Mortgage-Backed Securities – (continued)** | **Mortgage-Backed Securities – (continued)** |
|  GNMA – (continued) | GNMA – (continued) | GNMA – (continued) | GNMA – (continued) | GNMA – (continued) |
| $| 2000000 | 3.500% | TBA-30yr<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812782 |
|  GNMA, Series 2021-135, Class A | GNMA, Series 2021-135, Class A | GNMA, Series 2021-135, Class A | GNMA, Series 2021-135, Class A | GNMA, Series 2021-135, Class A |
|  | 828463 | 2.000 | 08/20/51 | 673003 |
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $63,664,544) | TOTAL MORTGAGE-BACKED SECURITIES (Cost $63,664,544) | TOTAL MORTGAGE-BACKED SECURITIES (Cost $63,664,544) | TOTAL MORTGAGE-BACKED SECURITIES (Cost $63,664,544) | 62880006 |
| **Corporate Bonds – 21.4%** | **Corporate Bonds – 21.4%** | **Corporate Bonds – 21.4%** | **Corporate Bonds – 21.4%** | **Corporate Bonds – 21.4%** |
| Aerospace/Defense – 0.8% | Aerospace/Defense – 0.8% | Aerospace/Defense – 0.8% | Aerospace/Defense – 0.8% | Aerospace/Defense – 0.8% |
|  Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
|  | 50000 | 3.450 | 11/01/28<sup>(c)</sup> | 48202 |
|  | 2000 | 2.950 | 02/01/30<sup>(c)</sup> | 1855 |
|  | 176000 | 5.150 | 05/01/30<sup>(c)</sup> | 179235 |
|  | 187000 | 6.528 | 05/01/34<sup>(c)</sup> | 203356 |
|  | 325000 | 5.705 | 05/01/40<sup>(c)</sup> | 320545 |
|  | 100000 | 5.805 | 05/01/50<sup>(c)</sup> | 95936 |
|  | 174000 | 6.858 | 05/01/54<sup>(c)</sup> | 190570 |
|  Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
|  | 122000 | 4.850 | 10/15/31<sup>(c)</sup> | 123750 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  | 75000 | 3.250 | 01/15/28<sup>(c)</sup> | 73281 |
|  | 25000 | 4.750 | 06/01/43 | 22590 |
|  | 50000 | 5.250 | 05/01/50<sup>(c)</sup> | 46974 |
|  RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
|  | 50000 | 3.950 | 08/16/25<sup>(c)</sup> | 49926 |
|  | 50000 | 4.125 | 11/16/28<sup>(c)</sup> | 49818 |
|  | 25000 | 4.050 | 05/04/47<sup>(c)</sup> | 19910 |
|  |  |  |  | 1425948 |
| Agriculture – 0.1% | Agriculture – 0.1% | Agriculture – 0.1% | Agriculture – 0.1% | Agriculture – 0.1% |
|  Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. |
|  | 100000 | 2.900 | 03/01/32<sup>(c)</sup> | 90204 |
|  Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
|  | 139000 | 4.200 | 09/17/29<sup>(c)</sup> | 137471 |
|  |  |  |  | 227675 |
| Auto Manufacturers – 0.4% | Auto Manufacturers – 0.4% | Auto Manufacturers – 0.4% | Auto Manufacturers – 0.4% | Auto Manufacturers – 0.4% |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  | 215000 | 5.850 | 05/17/27<sup>(c)</sup> | 216693 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  | 125000 | 4.300 | 07/13/25<sup>(c)</sup> | 124895 |
|  | 125000 | 1.500 | 06/10/26<sup>(c)</sup> | 121338 |
|  | 125000 | 2.350 | 01/08/31<sup>(c)</sup> | 108224 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  | 160000 | 5.400 | 06/24/31<sup>(c)(d)</sup> | 163512 |
|  |  |  |  | 734662 |
| Banks – 5.2% | Banks – 5.2% | Banks – 5.2% | Banks – 5.2% | Banks – 5.2% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.290% |
|  | 140000 | 5.080 | 01/20/27<sup>(a)(c)</sup> | 140409 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.302% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.302% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.302% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.302% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.302% |
|  | 85000 | 3.419 | 12/20/28<sup>(a)(c)</sup> | 83070 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.630% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.630% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.630% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.630% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.630% |
|  | 370000 | 5.202 | 04/25/29<sup>(a)(c)</sup> | 378124 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.150% |
|  | 175000 | 2.592 | 04/29/31<sup>(a)(c)</sup> | 160028 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.220% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.220% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.220% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.220% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.220% |
|  | 110000 | 2.299 | 07/21/32<sup>(a)(c)</sup> | 95845 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.830% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.830% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.830% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.830% |
| 390000 | 4.571% | 04/27/33<sup>(a)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.310% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.310% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.310% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.310% |
| 75000 | 5.511 | 01/24/36<sup>(a)(c)</sup> | 77136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 5 Year CMT T-Note + 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 5 Year CMT T-Note + 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 5 Year CMT T-Note + 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 5 Year CMT T-Note + 1.200% |
| 100000 | 2.482 | 09/21/36<sup>(a)(c)</sup> | 84761 |
| Bank of America Corp., GMTN | Bank of America Corp., GMTN | Bank of America Corp., GMTN | Bank of America Corp., GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.632% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.632% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.632% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.632% |
| 25000 | 3.593 | 07/21/28<sup>(a)(c)</sup> | 24614 |
| Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.837% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.837% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.837% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.837% |
| 75000 | 3.824 | 01/20/28<sup>(a)(c)</sup> | 74361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.050% |
| 400000 | 2.551 | 02/04/28<sup>(a)(c)</sup> | 388799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.040% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.040% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.040% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.040% |
| 305000 | 4.948 | 07/22/28<sup>(a)(c)</sup> | 308492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.572% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.572% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.572% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.572% |
| 50000 | 4.271 | 07/23/29<sup>(a)(c)</sup> | 49861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.530% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.530% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.530% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.530% |
| 50000 | 1.898 | 07/23/31<sup>(a)(c)</sup> | 43915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.160% |
| 73000 | 5.015 | 07/22/33<sup>(a)(c)</sup> | 73862 |
| Bank of America Corp., Series N | Bank of America Corp., Series N | Bank of America Corp., Series N | Bank of America Corp., Series N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.220% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.220% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.220% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.220% |
| 50000 | 2.651 | 03/11/32<sup>(a)(c)</sup> | 44842 |
| Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.755% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.755% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.755% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.755% |
| 20000 | 4.596 | 07/26/30<sup>(a)(c)</sup> | 20212 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 45000 | 3.400 | 05/01/26 | 44653 |
| 150000 | 4.450 | 09/29/27 | 150096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.422% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.422% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.422% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.422% |
| 75000 | 2.976 | 11/05/30<sup>(a)(c)</sup> | 70153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.086% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.086% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.086% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.086% |
| 165000 | 4.910 | 05/24/33<sup>(a)(c)</sup> | 164611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.830% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.830% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.830% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.830% |
| 210000 | 6.020 | 01/24/36<sup>(a)(c)</sup> | 215616 |
| First Horizon Corp. | First Horizon Corp. | First Horizon Corp. | First Horizon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.766% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.766% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.766% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.766% |
| 160000 | 5.514 | 03/07/31<sup>(a)(c)</sup> | 162307 |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFRINDX + 1.870% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFRINDX + 1.870% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFRINDX + 1.870% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFRINDX + 1.870% |
| 830000 | 5.709 | 02/02/35<sup>(a)(c)</sup> | 848033 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.507% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.507% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.507% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.507% |
| 100000 | 3.960 | 01/29/27<sup>(a)(c)</sup> | 99720 |
| 15000 | 3.625 | 12/01/27<sup>(c)</sup> | 14796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.599% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.599% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.599% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.599% |
| 972000 | 3.782 | 02/01/28<sup>(a)(c)</sup> | 963506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.207% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.207% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.207% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.207% |
| 45000 | 3.509 | 01/23/29<sup>(a)(c)</sup> | 44076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 3.790% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 3.790% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 3.790% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 3.790% |
| 25000 | 4.493 | 03/24/31<sup>(a)(c)</sup> | 24953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.040% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.040% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.040% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.040% |
| 25000 | 2.522 | 04/22/31<sup>(a)(c)</sup> | 22849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.340% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.340% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.340% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.340% |
| 430000 | 4.946 | 10/22/35<sup>(a)(c)</sup> | 425562 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.680% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.680% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.680% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.680% |
| 430000 | 5.572% | 04/22/36<sup>(a)(c)</sup> | $446060 |
| M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.800% |
| 265000 | 7.413 | 10/30/29<sup>(a)(c)</sup> | 287540 |
| M&T Bank Corp., MTN | M&T Bank Corp., MTN | M&T Bank Corp., MTN | M&T Bank Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.610% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.610% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.610% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.610% |
| 450000 | 5.385 | 01/16/36<sup>(a)(c)</sup> | 447881 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 25000 | 3.625 | 01/20/27 | 24792 |
| 20000 | 3.950 | 04/23/27 | 19873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.295% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.295% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.295% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.295% |
| 213000 | 5.050 | 01/28/27<sup>(a)(c)</sup> | 213619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.000% |
| 200000 | 2.475 | 01/21/28<sup>(a)(c)</sup> | 194194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.076% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.076% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.076% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.076% |
| 165000 | 4.889 | 07/20/33<sup>(a)(c)</sup> | 165193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.555% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.555% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.555% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.555% |
| 420000 | 5.320 | 07/19/35<sup>(a)(c)</sup> | 425084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.757% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.757% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.757% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.757% |
| 155000 | 5.664 | 04/17/36<sup>(a)(c)</sup> | 160676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.360% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.360% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.360% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.360% |
| 150000 | 2.484 | 09/16/36<sup>(a)(c)</sup> | 127435 |
| Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.890% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.890% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.890% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSFR3M + 1.890% |
| 25000 | 4.431 | 01/23/30<sup>(a)(c)</sup> | 24943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.143% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.143% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.143% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.143% |
| 400000 | 2.699 | 01/22/31<sup>(a)(c)</sup> | 368664 |
| Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.590% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.590% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.590% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.590% |
| 305000 | 5.164 | 04/20/29<sup>(a)(c)</sup> | 310996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 3.120% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 3.120% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 3.120% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 3.120% |
| 50000 | 3.622 | 04/01/31<sup>(a)(c)</sup> | 47933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.034% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.034% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.034% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.034% |
| 75000 | 1.794 | 02/13/32<sup>(a)(c)</sup> | 64149 |
| Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.050% |
| 50000 | 6.047 | 06/08/27<sup>(a)(c)</sup> | 50667 |
| US Bancorp | US Bancorp | US Bancorp | US Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.020% |
| 145000 | 5.775 | 06/12/29<sup>(a)(c)</sup> | 150491 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 175000 | 3.000 | 10/23/26 | 172002 |
| Wells Fargo & Co., GMTN | Wells Fargo & Co., GMTN | Wells Fargo & Co., GMTN | Wells Fargo & Co., GMTN |
| 50000 | 4.300 | 07/22/27 | 50004 |
| Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.980% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.980% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.980% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.980% |
| 215000 | 4.808 | 07/25/28<sup>(a)(c)</sup> | 216776 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9651784 |
| Beverages – 0.5% | Beverages – 0.5% | Beverages – 0.5% | Beverages – 0.5% |
| Coca-Cola Consolidated, Inc. | Coca-Cola Consolidated, Inc. | Coca-Cola Consolidated, Inc. | Coca-Cola Consolidated, Inc. |
| 98000 | 5.450 | 06/01/34<sup>(c)</sup> | 100997 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 50000 | 4.400 | 11/15/25<sup>(c)</sup> | 49913 |
| 50000 | 3.600 | 02/15/28<sup>(c)</sup> | 49121 |
| 25000 | 3.150 | 08/01/29<sup>(c)</sup> | 23750 |
| 100000 | 2.250 | 08/01/31<sup>(c)</sup> | 86744 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Beverages – (continued) | Beverages – (continued) | Beverages – (continued) | Beverages – (continued) |
|  Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| $| 225000 | 4.597% 05/25/28<sup>(c)</sup> | 226794 |
|  | 25000 | 3.800 05/01/50<sup>(c)</sup> | 18473 |
|  Pernod Ricard International Finance LLC | Pernod Ricard International Finance LLC | Pernod Ricard International Finance LLC | Pernod Ricard International Finance LLC |
|  | 520000 | 1.625 04/01/31<sup>(c)(d)</sup> | 438246 |
|  |  |  | 994038 |
| Biotechnology – 0.4% | Biotechnology – 0.4% | Biotechnology – 0.4% | Biotechnology – 0.4% |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  | 239000 | 5.250 03/02/30<sup>(c)</sup> | 246355 |
|  | 238000 | 5.250 03/02/33<sup>(c)</sup> | 243754 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  | 75000 | 1.200 09/02/25<sup>(c)</sup> | 74470 |
|  | 198000 | 5.400 09/02/34<sup>(c)</sup> | 200602 |
|  |  |  | 765181 |
| Building Materials – 0.3% | Building Materials – 0.3% | Building Materials – 0.3% | Building Materials – 0.3% |
|  Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
|  | 150000 | 2.493 02/15/27<sup>(c)</sup> | 145997 |
|  | 75000 | 2.722 02/15/30<sup>(c)</sup> | 69767 |
|  | 200000 | 2.700 02/15/31<sup>(c)</sup> | 181942 |
|  | 166000 | 5.900 03/15/34<sup>(c)</sup> | 176734 |
|  Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. |
|  | 50000 | 1.500 02/15/28<sup>(c)</sup> | 46407 |
|  |  |  | 620847 |
| Chemicals – 0.1% | Chemicals – 0.1% | Chemicals – 0.1% | Chemicals – 0.1% |
|  DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
|  | 50000 | 4.493 11/15/25<sup>(c)</sup> | 49929 |
|  Ecolab, Inc. | Ecolab, Inc. | Ecolab, Inc. | Ecolab, Inc. |
|  | 4000 | 2.750 08/18/55<sup>(c)</sup> | 2385 |
|  Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
|  | 25000 | 4.500 05/01/29<sup>(c)</sup> | 23704 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  | 20000 | 1.832 10/15/27<sup>(c)(d)</sup> | 18837 |
|  | 74000 | 2.300 11/01/30<sup>(c)(d)</sup> | 65448 |
|  Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) |
|  | 25000 | 3.450 06/01/27<sup>(c)</sup> | 24662 |
|  | 50000 | 2.950 08/15/29<sup>(c)</sup> | 47226 |
|  |  |  | 232191 |
| Commercial Services – 0.2% | Commercial Services – 0.2% | Commercial Services – 0.2% | Commercial Services – 0.2% |
|  PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. |
|  | 75000 | 2.650 10/01/26<sup>(c)</sup> | 73651 |
|  | 25000 | 2.850 10/01/29<sup>(c)</sup> | 23597 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  | 182000 | 5.250 08/09/34<sup>(c)</sup> | 184193 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  | 75000 | 4.250 05/01/29<sup>(c)</sup> | 74997 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356438 |
| Computers – 0.2% | Computers – 0.2% | Computers – 0.2% | Computers – 0.2% |
|  Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. |
|  | 89000 | 6.020 06/15/26<sup>(c)</sup> | 89853 |
|  | 25000 | 5.300 10/01/29<sup>(c)</sup> | 25723 |
|  Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
|  | 45000 | 4.900 10/15/25<sup>(c)</sup> | 44969 |
|  | 151000 | 5.000 10/15/34<sup>(c)</sup> | 146509 |
|  |  |  | 307054 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Diversified Financial Services – 0.6% | Diversified Financial Services – 0.6% | Diversified Financial Services – 0.6% | Diversified Financial Services – 0.6% |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 75000 | 3.375% | 07/01/25<sup>(c)</sup> | $75000 |
| Air Lease Corp., GMTN | Air Lease Corp., GMTN | Air Lease Corp., GMTN | Air Lease Corp., GMTN |
| 75000 | 3.750 | 06/01/26<sup>(c)</sup> | 74493 |
| Air Lease Corp., MTN | Air Lease Corp., MTN | Air Lease Corp., MTN | Air Lease Corp., MTN |
| 75000 | 2.875 | 01/15/26<sup>(c)</sup> | 74236 |
| 275000 | 5.200 | 07/15/31<sup>(c)</sup> | 281095 |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| 50000 | 1.950 | 01/30/26<sup>(c)(d)</sup> | 49211 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.990% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.990% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.990% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.990% |
| 415000 | 5.884 | 07/26/35<sup>(a)(c)</sup> | 427835 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
| 75000 | 3.625 | 09/01/28<sup>(c)</sup> | 73539 |
| Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
| 25000 | 3.300 | 03/26/27<sup>(c)</sup> | 24737 |
| Nuveen LLC | Nuveen LLC | Nuveen LLC | Nuveen LLC |
| 25000 | 4.000 | 11/01/28<sup>(c)(d)</sup> | 24801 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1104947 |
| Electric – 0.6% | Electric – 0.6% | Electric – 0.6% | Electric – 0.6% |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| 50000 | 2.300 | 03/01/30<sup>(c)</sup> | 45147 |
| Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| 45000 | 2.950 | 09/15/27<sup>(c)</sup> | 43550 |
| Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| 25000 | 3.250 | 04/15/28<sup>(c)</sup> | 24456 |
| 50000 | 3.700 | 07/15/30<sup>(c)</sup> | 48523 |
| Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C |
| 25000 | 3.375 | 04/01/30<sup>(c)</sup> | 23771 |
| Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| 45000 | 2.950 | 09/01/26<sup>(c)</sup> | 44253 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 50000 | 4.050 | 04/15/30<sup>(c)</sup> | 49217 |
| FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
| 100000 | 2.650 | 03/01/30<sup>(c)</sup> | 91830 |
| FirstEnergy Corp., Series B | FirstEnergy Corp., Series B | FirstEnergy Corp., Series B | FirstEnergy Corp., Series B |
| 50000 | 2.250 | 09/01/30<sup>(c)</sup> | 44385 |
| Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| 68000 | 4.125 | 02/01/42<sup>(c)</sup> | 57815 |
| MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
| 25000 | 3.650 | 04/15/29<sup>(c)</sup> | 24533 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 70000 | 1.900 | 06/15/28<sup>(c)</sup> | 65431 |
| Ohio Power Co., Series P | Ohio Power Co., Series P | Ohio Power Co., Series P | Ohio Power Co., Series P |
| 25000 | 2.600 | 04/01/30<sup>(c)</sup> | 23033 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 25000 | 2.100 | 08/01/27<sup>(c)</sup> | 23688 |
| 50000 | 2.500 | 02/01/31<sup>(c)</sup> | 43402 |
| 25000 | 3.300 | 08/01/40<sup>(c)</sup> | 17918 |
| Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. |
| 95000 | 7.000 | 10/30/31 | 107302 |
| Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) |
| 60000 | 3.250 | 07/01/26<sup>(c)</sup> | 59357 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 250000 | 3.350 | 12/01/26<sup>(c)</sup> | 246409 |
|  |  |  | 1084020 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Electronics – 0.1% | Electronics – 0.1% | Electronics – 0.1% |
| Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
| 110000 | 5.600% 05/29/34<sup>(c)</sup> | $112966 |
| Entertainment – 0.1% | Entertainment – 0.1% | Entertainment – 0.1% |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 200000 | 4.054 03/15/29<sup>(c)</sup> | 162910 |
| 16000 | 4.279 03/15/32<sup>(c)</sup> | 11898 |
|  |  | 174808 |
| Environmental Control – 0.3% | Environmental Control – 0.3% | Environmental Control – 0.3% |
| Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
| 100000 | 1.750 02/15/32<sup>(c)</sup> | 84161 |
| Veralto Corp. | Veralto Corp. | Veralto Corp. |
| 345000 | 5.450 09/18/33<sup>(c)</sup> | 355757 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 75000 | 3.150 11/15/27<sup>(c)</sup> | 73477 |
| 50000 | 1.150 03/15/28<sup>(c)</sup> | 46357 |
|  |  | 559752 |
| Food – 1.4% | Food – 1.4% | Food – 1.4% |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| 75000 | 4.200 04/17/28<sup>(c)</sup> | 74879 |
| J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) |
| 179000 | 5.900 11/15/28<sup>(c)</sup> | 188117 |
| 198000 | 6.200 11/15/33<sup>(c)</sup> | 212576 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 95000 | 3.750 04/01/30<sup>(c)</sup> | 91983 |
| Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| 191000 | 5.000 09/15/34<sup>(c)</sup> | 189946 |
| Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 425000 | 4.800 03/01/30<sup>(c)(d)</sup> | 430550 |
| 25000 | 3.200 04/01/30<sup>(c)(d)</sup> | 23704 |
| 375000 | 5.000 03/01/32<sup>(c)(d)</sup> | 380015 |
| 650000 | 5.200 03/01/35<sup>(c)(d)</sup> | 657652 |
| The Campbell's Company | The Campbell's Company | The Campbell's Company |
| 279000 | 5.400 03/21/34<sup>(c)</sup> | 283326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2532748 |
| Gas – 0.1% | Gas – 0.1% | Gas – 0.1% |
| East Ohio Gas Co. (The) | East Ohio Gas Co. (The) | East Ohio Gas Co. (The) |
| 25000 | 2.000 06/15/30<sup>(c)(d)</sup> | 22228 |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 95000 | 3.490 05/15/27<sup>(c)</sup> | 93576 |
| 25000 | 3.600 05/01/30<sup>(c)</sup> | 24013 |
|  |  | 139817 |
| Hand/Machine Tools – 0.0% | Hand/Machine Tools – 0.0% | Hand/Machine Tools – 0.0% |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. |
| 24000 | 4.250 11/15/28<sup>(c)</sup> | 23849 |
| Healthcare-Products – 0.6% | Healthcare-Products – 0.6% | Healthcare-Products – 0.6% |
| Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
| 413000 | 3.000 09/23/29<sup>(c)(d)</sup> | 388918 |
| DH Europe Finance II Sarl | DH Europe Finance II Sarl | DH Europe Finance II Sarl |
| 25000 | 2.600 11/15/29<sup>(c)</sup> | 23344 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 290000 | 5.400 03/01/29<sup>(c)</sup> | 298668 |
| 140000 | 5.600 03/23/34<sup>(c)</sup> | 144052 |
| STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |
| 75000 | 2.700 03/15/31<sup>(c)</sup> | 67364 |
| Stryker Corp. | Stryker Corp. | Stryker Corp. |
| 100000 | 1.950 06/15/30<sup>(c)</sup> | 89211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Healthcare-Products – (continued) | Healthcare-Products – (continued) | Healthcare-Products – (continued) | Healthcare-Products – (continued) | Healthcare-Products – (continued) |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| $| 25000 | 1.750% | 10/15/28<sup>(c)</sup> | 23151 |
|  |  |  |  | 1034708 |
| Healthcare-Services – 1.3% | Healthcare-Services – 1.3% | Healthcare-Services – 1.3% | Healthcare-Services – 1.3% | Healthcare-Services – 1.3% |
|  Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System |
|  | 30000 | 2.952 | 03/01/29<sup>(c)</sup> | 27862 |
|  | 95000 | 5.757 | 12/01/34<sup>(c)</sup> | 95142 |
|  Banner Health | Banner Health | Banner Health | Banner Health | Banner Health |
|  | 120000 | 2.338 | 01/01/30<sup>(c)</sup> | 110245 |
|  Baylor Scott & White Holdings, Series 2021 | Baylor Scott & White Holdings, Series 2021 | Baylor Scott & White Holdings, Series 2021 | Baylor Scott & White Holdings, Series 2021 | Baylor Scott & White Holdings, Series 2021 |
|  | 40000 | 1.777 | 11/15/30<sup>(c)</sup> | 35153 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  | 96000 | 4.250 | 12/15/27<sup>(c)</sup> | 94575 |
|  | 68000 | 2.625 | 08/01/31<sup>(c)</sup> | 58300 |
|  Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
|  | 34000 | 2.400 | 03/15/30<sup>(c)</sup> | 31018 |
|  | 250000 | 2.375 | 03/15/31<sup>(c)</sup> | 222244 |
|  | 260000 | 5.125 | 05/15/31<sup>(c)</sup> | 267488 |
|  | 125000 | 4.800 | 08/15/38<sup>(c)</sup> | 117353 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  | 225000 | 6.461 | 11/01/52<sup>(c)</sup> | 238247 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  | 80000 | 3.500 | 09/01/30<sup>(c)</sup> | 75642 |
|  | 345000 | 5.450 | 04/01/31<sup>(c)</sup> | 355665 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  | 55000 | 5.950 | 03/15/34<sup>(c)</sup> | 57111 |
|  Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
|  | 86000 | 4.800 | 10/01/34<sup>(c)</sup> | 84221 |
|  Rush Obligated Group, Series 2020 | Rush Obligated Group, Series 2020 | Rush Obligated Group, Series 2020 | Rush Obligated Group, Series 2020 | Rush Obligated Group, Series 2020 |
|  | 60000 | 3.922 | 11/15/29<sup>(c)</sup> | 58843 |
| Sutter Health, Series 20A | Sutter Health, Series 20A | Sutter Health, Series 20A | Sutter Health, Series 20A | Sutter Health, Series 20A |
|  | 40000 | 2.294 | 08/15/30<sup>(c)</sup> | 36125 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  | 275000 | 5.000 | 04/15/34<sup>(c)</sup> | 274718 |
|  | 125000 | 3.050 | 05/15/41<sup>(c)</sup> | 91833 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2331785 |
| Insurance – 0.3% | Insurance – 0.3% | Insurance – 0.3% | Insurance – 0.3% | Insurance – 0.3% |
|  American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
|  | 25000 | 3.400 | 06/30/30<sup>(c)</sup> | 23787 |
| Arch Capital Group US, Inc. | Arch Capital Group US, Inc. | Arch Capital Group US, Inc. | Arch Capital Group US, Inc. | Arch Capital Group US, Inc. |
|  | 36000 | 5.144 | 11/01/43 | 33523 |
|  Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
|  | 75000 | 1.850 | 03/12/30<sup>(c)</sup> | 67974 |
|  Chubb Corp. (The) | Chubb Corp. (The) | Chubb Corp. (The) | Chubb Corp. (The) | Chubb Corp. (The) |
|  | 171000 | 6.800 | 11/15/31 | 190665 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  | 50000 | 4.375 | 03/15/29<sup>(c)</sup> | 50207 |
|  Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. |
|  | 50000 | 3.100 | 11/15/26<sup>(c)</sup> | 49156 |
|  | 75000 | 2.125 | 06/15/30<sup>(c)</sup> | 66858 |
|  Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
|  | 25000 | 2.950 | 09/15/29<sup>(c)</sup> | 23531 |
|  |  |  |  | 505701 |
| Internet – 0.5% | Internet – 0.5% | Internet – 0.5% | Internet – 0.5% | Internet – 0.5% |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  | 147000 | 5.200 | 12/03/25<sup>(c)</sup> | 147190 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Internet – (continued) | Internet – (continued) | Internet – (continued) | Internet – (continued) | Internet – (continued) |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| $| 14000 | 4.625% | 08/01/27<sup>(c)</sup> | 14056 |
|  | 35000 | 3.800 | 02/15/28<sup>(c)</sup> | 34481 |
|  | 85000 | 3.250 | 02/15/30<sup>(c)</sup> | 80265 |
|  | 14000 | 2.950 | 03/15/31<sup>(c)</sup> | 12753 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  | 250000 | 3.500 | 08/15/27<sup>(c)</sup> | 247640 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  | 210000 | 5.875 | 11/15/28 | 221362 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  | 175000 | 4.500 | 08/15/29<sup>(c)(d)</sup> | 174099 |
|  |  |  |  | 931846 |
| Investment Companies – 0.1% | Investment Companies – 0.1% | Investment Companies – 0.1% | Investment Companies – 0.1% | Investment Companies – 0.1% |
|  Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
|  | 75000 | 6.000 | 01/29/32<sup>(c)</sup> | 75453 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  | 125000 | 5.875 | 11/15/27<sup>(c)</sup> | 127677 |
|  |  |  |  | 203130 |
| Iron/Steel – 0.0% | Iron/Steel – 0.0% | Iron/Steel – 0.0% | Iron/Steel – 0.0% | Iron/Steel – 0.0% |
| Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
|  | 50000 | 1.650 | 10/15/27<sup>(c)</sup> | 47128 |
| Lodging – 0.6% | Lodging – 0.6% | Lodging – 0.6% | Lodging – 0.6% | Lodging – 0.6% |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  | 114000 | 5.850 | 08/01/34<sup>(c)</sup> | 114937 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  | 365000 | 5.500 | 06/30/34<sup>(c)</sup> | 365422 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  | 120000 | 5.625 | 06/15/28<sup>(c)</sup> | 122434 |
|  | 40000 | 6.000 | 06/14/30<sup>(c)</sup> | 41256 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  | 125000 | 5.000 | 10/15/27<sup>(c)</sup> | 127042 |
|  | 91000 | 4.875 | 05/15/29<sup>(c)</sup> | 92306 |
|  Marriott International, Inc., Series HH | Marriott International, Inc., Series HH | Marriott International, Inc., Series HH | Marriott International, Inc., Series HH | Marriott International, Inc., Series HH |
|  | 325000 | 2.850 | 04/15/31<sup>(c)</sup> | 295172 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1158569 |
| Machinery-Diversified – 0.5% | Machinery-Diversified – 0.5% | Machinery-Diversified – 0.5% | Machinery-Diversified – 0.5% | Machinery-Diversified – 0.5% |
|  AGCO Corp. | AGCO Corp. | AGCO Corp. | AGCO Corp. | AGCO Corp. |
|  | 112000 | 5.800 | 03/21/34<sup>(c)</sup> | 113674 |
|  IDEX Corp. | IDEX Corp. | IDEX Corp. | IDEX Corp. | IDEX Corp. |
|  | 105000 | 2.625 | 06/15/31<sup>(c)</sup> | 93664 |
|  Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
|  | 90000 | 5.700 | 08/14/33<sup>(c)</sup> | 94228 |
|  Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
|  | 25000 | 2.293 | 04/05/27<sup>(c)</sup> | 24204 |
|  | 150000 | 2.565 | 02/15/30<sup>(c)</sup> | 138350 |
|  Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
|  | 453000 | 6.300 | 02/15/30<sup>(c)</sup> | 474703 |
|  |  |  |  | 938823 |
| Media – 0.1% | Media – 0.1% | Media – 0.1% | Media – 0.1% | Media – 0.1% |
|  Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter |
|  Communications Operating Capital | Communications Operating Capital | Communications Operating Capital | Communications Operating Capital | Communications Operating Capital |
|  | 74000 | 4.908 | 07/23/25<sup>(c)</sup> | 73992 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  | 25000 | 3.300 | 02/01/27<sup>(c)</sup> | 24657 |
|  | 75000 | 3.300 | 04/01/27<sup>(c)</sup> | 73884 |
|  | 25000 | 3.750 | 04/01/40<sup>(c)</sup> | 20716 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Media – (continued) | Media – (continued) | Media – (continued) | Media – (continued) | Media – (continued) |
|  Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| $| 25000 | 4.709% | 01/25/29<sup>(c)</sup> | 25214 |
|  |  |  |  | 218463 |
| Oil & Gas – 0.1% | Oil & Gas – 0.1% | Oil & Gas – 0.1% | Oil & Gas – 0.1% | Oil & Gas – 0.1% |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  | 69000 | 7.875 | 09/15/31 | 77508 |
|  Phillips 66 | Phillips 66 | Phillips 66 | Phillips 66 | Phillips 66 |
|  | 25000 | 1.300 | 02/15/26<sup>(c)</sup> | 24488 |
|  |  |  |  | 101996 |
| Packaging & Containers – 0.0% | Packaging & Containers – 0.0% | Packaging & Containers – 0.0% | Packaging & Containers – 0.0% | Packaging & Containers – 0.0% |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  | 50000 | 1.570 | 01/15/26<sup>(c)</sup> | 49051 |
| Pharmaceuticals – 0.7% | Pharmaceuticals – 0.7% | Pharmaceuticals – 0.7% | Pharmaceuticals – 0.7% | Pharmaceuticals – 0.7% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  | 107000 | 4.050 | 11/21/39<sup>(c)</sup> | 93750 |
|  Becton Dickinson and Co. | Becton Dickinson and Co. | Becton Dickinson and Co. | Becton Dickinson and Co. | Becton Dickinson and Co. |
|  | 100000 | 2.823 | 05/20/30<sup>(c)</sup> | 92539 |
|  Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
|  | 265000 | 5.350 | 11/15/34<sup>(c)</sup> | 270068 |
|  Cencora, Inc. | Cencora, Inc. | Cencora, Inc. | Cencora, Inc. | Cencora, Inc. |
|  | 75000 | 3.450 | 12/15/27<sup>(c)</sup> | 73569 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  | 350000 | 2.125 | 09/15/31<sup>(c)</sup> | 299358 |
|  | 162000 | 4.780 | 03/25/38<sup>(c)</sup> | 148628 |
|  Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
|  | 75000 | 3.450 | 03/15/29<sup>(c)</sup> | 73448 |
|  Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
|  | 45000 | 3.000 | 09/12/27<sup>(c)</sup> | 43912 |
|  | 150000 | 2.000 | 05/15/30<sup>(c)</sup> | 134757 |
|  |  |  |  | 1230029 |
| Pipelines – 0.7% | Pipelines – 0.7% | Pipelines – 0.7% | Pipelines – 0.7% | Pipelines – 0.7% |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  | 75000 | 5.950 | 06/30/33<sup>(c)</sup> | 78262 |
|  Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC |
|  | 240000 | 6.036 | 11/15/33<sup>(c)(d)</sup> | 251965 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  | 25000 | 5.250 | 04/15/29<sup>(c)</sup> | 25599 |
|  | 275000 | 5.750 | 02/15/33<sup>(c)</sup> | 285464 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  | 275000 | 4.300 | 03/01/28<sup>(c)</sup> | 275231 |
|  MPLX LP | MPLX LP | MPLX LP | MPLX LP | MPLX LP |
|  | 75000 | 2.650 | 08/15/30<sup>(c)</sup> | 67896 |
|  | 35000 | 4.500 | 04/15/38<sup>(c)</sup> | 30988 |
|  | 25000 | 5.500 | 02/15/49<sup>(c)</sup> | 22615 |
|  Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. |
|  | 25000 | 3.800 | 09/15/30<sup>(c)</sup> | 23897 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  | 75000 | 5.000 | 03/15/27<sup>(c)</sup> | 75448 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  | 55000 | 4.200 | 02/01/33<sup>(c)</sup> | 51536 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  | 25000 | 5.450 | 04/01/44<sup>(c)</sup> | 21757 |
|  Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |
|  | 35000 | 4.000 | 09/15/25<sup>(c)</sup> | 34932 |
|  | 125000 | 5.650 | 03/15/33<sup>(c)</sup> | 129904 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1375494 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Real Estate – 0.0% | Real Estate – 0.0% | Real Estate – 0.0% |
| CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
| 100000 | 2.800% 07/15/30<sup>(c)(d)</sup> | $90304 |
| REITS – 0.8% | REITS – 0.8% | REITS – 0.8% |
| Agree LP | Agree LP | Agree LP |
| 170000 | 4.800 10/01/32<sup>(c)</sup> | 168257 |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 25000 | 3.375 08/15/31<sup>(c)</sup> | 23110 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 50000 | 4.900 02/15/29<sup>(c)</sup> | 50546 |
| 30000 | 2.375 07/15/31<sup>(c)</sup> | 26112 |
| American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 75000 | 2.100 06/15/30<sup>(c)</sup> | 66649 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 60000 | 3.650 09/01/27<sup>(c)</sup> | 58983 |
| CubeSmart LP | CubeSmart LP | CubeSmart LP |
| 45000 | 4.000 11/15/25<sup>(c)</sup> | 44841 |
| 20000 | 2.500 02/15/32<sup>(c)</sup> | 17200 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| 50000 | 3.000 01/15/30<sup>(c)</sup> | 46755 |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| 25000 | 2.050 03/15/31<sup>(c)</sup> | 20936 |
| Host Hotels & Resorts LP, Series J | Host Hotels & Resorts LP, Series J | Host Hotels & Resorts LP, Series J |
| 42000 | 2.900 12/15/31<sup>(c)</sup> | 36811 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 75000 | 2.300 11/15/28<sup>(c)</sup> | 70208 |
| 195000 | 2.000 08/15/31<sup>(c)</sup> | 165609 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 20000 | 4.750 12/15/28<sup>(c)</sup> | 19850 |
| Mid-America Apartments L.P. | Mid-America Apartments L.P. | Mid-America Apartments L.P. |
| 50000 | 1.700 02/15/31<sup>(c)</sup> | 42960 |
| National Retail Properties, Inc. | National Retail Properties, Inc. | National Retail Properties, Inc. |
| 45000 | 4.000 11/15/25<sup>(c)</sup> | 44866 |
| Prologis L.P. | Prologis L.P. | Prologis L.P. |
| 25000 | 1.750 07/01/30<sup>(c)</sup> | 21965 |
| 125000 | 4.625 01/15/33<sup>(c)</sup> | 124323 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 25000 | 3.950 08/15/27<sup>(c)</sup> | 24857 |
| 75000 | 3.400 01/15/30<sup>(c)</sup> | 71803 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 100000 | 2.950 09/15/29<sup>(c)</sup> | 94584 |
| UDR, Inc., MTN | UDR, Inc., MTN | UDR, Inc., MTN |
| 25000 | 2.100 08/01/32<sup>(c)</sup> | 20698 |
| 100000 | 1.900 03/15/33<sup>(c)</sup> | 79931 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 25000 | 3.850 07/15/29<sup>(c)</sup> | 24336 |
| 25000 | 2.400 02/01/31<sup>(c)</sup> | 21996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1388186 |
| Retail – 0.4% | Retail – 0.4% | Retail – 0.4% |
| 7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
| 100000 | 1.300 02/10/28<sup>(c)(d)</sup> | 92270 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 83000 | 4.500 10/01/25<sup>(c)</sup> | 82856 |
| 25000 | 1.950 08/01/28<sup>(c)</sup> | 23189 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| 170000 | 3.875 04/15/27<sup>(c)</sup> | 168542 |
| Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. |
| 50000 | 4.200 05/15/28<sup>(c)</sup> | 49554 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Retail – (continued) | Retail – (continued) | Retail – (continued) | Retail – (continued) |
|  Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
| $| 25000 | 3.900% 12/06/28<sup>(c)</sup> | 24923 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
|  | 25000 | 3.100 05/03/27<sup>(c)</sup> | 24509 |
|  | 75000 | 1.700 09/15/28<sup>(c)</sup> | 69387 |
|  | 25000 | 3.000 10/15/50<sup>(c)</sup> | 15626 |
|  McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN |
|  | 25000 | 4.200 04/01/50<sup>(c)</sup> | 19868 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
|  | 100000 | 4.000 11/15/28<sup>(c)</sup> | 99274 |
|  Tractor Supply Co. | Tractor Supply Co. | Tractor Supply Co. | Tractor Supply Co. |
|  | 50000 | 1.750 11/01/30<sup>(c)</sup> | 43328 |
|  |  |  | 713326 |
| Semiconductors – 0.3% | Semiconductors – 0.3% | Semiconductors – 0.3% | Semiconductors – 0.3% |
|  Applied Materials, Inc. | Applied Materials, Inc. | Applied Materials, Inc. | Applied Materials, Inc. |
|  | 25000 | 1.750 06/01/30<sup>(c)</sup> | 22216 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  | 74000 | 4.150 04/15/32<sup>(c)(d)</sup> | 71253 |
|  | 100000 | 3.419 04/15/33<sup>(c)(d)</sup> | 90576 |
|  | 162000 | 3.137 11/15/35<sup>(c)(d)</sup> | 136649 |
|  | 100000 | 3.500 02/15/41<sup>(c)(d)</sup> | 79114 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
|  | 175000 | 5.200 02/10/33<sup>(c)</sup> | 176477 |
|  | 65000 | 5.150 02/21/34<sup>(c)</sup> | 64787 |
|  |  |  | 641072 |
| Software – 1.5% | Software – 1.5% | Software – 1.5% | Software – 1.5% |
|  Adobe, Inc. | Adobe, Inc. | Adobe, Inc. | Adobe, Inc. |
|  | 50000 | 2.150 02/01/27<sup>(c)</sup> | 48613 |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
|  | 422000 | 5.500 12/01/34<sup>(c)</sup> | 428582 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  | 25000 | 4.200 10/01/28<sup>(c)</sup> | 24871 |
|  Intuit, Inc. | Intuit, Inc. | Intuit, Inc. | Intuit, Inc. |
|  | 25000 | 1.350 07/15/27<sup>(c)</sup> | 23700 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  | 180000 | 4.000 11/15/29<sup>(c)(d)</sup> | 174076 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  | 150000 | 4.500 05/06/28<sup>(c)</sup> | 150823 |
|  | 34000 | 2.950 04/01/30<sup>(c)</sup> | 31731 |
|  | 175000 | 4.650 05/06/30<sup>(c)</sup> | 176674 |
|  | 275000 | 2.875 03/25/31<sup>(c)</sup> | 250720 |
|  | 256000 | 5.250 02/03/32<sup>(c)</sup> | 262648 |
|  | 250000 | 6.250 11/09/32<sup>(c)</sup> | 270395 |
|  | 157000 | 4.900 02/06/33<sup>(c)</sup> | 157372 |
|  | 125000 | 6.900 11/09/52<sup>(c)</sup> | 138994 |
|  Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
|  | 50000 | 4.200 09/15/28<sup>(c)</sup> | 49870 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  | 160000 | 5.000 04/01/32<sup>(c)</sup> | 162039 |
|  | 126000 | 5.150 04/01/35<sup>(c)</sup> | 127020 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  | 85000 | 3.700 04/14/27<sup>(c)</sup> | 84166 |
|  VMware, Inc. | VMware, Inc. | VMware, Inc. | VMware, Inc. |
|  | 25000 | 1.800 08/15/28<sup>(c)</sup> | 23129 |
|  | 100000 | 2.200 08/15/31<sup>(c)</sup> | 86773 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
|  Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| $| 75000 | 3.500% | 04/01/27<sup>(c)</sup> | 74056 |
|  |  |  |  | 2746252 |
| Telecommunications – 1.2% | Telecommunications – 1.2% | Telecommunications – 1.2% | Telecommunications – 1.2% | Telecommunications – 1.2% |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  | 288000 | 2.300 | 06/01/27<sup>(c)</sup> | 277584 |
|  | 150000 | 4.350 | 03/01/29<sup>(c)</sup> | 150314 |
|  | 50000 | 2.750 | 06/01/31<sup>(c)</sup> | 45310 |
|  | 10000 | 2.550 | 12/01/33<sup>(c)</sup> | 8371 |
|  | 25000 | 4.900 | 08/15/37<sup>(c)</sup> | 23957 |
|  | 60000 | 4.850 | 03/01/39<sup>(c)</sup> | 56733 |
|  | 75000 | 3.500 | 06/01/41<sup>(c)</sup> | 58822 |
|  | 25000 | 4.350 | 06/15/45<sup>(c)</sup> | 20709 |
|  | 25000 | 5.150 | 11/15/46<sup>(c)</sup> | 23020 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  | 75000 | 1.500 | 02/15/26<sup>(c)</sup> | 73521 |
|  | 391000 | 3.750 | 04/15/27<sup>(c)</sup> | 387056 |
|  | 25000 | 4.750 | 02/01/28<sup>(c)</sup> | 25035 |
|  | 175000 | 2.050 | 02/15/28<sup>(c)</sup> | 165403 |
|  | 83000 | 3.875 | 04/15/30<sup>(c)</sup> | 80589 |
|  | 75000 | 3.500 | 04/15/31<sup>(c)</sup> | 70461 |
|  | 500000 | 5.200 | 01/15/33<sup>(c)</sup> | 507956 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  | 108000 | 4.329 | 09/21/28 | 108451 |
|  | 200000 | 2.550 | 03/21/31<sup>(c)</sup> | 179411 |
|  |  |  |  | 2262703 |
| Transportation – 0.2% | Transportation – 0.2% | Transportation – 0.2% | Transportation – 0.2% | Transportation – 0.2% |
|  Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
|  | 25000 | 4.050 | 06/15/48<sup>(c)</sup> | 20184 |
|  CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. |
|  | 175000 | 3.800 | 03/01/28<sup>(c)</sup> | 173469 |
|  FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. |
|  | 45000 | 3.400 | 02/15/28<sup>(c)(d)</sup> | 43882 |
|  Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
|  | 125000 | 2.800 | 02/14/32<sup>(c)</sup> | 112768 |
|  |  |  |  | 350303 |
| Trucking & Leasing – 0.1% | Trucking & Leasing – 0.1% | Trucking & Leasing – 0.1% | Trucking & Leasing – 0.1% | Trucking & Leasing – 0.1% |
|  Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. |
|  | 120000 | 5.250 | 07/01/29<sup>(c)(d)</sup> | 122876 |
| **TOTAL CORPORATE BONDS**<br> **(Cost $39,908,458)** | **TOTAL CORPORATE BONDS**<br> **(Cost $39,908,458)** | **TOTAL CORPORATE BONDS**<br> **(Cost $39,908,458)** | **TOTAL CORPORATE BONDS**<br> **(Cost $39,908,458)** | 39490470 |
| **Asset- Backed Securities – 11.8%** | **Asset- Backed Securities – 11.8%** | **Asset- Backed Securities – 11.8%** | **Asset- Backed Securities – 11.8%** | **Asset- Backed Securities – 11.8%** |
| Collateralized Debt Obligations – 0.1% | Collateralized Debt Obligations – 0.1% | Collateralized Debt Obligations – 0.1% | Collateralized Debt Obligations – 0.1% | Collateralized Debt Obligations – 0.1% |
| Arbor Realty Commercial Real Estate Notes Ltd., Series 2022- FL1, Class A (SOFR + 1.450%) | Arbor Realty Commercial Real Estate Notes Ltd., Series 2022- FL1, Class A (SOFR + 1.450%) | Arbor Realty Commercial Real Estate Notes Ltd., Series 2022- FL1, Class A (SOFR + 1.450%) | Arbor Realty Commercial Real Estate Notes Ltd., Series 2022- FL1, Class A (SOFR + 1.450%) | Arbor Realty Commercial Real Estate Notes Ltd., Series 2022- FL1, Class A (SOFR + 1.450%) |
|  | 143308 | 5.754 | 01/15/37<sup>(a)(c)(d)</sup> | 143308 |
| Collateralized Loan Obligations – 8.5% | Collateralized Loan Obligations – 8.5% | Collateralized Loan Obligations – 8.5% | Collateralized Loan Obligations – 8.5% | Collateralized Loan Obligations – 8.5% |
|  AGL CLO 40 Ltd., Series 2025-40A, Class A1 (TSFR3M + 1.240%) | AGL CLO 40 Ltd., Series 2025-40A, Class A1 (TSFR3M + 1.240%) | AGL CLO 40 Ltd., Series 2025-40A, Class A1 (TSFR3M + 1.240%) | AGL CLO 40 Ltd., Series 2025-40A, Class A1 (TSFR3M + 1.240%) | AGL CLO 40 Ltd., Series 2025-40A, Class A1 (TSFR3M + 1.240%) |
|  | 1000000 | 5.551 | 07/22/38<sup>(a)(c)(d)</sup> | 999884 |
| Apidos CLO XV, Series 2013-15A, Class A1RR (TSFR3M + 1.272%) | Apidos CLO XV, Series 2013-15A, Class A1RR (TSFR3M + 1.272%) | Apidos CLO XV, Series 2013-15A, Class A1RR (TSFR3M + 1.272%) | Apidos CLO XV, Series 2013-15A, Class A1RR (TSFR3M + 1.272%) | Apidos CLO XV, Series 2013-15A, Class A1RR (TSFR3M + 1.272%) |
|  | 135904 | 5.541 | 04/20/31<sup>(a)(c)(d)</sup> | 135973 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| **Asset- Backed Securities – (continued)** | **Asset- Backed Securities – (continued)** | **Asset- Backed Securities – (continued)** |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| Ares European CLO XXI DAC, Series 21A, Class B (3 mo. Euribor + 1.700%) | Ares European CLO XXI DAC, Series 21A, Class B (3 mo. Euribor + 1.700%) | Ares European CLO XXI DAC, Series 21A, Class B (3 mo. Euribor + 1.700%) |
| 250000 | 4.147% 04/15/38<sup>(a)(c)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294616 |
| Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class A (TSFR3M + 1.300%) | Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class A (TSFR3M + 1.300%) | Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class A (TSFR3M + 1.300%) |
| 1250000 | 0.010 07/25/38<sup>(a)(d)(e)</sup> | 1250000 |
| Carlyle US CLO Ltd., Series 2024-2A, Class B (TSFR3M + 2.050%) | Carlyle US CLO Ltd., Series 2024-2A, Class B (TSFR3M + 2.050%) | Carlyle US CLO Ltd., Series 2024-2A, Class B (TSFR3M + 2.050%) |
| 400000 | 6.332 04/25/37<sup>(a)(c)(d)</sup> | 401838 |
| Carlyle US CLO Ltd., Series 2025-3A, Class A (TSFR3M + 1.380%) | Carlyle US CLO Ltd., Series 2025-3A, Class A (TSFR3M + 1.380%) | Carlyle US CLO Ltd., Series 2025-3A, Class A (TSFR3M + 1.380%) |
| 850000 | 5.636 07/25/38<sup>(a)(d)(e)</sup> | 852338 |
| Cathedral Lake VIII Ltd., Series 2021-8A, Class C (TSFR3M + 2.882%) | Cathedral Lake VIII Ltd., Series 2021-8A, Class C (TSFR3M + 2.882%) | Cathedral Lake VIII Ltd., Series 2021-8A, Class C (TSFR3M + 2.882%) |
| 200000 | 7.151 01/20/35<sup>(a)(c)(d)</sup> | 200364 |
| CBAM Ltd., Series 2018-5A, Class A (TSFR3M + 1.282%) | CBAM Ltd., Series 2018-5A, Class A (TSFR3M + 1.282%) | CBAM Ltd., Series 2018-5A, Class A (TSFR3M + 1.282%) |
| 168186 | 5.561 04/17/31<sup>(a)(c)(d)</sup> | 168338 |
| CBAMR Ltd., Series 2017-4A, Class A1R (TSFR3M + 1.420%) | CBAMR Ltd., Series 2017-4A, Class A1R (TSFR3M + 1.420%) | CBAMR Ltd., Series 2017-4A, Class A1R (TSFR3M + 1.420%) |
| 800000 | 0.010 03/31/38<sup>(a)(d)</sup> | 802000 |
| Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR (TSFR3M + 1.420%) | Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR (TSFR3M + 1.420%) | Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR (TSFR3M + 1.420%) |
| 270000 | 5.689 07/20/37<sup>(a)(c)(d)</sup> | 271021 |
| CFIP CLO Ltd., Series 2021-1A, Class A (TSFR3M + 1.482%) | CFIP CLO Ltd., Series 2021-1A, Class A (TSFR3M + 1.482%) | CFIP CLO Ltd., Series 2021-1A, Class A (TSFR3M + 1.482%) |
| 700000 | 5.751 01/20/35<sup>(a)(c)(d)</sup> | 700946 |
| CFIP CLO Ltd., Series 2021-1A, Class C1 (TSFR3M + 2.662%) | CFIP CLO Ltd., Series 2021-1A, Class C1 (TSFR3M + 2.662%) | CFIP CLO Ltd., Series 2021-1A, Class C1 (TSFR3M + 2.662%) |
| 300000 | 6.931 01/20/35<sup>(a)(c)(d)</sup> | 300344 |
| CIFC Funding Ltd., Series 2018-1A, Class A1R (TSFR3M + 1.320%) | CIFC Funding Ltd., Series 2018-1A, Class A1R (TSFR3M + 1.320%) | CIFC Funding Ltd., Series 2018-1A, Class A1R (TSFR3M + 1.320%) |
| 350000 | 5.589 01/18/38<sup>(a)(c)(d)</sup> | 350962 |
| CIFC Funding Ltd., Series 2019-4A, Class A1R2 (TSFR3M + 1.300%) | CIFC Funding Ltd., Series 2019-4A, Class A1R2 (TSFR3M + 1.300%) | CIFC Funding Ltd., Series 2019-4A, Class A1R2 (TSFR3M + 1.300%) |
| 1300000 | 0.010 07/15/38<sup>(a)(d)(e)</sup> | 1300000 |
| Crown City CLO I, Series 2020-1A, Class A1AR (TSFR3M + 1.452%) | Crown City CLO I, Series 2020-1A, Class A1AR (TSFR3M + 1.452%) | Crown City CLO I, Series 2020-1A, Class A1AR (TSFR3M + 1.452%) |
| 250000 | 5.721 07/20/34<sup>(a)(c)(d)</sup> | 250084 |
| Diameter Capital Clo 1 Ltd., Series 2021-1A, Class A1R (TSFR3M + 1.390%) | Diameter Capital Clo 1 Ltd., Series 2021-1A, Class A1R (TSFR3M + 1.390%) | Diameter Capital Clo 1 Ltd., Series 2021-1A, Class A1R (TSFR3M + 1.390%) |
| 425000 | 5.646 10/15/37<sup>(a)(c)(d)</sup> | 426154 |
| Elmwood CLO X Ltd., Series 2021-3A, Class AR2 (TSFR3M + 1.300%) | Elmwood CLO X Ltd., Series 2021-3A, Class AR2 (TSFR3M + 1.300%) | Elmwood CLO X Ltd., Series 2021-3A, Class AR2 (TSFR3M + 1.300%) |
| 550000 | 0.010 07/20/38<sup>(a)(d)(e)</sup> | 550000 |
| Fidelity Grand Harbour CLO DAC, Series 2023-1A, Class B1R (3 mo. Euribor + 1.750%) | Fidelity Grand Harbour CLO DAC, Series 2023-1A, Class B1R (3 mo. Euribor + 1.750%) | Fidelity Grand Harbour CLO DAC, Series 2023-1A, Class B1R (3 mo. Euribor + 1.750%) |
| 350000 | 3.893 02/15/38<sup>(a)(c)(d)</sup> | 411179 |
| Goldentree Loan Management U.S. CLO 6 Ltd., Series 2019-6A, Class AR2 (TSFR3M + 0.970%) | Goldentree Loan Management U.S. CLO 6 Ltd., Series 2019-6A, Class AR2 (TSFR3M + 0.970%) | Goldentree Loan Management U.S. CLO 6 Ltd., Series 2019-6A, Class AR2 (TSFR3M + 0.970%) |
| 300000 | 5.239 04/20/35<sup>(a)(c)(d)</sup> | 298611 |
| Greenacre Park CLO LLC, Series 2021-2A, Class AR (TSFR3M + 1.370%) | Greenacre Park CLO LLC, Series 2021-2A, Class AR (TSFR3M + 1.370%) | Greenacre Park CLO LLC, Series 2021-2A, Class AR (TSFR3M + 1.370%) |
| 800000 | 5.667 07/20/37<sup>(a)(d)</sup> | 803110 |
| Halseypoint CLO 7 Ltd., Series 2023-7A, Class A1R (TSFR3M + 1.450%) | Halseypoint CLO 7 Ltd., Series 2023-7A, Class A1R (TSFR3M + 1.450%) | Halseypoint CLO 7 Ltd., Series 2023-7A, Class A1R (TSFR3M + 1.450%) |
| 600000 | 5.801 07/20/38<sup>(a)(d)</sup> | 600000 |
| Jamestown CLO XV Ltd., Series 2020-15A, Class A1R (TSFR3M + 1.370%) | Jamestown CLO XV Ltd., Series 2020-15A, Class A1R (TSFR3M + 1.370%) | Jamestown CLO XV Ltd., Series 2020-15A, Class A1R (TSFR3M + 1.370%) |
| 300000 | 5.626 07/15/35<sup>(a)(c)(d)</sup> | 300185 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Asset- Backed Securities – (continued)** | **Asset- Backed Securities – (continued)** | **Asset- Backed Securities – (continued)** | **Asset- Backed Securities – (continued)** |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| JP Morgan Mortgage Trust, Series 2023-HE3, Class A1 (SOFR + 1.600%) | JP Morgan Mortgage Trust, Series 2023-HE3, Class A1 (SOFR + 1.600%) | JP Morgan Mortgage Trust, Series 2023-HE3, Class A1 (SOFR + 1.600%) | JP Morgan Mortgage Trust, Series 2023-HE3, Class A1 (SOFR + 1.600%) |
| 70395 | 5.902% | 05/20/54<sup>(a)(c)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70737 |
| Mountain View CLO XV Ltd., Series 2019-2A, Class A1R (TSFR3M + 1.670%) | Mountain View CLO XV Ltd., Series 2019-2A, Class A1R (TSFR3M + 1.670%) | Mountain View CLO XV Ltd., Series 2019-2A, Class A1R (TSFR3M + 1.670%) | Mountain View CLO XV Ltd., Series 2019-2A, Class A1R (TSFR3M + 1.670%) |
| 275000 | 5.926 | 07/15/37<sup>(a)(c)(d)</sup> | 276239 |
| OCP CLO Ltd., Series 2019-16A, Class AR (TSFR3M + 1.262%) | OCP CLO Ltd., Series 2019-16A, Class AR (TSFR3M + 1.262%) | OCP CLO Ltd., Series 2019-16A, Class AR (TSFR3M + 1.262%) | OCP CLO Ltd., Series 2019-16A, Class AR (TSFR3M + 1.262%) |
| 217329 | 5.472 | 04/10/33<sup>(a)(c)(d)</sup> | 217438 |
| Palmer Square Loan Funding Ltd., Series 2022-3A, Class A1BR (TSFR3M + 1.400%) | Palmer Square Loan Funding Ltd., Series 2022-3A, Class A1BR (TSFR3M + 1.400%) | Palmer Square Loan Funding Ltd., Series 2022-3A, Class A1BR (TSFR3M + 1.400%) | Palmer Square Loan Funding Ltd., Series 2022-3A, Class A1BR (TSFR3M + 1.400%) |
| 325000 | 5.656 | 04/15/31<sup>(a)(c)(d)</sup> | 325001 |
| Pikes Peak CLO 5, Series 2020-5A, Class A1R (TSFR3M + 1.400%) | Pikes Peak CLO 5, Series 2020-5A, Class A1R (TSFR3M + 1.400%) | Pikes Peak CLO 5, Series 2020-5A, Class A1R (TSFR3M + 1.400%) | Pikes Peak CLO 5, Series 2020-5A, Class A1R (TSFR3M + 1.400%) |
| 450000 | 5.669 | 10/20/37<sup>(a)(c)(d)</sup> | 451002 |
| Polus U.S. CLO II Ltd., Series 2025-2A, Class A1 (TSFR3M + 1.520%) | Polus U.S. CLO II Ltd., Series 2025-2A, Class A1 (TSFR3M + 1.520%) | Polus U.S. CLO II Ltd., Series 2025-2A, Class A1 (TSFR3M + 1.520%) | Polus U.S. CLO II Ltd., Series 2025-2A, Class A1 (TSFR3M + 1.520%) |
| 400000 | 5.804 | 07/20/38<sup>(a)(c)(d)</sup> | 401407 |
| Regatta 30 Funding Ltd., Series 2024-4A, Class A1 (TSFR3M + 1.320%) | Regatta 30 Funding Ltd., Series 2024-4A, Class A1 (TSFR3M + 1.320%) | Regatta 30 Funding Ltd., Series 2024-4A, Class A1 (TSFR3M + 1.320%) | Regatta 30 Funding Ltd., Series 2024-4A, Class A1 (TSFR3M + 1.320%) |
| 400000 | 5.633 | 01/25/38<sup>(a)(c)(d)</sup> | 401080 |
| Sound Point Euro CLO 14 Funding DAC, Series 14A, Class B (3 mo. Euribor + 1.600%) | Sound Point Euro CLO 14 Funding DAC, Series 14A, Class B (3 mo. Euribor + 1.600%) | Sound Point Euro CLO 14 Funding DAC, Series 14A, Class B (3 mo. Euribor + 1.600%) | Sound Point Euro CLO 14 Funding DAC, Series 14A, Class B (3 mo. Euribor + 1.600%) |
| 250000 | 3.894 | 04/20/39<sup>(a)(c)(d)</sup> | 292980 |
| Southwick Park CLO LLC, Series 2019-4A, Class A1R (TSFR3M + 1.322%) | Southwick Park CLO LLC, Series 2019-4A, Class A1R (TSFR3M + 1.322%) | Southwick Park CLO LLC, Series 2019-4A, Class A1R (TSFR3M + 1.322%) | Southwick Park CLO LLC, Series 2019-4A, Class A1R (TSFR3M + 1.322%) |
| 239084 | 5.591 | 07/20/32<sup>(a)(c)(d)</sup> | 239257 |
| Trinitas CLO XXXI Ltd., Series 2024-31A, Class A1 (TSFR3M + 1.350%) | Trinitas CLO XXXI Ltd., Series 2024-31A, Class A1 (TSFR3M + 1.350%) | Trinitas CLO XXXI Ltd., Series 2024-31A, Class A1 (TSFR3M + 1.350%) | Trinitas CLO XXXI Ltd., Series 2024-31A, Class A1 (TSFR3M + 1.350%) |
| 575000 | 5.622 | 01/22/38<sup>(a)(c)(d)</sup> | 576406 |
| Voya CLO Ltd., Series 2020-2A, Class A1RR (TSFR3M + | Voya CLO Ltd., Series 2020-2A, Class A1RR (TSFR3M + | Voya CLO Ltd., Series 2020-2A, Class A1RR (TSFR3M + | Voya CLO Ltd., Series 2020-2A, Class A1RR (TSFR3M + |
| 1.310%) |  |  |  |
| 850000 | 5.590 | 01/20/38<sup>(a)(c)(d)</sup> | 851230 |
|  |  |  | 15770724 |
| Diversified Financial Services – 3.2% | Diversified Financial Services – 3.2% | Diversified Financial Services – 3.2% | Diversified Financial Services – 3.2% |
| American Express Credit Account Master Trust, Series 2025-3, Class A | American Express Credit Account Master Trust, Series 2025-3, Class A | American Express Credit Account Master Trust, Series 2025-3, Class A | American Express Credit Account Master Trust, Series 2025-3, Class A |
| 550000 | 4.510 | 04/15/32 | 557377 |
| Bank of America Auto Trust, Series 2023-2A, Class A2 | Bank of America Auto Trust, Series 2023-2A, Class A2 | Bank of America Auto Trust, Series 2023-2A, Class A2 | Bank of America Auto Trust, Series 2023-2A, Class A2 |
| 2930 | 5.850 | 08/17/26<sup>(c)(d)</sup> | 2931 |
| Barclays Dryrock Issuance Trust, Series 2023-1, Class A | Barclays Dryrock Issuance Trust, Series 2023-1, Class A | Barclays Dryrock Issuance Trust, Series 2023-1, Class A | Barclays Dryrock Issuance Trust, Series 2023-1, Class A |
| 600000 | 4.720 | 02/15/29 | 601342 |
| Barclays Dryrock Issuance Trust, Series 2023-2, Class A (SOFR + 0.900%) | Barclays Dryrock Issuance Trust, Series 2023-2, Class A (SOFR + 0.900%) | Barclays Dryrock Issuance Trust, Series 2023-2, Class A (SOFR + 0.900%) | Barclays Dryrock Issuance Trust, Series 2023-2, Class A (SOFR + 0.900%) |
| 300000 | 5.204 | 08/15/28<sup>(a)</sup> | 300490 |
| Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A | Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A | Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A | Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A |
| 300000 | 4.950 | 10/15/27 | 300330 |
| Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1 |
| 275000 | 5.230 | 12/08/27 | 275757 |
| Citibank Credit Card Issuance Trust, Series 2025-A2, Class A | Citibank Credit Card Issuance Trust, Series 2025-A2, Class A | Citibank Credit Card Issuance Trust, Series 2025-A2, Class A | Citibank Credit Card Issuance Trust, Series 2025-A2, Class A |
| 375000 | 4.490 | 06/21/32 | 377216 |
| Citizens Auto Receivables Trust, Series 2024-1, Class A2A | Citizens Auto Receivables Trust, Series 2024-1, Class A2A | Citizens Auto Receivables Trust, Series 2024-1, Class A2A | Citizens Auto Receivables Trust, Series 2024-1, Class A2A |
| 73977 | 5.430 | 10/15/26<sup>(c)(d)</sup> | 74002 |
| Discover Card Execution Note Trust, Series 2023-A1, Class A | Discover Card Execution Note Trust, Series 2023-A1, Class A | Discover Card Execution Note Trust, Series 2023-A1, Class A | Discover Card Execution Note Trust, Series 2023-A1, Class A |
| 300000 | 4.310 | 03/15/28 | 299796 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A2 |
| 187942 | 4.700 | 09/15/27<sup>(c)</sup> | 187909 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A3 |
| 150000 | 4.670 | 08/15/28<sup>(c)</sup> | 150115 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| **Asset- Backed Securities – (continued)** | **Asset- Backed Securities – (continued)** | **Asset- Backed Securities – (continued)** | **Asset- Backed Securities – (continued)** |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
|  Exeter Automobile Receivables Trust, Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-3A, Class A3 |
| $| 350000 | 4.780% 07/16/29<sup>(c)</sup> | 351499 |
|  Ford Credit Auto Lease Trust, Series 2024-A, Class A2A | Ford Credit Auto Lease Trust, Series 2024-A, Class A2A | Ford Credit Auto Lease Trust, Series 2024-A, Class A2A | Ford Credit Auto Lease Trust, Series 2024-A, Class A2A |
|  | 6712 | 5.240 07/15/26<sup>(c)</sup> | 6713 |
|  Ford Credit Auto Owner Trust, Series 2023-C, Class A2A | Ford Credit Auto Owner Trust, Series 2023-C, Class A2A | Ford Credit Auto Owner Trust, Series 2023-C, Class A2A | Ford Credit Auto Owner Trust, Series 2023-C, Class A2A |
|  | 32939 | 5.680 09/15/26<sup>(c)</sup> | 32952 |
|  Ford Credit Auto Owner Trust, Series 2024-1, Class A | Ford Credit Auto Owner Trust, Series 2024-1, Class A | Ford Credit Auto Owner Trust, Series 2024-1, Class A | Ford Credit Auto Owner Trust, Series 2024-1, Class A |
|  | 350000 | 4.870 08/15/36<sup>(c)(d)</sup> | 356305 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class A2A | GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class A2A | GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class A2A | GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class A2A |
|  | 15921 | 5.890 11/16/26<sup>(c)</sup> | 15930 |
| GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A2A | GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A2A | GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A2A | GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A2A |
|  | 82133 | 5.120 02/16/27<sup>(c)</sup> | 82189 |
|  Honda Auto Receivables Owner Trust, Series 2023-4, Class A3 | Honda Auto Receivables Owner Trust, Series 2023-4, Class A3 | Honda Auto Receivables Owner Trust, Series 2023-4, Class A3 | Honda Auto Receivables Owner Trust, Series 2023-4, Class A3 |
|  | 525000 | 5.670 06/21/28<sup>(c)</sup> | 530610 |
|  Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A2A | Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A2A | Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A2A | Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A2A |
|  | 132514 | 5.150 06/15/26<sup>(c)(d)</sup> | 132564 |
|  Nissan Auto Lease Trust, Series 2024-A, Class A2A | Nissan Auto Lease Trust, Series 2024-A, Class A2A | Nissan Auto Lease Trust, Series 2024-A, Class A2A | Nissan Auto Lease Trust, Series 2024-A, Class A2A |
|  | 291264 | 5.110 10/15/26<sup>(c)</sup> | 291402 |
|  Santander Drive Auto Receivables Trust, Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A2 |
|  | 184343 | 4.760 08/16/27<sup>(c)</sup> | 184406 |
|  Santander Drive Auto Receivables Trust, Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3 |
|  | 375000 | 4.740 01/16/29<sup>(c)</sup> | 375461 |
|  Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 |
|  | 464568 | 4.710 02/15/28<sup>(c)</sup> | 465475 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5952771 |
| **TOTAL ASSET- BACKED SECURITIES**<br> **(Cost $21,706,241)** | **TOTAL ASSET- BACKED SECURITIES**<br> **(Cost $21,706,241)** | **TOTAL ASSET- BACKED SECURITIES**<br> **(Cost $21,706,241)** | 21866803 |
| **Commercial Mortgage-Backed Securities – 5.6%** | **Commercial Mortgage-Backed Securities – 5.6%** | **Commercial Mortgage-Backed Securities – 5.6%** | **Commercial Mortgage-Backed Securities – 5.6%** |
|  3650R Commercial Mortgage Trust, Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust, Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust, Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust, Series 2021-PF1, Class AS |
|  | 150000 | 2.778 11/15/54<sup>(a)</sup> | 126477 |
|  BANK, Series 2019-BN21, Class A5 | BANK, Series 2019-BN21, Class A5 | BANK, Series 2019-BN21, Class A5 | BANK, Series 2019-BN21, Class A5 |
|  | 150000 | 2.851 10/17/52<sup>(c)</sup> | 139054 |
|  BANK, Series 2021-BN31, Class AS | BANK, Series 2021-BN31, Class AS | BANK, Series 2021-BN31, Class AS | BANK, Series 2021-BN31, Class AS |
|  | 275000 | 2.211 02/15/54<sup>(a)(c)</sup> | 235865 |
|  BANK, Series 2021-BN32, Class A5 | BANK, Series 2021-BN32, Class A5 | BANK, Series 2021-BN32, Class A5 | BANK, Series 2021-BN32, Class A5 |
|  | 150000 | 2.643 04/15/54<sup>(a)(c)</sup> | 134103 |
|  BANK, Series 2022-BNK43, Class A5 | BANK, Series 2022-BNK43, Class A5 | BANK, Series 2022-BNK43, Class A5 | BANK, Series 2022-BNK43, Class A5 |
|  | 200000 | 4.399 08/15/55<sup>(c)</sup> | 193393 |
|  BANK, Series 2023-BNK46, Class A4 | BANK, Series 2023-BNK46, Class A4 | BANK, Series 2023-BNK46, Class A4 | BANK, Series 2023-BNK46, Class A4 |
|  | 200000 | 5.745 08/15/56<sup>(c)</sup> | 210248 |
|  BANK, Series 2025-BNK50, Class A5 | BANK, Series 2025-BNK50, Class A5 | BANK, Series 2025-BNK50, Class A5 | BANK, Series 2025-BNK50, Class A5 |
|  | 250000 | 5.652 05/15/68<sup>(a)(c)</sup> | 261671 |
|  BANK5, Series 2024-5YR11, Class A3 | BANK5, Series 2024-5YR11, Class A3 | BANK5, Series 2024-5YR11, Class A3 | BANK5, Series 2024-5YR11, Class A3 |
|  | 250000 | 5.893 11/15/57<sup>(c)</sup> | 261549 |
|  BANK5, Series 2024-5YR11, Class AS | BANK5, Series 2024-5YR11, Class AS | BANK5, Series 2024-5YR11, Class AS | BANK5, Series 2024-5YR11, Class AS |
|  | 150000 | 6.139 11/15/57<sup>(c)</sup> | 156413 |
|  BANK5, Series 2024-5YR7, Class A3 | BANK5, Series 2024-5YR7, Class A3 | BANK5, Series 2024-5YR7, Class A3 | BANK5, Series 2024-5YR7, Class A3 |
|  | 475000 | 5.769 06/15/57<sup>(c)</sup> | 493092 |
|  BANK5, Series 2024-5YR8, Class A3 | BANK5, Series 2024-5YR8, Class A3 | BANK5, Series 2024-5YR8, Class A3 | BANK5, Series 2024-5YR8, Class A3 |
|  | 150000 | 5.884 08/15/57<sup>(c)</sup> | 156321 |
|  BANK5, Series 2024-5YR9, Class AS | BANK5, Series 2024-5YR9, Class AS | BANK5, Series 2024-5YR9, Class AS | BANK5, Series 2024-5YR9, Class AS |
|  | 200000 | 6.182 08/15/57<sup>(a)(c)</sup> | 208490 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| **Commercial Mortgage-Backed Securities – (continued)** | **Commercial Mortgage-Backed Securities – (continued)** | **Commercial Mortgage-Backed Securities – (continued)** | **Commercial Mortgage-Backed Securities – (continued)** |
|  BANK5, Series 2025-5YR15, Class A3 | BANK5, Series 2025-5YR15, Class A3 | BANK5, Series 2025-5YR15, Class A3 | BANK5, Series 2025-5YR15, Class A3 |
| $| 350000 | 5.452% 06/15/30<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360137 |
|  BBCMS Mortgage Trust, Series 2024-5C25, Class AS | BBCMS Mortgage Trust, Series 2024-5C25, Class AS | BBCMS Mortgage Trust, Series 2024-5C25, Class AS | BBCMS Mortgage Trust, Series 2024-5C25, Class AS |
|  | 210000 | 6.358 03/15/57<sup>(a)(c)</sup> | 219247 |
|  BBCMS Mortgage Trust, Series 2025-5C34, Class A3 | BBCMS Mortgage Trust, Series 2025-5C34, Class A3 | BBCMS Mortgage Trust, Series 2025-5C34, Class A3 | BBCMS Mortgage Trust, Series 2025-5C34, Class A3 |
|  | 500000 | 5.659 05/15/58<sup>(c)</sup> | 519647 |
|  Benchmark Mortgage Trust, Series 2024-V8, Class A3 | Benchmark Mortgage Trust, Series 2024-V8, Class A3 | Benchmark Mortgage Trust, Series 2024-V8, Class A3 | Benchmark Mortgage Trust, Series 2024-V8, Class A3 |
|  | 200000 | 6.189 07/15/57<sup>(a)(c)</sup> | 210969 |
| BLP Commercial Mortgage Trust, Series 2024-IND2, Class A (TSFR1M + 1.342%) | BLP Commercial Mortgage Trust, Series 2024-IND2, Class A (TSFR1M + 1.342%) | BLP Commercial Mortgage Trust, Series 2024-IND2, Class A (TSFR1M + 1.342%) | BLP Commercial Mortgage Trust, Series 2024-IND2, Class A (TSFR1M + 1.342%) |
|  | 237207 | 5.654 03/15/41<sup>(a)(d)</sup> | 237503 |
|  BMO Mortgage Trust, Series 2023-C7, Class A5 | BMO Mortgage Trust, Series 2023-C7, Class A5 | BMO Mortgage Trust, Series 2023-C7, Class A5 | BMO Mortgage Trust, Series 2023-C7, Class A5 |
|  | 200000 | 6.160 12/15/56<sup>(c)</sup> | 215942 |
|  BMO Mortgage Trust, Series 2024-5C6, Class A3 | BMO Mortgage Trust, Series 2024-5C6, Class A3 | BMO Mortgage Trust, Series 2024-5C6, Class A3 | BMO Mortgage Trust, Series 2024-5C6, Class A3 |
|  | 150000 | 5.316 09/15/57<sup>(c)</sup> | 153039 |
|  BMO Mortgage Trust, Series 2024-C9, Class A5 | BMO Mortgage Trust, Series 2024-C9, Class A5 | BMO Mortgage Trust, Series 2024-C9, Class A5 | BMO Mortgage Trust, Series 2024-C9, Class A5 |
|  | 350000 | 5.759 07/15/57<sup>(c)</sup> | 368166 |
|  BMO Mortgage Trust, Series 2025-5C11, Class A3 | BMO Mortgage Trust, Series 2025-5C11, Class A3 | BMO Mortgage Trust, Series 2025-5C11, Class A3 | BMO Mortgage Trust, Series 2025-5C11, Class A3 |
|  | 300000 | 5.669 07/15/58<sup>(c)</sup> | 312689 |
| BX Commercial Mortgage Trust, Series 2024-AIRC, Class A (TSFR1M + 1.691%) | BX Commercial Mortgage Trust, Series 2024-AIRC, Class A (TSFR1M + 1.691%) | BX Commercial Mortgage Trust, Series 2024-AIRC, Class A (TSFR1M + 1.691%) | BX Commercial Mortgage Trust, Series 2024-AIRC, Class A (TSFR1M + 1.691%) |
|  | 194144 | 6.003 08/15/39<sup>(a)(d)</sup> | 194872 |
| BX Commercial Mortgage Trust, Series 2024-XL4, Class A (TSFR1M + 1.442%) | BX Commercial Mortgage Trust, Series 2024-XL4, Class A (TSFR1M + 1.442%) | BX Commercial Mortgage Trust, Series 2024-XL4, Class A (TSFR1M + 1.442%) | BX Commercial Mortgage Trust, Series 2024-XL4, Class A (TSFR1M + 1.442%) |
|  | 213068 | 5.754 02/15/39<sup>(a)(d)</sup> | 213298 |
|  BX Trust, Series 2022-PSB, Class A (TSFR1M + 2.451%) | BX Trust, Series 2022-PSB, Class A (TSFR1M + 2.451%) | BX Trust, Series 2022-PSB, Class A (TSFR1M + 2.451%) | BX Trust, Series 2022-PSB, Class A (TSFR1M + 2.451%) |
|  | 39087 | 6.763 08/15/39<sup>(a)(d)</sup> | 39064 |
|  BX Trust, Series 2024-BIO, Class A (TSFR1M + 1.642%) | BX Trust, Series 2024-BIO, Class A (TSFR1M + 1.642%) | BX Trust, Series 2024-BIO, Class A (TSFR1M + 1.642%) | BX Trust, Series 2024-BIO, Class A (TSFR1M + 1.642%) |
|  | 350000 | 5.954 02/15/41<sup>(a)(d)</sup> | 349781 |
|  BX Trust, Series 2024-PAT, Class A (TSFR1M + 2.090%) | BX Trust, Series 2024-PAT, Class A (TSFR1M + 2.090%) | BX Trust, Series 2024-PAT, Class A (TSFR1M + 2.090%) | BX Trust, Series 2024-PAT, Class A (TSFR1M + 2.090%) |
|  | 150000 | 6.402 03/15/41<sup>(a)(d)</sup> | 150000 |
| EQUS Mortgage Trust, Series 2021-EQAZ, Class A (TSFR1M + 1.019%) | EQUS Mortgage Trust, Series 2021-EQAZ, Class A (TSFR1M + 1.019%) | EQUS Mortgage Trust, Series 2021-EQAZ, Class A (TSFR1M + 1.019%) | EQUS Mortgage Trust, Series 2021-EQAZ, Class A (TSFR1M + 1.019%) |
|  | 199977 | 5.331 10/15/38<sup>(a)(c)(d)</sup> | 199915 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series K-152, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates, Series K-152, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates, Series K-152, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates, Series K-152, Class A2 |
|  | 200000 | 3.780 11/25/32<sup>(a)(c)</sup> | 191830 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series K-161, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates, Series K-161, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates, Series K-161, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates, Series K-161, Class A2 |
|  | 300000 | 4.900 10/25/33<sup>(a)(c)</sup> | 307534 |
|  Freddie Mac Multifamily Structured Pass Through Certificates, Series K510, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates, Series K510, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates, Series K510, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates, Series K510, Class A2 |
|  | 100000 | 5.069 10/25/28<sup>(a)(c)</sup> | 102784 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series KF153, Class AS (SOFR + 0.680%) | Freddie Mac Multifamily Structured Pass Through Certificates, Series KF153, Class AS (SOFR + 0.680%) | Freddie Mac Multifamily Structured Pass Through Certificates, Series KF153, Class AS (SOFR + 0.680%) | Freddie Mac Multifamily Structured Pass Through Certificates, Series KF153, Class AS (SOFR + 0.680%) |
|  | 153149 | 4.992 02/25/33<sup>(a)(c)</sup> | 153441 |
|  Houston Galleria Mall Trust, Series 2025-HGLR, Class A | Houston Galleria Mall Trust, Series 2025-HGLR, Class A | Houston Galleria Mall Trust, Series 2025-HGLR, Class A | Houston Galleria Mall Trust, Series 2025-HGLR, Class A |
|  | 225000 | 5.644 02/05/45<sup>(a)(d)</sup> | 231006 |
|  Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A |
|  | 290000 | 5.649 01/13/40<sup>(a)(d)</sup> | 298736 |
|  Hudson Yards Mortgage Trust, Series 2025-SPRL, Class B | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class B | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class B | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class B |
|  | 100000 | 5.950 01/13/40<sup>(a)(d)</sup> | 102774 |
|  IRV Trust, Series 2025-200P, Class A | IRV Trust, Series 2025-200P, Class A | IRV Trust, Series 2025-200P, Class A | IRV Trust, Series 2025-200P, Class A |
|  | 350000 | 5.471 03/14/47<sup>(a)(c)(d)</sup> | 353029 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A |
|  | 250000 | 3.024 01/05/39<sup>(d)</sup> | 227540 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Commercial Mortgage-Backed Securities – (continued)** | **Commercial Mortgage-Backed Securities – (continued)** | **Commercial Mortgage-Backed Securities – (continued)** | **Commercial Mortgage-Backed Securities – (continued)** | **Commercial Mortgage-Backed Securities – (continued)** |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A |
| $| 150000 | 5.990% | 10/05/39<sup>(a)(d)</sup> | 153000 |
| KIND Commercial Mortgage Trust, Series 2024-1, Class A (TSFR1M + 1.890%) | KIND Commercial Mortgage Trust, Series 2024-1, Class A (TSFR1M + 1.890%) | KIND Commercial Mortgage Trust, Series 2024-1, Class A (TSFR1M + 1.890%) | KIND Commercial Mortgage Trust, Series 2024-1, Class A (TSFR1M + 1.890%) | KIND Commercial Mortgage Trust, Series 2024-1, Class A (TSFR1M + 1.890%) |
|  | 350000 | 6.202 | 08/15/41<sup>(a)(d)</sup> | 350438 |
|  LEX Mortgage Trust, Series 2024-BBG, Class A | LEX Mortgage Trust, Series 2024-BBG, Class A | LEX Mortgage Trust, Series 2024-BBG, Class A | LEX Mortgage Trust, Series 2024-BBG, Class A | LEX Mortgage Trust, Series 2024-BBG, Class A |
|  | 300000 | 5.036 | 10/13/33<sup>(a)(c)(d)</sup> | 300948 |
|  MSWF Commercial Mortgage Trust, Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust, Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust, Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust, Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust, Series 2023-2, Class A2 |
|  | 325000 | 6.890 | 12/15/56<sup>(c)</sup> | 342173 |
|  ROCK Trust, Series 2024-CNTR, Class A | ROCK Trust, Series 2024-CNTR, Class A | ROCK Trust, Series 2024-CNTR, Class A | ROCK Trust, Series 2024-CNTR, Class A | ROCK Trust, Series 2024-CNTR, Class A |
|  | 400000 | 5.388 | 11/13/41<sup>(d)</sup> | 407224 |
|  ROCK Trust, Series 2024-CNTR, Class B | ROCK Trust, Series 2024-CNTR, Class B | ROCK Trust, Series 2024-CNTR, Class B | ROCK Trust, Series 2024-CNTR, Class B | ROCK Trust, Series 2024-CNTR, Class B |
|  | 100000 | 5.930 | 11/13/41<sup>(d)</sup> | 102891 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class A12 (TSFR1M + 1.691%) | Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class A12 (TSFR1M + 1.691%) | Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class A12 (TSFR1M + 1.691%) | Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class A12 (TSFR1M + 1.691%) | Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class A12 (TSFR1M + 1.691%) |
|  | 300000 | 6.003 | 08/15/41<sup>(a)(d)</sup> | 298500 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class B12 (TSFR1M + 2.290%) | Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class B12 (TSFR1M + 2.290%) | Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class B12 (TSFR1M + 2.290%) | Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class B12 (TSFR1M + 2.290%) | Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class B12 (TSFR1M + 2.290%) |
|  | 100000 | 6.602 | 08/15/41<sup>(a)(d)</sup> | 98500 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $10,320,320)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $10,320,320)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $10,320,320)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $10,320,320)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10343293 |
| **Foreign Bonds – 5.1%** | **Foreign Bonds – 5.1%** | **Foreign Bonds – 5.1%** | **Foreign Bonds – 5.1%** | **Foreign Bonds – 5.1%** |
| Agriculture – 0.3% | Agriculture – 0.3% | Agriculture – 0.3% | Agriculture – 0.3% | Agriculture – 0.3% |
|  BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
|  | 100000 | 2.259 | 03/25/28<sup>(c)</sup> | 94602 |
|  | 400000 | 6.000 | 02/20/34<sup>(c)</sup> | 421526 |
|  |  |  |  | 516128 |
| Banks – 2.2% | Banks – 2.2% | Banks – 2.2% | Banks – 2.2% | Banks – 2.2% |
|  Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
|  | 400000 | 6.921 | 08/08/33 | 433345 |
|  Barclays PLC (United Kingdom) SOFR + 1.590% | Barclays PLC (United Kingdom) SOFR + 1.590% | Barclays PLC (United Kingdom) SOFR + 1.590% | Barclays PLC (United Kingdom) SOFR + 1.590% | Barclays PLC (United Kingdom) SOFR + 1.590% |
|  | 340000 | 5.785 | 02/25/36<sup>(a)(c)</sup> | 347521 |
|  BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.004% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.004% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.004% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.004% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.004% |
|  | 200000 | 1.323 | 01/13/27<sup>(a)(c)(d)</sup> | 196546 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.620% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.620% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.620% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.620% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.620% |
|  | 290000 | 5.786 | 01/13/33<sup>(a)(c)(d)</sup> | 301657 |
|  Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.105% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.105% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.105% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.105% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.105% |
|  | 285000 | 5.245 | 01/13/31<sup>(a)(c)</sup> | 291822 |
|  Credit Suisse AG (Switzerland) | Credit Suisse AG (Switzerland) | Credit Suisse AG (Switzerland) | Credit Suisse AG (Switzerland) | Credit Suisse AG (Switzerland) |
|  | 250000 | 1.250 | 08/07/26 | 241908 |
|  ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 1 Year CMT T-Note + 1.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 1 Year CMT T-Note + 1.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 1 Year CMT T-Note + 1.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 1 Year CMT T-Note + 1.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 1 Year CMT T-Note + 1.100% |
|  | 200000 | 1.400 | 07/01/26<sup>(a)(c)(d)</sup> | 200000 |
|  Kreditanstalt fuer Wiederaufbau (Germany) | Kreditanstalt fuer Wiederaufbau (Germany) | Kreditanstalt fuer Wiederaufbau (Germany) | Kreditanstalt fuer Wiederaufbau (Germany) | Kreditanstalt fuer Wiederaufbau (Germany) |
|  | 780000 | 5.125 | 09/29/25 | 781170 |
|  Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.069% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.069% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.069% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.069% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.069% |
|  | 50000 | 1.340 | 01/12/27<sup>(a)(c)(d)</sup> | 49161 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Foreign Bonds – (continued)** | **Foreign Bonds – (continued)** | **Foreign Bonds – (continued)** | **Foreign Bonds – (continued)** |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 1 Year CMT T-Note + 1.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 1 Year CMT T-Note + 1.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 1 Year CMT T-Note + 1.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 1 Year CMT T-Note + 1.050% |
| 200000 | 5.115% | 05/23/31<sup>(a)(c)</sup> | $203383 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 175000 | 4.456 | 06/08/32 | 171720 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| 250000 | 4.550 | 04/17/26 | 250019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 5.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 5.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 5.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 5.020% |
| 250000 | 9.016 | 11/15/33<sup>(a)(c)(d)</sup> | 308999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.760% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.760% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.760% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.760% |
| 255000 | 5.580 | 05/09/36<sup>(a)(c)(d)</sup> | 261034 |
| Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 5 Year CMT T-Note + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 5 Year CMT T-Note + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 5 Year CMT T-Note + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US 5 Year CMT T-Note + 2.000% |
| 25000 | 4.110 | 07/24/34<sup>(a)(c)</sup> | 24157 |
| Westpac Banking Corp., GMTN (Australia) | Westpac Banking Corp., GMTN (Australia) | Westpac Banking Corp., GMTN (Australia) | Westpac Banking Corp., GMTN (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USISOA05 + 2.236% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USISOA05 + 2.236% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USISOA05 + 2.236% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USISOA05 + 2.236% |
| 25000 | 4.322 | 11/23/31<sup>(a)(c)</sup> | 24841 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4087283 |
| Beverages – 0.5% | Beverages – 0.5% | Beverages – 0.5% | Beverages – 0.5% |
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| 135000 | 4.700 | 02/01/36<sup>(c)</sup> | 131721 |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| 25000 | 8.200 | 01/15/39 | 31890 |
| 40000 | 5.450 | 01/23/39<sup>(c)</sup> | 40667 |
| Bacardi-Martini BV (Bermuda) | Bacardi-Martini BV (Bermuda) | Bacardi-Martini BV (Bermuda) | Bacardi-Martini BV (Bermuda) |
| 450000 | 5.550 | 02/01/30<sup>(c)(d)</sup> | 461842 |
| JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) |
| 150000 | 1.375 | 01/15/27<sup>(c)(d)</sup> | 142712 |
|  |  |  | 808832 |
| Biotechnology – 0.0% | Biotechnology – 0.0% | Biotechnology – 0.0% | Biotechnology – 0.0% |
| CSL Finance PLC (Australia) | CSL Finance PLC (Australia) | CSL Finance PLC (Australia) | CSL Finance PLC (Australia) |
| 25000 | 3.850 | 04/27/27<sup>(c)(d)</sup> | 24813 |
| Commercial Services – 0.3% | Commercial Services – 0.3% | Commercial Services – 0.3% | Commercial Services – 0.3% |
| Ashtead Capital, Inc. (United Kingdom) | Ashtead Capital, Inc. (United Kingdom) | Ashtead Capital, Inc. (United Kingdom) | Ashtead Capital, Inc. (United Kingdom) |
| 209000 | 5.800 | 04/15/34<sup>(c)(d)</sup> | 214135 |
| DP World Crescent Ltd. (United Arab Emirates) | DP World Crescent Ltd. (United Arab Emirates) | DP World Crescent Ltd. (United Arab Emirates) | DP World Crescent Ltd. (United Arab Emirates) |
| 200000 | 5.500 | 05/08/35<sup>(d)</sup> | 202117 |
| DP World Crescent Ltd., EMTN (United Arab Emirates) | DP World Crescent Ltd., EMTN (United Arab Emirates) | DP World Crescent Ltd., EMTN (United Arab Emirates) | DP World Crescent Ltd., EMTN (United Arab Emirates) |
| 200000 | 3.875 | 07/18/29 | 192000 |
|  |  |  | 608252 |
| Diversified Financial Services – 0.5% | Diversified Financial Services – 0.5% | Diversified Financial Services – 0.5% | Diversified Financial Services – 0.5% |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) |
| 250000 | 2.450 | 10/29/26<sup>(c)</sup> | 243575 |
| 225000 | 3.000 | 10/29/28<sup>(c)</sup> | 214391 |
| 320000 | 5.375 | 12/15/31<sup>(c)</sup> | 327240 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 90000 | 6.375 | 05/04/28<sup>(c)(d)</sup> | 93805 |
| 60000 | 5.150 | 01/15/30<sup>(c)(d)</sup> | 60440 |
|  |  |  | 939451 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Foreign Bonds – (continued)** | **Foreign Bonds – (continued)** | **Foreign Bonds – (continued)** | **Foreign Bonds – (continued)** |
| Mining – 0.1% | Mining – 0.1% | Mining – 0.1% | Mining – 0.1% |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 150000 | 2.625% | 09/23/31<sup>(c)(d)</sup> | $131796 |
| Oil & Gas – 0.4% | Oil & Gas – 0.4% | Oil & Gas – 0.4% | Oil & Gas – 0.4% |
| Petronas Capital Ltd. (Malaysia) | Petronas Capital Ltd. (Malaysia) | Petronas Capital Ltd. (Malaysia) | Petronas Capital Ltd. (Malaysia) |
| 200000 | 4.950 | 01/03/31<sup>(c)(d)</sup> | 203895 |
| 200000 | 5.340 | 04/03/35<sup>(c)(d)</sup> | 205278 |
| Saudi Arabian Oil Co. (Saudi Arabia) | Saudi Arabian Oil Co. (Saudi Arabia) | Saudi Arabian Oil Co. (Saudi Arabia) | Saudi Arabian Oil Co. (Saudi Arabia) |
| 220000 | 3.500 | 04/16/29 | 212339 |
| 200000 | 5.750 | 07/17/54<sup>(c)(d)</sup> | 186937 |
|  |  |  | 808449 |
| Pipelines – 0.2% | Pipelines – 0.2% | Pipelines – 0.2% | Pipelines – 0.2% |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 111000 | 5.700 | 03/08/33<sup>(c)</sup> | 115083 |
| 125000 | 2.500 | 08/01/33<sup>(c)</sup> | 104020 |
| Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) |
| 176648 | 2.940 | 09/30/40 | 144797 |
|  |  |  | 363900 |
| Semiconductors – 0.1% | Semiconductors – 0.1% | Semiconductors – 0.1% | Semiconductors – 0.1% |
| NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) |
| 25000 | 3.400 | 05/01/30<sup>(c)</sup> | 23669 |
| 125000 | 2.500 | 05/11/31<sup>(c)</sup> | 110327 |
| 125000 | 2.650 | 02/15/32<sup>(c)</sup> | 108699 |
|  |  |  | 242695 |
| Software – 0.1% | Software – 0.1% | Software – 0.1% | Software – 0.1% |
| Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) |
| 97000 | 5.461 | 02/16/34<sup>(c)(d)</sup> | 98930 |
| Telecommunications – 0.4% | Telecommunications – 0.4% | Telecommunications – 0.4% | Telecommunications – 0.4% |
| British Telecommunications PLC (United Kingdom) | British Telecommunications PLC (United Kingdom) | British Telecommunications PLC (United Kingdom) | British Telecommunications PLC (United Kingdom) |
| 230000 | 9.625 | 12/15/30 | 282935 |
| Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| 505000 | 3.200 | 03/15/27<sup>(c)</sup> | 495175 |
|  |  |  | 778110 |
| Transportation – 0.0% | Transportation – 0.0% | Transportation – 0.0% | Transportation – 0.0% |
| Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) |
| 25000 | 2.050 | 03/05/30<sup>(c)</sup> | 22523 |
| **TOTAL FOREIGN BONDS**<br> **(Cost $9,413,125)** | **TOTAL FOREIGN BONDS**<br> **(Cost $9,413,125)** | **TOTAL FOREIGN BONDS**<br> **(Cost $9,413,125)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9431162 |
| **Collateralized Mortgage Obligations – 2.0%** | **Collateralized Mortgage Obligations – 2.0%** | **Collateralized Mortgage Obligations – 2.0%** | **Collateralized Mortgage Obligations – 2.0%** |
| Alternative Loan Trust, Series 2005-38, Class A1 (Federal Reserve US 12 mo. Cumulative Avg 1 yr. CMT + 1.500%) | Alternative Loan Trust, Series 2005-38, Class A1 (Federal Reserve US 12 mo. Cumulative Avg 1 yr. CMT + 1.500%) | Alternative Loan Trust, Series 2005-38, Class A1 (Federal Reserve US 12 mo. Cumulative Avg 1 yr. CMT + 1.500%) | Alternative Loan Trust, Series 2005-38, Class A1 (Federal Reserve US 12 mo. Cumulative Avg 1 yr. CMT + 1.500%) |
| 31567 | 5.899 | 09/25/35<sup>(a)(c)</sup> | 28329 |
| COLT Mortgage Loan Trust, Series 2024-INV1, Class A1 | COLT Mortgage Loan Trust, Series 2024-INV1, Class A1 | COLT Mortgage Loan Trust, Series 2024-INV1, Class A1 | COLT Mortgage Loan Trust, Series 2024-INV1, Class A1 |
| 252397 | 5.903 | 12/25/68<sup>(c)(d)</sup> | 253683 |
| Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2 | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2 | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2 | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2 |
| (SOFR + 1.550%) | (SOFR + 1.550%) | (SOFR + 1.550%) | (SOFR + 1.550%) |
| 28675 | 5.855 | 10/25/41<sup>(a)(c)(d)</sup> | 28767 |
| Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2 | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2 | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2 | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2 |
| (SOFR + 1.650%) | (SOFR + 1.650%) | (SOFR + 1.650%) | (SOFR + 1.650%) |
| 42000 | 5.955 | 12/25/41<sup>(a)(c)(d)</sup> | 42242 |
| Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M1 | Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M1 | Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M1 | Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M1 |
| (SOFR + 1.900%) | (SOFR + 1.900%) | (SOFR + 1.900%) | (SOFR + 1.900%) |
| 12346 | 6.205 | 04/25/42<sup>(a)(c)(d)</sup> | 12401 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** | **Collateralized Mortgage Obligations – (continued)** |
| Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2 | Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2 | Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2 | Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2 |
| (SOFR + 3.000%) | (SOFR + 3.000%) | (SOFR + 3.000%) | (SOFR + 3.000%) |
| 36000 | 7.305% | 04/25/42<sup>(a)(c)(d)</sup> | $36953 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2 | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2 | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2 | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2 |
| (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) |
| 100000 | 6.105 | 01/25/44<sup>(a)(c)(d)</sup> | 101069 |
| FHLMC, Series 2021-DNA5, Class M2 (SOFR + 1.650%) | FHLMC, Series 2021-DNA5, Class M2 (SOFR + 1.650%) | FHLMC, Series 2021-DNA5, Class M2 (SOFR + 1.650%) | FHLMC, Series 2021-DNA5, Class M2 (SOFR + 1.650%) |
| 10110 | 5.955 | 01/25/34<sup>(a)(c)(d)</sup> | 10169 |
| Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M1 | Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M1 | Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M1 | Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M1 |
| (SOFR + 1.200%) | (SOFR + 1.200%) | (SOFR + 1.200%) | (SOFR + 1.200%) |
| 344742 | 5.505 | 05/25/44<sup>(a)(c)(d)</sup> | 345121 |
| Freddie Mac STACR REMIC Trust, Series 2025-DNA2, Class A1 | Freddie Mac STACR REMIC Trust, Series 2025-DNA2, Class A1 | Freddie Mac STACR REMIC Trust, Series 2025-DNA2, Class A1 | Freddie Mac STACR REMIC Trust, Series 2025-DNA2, Class A1 |
| (SOFR + 1.100%) | (SOFR + 1.100%) | (SOFR + 1.100%) | (SOFR + 1.100%) |
| 336875 | 5.405 | 05/25/45<sup>(a)(c)(d)</sup> | 337413 |
| J.P. Morgan Mortgage Trust, Series 2024-1, Class A4 | J.P. Morgan Mortgage Trust, Series 2024-1, Class A4 | J.P. Morgan Mortgage Trust, Series 2024-1, Class A4 | J.P. Morgan Mortgage Trust, Series 2024-1, Class A4 |
| 153311 | 6.000 | 06/25/54<sup>(a)(c)(d)</sup> | 154591 |
| JP Morgan Mortgage Trust, Series 2021-6, Class A3 | JP Morgan Mortgage Trust, Series 2021-6, Class A3 | JP Morgan Mortgage Trust, Series 2021-6, Class A3 | JP Morgan Mortgage Trust, Series 2021-6, Class A3 |
| 81149 | 2.500 | 10/25/51<sup>(a)(c)(d)</sup> | 66142 |
| JP Morgan Mortgage Trust Series, Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series, Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series, Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series, Series 2024-VIS2, Class A1 |
| 682228 | 5.853 | 11/25/64<sup>(c)(d)</sup> | 687720 |
| JP Morgan Mortgage Trust Series, Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series, Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series, Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series, Series 2025-DSC1, Class A1 |
| 446545 |  | 09/25/65<sup>(a)(c)(d)</sup> | 450448 |
| JP Morgan Mortgage Trust Series, Series 2025-NQM2, Class A1 | JP Morgan Mortgage Trust Series, Series 2025-NQM2, Class A1 | JP Morgan Mortgage Trust Series, Series 2025-NQM2, Class A1 | JP Morgan Mortgage Trust Series, Series 2025-NQM2, Class A1 |
| 417685 | 5.567 | 09/25/65<sup>(a)(c)(d)</sup> | 420071 |
| Verus Securitization Trust, Series 2021-7, Class A1 | Verus Securitization Trust, Series 2021-7, Class A1 | Verus Securitization Trust, Series 2021-7, Class A1 | Verus Securitization Trust, Series 2021-7, Class A1 |
| 318762 | 1.829 | 10/25/66<sup>(c)(d)</sup> | 286445 |
| Verus Securitization Trust, Series 2022-1, Class A3 | Verus Securitization Trust, Series 2022-1, Class A3 | Verus Securitization Trust, Series 2022-1, Class A3 | Verus Securitization Trust, Series 2022-1, Class A3 |
| 217657 | 3.288 | 01/25/67<sup>(a)(c)(d)</sup> | 197876 |
| Verus Securitization Trust, Series 2023-INV3, Class A2 | Verus Securitization Trust, Series 2023-INV3, Class A2 | Verus Securitization Trust, Series 2023-INV3, Class A2 | Verus Securitization Trust, Series 2023-INV3, Class A2 |
| 272956 | 7.330 | 11/25/68<sup>(a)(c)(d)</sup> | 277907 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1 | Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1 | Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1 | Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1 |
| 5029 | 3.500 | 07/25/49<sup>(a)(c)(d)</sup> | 4514 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> **(Cost $3,737,358)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> **(Cost $3,737,358)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> **(Cost $3,737,358)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741861 |
| **Foreign Government Securities – 1.3%** | **Foreign Government Securities – 1.3%** | **Foreign Government Securities – 1.3%** | **Foreign Government Securities – 1.3%** |
| Regional (state/province) – 0.4% | Regional (state/province) – 0.4% | Regional (state/province) – 0.4% | Regional (state/province) – 0.4% |
| Province of Quebec Canada | Province of Quebec Canada | Province of Quebec Canada | Province of Quebec Canada |
| 810000 | 0.600 | 07/23/25 | 808057 |
| Sovereign – 0.9% | Sovereign – 0.9% | Sovereign – 0.9% | Sovereign – 0.9% |
| Chile Government International Bond | Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
| 200000 | 5.650 | 01/13/37<sup>(c)</sup> | 206463 |
| Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
| 200000 | 4.850 | 01/11/33<sup>(c)</sup> | 200490 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 400000 | 3.250 | 04/16/30<sup>(c)</sup> | 368800 |
| 110000 | 1.450 | 10/25/33<sup>(c)</sup> | 101748 |
| 200000 | 4.280 | 08/14/41<sup>(c)</sup> | 154120 |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| 200000 | 6.875 | 01/31/36<sup>(c)</sup> | 199328 |
| Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond |
| 70000 | 5.500 | 03/30/36<sup>(c)</sup> | 70122 |
| 50000 | 3.230 | 07/28/21<sup>(c)</sup> | 26843 |
| Republic of Poland Government International Bond, Series 10Y | Republic of Poland Government International Bond, Series 10Y | Republic of Poland Government International Bond, Series 10Y | Republic of Poland Government International Bond, Series 10Y |
| 120000 | 5.125 | 09/18/34<sup>(c)</sup> | 120430 |
| Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond |
| 40000 | 3.000 | 02/27/27<sup>(d)</sup> | 38523 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Foreign Government Securities – (continued)** | **Foreign Government Securities – (continued)** | **Foreign Government Securities – (continued)** | **Foreign Government Securities – (continued)** | **Foreign Government Securities – (continued)** |
| Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) |
|  Romanian Government International Bond – (continued) | Romanian Government International Bond – (continued) | Romanian Government International Bond – (continued) | Romanian Government International Bond – (continued) | Romanian Government International Bond – (continued) |
| $| 10000 | 2.124% | 07/16/31<sup>(d)</sup> | 9799 |
|  | 30000 | 2.625 | 12/02/40<sup>(d)</sup> | 21987 |
|  | 10000 | 4.625 | 04/03/49<sup>(d)</sup> | 8771 |
|  Romanian Government International Bond, EMTN | Romanian Government International Bond, EMTN | Romanian Government International Bond, EMTN | Romanian Government International Bond, EMTN | Romanian Government International Bond, EMTN |
|  | 50000 | 2.875 | 03/11/29 | 56390 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583814 |
| **TOTAL FOREIGN GOVERNMENT SECURITIES**<br> **(Cost $2,521,119)** | **TOTAL FOREIGN GOVERNMENT SECURITIES**<br> **(Cost $2,521,119)** | **TOTAL FOREIGN GOVERNMENT SECURITIES**<br> **(Cost $2,521,119)** | **TOTAL FOREIGN GOVERNMENT SECURITIES**<br> **(Cost $2,521,119)** | 2391871 |
| **U.S. Government Agency Securities – 1.2%** | **U.S. Government Agency Securities – 1.2%** | **U.S. Government Agency Securities – 1.2%** | **U.S. Government Agency Securities – 1.2%** | **U.S. Government Agency Securities – 1.2%** |
|  Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
|  | 460000 | 2.900 | 04/12/32 | 426569 |
|  | 230000 | 3.300 | 05/19/32 | 218441 |
|  | 130000 | 3.500 | 09/01/32 | 123938 |
|  | 600000 | 2.850 | 03/28/34 | 533946 |
|  | 340000 | 3.080 | 03/30/37 | 290777 |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
|  | 250000 | 3.375 | 09/10/32 | 236702 |
|  | 430000 | 4.750 | 12/10/32 | 445746 |
| **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br> **(Cost $2,451,351)** | **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br> **(Cost $2,451,351)** | **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br> **(Cost $2,451,351)** | **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br> **(Cost $2,451,351)** | 2276119 |
| **Municipal Bonds – 0.5%** | **Municipal Bonds – 0.5%** | **Municipal Bonds – 0.5%** | **Municipal Bonds – 0.5%** | **Municipal Bonds – 0.5%** |
| California – 0.1% | California – 0.1% | California – 0.1% | California – 0.1% | California – 0.1% |
|  State of California | State of California | State of California | State of California | State of California |
|  | 105000 | 7.625 | 03/01/40<sup>(c)</sup> | 125682 |
| Florida – 0.0% | Florida – 0.0% | Florida – 0.0% | Florida – 0.0% | Florida – 0.0% |
|  State Board of Administration Finance Corp., Series A | State Board of Administration Finance Corp., Series A | State Board of Administration Finance Corp., Series A | State Board of Administration Finance Corp., Series A | State Board of Administration Finance Corp., Series A |
|  | 70000 | 2.154 | 07/01/30<sup>(c)</sup> | 62632 |
| Illinois – 0.1% | Illinois – 0.1% | Illinois – 0.1% | Illinois – 0.1% | Illinois – 0.1% |
|  Illinois State Taxable Pension Funding GO Bonds Series 2003 | Illinois State Taxable Pension Funding GO Bonds Series 2003 | Illinois State Taxable Pension Funding GO Bonds Series 2003 | Illinois State Taxable Pension Funding GO Bonds Series 2003 | Illinois State Taxable Pension Funding GO Bonds Series 2003 |
|  | 21814 | 5.100 | 06/01/33 | 21879 |
|  State of Illinois GO Bonds | State of Illinois GO Bonds | State of Illinois GO Bonds | State of Illinois GO Bonds | State of Illinois GO Bonds |
|  | 78571 | 7.350 | 07/01/35<sup>(c)</sup> | 84008 |
|  |  |  |  | 105887 |
| Louisiana – 0.1% | Louisiana – 0.1% | Louisiana – 0.1% | Louisiana – 0.1% | Louisiana – 0.1% |
|  Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2022-ELL, Class A3 | Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2022-ELL, Class A3 | Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2022-ELL, Class A3 | Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2022-ELL, Class A3 | Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2022-ELL, Class A3 |
|  | 140000 | 4.275 | 02/01/36<sup>(c)</sup> | 136128 |
| Maryland – 0.1% | Maryland – 0.1% | Maryland – 0.1% | Maryland – 0.1% | Maryland – 0.1% |
|  Maryland Economic Development Corp. | Maryland Economic Development Corp. | Maryland Economic Development Corp. | Maryland Economic Development Corp. | Maryland Economic Development Corp. |
|  | 160000 | 4.968 | 11/30/32<sup>(c)</sup> | 163036 |
|  | 65000 | 5.018 | 11/30/33<sup>(c)</sup> | 66050 |
|  |  |  |  | 229086 |
| Ohio – 0.1% | Ohio – 0.1% | Ohio – 0.1% | Ohio – 0.1% | Ohio – 0.1% |
|  American Municipal Power, Inc., Series E | American Municipal Power, Inc., Series E | American Municipal Power, Inc., Series E | American Municipal Power, Inc., Series E | American Municipal Power, Inc., Series E |
|  | 95000 | 6.270 | 02/15/50<sup>(c)</sup> | 97661 |
| **TOTAL MUNICIPAL BONDS**<br> **(Cost $740,773)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $740,773)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $740,773)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $740,773)** | 757076 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Certificate of Deposit – 0.2%** | **Certificate of Deposit – 0.2%** | **Certificate of Deposit – 0.2%** | **Certificate of Deposit – 0.2%** | **Certificate of Deposit – 0.2%** |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| $— | 441000 | 4.630% | 08/28/25 | $441137 |
| (Cost $441,007) | (Cost $441,007) | (Cost $441,007) | (Cost $441,007) | (Cost $441,007) |
| **U.S. Treasury Obligations – 27.2%** | **U.S. Treasury Obligations – 27.2%** | **U.S. Treasury Obligations – 27.2%** | **U.S. Treasury Obligations – 27.2%** | **U.S. Treasury Obligations – 27.2%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  | 2370000 | 4.750 <sup>(f)</sup> | 02/15/41 | 2399995 |
|  | 1640000 | 3.125 <sup>(f)</sup> | 11/15/41 | 1344288 |
|  | 1550000 | 2.750 <sup>(f)</sup> | 08/15/42 | 1185508 |
|  | 2310000 | 2.750 <sup>(f)</sup> | 11/15/42 | 1758848 |
|  | 450000 | 4.000 <sup>(f)</sup> | 11/15/42 | 410484 |
|  | 560000 | 3.875 <sup>(f)</sup> | 05/15/43 | 500238 |
|  | 100000 | 4.375 <sup>(f)</sup> | 08/15/43 | 95344 |
|  | 2200000 | 4.625 <sup>(f)</sup> | 05/15/44 | 2157719 |
|  | 480000 | 3.125 <sup>(f)</sup> | 05/15/48 | 364200 |
|  | 480000 | 3.000 <sup>(f)</sup> | 08/15/48 | 354975 |
|  | 510000 | 2.375 <sup>(f)</sup> | 11/15/49 | 328073 |
|  | 610000 | 2.000 <sup>(f)</sup> | 02/15/50 | 358184 |
|  | 480000 | 2.375 <sup>(f)</sup> | 05/15/51 | 304425 |
|  | 170000 | 2.000 <sup>(f)</sup> | 08/15/51 | 98016 |
|  | 1288400 | 4.000 <sup>(f)</sup> | 11/15/52 | 1126947 |
|  | 1130000 | 4.750 <sup>(f)</sup> | 11/15/53 | 1120113 |
| U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds |
|  | 450000 | 1.500 <sup>(f)</sup> | 02/15/53 | 384099 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  | 2020000 | 0.750 <sup>(f)</sup> | 05/31/26 | 1960347 |
|  | 3670000 | 0.875 <sup>(f)</sup> | 06/30/26 | 3558180 |
|  | 1720000 | 0.625 <sup>(f)</sup> | 07/31/26 | 1659262 |
|  | 620000 | 4.375 <sup>(f)</sup> | 08/15/26 | 622688 |
|  | 640000 | 0.750 <sup>(f)</sup> | 08/31/26 | 616825 |
|  | 640000 | 2.625 <sup>(f)</sup> | 05/31/27 | 626825 |
|  | 4330000 | 0.500 <sup>(f)</sup> | 06/30/27 | 4063096 |
|  | 970000 | 2.875 <sup>(f)</sup> | 05/15/28 | 948327 |
|  | 2830000 | 1.250 <sup>(f)</sup> | 05/31/28 | 2640080 |
|  | 3050000 | 1.250 <sup>(f)</sup> | 06/30/28 | 2839598 |
|  | 250000 | 3.125 <sup>(f)</sup> | 11/15/28 | 245332 |
|  | 6070000 | 1.500 <sup>(f)</sup> | 02/15/30 | 5493350 |
|  | 364900 | 3.625 <sup>(f)</sup> | 03/31/30 | 362306 |
|  | 760000 | 3.750 <sup>(f)</sup> | 05/31/30 | 758337 |
|  | 1120000 | 3.750 <sup>(f)</sup> | 06/30/30 | 1117287 |
|  | 1560000 | 3.875 <sup>(f)</sup> | 06/30/30 | 1566094 |
|  | 1570000 | 4.000 <sup>(f)</sup> | 06/30/32 | 1571227 |
| U.S. Treasury Strip Coupon | U.S. Treasury Strip Coupon | U.S. Treasury Strip Coupon | U.S. Treasury Strip Coupon | U.S. Treasury Strip Coupon |
|  | 2079100 | – <sup>(f)</sup> | 11/15/29<sup>(g)</sup> | 1757273 |
|  | 430000 | – <sup>(f)</sup> | 08/15/30<sup>(g)</sup> | 351916 |
|  | 430000 | – <sup>(f)</sup> | 11/15/30<sup>(g)</sup> | 347954 |
|  | 720000 | – <sup>(f)</sup> | 08/15/31<sup>(g)</sup> | 562691 |
|  | 1130000 | – <sup>(f)</sup> | 11/15/31<sup>(g)</sup> | 872766 |
|  | 929900 | – <sup>(f)</sup> | 05/15/32<sup>(g)</sup> | 701469 |
|  | 430000 | – <sup>(f)</sup> | 08/15/33<sup>(g)</sup> | 305197 |
|  | 550000 | – <sup>(f)</sup> | 08/15/35<sup>(g)</sup> | 351517 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $52,286,670)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $52,286,670)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $52,286,670)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $52,286,670)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50191400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 8.1%<sup>(h)</sup>** | **Investment Company – 8.1%<sup>(h)</sup>** | **Investment Company – 8.1%<sup>(h)</sup>** |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 14995574 | 4.231% | $14995574 |
| (Cost $14,995,574) | (Cost $14,995,574) | (Cost $14,995,574) |
| **TOTAL INVESTMENTS – 118.5%**<br> **(Cost $222,186,540)** | **TOTAL INVESTMENTS – 118.5%**<br> **(Cost $222,186,540)** | $218806772 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (18.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (18.5)%** | (34125848) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;184680924 |

---

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

---

| | |
|:---|:---|
| (a) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on |
|  | June 30, 2025. |
| (b) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $36,677,165 which represents approximately 19.9% of the Fund's net assets as of June 30, 2025. |
| (c) | Securities with "Call" features. Maturity dates disclosed are the final maturity date. |
| (d) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (e) | When-issued security. |
| (f) | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. |
| (g) | Zero coupon bond until next reset date. |
| (h) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| BBSW | —Bank Bill Swap Rate |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Index |
| CORRA | —Canadian Overnight Repo Rate Average |
| ESTRON | —Euro Short-Term Rate |
| FHLMC | —Federal Home Loan Mortgage Corp. |
| FNMA | —Federal National Mortgage Association |
| GMTN | —Global Medium Term Note |
| GNMA | —Insured by Government National Mortgage Association |
| LP | —Limited Partnership |
| Mo. | —Month |
| MTN | —Medium Term Note |
| NIBOR | —Norwegian Interbank Offered Rate |
| PLC | —Public Limited Company |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| SONIO | —Sterling Overnight Index Average |
| STIBOR | —Stockholm Interbank Offered Rate |
| TSFR | —Term Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ADDITIONAL INVESTMENT INFORMATION**<br>

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2025, the Fund had the following forward foreign currency exchange contracts:

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Gain** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | CAD | 238383 | USD | 168456 | 7/2/2025 | $6601 |
|  | CHF | 182587 | USD | 223333 | 7/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7645 |
|  | GBP | 156808 | USD | 212328 | 8/28/2025 | 2993 |
|  | SEK | 2287592 | USD | 241177 | 9/18/2025 | 1882 |
|  | EUR | 100433 | USD | 118277 | 9/23/2025 | 692 |
|  | CAD | 238384 | USD | 175255 | 9/25/2025 | 562 |
| TOTAL |  |  |  |  |  | $20375 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ADDITIONAL INVESTMENT INFORMATION (continued)**<br>

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Loss** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | USD | 180775 | CAD | 255817 | 7/2/2025 | $(7084) |
|  | USD | 221921 | CHF | 181432 | 7/29/2025 | (7597) |
|  | USD | 273641 | GBP | 202089 | 8/28/2025 | (3857) |
|  | USD | 228105 | SEK | 2163597 | 9/18/2025 | (1780) |
|  | USD | 1206722 | EUR | 1024669 | 9/23/2025 | (7058) |
|  | USD | 188071 | CAD | 255817 | 9/25/2025 | (603) |
| TOTAL |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27979) |

---

FORWARD SALES CONTRACTS — At June 30, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity Date<sup>(a)</sup>** | **Settlement Date** | **Principal**<br> **Amount** | **Value** |
|  Federal National Mortgage Association | 4.500% | TBA-30yr | 07/15/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6000000) | $(5738712) |
|  Federal National Mortgage Association | 6.500 | TBA-30yr | 07/15/55 | (5000000) | (5161650) |
|  Government National Mortgage Association | 3.000 | TBA-30yr | 07/15/55 | (1000000) | (883939) |
|  Government National Mortgage Association | 4.500 | TBA-30yr | 07/15/55 | (1000000) | (956768) |
| Total (Proceed Receivable $12,602,813) |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12741069) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At June 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  ICE 3 Month SONIA Index Future | 20 | 03/17/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6615833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9954 |
|  U.S. Treasury 10 Year Note | 24 | 09/19/25 | 2691375 | 814 |
|  U.S. Treasury 2 Year Note | 31 | 09/30/25 | 6449211 | 13914 |
|  U.S. Treasury 5 Year Note | 144 | 09/30/25 | 15699375 | 84162 |
|  U.S. Treasury Long Bond | 22 | 09/19/25 | 2538250 | 66980 |
|  U.S. Treasury Ultra Bond | 73 | 09/19/25 | 8684719 | 301225 |
| Total |  |  |  | $477049 |
|  **Short position contracts:** |  |  |  |  |
|  Euro Bund Future | (1) | 09/08/25 | (153405) | 680 |
|  U.S. Treasury 10 Year Ultra Note | (26) | 09/19/25 | (2970906) | (61549) |
| Total |  |  |  | $(60869) |
| Total Futures Contracts |  |  |  | $416180 |

---

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

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing<br>Rate<br>Received<br>(Paid) by the<br>Fund** | **Credit Spread at<br>June 30, 2025<sup>(a)</sup>** | **Termination Date** | **Notional**<br> **Amount (000's)** | **Value** | **Upfront Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  ICE CDX Investment Grade Index<sup>(b)</sup>  | 1.000% | 2.1799% | 12/20/2028 | 1425 | $31063 | $17594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13469 |
|  ICE CDX Investment Grade Index<sup>(b)</sup>  | 1.000% | 2.2323 | 06/20/2029 | 7708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128445 | 43622 |
|  ICE CDX Investment Grade Index<sup>(b)</sup>  | 1.000% | 2.2520 | 12/20/2029 | 9025 | 203239 | 187481 | 15758 |
|  Chile Government International Bond<sup>(b)</sup>  | 1.000% | 2.1089 | 06/20/2030 | 90 | 1898 | 1650 | 248 |
|  ICE CDX Investment Grade Index<sup>(b)</sup>  | 1.000% | 2.2147 | 06/20/2030 | 1800 | 39864 | 34425 | 5439 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ADDITIONAL INVESTMENT INFORMATION (continued)**<br>

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing<br>Rate<br>Received<br>(Paid) by the<br>Fund** | **Credit Spread at<br>June 30, 2025<sup>(a)</sup>** | **Termination Date** | **Notional**<br> **Amount (000's)** | **Value** | **Upfront Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Indonesia Government International Bond<sup>(b)</sup>  | 1.000% | 1.0075% | 06/20/2030 | 200 | $2015 | $1086 | $929 |
|  Philippine Government International Bond<sup>(b)</sup>  | 1.000% | 1.6610 | 06/20/2030 | 200 | 3322 | 2344 | 978 |
| TOTAL |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made quarterly.

#### CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the<br>Fund<sup>(a)</sup>** | **Payments Received by<br>the Fund** | **Termination<br>Date** | **Notional Amounts**<br> **(000's)** | **Notional Amounts**<br> **(000's)** | **Value** | **Upfront Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  1.892%<sup>(b)</sup>  | 1 Day ESTRON | 9/17/2025 | EUR | 46530 | $(1787) | $– | $(1787) |
| 3.620 <sup>(b)</sup>  | 1 Day SOFR | 6/30/2027 | USD | 5030 | 19982 |  | 19982 |
|  3 Month BBSW<sup>(c)</sup>  | 3.750% | 9/17/2027 | AUD | 12520 | (104242) | (89980) | (14262) |
| 3.500 <sup>(c)</sup>  | 3 Month BBSW | 9/17/2027 | AUD | 1030 | 5323 | 3892 | 1431 |
| 2.750 <sup>(d)</sup>  | CORRA | 9/17/2027 | CAD | 6930 | 29949 | 17953 | 11996 |
| 2.500 <sup>(d)</sup>  | CORRA | 9/17/2027 | CAD | 120 | 94 | 16 | 78 |
| 2.000 <sup>(b)</sup>  | 1 Day ESTRON | 9/17/2027 | EUR | 660 | 3425 | 3232 | 193 |
| 1.500 <sup>(b)</sup>  | 1 Day ESTRON | 9/17/2027 | EUR | 540 | (6164) |  | (6164) |
| 3.750 <sup>(b)</sup>  | 1 Day SONIO | 9/17/2027 | GBP | 4440 | 25042 | 3846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21196 |
| 3.500 <sup>(b)</sup>  | 1 Day SONIO | 9/17/2027 | GBP | 120 | (98) |  | (98) |
|  12 Month BOJDTR<sup>(b)</sup> | 0.750 | 9/17/2027 | JPY | 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561 |  | 1561 |
| 4.250 <sup>(b)</sup>  | 6 Month NIBOR | 9/17/2027 | NOK | 44460 | 42753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17168 | 25585 |
| 2.250 <sup>(b)</sup>  | 3 Month STIBOR | 9/17/2027 | SEK | 46520 | 35610 | 21582 | 14028 |
|  1 Day SOFR<sup>(b)</sup>  | 3.750 | 9/17/2027 | USD | 7630 | (58704) | (18374) | (40330) |
|  1 Day SOFR<sup>(b)</sup>  | 3.500 | 9/17/2027 | USD | 180 | (526) |  | (526) |
|  1 Day ESTRON<sup>(b)</sup>  | 2.180 | 11/20/2027 | EUR | 23360 | (18632) | (18984) | 352 |
| 2.143 <sup>(b)</sup>  | 1 Day ESTRON | 11/20/2027 | EUR | 23360 | 28395 |  | 28395 |
| 2.500 <sup>(b)</sup>  | 1 Day ESTRON | 5/14/2028 | EUR | 1432 | 12654 | 2247 | 10408 |
| 3.368 <sup>(b)</sup>  | 1 Day SOFR | 6/23/2028 | USD | 5720 | 8872 | 3356 | 5516 |
|  1 Day SONIO<sup>(b)</sup>  | 3.750 | 9/17/2028 | GBP | 30 | (240) |  | (240) |
| 2.325 <sup>(b)</sup>  | 1 Day ESTRON | 2/25/2029 | EUR | 1241 | 931 |  | 931 |
|  1 Day SOFR<sup>(b)</sup>  | 3.620 | 11/30/2029 | USD | 5930 | (62147) | (5114) | (57033) |
|  1 Day SOFR<sup>(b)</sup>  | 3.600 | 11/30/2029 | USD | 4810 | (46641) |  | (46641) |
|  1 Day SOFR<sup>(b)</sup>  | 3.600 | 6/23/2030 | USD | 6040 | (14896) | (4603) | (10293) |
| 2.750 <sup>(d)</sup>  | CORRA | 9/17/2030 | CAD | 1010 | 4477 | 407 | 4070 |
| 2.000 <sup>(b)</sup>  | 1 Day ESTRON | 9/17/2030 | EUR | 1440 | (22826) |  | (22826) |
| 3.750 <sup>(b)</sup>  | 1 Day SONIO | 9/17/2030 | GBP | 1210 | 8378 |  | 8378 |
|  12 Month BOJDTR<sup>(b)</sup> | 1.000 | 9/17/2030 | JPY | 1426490 | (30753) | (25264) | (5489) |
| 3.750 <sup>(d)</sup>  | 3 Month NZD BKBM | 9/17/2030 | NZD | 2270 | 9023 | 6973 | 2050 |
|  12 Month BOJDTR<sup>(b)</sup> | 1.295 | 8/2/2034 | JPY | 213361 | 7244 | (2598) | 9842 |
| 4.098 <sup>(b)</sup>  | 1 Day SOFR | 6/24/2035 | USD | 1470 | 5448 | 1955 | 3493 |
|  6 Month BBSW<sup>(d)</sup>  | 4.500 | 9/17/2035 | AUD | 130 | (3069) | (2469) | (600) |
| 3.000 <sup>(d)</sup>  | CORRA | 9/17/2035 | CAD | 310 | 245 |  | 245 |
| 0.500 <sup>(b)</sup>  | 1 Day SOFR | 9/17/2035 | CHF | 80 | (510) |  | (510) |
| 2.000 <sup>(b)</sup>  | 1 Day ESTRON | 9/17/2035 | EUR | 70 | (4524) |  | (4524) |
| 3.750 <sup>(b)</sup>  | 1 Day SONIO | 9/17/2035 | GBP | 270 | (7293) |  | (7293) |
|  12 Month BOJDTR<sup>(b)</sup>  | 1.250 | 9/17/2035 | JPY | 344000 | (97) |  | (97) |
|  6 Month NIBOR<sup>(b)</sup>  | 4.250 | 9/17/2035 | NOK | 5260 | (21337) | (10666) | (10671) |
| 4.250 <sup>(d)</sup>  | 3 Month NZD BKBM | 9/17/2035 | NZD | 1050 | 7303 | 6320 | 983 |
| 2.750 <sup>(b)</sup>  | 3 Month STIBOR | 9/17/2035 | SEK | 3900 | 7353 | 2812 | 4541 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ADDITIONAL INVESTMENT INFORMATION (continued)**<br>

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the<br>Fund<sup>(a)</sup>** | **Payments Received by<br>the Fund** | **Termination<br>Date** | **Notional Amounts**<br> **(000's)** | **Notional Amounts**<br> **(000's)** | **Value** | **Upfront Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  1 Day SOFR<sup>(b)</sup>  | 3.750% | 9/17/2035 | USD | 580 | $(3486) | $– | $(3486) |
|  2.160%<sup>(b)</sup>  | 12 Month BOJDTR | 8/2/2044 | JPY | 239990 | (52648) |  | (52648) |
| 2.000 <sup>(b)</sup>  | 1 Day ESTRON | 9/17/2045 | EUR | 160 | (23798) |  | (23798) |
|  1 Day ESTRON<sup>(b)</sup>  | 2.000 | 5/17/2053 | EUR | 513 | 43010 | (1270) | 44280 |
|  1 Day ESTRON<sup>(b)</sup>  | 2.500 | 11/10/2053 | EUR | 379 | 11614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22714) | 34328 |
|  1 Day ESTRON<sup>(b)</sup>  | 1.750 | 9/17/2055 | EUR | 390 | 95075 |  | 95075 |
| 1.750 <sup>(b)</sup>  | 12 Month BOJDTR | 9/17/2055 | JPY | 96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72012) |  | (72012) |
| 2.530 <sup>(b)</sup>  | 1 Day ESTRON | 3/19/2056 | EUR | 430 | (15599) |  | (15599) |
|  1 Day ESTRON<sup>(b)</sup>  | 2.610 | 3/19/2056 | EUR | 430 | 17561 |  | 17561 |
|  1 Day ESTRON<sup>(b)</sup>  | 2.500 | 9/17/2075 | EUR | 90 | 5132 |  | 5132 |
| TOTAL |  |  |  |  | $**(135575)** | $**(110277)** | $**(25297)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made semi-annually.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>the Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |  |
|  3M IRS | Bank of America | EUR | 2.25 | 03/09/2027 | 1570000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570000 | $11986 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 |
|  3M IRS | JPMorgan Chase |  | 2.45 | 03/25/2026 | 310000 | 310000 | 4157 | 4966 | (809) |
| Total purchased option contracts | Total purchased option contracts |  |  |  | 1880000 | $1880000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16143 | $16000 | $143 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br>**Rate** | **Exercise**<br>**Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>the Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |  |
|  3M IRS | Bank of America | EUR | 2.35 | 03/09/2027 | (150000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150000) | $(6535) | $(11201) | $4665 |
|  3M IRS | JPMorgan Chase |  | 2.50 | 03/25/2026 | (130000) | (130000) | (3895) | (5013) | 1118 |
| Total written option contracts | Total written option contracts |  |  |  | (280000) | $(280000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10430) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16214) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5783 |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| 3M IRS | —3 Months Interest Rate Swaptions |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TREND DRIVEN ALLOCATION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Dividend Rate** | **Value** |
| **Investment Companies (Institutional Shares) – 67.7%<sup>(a)</sup>** | **Investment Companies (Institutional Shares) – 67.7%<sup>(a)</sup>** | **Investment Companies (Institutional Shares) – 67.7%<sup>(a)</sup>** | **Investment Companies (Institutional Shares) – 67.7%<sup>(a)</sup>** |
|  Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |
| 28236475 |  | 4.231% | $28236475 |
|  Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund |
| 33675436 |  | 4.122 | 33675436 |
|  Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund |
| 33681028 |  | 4.186 | 33681029 |
|  Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund |
| 33202554 |  | 4.130 | 33202554 |
|  Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund |
| 37643610 |  | 4.230 | 37643610 |
| Total Investment Companies<br>(Cost $166,439,104) | Total Investment Companies<br>(Cost $166,439,104) | Total Investment Companies<br>(Cost $166,439,104) | 166439104 |
|  |  | **Description** |  |
| **Exchange-Traded Funds – 25.1%** | **Exchange-Traded Funds – 25.1%** | **Exchange-Traded Funds – 25.1%** | **Exchange-Traded Funds – 25.1%** |
|  | 51765 | iShares Core S&P 500 ETF | 32140888 |
|  | 52100 | Vanguard S&P 500 ETF | 29594363 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $33,135,832)** | **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $33,135,832)** | **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $33,135,832)** | 61735251 |
| **TOTAL INVESTMENTS – 92.8%**<br> **(Cost $199,574,936)** | **TOTAL INVESTMENTS – 92.8%**<br> **(Cost $199,574,936)** | **TOTAL INVESTMENTS – 92.8%**<br> **(Cost $199,574,936)** | $228174355 |
| OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 7.2% | OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 7.2% | OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 7.2% | 17584490 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;245758845 |

---

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

 <br> (a) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ADDITIONAL INVESTMENT INFORMATION**<br>

FUTURES CONTRACTS — At June 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  EURO STOXX 50 Index | 242 | 09/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15185362 | $100213 |
|  FTSE 100 Index | 55 | 09/19/25 | 6635702 | (47200) |
|  S&P 500 E-Mini Index | 244 | 09/19/25 | 76295750 | 2264824 |
|  TOPIX Index | 52 | 09/11/25 | 10311170 | 247389 |
|  U.S. Treasury 10 Year Note | 679 | 09/19/25 | 76143484 | 1144880 |
| Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710106 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Core Fixed Income<br>Fund** | **Trend Driven Allocation <br>Fund** |
| **Assets:** |  |  |
|  Investments in unaffiliated issuers, at value (cost $207,190,966 and $33,135,832, respectively) | $203811198 | $61735251 |
|  Investments in affiliated issuers, at value (cost $14,995,574 and $166,439,104, respectively) | 14995574 | 166439104 |
|  Purchased Options, at value (premiums paid $16,000 and $–, respectively) | 16143 |  |
|  Cash | 3605988 | 6902946 |
|  Foreign Currency, at value (cost $16,745 and $231,004, respectively) | 17117 | 239567 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 29747645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup>  | 1137772 | 9365957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends | 1117981 | 563932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 238071 | 439452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 11081 | 9480 |
|  Unrealized gain on forward foreign currency exchange contracts | 20375 |  |
|  Unrealized gain on swap contracts | 80443 |  |
|  Upfront payments received on swap contracts | 373025 |  |
|  Variation margin on futures contracts | 120132 | 441428 |
|  Variation margin on swap contracts | 19018 |  |
|  Other assets | 1031 | 1798 |
|  **Total assets** | 255312594 | 246138915 |
| **Liabilities:** |  |  |
|  Written options, at value (premiums received $16,213 and $–, respectively) | 10430 |  |
|  Forward sale contracts, at value (proceeds received $– and $12,602,813, respectively) | 12741069 |  |
|  Unrealized loss on forward foreign currency exchange contracts | 27979 |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 57722113 | 128912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 29003 | 64859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 12021 | 26808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 10736 | 106208 |
|  Accrued expenses | 78319 | 53283 |
|  **Total liabilities** | 70631670 | 380070 |
| **Net Assets:** |  |  |
|  Paid-in capital | 198315701 | 215630197 |
|  Total distributable earnings (loss) | (13634777) | 30128648 |
|  **NET ASSETS** | $184680924 | $245758845 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $80910679 | $380815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 103770245 | 245378030 |
|  Total Net Assets | $184680924 | $245758845 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8445892 | 30091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 10849458 | 19559004 |
|  Net asset value, offering and redemption price per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $9.58 | $12.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 9.56 | 12.55 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Forwards** | **Swaps** |
|  Core Fixed Income Fund | $722381 | $— | $415391 |
|  Trend Driven Allocation Fund | 9365957 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Core Fixed Income<br>Fund** | **Trend Driven<br>Allocation Fund** |
| **Investment income:** |  |  |
|  Interest | $3448980 | $— |
|  Dividends — affiliated issuers | 280604 | 3623777 |
|  Dividends — unaffiliated issuers | 3744 | 497384 |
|  **Total Investment Income** | 3733328 | 4121161 |
| **Expenses:** |  |  |
|  Management fees | 342980 | 978477 |
|  Distribution and/or Service (12b-1) fees – Service Shares | 125500 | 309183 |
|  Professional fees | 67690 | 48395 |
|  Custody, accounting and administrative services | 46415 | 36219 |
|  Transfer Agency fees<sup>(a)</sup>  | 17149 | 24772 |
|  Trustee fees | 13778 | 13995 |
|  Printing and mailing costs | 12731 | 15530 |
|  Other | 6264 | 8007 |
|  **Total expenses** | 632507 | 1434578 |
|  Less — expense reductions | (153932) | (291128) |
|  **Net expenses** | 478575 | 1143450 |
|  **NET INVESTMENT INCOME** | 3254753 | 2977711 |
| **Realized and Unrealized gain (loss):** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (485569) | 7384990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (38255) | 26165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | 77196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 4564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (80265) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (3772) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (601284) | (8112639) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 4117036 | (4855121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 778820 | 7165686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 255281 | 121669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | (201001) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 2489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (20373) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 5783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward sales contracts | (254789) |  |
|  **Net realized and unrealized gain** | 3555861 | 1730750 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $6810614 | $4708461 |

---

<sup>(a)</sup> Class specific Transfer Agency fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Institutional** | **Service** |
|  Core Fixed Income Fund | $7109 | $10040 |
|  Trend Driven Allocation Fund | 37 | 24735 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** |
|  | **For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>December 31, 2024** | **For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>December 31, 2024** |
| **From operations:** |  |  |  |  |
|  Net investment income | $3254753 | $&nbsp;&nbsp;&nbsp;&nbsp;5680521 | $&nbsp;&nbsp;&nbsp;&nbsp;2977711 | $&nbsp;&nbsp;&nbsp;&nbsp;8246776 |
|  Net realized gain (loss) | (1127385) | (2532957) | (701484) | 25729465 |
|  Net change in unrealized gain (loss) | 4683246 | (1504499) | 2432234 | (2973395) |
|  **Net increase in net assets resulting from operations** | 6810614 | 1643065 | 4708461 | 31002846 |
| **Distributions to shareholders:** |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (1676246) | (2246995) |  | (12289) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (2170572) | (3476734) |  | (8251555) |
|  **Total distributions to shareholders** | (3846818) | (5723729) |  | (8263844) |
| **From share transactions:** |  |  |  |  |
|  Proceeds from sales of shares | 20108448 | 40288542 | 5301257 | 11260759 |
|  Reinvestment of distributions | 3846818 | 5713711 |  | 8263844 |
|  Cost of shares redeemed | (9749211) | (9311900) | (26408747) | (58118700) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 14206055 | 36690353 | (21107490) | (38594097) |
|  **TOTAL INCREASE (DECREASE)** | 17169851 | 32609689 | (16399029) | (15855095) |
| **Net Assets:** |  |  |  |  |
|  Beginning of period | $167511073 | $134901384 | $262157874 | $278012969 |
|  End of period | $184680924 | $167511073 | $245758845 | $262157874 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
|  | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.42 | $9.68 | $9.41 | $11.13 | $11.53 | $10.85 |
|  Net investment income<sup>(a)</sup>  | 0.19 | 0.38 | 0.33 | 0.21 | 0.12 | 0.18 |
|  Net realized and unrealized gain (loss) | 0.18 | (0.26) | 0.23 | (1.77) | (0.36) | 0.86 |
|  Total from investment operations | 0.37 | 0.12 | 0.56 | (1.56) | (0.24) | 1.04 |
|  Distributions to shareholders from net investment income | (0.21) | (0.38) | (0.29) | (0.16) | (0.14) | (0.26) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.02) | (0.10) |
|  Total distributions | (0.21) | (0.38) | (0.29) | (0.16) | (0.16) | (0.36) |
|  Net asset value, end of period | $9.58 | $9.42 | $9.68 | $9.41 | $11.13 | $11.53 |
|  **Total Return<sup>(b)</sup>**  | 3.99% | 1.24% | 6.08% | (14.03)% | (2.06)% | 9.64% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25194 |
|  Ratio of net expenses to average net assets | 0.41 %<sup>(c)</sup> | 0.42% | 0.43% | 0.41% | 0.41% | 0.41% |
|  Ratio of total expenses to average net assets | 0.59 %<sup>(c)</sup> | 0.62% | 0.62% | 0.70% | 0.81% | 0.93% |
|  Ratio of net investment income to average net assets | 3.94 %<sup>(c)</sup> | 3.97% | 3.45% | 2.07% | 1.09% | 1.61% |
|  Portfolio turnover rate<sup>(d)</sup>  | 285% | 766% | 841% | 693% | 513% | 501% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
|  | Service Shares | Service Shares | Service Shares | Service Shares | Service Shares | Service Shares |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.40 | $9.67 | $9.40 | $11.13 | $11.53 | $10.85 |
|  Net investment income<sup>(a)</sup>  | 0.17 | 0.35 | 0.30 | 0.18 | 0.09 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.19 | (0.26) | 0.24 | (1.77) | (0.34) | 0.85 |
|  Total from investment operations | 0.36 | 0.09 | 0.54 | (1.59) | (0.25) | 1.01 |
|  Distributions to shareholders from net investment income | (0.20) | (0.36) | (0.27) | (0.14) | (0.13) | (0.23) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.02) | (0.10) |
|  Total distributions | (0.20) | (0.36) | (0.27) | (0.14) | (0.15) | (0.33) |
|  Net asset value, end of period | $9.56 | $9.40 | $9.67 | $9.40 | $11.13 | $11.53 |
|  **Total Return<sup>(b)</sup>**  | 3.88% | 0.89% | 5.83% | (14.28)% | (2.23)% | 9.37% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46631 |
|  Ratio of net expenses to average net assets | 0.66 %<sup>(c)</sup> | 0.67% | 0.68% | 0.66% | 0.66% | 0.66% |
|  Ratio of total expenses to average net assets | 0.84 %<sup>(c)</sup> | 0.87% | 0.87% | 0.95% | 1.06% | 1.18% |
|  Ratio of net investment income to average net assets | 3.69 %<sup>(c)</sup> | 3.72% | 3.19% | 1.82% | 0.85% | 1.39% |
|  Portfolio turnover rate<sup>(d)</sup>  | 285% | 766% | 841% | 693% | 513% | 501% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TREND DRIVEN ALLOCATION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** |
|  | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.39 | $11.43 | $10.06 | $12.92 | $12.61 | $12.32 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.16 | 0.40 | 0.26 | 0.07 | (0.04) | 0.02 |
|  Net realized and unrealized gain (loss) | 0.11 | 0.99 | 1.33 | (2.51) | 2.10 | 0.52 |
|  Total from investment operations | 0.27 | 1.39 | 1.59 | (2.44) | 2.06 | 0.54 |
|  Distributions to shareholders from net investment income |  | (0.43) | (0.22) |  |  | (0.07) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.42) | (1.75) | (0.18) |
|  Total distributions |  | (0.43) | (0.22) | (0.42) | (1.75) | (0.25) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.06 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.61 |
|  **Total Return<sup>(b)</sup>**  | 2.18% | 12.05% | 15.85% | (19.00)% | 16.46% | 4.35% |
|  Net assets, end of period (in 000's) | $381 | $377 | $442 | $506 | $337 | $289 |
|  Ratio of net expenses to average net assets | 0.67 %<sup>(c)</sup> | 0.67% | 0.67% | 0.66% | 0.65% | 0.60% |
|  Ratio of total expenses to average net assets | 0.91 %<sup>(c)</sup> | 0.89% | 0.89% | 0.92% | 0.87% | 0.90% |
|  Ratio of net investment income (loss) to average net assets | 2.66 %<sup>(c)</sup> | 3.22% | 2.38% | 0.63% | (0.32)% | 0.13% |
|  Portfolio turnover rate<sup>(d)</sup>  | 47% | 7% | 10% | 344% | 12% | 168% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS TREND DRIVEN ALLOCATION FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** |
|  | Service Shares | Service Shares | Service Shares | Service Shares | Service Shares | Service Shares |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.30 | $11.35 | $9.99 | $12.86 | $12.59 | $12.30 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.15 | 0.37 | 0.23 | 0.02 | (0.08) | (0.01) |
|  Net realized and unrealized gain (loss) | 0.10 | 0.97 | 1.32 | (2.47) | 2.10 | 0.51 |
|  Total from investment operations | 0.25 | 1.34 | 1.55 | (2.45) | 2.02 | 0.50 |
|  Distributions to shareholders from net investment income |  | (0.39) | (0.19) |  |  | (0.03) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.42) | (1.75) | (0.18) |
|  Total distributions |  | (0.39) | (0.19) | (0.42) | (1.75) | (0.21) |
|  Net asset value, end of period | $12.55 | $12.30 | $11.35 | $9.99 | $12.86 | $12.59 |
|  **Total Return<sup>(b)</sup>**  | 2.03% | 11.76% | 15.57% | (19.16)% | 16.17% | 4.10% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277571 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357316 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335784 |
|  Ratio of net expenses to average net assets | 0.92 %<sup>(c)</sup> | 0.92% | 0.92% | 0.91% | 0.92% | 0.85% |
|  Ratio of total expenses to average net assets | 1.16 %<sup>(c)</sup> | 1.14% | 1.14% | 1.17% | 1.14% | 1.15% |
|  Ratio of net investment income (loss) to average net assets | 2.40 %<sup>(c)</sup> | 2.99% | 2.14% | 0.13% | (0.58)% | (0.12)% |
|  Portfolio turnover rate<sup>(d)</sup>  | 47% | 7% | 10% | 344% | 12% | 168% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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/**<br> **Non-Diversified** |
| Goldman Sachs Core Fixed Income Fund | Institutional and Service | Diversified |
| Goldman Sachs Trend Driven Allocation Fund | Institutional and Service | Diversified |

---

Shares of the Trust are offered to a separate account of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The valuation policy of the Funds and Underlying Funds is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**27**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Distributions** <br> **Declared/Paid** | **Capital Gains Distributions**<br> **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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Underlying Funds (including Money Market Funds) — Underlying Funds include exchange traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, each Fund's shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;iii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to the Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, a Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**29**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

*A credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, the Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, the Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Core Fixed Income Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset- Backed Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21866803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificate of Deposit |  | 441137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 3741861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  | 10343293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond |  | 39490470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Bond |  | 9431162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities | 808057 | 1583814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 301225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 62880006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond |  | 757076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  | 2276119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 50191400 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**31**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
|  Investment Company | $14995574 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** | $66296256 | $152811741 | $— |
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Sales Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(12741069) | $— |
| **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  | $— | $80443 | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | 20376 |  |
|  Futures Contracts<sup>(a)</sup>  | 176504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 371630 |  |
|  Purchased Options Contracts | 16143 |  |  |
|  **Total** | $192647 | $472449 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(27980) | $— |
|  Futures Contracts<sup>(a)</sup>  | (61549) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (396927) |  |
|  Written Options Contracts | (10430) |  |  |
|  **Total** | $(71979) | $(424907) | $— |
| **Trend Driven Allocation Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Exchange-Traded Funds | $61735251 | $— | $— |
|  Investment Companies | 166439104 |  |  |
|  **Total** | $228174355 | $— | $— |
| **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $3757306 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $(47200) | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Fixed Income Fund** | **Core Fixed Income Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Credit | Receivable for unrealized gain on swap contracts | $80443 | Payable for unrealized loss on swap contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Currency | Receivables for unrealized gain on forward foreign currency exchange contracts | $20375 | Payable for unrealized loss on forward foreign currency exchange contracts | $(27979) |
| Interest Rate | Purchased options at value, Variation margin on futures and swap contracts | $865503 | Written options at value, Variation margin on futures and swap contracts | $(468906) |
|  **Total** |  | $966321 |  | $(496885) |
| **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $2612426 | Variation margin on futures contracts | $(47200) |
| Interest Rate | Variation margin on futures contracts | $1144880 |  | $— |
|  **Total** |  | $3757306 |  | $(47200) |

---

1 Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of June 30, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** |
| **Risk** | **Statement of Operations** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized** <br> **Gain (Loss)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in** <br> **Unrealized**<br> **Gain (Loss)** |
| Currency | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | $(72596) | $(20373) |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | 41461 | (6436) |
| 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 | (572426) | 592526 |
|  **Total** |  | $(603561) | $565717 |
| **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** |
| **Risk** | **Statement of Operations** | **Net Realized**<br> **Gain (Loss)** | **Net Change in<br>Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (8565295) | 5229696 |
| Interest Rate | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452656 | 1935990 |
|  **Total** |  | $(8112639) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7165686 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**33**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** |
| **Fund** | **Futures Contracts** | **Forward Contracts** | **Swap Contracts** | **Purchased Options** | **Written Options** |
|  Core Fixed Income Fund | 292 | 12699240 | 2495317298 | 1948000 | 232500 |
|  Trend Driven Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of futures contracts, notional amounts for forward contracts, swaptions, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund's average daily net assets.

For the six months ended June 30, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | | |
| **Fund** | **First**<br> **$1 billion**  | **Next**<br> **$1 billion**  | **Next**<br> **$3 billion**  | **Next**<br> **$3 billion**  | **Over**<br> **$8 billion**  | **Effective** <br> **Rate** | **Effective Net**<br> **Management** <br> **Rate^** |
|  Core Fixed Income Fund | 0.40% | 0.36% | 0.34% | 0.33% | 0.32% | 0.40% | 0.39% |
|  Trend Driven Allocation Fund | 0.79 | 0.71 | 0.68 | 0.66 | 0.65 | 0.79 | 0.65<sup>\*</sup> |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

\* The Investment Advisor has agreed to waive a portion of its management fee in order to achieve an effective net management rate as defined in the Funds' most recent prospectus. These waivers will remain in effect through at least April 30, 2026, and prior to such date the Investment Advisor may not terminate the arrangements without approval of the Trustees. 

Trend Driven Allocation Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government, Goldman Sachs Financial Square Treasury Instruments, Goldman Sachs Financial Square Treasury Obligations, Goldman Sachs Financial Square Treasury Solutions and the Goldman Sachs VIT Government Money Market Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds' in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds' invest. For the six months ended June 30, 2025, GSAM waived $10,484 and $25,307 of the Core Fixed Income Fund's and Trend Driven Allocation Fund's management fee, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for each Fund is 0.004%. These Other Expense limitations will remain in place through at least April 30, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the six months ended June 30, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Other Expense<br>Reimbursements** | **Total Expense<br>Reductions** |
|  Core Fixed Income Fund | $10484 | $143448 | $153932 |
|  Trend Driven Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291128 |

---

&nbsp;&nbsp;&nbsp;&nbsp;E. Line of Credit Facility — As of June 30, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2025, the Fund did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Core Fixed Income Fund** | **Core Fixed Income Fund** | | | | | |
| **Underlying Fund** | **Beginning value<br>as of December 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>June 30, 2025** | **Shares as of<br>June 30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11381392 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49023782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45409600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14995574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14995574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280603 |

---

The following table provides information about Trend Driven Allocation Fund's investments in the Institutional Shares of the Goldman Sachs VIT Government Money Market Fund, Goldman Sachs Financial Square Government, Goldman Sachs Financial Square Treasury Instruments, Goldman Sachs Financial Square Treasury Obligations, and Goldman Sachs Financial Square Treasury Solutions Funds as of and for the six months ended June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | | | | | |
| **Underlying<br>Fund** | **Beginning<br>value as of<br>December 31,<br>2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>June 30, 2025** | **Shares as of<br>June 30, 2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |
|  | $31511321 | $61351631 | $(64626477) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $28236475 | 28236475 | $667616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
|  Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund |
|  | 38056474 | 1692052 | (6073090) |  |  | 33675436 | 33675436 | 727292 |  |
|  Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund |
|  | 38062066 | 1692052 | (6073090) |  |  | 33681029 | 33681028 | 731083 |  |
|  Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund |
|  | 37583592 | 1692052 | (6073090) |  |  | 33202554 | 33202554 | 716629 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**35**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### Trend Driven Allocation Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying<br>Fund** | **Beginning<br>value as of<br>December 31,<br>2024** | Purchases at<br>Cost | **Proceeds<br>from<br>Sales** | Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | **Ending<br>value as of**<br> **June 30,<br>2025** | Shares<br>as of<br>June 30,<br>2025 | Dividend<br>Income | Capital<br>Gain<br>Distribution |
|  Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund |
|  | $36863405 | $780205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $37643610 | 37643610 | $781157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
|  Total  | $182076858 | $67207992 | $(82845747) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166439104 |  | $3623777 | $– |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchase of<br>U.S. Government and<br>Agency Obligations** | **Purchases (Excluding<br>U.S. Government and<br>Agency Obligations)** | **Sales and**<br> **Maturities of<br>U.S. Government and<br>Agency Obligations** | **Sales and<br>Maturities (Excluding <br>U.S. Government and <br>Agency Obligations)** |
|  Core Fixed Income Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572143876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28477687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564947823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21443683 |
|  Goldman Sachs Trend Driven Allocation Fund |  | 29330695 |  | 35539147 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

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

---

| | | |
|:---|:---|:---|
|  | **Core Fixed Income <br>Fund** | **Trend Driven<br>Allocation Fund** |
|  Capital loss carryforwards: |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perpetual Short-Term | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4639816) | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perpetual Long-Term | (4934326) | &nbsp;&nbsp;&nbsp;&nbsp;(5737882) |
|  Total capital loss carryforwards | (9574142) | (5737882) |
|  Timing differences (Post October Loss Deferral and Straddle Loss Deferrals) | (747727) | (34855) |

---

As of June 30, 2025, the Fund's aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Core Fixed Income <br>Fund** | **Trend Driven Allocation <br>Fund** |
|  Tax Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221611468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200270729 |
|  Gross unrealized gain | 17715639 | 67908847 |
|  Gross unrealized loss | (20520335) | (40005221) |
|  Net unrealized gain (loss) | $(2804696) | $27903626 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

GSAM has reviewed the Funds tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund's financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

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

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

Derivatives Risk — The Fund's use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Fund will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund's performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**37**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUBSEQUENT EVENTS

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** |
|  | **For the Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **For the Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended<br>December 31, 2024** | **For the Fiscal Year Ended<br>December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1350303 | $&nbsp;&nbsp;&nbsp;&nbsp;12852112 | 2339517 | $&nbsp;&nbsp;&nbsp;&nbsp;22272717 |
|  Reinvestment of distributions | 175625 | 1676246 | 233542 | 2236977 |
|  Shares redeemed | (318956) | (3046442) | (232260) | (2209904) |
|  | 1206972 | 11481916 | 2340799 | 22299790 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 763449 | 7256336 | 1894338 | 18015825 |
|  Reinvestment of distributions | 227762 | 2170572 | 363632 | 3476734 |
|  Shares redeemed | (705026) | (6702769) | (742982) | (7101996) |
|  | 286185 | 2724139 | 1514988 | 14390563 |
|  **NET INCREASE IN SHARES** | 1493157 | $14206055 | 3855787 | $36690353 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** |
|  | **For the Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **For the Six Months Ended<br>June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended<br>December 31, 2024** | **For the Fiscal Year Ended<br>December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 64 | $777 | 2075 | $26395 |
|  Reinvestment of distributions |  |  | 970 | 12289 |
|  Shares redeemed | (388) | (4720) | (11281) | (135876) |
|  | (324) | (3943) | (8236) | (97192) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 435909 | 5300480 | 915092 | 11234364 |
|  Reinvestment of distributions |  |  | 655926 | 8251555 |
|  Shares redeemed | (2162726) | (26404027) | (4740600) | (57982824) |
|  | (1726817) | (21103547) | (3169582) | (38496905) |
|  **NET DECREASE IN SHARES** | (1727141) | $&nbsp;&nbsp;&nbsp;&nbsp;(21107490) | (3177818) | $&nbsp;&nbsp;&nbsp;&nbsp;(38594097) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**39**

------

GOLDMAN SACHS VIT FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### 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 Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser's affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40.0 ------

GOLDMAN SACHS VIT FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds' distribution arrangements. They received information regarding the Funds' assets, share purchase and redemption activity, and payment of distribution and service fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Core Fixed Income Fund's performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management. For the Trend Driven Allocation Fund, they noted the efforts of the Fund's portfolio management team to continue to enhance the investment models used in managing the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**41**

------

GOLDMAN SACHS VIT FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

The Trustees observed that the Core Fixed Income Fund's Institutional Shares had placed in the top half of the Fund's peer group for the ten-year period and in the third quartile for the one-, three-, and five-year periods, and had outperformed the Fund's benchmark index for the one-, five-, and ten-year periods and underperformed for the three-year period ended March 31, 2025. They also noted that the Core Fixed Income Fund had experienced certain portfolio management changes in 2021, 2022, and 2024. The Trustees observed that the Trend Driven Allocation Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one- and three-year periods and in the third quartile for the five- and ten-year periods, and had underperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. They also noted that in December 2021 the Fund had been repositioned from the Global Trends Allocation Fund, which involved changes to the Fund's investment strategy and name, and that in April 2015 the Fund had been repositioned from the Global Markets Navigator Fund, which involved changes to the Fund's investment objective, investment strategy, and benchmark. The Trustees further observed that the Trend Driven Allocation Fund had experienced certain portfolio management changes in 2022.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The analyses also compared each Fund's other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

---

| | | |
|:---|:---|:---|
| **Average Daily**<br> **Net Assets** | **Core Fixed**<br> **Income Fund**  | **Trend Driven**<br> **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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42.0 ------

GOLDMAN SACHS VIT FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

---

| | | |
|:---|:---|:---|
| **Average Daily**<br> **Net Assets** | **Core Fixed**<br> **Income Fund**  | **Trend Driven**<br> **Allocation Fund** |
|  Over $8 billion | 0.32% | 0.65% |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertakings to waive a portion of its management fee (with respect to thes Trend Driven Allocation Fund) and to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC ("Goldman Sachs"); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent for the Trend Driven Allocation Fund (and fees earned by the Investment Adviser for managing the fund in which the Trend Driven Allocation Fund's cash collateral is invested); (e) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs' retention of certain fees as Fund Distributor; (h) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser's ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Trend Driven Allocation Fund's ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### Conclusion
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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**43**

------

GOLDMAN SACHS VIT FIXED INCOME & TACTICAL ALLOCATION FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44.0 ------

(This page intentionally left blank)

------

(This page intentionally left blank)

------

(This page intentionally left blank)

------

![LOGO](g852438page048.jpg)

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

------

![LOGO](g683716page001.jpg)

Goldman Sachs Variable Insurance Trust Goldman Sachs International Equity Insights Fund Goldman Sachs Large Cap Value Fund Goldman Sachs Mid Cap Growth Fund Goldman Sachs Mid Cap Value Fund Goldman Sachs Small Cap Equity Insights Fund Goldman Sachs Strategic Growth Fund Goldman Sachs U.S. Equity Insights Fund Semi-Annual Financial Statements June 30, 2025

------

## Goldman Sachs Variable Insurance Trust

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **Schedules of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity Insights Fund](#equ683716_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Value Fund](#equ683716_2) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Growth Fund](#equ683716_3) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Value Fund](#equ683716_4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Equity Insights Fund](#equ683716_5) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Growth Fund](#equ683716_6) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Equity Insights Fund](#equ683716_7) | 26 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#equ683716_8) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#equ683716_9) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#equ683716_10) | 33 |
|  **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity Insights Fund](#equ683716_11) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Value Fund](#equ683716_12) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Growth Fund](#equ683716_13) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Value Fund](#equ683716_14) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Equity Insights Fund](#equ683716_15) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Growth Fund](#equ683716_16) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Equity Insights Fund](#equ683716_17) | 49 |
|  **[Notes to Financial Statements](#equ683716_18)** | 51 |
|  **[Statement Regarding Basis for Approval of Investment Advisory Contract](#equ683716_19)** | 71 |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *June 30, 2025 (Unaudited)* 

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 97.8%** | **Common Stocks – 97.8%** | **Common Stocks – 97.8%** |
| Australia – 7.2% | Australia – 7.2% | Australia – 7.2% |
| 24551 | ANZ Group Holdings Ltd.<br>(Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470809 |
| 4785 | Aristocrat Leisure Ltd.<br>(Consumer Services) | 205012 |
| 53528 | BHP Group Ltd. (Materials) | 1287756 |
| 7409 | Commonwealth Bank of Australia (Banks) | 901737 |
| 30129 | Computershare Ltd. (Commercial & Professional Services) | 790407 |
| 19997 | Evolution Mining Ltd. (Materials) | 104110 |
| 97688 | Glencore PLC (Materials)\* | 380655 |
| 285 | Macquarie Group Ltd. (Financial Services) | 42866 |
| 21045 | National Australia Bank Ltd. (Banks) | 545440 |
| 43323 | Northern Star Resources Ltd. (Materials) | 535132 |
| 2904 | Pro Medicus Ltd. (Health Care Equipment & Services) | 543439 |
| 107292 | Qantas Airways Ltd. (Transportation) | 757972 |
| 656 | REA Group Ltd. (Media & Entertainment) | 103884 |
| 42288 | Suncorp Group Ltd. (Insurance) | 602674 |
| 296292 | Telstra Group Ltd. (Telecommunication Services) | 944764 |
| 7312 | Westpac Banking Corp. (Banks) | 162959 |
|  |  | 8379616 |
| Austria – 0.1% | Austria – 0.1% | Austria – 0.1% |
| 865 | BAWAG Group AG (Banks)\*<sup>(a)</sup> | 110618 |
| Belgium – 0.2% | Belgium – 0.2% | Belgium – 0.2% |
| 361 | Deme Group NV (Capital Goods) | 54948 |
| 2027 | KBC Ancora (Banks) | 139540 |
|  |  | 194488 |
| Brazil – 0.1% | Brazil – 0.1% | Brazil – 0.1% |
| 1903 | Yara International ASA (Materials) | 70226 |
| China – 1.4% | China – 1.4% | China – 1.4% |
| 110000 | Lenovo Group Ltd. (Technology Hardware & Equipment) | 132901 |
| 21648 | Prosus NV (Consumer Discretionary Distribution & Retail)\* | 1214594 |
| 142900 | Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods) | 249375 |
|  |  | 1596870 |
| Denmark – 2.4% | Denmark – 2.4% | Denmark – 2.4% |
| 2690 | Cementir Holding NV (Materials) | 47010 |
| 2008 | Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)\* | 416998 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Denmark – (continued) | Denmark – (continued) | Denmark – (continued) | Denmark – (continued) |
| 24276 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682182 |
| 840 | Pandora A/S (Consumer Durables & Apparel) |  | 148004 |
| 2191 | Scandinavian Tobacco Group A/S (Food, Beverage & Tobacco)<sup>(a)</sup> |  | 29079 |
| 254 | Sydbank AS (Banks) |  | 18840 |
| 27465 | Vestas Wind Systems A/S (Capital Goods) |  | 412551 |
|  |  |  | 2754664 |
| Finland – 1.9% | Finland – 1.9% | Finland – 1.9% | Finland – 1.9% |
| 109761 | Nokia OYJ (Technology Hardware & Equipment) |  | 569509 |
| 81927 | Nordea Bank Abp (Banks) |  | 1215610 |
| 4377 | Sampo OYJ, Class A (Insurance) |  | 47108 |
| 17770 | Wartsila OYJ Abp (Capital Goods) |  | 419983 |
|  |  |  | 2252210 |
| France – 10.6% | France – 10.6% | France – 10.6% | France – 10.6% |
| 8035 | Air Liquide SA (Materials) |  | 1656827 |
| 1082 | Airbus SE (Capital Goods) |  | 226355 |
| 30726 | AXA SA (Insurance) |  | 1508802 |
| 462 | Capgemini SE (Software & Services) |  | 79111 |
| 1275 | Cie de Saint-Gobain SA (Capital Goods) |  | 149781 |
| 25757 | Cie Generale des Etablissements Michelin SCA (Automobiles & Components) |  | 958012 |
| 5178 | Covivio SA REIT (Equity Real Estate Investment Trusts (REITs)) |  | 328307 |
| 10543 | Danone SA (Food, Beverage & Tobacco) |  | 862664 |
| 1961 | Dassault Aviation SA (Capital Goods) |  | 693355 |
| 9728 | Dassault Systemes (Software & Services) |  | 352559 |
| 442 | Eiffage SA (Capital Goods) |  | 62107 |
| 45781 | Engie SA (Utilities) |  | 1075982 |
| 263 | Gaztransport Et Technigaz SA (Energy) |  | 52028 |
| 7029 | Legrand SA (Capital Goods) |  | 942087 |
| 1103 | Quadient SA (Technology Hardware & Equipment) |  | 20676 |
| 5670 | Safran SA (Capital Goods) |  | 1849125 |
| 305 | Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences) |  | 72975 |
| 3098 | Thales SA (Capital Goods) |  | 914761 |
| 4122 | TotalEnergies SE (Energy) |  | 251948 |
| 6662 | Valeo SE (Automobiles & Components) |  | 73128 |
| 1606 | Vinci SA (Capital Goods) |  | 236838 |
|  |  |  | 12367428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Georgia – 0.1% | Georgia – 0.1% | Georgia – 0.1% |
| 1088 | TBC Bank Group PLC (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69320 |
| Germany – 11.1% | Germany – 11.1% | Germany – 11.1% |
| 3715 | Allianz SE (Insurance) | 1507672 |
| 6518 | BASF SE (Materials) | 322377 |
| 8503 | Continental AG (Automobiles & Components) | 742123 |
| 21510 | Deutsche Bank AG (Financial Services) | 637674 |
| 1314 | Deutsche Boerse AG (Financial Services) | 429270 |
| 7519 | Deutsche Post AG (Transportation) | 348279 |
| 33746 | E.ON SE (Utilities) | 621792 |
| 3532 | Fresenius Medical Care AG (Health Care Equipment & Services) | 202932 |
| 11829 | Fresenius SE & Co. KGaA (Health Care Equipment & Services) | 595269 |
| 1690 | FUCHS SE (Materials) | 70193 |
| 1322 | GEA Group AG (Capital Goods) | 92672 |
| 2299 | Hannover Rueck SE (Insurance) | 724446 |
| 6131 | Henkel AG & Co. KGaA (Household & Personal Products) | 444653 |
| 17043 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 727260 |
| 3922 | Knorr-Bremse AG (Capital Goods) | 380422 |
| 1832 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Insurance) | 1189581 |
| 225 | Rheinmetall AG (Capital Goods) | 476483 |
| 5327 | SAP SE (Software & Services) | 1628888 |
| 1398 | Sartorius AG (Pharmaceuticals, Biotechnology & Life Sciences) | 290870 |
| 4356 | Scout24 SE (Media &<br>Entertainment)<sup>(a)</sup> | 601341 |
| 137 | Siemens AG (Capital Goods) | 35190 |
| 5487 | Siemens Energy AG (Capital Goods)\* | 641326 |
| 2064 | Siemens Healthineers AG (Health Care Equipment & Services)<sup>(a)</sup> | 114582 |
| 862 | Symrise AG (Materials) | 90393 |
|  |  | 12915688 |
| Hong Kong – 2.1% | Hong Kong – 2.1% | Hong Kong – 2.1% |
| 52200 | AIA Group Ltd. (Insurance) | 472851 |
| 11300 | Hong Kong Exchanges & Clearing Ltd. (Financial Services) | 607788 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) |
| 34700 | Hongkong Land Holdings Ltd. (Real Estate Management & Development) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200219 |
| 22500 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development) |  | 259269 |
| 225000 | Swire Pacific Ltd., Class B (Capital Goods) |  | 318932 |
| 46200 | Swire Properties Ltd. (Real Estate Management & Development) |  | 115483 |
| 530000 | WH Group Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> |  | 510810 |
|  |  |  | 2485352 |
| Italy – 2.9% | Italy – 2.9% | Italy – 2.9% | Italy – 2.9% |
| 23895 | A2A SpA (Utilities) |  | 64362 |
| 19814 | Banca Mediolanum SpA (Financial Services) |  | 341459 |
| 9384 | Banca Monte dei Paschi di Siena SpA (Banks) |  | 79591 |
| 17468 | Banco BPM SpA (Banks) |  | 203896 |
| 3859 | Coca-Cola HBC AG (Food, Beverage & Tobacco)\* |  | 201604 |
| 48172 | Enel SpA (Utilities) |  | 457186 |
| 4054 | FinecoBank Banca Fineco SpA (Banks) |  | 89932 |
| 8889 | Hera SpA (Utilities) |  | 42937 |
| 139020 | Intesa Sanpaolo SpA (Banks) |  | 800813 |
| 1785 | Leonardo SpA (Capital Goods) |  | 100722 |
| 771 | Prysmian SpA (Capital Goods) |  | 54586 |
| 9564 | RAI Way SpA (Telecommunication Services)<sup>(a)</sup> |  | 68497 |
| 29840 | Saipem SpA (Energy) |  | 81577 |
| 276108 | Telecom Italia SpA (Telecommunication Services)\* |  | 136429 |
| 9598 | UniCredit SpA (Banks) |  | 643867 |
|  |  |  | 3367458 |
| Ivory Coast (Cote D'Ivoire) – 0.0% | Ivory Coast (Cote D'Ivoire) – 0.0% | Ivory Coast (Cote D'Ivoire) – 0.0% | Ivory Coast (Cote D'Ivoire) – 0.0% |
| 1050 | Endeavour Mining PLC (Materials) |  | 32255 |
| Japan – 22.0% | Japan – 22.0% | Japan – 22.0% | Japan – 22.0% |
| 5000 | Advantest Corp. (Semiconductors & Semiconductor Equipment) |  | 370655 |
| 6500 | Aichi Corp. (Capital Goods) |  | 60957 |
| 4700 | Aisin Corp. (Automobiles & Components) |  | 60124 |
| 39400 | Asia Pile Holdings Corp. (Materials) |  | 266556 |
| 54300 | Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 531649 |
| 36700 | Avex, Inc. (Media & Entertainment) |  | 323975 |
| 1000 | Base Co. Ltd. (Software & Services) |  | 23910 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 6900 | Broadleaf Co. Ltd. (Software & Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34978 |
| 17800 | Central Japan Railway Co. (Transportation) | 397912 |
| 3000 | Chubu Steel Plate Co. Ltd. (Materials) | 43992 |
| 9100 | Chudenko Corp. (Capital Goods) | 209770 |
| 17200 | Computer Engineering & Consulting Ltd. (Software & Services) | 261242 |
| 4800 | Cresco Ltd. (Software & Services) | 57766 |
| 6400 | Curves Holdings Co. Ltd. (Consumer Services) | 30736 |
| 73100 | Dai-ichi Life Holdings, Inc. (Insurance) | 555751 |
| 5800 | Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 134375 |
| 1400 | Daiwa House Industry Co. Ltd. (Real Estate Management & Development) | 48108 |
| 99600 | Daiwa Securities Group, Inc. (Financial Services) | 707362 |
| 2700 | Denso Corp. (Automobiles & Components) | 36437 |
| 2600 | EDION Corp. (Consumer Discretionary Distribution & Retail) | 38060 |
| 53800 | EXEO Group, Inc. (Capital Goods) | 684892 |
| 2000 | FALCO HOLDINGS Co. Ltd. (Health Care Equipment & Services) | 31542 |
| 4700 | Fuji Electric Co. Ltd. (Capital Goods) | 216444 |
| 9800 | Fujitsu Ltd. (Software & Services) | 237742 |
| 7700 | Furyu Corp. (Consumer Durables & Apparel) | 54029 |
| 27100 | GREE Holdings, Inc. (Media & Entertainment) | 97925 |
| 21200 | Heiwa Corp. (Consumer Services) | 309085 |
| 600 | Heiwado Co. Ltd. (Consumer Staples Distribution & Retail) | 11781 |
| 29400 | Hitachi Ltd. (Capital Goods) | 854492 |
| 2300 | Hochiki Corp. (Technology Hardware & Equipment) | 49722 |
| 9700 | Hokuriku Electric Power Co. (Utilities) | 48490 |
| 3700 | Hoya Corp. (Health Care Equipment & Services) | 439420 |
| 4500 | Innotech Corp. (Technology Hardware & Equipment) | 44147 |
| 7200 | Inter Action Corp. (Semiconductors & Semiconductor Equipment) | 68550 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 17600 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary Distribution & Retail) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267984 |
| 2400 | Isuzu Motors Ltd. (Automobiles & Components) | 30403 |
| 6600 | Iyogin Holdings, Inc. (Banks) | 72316 |
| 78700 | Japan Post Holdings Co. Ltd. (Insurance) | 728937 |
| 35200 | KDDI Corp. (Telecommunication Services) | 604405 |
| 1000 | Keyence Corp. (Technology Hardware & Equipment) | 399828 |
| 22200 | Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco) | 311103 |
| 3400 | Life Corp. (Consumer Staples Distribution & Retail) | 52149 |
| 3300 | Lion Corp. (Household & Personal Products) | 34120 |
| 7600 | Mitsubishi Chemical Group Corp. (Materials) | 39946 |
| 34300 | Mitsubishi Corp. (Capital Goods) | 685379 |
| 28800 | Mitsubishi Electric Corp. (Capital Goods) | 619458 |
| 53600 | Mitsubishi UFJ Financial Group, Inc. (Banks) | 730761 |
| 2900 | MIXI, Inc. (Media & Entertainment) | 70015 |
| 5000 | Mizuho Financial Group, Inc. (Banks) | 138800 |
| 6500 | Modec, Inc. (Energy) | 278609 |
| 25700 | MS&AD Insurance Group Holdings, Inc. (Insurance) | 574539 |
| 18600 | NEC Corp. (Software & Services) | 542656 |
| 6400 | NGK Insulators Ltd. (Capital Goods) | 80330 |
| 33 | Nippon Building Fund, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 30471 |
| 28000 | Nippon Signal Co. Ltd. (Technology Hardware & Equipment) | 209111 |
| 4900 | Nippon Steel Corp. (Materials) | 92668 |
| 330800 | Nippon Telegraph & Telephone Corp. (Telecommunication Services) | 353662 |
| 5100 | Nippon Yusen KK (Transportation) | 183472 |
| 700 | Nissei ASB Machine Co. Ltd. (Capital Goods) | 28437 |
| 3600 | NOK Corp. (Automobiles & Components) | 53114 |
| 103200 | Nomura Holdings, Inc. (Financial Services) | 680057 |
| 18900 | Obayashi Corp. (Capital Goods) | 286369 |
| 3500 | Oita Bank Ltd. (The) (Banks) | 97044 |
| 4300 | Okamura Corp. (Commercial & Professional Services) | 66212 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 5100 | Oracle Corp. Japan (Software & Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607872 |
| 12600 | ORIX Corp. (Financial Services) | 284340 |
| 700 | Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 34705 |
| 1400 | Pan Pacific International Holdings Corp. (Consumer Discretionary Distribution & Retail) | 48153 |
| 4500 | Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services) | 80078 |
| 3000 | PCA Corp. (Software & Services) | 37482 |
| 5800 | PIA Corp. (Consumer Services)\* | 118469 |
| 13900 | PS Construction Co. Ltd. (Capital Goods) | 166719 |
| 6200 | Rakuten Group, Inc. (Consumer Discretionary Distribution & Retail)\* | 34163 |
| 2900 | Recruit Holdings Co. Ltd. (Commercial & Professional Services) | 170539 |
| 1600 | RS Technologies Co. Ltd. (Semiconductors & Semiconductor Equipment) | 35146 |
| 2900 | Sakai Chemical Industry Co. Ltd. (Materials) | 53567 |
| 6900 | Sanrio Co. Ltd. (Consumer Discretionary Distribution & Retail) | 333654 |
| 2700 | Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 34344 |
| 5900 | SBI Holdings, Inc. (Financial Services) | 205586 |
| 900 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) | 73180 |
| 600 | SCSK Corp. (Software & Services) | 18077 |
| 3200 | Shimizu Corp. (Capital Goods) | 35743 |
| 16700 | Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 300638 |
| 2100 | Socionext, Inc. (Semiconductors & Semiconductor Equipment) | 40232 |
| 1400 | SoftBank Group Corp. (Telecommunication Services) | 101788 |
| 6700 | Solasto Corp. (Health Care Equipment & Services) | 19373 |
| 7600 | Sompo Holdings, Inc. (Insurance) | 229024 |
| 4300 | Sony Group Corp. (Consumer Durables & Apparel) | 111801 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Japan – (continued) | Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 42200 | Sumitomo Electric Industries Ltd. (Automobiles & Components) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904912 |
| 10300 | Sumitomo Mitsui Financial Group, Inc. (Banks) |  | 259364 |
| 16100 | Sumitomo Mitsui Trust Group, Inc. (Banks) |  | 428219 |
| 5400 | Suzuki Motor Corp. (Automobiles & Components) |  | 65104 |
| 1300 | Taiheiyo Cement Corp. (Materials) |  | 32255 |
| 16300 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 503230 |
| 15100 | Tanseisha Co. Ltd. (Commercial & Professional Services) |  | 139131 |
| 5900 | Toa Corp. (Capital Goods) |  | 61821 |
| 3800 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) |  | 727736 |
| 4800 | Tokyo Tekko Co. Ltd. (Materials) |  | 180735 |
| 14100 | Tosho Co. Ltd. (Consumer Services) |  | 59148 |
| 1200 | TOTO Ltd. (Capital Goods) |  | 30217 |
| 6600 | Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 136958 |
| 1400 | Toyo Kanetsu KK (Energy) |  | 38458 |
| 90700 | Toyota Motor Corp. (Automobiles & Components) |  | 1562125 |
| 5000 | TRE Holdings Corp. (Commercial & Professional Services) |  | 47380 |
| 12900 | Tsugami Corp. (Capital Goods) |  | 165973 |
| 5000 | Tsukishima Holdings Co. Ltd. (Capital Goods) |  | 73815 |
| 7700 | Tsuruha Holdings, Inc. (Consumer Staples Distribution & Retail) |  | 601042 |
| 2600 | Wellneo Sugar Co. Ltd. (Food, Beverage & Tobacco) |  | 40682 |
| 3700 | Yahagi Construction Co. Ltd. (Capital Goods) |  | 43670 |
| 24200 | Yamaha Motor Co. Ltd. (Automobiles & Components) |  | 181090 |
| 6200 | Yamaichi Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 114744 |
| 12900 | Yokogawa Electric Corp. (Technology Hardware & Equipment) |  | 344609 |
|  |  |  | 25602022 |
| Luxembourg – 0.3% | Luxembourg – 0.3% | Luxembourg – 0.3% | Luxembourg – 0.3% |
| 4319 | Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences) |  | 307795 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Netherlands – 3.9% | Netherlands – 3.9% | Netherlands – 3.9% |
| 9082 | Aegon Ltd. (Insurance) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65815 |
| 2751 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | 2204479 |
| 1931 | Euronext NV (Financial Services)<sup>(a)</sup> | 330861 |
| 8115 | Heineken Holding NV (Food, Beverage & Tobacco) | 605539 |
| 37682 | ING Groep NV (Banks) | 825903 |
| 2513 | Wolters Kluwer NV (Commercial & Professional Services) | 420269 |
|  |  | 4452866 |
| New Zealand – 0.1% | New Zealand – 0.1% | New Zealand – 0.1% |
| 4522 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services) | 99325 |
| 478 | Xero Ltd. (Software & Services)\* | 56561 |
|  |  | 155886 |
| Norway – 1.4% | Norway – 1.4% | Norway – 1.4% |
| 38354 | DNB Bank ASA (Banks) | 1060664 |
| 6315 | Kongsberg Gruppen ASA (Capital Goods) | 244877 |
| 2706 | Mowi ASA (Food, Beverage & Tobacco) | 52262 |
| 22084 | Orkla ASA (Food, Beverage & Tobacco) | 240528 |
|  |  | 1598331 |
| Singapore – 1.7% | Singapore – 1.7% | Singapore – 1.7% |
| 15400 | CapitaLand Ascendas REIT REIT (Equity Real Estate Investment Trusts (REITs)) | 32496 |
| 53600 | Singapore Exchange Ltd. (Financial Services) | 627614 |
| 40800 | Singapore Technologies Engineering Ltd. (Capital Goods) | 250173 |
| 186100 | Singapore Telecommunications Ltd. (Telecommunication Services) | 561052 |
| 6522 | STMicroelectronics NV (Semiconductors & Semiconductor Equipment) | 199978 |
| 8500 | United Overseas Bank Ltd. (Banks) | 240582 |
|  |  | 1911895 |
| Spain – 0.3% | Spain – 0.3% | Spain – 0.3% |
| 11840 | Banco Bilbao Vizcaya Argentaria SA (Banks) | 182316 |
| 459 | Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail) | 23944 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Spain – (continued) | Spain – (continued) | Spain – (continued) | Spain – (continued) |
| 50284 | Prosegur Cia de Seguridad SA (Commercial & Professional Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172820 |
|  |  |  | 379080 |
| Sweden – 2.9% | Sweden – 2.9% | Sweden – 2.9% | Sweden – 2.9% |
| 5920 | AcadeMedia AB (Consumer<br>Services)<sup>(a)</sup> |  | 52227 |
| 1668 | Alfa Laval AB (Capital Goods) |  | 70254 |
| 20403 | Atlas Copco AB, Class B (Capital Goods) |  | 290387 |
| 7363 | Boliden AB (Materials)\* |  | 230090 |
| 4562 | Epiroc AB, Class B (Capital Goods) |  | 87465 |
| 3167 | Evolution AB (Consumer Services)<sup>(a)</sup> |  | 251533 |
| 2197 | Hemnet Group AB (Media & Entertainment) |  | 64506 |
| 4807 | Investor AB, Class B (Financial Services) |  | 142448 |
| 836 | Saab AB, Class B (Capital Goods) |  | 46743 |
| 5834 | Sectra AB, Class B (Health Care Equipment & Services)\* |  | 216266 |
| 15416 | SSAB AB, Class A (Materials) |  | 92772 |
| 26199 | Svenska Handelsbanken AB, Class A (Banks) |  | 350734 |
| 29240 | Swedbank AB, Class A (Banks) |  | 774460 |
| 86358 | Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment) |  | 737957 |
|  |  |  | 3407842 |
| Switzerland – 5.1% | Switzerland – 5.1% | Switzerland – 5.1% | Switzerland – 5.1% |
| 17746 | ABB Ltd. (Capital Goods) |  | 1063497 |
| 5212 | Cie Financiere Richemont SA (Consumer Durables & Apparel) |  | 986282 |
| 1327 | DSM-Firmenich AG (Materials) |  | 141173 |
| 1698 | Kuehne + Nagel International AG (Transportation) |  | 367690 |
| 810 | Schindler Holding AG (Capital Goods) |  | 294262 |
| 1990 | Schindler Holding AG Participation Certificates (Capital Goods) |  | 741017 |
| 625 | SGS SA (Commercial & Professional Services) |  | 63460 |
| 1582 | Sika AG (Materials) |  | 430437 |
| 606 | Sonova Holding AG (Health Care Equipment & Services) |  | 180724 |
| 276 | TX Group AG (Media & Entertainment) |  | 72293 |
| 47445 | UBS Group AG (Financial Services) |  | 1610842 |
|  |  |  | 5951677 |
| United Kingdom – 11.4% | United Kingdom – 11.4% | United Kingdom – 11.4% | United Kingdom – 11.4% |
| 5229 | 3i Group PLC (Financial Services) |  | 295921 |
| 1404 | Admiral Group PLC (Insurance) |  | 63049 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 4276 | Associated British Foods PLC (Food, Beverage & Tobacco) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120816 |
| 23144 | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) |  | 1617303 |
| 31706 | Aviva PLC (Insurance) |  | 269556 |
| 9610 | Babcock International Group PLC (Capital Goods) |  | 151357 |
| 35218 | BAE Systems PLC (Capital Goods) |  | 914009 |
| 36013 | Beazley PLC (Insurance) |  | 462408 |
| 8737 | Entain PLC (Consumer Services) |  | 108213 |
| 10877 | Halma PLC (Technology Hardware & Equipment) |  | 478089 |
| 4922 | Hiscox Ltd. (Insurance) |  | 84957 |
| 99361 | HSBC Holdings PLC (Banks) |  | 1201890 |
| 28047 | Imperial Brands PLC (Food, Beverage & Tobacco) |  | 1108142 |
| 2581 | Keller Group PLC (Capital Goods) |  | 51924 |
| 18313 | Lancashire Holdings Ltd. (Insurance) |  | 144540 |
| 397625 | Lloyds Banking Group PLC (Banks) |  | 418110 |
| 9299 | M&G PLC (Financial Services) |  | 32869 |
| 42706 | National Grid PLC (Utilities) |  | 626867 |
| 118353 | NatWest Group PLC (Banks) |  | 831188 |
| 3362 | Next PLC (Consumer Discretionary Distribution & Retail) |  | 574210 |
| 13541 | Playtech PLC (Consumer Services) |  | 69887 |
| 21586 | RELX PLC (Commercial & Professional Services) |  | 1169912 |
| 47108 | Rolls-Royce Holdings PLC (Capital Goods) |  | 624306 |
| 1675 | Smiths Group PLC (Capital Goods) |  | 51664 |
| 12428 | SSE PLC (Utilities) |  | 312939 |
| 197897 | Tesco PLC (Consumer Staples Distribution & Retail) |  | 1091110 |
| 40890 | Vodafone Group PLC ADR (Telecommunication Services) |  | 435888 |
|  |  |  | 13311124 |
| United States – 8.6% | United States – 8.6% | United States – 8.6% | United States – 8.6% |
| 8497 | Amrize Ltd. (Materials)\* |  | 423859 |
| 14596 | BP PLC ADR (Energy) |  | 436858 |
| 3147 | Carnival PLC ADR (Consumer Services)\* |  | 80280 |
| 19105 | GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) |  | 733632 |
| 8497 | Holcim AG (Materials)\* |  | 630980 |
| 23544 | Nestle SA (Food, Beverage & Tobacco) |  | 2340895 |
| 15855 | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) |  | 1924434 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| United States – (continued) | United States – (continued) | United States – (continued) |
| 2305 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | $752398 |
| 8719 | Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences) | 844119 |
| 3473 | Schneider Electric SE (Capital Goods) | 932449 |
| 24674 | Shell PLC (Energy) | 866539 |
|  |  | 9966443 |
| **TOTAL COMMON STOCKS**<br> **(Cost $94,706,045)** | **TOTAL COMMON STOCKS**<br> **(Cost $94,706,045)** | 113641154 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| **Preferred Stock – 0.3%** | **Preferred Stock – 0.3%** | **Preferred Stock – 0.3%** |  |
| **Germany – 0.3%** | **Germany – 0.3%** |  |  |
| 1301 | Sartorius AG (Pharmaceuticals, Biotechnology & Life Sciences) |  |  |
| **(Cost $317,407)** |  | 0.34% | 331362 |
| **TOTAL INVESTMENTS – 98.1%<br>(Cost $95,023,452)** | **TOTAL INVESTMENTS – 98.1%<br>(Cost $95,023,452)** | **TOTAL INVESTMENTS – 98.1%<br>(Cost $95,023,452)** | $113972516 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.9%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.9%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.9%** | 2214775 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116187291 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

---

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

---

---

| | |
|:---|:---|
|  | **% of** |
|  | **Market** |
| **Sector Name** | **Value** |
|  Financials | 25.7% |
|  Industrials | 20.7 |
|  Health Care | 11.6 |
|  Information Technology | 10.0 |
|  Consumer Discretionary | 8.6 |
|  Consumer Staples | 7.6 |
|  Materials | 6.4 |
|  Communication Services | 3.9 |
|  Utilities | 2.9 |
|  Energy | 1.8 |
|  Real Estate<br>| 0.8  |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; **ADDITIONAL INVESTMENT INFORMATION**<br>

FUTURES CONTRACTS — At June 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized <br>Appreciation/** <br> (Depreciation)  |
|  **Long position contracts:** |  |  |  |  |
|  EURO STOXX 50 Index | 10 | 09/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627494 | $4502 |
|  FTSE 100 Index | 2 | 09/19/25 | 241298 | (2006) |
|  MSCI Singapore Index | 1 | 07/30/25 | 32344 | 979 |
|  SPI 200 Index | 1 | 09/18/25 | 140466 | 365 |
|  TOPIX Index | 2 | 09/11/25 | 396583 | 9905 |
|  **Total Futures Contracts** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13745 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-LARGE CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.7%** | **Common Stocks – 99.7%** | **Common Stocks – 99.7%** |
| Aerospace & Defense – 2.5% | Aerospace & Defense – 2.5% | Aerospace & Defense – 2.5% |
| 20723 | Boeing Co. (The)\* | $&nbsp;&nbsp;&nbsp;&nbsp;4342090 |
| 9009 | Woodward, Inc. | 2208016 |
|  |  | 6550106 |
| Automobile Components – 0.7% | Automobile Components – 0.7% | Automobile Components – 0.7% |
| 28964 | Aptiv PLC (Jersey)\* | 1975924 |
| Banks – 9.3% | Banks – 9.3% | Banks – 9.3% |
| 163090 | Bank of America Corp. | 7717419 |
| 29544 | Citigroup, Inc. | 2514785 |
| 37702 | JPMorgan Chase & Co. | 10930187 |
| 41010 | Wells Fargo & Co. | 3285721 |
|  |  | 24448112 |
| Beverages – 0.7% | Beverages – 0.7% | Beverages – 0.7% |
| 26887 | Coca-Cola Co. (The) | 1902255 |
| Biotechnology – 0.7% | Biotechnology – 0.7% | Biotechnology – 0.7% |
| 16952 | BioNTech SE ADR (Germany)\* | 1804879 |
| Broadline Retail – 2.9% | Broadline Retail – 2.9% | Broadline Retail – 2.9% |
| 34434 | Amazon.com, Inc.\* | 7554475 |
| Capital Markets – 5.1% | Capital Markets – 5.1% | Capital Markets – 5.1% |
| 4465 | Blackrock, Inc. | 4684902 |
| 35834 | Morgan Stanley | 5047577 |
| 43043 | Nasdaq, Inc. | 3848905 |
|  |  | 13581384 |
| Chemicals – 2.8% | Chemicals – 2.8% | Chemicals – 2.8% |
| 14834 | Air Products and Chemicals, Inc. | 4184078 |
| 9562 | Sherwin-Williams Co. (The) | 3283208 |
|  |  | 7467286 |
| Communications Equipment – 1.0% | Communications Equipment – 1.0% | Communications Equipment – 1.0% |
| 6318 | Motorola Solutions, Inc. | 2656466 |
| Construction Materials – 0.9% | Construction Materials – 0.9% | Construction Materials – 0.9% |
| 4115 | Martin Marietta Materials, Inc. | 2258970 |
| Consumer Finance – 2.7% | Consumer Finance – 2.7% | Consumer Finance – 2.7% |
| 7583 | American Express Co. | 2418825 |
| 21522 | Capital One Financial Corp. | 4579021 |
|  |  | 6997846 |
| Consumer Staples Distribution & Retail – 2.9% | Consumer Staples Distribution & Retail – 2.9% | Consumer Staples Distribution & Retail – 2.9% |
| 78342 | Walmart, Inc. | 7660281 |
| Containers & Packaging – 1.1% | Containers & Packaging – 1.1% | Containers & Packaging – 1.1% |
| 64876 | International Paper Co. | 3038143 |
| Electric Utilities – 3.6% | Electric Utilities – 3.6% | Electric Utilities – 3.6% |
| 54638 | Exelon Corp. | 2372382 |
| 56907 | NextEra Energy, Inc. | 3950484 |
| 96212 | PPL Corp. | 3260625 |
|  |  | 9583491 |
| Electrical Equipment – 4.6% | Electrical Equipment – 4.6% | Electrical Equipment – 4.6% |
| 15598 | Eaton Corp. PLC | 5568330 |
| 5693 | GE Vernova, Inc. | 3012451 |
| 10745 | Rockwell Automation, Inc. | 3569167 |
|  |  | 12149948 |
| Entertainment – 1.6% | Entertainment – 1.6% | Entertainment – 1.6% |
| 33222 | Walt Disney Co. (The) | 4119860 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Financial Services – 3.1% | Financial Services – 3.1% | Financial Services – 3.1% |
| 11522 | Berkshire Hathaway, Inc., Class B\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5597042 |
| 15312 | Fiserv, Inc.\* | 2639942 |
|  |  | 8236984 |
| Ground Transportation – 1.3% | Ground Transportation – 1.3% | Ground Transportation – 1.3% |
| 20712 | Old Dominion Freight Line, Inc. | 3361558 |
| Health Care Equipment & Supplies – 3.6% | Health Care Equipment & Supplies – 3.6% | Health Care Equipment & Supplies – 3.6% |
| 37296 | Abbott Laboratories | 5072629 |
| 40134 | Boston Scientific Corp.\* | 4310793 |
|  |  | 9383422 |
| Health Care Providers & Services – 2.7% | Health Care Providers & Services – 2.7% | Health Care Providers & Services – 2.7% |
| 22543 | UnitedHealth Group, Inc. | 7032740 |
| Hotels, Restaurants & Leisure – 2.0% | Hotels, Restaurants & Leisure – 2.0% | Hotels, Restaurants & Leisure – 2.0% |
| 32856 | Chipotle Mexican Grill, Inc.\* | 1844864 |
| 38854 | Starbucks Corp. | 3560192 |
|  |  | 5405056 |
| Household Products – 2.1% | Household Products – 2.1% | Household Products – 2.1% |
| 35539 | Procter & Gamble Co. (The) | 5662074 |
| Industrial Conglomerates – 3.7% | Industrial Conglomerates – 3.7% | Industrial Conglomerates – 3.7% |
| 31154 | 3M Co. | 4742885 |
| 21442 | Honeywell International, Inc. | 4993413 |
|  |  | 9736298 |
| Industrial REITs – 1.9% | Industrial REITs – 1.9% | Industrial REITs – 1.9% |
| 46490 | Prologis, Inc. REIT | 4887029 |
| Insurance – 3.1% | Insurance – 3.1% | Insurance – 3.1% |
| 19061 | Marsh & McLennan Cos., Inc. | 4167497 |
| 14794 | Travelers Cos., Inc. (The) | 3957987 |
|  |  | 8125484 |
| Interactive Media & Services – 3.5% | Interactive Media & Services – 3.5% | Interactive Media & Services – 3.5% |
| 18143 | Alphabet, Inc., Class A | 3197341 |
| 8131 | Meta Platforms, Inc., Class A | 6001410 |
|  |  | 9198751 |
| IT Services – 1.4% | IT Services – 1.4% | IT Services – 1.4% |
| 12204 | Accenture PLC, Class A (Ireland) | 3647654 |
| Life Sciences Tools & Services – 2.5% | Life Sciences Tools & Services – 2.5% | Life Sciences Tools & Services – 2.5% |
| 20560 | Danaher Corp. | 4061422 |
| 6367 | Thermo Fisher Scientific, Inc. | 2581564 |
|  |  | 6642986 |
| Machinery – 1.7% | Machinery – 1.7% | Machinery – 1.7% |
| 11635 | Caterpillar, Inc. | 4516823 |
| Multi-Utilities – 1.2% | Multi-Utilities – 1.2% | Multi-Utilities – 1.2% |
| 32453 | Ameren Corp. | 3116786 |
| Office REITs – 0.9% | Office REITs – 0.9% | Office REITs – 0.9% |
| 36723 | BXP, Inc. REIT | 2477701 |
| Oil, Gas & Consumable Fuels – 5.5% | Oil, Gas & Consumable Fuels – 5.5% | Oil, Gas & Consumable Fuels – 5.5% |
| 18852 | DT Midstream, Inc. | 2072023 |
| 30733 | Expand Energy Corp. | 3593917 |
| 82802 | Exxon Mobil Corp. | 8926056 |
|  |  | 14591996 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-LARGE CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Personal Care Products – 1.3% | Personal Care Products – 1.3% | Personal Care Products – 1.3% |
| 165696 | Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468017 |
| Pharmaceuticals – 2.9% | Pharmaceuticals – 2.9% | Pharmaceuticals – 2.9% |
| 50056 | Johnson & Johnson | 7646054 |
| Residential REITs – 1.0% | Residential REITs – 1.0% | Residential REITs – 1.0% |
| 13550 | AvalonBay Communities, Inc. |  |
|  | REIT | 2757425 |
| Semiconductors & Semiconductor Equipment – 4.1% | Semiconductors & Semiconductor Equipment – 4.1% | Semiconductors & Semiconductor Equipment – 4.1% |
| 29339 | Marvell Technology, Inc. | 2270838 |
| 25675 | Microchip Technology, Inc. | 1806750 |
| 16926 | NVIDIA Corp. | 2674139 |
| 19077 | Texas Instruments, Inc. | 3960767 |
|  |  | 10712494 |
| Software – 3.3% | Software – 3.3% | Software – 3.3% |
| 4320 | Cadence Design Systems, Inc.\* | 1331208 |
| 47766 | Dynatrace, Inc.\* | 2637161 |
| 17638 | Salesforce, Inc. | 4809706 |
|  |  | 8778075 |
| Specialty Retail – 2.3% | Specialty Retail – 2.3% | Specialty Retail – 2.3% |
| 17831 | Lowe's Cos., Inc. | 3956164 |
| 17464 | TJX Cos., Inc. (The) | 2156629 |
|  |  | 6112793 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Wireless Telecommunication Services – 1.5% | Wireless Telecommunication Services – 1.5% | Wireless Telecommunication Services – 1.5% |
| 16440 | T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3916994 |
| **TOTAL COMMON STOCKS**<br> **(Cost $214,381,837)** | **TOTAL COMMON STOCKS**<br> **(Cost $214,381,837)** | 263164620 |
| **Shares** | **Dividend Rate** | **Value** |
| **Investment Company – 0.0%<sup>(a)</sup>** | **Investment Company – 0.0%<sup>(a)</sup>** | **Investment Company – 0.0%<sup>(a)</sup>** |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| 3156 | 4.231% | 3156 |
| **(Cost $3,156)** | **(Cost $3,156)** |  |
| **TOTAL INVESTMENTS – 99.7%**<br> **(Cost $214,384,993)** | **TOTAL INVESTMENTS – 99.7%**<br> **(Cost $214,384,993)** | $263167776 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.3%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.3%** | 796628 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $263964404 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| **Common Stocks – 99.1%** | **Common Stocks – 99.1%** | **Common Stocks – 99.1%** |
| Aerospace & Defense – 7.4% | Aerospace & Defense – 7.4% | Aerospace & Defense – 7.4% |
| 2609 | Axon Enterprise, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160095 |
| 10630 | Howmet Aerospace, Inc. | 1978562 |
| 3233 | Woodward, Inc. | 792376 |
|  |  | 4931033 |
| Beverages – 1.3% | Beverages – 1.3% | Beverages – 1.3% |
| 8923 | Coca-Cola Europacific Partners PLC (United Kingdom) | 827341 |
| Biotechnology – 4.8% | Biotechnology – 4.8% | Biotechnology – 4.8% |
| 3815 | Alnylam Pharmaceuticals, Inc.\* | 1244033 |
| 2800 | BioNTech SE ADR (Germany)\* | 298116 |
| 4940 | Insmed, Inc.\* | 497162 |
| 5388 | Neurocrine Biosciences, Inc.\* | 677218 |
| 38878 | Roivant Sciences Ltd.\* | 438155 |
|  |  | 3154684 |
| Capital Markets – 5.3% | Capital Markets – 5.3% | Capital Markets – 5.3% |
| 47384 | Blue Owl Capital, Inc. | 910247 |
| 1317 | Coinbase Global, Inc., Class A\* | 461595 |
| 2672 | MSCI, Inc. | 1541049 |
| 6358 | Nasdaq, Inc. | 568533 |
|  |  | 3481424 |
| Construction & Engineering – 2.3% | Construction & Engineering – 2.3% | Construction & Engineering – 2.3% |
| 3992 | Quanta Services, Inc. | 1509295 |
| Construction Materials – 1.7% | Construction Materials – 1.7% | Construction Materials – 1.7% |
| 2054 | Martin Marietta Materials, Inc. | 1127564 |
| Consumer Staples Distribution & Retail – 1.7% | Consumer Staples Distribution & Retail – 1.7% | Consumer Staples Distribution & Retail – 1.7% |
| 10635 | BJ's Wholesale Club Holdings, Inc.\* | 1146772 |
| Electrical Equipment – 4.9% | Electrical Equipment – 4.9% | Electrical Equipment – 4.9% |
| 3362 | AMETEK, Inc. | 608388 |
| 3095 | Rockwell Automation, Inc. | 1028066 |
| 12701 | Vertiv Holdings Co., Class A | 1630935 |
|  |  | 3267389 |
| Entertainment – 5.4% | Entertainment – 5.4% | Entertainment – 5.4% |
| 9278 | Live Nation Entertainment, Inc.\* | 1403576 |
| 15890 | ROBLOX Corp., Class A\* | 1671628 |
| 2750 | TKO Group Holdings, Inc. | 500362 |
|  |  | 3575566 |
| Financial Services – 4.4% | Financial Services – 4.4% | Financial Services – 4.4% |
| 3192 | Corpay, Inc.\* | 1059169 |
| 20518 | Equitable Holdings, Inc. | 1151060 |
| 8522 | Fidelity National Information Services, Inc. | 693776 |
|  |  | 2904005 |
| Food Products – 0.7% | Food Products – 0.7% | Food Products – 0.7% |
| 9360 | Lamb Weston Holdings, Inc. | 485316 |
| Ground Transportation – 1.5% | Ground Transportation – 1.5% | Ground Transportation – 1.5% |
| 6091 | Old Dominion Freight Line, Inc. | 988569 |
| Health Care Equipment & Supplies – 5.0% | Health Care Equipment & Supplies – 5.0% | Health Care Equipment & Supplies – 5.0% |
| 2631 | Align Technology, Inc.\* | 498127 |
| 4725 | Cooper Cos., Inc. (The)\* | 336231 |
| 13166 | Dexcom, Inc.\* | 1149260 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) |
| 4252 | Insulet Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335894 |
|  |  | 3319512 |
| Health Care Providers & Services – 3.5% | Health Care Providers & Services – 3.5% | Health Care Providers & Services – 3.5% |
| 7773 | Cencora, Inc. | 2330734 |
| Health Care Technology – 2.0% | Health Care Technology – 2.0% | Health Care Technology – 2.0% |
| 4517 | Veeva Systems, Inc., Class A\* | 1300806 |
| Hotels, Restaurants & Leisure – 11.3% | Hotels, Restaurants & Leisure – 11.3% | Hotels, Restaurants & Leisure – 11.3% |
| 6930 | Cava Group, Inc.\* | 583714 |
| 1431 | Domino's Pizza, Inc. | 644809 |
| 2701 | DoorDash, Inc., Class A\* | 665824 |
| 18715 | DraftKings, Inc., Class A\* | 802686 |
| 3936 | Hilton Worldwide Holdings, Inc. | 1048314 |
| 6597 | Royal Caribbean Cruises Ltd. | 2065785 |
| 5302 | Texas Roadhouse, Inc. | 993648 |
| 2079 | Wingstop, Inc. | 700082 |
|  |  | 7504862 |
| Household Durables – 0.8% | Household Durables – 0.8% | Household Durables – 0.8% |
| 4966 | Lennar Corp., Class A | 549289 |
| Independent Power and Renewable Electricity Producers – 2.9% | Independent Power and Renewable Electricity Producers – 2.9% | Independent Power and Renewable Electricity Producers – 2.9% |
| 10005 | Vistra Corp. | 1939069 |
| IT Services – 3.7% | IT Services – 3.7% | IT Services – 3.7% |
| 7598 | Cloudflare, Inc., Class A\* | 1487916 |
| 2457 | Gartner, Inc.\* | 993169 |
|  |  | 2481085 |
| Life Sciences Tools & Services – 2.3% | Life Sciences Tools & Services – 2.3% | Life Sciences Tools & Services – 2.3% |
| 4136 | Agilent Technologies, Inc. | 488089 |
| 484 | Mettler-Toledo International, Inc.\* | 568565 |
| 2256 | West Pharmaceutical Services, Inc. | 493613 |
|  |  | 1550267 |
| Machinery – 0.5% | Machinery – 0.5% | Machinery – 0.5% |
| 2178 | ITT, Inc. | 341576 |
| Oil, Gas & Consumable Fuels – 3.4% | Oil, Gas & Consumable Fuels – 3.4% | Oil, Gas & Consumable Fuels – 3.4% |
| 2736 | Cheniere Energy, Inc. | 666270 |
| 8992 | DT Midstream, Inc. | 988311 |
| 4818 | Expand Energy Corp. | 563417 |
|  |  | 2217998 |
| Personal Care Products – 1.0% | Personal Care Products – 1.0% | Personal Care Products – 1.0% |
| 5177 | elf Beauty, Inc.\* | 644226 |
| Professional Services – 1.3% | Professional Services – 1.3% | Professional Services – 1.3% |
| 8101 | Booz Allen Hamilton Holding Corp. | 843557 |
| Semiconductors & Semiconductor Equipment – 2.3% | Semiconductors & Semiconductor Equipment – 2.3% | Semiconductors & Semiconductor Equipment – 2.3% |
| 6003 | Entegris, Inc. | 484142 |
| 7737 | Marvell Technology, Inc. | 598844 |
| 6121 | Microchip Technology, Inc. | 430735 |
|  |  | 1513721 |
| Software – 13.0% | Software – 13.0% | Software – 13.0% |
| 2758 | Atlassian Corp., Class A\* | 560122 |
| 12091 | Datadog, Inc., Class A\* | 1624184 |
| 12565 | Dynatrace, Inc.\* | 693714 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Software – (continued) | Software – (continued) | Software – (continued) |
| 838 | Fair Isaac Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531830 |
| 1804 | HubSpot, Inc.\* | 1004160 |
| 1599 | Monday.com Ltd.\* | 502854 |
| 1775 | Tyler Technologies, Inc.\* | 1052291 |
| 9272 | Varonis Systems, Inc.\* | 470554 |
| 3770 | Zscaler, Inc.\* | 1183554 |
|  |  | 8623263 |
| Specialty Retail – 1.6% | Specialty Retail – 1.6% | Specialty Retail – 1.6% |
| 280 | AutoZone, Inc.\* | 1039424 |
| Trading Companies & Distributors – 3.1% | Trading Companies & Distributors – 3.1% | Trading Companies & Distributors – 3.1% |
| 33303 | Fastenal Co. | 1398726 |
| 893 | United Rentals, Inc. | 672786 |
|  |  | 2071512 |
| **TOTAL COMMON STOCKS**<br> **(Cost $51,928,663)** | **TOTAL COMMON STOCKS**<br> **(Cost $51,928,663)** | 65669859 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Dividend Rate | Value |
| **Investment Company – 2.6%<sup>(a)</sup>** | **Investment Company – 2.6%<sup>(a)</sup>** | **Investment Company – 2.6%<sup>(a)</sup>** |
| Goldman Sachs Financial Square Government<br> Fund - Institutional Shares | Goldman Sachs Financial Square Government<br> Fund - Institutional Shares | Goldman Sachs Financial Square Government<br> Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698723 | 4.231% | 1698723 |
| **(Cost $1,698,723)** | **(Cost $1,698,723)** | **(Cost $1,698,723)** |
| **TOTAL INVESTMENTS – 101.7%**<br> **(Cost $53,627,386)** | **TOTAL INVESTMENTS – 101.7%**<br> **(Cost $53,627,386)** | $67368582 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.7)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.7)%** | (1141474) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66227108 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 95.8%** | **Common Stocks – 95.8%** | **Common Stocks – 95.8%** |
| Aerospace & Defense – 2.2% | Aerospace & Defense – 2.2% | Aerospace & Defense – 2.2% |
| 25981 | L3Harris Technologies, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6517074 |
| 13378 | Woodward, Inc. | 3278814 |
|  |  | 9795888 |
| Automobile Components – 0.6% | Automobile Components – 0.6% | Automobile Components – 0.6% |
| 39684 | Aptiv PLC (Jersey)\* | 2707242 |
| Banks – 6.8% |  |  |
| 145821 | Citizens Financial Group, Inc. | 6525490 |
| 124970 | Fifth Third Bancorp | 5140016 |
| 148749 | First Horizon Corp. | 3153479 |
| 258658 | Huntington Bancshares, Inc. | 4335108 |
| 33010 | M&T Bank Corp. | 6403610 |
| 34951 | Wintrust Financial Corp. | 4333225 |
|  |  | 29890928 |
| Beverages – 2.4% | Beverages – 2.4% | Beverages – 2.4% |
| 98190 | Coca-Cola Europacific Partners PLC (United Kingdom) | 9104177 |
| 31143 | Molson Coors Beverage Co., Class B | 1497667 |
|  |  | 10601844 |
| Capital Markets – 2.5% | Capital Markets – 2.5% | Capital Markets – 2.5% |
| 44582 | Nasdaq, Inc. | 3986522 |
| 44321 | Raymond James Financial, Inc. | 6797512 |
|  |  | 10784034 |
| Chemicals – 2.6% | Chemicals – 2.6% | Chemicals – 2.6% |
| 137105 | Chemours Co. (The) | 1569852 |
| 33097 | LyondellBasell Industries NV, Class A | 1914993 |
| 43483 | RPM International, Inc. | 4776173 |
| 42968 | Westlake Corp. | 3262560 |
|  |  | 11523578 |
| Commercial Services & Supplies – 0.6% | Commercial Services & Supplies – 0.6% | Commercial Services & Supplies – 0.6% |
| 13697 | Waste Connections, Inc. | 2557504 |
| Communications Equipment – 1.0% | Communications Equipment – 1.0% | Communications Equipment – 1.0% |
| 112450 | Juniper Networks, Inc. | 4490129 |
| Construction Materials – 1.8% | Construction Materials – 1.8% | Construction Materials – 1.8% |
| 13989 | Martin Marietta Materials, Inc. | 7679401 |
| Consumer Staples Distribution & Retail – 3.1% | Consumer Staples Distribution & Retail – 3.1% | Consumer Staples Distribution & Retail – 3.1% |
| 78058 | BJ's Wholesale Club Holdings, Inc.\* | 8416994 |
| 56650 | Performance Food Group Co.\* | 4955176 |
|  |  | 13372170 |
| Containers & Packaging – 1.1% | Containers & Packaging – 1.1% | Containers & Packaging – 1.1% |
| 103371 | International Paper Co. | 4840864 |
| Electric Utilities – 3.7% | Electric Utilities – 3.7% | Electric Utilities – 3.7% |
| 46009 | Entergy Corp. | 3824268 |
| 52098 | Exelon Corp. | 2262095 |
| 12051 | NRG Energy, Inc. | 1935149 |
| 196335 | PG&E Corp. | 2736910 |
| 158675 | PPL Corp. | 5377496 |
|  |  | 16135918 |
| Electrical Equipment – 5.1% | Electrical Equipment – 5.1% | Electrical Equipment – 5.1% |
| 56064 | AMETEK, Inc. | 10145341 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Electrical Equipment – (continued) | Electrical Equipment – (continued) | Electrical Equipment – (continued) |
| 30068 | Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9987688 |
| 16886 | Vertiv Holdings Co., Class A | 2168331 |
|  |  | 22301360 |
| Entertainment – 1.2% | Entertainment – 1.2% | Entertainment – 1.2% |
| 28098 | TKO Group Holdings, Inc. | 5112431 |
| Financial Services – 3.2% | Financial Services – 3.2% | Financial Services – 3.2% |
| 95633 | Corebridge Financial, Inc. | 3394972 |
| 99087 | Fidelity National Information Services, Inc. | 8066673 |
| 31066 | Global Payments, Inc. | 2486522 |
|  |  | 13948167 |
| Food Products – 0.4% | Food Products – 0.4% | Food Products – 0.4% |
| 33596 | Lamb Weston Holdings, Inc. | 1741953 |
| Gas Utilities – 0.4% | Gas Utilities – 0.4% | Gas Utilities – 0.4% |
| 45834 | UGI Corp. | 1669274 |
| Ground Transportation – 0.6% | Ground Transportation – 0.6% | Ground Transportation – 0.6% |
| 9883 | Saia, Inc.\* | 2707843 |
| Health Care Equipment & Supplies – 0.9% | Health Care Equipment & Supplies – 0.9% | Health Care Equipment & Supplies – 0.9% |
| 54276 | Cooper Cos., Inc. (The)\* | 3862280 |
| Health Care Providers & Services – 1.6% | Health Care Providers & Services – 1.6% | Health Care Providers & Services – 1.6% |
| 13700 | Cencora, Inc. | 4107945 |
| 11530 | Humana, Inc. | 2818854 |
|  |  | 6926799 |
| Health Care REITs – 0.5% | Health Care REITs – 0.5% | Health Care REITs – 0.5% |
| 36450 | Ventas, Inc. REIT | 2301818 |
| Hotels, Restaurants & Leisure – 1.4% | Hotels, Restaurants & Leisure – 1.4% | Hotels, Restaurants & Leisure – 1.4% |
| 30368 | Boyd Gaming Corp. | 2375689 |
| 12157 | Royal Caribbean Cruises Ltd. | 3806843 |
|  |  | 6182532 |
| Household Durables – 2.2% | Household Durables – 2.2% | Household Durables – 2.2% |
| 63522 | D.R. Horton, Inc. | 8189256 |
| 14239 | Lennar Corp., Class A | 1574976 |
|  |  | 9764232 |
| Independent Power and Renewable Electricity Producers – 0.9% | Independent Power and Renewable Electricity Producers – 0.9% | Independent Power and Renewable Electricity Producers – 0.9% |
| 49480 | Ormat Technologies, Inc. | 4144445 |
| Industrial REITs – 0.6% | Industrial REITs – 0.6% | Industrial REITs – 0.6% |
| 153091 | Americold Realty Trust, Inc. REIT | 2545903 |
| Insurance – 5.3% | Insurance – 5.3% | Insurance – 5.3% |
| 25412 | Allstate Corp. (The) | 5115690 |
| 23505 | American Financial Group, Inc. | 2966566 |
| 36955 | Arch Capital Group Ltd. | 3364753 |
| 25966 | Globe Life, Inc. | 3227314 |
| 40650 | Prudential Financial, Inc. | 4367436 |
| 52259 | Unum Group | 4220437 |
|  |  | 23262196 |
| Life Sciences Tools & Services – 1.9% | Life Sciences Tools & Services – 1.9% | Life Sciences Tools & Services – 1.9% |
| 15551 | Agilent Technologies, Inc. | 1835173 |
| 2973 | Mettler-Toledo International, Inc.\* | 3492443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Life Sciences Tools & Services – (continued) | Life Sciences Tools & Services – (continued) | Life Sciences Tools & Services – (continued) |
| 13833 | West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3026660 |
|  |  | 8354276 |
| Machinery – 2.8% | Machinery – 2.8% | Machinery – 2.8% |
| 13880 | IDEX Corp. | 2436911 |
| 54882 | Ingersoll Rand, Inc. | 4565085 |
| 17434 | ITT, Inc. | 2734174 |
| 34745 | Stanley Black & Decker, Inc. | 2353974 |
|  |  | 12090144 |
| Media – 0.7% | Media – 0.7% | Media – 0.7% |
| 44295 | Omnicom Group, Inc. | 3186582 |
| Metals & Mining – 1.2% | Metals & Mining – 1.2% | Metals & Mining – 1.2% |
| 40242 | Steel Dynamics, Inc. | 5151378 |
| Multi-Utilities – 4.1% | Multi-Utilities – 4.1% | Multi-Utilities – 4.1% |
| 75066 | CMS Energy Corp. | 5200573 |
| 168172 | NiSource, Inc. | 6784058 |
| 70911 | Public Service Enterprise Group, Inc. | 5969288 |
|  |  | 17953919 |
| Oil, Gas & Consumable Fuels – 8.4% | Oil, Gas & Consumable Fuels – 8.4% | Oil, Gas & Consumable Fuels – 8.4% |
| 89570 | BKV Corp. (Thailand)\* | 2160428 |
| 19689 | Cheniere Energy, Inc. | 4794665 |
| 68369 | Devon Energy Corp. | 2174818 |
| 24094 | Diamondback Energy, Inc. | 3310516 |
| 38417 | DT Midstream, Inc. | 4222413 |
| 46847 | Expand Energy Corp. | 5478288 |
| 44743 | Kinetik Holdings, Inc. | 1970929 |
| 35941 | Ovintiv, Inc. | 1367555 |
| 322515 | Permian Resources Corp. | 4392654 |
| 55405 | Phillips 66 | 6609817 |
|  |  | 36482083 |
| Passenger Airlines – 1.3% | Passenger Airlines – 1.3% | Passenger Airlines – 1.3% |
| 72499 | United Airlines Holdings, Inc.\* | 5773095 |
| Personal Care Products – 0.9% | Personal Care Products – 0.9% | Personal Care Products – 0.9% |
| 180588 | Kenvue, Inc. | 3779707 |
| Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% |
| 54170 | Organon & Co. | 524366 |
| 33083 | Royalty Pharma PLC, Class A | 1191980 |
|  |  | 1716346 |
| Professional Services – 0.7% | Professional Services – 0.7% | Professional Services – 0.7% |
| 30043 | Booz Allen Hamilton Holding Corp. | 3128378 |
| Residential REITs – 3.3% | Residential REITs – 3.3% | Residential REITs – 3.3% |
| 79970 | American Homes 4 Rent, Class A REIT | 2884518 |
| 27149 | AvalonBay Communities, Inc. REIT | 5524822 |
| 25873 | Camden Property Trust REIT | 2915628 |
| 48340 | Equity LifeStyle Properties, Inc. REIT | 2981128 |
|  |  | 14306096 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Semiconductors & Semiconductor Equipment – 3.1% | Semiconductors & Semiconductor Equipment – 3.1% | Semiconductors & Semiconductor Equipment – 3.1% |
| 64427 | Marvell Technology, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4986650 |
| 89142 | Microchip Technology, Inc. | 6272923 |
| 21562 | MKS, Inc. | 2142400 |
|  |  | 13401973 |
| Software – 3.0% | Software – 3.0% | Software – 3.0% |
| 121649 | Dynatrace, Inc.\* | 6716241 |
| 20150 | Monday.com Ltd.\* | 6336772 |
|  |  | 13053013 |
| Specialized REITs – 3.7% | Specialized REITs – 3.7% | Specialized REITs – 3.7% |
| 30501 | Digital Realty Trust, Inc. REIT | 5317239 |
| 31416 | Extra Space Storage, Inc. REIT | 4631975 |
| 185286 | VICI Properties, Inc. REIT | 6040324 |
|  |  | 15989538 |
| Specialty Retail – 2.9% | Specialty Retail – 2.9% | Specialty Retail – 2.9% |
| 720 | AutoZone, Inc.\* | 2672805 |
| 13809 | Burlington Stores, Inc.\* | 3212526 |
| 20402 | Floor & Decor Holdings, Inc., Class A\* | 1549736 |
| 23536 | Ross Stores, Inc. | 3002723 |
| 46046 | Wayfair, Inc., Class A\* | 2354792 |
|  |  | 12792582 |
| Technology Hardware, Storage & Peripherals – 1.8% | Technology Hardware, Storage & Peripherals – 1.8% | Technology Hardware, Storage & Peripherals – 1.8% |
| 186224 | Hewlett Packard Enterprise Co. | 3808281 |
| 4768 | Sandisk Corp.\* | 216229 |
| 62947 | Western Digital Corp. | 4027978 |
|  |  | 8052488 |
| Trading Companies & Distributors – 2.9% | Trading Companies & Distributors – 2.9% | Trading Companies & Distributors – 2.9% |
| 141256 | Fastenal Co. | 5932752 |
| 8719 | United Rentals, Inc. | 6568895 |
|  |  | 12501647 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $351,686,705)** | **TOTAL COMMON STOCKS**<br> **(Cost $351,686,705)** | 418563978 |
| **Shares** | **Dividend Rate** | **Value** |
| **Investment Company – 3.0%<sup>(a)</sup>** | **Investment Company – 3.0%<sup>(a)</sup>** | **Investment Company – 3.0%<sup>(a)</sup>** |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| 13187911 | 4.231% | 13187911 |
|  **(Cost $13,187,911)** | **(Cost $13,187,911)** |  |
|  **TOTAL INVESTMENTS – 98.8%**<br> **(Cost $364,874,616)** | **TOTAL INVESTMENTS – 98.8%**<br> **(Cost $364,874,616)** | $431751889 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.2%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.2%** | 5102951 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $436854840 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 97.8%** | **Common Stocks – 97.8%** | **Common Stocks – 97.8%** |
| Aerospace & Defense – 0.8% | Aerospace & Defense – 0.8% | Aerospace & Defense – 0.8% |
| 30215 | Archer Aviation, Inc., Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327833 |
| 6779 | Mercury Systems, Inc.\* | 365117 |
| 2086 | Moog, Inc., Class A | 377504 |
| 4242 | Park Aerospace Corp. | 62654 |
| 2126 | V2X, Inc.\* | 103217 |
|  |  | 1236325 |
| Automobile Components – 0.5% | Automobile Components – 0.5% | Automobile Components – 0.5% |
| 64907 | American Axle & Manufacturing Holdings, Inc.\* | 264821 |
| 562 | Cooper-Standard Holdings, Inc.\* | 12083 |
| 5326 | Motorcar Parts of America, Inc.\* | 59651 |
| 8743 | Phinia, Inc. | 388976 |
|  |  | 725531 |
| Banks – 9.5% | Banks – 9.5% | Banks – 9.5% |
| 715 | 1st Source Corp. | 44380 |
| 336 | Amalgamated Financial Corp. | 10483 |
| 11104 | Ameris Bancorp | 718429 |
| 28743 | Associated Banc-Corp. | 701042 |
| 3077 | BancFirst Corp. | 380379 |
| 1838 | Bancorp, Inc. (The)\* | 104711 |
| 3699 | Bank of Hawaii Corp. | 249793 |
| 2786 | BankUnited, Inc. | 99154 |
| 450 | Business First Bancshares, Inc. | 11093 |
| 24307 | Cadence Bank | 777338 |
| 74435 | Capitol Federal Financial, Inc. | 454054 |
| 843 | Carter Bankshares, Inc.\* | 14618 |
| 3166 | Central Pacific Financial Corp. | 88743 |
| 1151 | Chemung Financial Corp. | 55789 |
| 3484 | Community Trust Bancorp, Inc. | 184373 |
| 24359 | CVB Financial Corp. | 482065 |
| 3523 | Dime Community Bancshares, Inc. | 94910 |
| 5922 | Equity Bancshares, Inc., Class A | 241618 |
| 925 | Esquire Financial Holdings, Inc. | 87561 |
| 5989 | FB Financial Corp. | 271302 |
| 500 | Fidelity D&D Bancorp, Inc. | 23000 |
| 584 | First Bancorp, Inc. (The) | 14839 |
| 19186 | First Financial Bankshares, Inc. | 690312 |
| 2862 | First Internet Bancorp | 76988 |
| 10678 | First Merchants Corp. | 408967 |
| 935 | Flushing Financial Corp. | 11108 |
| 4582 | Fulton Financial Corp. | 82659 |
| 12651 | Hancock Whitney Corp. | 726167 |
| 13961 | Hanmi Financial Corp. | 344558 |
| 11085 | Hilltop Holdings, Inc. | 336430 |
| 1621 | Home Bancorp, Inc. | 83935 |
| 3269 | HomeTrust Bancshares, Inc. | 122293 |
| 9722 | International Bancshares Corp. | 647096 |
| 1321 | Investar Holding Corp. | 25522 |
| 9571 | Live Oak Bancshares, Inc. | 285216 |
| 449 | Metrocity Bankshares, Inc. | 12832 |
| 475 | Northeast Bank | 42270 |
| 2818 | Northeast Community Bancorp, Inc. | 65504 |
| 2169 | Northrim BanCorp, Inc. | 202281 |
| 5385 | Origin Bancorp, Inc. | 192460 |
| 1011 | Park National Corp. | 169100 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| 530 | Plumas Bancorp | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23564 |
| 15407 | Provident Financial Services, Inc. |  | 270085 |
| 7525 | Red River Bancshares, Inc. |  | 441718 |
| 417 | Republic Bancorp, Inc., Class A |  | 30487 |
| 2897 | ServisFirst Bancshares, Inc. |  | 224546 |
| 1919 | Sierra Bancorp |  | 56975 |
| 773 | SmartFinancial, Inc. |  | 26112 |
| 5807 | Southern First Bancshares, Inc.\* |  | 220840 |
| 8890 | Southside Bancshares, Inc. |  | 261633 |
| 1205 | Stock Yards Bancorp, Inc. |  | 95171 |
| 7810 | Texas Capital Bancshares, Inc.\* |  | 620114 |
| 6668 | Triumph Financial, Inc.\* |  | 367473 |
| 11526 | TrustCo Bank Corp. |  | 385199 |
| 7864 | Trustmark Corp. |  | 286721 |
| 4420 | UMB Financial Corp. |  | 464807 |
| 21919 | United Community Banks, Inc. |  | 652967 |
| 16940 | WesBanco, Inc. |  | 535812 |
| 3496 | Westamerica BanCorp |  | 169346 |
|  |  |  | 14768942 |
| Biotechnology – 6.8% | Biotechnology – 6.8% | Biotechnology – 6.8% | Biotechnology – 6.8% |
| 26440 | ACADIA Pharmaceuticals, Inc.\* |  | 570311 |
| 24658 | ADMA Biologics, Inc.\* |  | 449022 |
| 2164 | Agios Pharmaceuticals, Inc.\* |  | 71975 |
| 4972 | Altimmune, Inc.\* |  | 19242 |
| 106768 | Amicus Therapeutics, Inc.\* |  | 611781 |
| 772 | Arcellx, Inc.\* |  | 50836 |
| 4183 | Arcturus Therapeutics Holdings, Inc.\* |  | 54421 |
| 5228 | Arcus Biosciences, Inc.\* |  | 42556 |
| 40747 | Ardelyx, Inc.\* |  | 159728 |
| 12939 | Arrowhead Pharmaceuticals, Inc.\* |  | 204436 |
| 6954 | Astria Therapeutics, Inc.\* |  | 37273 |
| 6213 | Beam Therapeutics, Inc.\* |  | 105683 |
| 13385 | BioCryst Pharmaceuticals, Inc.\* |  | 119930 |
| 1906 | Biohaven Ltd.\* |  | 26894 |
| 2043 | Bridgebio Pharma, Inc.\* |  | 88217 |
| 25164 | CareDx, Inc.\* |  | 491705 |
| 34616 | Catalyst Pharmaceuticals, Inc.\* |  | 751167 |
| 1267 | Celldex Therapeutics, Inc.\* |  | 25783 |
| 8779 | Cogent Biosciences, Inc.\* |  | 63033 |
| 3346 | CRISPR Therapeutics AG (Switzerland)\* |  | 162749 |
| 4465 | Cullinan Therapeutics, Inc.\* |  | 33621 |
| 4475 | Cytokinetics, Inc.\* |  | 147854 |
| 11134 | Denali Therapeutics, Inc.\* |  | 155765 |
| 9376 | Design Therapeutics, Inc.\* |  | 31597 |
| 20045 | Dyne Therapeutics, Inc.\* |  | 190828 |
| 6690 | Entrada Therapeutics, Inc.\* |  | 44957 |
| 95153 | Erasca, Inc.\* |  | 120844 |
| 35537 | Heron Therapeutics, Inc.\*<sup>(a)</sup> |  | 73562 |
| 782 | Janux Therapeutics, Inc.\* |  | 18064 |
| 24735 | Keros Therapeutics, Inc.\* |  | 330212 |
| 1607 | Krystal Biotech, Inc.\* |  | 220898 |
| 4101 | Larimar Therapeutics, Inc.\* |  | 11852 |
| 1068 | Madrigal Pharmaceuticals, Inc.\* |  | 323219 |
| 26920 | MannKind Corp.\* |  | 100681 |
| 2956 | MeiraGTx Holdings PLC\* |  | 19273 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| 24812 | Myriad Genetics, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131752 |
| 11361 | Nurix Therapeutics, Inc.\* |  | 129402 |
| 3527 | Nuvalent, Inc., Class A\* |  | 269110 |
| 10949 | ORIC Pharmaceuticals, Inc.\* |  | 111132 |
| 674 | Protagonist Therapeutics, Inc.\* |  | 37252 |
| 11977 | PTC Therapeutics, Inc.\* |  | 584957 |
| 6269 | Recursion Pharmaceuticals, Inc.,<br> Class A\*<sup>(a)</sup>  |  | 31721 |
| 26324 | Relay Therapeutics, Inc.\* |  | 91081 |
| 12007 | Replimune Group, Inc.\* |  | 111545 |
| 2616 | Rhythm Pharmaceuticals, Inc.\* |  | 165305 |
| 7731 | Rigel Pharmaceuticals, Inc.\* |  | 144802 |
| 3493 | Solid Biosciences, Inc.\* |  | 17011 |
| 5746 | Spyre Therapeutics, Inc.\* |  | 86018 |
| 16607 | TG Therapeutics, Inc.\* |  | 597686 |
| 4764 | Travere Therapeutics, Inc.\* |  | 70507 |
| 16831 | Twist Bioscience Corp.\* |  | 619212 |
| 3384 | Vaxcyte, Inc.\* |  | 110014 |
| 33295 | Veracyte, Inc.\* |  | 899964 |
| 5798 | Vericel Corp.\* |  | 246705 |
|  |  |  | 10385145 |
| Broadline Retail – 0.1% | Broadline Retail – 0.1% | Broadline Retail – 0.1% | Broadline Retail – 0.1% |
| 6043 | Groupon, Inc.\* |  | 202138 |
| Building Products – 0.8% | Building Products – 0.8% | Building Products – 0.8% | Building Products – 0.8% |
| 12606 | Griffon Corp. |  | 912296 |
| 6399 | Janus International Group, Inc.\* |  | 52088 |
| 4052 | Tecnoglass, Inc. |  | 313463 |
|  |  |  | 1277847 |
| Capital Markets – 2.3% | Capital Markets – 2.3% | Capital Markets – 2.3% | Capital Markets – 2.3% |
| 58029 | BGC Group, Inc., Class A |  | 593637 |
| 50169 | DigitalBridge Group, Inc. |  | 519249 |
| 2892 | Piper Sandler Cos. |  | 803803 |
| 11958 | StepStone Group, Inc., Class A |  | 663669 |
| 10478 | Victory Capital Holdings, Inc., Class A |  | 667134 |
| 27887 | WisdomTree, Inc. |  | 320979 |
|  |  |  | 3568471 |
| Chemicals – 0.8% | Chemicals – 0.8% | Chemicals – 0.8% | Chemicals – 0.8% |
| 14935 | American Vanguard Corp.\* |  | 58545 |
| 64987 | Aspen Aerogels, Inc.\* |  | 384723 |
| 8899 | Avient Corp. |  | 287527 |
| 1306 | Hawkins, Inc. |  | 185583 |
| 605 | Ingevity Corp.\* |  | 26069 |
| 690 | Innospec, Inc. |  | 58022 |
| 2354 | PureCycle Technologies, Inc.\* |  | 32250 |
| 2533 | Stepan Co. |  | 138251 |
| 14439 | Tronox Holdings PLC |  | 73206 |
|  |  |  | 1244176 |
| Commercial Services & Supplies – 1.1% | Commercial Services & Supplies – 1.1% | Commercial Services & Supplies – 1.1% | Commercial Services & Supplies – 1.1% |
| 1249 | BrightView Holdings, Inc.\* |  | 20796 |
| 13805 | Deluxe Corp. |  | 219637 |
| 63525 | Healthcare Services Group, Inc.\* |  | 954781 |
| 387 | Liquidity Services, Inc.\* |  | 9129 |
| 18201 | Montrose Environmental Group, Inc.\* |  | 398420 |
| 915 | OPENLANE, Inc.\* |  | 22372 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) |
| 4056 | Pitney Bowes, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44251 |
|  |  |  | 1669386 |
| Communications Equipment – 0.8% | Communications Equipment – 0.8% | Communications Equipment – 0.8% | Communications Equipment – 0.8% |
| 2140 | Applied Optoelectronics, Inc.\* |  | 54977 |
| 53682 | CommScope Holding Co., Inc.\* |  | 444487 |
| 4186 | Harmonic, Inc.\* |  | 39641 |
| 5105 | NETGEAR, Inc.\* |  | 148402 |
| 19381 | NetScout Systems, Inc.\* |  | 480843 |
|  |  |  | 1168350 |
| Construction & Engineering – 3.1% | Construction & Engineering – 3.1% | Construction & Engineering – 3.1% | Construction & Engineering – 3.1% |
| 3193 | IES Holdings, Inc.\* |  | 945862 |
| 2716 | Limbach Holdings, Inc.\* |  | 380512 |
| 19805 | Matrix Service Co.\* |  | 267566 |
| 2397 | MYR Group, Inc.\* |  | 434936 |
| 6566 | Orion Group Holdings, Inc.\* |  | 59554 |
| 10045 | Primoris Services Corp. |  | 782907 |
| 5161 | Sterling Infrastructure, Inc.\* |  | 1190797 |
| 14572 | Tutor Perini Corp.\* |  | 681678 |
|  |  |  | 4743812 |
| Construction Materials – 0.6% | Construction Materials – 0.6% | Construction Materials – 0.6% | Construction Materials – 0.6% |
| 2057 | Knife River Corp.\* |  | 167933 |
| 8082 | United States Lime & Minerals, Inc. |  | 806584 |
|  |  |  | 974517 |
| Consumer Finance – 1.5% | Consumer Finance – 1.5% | Consumer Finance – 1.5% | Consumer Finance – 1.5% |
| 7552 | Encore Capital Group, Inc.\* |  | 292338 |
| 6129 | Enova International, Inc.\* |  | 683506 |
| 2244 | FirstCash Holdings, Inc. |  | 303254 |
| 9790 | OppFi, Inc. |  | 136962 |
| 12335 | Regional Management Corp. |  | 360305 |
| 6444 | Upstart Holdings, Inc.\* |  | 416798 |
| 729 | World Acceptance Corp.\* |  | 120373 |
|  |  |  | 2313536 |
| Diversified Consumer Services – 2.6% | Diversified Consumer Services – 2.6% | Diversified Consumer Services – 2.6% | Diversified Consumer Services – 2.6% |
| 8083 | Adtalem Global Education, Inc.\* |  | 1028400 |
| 97100 | Coursera, Inc.\* |  | 850596 |
| 66005 | European Wax Center, Inc., Class A\* |  | 371608 |
| 724 | Graham Holdings Co., Class B |  | 685027 |
| 32618 | Laureate Education, Inc.\* |  | 762609 |
| 27606 | Mister Car Wash, Inc.\* |  | 165912 |
| 19419 | Udemy, Inc.\* |  | 136515 |
| 631 | Universal Technical Institute, Inc.\* |  | 21385 |
|  |  |  | 4022052 |
| Diversified REITs – 1.0% | Diversified REITs – 1.0% | Diversified REITs – 1.0% | Diversified REITs – 1.0% |
| 2577 | Alpine Income Property Trust, Inc. REIT |  | 37908 |
| 24702 | American Assets Trust, Inc. REIT |  | 487865 |
| 27137 | Armada Hoffler Properties, Inc. REIT |  | 186431 |
| 58634 | Broadstone Net Lease, Inc. REIT |  | 941076 |
|  |  |  | 1653280 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Diversified Telecommunication Services – 0.4% | Diversified Telecommunication Services – 0.4% | Diversified Telecommunication Services – 0.4% |
| 4722 | ATN International, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76732 |
| 27040 | Bandwidth, Inc., Class A\* | 429936 |
| 217 | Cogent Communications Holdings, Inc. | 10462 |
| 334 | IDT Corp., Class B | 22819 |
|  |  | 539949 |
| Electric Utilities – 0.3% | Electric Utilities – 0.3% | Electric Utilities – 0.3% |
| 5889 | Genie Energy Ltd., Class B | 158296 |
| 5356 | Oklo, Inc.\* | 299883 |
|  |  | 458179 |
| Electrical Equipment – 2.2% | Electrical Equipment – 2.2% | Electrical Equipment – 2.2% |
| 14569 | American Superconductor Corp.\* | 534537 |
| 3203 | Array Technologies, Inc.\* | 18898 |
| 215 | Atkore, Inc. | 15168 |
| 15947 | Bloom Energy Corp., Class A\* | 381452 |
| 2651 | Enovix Corp.\* | 27411 |
| 16833 | NEXTracker, Inc., Class A\* | 915210 |
| 4756 | NuScale Power Corp.\*<sup>(a)</sup> | 188147 |
| 19316 | Plug Power, Inc.\*<sup>(a)</sup> | 28781 |
| 2797 | Powell Industries, Inc. | 588629 |
| 17548 | Shoals Technologies Group, Inc., Class A\* | 74579 |
| 52490 | Sunrun, Inc.\* | 429368 |
| 8443 | Thermon Group Holdings, Inc.\* | 237080 |
|  |  | 3439260 |
| Electronic Equipment, Instruments & Components – 2.5% | Electronic Equipment, Instruments & Components – 2.5% | Electronic Equipment, Instruments & Components – 2.5% |
| 36488 | Arlo Technologies, Inc.\* | 618836 |
| 475 | ePlus, Inc.\* | 34248 |
| 3412 | Fabrinet (Thailand)\* | 1005448 |
| 3465 | Itron, Inc.\* | 456098 |
| 13914 | Knowles Corp.\* | 245165 |
| 9061 | Napco Security Technologies, Inc. | 269021 |
| 406 | OSI Systems, Inc.\* | 91293 |
| 17120 | Ouster, Inc.\* | 415160 |
| 26152 | Powerfleet, Inc.\* | 112715 |
| 4381 | Richardson Electronics Ltd. | 42277 |
| 31914 | Vishay Intertechnology, Inc. | 506794 |
|  |  | 3797055 |
| Energy Equipment & Services – 1.5% | Energy Equipment & Services – 1.5% | Energy Equipment & Services – 1.5% |
| 44060 | Borr Drilling Ltd. (Mexico)\* | 80630 |
| 47325 | Expro Group Holdings NV\* | 406522 |
| 3370 | Helix Energy Solutions Group, Inc.\* | 21029 |
| 19194 | Kodiak Gas Services, Inc. | 657778 |
| 2393 | Liberty Energy, Inc. | 27472 |
| 3011 | Natural Gas Services Group, Inc.\* | 77714 |
| 5238 | Noble Corp. PLC | 139069 |
| 31644 | Oceaneering International, Inc.\* | 655664 |
| 3186 | Oil States International, Inc.\* | 17077 |
| 24343 | TETRA Technologies, Inc.\* | 81792 |
| 457 | Tidewater, Inc.\* | 21081 |
| 21970 | Transocean Ltd.\* | 56902 |
|  |  | 2242730 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Entertainment – 0.8% | Entertainment – 0.8% | Entertainment – 0.8% |
| 30846 | AMC Entertainment Holdings, Inc., Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95623 |
| 11886 | IMAX Corp.\* | 332332 |
| 20785 | Madison Square Garden Entertainment Corp.\* | 830776 |
|  |  | 1258731 |
| Financial Services – 3.0% | Financial Services – 3.0% | Financial Services – 3.0% |
| 2904 | Alerus Financial Corp. | 62843 |
| 23931 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 964419 |
| 7591 | Burford Capital Ltd. | 108248 |
| 10720 | Enact Holdings, Inc. | 398248 |
| 13241 | Jackson Financial, Inc., Class A | 1175668 |
| 50236 | Marqeta, Inc., Class A\* | 292876 |
| 3988 | NCR Atleos Corp.\* | 113778 |
| 48445 | Pagseguro Digital Ltd., Class A (Brazil) | 467010 |
| 36087 | Remitly Global, Inc.\* | 677353 |
| 419 | Sezzle, Inc.\* | 75106 |
| 11697 | Velocity Financial, Inc.\* | 216862 |
|  |  | 4552411 |
| Food Products – 0.7% | Food Products – 0.7% | Food Products – 0.7% |
| 37970 | BRC, Inc., Class A\* | 49741 |
| 10191 | Cal-Maine Foods, Inc. | 1015329 |
| 727 | J & J Snack Foods Corp. | 82449 |
|  |  | 1147519 |
| Gas Utilities – 0.4% | Gas Utilities – 0.4% | Gas Utilities – 0.4% |
| 8533 | ONE Gas, Inc. | 613181 |
| Ground Transportation – 0.1% | Ground Transportation – 0.1% | Ground Transportation – 0.1% |
| 29314 | FTAI Infrastructure, Inc. | 180867 |
| 2022 | PAMT Corp.\* | 26023 |
|  |  | 206890 |
| Health Care Equipment & Supplies – 3.1% | Health Care Equipment & Supplies – 3.1% | Health Care Equipment & Supplies – 3.1% |
| 20197 | Accuray, Inc.\* | 27670 |
| 11195 | Alphatec Holdings, Inc.\* | 124264 |
| 27698 | AtriCure, Inc.\* | 907663 |
| 106048 | Cerus Corp.\* | 149528 |
| 6074 | Delcath Systems, Inc.\* | 82606 |
| 12159 | Embecta Corp. | 117821 |
| 5514 | Haemonetics Corp.\* | 411400 |
| 12160 | Inogen, Inc.\* | 85485 |
| 14396 | Integra LifeSciences Holdings Corp.\* | 176639 |
| 8246 | iRadimed Corp. | 493028 |
| 2053 | iRhythm Technologies, Inc.\* | 316080 |
| 832 | LeMaitre Vascular, Inc. | 69098 |
| 9648 | LivaNova PLC\* | 434353 |
| 5800 | PROCEPT BioRobotics Corp.\* | 334080 |
| 10864 | Pulmonx Corp.\* | 28138 |
| 5358 | QuidelOrtho Corp.\* | 154418 |
| 1456 | Semler Scientific, Inc.\*<sup>(a)</sup> | 56405 |
| 24907 | Tandem Diabetes Care, Inc.\* | 464266 |
| 907 | TransMedics Group, Inc.\* | 121547 |
| 1504 | Treace Medical Concepts, Inc.\* | 8843 |
| 668 | UFP Technologies, Inc.\* | 163099 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) |
| 4955 | Zimvie, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46329 |
|  |  |  | 4772760 |
| Health Care Providers & Services – 2.3% | Health Care Providers & Services – 2.3% | Health Care Providers & Services – 2.3% | Health Care Providers & Services – 2.3% |
| 118963 | agilon health, Inc.\* |  | 273615 |
| 47660 | Ardent Health, Inc.\* |  | 651036 |
| 9129 | Aveanna Healthcare Holdings, Inc.\* |  | 47745 |
| 1963 | CorVel Corp.\* |  | 201757 |
| 20074 | Enhabit, Inc.\* |  | 193513 |
| 14686 | Hims & Hers Health, Inc.\* |  | 732097 |
| 15685 | Joint Corp. (The)\* |  | 181005 |
| 84139 | LifeStance Health Group, Inc.\* |  | 434999 |
| 1706 | National Research Corp. |  | 28661 |
| 164 | Nutex Health, Inc.\* |  | 20416 |
| 9466 | Pennant Group, Inc. (The)\* |  | 282560 |
| 15555 | Privia Health Group, Inc.\* |  | 357765 |
| 15577 | Viemed Healthcare, Inc.\* |  | 107637 |
|  |  |  | 3512806 |
| Health Care REITs – 0.5% | Health Care REITs – 0.5% | Health Care REITs – 0.5% | Health Care REITs – 0.5% |
| 7578 | Community Healthcare Trust, Inc. REIT |  | 126022 |
| 33897 | Global Medical REIT, Inc. REIT |  | 234906 |
| 11981 | Sabra Health Care REIT, Inc. REIT |  | 220930 |
| 4694 | Universal Health Realty Income Trust REIT |  | 187619 |
|  |  |  | 769477 |
| Health Care Technology – 1.0% | Health Care Technology – 1.0% | Health Care Technology – 1.0% | Health Care Technology – 1.0% |
| 16692 | Health Catalyst, Inc.\* |  | 62929 |
| 17894 | Phreesia, Inc.\* |  | 509263 |
| 23442 | Waystar Holding Corp.\* |  | 958075 |
|  |  |  | 1530267 |
| Hotel & Resort REITs – 1.2% | Hotel & Resort REITs – 1.2% | Hotel & Resort REITs – 1.2% | Hotel & Resort REITs – 1.2% |
| 48726 | Apple Hospitality REIT, Inc. REIT |  | 568632 |
| 49182 | Chatham Lodging Trust REIT |  | 342799 |
| 90152 | RLJ Lodging Trust REIT |  | 656307 |
| 95655 | Service Properties Trust REIT |  | 228615 |
| 1987 | Summit Hotel Properties, Inc. REIT |  | 10114 |
| 1875 | Xenia Hotels & Resorts, Inc. REIT |  | 23569 |
|  |  |  | 1830036 |
| Hotels, Restaurants & Leisure – 1.9% | Hotels, Restaurants & Leisure – 1.9% | Hotels, Restaurants & Leisure – 1.9% | Hotels, Restaurants & Leisure – 1.9% |
| 1582 | Brinker International, Inc.\* |  | 285282 |
| 5331 | Dine Brands Global, Inc. |  | 129703 |
| 1111 | Hilton Grand Vacations, Inc.\* |  | 46140 |
| 49445 | International Game Technology PLC |  | 781725 |
| 1821 | Lindblad Expeditions Holdings, Inc.\* |  | 21251 |
| 24573 | Portillo's, Inc., Class A\* |  | 286767 |
| 3276 | RCI Hospitality Holdings, Inc. |  | 124881 |
| 17582 | Red Rock Resorts, Inc., Class A |  | 914792 |
| 1681 | Shake Shack, Inc., Class A\* |  | 236349 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) |
| 6064 | Sweetgreen, Inc., Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90232 |
|  |  |  | 2917122 |
| Household Durables – 0.8% | Household Durables – 0.8% | Household Durables – 0.8% | Household Durables – 0.8% |
| 10352 | Beazer Homes USA, Inc.\* |  | 231574 |
| 5146 | Green Brick Partners, Inc.\* |  | 323580 |
| 7218 | LGI Homes, Inc.\* |  | 371871 |
| 1196 | M/I Homes, Inc.\* |  | 134096 |
| 2042 | Meritage Homes Corp. |  | 136753 |
|  |  |  | 1197874 |
| Household Products – 0.4% | Household Products – 0.4% | Household Products – 0.4% | Household Products – 0.4% |
| 31558 | Energizer Holdings, Inc. |  | 636209 |
| Independent Power and Renewable Electricity Producers – 0.6% | Independent Power and Renewable Electricity Producers – 0.6% | Independent Power and Renewable Electricity Producers – 0.6% | Independent Power and Renewable Electricity Producers – 0.6% |
| 10700 | Ormat Technologies, Inc. |  | 896232 |
| Industrial REITs – 0.6% | Industrial REITs – 0.6% | Industrial REITs – 0.6% | Industrial REITs – 0.6% |
| 112294 | LXP Industrial Trust REIT |  | 927548 |
| Insurance – 2.0% | Insurance – 2.0% |  |  |
| 2768 | Ambac Financial Group, Inc.\* |  | 19653 |
| 13015 | AMERISAFE, Inc. |  | 569146 |
| 462 | Enstar Group Ltd.\* |  | 155398 |
| 39946 | Fidelis Insurance Holdings Ltd. (United Kingdom) |  | 662305 |
| 6374 | Lemonade, Inc.\* |  | 279245 |
| 4225 | Oscar Health, Inc., Class A\* |  | 90584 |
| 762 | Palomar Holdings, Inc.\* |  | 117538 |
| 195 | Root, Inc., Class A\* |  | 24954 |
| 4282 | Selective Insurance Group, Inc. |  | 371035 |
| 1428 | Stewart Information Services Corp. |  | 92963 |
| 5797 | Trupanion, Inc.\* |  | 320864 |
| 11120 | Universal Insurance Holdings, Inc. |  | 308358 |
|  |  |  | 3012043 |
| Interactive Media & Services – 0.5% | Interactive Media & Services – 0.5% | Interactive Media & Services – 0.5% | Interactive Media & Services – 0.5% |
| 11319 | Grindr, Inc. (Singapore)\* |  | 256941 |
| 10415 | QuinStreet, Inc.\* |  | 167682 |
| 104933 | Vimeo, Inc.\* |  | 423929 |
|  |  |  | 848552 |
| IT Services – 0.7% | IT Services – 0.7% | IT Services – 0.7% | IT Services – 0.7% |
| 3403 | Applied Digital Corp.\* |  | 34268 |
| 2293 | Backblaze, Inc., Class A\* |  | 12611 |
| 4226 | BigBear.ai Holdings, Inc.\* |  | 28695 |
| 16967 | BigCommerce Holdings, Inc., Series 1\* |  | 84835 |
| 19146 | DigitalOcean Holdings, Inc.\* |  | 546810 |
| 59269 | Fastly, Inc., Class A\* |  | 418439 |
|  |  |  | 1125658 |
| Leisure Products – 1.2% | Leisure Products – 1.2% | Leisure Products – 1.2% | Leisure Products – 1.2% |
| 4862 | Acushnet Holdings Corp. |  | 354051 |
| 6892 | Latham Group, Inc.\* |  | 43971 |
| 4642 | MasterCraft Boat Holdings, Inc.\* |  | 86248 |
| 126677 | Peloton Interactive, Inc., Class A\* |  | 879139 |
| 40196 | Smith & Wesson Brands, Inc. |  | 348901 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Leisure Products – (continued) | Leisure Products – (continued) | Leisure Products – (continued) | Leisure Products – (continued) |
| 12025 | Topgolf Callaway Brands Corp.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96801 |
|  |  |  | 1809111 |
| Life Sciences Tools & Services – 0.9% | Life Sciences Tools & Services – 0.9% | Life Sciences Tools & Services – 0.9% | Life Sciences Tools & Services – 0.9% |
| 58386 | Adaptive Biotechnologies Corp.\* |  | 680197 |
| 10090 | Alpha Teknova, Inc.\* |  | 49542 |
| 4279 | BioLife Solutions, Inc.\* |  | 92170 |
| 4720 | CryoPort, Inc.\* |  | 35211 |
| 55928 | Cytek Biosciences, Inc.\* |  | 190155 |
| 3144 | Mesa Laboratories, Inc. |  | 296228 |
| 12209 | Personalis, Inc.\* |  | 80091 |
|  |  |  | 1423594 |
| Machinery – 2.4% | Machinery – 2.4% | Machinery – 2.4% | Machinery – 2.4% |
| 577 | Alamo Group, Inc. |  | 126005 |
| 678 | Astec Industries, Inc. |  | 28266 |
| 2290 | Chart Industries, Inc.\* |  | 377048 |
| 2596 | ESCO Technologies, Inc. |  | 498095 |
| 6953 | Federal Signal Corp. |  | 739938 |
| 6430 | Gencor Industries, Inc.\* |  | 90020 |
| 1192 | Gorman-Rupp Co. (The) |  | 43770 |
| 11908 | Helios Technologies, Inc. |  | 397370 |
| 7658 | Hillenbrand, Inc. |  | 153696 |
| 16132 | Kennametal, Inc. |  | 370391 |
| 4704 | Manitowoc Co., Inc. (The)\* |  | 56542 |
| 11750 | Microvast Holdings, Inc.\* |  | 42653 |
| 8715 | Miller Industries, Inc. |  | 387469 |
| 2618 | Omega Flex, Inc. |  | 84771 |
| 833 | Park-Ohio Holdings Corp. |  | 14877 |
| 2660 | Shyft Group, Inc. (The) |  | 33356 |
| 888 | SPX Technologies, Inc.\* |  | 148900 |
| 1213 | Worthington Enterprises, Inc. |  | 77195 |
|  |  |  | 3670362 |
| Marine Transportation – 0.5% | Marine Transportation – 0.5% | Marine Transportation – 0.5% | Marine Transportation – 0.5% |
| 28879 | Costamare, Inc. (Monaco) |  | 263088 |
| 7825 | Genco Shipping & Trading Ltd. |  | 102273 |
| 7634 | Pangaea Logistics Solutions Ltd. |  | 35880 |
| 106017 | Safe Bulkers, Inc. (Monaco) |  | 382721 |
|  |  |  | 783962 |
| Media – 0.5% |  |  |  |
| 14049 | AMC Networks, Inc., Class A\* |  | 88087 |
| 614 | Cable One, Inc. |  | 83387 |
| 50042 | Entravision Communications Corp., Class A |  | 116098 |
| 27024 | Gannett Co., Inc.\* |  | 96746 |
| 70800 | Gray Media, Inc. |  | 320724 |
| 5331 | Thryv Holdings, Inc.\* |  | 64825 |
|  |  |  | 769867 |
| Metals & Mining – 0.7% | Metals & Mining – 0.7% | Metals & Mining – 0.7% | Metals & Mining – 0.7% |
| 34147 | Coeur Mining, Inc.\* |  | 302543 |
| 2923 | Constellium SE\* |  | 38876 |
| 45646 | Hecla Mining Co. |  | 273420 |
| 5356 | Olympic Steel, Inc. |  | 174552 |
| 1948 | Ryerson Holding Corp. |  | 42018 |
| 22300 | United States Antimony Corp.\* |  | 48614 |
| 10633 | Worthington Steel, Inc. |  | 317182 |
|  |  |  | 1197205 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Mortgage Real Estate Investment Trusts (REITs) – 0.7% | Mortgage Real Estate Investment Trusts (REITs) – 0.7% | Mortgage Real Estate Investment Trusts (REITs) – 0.7% |
| 39485 | BrightSpire Capital, Inc. REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199399 |
| 11924 | MFA Financial, Inc. REIT | 112801 |
| 6202 | Nexpoint Real Estate Finance, Inc. REIT | 85526 |
| 30193 | Orchid Island Capital, Inc. REIT | 211653 |
| 54338 | TPG RE Finance Trust, Inc. REIT | 419489 |
|  |  | 1028868 |
| Multi-Utilities – 0.6% | Multi-Utilities – 0.6% | Multi-Utilities – 0.6% |
| 15534 | Black Hills Corp. | 871457 |
| Office REITs – 0.5% | Office REITs – 0.5% | Office REITs – 0.5% |
| 93984 | Empire State Realty Trust, Inc., Class A REIT | 760331 |
| 16829 | Hudson Pacific Properties, Inc. REIT\* | 46112 |
|  |  | 806443 |
| Oil, Gas & Consumable Fuels – 3.6% | Oil, Gas & Consumable Fuels – 3.6% | Oil, Gas & Consumable Fuels – 3.6% |
| 44688 | Clean Energy Fuels Corp.\* | 87142 |
| 63009 | Crescent Energy Co., Class A | 541877 |
| 55486 | Diversified Energy Co. PLC | 813980 |
| 12161 | Excelerate Energy, Inc., Class A | 356560 |
| 19831 | Golar LNG Ltd. (Cameroon) | 816839 |
| 44291 | Magnolia Oil & Gas Corp., Class A | 995662 |
| 154744 | Nordic American Tankers Ltd. | 406977 |
| 1536 | PBF Energy, Inc., Class A | 33285 |
| 3190 | Peabody Energy Corp. | 42810 |
| 4779 | Sable Offshore Corp.\* | 105042 |
| 14624 | Scorpio Tankers, Inc. (Monaco) | 572237 |
| 48860 | SFL Corp. Ltd. (Norway) | 407004 |
| 938 | SM Energy Co. | 23178 |
| 10502 | VAALCO Energy, Inc. | 37912 |
| 14572 | Vital Energy, Inc.\* | 234463 |
|  |  | 5474968 |
| Passenger Airlines – 1.0% | Passenger Airlines – 1.0% | Passenger Airlines – 1.0% |
| 5620 | Allegiant Travel Co.\* | 308819 |
| 1929 | Joby Aviation, Inc.\* | 20351 |
| 9711 | SkyWest, Inc.\* | 999942 |
| 11799 | Sun Country Airlines Holdings, Inc.\* | 138638 |
|  |  | 1467750 |
| Personal Care Products – 0.2% | Personal Care Products – 0.2% | Personal Care Products – 0.2% |
| 40325 | Herbalife Ltd.\* | 347602 |
| Pharmaceuticals – 2.9% | Pharmaceuticals – 2.9% | Pharmaceuticals – 2.9% |
| 60207 | Amneal Pharmaceuticals, Inc.\* | 487075 |
| 14626 | Amphastar Pharmaceuticals, Inc.\* | 335813 |
| 9386 | ANI Pharmaceuticals, Inc.\* | 612436 |
| 10022 | Atea Pharmaceuticals, Inc.\* | 36079 |
| 2916 | Axsome Therapeutics, Inc.\* | 304401 |
| 8422 | Collegium Pharmaceutical, Inc.\* | 249039 |
| 4015 | Edgewise Therapeutics, Inc.\* | 52637 |
| 6673 | Evolus, Inc.\* | 61458 |
| 429 | Ligand Pharmaceuticals, Inc.\* | 48769 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) |
| 7989 | Phibro Animal Health Corp., Class A | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204039 |
| 11625 | Prestige Consumer Healthcare, Inc.\* |  | 928256 |
| 30108 | SIGA Technologies, Inc. |  | 196304 |
| 27803 | Supernus Pharmaceuticals, Inc.\* |  | 876351 |
| 21908 | Xeris Biopharma Holdings, Inc.\* |  | 102310 |
|  |  |  | 4494967 |
| Professional Services – 2.1% | Professional Services – 2.1% | Professional Services – 2.1% | Professional Services – 2.1% |
| 167478 | Alight, Inc., Class A |  | 947925 |
| 6601 | BlackSky Technology, Inc.\* |  | 135849 |
| 35297 | Conduent, Inc.\* |  | 93184 |
| 12326 | Franklin Covey Co.\* |  | 281279 |
| 5853 | IBEX Holdings Ltd.\* |  | 170322 |
| 679 | ICF International, Inc. |  | 57518 |
| 4436 | Korn Ferry |  | 325292 |
| 8145 | Legalzoom.com, Inc.\* |  | 72572 |
| 16867 | Planet Labs PBC\* |  | 102889 |
| 3491 | TriNet Group, Inc. |  | 255332 |
| 54427 | Upwork, Inc.\* |  | 731499 |
|  |  |  | 3173661 |
| Real Estate Management & Development – 0.6% | Real Estate Management & Development – 0.6% | Real Estate Management & Development – 0.6% | Real Estate Management & Development – 0.6% |
| 12157 | Anywhere Real Estate, Inc.\* |  | 44008 |
| 8773 | Compass, Inc., Class A\* |  | 55094 |
| 27524 | Douglas Elliman, Inc.\* |  | 63856 |
| 14722 | FRP Holdings, Inc.\* |  | 395875 |
| 37820 | Kennedy-Wilson Holdings, Inc. |  | 257176 |
| 2044 | RE/MAX Holdings, Inc., Class A\* |  | 16720 |
| 1723 | St Joe Co. (The) |  | 82187 |
|  |  |  | 914916 |
| Residential REITs – 0.7% | Residential REITs – 0.7% | Residential REITs – 0.7% | Residential REITs – 0.7% |
| 20060 | NexPoint Residential Trust, Inc. REIT |  | 668399 |
| 31842 | Veris Residential, Inc. REIT |  | 474127 |
|  |  |  | 1142526 |
| Retail REITs – 1.2% | Retail REITs – 1.2% | Retail REITs – 1.2% | Retail REITs – 1.2% |
| 2268 | CBL & Associates Properties, Inc. REIT |  | 57585 |
| 9735 | FrontView REIT, Inc. REIT |  | 116820 |
| 25012 | Kite Realty Group Trust REIT |  | 566522 |
| 5516 | Macerich Co. (The) REIT |  | 89249 |
| 14448 | Phillips Edison & Co., Inc. REIT |  | 506113 |
| 4097 | Tanger, Inc. REIT |  | 125286 |
| 19966 | Whitestone REIT |  | 249176 |
|  |  |  | 1710751 |
| Semiconductors & Semiconductor Equipment – 3.2% | Semiconductors & Semiconductor Equipment – 3.2% | Semiconductors & Semiconductor Equipment – 3.2% | Semiconductors & Semiconductor Equipment – 3.2% |
| 17978 | ACM Research, Inc., Class A\* |  | 465630 |
| 1426 | Alpha & Omega Semiconductor Ltd.\* |  | 36591 |
| 7980 | Ambarella, Inc.\* |  | 527199 |
| 2579 | CEVA, Inc.\* |  | 56686 |
| 8257 | Credo Technology Group Holding Ltd.\* |  | 764516 |
| 3250 | Diodes, Inc.\* |  | 171892 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) |
| 1893 | Impinj, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210255 |
| 13939 | MaxLinear, Inc.\* |  | 198073 |
| 7254 | Power Integrations, Inc. |  | 405499 |
| 10567 | Rigetti Computing, Inc.\*<sup>(a)</sup> |  | 125325 |
| 13386 | Semtech Corp.\* |  | 604244 |
| 5360 | Silicon Laboratories, Inc.\* |  | 789850 |
| 2838 | SiTime Corp.\* |  | 604721 |
|  |  |  | 4960481 |
| Software – 6.9% | Software – 6.9% | Software – 6.9% | Software – 6.9% |
| 15340 | Alarm.com Holdings, Inc.\* |  | 867784 |
| 7078 | Alkami Technology, Inc.\* |  | 213331 |
| 31133 | Asana, Inc., Class A\* |  | 420295 |
| 2202 | AvePoint, Inc.\* |  | 42521 |
| 6991 | BlackLine, Inc.\* |  | 395830 |
| 25718 | C3.ai, Inc., Class A\* |  | 631891 |
| 17240 | Cleanspark, Inc.\*<sup>(a)</sup> |  | 190157 |
| 34192 | Clearwater Analytics Holdings, Inc., Class A\* |  | 749831 |
| 7605 | Commvault Systems, Inc.\* |  | 1325780 |
| 14930 | Consensus Cloud Solutions, Inc.\* |  | 344286 |
| 35160 | Digital Turbine, Inc.\* |  | 207444 |
| 17387 | D-Wave Quantum, Inc. (Canada)\*<sup>(a)</sup> |  | 254546 |
| 28383 | Freshworks, Inc., Class A\* |  | 423190 |
| 1578 | Hut 8 Corp. (Canada)\* |  | 29351 |
| 15607 | MARA Holdings, Inc.\* |  | 244718 |
| 23635 | Olo, Inc., Class A\* |  | 210351 |
| 1586 | Ooma, Inc.\* |  | 20459 |
| 3001 | PagerDuty, Inc.\* |  | 45855 |
| 1004 | PROS Holdings, Inc.\* |  | 15723 |
| 2329 | Q2 Holdings, Inc.\* |  | 217971 |
| 4768 | Red Violet, Inc. |  | 234586 |
| 12629 | Riot Platforms, Inc.\* |  | 142708 |
| 28411 | Sapiens International Corp. NV (Israel) |  | 831022 |
| 14350 | SoundHound AI, Inc., Class A\*<sup>(a)</sup> |  | 153975 |
| 1537 | SoundThinking, Inc.\* |  | 20066 |
| 7629 | Sprout Social, Inc., Class A\* |  | 159522 |
| 22239 | Varonis Systems, Inc.\* |  | 1128629 |
| 33124 | Verint Systems, Inc.\* |  | 651549 |
| 5153 | Vertex, Inc., Class A\* |  | 182081 |
| 9344 | Zeta Global Holdings Corp., Class A\* |  | 144739 |
|  |  |  | 10500191 |
| Specialized REITs – 0.3% | Specialized REITs – 0.3% | Specialized REITs – 0.3% | Specialized REITs – 0.3% |
| 3314 | Gladstone Land Corp. REIT |  | 33703 |
| 93498 | Uniti Group, Inc. REIT\* |  | 403911 |
|  |  |  | 437614 |
| Specialty Retail – 4.2% | Specialty Retail – 4.2% | Specialty Retail – 4.2% | Specialty Retail – 4.2% |
| 30356 | American Eagle Outfitters, Inc. |  | 292025 |
| 430 | America's Car-Mart, Inc.\* |  | 24097 |
| 4902 | Arko Corp. |  | 20735 |
| 2029 | Asbury Automotive Group, Inc.\* |  | 483998 |
| 7185 | Beyond, Inc.\* |  | 49433 |
| 6051 | Boot Barn Holdings, Inc.\* |  | 919752 |
| 4656 | Buckle, Inc. (The) |  | 211149 |
| 4695 | Citi Trends, Inc.\* |  | 156766 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Specialty Retail – (continued) | Specialty Retail – (continued) | Specialty Retail – (continued) | Specialty Retail – (continued) |
| 19432 | EVgo, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70927 |
| 18825 | Haverty Furniture Cos., Inc. |  | 383089 |
| 22658 | Monro, Inc. |  | 337831 |
| 26823 | RealReal, Inc. (The)\* |  | 128482 |
| 35139 | Revolve Group, Inc.\* |  | 704537 |
| 12690 | Sonic Automotive, Inc., Class A |  | 1014312 |
| 27099 | Stitch Fix, Inc., Class A\* |  | 100266 |
| 41583 | Warby Parker, Inc., Class A\* |  | 911915 |
| 677 | Winmark Corp. |  | 255642 |
| 18751 | Zumiez, Inc.\* |  | 248638 |
|  |  |  | 6313594 |
| Technology Hardware, Storage & Peripherals – 0.6% | Technology Hardware, Storage & Peripherals – 0.6% | Technology Hardware, Storage & Peripherals – 0.6% | Technology Hardware, Storage & Peripherals – 0.6% |
| 10901 | Corsair Gaming, Inc.\* |  | 102797 |
| 15490 | IonQ, Inc.\* |  | 665605 |
| 2383 | Quantum Computing, Inc.\* |  | 45682 |
| 8028 | Turtle Beach Corp.\* |  | 111027 |
|  |  |  | 925111 |
| Textiles, Apparel & Luxury Goods – 0.8% | Textiles, Apparel & Luxury Goods – 0.8% | Textiles, Apparel & Luxury Goods – 0.8% | Textiles, Apparel & Luxury Goods – 0.8% |
| 12073 | Kontoor Brands, Inc. |  | 796456 |
| 25069 | Movado Group, Inc. |  | 382302 |
|  |  |  | 1178758 |
| Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% |
| 11798 | Custom Truck One Source, Inc.\* |  | 58282 |
| 2360 | DXP Enterprises, Inc.\* |  | 206854 |
| 3261 | Rush Enterprises, Inc., Class A |  | 167974 |
| 2997 | Xometry, Inc., Class A\* |  | 101269 |
|  |  |  | 534379 |
| Water Utilities – 0.9% | Water Utilities – 0.9% | Water Utilities – 0.9% | Water Utilities – 0.9% |
| 7746 | American States Water Co. |  | 593808 |
| 14366 | Consolidated Water Co. Ltd. |  | 431267 |
| 1234 | Global Water Resources, Inc. |  | 12575 |
| 5672 | Middlesex Water Co. |  | 307309 |
| 4374 | Pure Cycle Corp.\* |  | 46889 |
|  |  |  | 1391848 |
| Wireless Telecommunication Services – 0.4% | Wireless Telecommunication Services – 0.4% | Wireless Telecommunication Services – 0.4% | Wireless Telecommunication Services – 0.4% |
| 22343 | Spok Holdings, Inc. |  | 395024 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Wireless Telecommunication Services – (continued) | Wireless Telecommunication Services – (continued) | Wireless Telecommunication Services – (continued) |
| 5018 | Telephone and Data Systems, Inc. | $178541 |
|  |  | 573565 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $141,232,506)** | **TOTAL COMMON STOCKS**<br> **(Cost $141,232,506)** | 150089548 |
| **Shares** | **Dividend Rate** | **Value** |
| **Investment Company – 0.5%<sup>(b)</sup>** | **Investment Company – 0.5%<sup>(b)</sup>** | **Investment Company – 0.5%<sup>(b)</sup>** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 725644 | 4.231% | 725644 |
|  **(Cost $725,644)** | **(Cost $725,644)** |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $141,958,150)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $141,958,150)** | 150815192 |
| **Securities Lending Reinvestment Vehicle – 0.7%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.7%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.7%<sup>(b)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |  |
| 1053167 | 4.231% | 1053167 |
|  **(Cost $1,053,167)** | **(Cost $1,053,167)** |  |
|  **TOTAL INVESTMENTS – 99.0%**<br> **(Cost $143,011,317)** | **TOTAL INVESTMENTS – 99.0%**<br> **(Cost $143,011,317)** | $151868359 |
|  **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 1.0%** | **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 1.0%** | 1516780 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153385139 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp; **ADDITIONAL INVESTMENT INFORMATION**<br>

**FUTURES CONTRACTS**— At June 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Russell 2000 E-Mini Index | 25 | 09/19/25 | $2739625 | $89609 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-STRATEGIC GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| **Common Stocks – 98.7%** | **Common Stocks – 98.7%** | **Common Stocks – 98.7%** |
| Aerospace & Defense – 1.4% | Aerospace & Defense – 1.4% | Aerospace & Defense – 1.4% |
| 24307 | General Electric Co. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6256379 |
| Automobiles – 1.8% | Automobiles – 1.8% | Automobiles – 1.8% |
| 24631 | Tesla, Inc.\* | 7824283 |
| Banks – 0.8% | Banks – 0.8% | Banks – 0.8% |
| 74244 | Bank of America Corp. | 3513226 |
| Biotechnology – 3.5% | Biotechnology – 3.5% | Biotechnology – 3.5% |
| 46866 | AbbVie, Inc. | 8699267 |
| 8236 | Alnylam Pharmaceuticals, Inc.\* | 2685677 |
| 3516 | Argenx SE ADR (Netherlands)\* | 1938090 |
| 15196 | Neurocrine Biosciences, Inc.\* | 1909985 |
|  |  | 15233019 |
| Broadline Retail – 5.3% | Broadline Retail – 5.3% | Broadline Retail – 5.3% |
| 105617 | Amazon.com, Inc.\* | 23171314 |
| Capital Markets – 0.5% | Capital Markets – 0.5% | Capital Markets – 0.5% |
| 3900 | S&P Global, Inc. | 2056431 |
| Chemicals – 1.0% | Chemicals – 1.0% | Chemicals – 1.0% |
| 12617 | Sherwin-Williams Co. (The) | 4332173 |
| Commercial Services & Supplies – 0.4% | Commercial Services & Supplies – 0.4% | Commercial Services & Supplies – 0.4% |
| 10492 | Waste Connections, Inc. | 1959066 |
| Construction Materials – 0.6% | Construction Materials – 0.6% | Construction Materials – 0.6% |
| 5153 | Martin Marietta Materials, Inc. | 2828791 |
| Consumer Staples Distribution & Retail – 2.2% | Consumer Staples Distribution & Retail – 2.2% | Consumer Staples Distribution & Retail – 2.2% |
| 9995 | Costco Wholesale Corp. | 9894450 |
| Electrical Equipment – 4.4% | Electrical Equipment – 4.4% | Electrical Equipment – 4.4% |
| 13271 | AMETEK, Inc. | 2401520 |
| 11043 | Eaton Corp. PLC | 3942241 |
| 15913 | GE Vernova, Inc. | 8420364 |
| 13968 | Rockwell Automation, Inc. | 4639750 |
|  |  | 19403875 |
| Entertainment – 4.3% | Entertainment – 4.3% | Entertainment – 4.3% |
| 9863 | Netflix, Inc.\* | 13207839 |
| 7494 | Spotify Technology SA\* | 5750446 |
|  |  | 18958285 |
| Financial Services – 3.0% | Financial Services – 3.0% | Financial Services – 3.0% |
| 23909 | Mastercard, Inc., Class A | 13435424 |
| Ground Transportation – 0.5% | Ground Transportation – 0.5% | Ground Transportation – 0.5% |
| 13557 | Old Dominion Freight Line, Inc. | 2200301 |
| Health Care Equipment & Supplies – 2.7% | Health Care Equipment & Supplies – 2.7% | Health Care Equipment & Supplies – 2.7% |
| 16974 | Abbott Laboratories | 2308634 |
| 41812 | Boston Scientific Corp.\* | 4491027 |
| 8960 | Intuitive Surgical, Inc.\* | 4868953 |
|  |  | 11668614 |
| Hotels, Restaurants & Leisure – 1.4% | Hotels, Restaurants & Leisure – 1.4% | Hotels, Restaurants & Leisure – 1.4% |
| 28155 | Cava Group, Inc.\* | 2371496 |
| 15643 | DoorDash, Inc., Class A\* | 3856156 |
|  |  | 6227652 |
| Household Durables – 0.4% | Household Durables – 0.4% | Household Durables – 0.4% |
| 15460 | Lennar Corp., Class A | 1710031 |
| Interactive Media & Services – 8.0% | Interactive Media & Services – 8.0% | Interactive Media & Services – 8.0% |
| 31563 | Alphabet, Inc., Class A | 5562348 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Interactive Media & Services – (continued) | Interactive Media & Services – (continued) | Interactive Media & Services – (continued) | Interactive Media & Services – (continued) |
| 42829 | Alphabet, Inc., Class C | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7597436 |
| 30087 | Meta Platforms, Inc., Class A |  | 22206914 |
|  |  |  | 35366698 |
| IT Services – 2.6% | IT Services – 2.6% | IT Services – 2.6% | IT Services – 2.6% |
| 14913 | Cloudflare, Inc., Class A\* |  | 2920413 |
| 37885 | Snowflake, Inc., Class A\* |  | 8477526 |
|  |  |  | 11397939 |
| Oil, Gas & Consumable Fuels – 1.5% | Oil, Gas & Consumable Fuels – 1.5% | Oil, Gas & Consumable Fuels – 1.5% | Oil, Gas & Consumable Fuels – 1.5% |
| 27792 | Cheniere Energy, Inc. |  | 6767908 |
| Pharmaceuticals – 3.2% | Pharmaceuticals – 3.2% | Pharmaceuticals – 3.2% | Pharmaceuticals – 3.2% |
| 29159 | AstraZeneca PLC ADR (United |  |  |
|  | Kingdom) |  | 2037631 |
| 15727 | Eli Lilly & Co. |  | 12259668 |
|  |  |  | 14297299 |
| Semiconductors & Semiconductor Equipment – 19.8% | Semiconductors & Semiconductor Equipment – 19.8% | Semiconductors & Semiconductor Equipment – 19.8% | Semiconductors & Semiconductor Equipment – 19.8% |
| 65964 | Broadcom, Inc. |  | 18182977 |
| 5802 | KLA Corp. |  | 5197083 |
| 60274 | Marvell Technology, Inc. |  | 4665208 |
| 17184 | Micron Technology, Inc. |  | 2117928 |
| 344278 | NVIDIA Corp. |  | 54392481 |
| 12452 | Texas Instruments, Inc. |  | 2585284 |
|  |  |  | 87140961 |
| Software – 19.3% | Software – 19.3% | Software – 19.3% | Software – 19.3% |
| 17733 | AppLovin Corp., Class A\* |  | 6207969 |
| 13307 | Atlassian Corp., Class A\* |  | 2702519 |
| 31434 | Datadog, Inc., Class A\* |  | 4222529 |
| 50184 | Dynatrace, Inc.\* |  | 2770659 |
| 5174 | HubSpot, Inc.\* |  | 2880003 |
| 114210 | Microsoft Corp. |  | 56809196 |
| 18523 | Salesforce, Inc. |  | 5051037 |
| 39858 | Samsara, Inc., Class A\* |  | 1585551 |
| 9026 | Zscaler, Inc.\* |  | 2833622 |
|  |  |  | 85063085 |
| Specialty Retail – 1.0% | Specialty Retail – 1.0% | Specialty Retail – 1.0% | Specialty Retail – 1.0% |
| 10977 | Lowe's Cos., Inc. |  | 2435467 |
| 13982 | Ross Stores, Inc. |  | 1783823 |
|  |  |  | 4219290 |
| Technology Hardware, Storage & Peripherals – 9.1% | Technology Hardware, Storage & Peripherals – 9.1% | Technology Hardware, Storage & Peripherals – 9.1% | Technology Hardware, Storage & Peripherals – 9.1% |
| 195335 | Apple, Inc. |  | 40076882 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $189,427,088)** | **TOTAL COMMON STOCKS**<br> **(Cost $189,427,088)** |  | 435003376 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-STRATEGIC GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Dividend Rate** | **Value** |
| **Investment Company – 1.3%<sup>(a)</sup>** | **Investment Company – 1.3%<sup>(a)</sup>** | **Investment Company – 1.3%<sup>(a)</sup>** |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5929362 | 4.231% | $5929362 |
|  **(Cost $5,929,362)** | **(Cost $5,929,362)** |  |
|  **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $195,356,450)** | **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $195,356,450)** | $440932738 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.0)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.0)%** | (32106) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440900632 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| **Common Stocks – 99.1%** | **Common Stocks – 99.1%** | **Common Stocks – 99.1%** |
| Aerospace & Defense – 2.1% | Aerospace & Defense – 2.1% | Aerospace & Defense – 2.1% |
| 5142 | General Dynamics Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499716 |
| 14378 | General Electric Co. | 3700753 |
| 12352 | Howmet Aerospace, Inc. | 2299078 |
| 950 | RTX Corp. | 138719 |
| 1598 | Textron, Inc. | 128303 |
|  |  | 7766569 |
| Air Freight & Logistics – 0.9% | Air Freight & Logistics – 0.9% | Air Freight & Logistics – 0.9% |
| 34566 | United Parcel Service, Inc., Class B | 3489092 |
| Automobiles – 1.8% | Automobiles – 1.8% | Automobiles – 1.8% |
| 21600 | Tesla, Inc.\* | 6861456 |
| Banks – 5.9% | Banks – 5.9% | Banks – 5.9% |
| 27731 | Bank of America Corp. | 1312231 |
| 49344 | Citigroup, Inc. | 4200161 |
| 25995 | Citizens Financial Group, Inc. | 1163276 |
| 8149 | Cullen/Frost Bankers, Inc. | 1047473 |
| 62701 | Huntington Bancshares, Inc. | 1050869 |
| 23653 | JPMorgan Chase & Co. | 6857241 |
| 22911 | PNC Financial Services Group, |  |
|  | Inc. (The) | 4271069 |
| 3681 | Synovus Financial Corp. | 190492 |
| 17655 | Truist Financial Corp. | 758988 |
| 23341 | US Bancorp | 1056180 |
|  |  | 21907980 |
| Beverages – 0.7% | Beverages – 0.7% | Beverages – 0.7% |
| 35465 | Coca-Cola Co. (The) | 2509149 |
| Biotechnology – 2.6% | Biotechnology – 2.6% | Biotechnology – 2.6% |
| 6039 | AbbVie, Inc. | 1120959 |
| 18212 | BioMarin Pharmaceutical, Inc.\* | 1001114 |
| 15932 | Exact Sciences Corp.\* | 846627 |
| 11961 | Natera, Inc.\* | 2020691 |
| 6645 | Regeneron Pharmaceuticals, Inc. | 3488625 |
| 2444 | Vertex Pharmaceuticals, Inc.\* | 1088069 |
|  |  | 9566085 |
| Broadline Retail – 4.0% | Broadline Retail – 4.0% | Broadline Retail – 4.0% |
| 65078 | Amazon.com, Inc.\* | 14277462 |
| 21291 | Coupang, Inc. (South Korea)\* | 637878 |
|  |  | 14915340 |
| Building Products – 0.5% | Building Products – 0.5% | Building Products – 0.5% |
| 24669 | Carrier Global Corp. | 1805524 |
| Capital Markets – 3.9% | Capital Markets – 3.9% | Capital Markets – 3.9% |
| 4944 | Ameriprise Financial, Inc. | 2638761 |
| 16070 | CME Group, Inc. | 4429213 |
| 2188 | Coinbase Global, Inc., Class A\* | 766872 |
| 71396 | Invesco Ltd. | 1125915 |
| 34678 | Morgan Stanley | 4884743 |
| 465 | Morningstar, Inc. | 145978 |
| 667 | MSCI, Inc. | 384686 |
|  |  | 14376168 |
| Chemicals – 1.4% | Chemicals – 1.4% | Chemicals – 1.4% |
| 11297 | Linde PLC | 5300327 |
| Commercial Services & Supplies – 0.2% | Commercial Services & Supplies – 0.2% | Commercial Services & Supplies – 0.2% |
| 3546 | Cintas Corp. | 790297 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Communications Equipment – 1.1% | Communications Equipment – 1.1% | Communications Equipment – 1.1% |
| 32900 | Arista Networks, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3365999 |
| 1801 | Motorola Solutions, Inc. | 757249 |
|  |  | 4123248 |
| Construction & Engineering – 0.7% | Construction & Engineering – 0.7% | Construction & Engineering – 0.7% |
| 10386 | AECOM | 1172164 |
| 411 | Comfort Systems USA, Inc. | 220382 |
| 5956 | MasTec, Inc.\* | 1015081 |
|  |  | 2407627 |
| Construction Materials – 0.2% | Construction Materials – 0.2% | Construction Materials – 0.2% |
| 3344 | Vulcan Materials Co. | 872182 |
| Consumer Finance – 0.8% | Consumer Finance – 0.8% | Consumer Finance – 0.8% |
| 13640 | Capital One Financial Corp. | 2902046 |
| Consumer Staples Distribution & Retail – 1.5% | Consumer Staples Distribution & Retail – 1.5% | Consumer Staples Distribution & Retail – 1.5% |
| 2422 | Costco Wholesale Corp. | 2397635 |
| 24358 | Sysco Corp. | 1844875 |
| 15582 | Target Corp. | 1537164 |
|  |  | 5779674 |
| Diversified Consumer Services – 0.6% | Diversified Consumer Services – 0.6% | Diversified Consumer Services – 0.6% |
| 12571 | Bright Horizons Family Solutions, Inc.\* | 1553650 |
| 9543 | H&R Block, Inc. | 523815 |
|  |  | 2077465 |
| Diversified Telecommunication Services – 0.9% | Diversified Telecommunication Services – 0.9% | Diversified Telecommunication Services – 0.9% |
| 80972 | Verizon Communications, Inc. | 3503659 |
| Electric Utilities – 1.1% | Electric Utilities – 1.1% | Electric Utilities – 1.1% |
| 57516 | NextEra Energy, Inc. | 3992761 |
| Electrical Equipment – 0.9% | Electrical Equipment – 0.9% | Electrical Equipment – 0.9% |
| 19003 | AMETEK, Inc. | 3438783 |
| Electronic Equipment, Instruments & Components – 0.5% | Electronic Equipment, Instruments & Components – 0.5% | Electronic Equipment, Instruments & Components – 0.5% |
| 1418 | Jabil, Inc. | 309266 |
| 3117 | Teledyne Technologies, Inc.\* | 1596870 |
|  |  | 1906136 |
| Energy Equipment & Services – 0.1% | Energy Equipment & Services – 0.1% | Energy Equipment & Services – 0.1% |
| 7319 | TechnipFMC PLC (United Kingdom) | 252066 |
| Entertainment – 2.3% | Entertainment – 2.3% | Entertainment – 2.3% |
| 5481 | Netflix, Inc.\* | 7339772 |
| 5185 | ROBLOX Corp., Class A\* | 545462 |
| 7588 | Roku, Inc.\* | 666909 |
|  |  | 8552143 |
| Financial Services – 4.6% | Financial Services – 4.6% | Financial Services – 4.6% |
| 12709 | Affirm Holdings, Inc.\* | 878700 |
| 9261 | Berkshire Hathaway, Inc., Class B\* | 4498716 |
| 4098 | Euronet Worldwide, Inc.\* | 415455 |
| 5869 | Mastercard, Inc., Class A | 3298026 |
| 22485 | Visa, Inc., Class A | 7983299 |
|  |  | 17074196 |
| Food Products – 0.3% | Food Products – 0.3% | Food Products – 0.3% |
| 31699 | Kraft Heinz Co. (The) | 818468 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Food Products – (continued) | Food Products – (continued) | Food Products – (continued) |
| 3225 | Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145061 |
|  |  | 963529 |
| Ground Transportation – 0.7% | Ground Transportation – 0.7% | Ground Transportation – 0.7% |
| 23568 | Lyft, Inc., Class A\* | 371432 |
| 23233 | Uber Technologies, Inc.\* | 2167639 |
|  |  | 2539071 |
| Health Care Equipment & Supplies – 2.4% | Health Care Equipment & Supplies – 2.4% | Health Care Equipment & Supplies – 2.4% |
| 39427 | Abbott Laboratories | 5362466 |
| 6471 | GE HealthCare Technologies, |  |
|  | Inc. | 479307 |
| 4160 | Intuitive Surgical, Inc.\* | 2260586 |
| 8072 | Medtronic PLC | 703636 |
|  |  | 8805995 |
| Health Care Providers & Services – 1.8% | Health Care Providers & Services – 1.8% | Health Care Providers & Services – 1.8% |
| 19143 | CVS Health Corp. | 1320484 |
| 1319 | Molina Healthcare, Inc.\* | 392930 |
| 5733 | UnitedHealth Group, Inc. | 1788524 |
| 17844 | Universal Health Services, Inc., |  |
|  | Class B | 3232441 |
|  |  | 6734379 |
| Health Care REITs – 1.2% | Health Care REITs – 1.2% | Health Care REITs – 1.2% |
| 28647 | Welltower, Inc. REIT | 4403903 |
| Health Care Technology – 0.5% | Health Care Technology – 0.5% | Health Care Technology – 0.5% |
| 8829 | Doximity, Inc., Class A\* | 541571 |
| 3954 | Veeva Systems, Inc., Class A\* | 1138673 |
|  |  | 1680244 |
| Hotels, Restaurants & Leisure – 1.7% | Hotels, Restaurants & Leisure – 1.7% | Hotels, Restaurants & Leisure – 1.7% |
| 10762 | Airbnb, Inc., Class A\* | 1424243 |
| 389 | Booking Holdings, Inc. | 2252014 |
| 1410 | Darden Restaurants, Inc. | 307338 |
| 7970 | DoorDash, Inc., Class A\* | 1964685 |
| 1966 | Royal Caribbean Cruises Ltd. | 615633 |
|  |  | 6563913 |
| Household Products – 1.7% | Household Products – 1.7% | Household Products – 1.7% |
| 39131 | Procter & Gamble Co. (The) | 6234351 |
| Insurance – 1.6% | Insurance – 1.6% |  |
| 1932 | Arthur J Gallagher & Co. | 618472 |
| 944 | Erie Indemnity Co., Class A | 327370 |
| 2952 | MetLife, Inc. | 237400 |
| 5583 | Principal Financial Group, Inc. | 443457 |
| 8144 | Progressive Corp. (The) | 2173308 |
| 8432 | Travelers Cos., Inc. (The) | 2255897 |
|  |  | 6055904 |
| Interactive Media & Services – 7.2% | Interactive Media & Services – 7.2% | Interactive Media & Services – 7.2% |
| 22505 | Alphabet, Inc., Class A | 3966056 |
| 66876 | Alphabet, Inc., Class C | 11863134 |
| 11121 | Meta Platforms, Inc., Class A | 8208299 |
| 32041 | Pinterest, Inc., Class A\* | 1148990 |
| 9658 | Reddit, Inc., Class A\* | 1454205 |
|  |  | 26640684 |
| IT Services – 0.9% | IT Services – 0.9% | IT Services – 0.9% |
| 2663 | Gartner, Inc.\* | 1076438 |
| 990 | GoDaddy, Inc., Class A\* | 178259 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| IT Services – (continued) | IT Services – (continued) | IT Services – (continued) |
| 3563 | MongoDB, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748194 |
| 9421 | Twilio, Inc., Class A\* | 1171596 |
|  |  | 3174487 |
| Leisure Products – 0.1% | Leisure Products – 0.1% | Leisure Products – 0.1% |
| 23513 | Mattel, Inc.\* | 463676 |
| Life Sciences Tools & Services – 0.9% | Life Sciences Tools & Services – 0.9% | Life Sciences Tools & Services – 0.9% |
| 18680 | IQVIA Holdings, Inc.\* | 2943781 |
| 487 | Mettler-Toledo International, Inc.\* | 572089 |
|  |  | 3515870 |
| Machinery – 0.9% | Machinery – 0.9% | Machinery – 0.9% |
| 3888 | Caterpillar, Inc. | 1509360 |
| 6740 | Otis Worldwide Corp. | 667395 |
| 1827 | Parker-Hannifin Corp. | 1276105 |
|  |  | 3452860 |
| Media – 0.1% | Media – 0.1% |  |
| 10682 | News Corp., Class A | 317469 |
| Metals & Mining – 0.4% | Metals & Mining – 0.4% | Metals & Mining – 0.4% |
| 14329 | Southern Copper Corp. (Mexico) | 1449665 |
| Multi-Utilities – 0.1% | Multi-Utilities – 0.1% | Multi-Utilities – 0.1% |
| 3008 | Public Service Enterprise Group, Inc. | 253213 |
| Oil, Gas & Consumable Fuels – 2.0% | Oil, Gas & Consumable Fuels – 2.0% | Oil, Gas & Consumable Fuels – 2.0% |
| 18813 | Antero Midstream Corp. | 356506 |
| 27674 | Antero Resources Corp.\* | 1114709 |
| 11044 | Chevron Corp. | 1581391 |
| 61712 | Kinder Morgan, Inc. | 1814333 |
| 15193 | Marathon Petroleum Corp. | 2523709 |
|  |  | 7390648 |
| Passenger Airlines – 0.3% | Passenger Airlines – 0.3% | Passenger Airlines – 0.3% |
| 19505 | Alaska Air Group, Inc.\* | 965107 |
| Pharmaceuticals – 1.9% | Pharmaceuticals – 1.9% | Pharmaceuticals – 1.9% |
| 1553 | Eli Lilly & Co. | 1210610 |
| 9872 | Johnson & Johnson | 1507948 |
| 14617 | Pfizer, Inc. | 354316 |
| 25970 | Zoetis, Inc. | 4050022 |
|  |  | 7122896 |
| Professional Services – 0.8% | Professional Services – 0.8% | Professional Services – 0.8% |
| 1352 | Broadridge Financial Solutions, Inc. | 328577 |
| 8698 | Equifax, Inc. | 2256000 |
| 3293 | Genpact Ltd. | 144925 |
| 5398 | Parsons Corp.\* | 387414 |
|  |  | 3116916 |
| Real Estate Management & Development – 0.1% | Real Estate Management & Development – 0.1% | Real Estate Management & Development – 0.1% |
| 6881 | Zillow Group, Inc., Class C\* | 482014 |
| Semiconductors & Semiconductor Equipment – 11.7% | Semiconductors & Semiconductor Equipment – 11.7% | Semiconductors & Semiconductor Equipment – 11.7% |
| 32711 | Broadcom, Inc. | 9016787 |
| 5105 | Enphase Energy, Inc.\* | 202413 |
| 34703 | Intel Corp. | 777347 |
| 1073 | MACOM Technology Solutions Holdings, Inc.\* | 153750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST-U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) |
| 164101 | NVIDIA Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25926317 |
| 16322 | QUALCOMM, Inc. |  | 2599442 |
| 22782 | Texas Instruments, Inc. |  | 4729999 |
|  |  |  | 43406055 |
| Software – 9.3% | Software – 9.3% |  |  |
| 11457 | Datadog, Inc., Class A\* |  | 1539019 |
| 1233 | Docusign, Inc.\* |  | 96038 |
| 6168 | Dolby Laboratories, Inc., Class A |  | 458036 |
| 332 | Fair Isaac Corp.\* |  | 606883 |
| 2162 | Intuit, Inc. |  | 1702856 |
| 45853 | Microsoft Corp. |  | 22807741 |
| 2851 | Palantir Technologies, Inc., Class A\* |  | 388648 |
| 10383 | Palo Alto Networks, Inc.\* |  | 2124777 |
| 44657 | RingCentral, Inc., Class A\* |  | 1266026 |
| 2875 | Samsara, Inc., Class A\* |  | 114367 |
| 1263 | ServiceNow, Inc.\* |  | 1298465 |
| 9035 | Workday, Inc., Class A\* |  | 2168400 |
|  |  |  | 34571256 |
| Specialized REITs – 2.2% | Specialized REITs – 2.2% | Specialized REITs – 2.2% | Specialized REITs – 2.2% |
| 4676 | Digital Realty Trust, Inc. REIT |  | 815167 |
| 2176 | Equinix, Inc. REIT |  | 1730943 |
| 8905 | Extra Space Storage, Inc. REIT |  | 1312953 |
| 1755 | Iron Mountain, Inc. REIT |  | 180010 |
| 10130 | Lamar Advertising Co., Class A REIT |  | 1229377 |
| 10159 | Public Storage REIT |  | 2980854 |
|  |  |  | 8249304 |
| Specialty Retail – 0.9% | Specialty Retail – 0.9% | Specialty Retail – 0.9% | Specialty Retail – 0.9% |
| 602 | Carvana Co.\* |  | 202850 |
| 3781 | Chewy, Inc., Class A\* |  | 161146 |
| 11509 | Gap, Inc. (The) |  | 251011 |
| 5612 | Home Depot, Inc. (The) |  | 2057584 |
| 2137 | Lithia Motors, Inc. |  | 721922 |
|  |  |  | 3394513 |
| Technology Hardware, Storage & Peripherals – 6.7% | Technology Hardware, Storage & Peripherals – 6.7% | Technology Hardware, Storage & Peripherals – 6.7% | Technology Hardware, Storage & Peripherals – 6.7% |
| 121025 | Apple, Inc. |  | 24830699 |
| Textiles, Apparel & Luxury Goods – 0.5% | Textiles, Apparel & Luxury Goods – 0.5% | Textiles, Apparel & Luxury Goods – 0.5% | Textiles, Apparel & Luxury Goods – 0.5% |
| 30870 | Birkenstock Holding PLC (Germany)\* |  | 1518187 |
| 1825 | Lululemon Athletica, Inc.\* |  | 433583 |
|  |  |  | 1951770 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Wireless Telecommunication Services – 0.9% | Wireless Telecommunication Services – 0.9% | Wireless Telecommunication Services – 0.9% |
| 13730 | T-Mobile US, Inc. | $3271310 |
|  **TOTAL INVESTMENTS – 99.1%**<br> **(Cost $254,815,181)** | **TOTAL INVESTMENTS – 99.1%**<br> **(Cost $254,815,181)** | $368171674 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.9%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.9%** | 3356283 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371527957 |

---

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

\* Non-income producing security.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp; <br> **ADDITIONAL INVESTMENT INFORMATION**<br>

**FUTURES CONTRACTS** — At June 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  Long position contracts: |  |  |  |  |
|  S&P 500 E-Mini Index | 7 | 09/19/25 | $2188813 | $72827 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity**<br> **Insights Fund** | **Large Cap Value Fund** | **Mid Cap Growth Fund** | **Mid Cap Value Fund** |
| **Assets:** |  |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $95,023,452, $214,381,837, $51,928,663 and $351,686,705, respectively) | $113972516 | $263164620 | $65669859 | $418563978 |
|  Investments in affiliated issuers, at value (cost $–, $3,156, $1,698,723 and $13,187,911, respectively) |  | 3156 | 1698723 | 13187911 |
|  Cash | 581544 | 463303 | 65950 | 793307 |
|  Foreign Currency, at value (cost $849,908, $–, $– and $–, respectively) | 856683 |  |  |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2856431 |  | 882735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 655529 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 590150 | 5032 |  | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 134968 | 165959 | 14422 | 561317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 12144 | 8570 | 7666 | 4096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 44 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | 391428 | 758 | 4373526 |
|  Other assets | 331 | 272 | 2570 | 161 |
|  **Total assets** | 119660340 | 264202340 | 68342683 | 437485174 |
| **Liabilities:** |  |  |  |  |
|  Variation margin on futures contracts | 253 |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2670176 |  | 1929692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 546006 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 126560 | 80761 | 101941 | 317871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 36588 | 72330 | 21534 | 132882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 4837 | 19138 | 6902 | 13626 |
|  Accrued expenses | 88629 | 65707 | 55506 | 165955 |
|  **Total liabilities** | 3473049 | 237936 | 2115575 | 630334 |
| **Net Assets:** |  |  |  |  |
|  Paid-in capital | 89272279 | 184177833 | 42203432 | 334602727 |
|  Total distributable earnings | 26915012 | 79786571 | 24023676 | 102252113 |
|  **NET ASSETS** | $116187291 | $263964404 | $66227108 | $436854840 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $77713186 | $80452514 | $2895425 | $328628955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 38474105 | 183511890 | 63331683 | 108225885 |
|  Total Net Assets | $116187291 | $263964404 | $66227108 | $436854840 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 7199142 | 9004357 | 220073 | 19084552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 3547769 | 20529464 | 5236297 | 6207707 |
|  Net asset value, offering and redemption price per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $10.79 | $8.93 | $13.16 | $17.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 10.84 | 8.94 | 12.09 | 17.43 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap Equity<br>Insights Fund** | **Strategic Growth Fund** | **U.S. Equity Insights**<br> **Fund** |
| **Assets:** |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $141,232,506, $189,427,088 and $254,815,181, respectively)<sup>(a)</sup>  | $150089548 | $435003376 | $368171674 |
|  Investments in affiliated issuers, at value (cost $725,644, $5,929,362 and $–, respectively) | 725644 | 5929362 |  |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 1053167 |  |  |
|  Cash | 2431350 | 519382 | 3582149 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 169506 | 181795 | 273378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 157125 | 10712 | 72268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 11736 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 3444 | 9096 | 9061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 2224 | 2821 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 1556 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts |  |  | 175910 |
|  Variation margin on futures contracts | 3625 |  | 10543 |
|  Other assets | 274 | 912 | 1192 |
|  **Total assets** | 154649199 | 441657456 | 372297181 |
| **Liabilities:** |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 1053167 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 72548 | 533225 | 603480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 43174 | 119106 | 80290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 23772 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 5554 | 27200 | 7445 |
|  Accrued expenses | 65845 | 77293 | 78009 |
|  **Total liabilities** | 1264060 | 756824 | 769224 |
| **Net Assets:** |  |  |  |
|  Paid-in capital | 140107042 | 144448133 | 240051603 |
|  Total distributable earnings | 13278097 | 296452499 | 131476354 |
|  **NET ASSETS** | $153385139 | $440900632 | $371527957 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $110424865 | $202952838 | $326771132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 42960274 | 237947794 | 44756825 |
|  Total Net Assets | $153385139 | $440900632 | $371527957 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8320096 | 12429639 | 14563467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 3287541 | 14808160 | 1976448 |
|  Net asset value, offering and redemption price per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $13.27 | $16.33 | $22.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 13.07 | 16.07 | 22.65 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $1,053,806, $– and $– for Small Cap Equity Insights Fund, Strategic Growth Fund and U.S. Equity Insights Fund, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity<br>Insights Fund** | **Large Cap Value**<br> **Fund** | **Mid Cap Growth<br>Fund** | **Mid Cap Value Fund** |
| **Investment income:** |  |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $267,966, $–, $– and $1,580, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp;2395521 | $2432082 | $&nbsp;&nbsp;&nbsp;&nbsp;176968 | $4002526 |
| Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 4408 |  |  | 338 |
|  Dividends — affiliated issuers | 2823 | 16001 | 17344 | 100437 |
|  **Total Investment Income** | 2402752 | 2448083 | 194312 | 4103301 |
| **Expenses:** |  |  |  |  |
|  Management fees | 431590 | 942808 | 261703 | 1589873 |
|  Custody, accounting and administrative services | 68835 | 29399 | 17334 | 29598 |
|  Professional fees | 63117 | 55848 | 53569 | 52767 |
|  Distribution and/or Service (12b-1) fees | 44750 | 225339 | 72399 | 117641 |
|  Trustee fees | 13719 | 13915 | 13681 | 14109 |
|  Transfer Agency fees<sup>(a)</sup>  | 10657 | 26189 | 6016 | 41295 |
|  Printing and mailing costs | 6968 | 11888 | 12607 | 5000 |
|  Registration fees |  | 45 | 9 |  |
|  Other | 3259 | 5002 | 2211 | 8504 |
|  **Total expenses** | 642895 | 1310433 | 439529 | 1858787 |
|  Less — expense reductions | (169874) | (181902) | (145853) | (23023) |
|  **Net expenses** | 473021 | 1128531 | 293676 | 1835764 |
|  **NET INVESTMENT INCOME (LOSS)** | 1929731 | 1319552 | (99364) | 2267537 |
| **Realized and Unrealized gain (loss):** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 5465701 | 25698299 | 6552262 | 26810291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 35449 |  | 165 | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 159355 |  |  |  |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 14298047 | (18354534) | (738780) | (21916912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 116631 | 265 |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 16325 |  |  |  |
|  **Net realized and unrealized gain** | 20091508 | 7344030 | 5813647 | 4895222 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $22021239 | $8663582 | $5714283 | $7162759 |

---

<sup>(a)</sup> Class specific Transfer Agency fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Institutional** | **Service** |
|  International Equity Insights Fund  | $7077 | $3580 |
|  Large Cap Value Fund | 8162 | 18027 |
|  Mid Cap Growth Fund | 224 | 5792 |
|  Mid Cap Value Fund | 31884 | 9411 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap Equity<br>Insights Fund** | **Strategic Growth<br>Fund** | **U.S. Equity Insights<br>Fund** |
| **Investment income:** |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $5,415, $948 and $–, respectively) | $1215697 | $959585 | $2310911 |
|  Dividends — affiliated issuers | 23698 | 81277 | 817 |
| Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 14940 |  |  |
|  **Total Investment Income** | 1254335 | 1040862 | 2311728 |
| **Expenses:** |  |  |  |
|  Management fees | 509953 | 1382455 | 1098947 |
|  Professional fees | 56022 | 54682 | 55839 |
|  Distribution and/or Service (12b-1) fees | 48246 | 257565 | 53944 |
|  Custody, accounting and administrative services | 32748 | 32122 | 33951 |
|  Transfer Agency fees<sup>(a)</sup>  | 14571 | 38942 | 35450 |
|  Trustee fees | 13778 | 14061 | 14010 |
|  Printing and mailing costs | 10799 | 17859 | 15545 |
|  Registration fees | 236 | 44 | 198 |
|  Other | 4445 | 5743 | 5669 |
|  **Total expenses** | 690798 | 1803473 | 1313553 |
|  Less — expense reductions | (50451) | (178257) | (268580) |
|  **Net expenses** | 640347 | 1625216 | 1044973 |
|  **NET INVESTMENT INCOME (LOSS)** | 613988 | (584354) | 1266755 |
| **Realized and Unrealized gain (loss):** |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 603124 | 36052555 | 4643000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (383764) |  | (362110) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (2962012) | (14061532) | 6056951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 217101 |  | 162283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | 149 |  |
|  **Net realized and unrealized gain (loss)** | (2525551) | 21991199 | 10500124 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1911563) | $21406845 | $11766879 |

---

<sup>(a)</sup> Class specific Transfer Agency fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Institutional** | **Service** |
|  Small Cap Equity Insights Fund  | $10711 | $3860 |
|  Strategic Growth Fund | 18337 | 20605 |
|  U.S. Equity Insights Fund | 31134 | 4316 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **For the**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended** <br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024**  | **For the**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended** <br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024**  |
| **From operations:** |  |  |  |  |
|  Net investment income | $1929731 | $&nbsp;&nbsp;&nbsp;&nbsp;2237632 | $&nbsp;&nbsp;&nbsp;&nbsp;1319552 | $3135982 |
|  Net realized gain | 5660505 | 11876070 | 25698299 | 34945091 |
|  Net change in unrealized gain (loss) | 14431003 | (7732163) | (18354269) | 6843102 |
| **Net increase in net assets resulting from operations** | 22021239 | 6381539 | 8663582 | 44924175 |
| **Distributions to shareholders:** |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (4359207) |  | (11419934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  | (2118195) |  | (24965024) |
|  **Total distributions to shareholders** |  | (6477402) |  | (36384958) |
| **From share transactions:** |  |  |  |  |
|  Proceeds from sales of shares | 10281265 | 5340662 | 6687485 | 6554512 |
|  Reinvestment of distributions |  | 6477402 |  | 36384958 |
|  Cost of shares redeemed | (14162887) | (18577626) | (24242099) | (59320824) |
| **Net decrease in net assets resulting from share transactions** | (3881622) | (6759562) | (17554614) | (16381354) |
|  **TOTAL INCREASE (DECREASE)** | 18139617 | (6855425) | (8891032) | (7842137) |
| **Net Assets:** |  |  |  |  |
|  Beginning of period | $98047674 | $104903099 | $272855436 | $280697573 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116187291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98047674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263964404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272855436 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **For the**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended <br>June 30, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024**  | **For the**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended** <br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024**  |
| **From operations:** |  |  |  |  |
|  Net investment income (loss) | $(99364) | $(229634) | $2267537 | $4071636 |
|  Net realized gain | 6552427 | 11515918 | 26812107 | 39385202 |
|  Net change in unrealized gain (loss) | (738780) | 536961 | (21916885) | 9439108 |
| **Net increase in net assets resulting from operations** | 5714283 | 11823245 | 7162759 | 52895946 |
| **Distributions to shareholders:** |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (183376) |  | (22346482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  | (7178874) |  | (7562396) |
| **Total distributions to shareholders** |  | (7362250) |  | (29908878) |
| **From share transactions:** |  |  |  |  |
|  Proceeds from sales of shares | 6984392 | 4869881 | 50804857 | 24974652 |
|  Reinvestment of distributions |  | 7362250 |  | 29908878 |
|  Cost of shares redeemed | (10965521) | (14460582) | (70481776) | (77492627) |
| **Net decrease in net assets resulting from share transactions** | (3981129) | (2228451) | (19676919) | (22609097) |
| **TOTAL INCREASE (DECREASE)** | 1733154 | 2232544 | (12514160) | 377971 |
| **Net Assets:** |  |  |  |  |
|  Beginning of period | $64493954 | $62261410 | $449369000 | $448991029 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66227108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64493954 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436854840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449369000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** |
|  | **For the**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended** <br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024**  | **For the**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended** <br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024**  |
| **From operations:** |  |  |  |  |
|  Net investment income (loss) | $613988 | $662738 | $(584354) | $(1061758) |
|  Net realized gain | 219360 | 27355340 | 36052582 | 45117308 |
|  Net change in unrealized gain (loss) | (2744911) | (4876916) | (14061383) | 66730570 |
| **Net increase (decrease) in net assets resulting from operations** | (1911563) | 23141162 | 21406845 | 110786120 |
| **Distributions to shareholders:** |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (9967498) |  | (14116534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  | (3285027) |  | (17717139) |
| **Total distributions to shareholders** |  | (13252525) |  | (31833673) |
| **From share transactions:** |  |  |  |  |
|  Proceeds from sales of shares | 14295187 | 28899945 | 73976458 | 29714042 |
|  Reinvestment of distributions |  | 13252525 |  | 31833672 |
|  Cost of shares redeemed | (11623146) | (23052447) | (81670674) | (80063168) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2672041 | 19100023 | (7694216) | (18515454) |
|  **TOTAL INCREASE** | 760478 | 28988660 | 13712629 | 60436993 |
| **Net Assets:** |  |  |  |  |
|  Beginning of period | $152624661 | $123636001 | $427188003 | $366751010 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153385139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152624661 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440900632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427188003 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **For the**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended** <br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024**  |
| **From operations:** |  |  |
|  Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;1266755 | $&nbsp;&nbsp;&nbsp;&nbsp;1926403 |
|  Net realized gain | 4280890 | 61281367 |
|  Net change in unrealized gain | 6219234 | 23941033 |
|  **Net increase in net assets resulting from operations** | 11766879 | 87148803 |
| **Distributions to shareholders:** |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (45338169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  | (6364126) |
|  **Total distributions to shareholders** |  | (51702295) |
| **From share transactions:** |  |  |
|  Proceeds from sales of shares | 11757590 | 20868263 |
|  Reinvestment of distributions |  | 51702296 |
|  Cost of shares redeemed | (25446290) | (58156442) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (13688700) | 14414117 |
|  **TOTAL INCREASE (DECREASE)** | (1921821) | 49860625 |
| **Net Assets:** |  |  |
|  Beginning of period | $373449778 | $323589153 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371527957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373449778 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.79 | $8.86 | $7.66 | $9.16 | $8.62 | $8.19 |
|  Net investment income<sup>(a)</sup>  | 0.18 | 0.21 <sup>(b)</sup> | 0.20 <sup>(c)</sup> | 0.25 <sup>(d)</sup> | 0.21 | 0.12 |
|  Net realized and unrealized gain (loss) | 1.82 | 0.35 | 1.23 | (1.49) | 0.83 | 0.43 |
|  Total from investment operations | 2.00 | 0.56 | 1.43 | (1.24) | 1.04 | 0.55 |
|  Distributions to shareholders from net investment income |  | (0.29) | (0.23) | (0.26) | (0.27) | (0.12) |
|  Distributions to shareholders from net realized gains |  | (0.34) |  |  | (0.23) |  |
|  Total distributions |  | (0.63) | (0.23) | (0.26) | (0.50) | (0.12) |
|  Net asset value, end of period | $10.79 | $8.79 | $8.86 | $7.66 | $9.16 | $8.62 |
|  **Total Return<sup>(e)</sup>**  | 22.75% | 6.13% | 18.71% | (13.55)% | 12.17% | 6.79% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50114 |
|  Ratio of net expenses to average net assets | 0.80 %<sup>(f)</sup> | 0.81% | 0.82% | 0.83% | 0.85% | 0.87% |
|  Ratio of total expenses to average net assets | 1.12 %<sup>(f)</sup> | 1.09% | 1.10% | 0.99% | 1.14% | 1.37% |
|  Ratio of net investment income to average net assets | 3.70 %<sup>(f)</sup> | 2.19% | 2.38 %<sup>(c)</sup> | 3.09 %<sup>(d)</sup> | 2.22% | 1.59% |
|  Portfolio turnover rate<sup>(g)</sup>  | 78% | 151% | 162% | 164% | 167% | 175% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.03 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.45% of average net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.84 | $8.90 | $7.70 | $9.20 | $8.66 | $8.23 |
|  Net investment income<sup>(a)</sup>  | 0.17 | 0.19 <sup>(b)</sup> | 0.18 <sup>(c)</sup> | 0.22 <sup>(d)</sup> | 0.19 | 0.10 |
|  Net realized and unrealized gain (loss) | 1.83 | 0.35 | 1.23 | (1.48) | 0.83 | 0.44 |
|  Total from investment operations | 2.00 | 0.54 | 1.41 | (1.26) | 1.02 | 0.54 |
|  Distributions to shareholders from net investment income |  | (0.26) | (0.21) | (0.24) | (0.25) | (0.11) |
|  Distributions to shareholders from net realized gains |  | (0.34) |  |  | (0.23) |  |
|  Total distributions |  | (0.60) | (0.21) | (0.24) | (0.48) | (0.11) |
|  Net asset value, end of period | $10.84 | $8.84 | $8.90 | $7.70 | $9.20 | $8.66 |
|  **Total Return<sup>(e)</sup>**  | 22.62% | 5.81% | 18.43% | (13.72)% | 11.81% | 6.53% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38474 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47685 |
|  Ratio of net expenses to average net assets | 1.05 %<sup>(f)</sup> | 1.06% | 1.07% | 1.09% | 1.10% | 1.12% |
|  Ratio of total expenses to average net assets | 1.37 %<sup>(f)</sup> | 1.34% | 1.35% | 1.25% | 1.40% | 1.61% |
|  Ratio of net investment income to average net assets | 3.47 %<sup>(f)</sup> | 1.98% | 2.14 %<sup>(c)</sup> | 2.74 %<sup>(d)</sup> | 1.97% | 1.30% |
|  Portfolio turnover rate<sup>(g)</sup>  | 78% | 151% | 162% | 164% | 167% | 175% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.03 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.45% of average net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.62 | $8.43 | $8.34 | $9.97 | $9.27 | $9.19 |
|  Net investment income<sup>(a)</sup>  | 0.05 | 0.12 | 0.11 | 0.13 | 0.11 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.26 | 1.39 | 0.93 | (0.72) | 2.09 | 0.24 |
|  Total from investment operations | 0.31 | 1.51 | 1.04 | (0.59) | 2.20 | 0.36 |
|  Distributions to shareholders from net investment income |  | (0.14) | (0.16) | (0.13) | (0.13) | (0.12) |
|  Distributions to shareholders from net realized gains |  | (1.18) | (0.79) | (0.91) | (1.37) | (0.16) |
|  Total distributions |  | (1.32) | (0.95) | (1.04) | (1.50) | (0.28) |
|  Net asset value, end of period | $8.93 | $8.62 | $8.43 | $8.34 | $9.97 | $9.27 |
|  **Total Return<sup>(b)</sup>**  | 3.60% | 17.10% | 13.01% | (6.37)% | 24.13% | 3.97% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160076 |
|  Ratio of net expenses to average net assets | 0.70 %<sup>(c)</sup> | 0.70% | 0.71% | 0.70% | 0.69% | 0.71% |
|  Ratio of total expenses to average net assets | 0.83 %<sup>(c)</sup> | 0.81% | 0.79% | 0.80% | 0.79% | 0.81% |
|  Ratio of net investment income to average net assets | 1.21 %<sup>(c)</sup> | 1.26% | 1.33% | 1.38% | 1.08% | 1.44% |
|  Portfolio turnover rate<sup>(d)</sup>  | 48% | 57% | 58% | 46% | 54% | 58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.63 | $8.44 | $8.35 | $9.98 | $9.27 | $9.19 |
|  Net investment income<sup>(a)</sup>  | 0.04 | 0.10 | 0.10 | 0.11 | 0.09 | 0.10 |
|  Net realized and unrealized gain (loss) | 0.27 | 1.38 | 0.91 | (0.72) | 2.09 | 0.24 |
|  Total from investment operations | 0.31 | 1.48 | 1.01 | (0.61) | 2.18 | 0.34 |
|  Distributions to shareholders from net investment income |  | (0.11) | (0.13) | (0.11) | (0.10) | (0.10) |
|  Distributions to shareholders from net realized gains |  | (1.18) | (0.79) | (0.91) | (1.37) | (0.16) |
|  Total distributions |  | (1.29) | (0.92) | (1.02) | (1.47) | (0.26) |
|  Net asset value, end of period | $8.94 | $8.63 | $8.44 | $8.35 | $9.98 | $9.27 |
|  **Total Return<sup>(b)</sup>**  | 3.59% | 16.79% | 12.71% | (6.57)% | 23.93% | 3.73% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183512 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200479 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299564 |
|  Ratio of net expenses to average net assets | 0.93 %<sup>(c)</sup> | 0.93% | 0.94% | 0.93% | 0.92% | 0.94% |
|  Ratio of total expenses to average net assets | 1.08 %<sup>(c)</sup> | 1.06% | 1.04% | 1.05% | 1.04% | 1.06% |
|  Ratio of net investment income to average net assets | 0.98 %<sup>(c)</sup> | 1.03% | 1.12% | 1.15% | 0.84% | 1.21% |
|  Portfolio turnover rate<sup>(d)</sup>  | 48% | 57% | 58% | 46% | 54% | 58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.97 | $10.99 | $9.32 | $13.05 | $13.93 | $11.50 |
|  Net investment loss<sup>(a)</sup>  | (0.01) | (0.03) | (0.01) | (0.02) | (0.07) | (0.04) |
|  Net realized and unrealized gain (loss) | 1.20 | 2.38 | 1.75 | (3.38) | 1.71 | 5.06 |
|  Total from investment operations | 1.19 | 2.35 | 1.74 | (3.40) | 1.64 | 5.02 |
|  Distributions to shareholders from net realized gains |  | (1.37) | (0.07) | (0.33) | (2.52) | (2.59) |
|  Net asset value, end of period | $13.16 | $11.97 | $10.99 | $9.32 | $13.05 | $13.93 |
|  **Total Return<sup>(b)</sup>**  | 9.94% | 20.48% | 18.68% | (26.20)% | 11.65% | 44.33% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(c)</sup> | 0.83% | 0.83% | 0.82% | 0.83% | 0.85% |
|  Ratio of total expenses to average net assets | 1.22 %<sup>(c)</sup> | 1.13% | 1.15% | 1.20% | 1.33% | 1.23% |
|  Ratio of net investment loss to average net assets | (0.16)%<sup>(c)</sup> | (0.22)% | (0.06)% | (0.16)% | (0.47)% | (0.34)% |
|  Portfolio turnover rate<sup>(d)</sup>  | 43% | 73% | 63% | 59% | 50% | 71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.01 | $10.21 | $8.68 | $12.20 | $13.19 | $11.00 |
|  Net investment loss<sup>(a)</sup>  | (0.02) | (0.04) | (0.02) | (0.03) | (0.09) | (0.06) |
|  Net realized and unrealized gain (loss) | 1.10 | 2.21 | 1.62 | (3.16) | 1.62 | 4.84 |
|  Total from investment operations | 1.08 | 2.17 | 1.60 | (3.19) | 1.53 | 4.78 |
|  Distributions to shareholders from net realized gains |  | (1.37) | (0.07) | (0.33) | (2.52) | (2.59) |
|  Net asset value, end of period | $12.09 | $11.01 | $10.21 | $8.68 | $12.20 | $13.19 |
|  **Total Return<sup>(b)</sup>**  | 9.81% | 20.29% | 18.45% | (26.30)% | 11.48% | 44.16% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62726 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60854 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76986 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82134 |
|  Ratio of net expenses to average net assets | 0.98 %<sup>(c)</sup> | 0.98% | 0.98% | 0.98% | 0.99% | 1.01% |
|  Ratio of total expenses to average net assets | 1.47 %<sup>(c)</sup> | 1.38% | 1.40% | 1.51% | 1.43% | 1.48% |
|  Ratio of net investment loss to average net assets | (0.34)%<sup>(c)</sup> | (0.37)% | (0.22)% | (0.36)% | (0.62)% | (0.50)% |
|  Portfolio turnover rate<sup>(d)</sup>  | 43% | 73% | 63% | 59% | 50% | 71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.87 | $16.01 | $14.89 | $19.53 | $17.23 | $16.22 |
|  Net investment income<sup>(a)</sup>  | 0.11 | 0.16 | 0.14 | 0.16 | 0.09 | 0.10 |
|  Net realized and unrealized gain (loss) | 0.24 | 1.90 | 1.53 | (1.98) | 5.20 | 1.26 |
|  Total from investment operations | 0.35 | 2.06 | 1.67 | (1.82) | 5.29 | 1.36 |
|  Distributions to shareholders from net investment income |  | (0.18) | (0.16) | (0.13) | (0.10) | (0.10) |
|  Distributions to shareholders from net realized gains |  | (1.02) | (0.39) | (2.69) | (2.89) | (0.25) |
|  Total distributions |  | (1.20) | (0.55) | (2.82) | (2.99) | (0.35) |
|  Net asset value, end of period | $17.22 | $16.87 | $16.01 | $14.89 | $19.53 | $17.23 |
|  **Total Return<sup>(b)</sup>**  | 2.07% | 12.40% | 11.42% | (9.99)% | 30.95% | 8.38% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328629 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327376 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(c)</sup> | 0.84% | 0.84% | 0.83% | 0.83% | 0.84% |
|  Ratio of total expenses to average net assets | 0.84 %<sup>(c)</sup> | 0.84% | 0.85% | 0.85% | 0.85% | 0.90% |
|  Ratio of net investment income to average net assets | 1.32 %<sup>(c)</sup> | 0.96% | 0.96% | 0.89% | 0.46% | 0.68% |
|  Portfolio turnover rate<sup>(d)</sup>  | 49% | 62% | 92% | 75% | 63% | 111% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $17.10 | $16.21 | $15.07 | $19.73 | $17.39 | $16.37 |
|  Net investment income<sup>(a)</sup>  | 0.09 | 0.12 | 0.11 | 0.10 | 0.04 | 0.06 |
|  Net realized and unrealized gain (loss) | 0.24 | 1.92 | 1.54 | (1.99) | 5.24 | 1.28 |
|  Total from investment operations | 0.33 | 2.04 | 1.65 | (1.89) | 5.28 | 1.34 |
|  Distributions to shareholders from net investment income |  | (0.13) | (0.12) | (0.08) | (0.05) | (0.07) |
|  Distributions to shareholders from net realized gains |  | (1.02) | (0.39) | (2.69) | (2.89) | (0.25) |
|  Total distributions |  | (1.15) | (0.51) | (2.77) | (2.94) | (0.32) |
|  Net asset value, end of period | $17.43 | $17.10 | $16.21 | $15.07 | $19.73 | $17.39 |
|  **Total Return<sup>(b)</sup>**  | 1.93% | 12.16% | 11.11% | (10.23)% | 30.57% | 8.17% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108226 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169283 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158909 |
|  Ratio of net expenses to average net assets | 1.08 %<sup>(c)</sup> | 1.08% | 1.09% | 1.08% | 1.08% | 1.09% |
|  Ratio of total expenses to average net assets | 1.09 %<sup>(c)</sup> | 1.09% | 1.10% | 1.10% | 1.10% | 1.14% |
|  Ratio of net investment income to average net assets | 1.10 %<sup>(c)</sup> | 0.71% | 0.73% | 0.56% | 0.21% | 0.39% |
|  Portfolio turnover rate<sup>(d)</sup>  | 49% | 62% | 92% | 75% | 63% | 111% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $13.44 | $12.28 | $10.40 | $13.08 | $13.51 | $12.62 |
|  Net investment income<sup>(a)</sup>  | 0.06 | 0.07 | 0.08 <sup>(b)</sup> | 0.07 <sup>(c)</sup> | 0.05 <sup>(d)</sup> | 0.05 |
|  Net realized and unrealized gain (loss) | (0.23) | 2.37 | 1.92 | (2.59) | 3.17 | 1.03 |
|  Total from investment operations | (0.17) | 2.44 | 2.00 | (2.52) | 3.22 | 1.08 |
|  Distributions to shareholders from net investment income |  | (0.14) | (0.12) | (0.04) | (0.08) | (0.03) |
|  Distributions to shareholders from net realized gains |  | (1.14) |  | (0.12) | (3.57) | (0.16) |
|  Total distributions |  | (1.28) | (0.12) | (0.16) | (3.65) | (0.19) |
|  Net asset value, end of period | $13.27 | $13.44 | $12.28 | $10.40 | $13.08 | $13.51 |
|  **Total Return<sup>(e)</sup>**  | (1.26)% | 19.05% | 19.28% | (19.38)% | 23.79% | 8.56% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114090 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108716 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84887 |
|  Ratio of net expenses to average net assets | 0.81 %<sup>(f)</sup> | 0.81% | 0.82% | 0.81% | 0.81% | 0.81% |
|  Ratio of total expenses to average net assets | 0.88 %<sup>(f)</sup> | 0.87% | 0.87% | 0.95% | 0.93% | 1.08% |
|  Ratio of net investment income to average net assets | 0.90 %<sup>(f)</sup> | 0.54% | 0.75 %<sup>(b)</sup> | 0.65 %<sup>(c)</sup> | 0.34 %<sup>(d)</sup> | 0.46% |
|  Portfolio turnover rate<sup>(g)</sup>  | 79% | 158% | 152% | 163% | 172% | 147% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.03 per share and 0.26% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.21% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.03 per share and 0.22% of average net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $13.25 | $12.12 | $10.27 | $12.93 | $13.39 | $12.51 |
|  Net investment income<sup>(a)</sup>  | 0.04 | 0.04 | 0.06 <sup>(b)</sup> | 0.05 <sup>(c)</sup> | 0.01 <sup>(d)</sup> | 0.02 |
|  Net realized and unrealized gain (loss) | (0.22) | 2.34 | 1.88 | (2.58) | 3.14 | 1.02 |
|  Total from investment operations | (0.18) | 2.38 | 1.94 | (2.53) | 3.15 | 1.04 |
|  Distributions to shareholders from net investment income |  | (0.11) | (0.09) | (0.01) | (0.04) |  |
|  Distributions to shareholders from net realized gains |  | (1.14) |  | (0.12) | (3.57) | (0.16) |
|  Total distributions |  | (1.25) | (0.09) | (0.13) | (3.61) | (0.16) |
|  Net asset value, end of period | $13.07 | $13.25 | $12.12 | $10.27 | $12.93 | $13.39 |
|  **Total Return<sup>(e)</sup>**  | (1.36)% | 18.82% | 18.95% | (19.64)% | 23.50% | 8.34% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42960 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38534 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27827 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17239 |
|  Ratio of net expenses to average net assets | 1.06 %<sup>(f)</sup> | 1.06% | 1.07% | 1.06% | 1.06% | 1.06% |
|  Ratio of total expenses to average net assets | 1.13 %<sup>(f)</sup> | 1.12% | 1.12% | 1.20% | 1.18% | 1.33% |
|  Ratio of net investment income to average net assets | 0.68 %<sup>(f)</sup> | 0.29% | 0.50 %<sup>(b)</sup> | 0.43 %<sup>(c)</sup> | 0.09 %<sup>(d)</sup> | 0.22% |
|  Portfolio turnover rate<sup>(g)</sup>  | 79% | 158% | 152% | 163% | 172% | 147% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.03 per share and 0.26% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.21% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.03 per share and 0.22% of average net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.39 | $12.54 | $9.20 | $16.63 | $15.43 | $11.90 |
|  Net investment loss<sup>(a)</sup>  | (0.01) | (0.02) | (0.01) | (0.01) | (0.05) | – <sup>(b)</sup> |
|  Net realized and unrealized gain (loss) | 0.95 | 4.08 | 3.84 | (5.24) | 3.46 | 4.79 |
|  Total from investment operations | 0.94 | 4.06 | 3.83 | (5.25) | 3.41 | 4.79 |
|  Distributions to shareholders from net investment income |  |  |  |  |  | (0.01) |
|  Distributions to shareholders from net realized gains |  | (1.21) | (0.49) | (2.18) | (2.21) | (1.25) |
|  Total distributions |  | (1.21) | (0.49) | (2.18) | (2.21) | (1.26) |
|  Net asset value, end of period | $16.33 | $15.39 | $12.54 | $9.20 | $16.63 | $15.43 |
|  **Total Return<sup>(c)</sup>**  | 6.11% | 32.37% | 41.94% | (32.52)% | 21.93% | 40.37% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167930 |
|  Ratio of net expenses to average net assets | 0.70 %<sup>(d)</sup> | 0.72% | 0.75% | 0.74% | 0.73% | 0.74% |
|  Ratio of total expenses to average net assets | 0.79 %<sup>(d)</sup> | 0.79% | 0.79% | 0.82% | 0.79% | 0.81% |
|  Ratio of net investment loss to average net assets | (0.17)%<sup>(d)</sup> | (0.13)% | (0.06)% | (0.11)% | (0.27)% | (0.01)% |
|  Portfolio turnover rate<sup>(e)</sup>  | 31% | 39% | 47% | 29% | 20% | 45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.17 | $12.40 | $9.12 | $16.55 | $15.41 | $11.91 |
|  Net investment loss<sup>(a)</sup>  | (0.03) | (0.05) | (0.03) | (0.05) | (0.09) | (0.03) |
|  Net realized and unrealized gain (loss) | 0.93 | 4.03 | 3.80 | (5.20) | 3.44 | 4.78 |
|  Total from investment operations | 0.90 | 3.98 | 3.77 | (5.25) | 3.35 | 4.75 |
|  Distributions to shareholders from net realized gains |  | (1.21) | (0.49) | (2.18) | (2.21) | (1.25) |
|  Total distributions |  | (1.21) | (0.49) | (2.18) | (2.21) | (1.25) |
|  Net asset value, end of period | $16.07 | $15.17 | $12.40 | $9.12 | $16.55 | $15.41 |
|  **Total Return<sup>(b)</sup>**  | 5.93% | 32.09% | 41.65% | (32.68)% | 21.56% | 39.98% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235978 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257714 |
|  Ratio of net expenses to average net assets | 0.95 %<sup>(c)</sup> | 0.97% | 1.00% | 0.99% | 0.98% | 0.99% |
|  Ratio of total expenses to average net assets | 1.04 %<sup>(c)</sup> | 1.04% | 1.03% | 1.07% | 1.04% | 1.06% |
|  Ratio of net investment loss to average net assets | (0.42)%<sup>(c)</sup> | (0.38)% | (0.31)% | (0.38)% | (0.52)% | (0.24)% |
|  Portfolio turnover rate<sup>(d)</sup>  | 31% | 39% | 47% | 29% | 20% | 45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $21.68 | $19.53 | $15.88 | $20.06 | $20.08 | $17.93 |
|  Net investment income<sup>(a)</sup>  | 0.08 | 0.13 | 0.15 | 0.15 | 0.18 | 0.15 |
|  Net realized and unrealized gain (loss) | 0.68 | 5.47 | 3.63 | (4.10) | 5.61 | 2.98 |
|  Total from investment operations | 0.76 | 5.60 | 3.78 | (3.95) | 5.79 | 3.13 |
|  Distributions to shareholders from net investment income |  | (0.15) | (0.13) | (0.14) | (0.19) | (0.16) |
|  Distributions to shareholders from net realized gains |  | (3.30) |  | (0.09) | (5.62) | (0.82) |
|  Total distributions |  | (3.45) | (0.13) | (0.23) | (5.81) | (0.98) |
|  Net asset value, end of period | $22.44 | $21.68 | $19.53 | $15.88 | $20.06 | $20.08 |
|  **Total Return<sup>(b)</sup>**  | 3.51% | 28.32% | 23.81% | (19.74)% | 29.41% | 17.49% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267592 |
|  Ratio of net expenses to average net assets | 0.56 %<sup>(c)</sup> | 0.56% | 0.57% | 0.56% | 0.55% | 0.56% |
|  Ratio of total expenses to average net assets | 0.71 %<sup>(c)</sup> | 0.70% | 0.69% | 0.72% | 0.71% | 0.75% |
|  Ratio of net investment income to average net assets | 0.74 %<sup>(c)</sup> | 0.57% | 0.83% | 0.86% | 0.81% | 0.85% |
|  Portfolio turnover rate<sup>(d)</sup>  | 98% | 204% | 201% | 203% | 206% | 203% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** | <br> **Year Ended December 31,** |
|  | **Six Months Ended**<br> **June 30, 2025<br>(Unaudited)** | <br> **2024** | <br> **2023** | <br> **2022** | <br> **2021** | <br> **2020** |
| **Per Share Data** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $21.90 | $19.71 | $16.02 | $20.23 | $20.21 | $18.04 |
|  Net investment income<sup>(a)</sup>  | 0.06 | 0.08 | 0.11 | 0.11 | 0.14 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.69 | 5.51 | 3.66 | (4.13) | 5.64 | 2.99 |
|  Total from investment operations | 0.75 | 5.59 | 3.77 | (4.02) | 5.78 | 3.11 |
|  Distributions to shareholders from net investment income |  | (0.10) | (0.08) | (0.10) | (0.14) | (0.12) |
|  Distributions to shareholders from net realized gains |  | (3.30) |  | (0.09) | (5.62) | (0.82) |
|  Total distributions |  | (3.40) | (0.08) | (0.19) | (5.76) | (0.94) |
|  Net asset value, end of period | $22.65 | $21.90 | $19.71 | $16.02 | $20.23 | $20.21 |
|  **Total Return<sup>(b)</sup>**  | 3.42% | 28.00% | 23.59% | (19.90)% | 29.11% | 17.27% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46655 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61849 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54149 |
|  Ratio of net expenses to average net assets | 0.77 %<sup>(c)</sup> | 0.77% | 0.78% | 0.77% | 0.77% | 0.77% |
|  Ratio of total expenses to average net assets | 0.96 %<sup>(c)</sup> | 0.95% | 0.94% | 0.97% | 0.93% | 1.00% |
|  Ratio of net investment income to average net assets | 0.53 %<sup>(c)</sup> | 0.36% | 0.62% | 0.64% | 0.60% | 0.63% |
|  Portfolio turnover rate<sup>(d)</sup>  | 98% | 204% | 201% | 203% | 206% | 203% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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/**<br> **Non-Diversified** |
| Goldman Sachs International Equity Insights Fund | Institutional and Service | Diversified |
| Goldman Sachs Large Cap Value Fund | Institutional and Service | Diversified |
| Goldman Sachs Mid Cap Growth Fund | Institutional and Service | Diversified |
| Goldman Sachs Mid Cap Value Fund | Institutional and Service | Diversified |
| Goldman Sachs Small Cap Equity Insights Fund | Institutional and Service | Diversified |
| Goldman Sachs Strategic Growth Fund | Institutional and Service | Non-Diversified |
| Goldman Sachs U.S. Equity Insights Fund | Institutional and Service | Diversified |

---

Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

Goldman Sachs Asset Management, L.P. ("GSAM" or the "Investment Adviser"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**51**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**53**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| International Equity Insights Fund | International Equity Insights Fund | International Equity Insights Fund | International Equity Insights Fund |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| <br> **Assets** |  |  |  |
| Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $32255 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 200219 | 31465240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 2580992 | 61121639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1674629 | 8291814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 8535502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America |  | 70226 |  |
| <br> **Total** | $4455840 | $109516676 | $— |
| Derivative Type |  |  |  |
| Assets |  |  |  |
| Futures Contracts<sup>(b)</sup> | $15751 | $— | $— |
| Liabilities |  |  |  |
| Futures Contracts<sup>(b)</sup> | $(2006) | $— | $— |
| Large Cap Value Fund | Large Cap Value Fund | Large Cap Value Fund | Large Cap Value Fund |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| Assets |  |  |  |
| Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $7428457 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 255736163 |  |  |
| Investment Company | 3156 |  |  |
| <br> **Total** | $263167776 | $— | $— |
| Mid Cap Growth Fund | Mid Cap Growth Fund | Mid Cap Growth Fund | Mid Cap Growth Fund |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| Assets |  |  |  |
| Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $1125457 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 64544402 |  |  |
| Investment Company | 1698723 |  |  |
| <br> **Total** | $67368582 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| Mid Cap Value Fund | Mid Cap Value Fund | Mid Cap Value Fund | Mid Cap Value Fund |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| Assets |  |  |  |
| Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $2160428 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 11811419 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 404592131 |  |  |
| Investment Company | 13187911 |  |  |
| <br> **Total** | $431751889 | $— | $— |
| Small Cap Equity Insights Fund | Small Cap Equity Insights Fund | Small Cap Equity Insights Fund | Small Cap Equity Insights Fund |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| Assets |  |  |  |
| Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $816839 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 2093411 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 2450104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 144262184 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 467010 |  |  |
| Investment Company | 725644 |  |  |
| Securities Lending Reinvestment Vehicle | 1053167 |  |  |
| <br> **Total** | $151868359 | $— | $— |
| Derivative Type |  |  |  |
| Assets |  |  |  |
| Futures Contracts<sup>(b)</sup> | $89609 | $— | $— |
| Strategic Growth Fund | Strategic Growth Fund | Strategic Growth Fund | Strategic Growth Fund |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| Assets |  |  |  |
| Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $3975721 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 431027655 |  |  |
| Investment Company | 5929362 |  |  |
| <br> **Total** | $440932738 | $— | $— |
| U.S. Equity Insights Fund | U.S. Equity Insights Fund | U.S. Equity Insights Fund | U.S. Equity Insights Fund |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| Assets |  |  |  |
| Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> | Common Stock and/or Other Equity Investments<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $637878 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 1770253 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 365763543 |  |  |
| <br> **Total** | $368171674 | $— | $— |
| Derivative Type |  |  |  |
| Assets |  |  |  |
| Futures Contracts<sup>(b)</sup> | $72827 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**55**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

<sup>(a)</sup> 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. 

<sup>(b)</sup> Amount shown represents unrealized gain (loss) at period end. 

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

#### International Equity Insights Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15751 | Variation margin on futures contracts | $(2006) |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Small Cap Equity Insights Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Small Cap Equity Insights Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Small Cap Equity Insights Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Small Cap Equity Insights Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Small Cap Equity Insights Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89609 | Variation margin on futures contracts | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **U.S. Equity Insights Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **U.S. Equity Insights Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **U.S. Equity Insights Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **U.S. Equity Insights Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **U.S. Equity Insights Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72827 | Variation margin on futures contracts | $— |

---

1 Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of June 30, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br>change in unrealized gain (loss) on futures contracts | $159355 | $16325 |

---

#### Small Cap Equity Insights Fund

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br>change in unrealized gain (loss) on futures contracts | (383764) | 217101 |

---

#### U.S. Equity Insights Fund

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br>change in unrealized gain (loss) on futures contracts | (362110) | 162283 |

---

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

---

| | |
|:---|:---|
|  | **Average number of<br>Contracts<sup>(a)</sup>** |
| **Fund** | **Futures Contracts** |
| International Equity Insights Fund | 20 |
| Small Cap Equity Insights Fund | 49 |
| U.S. Equity Insights Fund | 20 |

---

<sup>(a)</sup> Amounts disclosed represent average number of contracts for future contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended June 30, 2025. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**57**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Effective<br>Rate**  | **Effective Net<br>Management<br>Rate^**  |
| **Fund**<br>| <br> **First<br>$1 billion**<br>| **Next<br>$1 billion**<br>| **Next<br>$3 billion**<br>| **Next<br>$3 billion**<br>| **Over<br>$8 billion**<br>| **Effective<br>Rate**  | **Effective Net<br>Management<br>Rate^**  |
| International Equity Insights Fund | 0.81% | 0.73% | 0.69% | 0.68% | 0.67% | 0.81% | 0.78%<sup>\*</sup> |
| Large Cap Value Fund | 0.72 | 0.65 | 0.62 | 0.60 | 0.59 | 0.72 | 0.68 <sup>\*</sup> |
| Mid Cap Growth Fund | 0.87 | 0.87 | 0.78 | 0.74 | 0.73 | 0.87 | 0.81 <sup>\*</sup> |
| 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 <sup>\*</sup> |
| U.S. Equity Insights Fund | 0.62 | 0.59 | 0.56 | 0.55 | 0.54 | 0.62 | 0.54 <sup>\*</sup> |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

\* GSAM has agreed to waive a portion of its management fee in order to achieve effective net management fee rates of 0.78%, 0.68%, 0.81%, 0.68% and 0.54% of International Equity Insights Fund, Large Cap Value Fund, Mid Cap Growth Fund, Strategic Growth Fund and U.S. Equity Insights Fund, respectively. These arrangements will remain in effect through at least April 30, 2026 and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. 

The International Equity Insights, Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2025, with respect to the Funds' investments in an affiliated Underlying Fund GSAM waived $115, $637, $638, $3,772, $902, $3,121 and $27 of the International Equity Insights Fund, Large Cap Value Fund, Mid Cap Growth Fund, Mid Cap Value Fund, Small Cap Equity Insights Fund, Strategic Growth Fund, and U.S. Equity Insights Fund management fees, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Service Shares of each Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Funds' average daily net assets attributable to Service Shares. For the six months ended June 30, 2025 for the U.S. Equity Insights Fund, Goldman Sachs agreed to waive distribution and services fees so as not to exceed an annual rate of 0.21% of average daily net assets attributable to Service Shares. For the six months ended June 30, 2025 for the Mid Cap Growth Fund, Goldman Sachs agreed to waive distribution and services fees so as not to exceed an annual rate of 0.15% of average daily net assets attributable to Service Shares. These distribution and service fee waivers will remain in place through at least April 30, 2026, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;C. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at an annual rate of 0.02% of the average daily net assets of Institutional and Service Shares. Goldman Sachs has agreed to waive its transfer agency fee attributable to the Service Shares of the Large Cap Value Fund. This arrangement will remain in place through at least April 30, 2026, and prior to such date Goldman Sachs may not terminate the arrangement without approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds are 0.004%, 0.004%, 0.004%, 0.024%, 0.094%, 0.004% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 30, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to April 30, 2025, the Other Expense limitation was 0.054% for Mid Cap Value Fund. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the six months ended June 30, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waiver/Credits** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Fee Waiver**  | **Other Expense<br>Reimbursements** | **Total Expense<br>Reductions** |
| International Equity Insights Fund | $16106 | $– | $– | $153768 | $169874 |
| Large Cap Value Fund | 53015 | 18027 |  | 110860 | 181902 |
| Mid Cap Growth Fund | 18687 |  | 28957 | 98209 | 145853 |
| Mid Cap Value Fund | 3772 |  |  | 19251 | 23023 |
| Small Cap Equity Insights Fund | 902 |  |  | 49549 | 50451 |
| Strategic Growth Fund | 61535 |  |  | 116722 | 178257 |
| U.S. Equity Insights Fund | 141827 | – | 8631 | 118122 | 268580 |

---

&nbsp;&nbsp;&nbsp;&nbsp;E. Line of Credit Facility — As of June 30, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 14, 2025 the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Transactions with Affiliates — For the six months ended June 30, 2025, Goldman Sachs did not earn brokerage commissions from portfolio transactions.

The following table provides information about the Funds' investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2025:

#### International Equity Insights Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of December**<br> **31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>June 30, 2025** | **Shares as of June<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $81 | $2478041 | $(2478122) | $– |  | $2823 |
|  <br> **Large Cap Value Fund** | <br> **Large Cap Value Fund** | <br> **Large Cap Value Fund** | <br> **Large Cap Value Fund** | <br> **Large Cap Value Fund** | <br> **Large Cap Value Fund** | <br> **Large Cap Value Fund** |
| **Underlying Fund** | **Beginning value<br>as of December**<br> **31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>June 30, 2025** | **Shares as of June<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 2137 | 13611290 | (13610271) | 3156 | 3156 | 16001 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**59**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### Mid Cap Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of December**<br> **31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>June 30, 2025** | **Shares as of June<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $211545 | $13223520 | $(11736342) | $1698723 | 1698723 | $17344 |
| Mid Cap Value Fund | Mid Cap Value Fund | Mid Cap Value Fund | Mid Cap Value Fund |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of December**<br> **31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>June 30, 2025** | **Shares as of June<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 1607866 | 57048124 | (45468079) | 13187911 | 13187911 | 100437 |
| Small Cap Equity Insights Fund | Small Cap Equity Insights Fund | Small Cap Equity Insights Fund | Small Cap Equity Insights Fund |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of December**<br> **31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>June 30, 2025** | **Shares as of June<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 1209171 | 11618386 | (12101913) | 725644 | 725644 | 23698 |
| Strategic Growth Fund | Strategic Growth Fund | Strategic Growth Fund | Strategic Growth Fund |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of December**<br> **31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>June 30, 2025** | **Shares as of June<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 2883077 | 59480266 | (56433981) | 5929362 | 5929362 | 81277 |
| U.S. Equity Insights Fund | U.S. Equity Insights Fund | U.S. Equity Insights Fund | U.S. Equity Insights Fund |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of December**<br> **31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>June 30, 2025** | **Shares as of June<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  |  | 1108312 | (1108312) |  |  | 817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal period ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  International Equity Insights Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82123208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84011999 |
|  Large Cap Value Fund | 127988662 | 144647364 |
|  Mid Cap Growth Fund | 25961946 | 30374663 |
|  Mid Cap Value Fund | 204584187 | 237572395 |
|  Small Cap Equity Insights Fund | 118565366 | 115139303 |
|  Strategic Growth Fund | 120930647 | 132143767 |
|  U.S. Equity Insights Fund | 350349939 | 363207010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

The Large Cap Value, Mid Cap Growth, Mid Cap Value and Strategic Growth Funds may lend their securities through a securities lending agent, the Bank of New York Mellon ("BNYM"), to certain qualified borrowers. Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the International Equity Insights, Small Cap Equity Insights and U. S. Equity Insights Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The International Equity Insights, Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will, and BNYM may, exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**61**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds, GSAL and BNYM received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the six months ended June 30, 2025, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | |
|  | | | **Amounts Payable to** |
|  | **Earnings of GSAL** | **Amounts Received** | **Goldman Sachs** |
|  | **Relating to** | **by the Funds** | **Upon Return of** |
|  | **Securities** | **from Lending to** | **Securities Loaned as of** |
| **Fund** | **Loaned** | **Goldman Sachs** | **June 30, 2025** |
|  International Equity Insights Fund | $600 | $120 | $— |
|  Small Cap Equity Insights Fund | 3023 | 1877 | 47277 |
|  U.S. Equity Insights Fund | 42 | 37 |  |

---

The following table provides information about the Funds' investments in the Government Money Market Fund for the six months ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning value as** | **Purchases** | **Proceeds** | **Ending value as** |
| **Fund** | **of December 31, 2024** | **at Cost** | **from Sales** | **of June 30, 2025** |
|  International Equity Insights Fund | $1041900 | $8448347 | $(9490247) | $— |
|  Small Cap Equity Insights Fund | 1943370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14330279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15220482) | 1053167 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International** | | | | |
|  | **Equity Insights** | **Large Cap Value** | **Mid Cap Growth** | **Mid Cap Value** | **Small Cap Equity** |
|  | **Fund** | **Fund** | **Fund** | **Fund** | **Insights Fund** |
|  Timing differences — (Real Estate Investment Trusts, late year ordinary loss deferral, and post October loss deferral) | $— | $(36468) | $— | $214392 | $53655 |

---

---

| | | |
|:---|:---|:---|
|  | **Strategic Growth** | **U.S. Equity** |
|  | **Fund** | **Insights Fund** |
|  Timing differences | $(4) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

As of June 30, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **International Equity** | | |
|  | **Insights Fund** | **Large Cap Value Fund** | **Mid Cap Growth Fund** |
|  Tax Cost | $95806314 | $215093488 | $53892647 |
|  Gross unrealized gain | 19992086 | 56167786 | 14785319 |
|  Gross unrealized loss | (1825884) | (8093498) | (1309384) |
|  Net unrealized gain (loss) | $18166202 | $48074288 | $13475935 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Small Cap Equity** | |
|  | **Mid Cap Value Fund** | **Insights Fund** | **Strategic Growth Fund** |
|  Tax Cost | $369856541 | $143856563 | $196054228 |
|  Gross unrealized gain | 80746182 | 18370585 | 246460158 |
|  Gross unrealized loss | (18850834) | (10358789) | (1581648) |
|  Net unrealized gain (loss) | $61895348 | $8011796 | $244878510 |
|  |  |  | **U.S. Equity Insights** |
|  |  |  | **Fund** |
|  Tax Cost |  |  | $255986812 |
|  Gross unrealized gain |  |  | 118720276 |
|  Gross unrealized loss |  |  | (6535414) |
|  Net unrealized gain (loss) |  |  | $112184862 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**63**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Investment Style Risk — Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Market Risk — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — The Strategic Growth Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund**  | **International Equity Insights Fund**  | **International Equity Insights Fund**  | **International Equity Insights Fund**  |
|  | **For the Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal Year Ended<br>December 31, 2024** | **For the Fiscal Year Ended<br>December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983935 | 306482 | $2913239 |
|  Reinvestment of distributions |  |  | 475376 | 4359207 |
|  Shares redeemed | (619136) | (5962753) | (995179) | (9393442) |
|  | (178447) | (1978818) | (213321) | (2120996) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 658092 | 6297330 | 258995 | 2427423 |
|  Reinvestment of distributions |  |  | 229739 | 2118195 |
|  Shares redeemed | (869203) | (8200134) | (962763) | (9184184) |
|  | (211111) | (1902804) | (474029) | (4638566) |
|  **NET DECREASE IN SHARES** | (389558) | $(3881622) | (687350) | $(6759562) |
|  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  |
|  | **For the Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **For the Fiscal Year Ended<br>December 31, 2024** | **For the Fiscal Year Ended<br>December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257838 | 590812 | $5454648 |
|  Reinvestment of distributions |  |  | 1260478 | 11419934 |
|  Shares redeemed | (1124024) | (9265695) | (1503373) | (13970849) |
|  | (862487) | (7007857) | 347917 | 2903733 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 515097 | 4429647 | 119393 | 1099864 |
|  Reinvestment of distributions |  |  | 2749452 | 24965024 |
|  Shares redeemed | (1733765) | (14976404) | (4878616) | (45349975) |
|  | (1218668) | (10546757) | (2009771) | (19285087) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**65**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
| | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **NET DECREASE IN SHARES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2081155) | $(17554614) | (1661854) | $(16381354) |
|  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  | **Mid Cap Growth Fund**  |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 72568 | $782356 | 29601 | $340916 |
|  Reinvestment of distributions |  |  | 14182 | 183376 |
|  Shares redeemed | (245) | (2881) | (24149) | (276573) |
|  | 72323 | 779475 | 19634 | 247719 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 568377 | 6202036 | 423473 | 4528965 |
|  Reinvestment of distributions |  |  | 603774 | 7178874 |
|  Shares redeemed | (1029465) | (10962640) | (1290465) | (14184009) |
|  | (461088) | (4760604) | (263218) | (2476170) |
|  **NET DECREASE IN SHARES** | (388765) | $(3981129) | (243584) | $(2228451) |
|  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  | **Mid Cap Value Fund**  |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 557551 | $9055275 | 1232116 | $21006206 |
|  Reinvestment of distributions |  |  | 1239405 | 22346482 |
|  Shares redeemed | (1146480) | (19055654) | (3179541) | (54305638) |
|  | (588929) | (10000379) | (708020) | (10952950) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 2441917 | 41749582 | 228427 | 3968446 |
|  Reinvestment of distributions |  |  | 413472 | 7562396 |
|  Shares redeemed | (3109687) | (51426122) | (1335992) | (23186989) |
|  | (667770) | (9676540) | (694093) | (11656147) |
|  **NET DECREASE IN SHARES** | (1256699) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19676919) | (1402113) | $(22609097) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund**  | **Small Cap Equity Insights Fund**  | **Small Cap Equity Insights Fund**  | **Small Cap Equity Insights Fund**  |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 527609 | $6785406 | 1314235 | $18193349 |
|  Reinvestment of distributions |  |  | 686940 | 9967498 |
|  Shares redeemed | (698248) | (8827976) | (1315237) | (17803778) |
|  | (170639) | (2042570) | 685938 | 10357069 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 599751 | 7509781 | 774701 | 10706596 |
|  Reinvestment of distributions |  |  | 229562 | 3285027 |
|  Shares redeemed | (221226) | (2795170) | (390842) | (5248669) |
|  | 378525 | 4714611 | 613421 | 8742954 |
|  **NET INCREASE IN SHARES** | 207886 | $2672041 | 1299359 | $19100023 |
|  | **Strategic Growth Fund**  | **Strategic Growth Fund**  | **Strategic Growth Fund**  | **Strategic Growth Fund**  |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 775106 | $10424025 | 437949 | $6140517 |
|  Reinvestment of distributions |  |  | 914283 | 14116534 |
|  Shares redeemed | (768488) | (11431396) | (1687991) | (24085712) |
|  | 6618 | (1007371) | (335759) | (3828661) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 4304837 | 63552433 | 1674997 | 23573525 |
|  Reinvestment of distributions |  |  | 1164070 | 17717138 |
|  Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5056276) | (70239278) | (3946733) | (55977456) |
|  | (751439) | (6686845) | (1107666) | (14686793) |
|  **NET DECREASE IN SHARES** | (744821) | $(7694216) | (1443425) | $(18515454) |
|  | **U.S. Equity Insights Fund**  | **U.S. Equity Insights Fund**  | **U.S. Equity Insights Fund**  | **U.S. Equity Insights Fund**  |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 493417 | $10620543 | 830157 | $18611634 |
|  Reinvestment of distributions |  |  | 2048720 | 45338169 |
|  Shares redeemed | (1002696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21057257) | (2137416) | (47602217) |
|  | (509279) | (10436714) | 741461 | 16347586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**67**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *June 30, 2025 (Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund**  | **U.S. Equity Insights Fund**  | **U.S. Equity Insights Fund**  | **U.S. Equity Insights Fund**  |
|  | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **June 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 53274 | $1137047 | 101127 | $2256629 |
|  Reinvestment of distributions |  |  | 284621 | 6364127 |
|  Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206755) | (4389033) | (469429) | (10554225) |
|  | (153481) | (3251986) | (83681) | (1933469) |
|  **NET INCREASE (DECREASE) IN SHARES** | (662760) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13688700) | 657780 | $14414117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68.0 ------

(This page intentionally left blank)

------

(This page intentionally left blank)

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### 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.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**71**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds' distribution arrangements. They received information regarding the Funds' assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the performance of the Mid Cap Value Fund and U.S. Equity Insight Fund to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management. In the case of International Equity Insights Fund, Small Cap Equity Insights Fund, and U.S. Equity Insights Fund, they noted the efforts of the Funds' portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the International Equity Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-, three-, and five-year periods and in the third quartile for the ten-year period, and had outperformed the Fund's benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2025. They also noted that in April 2018 the International Equity Insights Fund had been repositioned from the Strategic International Equity Fund, which involved changes to the Fund's investment strategy and portfolio management. The Trustees observed that the Large Cap Value Fund's Institutional Shares had placed in the top half of the Fund's peer group for the three-year period, in the third quartile for the one- and five-year periods, and in the fourth quartile for the ten-year period, and had outperformed the Fund's benchmark index for the three- and five-year periods and underperformed for the one- and ten-year periods ended March 31, 2025. They noted that the Mid Cap Growth Fund's Institutional Shares had placed in the top half of the Fund's peer group and had underperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. They further noted that the Mid Cap Growth Fund had experienced certain portfolio management changes in early 2025. The Trustees considered that the Mid Cap Value Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one- and five-year periods and in the third quartile for the three- and ten-year periods, and had outperformed the Fund's benchmark index for the three- and five-year periods and underperformed for the one- and ten-year periods ended March 31, 2025. They noted that the Small Cap Equity Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group and had outperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. The Trustees observed that the Strategic Growth Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund's benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2025. They considered that the Strategic Growth Fund had experienced certain portfolio management changes in 2024 and 2025. The Trustees noted that the U.S. Equity Insights Fund had placed in the top half of the Fund's peer group for the one-year period and in the third quartile for the three-, five-, and ten-year periods, and had underperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The analyses also compared each Fund's other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of Strategic Growth Fund that would have the effect of decreasing total Fund expenses, with such changes taking effect in connection with the Fund's next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**73**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Large Cap Value Fund, Mid Cap Growth Fund, Mid Cap Value Fund, and Strategic Growth Fund; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent for the International Equity Insights Fund, Small Cap Equity Insights Fund, and U.S. Equity Insights Fund and fees earned by the Investment Adviser for managing the fund in which the Large Cap Value, Mid Cap Growth, Mid Cap Value and Strategic Growth Funds' securities lending cash collateral is invested; (f) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74.0 ------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

its other clients; (g) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs' retention of certain fees as Fund Distributor; (i) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser's ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the ability of the International Equity Insights Fund, Small Cap Equity Insights Fund, and U.S. Equity Insights Fund to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**75**

------

![LOGO](g683716page076.jpg)

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

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The Funds' statement regarding the basis for approval of their investment advisory contract is included in Item 7 of this report.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Variable Insurance Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 24, 2022.](http://www.sec.gov/Archives/edgar/data/1046292/000119312522228028/d361359dex99code.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d909430dex99cert.htm) |
| (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.](d909430dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Goldman Sachs Variable Insurance Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Variable Insurance Trust |
| Date: | August 22, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Variable Insurance Trust |
| Date: | August 22, 2025 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Variable Insurance Trust |
| Date: | August 22, 2025 |

---

## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Variable Insurance Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: August 22, 2025

---

| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

---

------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Variable Insurance Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: August 22, 2025

---

| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, Principal Executive Officer, and Joseph F. DiMaria, Principal Financial Officer, of the Goldman Sachs Variable Insurance Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Goldman Sachs Variable Insurance Trust | Goldman Sachs Variable Insurance Trust |
| /s/ James A. McNamara | /s/ Joseph F. DiMaria |
| James A. McNamara | Joseph F. DiMaria |
| Date: August 22, 2025 | Date: August 22, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.