# EDGAR Filing Document

**Accession Number:** 0001046292
**File Stem:** 0001193125-26-071163
**Filing Date:** 2026-2
**Character Count:** 1032578
**Document Hash:** 0d691c612d84bea42ca95b3cc7c74bd2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-071163.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001193125-26-071163

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260225

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08361
- **FILM NUMBER:** 26677911

**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: December 31, 2025
ITEM 1. REPORTS TO STOCKHOLDERS.

The 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](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

# Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $95 | 0.80% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market performed strongly overall in 2025, significantly outpacing U.S. stocks in positive territory for the first time since 2017 and by the widest gap since 1993. Such strong performance was supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, increased defense spending, favorable currency movements, rising commodity prices, resilient corporate earnings, strong global enthusiasm for technology/AI, political stability in Japan, higher U.S. equity valuations and the U.S. Federal Reserve's commencement of a monetary easing cycle—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East, Russia/Ukraine and other "hot spots" around the world.

Top Contributors to Performance:

* Stock selection in the industrials, consumer discretionary and materials sectors contributed most positively to the Fund's performance versus the MSCI EAFE Standard Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Each of our four investment themes contributed positively, led by Market Themes & Trends and then followed by Fundamental Mispricings, Sentiment Analysis and High Quality Business Models.

* Among individual stock positions, the Fund was helped most by an overweight to Sumitomo Electric Industries and underweights to SAP and CSL.

* The overweight in Sumitomo Electric Industries, a Japanese manufacturer, specializing in wires, cables and advanced materials for electronics, energy, automotive and telecommunications, was driven mostly by our Market Themes & Trends investment theme.

* The Fund's underweight in Germany-based software company SAP was largely due to our High Quality Business Models and Market Themes & Trends investment themes.

* Our Market Themes & Trends investment theme primarily drove the Fund's underweight in Australia-based biotechnology firm CSL.

* The Fund benefited from its country positioning, with overweights in Germany and Japan and an underweight to the U.K. contributing most positively.

Top Detractors from Performance:

* Stock selection in financials and communication services hurt—the only two sectors to detract from the Fund's relative performance during the Period.

* The Fund was hampered most by underweight positions in Banco Santander and SoftBank Group and an overweight in Novo Nordisk.

* The underweight in Banco Santander, a Spain-based bank, was based mainly on our High Quality Business Models and Market Themes & Trends investment themes.

* The Fund was underweight SoftBank Group, a Japan-based investment holding company, primarily because of our Market Themes & Trends and Fundamental Mispricings investment themes.

* Our Sentiment Analysis and High Quality Business Models investment themes drove the Fund's overweight in Denmark-based pharmaceuticals manufacturer Novo Nordisk.

* Underweights in Spain and Ireland and an overweight in Denmark dampened the Fund's results.

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

Institutional Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g00q38.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 |
| **12/16** | $9727 | $10100 |
| **12/17** | $12314 | $12628 |
| **12/18** | $10310 | $10887 |
| **12/19** | $12212 | $13283 |
| **12/20** | $13043 | $14321 |
| **12/21** | $14631 | $15934 |
| **12/22** | $12648 | $13632 |
| **12/23** | $15015 | $16118 |
| **12/24** | $15935 | $16734 |
| **12/25** | $22067 | $21958 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 38.48% | 11.08% | 8.23% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 8.18% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $127837210 |
| # of Portfolio Holdings as of Period End | 317 |
| Portfolio Turnover Rate for the Period | 156% |
| Total Net Advisory Fees Paid for the Period | $894733 |

---

## 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 | 23.8% |
| Industrials | 19.8% |
| Health Care | 12.8% |
| Information Technology | 9.9% |
| Consumer Discretionary | 8.9% |
| Materials | 7.1% |
| Consumer Staples | 6.0% |
| Communication Services | 3.6% |
| Energy | 3.5% |
| Other | 3.3% |

---

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.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

380987701-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

# Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $125 | 1.05% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market performed strongly overall in 2025, significantly outpacing U.S. stocks in positive territory for the first time since 2017 and by the widest gap since 1993. Such strong performance was supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, increased defense spending, favorable currency movements, rising commodity prices, resilient corporate earnings, strong global enthusiasm for technology/AI, political stability in Japan, higher U.S. equity valuations and the U.S. Federal Reserve's commencement of a monetary easing cycle—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East, Russia/Ukraine and other "hot spots" around the world.

Top Contributors to Performance:

* Stock selection in the industrials, consumer discretionary and materials sectors contributed most positively to the Fund's performance versus the MSCI EAFE Standard Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Each of our four investment themes contributed positively, led by Market Themes & Trends and then followed by Fundamental Mispricings, Sentiment Analysis and High Quality Business Models.

* Among individual stock positions, the Fund was helped most by an overweight to Sumitomo Electric Industries and underweights to SAP and CSL.

* The overweight in Sumitomo Electric Industries, a Japanese manufacturer, specializing in wires, cables and advanced materials for electronics, energy, automotive and telecommunications, was driven mostly by our Market Themes & Trends investment theme.

* The Fund's underweight in Germany-based software company SAP was largely due to our High Quality Business Models and Market Themes & Trends investment themes.

* Our Market Themes & Trends investment theme primarily drove the Fund's underweight in Australia-based biotechnology firm CSL.

* The Fund benefited from its country positioning, with overweights in Germany and Japan and an underweight to the U.K. contributing most positively.

Top Detractors from Performance:

* Stock selection in financials and communication services hurt—the only two sectors to detract from the Fund's relative performance during the Period.

* The Fund was hampered most by underweight positions in Banco Santander and SoftBank Group and an overweight in Novo Nordisk.

* The underweight in Banco Santander, a Spain-based bank, was based mainly on our High Quality Business Models and Market Themes & Trends investment themes.

* The Fund was underweight SoftBank Group, a Japan-based investment holding company, primarily because of our Market Themes & Trends and Fundamental Mispricings investment themes.

* Our Sentiment Analysis and High Quality Business Models investment themes drove the Fund's overweight in Denmark-based pharmaceuticals manufacturer Novo Nordisk.

* Underweights in Spain and Ireland and an overweight in Denmark dampened the Fund's results.

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g12h09.jpg)

---

| | | |
|:---|:---|:---|
| | **Service** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 |
| **12/16** | $9713 | $10100 |
| **12/17** | $12259 | $12628 |
| **12/18** | $10230 | $10887 |
| **12/19** | $12095 | $13283 |
| **12/20** | $12886 | $14321 |
| **12/21** | $14408 | $15934 |
| **12/22** | $12431 | $13632 |
| **12/23** | $14722 | $16118 |
| **12/24** | $15577 | $16734 |
| **12/25** | $21520 | $21958 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 38.15% | 10.80% | 7.96% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 8.18% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $127837210 |
| # of Portfolio Holdings as of Period End | 317 |
| Portfolio Turnover Rate for the Period | 156% |
| Total Net Advisory Fees Paid for the Period | $894733 |

---

## 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 | 23.8% |
| Industrials | 19.8% |
| Health Care | 12.8% |
| Information Technology | 9.9% |
| Consumer Discretionary | 8.9% |
| Materials | 7.1% |
| Consumer Staples | 6.0% |
| Communication Services | 3.6% |
| Energy | 3.5% |
| Other | 3.3% |

---

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.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - International Equity Insights Fund

380987776-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

# Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $74 | 0.70% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Stock selection in the industrials, financials and real estate sectors contributed most positively to the Fund's relative results.

* Relative to the Russell 1000<sup>®</sup> Value Index (Russell Index), the Fund benefited most from positions in electricity company GE Vernova, heavy machinery manufacturer Caterpillar and aviation engine and systems manufacturer GE Aerospace.

* An overweight in GE Vernova proved beneficial, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, benefited the company.

* An overweight in Caterpillar added value, with the company's stock price rising as Caterpillar was increasingly recognized as a key player in the AI and data center infrastructure boom, providing essential power generation solutions and construction equipment, which contributed to revenue tailwinds and boosted investor confidence. Its growing backlog provided strong revenue visibility, signaling, in our view, sustained momentum and long-term profitable growth potential, further supported by increased global infrastructure spending and data center buildouts.

* An overweight in GE Aerospace contributed positively due to the company's strong financial results in both its commercial engine and defense segments. The company demonstrated revenue increases driven by defense deliveries, services and equipment, and improved pricing power. While we continued to like the company, we decided to exit the position and reallocate the proceeds to what we viewed as better risk/reward opportunities.

Top Detractors from Performance:

* The Fund posted double-digit positive absolute returns but underperformed the Russell Index on a relative basis due primarily to stock selection decisions overall. Sector allocation positioning as a whole also detracted, albeit modestly.

* Stock selection in the information technology, health care and materials sectors detracted most from the Fund's relative results. Having an underweight in information technology and an overweight in health care also hurt.

* Among those companies detracting most from the Fund's results relative to the Russell Index were positions in health insurance and health care services provider UnitedHealth Group, semiconductor manufacturer Micron Technology and semiconductor company Marvell Technology.

* An overweight in UnitedHealth Group detracted, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured its profitability. In light of this challenging environment, we exited the Fund's position in favor of opportunities we found more compelling from a risk/reward perspective.

* An underweight in Micron Technology detracted from results, as its share price rose on the back of its robust financial performance. The company consistently surpassed market expectations with strong earnings, fueled by ongoing demand for its specialized memory products that are critical components for AI applications.

* An overweight in Bristol-Myers Squibb dampened results, as investors were disappointed in the performance of its new product launches. Concerns around generic erosion and patent cliffs further hurt, as the market lacked confidence in Marvell Technology dampened results, as investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape—ultimately leading its stock to a double-digit decline during the Period.

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

Institutional Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g57k39.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $11158 | $11734 | $11205 |
| **12/17** | $12257 | $13337 | $13635 |
| **12/18** | $11220 | $12234 | $12984 |
| **12/19** | $14129 | $15481 | $17064 |
| **12/20** | $14692 | $15914 | $20641 |
| **12/21** | $18237 | $19918 | $26101 |
| **12/22** | $17075 | $18416 | $21108 |
| **12/23** | $19297 | $20527 | $26707 |
| **12/24** | $22597 | $23477 | $33253 |
| **12/25** | $25055 | $27212 | $39029 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 10.88% | 11.26% | 9.61% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.32% | 10.52% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.58% | 14.58% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $265597465 |
| # of Portfolio Holdings as of Period End | 66 |
| Portfolio Turnover Rate for the Period | 81% |
| Total Net Advisory Fees Paid for the Period | $1798521 |

---

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

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

---

| | |
|:---|:---|
| Financials | 22.4% |
| Industrials | 15.8% |
| Health Care | 11.9% |
| Information Technology | 10.2% |
| Communication Services | 8.9% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 6.6% |
| Energy | 4.7% |
| Materials | 4.3% |
| Other | 7.4% |

---

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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

380987107-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

# Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $98 | 0.93% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Stock selection in the industrials, financials and real estate sectors contributed most positively to the Fund's relative results.

* Relative to the Russell 1000<sup>®</sup> Value Index (Russell Index), the Fund benefited most from positions in electricity company GE Vernova, heavy machinery manufacturer Caterpillar and aviation engine and systems manufacturer GE Aerospace.

* An overweight in GE Vernova proved beneficial, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, benefited the company.

* An overweight in Caterpillar added value, with the company's stock price rising as Caterpillar was increasingly recognized as a key player in the AI and data center infrastructure boom, providing essential power generation solutions and construction equipment, which contributed to revenue tailwinds and boosted investor confidence. Its growing backlog provided strong revenue visibility, signaling, in our view, sustained momentum and long-term profitable growth potential, further supported by increased global infrastructure spending and data center buildouts.

* An overweight in GE Aerospace contributed positively due to the company's strong financial results in both its commercial engine and defense segments. The company demonstrated revenue increases driven by defense deliveries, services and equipment, and improved pricing power. While we continued to like the company, we decided to exit the position and reallocate the proceeds to what we viewed as better risk/reward opportunities.

Top Detractors from Performance:

* The Fund posted double-digit positive absolute returns but underperformed the Russell Index on a relative basis due primarily to stock selection decisions overall. Sector allocation positioning as a whole also detracted, albeit modestly.

* Stock selection in the information technology, health care and materials sectors detracted most from the Fund's relative results. Having an underweight in information technology and an overweight in health care also hurt.

* Among those companies detracting most from the Fund's results relative to the Russell Index were positions in health insurance and health care services provider UnitedHealth Group, semiconductor manufacturer Micron Technology and semiconductor company Marvell Technology.

* An overweight in UnitedHealth Group detracted, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured its profitability. In light of this challenging environment, we exited the Fund's position in favor of opportunities we found more compelling from a risk/reward perspective.

* An underweight in Micron Technology detracted from results, as its share price rose on the back of its robust financial performance. The company consistently surpassed market expectations with strong earnings, fueled by ongoing demand for its specialized memory products that are critical components for AI applications.

* An overweight in Bristol-Myers Squibb dampened results, as investors were disappointed in the performance of its new product launches. Concerns around generic erosion and patent cliffs further hurt, as the market lacked confidence in Marvell Technology dampened results, as investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape—ultimately leading its stock to a double-digit decline during the Period.

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g10f14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $11128 | $11734 | $11205 |
| **12/17** | $12192 | $13337 | $13635 |
| **12/18** | $11129 | $12234 | $12984 |
| **12/19** | $13979 | $15481 | $17064 |
| **12/20** | $14502 | $15914 | $20641 |
| **12/21** | $17972 | $19918 | $26101 |
| **12/22** | $16791 | $18416 | $21108 |
| **12/23** | $18925 | $20527 | $26707 |
| **12/24** | $22103 | $23477 | $33253 |
| **12/25** | $24446 | $27212 | $39029 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 10.60% | 11.00% | 9.34% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.32% | 10.52% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.58% | 14.58% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $265597465 |
| # of Portfolio Holdings as of Period End | 66 |
| Portfolio Turnover Rate for the Period | 81% |
| Total Net Advisory Fees Paid for the Period | $1798521 |

---

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

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

---

| | |
|:---|:---|
| Financials | 22.4% |
| Industrials | 15.8% |
| Health Care | 11.9% |
| Information Technology | 10.2% |
| Communication Services | 8.9% |
| Consumer Discretionary | 7.7% |
| Consumer Staples | 6.6% |
| Energy | 4.7% |
| Materials | 4.3% |
| Other | 7.4% |

---

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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Large Cap Value Fund

380987677-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

# Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $86 | 0.83% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Sector allocation positioning overall contributed positively to the Fund's results relative to the Russell Midcap<sup>®</sup> Growth Index (Russell Index).

* Stock selection in industrials, consumer discretionary and energy contributed most positively to the Fund's relative results. Having an underweight to consumer discretionary also added value.

* The Fund was helped most versus the Russell Index by investments in electricity company GE Vernova, pharmaceuticals wholesale and distribution company Cencora and energy control systems manufacturer Woodward.

* An overweight in GE Vernova proved beneficial, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, benefited the company. While we continued to like the company, we exited the Fund's position, as its significant appreciation led to a market capitalization that surpassed the thresholds for a mid-cap company.

* An overweight in Cencora contributed positively, as momentum within the company's U.S. drug distribution business underpinned its strong performance. Positive utilization and drug volume trends, coupled with upcoming patent cliffs within the pharmaceutical industry, benefited the company's growth during the Period. The company experienced pricing, client mix and margin benefits as well.

* An overweight in Woodward added value, as strong demand from constituents across the aerospace and industrials markets bolstered the company's sales and profitability. Alongside these demand tailwinds, the company, via strong execution from its management team, strategically adapted itself for ongoing growth and increased market share through completing strategic acquisitions, share buybacks and increased investments in core assets.

Top Detractors from Performance:

* The Fund generated positive absolute returns but underperformed the Russell Index on a relative basis due primarily to stock selection overall.

* Weak stock selection in information technology, financials and communication services detracted most. 

* The Fund's investments in mechanical, electrical and plumbing building systems provider Comfort Systems USA, veterinary diagnostics, software and water testing company Idexx Laboratories and alternative asset manager Blue Owl Capital detracted most.

* An underweight in Comfort Systems USA detracted. The company was a beneficiary of the AI growth theme, as increased federal spending and strong demand growth for the company's specialized mechanical and electrical services benefited revenue and margins. We sold the Fund's position early in the calendar year, which led the company to be a detractor for the Period.

* An underweight in Idexx Laboratories hurt. The company's stock price appreciated sharply as strong demand for the company's animal diagnostics services, software tailwinds and increased investment in pet care benefited its top and bottom lines. The Fund's exit from its stock early in the calendar year caused it to be a detractor for the Period.

* An overweight in Blue Owl Capital detracted. The company experienced pressure as a failed merger attempt, coupled with market-wide concern regarding the legitimacy of private credit investing, sparked fears regarding the company's liquidity and valuation—causing a sell-off in its stock.

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

Institutional Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g15m68.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $10171 | $10733 | $11274 |
| **12/17** | $12931 | $13445 | $13656 |
| **12/18** | $12392 | $12807 | $12941 |
| **12/19** | $16649 | $17349 | $16955 |
| **12/20** | $24054 | $23524 | $20497 |
| **12/21** | $26857 | $26518 | $25756 |
| **12/22** | $19820 | $19433 | $20808 |
| **12/23** | $23523 | $24460 | $26210 |
| **12/24** | $28340 | $29865 | $32451 |
| **12/25** | $30443 | $32452 | $38016 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 7.42% | 4.82% | 11.77% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.64% | 12.48% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $63373198 |
| # of Portfolio Holdings as of Period End | 67 |
| Portfolio Turnover Rate for the Period | 83% |
| Total Net Advisory Fees Paid for the Period | $507836 |

---

## 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 | 22.4% |
| Health Care | 18.8% |
| Consumer Discretionary | 16.8% |
| Information Technology | 15.7% |
| Financials | 7.3% |
| Communication Services | 6.5% |
| Money Market Instruments | 3.0% |
| Materials | 3.0% |
| Utilities | 2.7% |
| Other | 3.7% |

---

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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

380987636-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

# Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $102 | 0.98% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Sector allocation positioning overall contributed positively to the Fund's results relative to the Russell Midcap<sup>®</sup> Growth Index (Russell Index).

* Stock selection in industrials, consumer discretionary and energy contributed most positively to the Fund's relative results. Having an underweight to consumer discretionary also added value.

* The Fund was helped most versus the Russell Index by investments in electricity company GE Vernova, pharmaceuticals wholesale and distribution company Cencora and energy control systems manufacturer Woodward.

* An overweight in GE Vernova proved beneficial, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, benefited the company. While we continued to like the company, we exited the Fund's position, as its significant appreciation led to a market capitalization that surpassed the thresholds for a mid-cap company.

* An overweight in Cencora contributed positively, as momentum within the company's U.S. drug distribution business underpinned its strong performance. Positive utilization and drug volume trends, coupled with upcoming patent cliffs within the pharmaceutical industry, benefited the company's growth during the Period. The company experienced pricing, client mix and margin benefits as well.

* An overweight in Woodward added value, as strong demand from constituents across the aerospace and industrials markets bolstered the company's sales and profitability. Alongside these demand tailwinds, the company, via strong execution from its management team, strategically adapted itself for ongoing growth and increased market share through completing strategic acquisitions, share buybacks and increased investments in core assets.

Top Detractors from Performance:

* The Fund generated positive absolute returns but underperformed the Russell Index on a relative basis due primarily to stock selection overall.

* Weak stock selection in information technology, financials and communication services detracted most. 

* The Fund's investments in mechanical, electrical and plumbing building systems provider Comfort Systems USA, veterinary diagnostics, software and water testing company Idexx Laboratories and alternative asset manager Blue Owl Capital detracted most.

* An underweight in Comfort Systems USA detracted. The company was a beneficiary of the AI growth theme, as increased federal spending and strong demand growth for the company's specialized mechanical and electrical services benefited revenue and margins. We sold the Fund's position early in the calendar year, which led the company to be a detractor for the Period.

* An underweight in Idexx Laboratories hurt. The company's stock price appreciated sharply as strong demand for the company's animal diagnostics services, software tailwinds and increased investment in pet care benefited its top and bottom lines. The Fund's exit from its stock early in the calendar year caused it to be a detractor for the Period.

* An overweight in Blue Owl Capital detracted. The company experienced pressure as a failed merger attempt, coupled with market-wide concern regarding the legitimacy of private credit investing, sparked fears regarding the company's liquidity and valuation—causing a sell-off in its stock.

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g36a81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $10142 | $10733 | $11274 |
| **12/17** | $12872 | $13445 | $13656 |
| **12/18** | $12314 | $12807 | $12941 |
| **12/19** | $16508 | $17349 | $16955 |
| **12/20** | $23822 | $23524 | $20497 |
| **12/21** | $26557 | $26518 | $25756 |
| **12/22** | $19572 | $19433 | $20808 |
| **12/23** | $23184 | $24460 | $26210 |
| **12/24** | $27887 | $29865 | $32451 |
| **12/25** | $29940 | $32452 | $38016 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 7.36% | 4.67% | 11.58% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.64% | 12.48% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $63373198 |
| # of Portfolio Holdings as of Period End | 67 |
| Portfolio Turnover Rate for the Period | 83% |
| Total Net Advisory Fees Paid for the Period | $507836 |

---

## 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 | 22.4% |
| Health Care | 18.8% |
| Consumer Discretionary | 16.8% |
| Information Technology | 15.7% |
| Financials | 7.3% |
| Communication Services | 6.5% |
| Money Market Instruments | 3.0% |
| Materials | 3.0% |
| Utilities | 2.7% |
| Other | 3.7% |

---

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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund

380987719-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

# Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $86 | 0.82% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Stock selection decisions overall contributed positively, albeit modestly, to the Fund's results relative to the Russell Midcap<sup>®</sup> Value Index (Russell Index). 

* Contributing positively to the Fund's relative results was effective stock selection in the industrials, consumer discretionary and consumer staples sectors. 

* The Fund benefited most relative to the Russell Index from positions in data storage company Western Digital, electricity company GE Vernova and pharmaceuticals wholesale and distribution company Cencora.

* An overweight in Western Digital boosted results, as the company benefited from ongoing strong demand within its cloud segment alongside increasing needs for AI-driven data storage. As an industry leader in hard disk drives, the company was strategically positioned for structural growth from cloud capital expenditure and AI. 

* An overweight in GE Vernova proved beneficial, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, benefited the company. While we continued to like the company, we exited the Fund's position, as its significant appreciation led to a market capitalization that surpassed the thresholds for a mid-cap company.

* An overweight in Cencora contributed positively, as momentum within the company's U.S. drug distribution business underpinned its strong performance. Positive utilization and drug volume trends, coupled with upcoming patent cliffs within the pharmaceutical industry, benefited the company's growth during the Period. The company experienced pricing, client mix and margin benefits as well.

Top Detractors from Performance:

* The Fund generated solid positive absolute returns but underperformed the Russell Index on a relative basis due primarily to sector allocation positioning overall. 

* Detracting most from the Fund's relative results were the financials, materials and communication services sectors, wherein stock selection proved especially challenging. An underweight to communication services further dampened the Fund's relative results. 

* Detracting from the Fund's results relative to the Russell Index were positions in semiconductor company Marvell Technology, financial services platform operator Robinhood Markets and medical device company The Cooper Companies.

* An overweight in Marvell Technology dampened results, as investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape—ultimately leading its stock to a double-digit decline during the Period. 

* An underweight in Robinhood Markets detracted, as the company's stock price rapidly appreciated during the Period. The increased popularity of prediction markets served as a major catalyst and strong revenue stream for the company. This led revenue, transaction fees and number of funded accounts to rise significantly and quickly.

* An overweight in The Cooper Companies detracted, as supply constraints, softening end market demand and competitive advantage concerns pressured its stock's performance. We exited the Fund's position as concerns of a potentially weaker consumer spending appetite may extend the company's underperformance, in our view.

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

Institutional Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g93z50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $11353 | $12000 | $11274 |
| **12/17** | $12610 | $13601 | $13656 |
| **12/18** | $11291 | $11929 | $12941 |
| **12/19** | $14851 | $15157 | $16955 |
| **12/20** | $16098 | $15909 | $20497 |
| **12/21** | $21081 | $20418 | $25756 |
| **12/22** | $18975 | $17962 | $20808 |
| **12/23** | $21142 | $20244 | $26210 |
| **12/24** | $23763 | $22890 | $32451 |
| **12/25** | $25995 | $25420 | $38016 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 9.39% | 10.05% | 10.02% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.82% | 9.77% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $446242120 |
| # of Portfolio Holdings as of Period End | 96 |
| Portfolio Turnover Rate for the Period | 96% |
| Total Net Advisory Fees Paid for the Period | $3314209 |

---

## 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 | 17.5% |
| Industrials | 17.4% |
| Consumer Discretionary | 8.9% |
| Information Technology | 8.8% |
| Energy | 8.3% |
| Real Estate | 8.1% |
| Health Care | 7.8% |
| Utilities | 7.8% |
| Materials | 7.2% |
| Other | 8.1% |

---

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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

380987602-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

# Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $112 | 1.07% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Stock selection decisions overall contributed positively, albeit modestly, to the Fund's results relative to the Russell Midcap<sup>®</sup> Value Index (Russell Index). 

* Contributing positively to the Fund's relative results was effective stock selection in the industrials, consumer discretionary and consumer staples sectors. 

* The Fund benefited most relative to the Russell Index from positions in data storage company Western Digital, electricity company GE Vernova and pharmaceuticals wholesale and distribution company Cencora.

* An overweight in Western Digital boosted results, as the company benefited from ongoing strong demand within its cloud segment alongside increasing needs for AI-driven data storage. As an industry leader in hard disk drives, the company was strategically positioned for structural growth from cloud capital expenditure and AI. 

* An overweight in GE Vernova proved beneficial, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, benefited the company. While we continued to like the company, we exited the Fund's position, as its significant appreciation led to a market capitalization that surpassed the thresholds for a mid-cap company.

* An overweight in Cencora contributed positively, as momentum within the company's U.S. drug distribution business underpinned its strong performance. Positive utilization and drug volume trends, coupled with upcoming patent cliffs within the pharmaceutical industry, benefited the company's growth during the Period. The company experienced pricing, client mix and margin benefits as well.

Top Detractors from Performance:

* The Fund generated solid positive absolute returns but underperformed the Russell Index on a relative basis due primarily to sector allocation positioning overall. 

* Detracting most from the Fund's relative results were the financials, materials and communication services sectors, wherein stock selection proved especially challenging. An underweight to communication services further dampened the Fund's relative results. 

* Detracting from the Fund's results relative to the Russell Index were positions in semiconductor company Marvell Technology, financial services platform operator Robinhood Markets and medical device company The Cooper Companies.

* An overweight in Marvell Technology dampened results, as investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape—ultimately leading its stock to a double-digit decline during the Period. 

* An underweight in Robinhood Markets detracted, as the company's stock price rapidly appreciated during the Period. The increased popularity of prediction markets served as a major catalyst and strong revenue stream for the company. This led revenue, transaction fees and number of funded accounts to rise significantly and quickly.

* An overweight in The Cooper Companies detracted, as supply constraints, softening end market demand and competitive advantage concerns pressured its stock's performance. We exited the Fund's position as concerns of a potentially weaker consumer spending appetite may extend the company's underperformance, in our view.

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g72f84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $11328 | $12000 | $11274 |
| **12/17** | $12557 | $13601 | $13656 |
| **12/18** | $11213 | $11929 | $12941 |
| **12/19** | $14709 | $15157 | $16955 |
| **12/20** | $15913 | $15909 | $20497 |
| **12/21** | $20778 | $20418 | $25756 |
| **12/22** | $18652 | $17962 | $20808 |
| **12/23** | $20725 | $20244 | $26210 |
| **12/24** | $23245 | $22890 | $32451 |
| **12/25** | $25367 | $25420 | $38016 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 9.13% | 9.77% | 9.75% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.82% | 9.77% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $446242120 |
| # of Portfolio Holdings as of Period End | 96 |
| Portfolio Turnover Rate for the Period | 96% |
| Total Net Advisory Fees Paid for the Period | $3314209 |

---

## 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 | 17.5% |
| Industrials | 17.4% |
| Consumer Discretionary | 8.9% |
| Information Technology | 8.8% |
| Energy | 8.3% |
| Real Estate | 8.1% |
| Health Care | 7.8% |
| Utilities | 7.8% |
| Materials | 7.2% |
| Other | 8.1% |

---

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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund

380987743-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

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

# Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $88 | 0.81% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes. Small-cap equities posted double-digit gains but underperformed their large-cap counterparts for the year in part due to elevated tariffs disproportionately squeezing their margins.

Top Contributors to Performance:

* Stock selection in the health care, industrials and information technology sectors contributed most positively to the Fund's performance versus the Russell 2000<sup>®</sup> Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Each of our four investment themes contributed positively, led by Market Themes & Trends and then followed by Sentiment Analysis, High Quality Business Models and Fundamental Mispricings.

* Among individual stock positions, the Fund was helped most by overweights in Hecla Mining, Praxis Precision Medicines and Adaptive Biotechnologies.

* The overweight in Hecla Mining, a silver producer, was largely driven by our Market Themes & Trends and Sentiment Analysis investment themes.

* The High Quality Business Models investment theme was primarily responsible for the Fund's overweight in Praxis Precision Medicines, a clinical-stage biopharmaceutical company.

* The Fund was overweight Adaptive Biotechnologies, a biotechnology company specializing in immune-driven medicine, due primarily to our Sentiment Analysis and Market Themes & Trends investment themes. 

Top Detractors from Performance:

* Stock selection in the real estate, communication services and energy sectors detracted from the Fund's performance on a relative basis.

* Overweight individual stock positions in Alight and LGI Homes and an underweight in EchoStar hurt the Fund's relative results most.

* The Fund's overweight in Alight, which provides cloud-based human resources solutions, was mostly the result of our High Quality Business Models and Sentiment Analysis investment themes.

* The overweight in LGI Homes, a homebuilder focused on entry-level and move-up homes, was mainly driven by our Sentiment Analysis and High Quality Business Models investment themes.

* Our High Quality Business Models investment theme was largely responsible for the Fund's underweight in technology, networking and satellite communications provider EchoStar. 

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

Institutional Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g92x05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $12320 | $12131 | $11274 |
| **12/17** | $13745 | $13908 | $13656 |
| **12/18** | $12561 | $12377 | $12941 |
| **12/19** | $15681 | $15535 | $16955 |
| **12/20** | $17026 | $18636 | $20497 |
| **12/21** | $21076 | $21398 | $25756 |
| **12/22** | $16992 | $17024 | $20808 |
| **12/23** | $20268 | $19907 | $26210 |
| **12/24** | $24129 | $22204 | $32451 |
| **12/25** | $28023 | $25048 | $38016 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 16.14% | 10.47% | 10.84% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.61% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $178277379 |
| # of Portfolio Holdings as of Period End | 529 |
| Portfolio Turnover Rate for the Period | 153% |
| Total Net Advisory Fees Paid for the Period | $1104961 |

---

## 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 (%)** 

---

| | |
|:---|:---|
| Health Care | 20.0% |
| Financials | 16.4% |
| Industrials | 15.2% |
| Information Technology | 13.9% |
| Consumer Discretionary | 11.7% |
| Real Estate | 6.1% |
| Materials | 4.9% |
| Energy | 4.5% |
| Communication Services | 2.4% |
| Other | 3.4% |

---

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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 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-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

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

# Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $114 | 1.06% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes. Small-cap equities posted double-digit gains but underperformed their large-cap counterparts for the year in part due to elevated tariffs disproportionately squeezing their margins.

Top Contributors to Performance:

* Stock selection in the health care, industrials and information technology sectors contributed most positively to the Fund's performance versus the Russell 2000<sup>®</sup> Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Each of our four investment themes contributed positively, led by Market Themes & Trends and then followed by Sentiment Analysis, High Quality Business Models and Fundamental Mispricings.

* Among individual stock positions, the Fund was helped most by overweights in Hecla Mining, Praxis Precision Medicines and Adaptive Biotechnologies.

* The overweight in Hecla Mining, a silver producer, was largely driven by our Market Themes & Trends and Sentiment Analysis investment themes.

* The High Quality Business Models investment theme was primarily responsible for the Fund's overweight in Praxis Precision Medicines, a clinical-stage biopharmaceutical company.

* The Fund was overweight Adaptive Biotechnologies, a biotechnology company specializing in immune-driven medicine, due primarily to our Sentiment Analysis and Market Themes & Trends investment themes. 

Top Detractors from Performance:

* Stock selection in the real estate, communication services and energy sectors detracted from the Fund's performance on a relative basis.

* Overweight individual stock positions in Alight and LGI Homes and an underweight in EchoStar hurt the Fund's relative results most.

* The Fund's overweight in Alight, which provides cloud-based human resources solutions, was mostly the result of our High Quality Business Models and Sentiment Analysis investment themes.

* The overweight in LGI Homes, a homebuilder focused on entry-level and move-up homes, was mainly driven by our Sentiment Analysis and High Quality Business Models investment themes.

* Our High Quality Business Models investment theme was largely responsible for the Fund's underweight in technology, networking and satellite communications provider EchoStar. 

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g39c30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $12299 | $12131 | $11274 |
| **12/17** | $13679 | $13908 | $13656 |
| **12/18** | $12472 | $12377 | $12941 |
| **12/19** | $15532 | $15535 | $16955 |
| **12/20** | $16830 | $18636 | $20497 |
| **12/21** | $20786 | $21398 | $25756 |
| **12/22** | $16703 | $17024 | $20808 |
| **12/23** | $19869 | $19907 | $26210 |
| **12/24** | $23608 | $22204 | $32451 |
| **12/25** | $27343 | $25048 | $38016 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 15.82% | 10.19% | 10.57% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.61% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $178277379 |
| # of Portfolio Holdings as of Period End | 529 |
| Portfolio Turnover Rate for the Period | 153% |
| Total Net Advisory Fees Paid for the Period | $1104961 |

---

## 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 (%)** 

---

| | |
|:---|:---|
| Health Care | 20.0% |
| Financials | 16.4% |
| Industrials | 15.2% |
| Information Technology | 13.9% |
| Consumer Discretionary | 11.7% |
| Real Estate | 6.1% |
| Materials | 4.9% |
| Energy | 4.5% |
| Communication Services | 2.4% |
| Other | 3.4% |

---

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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 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-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

# Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $76 | 0.70% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Stock selection decisions overall contributed positively to the Fund's results relative to the Russell 1000<sup>®</sup> Growth Index (Russell Index). 

* Effective stock selection in the health care, industrials and financials sectors contributed most positively to the Fund's results relative to the Russell Index. 

* Among those stocks the Fund benefited most from relative to the Russell Index were positions in builder of software-based platforms for advertisers AppLovin, electricity company GE Vernova and semiconductor manufacturer Micron Technology.

* An overweight in AppLovin contributed positively, as the company continued to leverage AI to meet the increasing demand for its programmatic mobile advertising platform, enabling mobile publishers and developers to market and monetize their applications at an accelerated pace. 

* An overweight in GE Vernova proved beneficial, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, benefited the company.

* An overweight in Micron Technology added value, as its share price rose on the back of its robust financial performance. The company consistently surpassed market expectations with strong earnings, fueled by ongoing demand for its specialized memory products that are critical components for AI applications.

Top Detractors from Performance:

* The Fund generated double-digit positive absolute returns but underperformed the Russell Index on a relative basis due primarily to sector allocation as a whole. 

* Detracting most from the Fund's relative results was weak stock selection in the information technology and communication services sectors. Having an overweight to materials further dampened results. 

* Detracting most from the Fund's results relative to the Russell Index were positions in information technology giant Oracle, software platform builder Palantir Technologies and semiconductor company Marvell Technology.

* The Fund's position in Oracle detracted from relative results primarily due to the timing of our investment. We initiated a Fund position in the company following a span of strong performance based on rising cloud revenue growth and positive AI sentiment, but its stock later tumbled due to investor concerns about Oracle's growing debt and exposure to significant cloud computing deals. Despite this pullback, we held the position. 

* Similarly, the Fund's position in Palantir Technologies detracted primarily due to the timing of our investment. We initiated a Fund position in the company in the fourth quarter of 2025 after a strong span of performance on the back of excitement from its AI initiatives and strong earnings results. At the end of the Period, we continued to like the company though we maintained an underweight Fund position, as the company, in our view, potentially faces disruption to growth in its government business and an international slowdown.

* An overweight in Marvell Technology dampened results, as investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape—ultimately leading its stock to a double-digit decline during the Period.

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

Institutional Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g67x66.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $10198 | $10708 | $11205 |
| **12/17** | $13325 | $13943 | $13635 |
| **12/18** | $13186 | $13732 | $12984 |
| **12/19** | $17871 | $18730 | $17064 |
| **12/20** | $25111 | $25939 | $20641 |
| **12/21** | $30618 | $33098 | $26101 |
| **12/22** | $20661 | $23453 | $21108 |
| **12/23** | $29326 | $33463 | $26707 |
| **12/24** | $38819 | $44626 | $33253 |
| **12/25** | $45775 | $52908 | $39029 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 17.92% | 12.75% | 16.41% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.31% | 18.11% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.58% | 14.58% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $460821131 |
| # of Portfolio Holdings as of Period End | 56 |
| Portfolio Turnover Rate for the Period | 54% |
| Total Net Advisory Fees Paid for the Period | $2892413 |

---

## 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 | 50.0% |
| Communication Services | 12.2% |
| Consumer Discretionary | 11.9% |
| Health Care | 9.2% |
| Industrials | 6.5% |
| Financials | 5.7% |
| Materials | 1.5% |
| Consumer Staples | 1.5% |
| Energy | 1.2% |
| Other | 0.4% |

---

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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

380987503-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

# Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $103 | 0.95% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Stock selection decisions overall contributed positively to the Fund's results relative to the Russell 1000<sup>®</sup> Growth Index (Russell Index). 

* Effective stock selection in the health care, industrials and financials sectors contributed most positively to the Fund's results relative to the Russell Index. 

* Among those stocks the Fund benefited most from relative to the Russell Index were positions in builder of software-based platforms for advertisers AppLovin, electricity company GE Vernova and semiconductor manufacturer Micron Technology.

* An overweight in AppLovin contributed positively, as the company continued to leverage AI to meet the increasing demand for its programmatic mobile advertising platform, enabling mobile publishers and developers to market and monetize their applications at an accelerated pace. 

* An overweight in GE Vernova proved beneficial, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, benefited the company.

* An overweight in Micron Technology added value, as its share price rose on the back of its robust financial performance. The company consistently surpassed market expectations with strong earnings, fueled by ongoing demand for its specialized memory products that are critical components for AI applications.

Top Detractors from Performance:

* The Fund generated double-digit positive absolute returns but underperformed the Russell Index on a relative basis due primarily to sector allocation as a whole. 

* Detracting most from the Fund's relative results was weak stock selection in the information technology and communication services sectors. Having an overweight to materials further dampened results. 

* Detracting most from the Fund's results relative to the Russell Index were positions in information technology giant Oracle, software platform builder Palantir Technologies and semiconductor company Marvell Technology.

* The Fund's position in Oracle detracted from relative results primarily due to the timing of our investment. We initiated a Fund position in the company following a span of strong performance based on rising cloud revenue growth and positive AI sentiment, but its stock later tumbled due to investor concerns about Oracle's growing debt and exposure to significant cloud computing deals. Despite this pullback, we held the position. 

* Similarly, the Fund's position in Palantir Technologies detracted primarily due to the timing of our investment. We initiated a Fund position in the company in the fourth quarter of 2025 after a strong span of performance on the back of excitement from its AI initiatives and strong earnings results. At the end of the Period, we continued to like the company though we maintained an underweight Fund position, as the company, in our view, potentially faces disruption to growth in its government business and an international slowdown.

* An overweight in Marvell Technology dampened results, as investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape—ultimately leading its stock to a double-digit decline during the Period.

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g24g00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $10169 | $10708 | $11205 |
| **12/17** | $13256 | $13943 | $13635 |
| **12/18** | $13081 | $13732 | $12984 |
| **12/19** | $17702 | $18730 | $17064 |
| **12/20** | $24802 | $25939 | $20641 |
| **12/21** | $30149 | $33098 | $26101 |
| **12/22** | $20296 | $23453 | $21108 |
| **12/23** | $28750 | $33463 | $26707 |
| **12/24** | $37976 | $44626 | $33253 |
| **12/25** | $44652 | $52908 | $39029 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 17.58% | 12.47% | 16.13% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.31% | 18.11% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.58% | 14.58% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $460821131 |
| # of Portfolio Holdings as of Period End | 56 |
| Portfolio Turnover Rate for the Period | 54% |
| Total Net Advisory Fees Paid for the Period | $2892413 |

---

## 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 | 50.0% |
| Communication Services | 12.2% |
| Consumer Discretionary | 11.9% |
| Health Care | 9.2% |
| Industrials | 6.5% |
| Financials | 5.7% |
| Materials | 1.5% |
| Consumer Staples | 1.5% |
| Energy | 1.2% |
| Other | 0.4% |

---

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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Strategic Growth Fund

380987750-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

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

# Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $60 | 0.56% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Stock selection in the industrials, materials and financials sectors contributed most positively to the Fund's performance relative to the S&P 500<sup>®</sup> Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* During the Period, Sentiment Analysis was the only one of our four investment themes to contribute positively.

* Regarding individual stock positions, the Fund benefited from overweights in UnitedHealth Group, Alphabet and Southern Copper. 

* The overweight in UnitedHealth Group, a health insurance and health care services provider, was based mostly on the Sentiment Analysis investment theme.

* Our Sentiment Analysis and High Quality Business Models investment themes were primarily responsible for the Fund's overweight in Google parent company Alphabet.

* The Fund's overweight in copper producer Southern Copper was driven mainly by our Sentiment Analysis and High Quality Business Models investment themes. 

Top Detractors from Performance:

* Stock selection in the information technology, real estate and consumer discretionary sectors detracted most from the Fund's relative returns.

* Our High Quality Business Models, Market Themes & Trends and Fundamental Mispricings investment themes detracted. 

* Among individual stock positions, overweights in Oracle, United Parcel Services and Zoetis hurt relative performance. 

* The Fund's overweight in information technology giant Oracle was largely the result of our High Quality Business Models investment theme.

* The High Quality Business Models and Sentiment Analysis investment themes primarily led to the Fund's overweight in logistics provider United Parcel Services.

* The overweight in Zoetis, an animal health medicines and vaccines developer and manufacturer, was based mostly on our Sentiment Analysis and High Quality Business Models investment themes.

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

Institutional Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g91m28.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 |
| **12/16** | $11073 | $11196 |
| **12/17** | $13738 | $13640 |
| **12/18** | $12888 | $13043 |
| **12/19** | $16137 | $17150 |
| **12/20** | $18969 | $20305 |
| **12/21** | $24548 | $26135 |
| **12/22** | $19702 | $21402 |
| **12/23** | $24393 | $27029 |
| **12/24** | $31301 | $33791 |
| **12/25** | $36231 | $39833 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 15.75% | 13.81% | 13.73% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

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

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $379460692 |
| # of Portfolio Holdings as of Period End | 115 |
| Portfolio Turnover Rate for the Period | 198% |
| Total Net Advisory Fees Paid for the Period | $1996825 |

---

## 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 | 33.1% |
| Financials | 13.8% |
| Consumer Discretionary | 13.3% |
| Communication Services | 10.5% |
| Health Care | 10.2% |
| Industrials | 7.3% |
| Consumer Staples | 4.9% |
| Materials | 2.2% |
| Energy | 2.1% |
| Other | 1.9% |

---

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 S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 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-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

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

# Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | $83 | 0.77% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

Top Contributors to Performance:

* Stock selection in the industrials, materials and financials sectors contributed most positively to the Fund's performance relative to the S&P 500<sup>®</sup> Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* During the Period, Sentiment Analysis was the only one of our four investment themes to contribute positively.

* Regarding individual stock positions, the Fund benefited from overweights in UnitedHealth Group, Alphabet and Southern Copper. 

* The overweight in UnitedHealth Group, a health insurance and health care services provider, was based mostly on the Sentiment Analysis investment theme.

* Our Sentiment Analysis and High Quality Business Models investment themes were primarily responsible for the Fund's overweight in Google parent company Alphabet.

* The Fund's overweight in copper producer Southern Copper was driven mainly by our Sentiment Analysis and High Quality Business Models investment themes. 

Top Detractors from Performance:

* Stock selection in the information technology, real estate and consumer discretionary sectors detracted most from the Fund's relative returns.

* Our High Quality Business Models, Market Themes & Trends and Fundamental Mispricings investment themes detracted. 

* Among individual stock positions, overweights in Oracle, United Parcel Services and Zoetis hurt relative performance. 

* The Fund's overweight in information technology giant Oracle was largely the result of our High Quality Business Models investment theme.

* The High Quality Business Models and Sentiment Analysis investment themes primarily led to the Fund's overweight in logistics provider United Parcel Services.

* The overweight in Zoetis, an animal health medicines and vaccines developer and manufacturer, was based mostly on our Sentiment Analysis and High Quality Business Models investment themes.

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

Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g32p68.jpg)

---

| | | |
|:---|:---|:---|
| | **Service** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 |
| **12/16** | $11047 | $11196 |
| **12/17** | $13676 | $13640 |
| **12/18** | $12806 | $13043 |
| **12/19** | $15999 | $17150 |
| **12/20** | $18770 | $20305 |
| **12/21** | $24234 | $26135 |
| **12/22** | $19411 | $21402 |
| **12/23** | $23991 | $27029 |
| **12/24** | $30708 | $33791 |
| **12/25** | $35465 | $39833 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 15.49% | 13.56% | 13.48% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

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

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $379460692 |
| # of Portfolio Holdings as of Period End | 115 |
| Portfolio Turnover Rate for the Period | 198% |
| Total Net Advisory Fees Paid for the Period | $1996825 |

---

## 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 | 33.1% |
| Financials | 13.8% |
| Consumer Discretionary | 13.3% |
| Communication Services | 10.5% |
| Health Care | 10.2% |
| Industrials | 7.3% |
| Consumer Staples | 4.9% |
| Materials | 2.2% |
| Energy | 2.1% |
| Other | 1.9% |

---

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 S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2026 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-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

# Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Trend Driven Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## 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 | $71 | 0.68% |

---

## How did the Fund perform and what affected its performance?

Top Contributors to Performance:

* Relative to its blended benchmark, the Fund was helped by its overweight in equities. Investment decisions for the Fund are based upon an analysis of trends across different assets. These trends are based on, but are not limited to, relative considerations around the prices and volatility of the underlying markets.

* From an absolute return perspective, the Fund benefited most from its allocation to U.S. equities. Allocations to U.K., Japanese and Euro area equities further added to performance. The Fund's allocation to fixed income was also advantageous.

Top Detractors from Performance:

* The Fund's performance was hampered by its volatility management mechanism, which is designed to reduce Fund volatility by allocating assets away from risky investments in distressed or volatile market environments. In April 2025, global equity markets sold off after the U.S. Administration announced significant trade tariffs on countries around the world. This triggered the Fund's volatility management mechanism, and the Fund was actively de-risked into cash. The increased position in cash limited the Fund's performance, as the global equity markets subsequently rebounded.

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

Institutional Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g70p97.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional** | **60% MSCI World / 40% Bloomberg U.S. Treasury Index** | **Bloomberg U.S. Treasury Index (Total Return, USD, Unhedged)** | **MSCI World Index (Net, USD, Hedged)** | **MSCI World Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10451 | $10617 | $10104 | $10939 | $10751 |
| **12/17** | $11847 | $11906 | $10337 | $13032 | $13159 |
| **12/18** | $11364 | $11498 | $10426 | $12173 | $12013 |
| **12/19** | $12761 | $13756 | $11141 | $15633 | $15337 |
| **12/20** | $13317 | $15501 | $12032 | $17864 | $17776 |
| **12/21** | $15509 | $17532 | $11753 | $22219 | $21654 |
| **12/22** | $12562 | $15090 | $10288 | $18802 | $17726 |
| **12/23** | $14553 | $17489 | $10705 | $23371 | $21943 |
| **12/24** | $16307 | $19756 | $10767 | $28482 | $26040 |
| **12/25** | $17959 | $22507 | $11447 | $33901 | $31532 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 10.13% | 6.16% | 6.02% |
| 60% MSCI World / 40% Bloomberg U.S. Treasury Index | 13.93% | 7.74% | 8.44% |
| Bloomberg U.S. Treasury Index (Total Return, USD, Unhedged) | 6.32% | -0.99% | 1.36% |
| MSCI World Index (Net, USD, Hedged) | 19.03% | 13.66% | 12.97% |
| MSCI World Index (Net, USD, Unhedged) | 21.09% | 12.14% | 12.16% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $155443823 |
| # of Portfolio Holdings as of Period End | 12 |
| Portfolio Turnover Rate for the Period | 52% |
| Total Net Advisory Fees Paid for the Period | $1494333 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, investments in underlying funds and investments in exchange-traded funds were added as principal risks of the Fund.

## 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 | 12.9 | 12.9 | - | 12.9 |
| Long-Term Fixed Income | 31.0 | 31.0 | - | 31.0 |
| Cash and Short-Term Investments | 240.3 | 157.6 | 82.8 | 74.8 |
| US Equity | 56.6 | 56.6 |  | 56.6 |

---

\* 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.

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.

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

380987610-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

# Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Trend Driven Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## 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 | $98 | 0.93% |

---

## How did the Fund perform and what affected its performance?

Top Contributors to Performance:

* Relative to its blended benchmark, the Fund was helped by its overweight in equities. Investment decisions for the Fund are based upon an analysis of trends across different assets. These trends are based on, but are not limited to, relative considerations around the prices and volatility of the underlying markets.

* From an absolute return perspective, the Fund benefited most from its allocation to U.S. equities. Allocations to U.K., Japanese and Euro area equities further added to performance. The Fund's allocation to fixed income was also advantageous.

Top Detractors from Performance:

* The Fund's performance was hampered by its volatility management mechanism, which is designed to reduce Fund volatility by allocating assets away from risky investments in distressed or volatile market environments. In April 2025, global equity markets sold off after the U.S. Administration announced significant trade tariffs on countries around the world. This triggered the Fund's volatility management mechanism, and the Fund was actively de-risked into cash. The increased position in cash limited the Fund's performance, as the global equity markets subsequently rebounded.

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g52x26.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Service** | **60% MSCI World / 40% Bloomberg U.S. Treasury Index** | **Bloomberg U.S. Treasury Index (Total Return, USD, Unhedged)** | **MSCI World Index (Net, USD, Hedged)** | **MSCI World Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10434 | $10617 | $10104 | $10939 | $10751 |
| **12/17** | $11802 | $11906 | $10337 | $13032 | $13159 |
| **12/18** | $11290 | $11498 | $10426 | $12173 | $12013 |
| **12/19** | $12638 | $13756 | $11141 | $15633 | $15337 |
| **12/20** | $13157 | $15501 | $12032 | $17864 | $17776 |
| **12/21** | $15285 | $17532 | $11753 | $22219 | $21654 |
| **12/22** | $12356 | $15090 | $10288 | $18802 | $17726 |
| **12/23** | $14280 | $17489 | $10705 | $23371 | $21943 |
| **12/24** | $15959 | $19756 | $10767 | $28482 | $26040 |
| **12/25** | $17538 | $22507 | $11447 | $33901 | $31532 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 9.89% | 5.91% | 5.77% |
| 60% MSCI World / 40% Bloomberg U.S. Treasury Index | 13.93% | 7.74% | 8.44% |
| Bloomberg U.S. Treasury Index (Total Return, USD, Unhedged) | 6.32% | -0.99% | 1.36% |
| MSCI World Index (Net, USD, Hedged) | 19.03% | 13.66% | 12.97% |
| MSCI World Index (Net, USD, Unhedged) | 21.09% | 12.14% | 12.16% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $155443823 |
| # of Portfolio Holdings as of Period End | 12 |
| Portfolio Turnover Rate for the Period | 52% |
| Total Net Advisory Fees Paid for the Period | $1494333 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, investments in underlying funds and investments in exchange-traded funds were added as principal risks of the Fund.

## 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 | 12.9 | 12.9 | - | 12.9 |
| Long-Term Fixed Income | 31.0 | 31.0 | - | 31.0 |
| Cash and Short-Term Investments | 240.3 | 157.6 | 82.8 | 74.8 |
| US Equity | 56.6 | 56.6 |  | 56.6 |

---

\* 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.

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.

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund

380987651-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

# Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## 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 | 0.41% |

---

## How did the Fund perform and what affected its performance?
The performance of the global fixed income market was broadly influenced by shifting investor expectations about central bank monetary policy around the world. In the U.S., after inflation increased slightly at the start of the Period, the U.S. Federal Reserve (Fed) paused its easing cycle and adopted a cautious stance, with policymakers closely monitoring potential tariff-induced inflationary pressures and the health of the U.S. labor market. The Fed's pause suggested interest rates could remain higher for longer than some market participants had expected. During the second half of the Period, the labor market showed signs of weakening, prompting the Fed to resume its easing cycle in September 2025. By year end, policymakers had implemented three consecutive interest rate cuts of 25 basis points each.

Top Contributors to Performance:

* The Fund benefited most from our country strategy, highlighted by long positions in New Zealand and the U.K. versus short positions in Japan.

* As spread sectors broadly outperformed U.S. Treasury securities, our sector allocation strategy contributed positively to the Fund's relative performance. The Fund was helped by its overweight positions versus the Bloomberg U.S. Aggregate Bond Index in mortgage-backed securities and collateralized loan obligations. Overweights in commercial mortgage-backed securities and emerging markets corporate bonds further added to relative returns.

* The Fund was aided by our credit-interest rate pairing strategy, wherein we pair the Fund's overweight in corporate credit with its overweight in U.S. Treasury securities in an effort to hedge the Fund's exposure to a potential economic growth shock.

* Individual issue selection among corporate bonds supported the Fund's relative performance overall. Corporate fundamentals generally remained healthy during the Period. Strong consumer spending, coupled with continued AI capital spending, provided steady cash flow for corporations. In particular, the Fund was helped by our selection of investment grade corporate bonds in the financial sector, especially those issued by banks.

* In the securitized sector, individual issue selection of non-agency mortgage-backed securities bolstered relative returns.

* Within corporate credit, the Fund's lower credit quality bias, i.e., its overweight in BBB-rated corporate bonds, added to relative performance. An overweight in the short- to intermediate-term segment of the credit curve also contributed positively.

* Within our government/swaps selection strategy, the Fund's positioning for a steeper Euro area yield curve added to relative returns.

Top Detractors from Performance:

* Within our sector allocation strategy, the Fund's underweight in investment grade corporate bonds detracted from relative performance. 

* In the country strategy, the Fund was hampered by its long positions in Norway versus its short positions in the U.S.

* Regarding the Fund's duration strategy, our discretionary interest rate trades had a marginally negative impact on performance.

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

Institutional Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g12l19.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **Bloomberg U.S. Aggregate Bond Index** |
| **1/1/16** | $10000 | $10000 |
| **12/16** | $10299 | $10265 |
| **12/17** | $10649 | $10628 |
| **12/18** | $10587 | $10629 |
| **12/19** | $11570 | $11556 |
| **12/20** | $12689 | $12424 |
| **12/21** | $12427 | $12233 |
| **12/22** | $10684 | $10641 |
| **12/23** | $11333 | $11230 |
| **12/24** | $11474 | $11370 |
| **12/25** | $12330 | $12200 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 7.46% | -0.57% | 2.11% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $211607659 |
| # of Portfolio Holdings as of Period End | 669 |
| Portfolio Turnover Rate for the Period | 574% |
| Total Net Advisory Fees Paid for the Period | $727156 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade. These changes did not materially impact the way in which the Fund is managed nor its portfolio holdings, and the Fund's investment objective did not change.

## 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 | 32.2% |
| U.S. Treasury Obligations | 31.9% |
| Corporate Bond | 20.7% |
| Asset- Backed Securities | 10.6% |
| Commercial Mortgage-Backed Securities | 6.4% |
| Collateralized Mortgage Obligations | 3.8% |
| Foreign Bond | 3.7% |
| U.S. Government Agency Securities | 1.1% |
| Other | 7.2% |

---

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.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

380987628-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g60699g26s77.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

# Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## 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 | $68 | 0.66% |

---

## How did the Fund perform and what affected its performance?
The performance of the global fixed income market was broadly influenced by shifting investor expectations about central bank monetary policy around the world. In the U.S., after inflation increased slightly at the start of the Period, the U.S. Federal Reserve (Fed) paused its easing cycle and adopted a cautious stance, with policymakers closely monitoring potential tariff-induced inflationary pressures and the health of the U.S. labor market. The Fed's pause suggested interest rates could remain higher for longer than some market participants had expected. During the second half of the Period, the labor market showed signs of weakening, prompting the Fed to resume its easing cycle in September 2025. By year end, policymakers had implemented three consecutive interest rate cuts of 25 basis points each.

Top Contributors to Performance:

* The Fund benefited most from our country strategy, highlighted by long positions in New Zealand and the U.K. versus short positions in Japan.

* As spread sectors broadly outperformed U.S. Treasury securities, our sector allocation strategy contributed positively to the Fund's relative performance. The Fund was helped by its overweight positions versus the Bloomberg U.S. Aggregate Bond Index in mortgage-backed securities and collateralized loan obligations. Overweights in commercial mortgage-backed securities and emerging markets corporate bonds further added to relative returns.

* The Fund was aided by our credit-interest rate pairing strategy, wherein we pair the Fund's overweight in corporate credit with its overweight in U.S. Treasury securities in an effort to hedge the Fund's exposure to a potential economic growth shock.

* Individual issue selection among corporate bonds supported the Fund's relative performance overall. Corporate fundamentals generally remained healthy during the Period. Strong consumer spending, coupled with continued AI capital spending, provided steady cash flow for corporations. In particular, the Fund was helped by our selection of investment grade corporate bonds in the financial sector, especially those issued by banks.

* In the securitized sector, individual issue selection of non-agency mortgage-backed securities bolstered relative returns.

* Within corporate credit, the Fund's lower credit quality bias, i.e., its overweight in BBB-rated corporate bonds, added to relative performance. An overweight in the short- to intermediate-term segment of the credit curve also contributed positively.

* Within our government/swaps selection strategy, the Fund's positioning for a steeper Euro area yield curve added to relative returns.

Top Detractors from Performance:

* Within our sector allocation strategy, the Fund's underweight in investment grade corporate bonds detracted from relative performance. 

* In the country strategy, the Fund was hampered by its long positions in Norway versus its short positions in the U.S.

* Regarding the Fund's duration strategy, our discretionary interest rate trades had a marginally negative impact on performance.

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

Service Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g60699g13n18.jpg)

---

| | | |
|:---|:---|:---|
| | **Service** | **Bloomberg U.S. Aggregate Bond Index** |
| **1/1/16** | $10000 | $10000 |
| **12/16** | $10270 | $10265 |
| **12/17** | $10592 | $10628 |
| **12/18** | $10505 | $10629 |
| **12/19** | $11450 | $11556 |
| **12/20** | $12526 | $12424 |
| **12/21** | $12247 | $12233 |
| **12/22** | $10498 | $10641 |
| **12/23** | $11110 | $11230 |
| **12/24** | $11209 | $11370 |
| **12/25** | $12029 | $12200 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 7.32% | -0.81% | 1.86% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $211607659 |
| # of Portfolio Holdings as of Period End | 669 |
| Portfolio Turnover Rate for the Period | 574% |
| Total Net Advisory Fees Paid for the Period | $727156 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its non-fundamental policy to invest at least 80% of its net assets in core fixed income securities, which are fixed income securities that are rated investment grade. These changes did not materially impact the way in which the Fund is managed nor its portfolio holdings, and the Fund's investment objective did not change.

## 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 | 32.2% |
| U.S. Treasury Obligations | 31.9% |
| Corporate Bond | 20.7% |
| Asset- Backed Securities | 10.6% |
| Commercial Mortgage-Backed Securities | 6.4% |
| Collateralized Mortgage Obligations | 3.8% |
| Foreign Bond | 3.7% |
| U.S. Government Agency Securities | 1.1% |
| Other | 7.2% |

---

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.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund

380987727-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g60699g15g14.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Government Money Market Fund

# Institutional Shares

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Government Money Market Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | 56.0% |
| U.S. Treasury Obligations | 29.9% |
| U.S. Government Agency Obligations | 15.5% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $18 | 0.18% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$3,749,480,012

* # of Portfolio Holdings as of Period End521

* Total Net Advisory Fees Paid for the Period$6,061,491

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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Government Money Market Fund

380987594-AR-1225&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares

![Image](g60699g15g14.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Variable Insurance Trust - Government Money Market Fund

# Service Shares

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Government Money Market Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## 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 | 56.0% |
| U.S. Treasury Obligations | 29.9% |
| U.S. Government Agency Obligations | 15.5% |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $44 | 0.43% |

---

## Key Fund Statistics
* Total Net Assets as of Period End$3,749,480,012

* # of Portfolio Holdings as of Period End521

* Total Net Advisory Fees Paid for the Period$6,061,491

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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Variable Insurance Trust - Government Money Market Fund

380987693-AR-1225&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.

**Item 4 — Principal Accountant Fees and Services for the Goldman Sachs Variable Insurance Trust ("GSVIT"):**

#### Table 1 — Items 4(a) - 4(d).

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit Fees: |  |  |  |
| • PricewaterhouseCoopers LLP<br>("PwC") | $483221 | $552115 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $79200 | $97887 | Other attest services. |
|  Tax Fees: |  |  |  |
| • PwC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |  |
|  All Other Fees: |  |  |  |
| • PwC | $0 | $0 |  |

---

#### Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the GSVIT's\* that were pre-approved by the GSVIT's Audit Committee pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit-Related Fees: |  |  |  |
| • PwC | $2081340 | $2122312 | Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds' Adviser. |

---

\* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as "service affiliates").

#### Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
<u>Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Variable Insurance Trust.</u> The Audit and Non-Audit Services Pre-Approval Policy (the "Policy") adopted by the Audit Committee of GSVIT sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GSVIT may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission's rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

<u>De Minimis Waiver.</u> The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GSVIT at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

<u>Pre-Approval of Non-Audit Services Provided to GSVIT's Investment Advisers.</u> The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GSVIT, the Audit Committee will pre-approve those non-audit services provided to GSVIT's investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GSVIT) where the engagement relates directly to the operations or financial reporting of GSVIT.

**Item 4(e)(2) –** 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GSVIT's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GSVIT's service affiliates listed in Table 2 were approved by GSVIT's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

**Item 4(f) –** Not applicable.

#### Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GSVIT by PwC for the twelve months ended December 31, 2025 and December 31, 2024 were approximately $79,200 and $97,887, respectively. The aggregate non-audit fees billed to GSVIT's adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2024 and December 31, 2023 were approximately $20.7 million and $18.0 million, respectively. The figures for these entities are not yet available for the twelve months ended December 31, 2025. With regard to the aggregate non-audit fees billed to GSVIT's adviser and service affiliates, the 2024 and 2023 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GSVIT's operations or financial reporting.

**Item 4(h) —** GSVIT's Audit Committee has considered whether the provision of non-audit services to GSVIT's investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors' independence.

**Item 4(i) –** Not applicable.

**Item 4(j) –** Not applicable.

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](g60699dsp001.jpg)

Goldman Sachs Variable Insurance Trust Goldman Sachs Government Money Market Fund Annual Financial Statements December 31, 2025

------

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

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

## Goldman Sachs Government Money Market Fund

---

| | |
|:---|:---|
|  **Table of Contents** | Page |
|  **[Schedule of Investments](#gmm60699_1)** | 3 |
|  **[Financial Statements](#gmm60699_2)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#gmm60699_3) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#gmm60699_4) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#gmm60699_5) | 17 |
|  **[Financial Highlights](#gmm60699_6)** | 18 |
|  **[Notes to Financial Statements](#gmm60699_7)** | 20 |
|  **[Report of Independent Registered Public Accounting Firm](#gmm60699_8)** | 27 |
|  **[Other Information](#gmm60699_9)** | 28 |

---

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

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

Schedule of Investments *December 31, 2025* &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** |
| **U.S. Government Agency Obligations - 15.5%** | **U.S. Government Agency Obligations - 15.5%** | **U.S. Government Agency Obligations - 15.5%** | **U.S. Government Agency Obligations - 15.5%** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| $3741000 | 3.901% | 01/21/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3733061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741000 | 3.902 | 01/23/26 | 3732267 |
| 5000 | 3.628 | 01/26/26 | 4987 |
| 2993000 | 3.903 | 01/26/26 | 2985061 |
| 1870000 | 3.904 | 01/28/26 | 1864642 |
| 2469000 | 3.905 | 01/29/26 | 2461676 |
| 3463000 | 3.918 | 01/29/26 | 3452727 |
| 79000 | 3.653 | 02/04/26 | 78732 |
| 691000 | 3.605 | 07/27/26 | 677173 |
| Federal Farm Credit Banks Funding Corp. (3M USD T-Bill + 0.190%) | Federal Farm Credit Banks Funding Corp. (3M USD T-Bill + 0.190%) | Federal Farm Credit Banks Funding Corp. (3M USD T-Bill + 0.190%) | Federal Farm Credit Banks Funding Corp. (3M USD T-Bill + 0.190%) |
| 905000 | 3.900 <sup>(a)</sup> | 11/24/27 | 905000 |
| Federal Farm Credit Banks Funding Corp. (3M USD T-Bill + 0.200%) | Federal Farm Credit Banks Funding Corp. (3M USD T-Bill + 0.200%) | Federal Farm Credit Banks Funding Corp. (3M USD T-Bill + 0.200%) | Federal Farm Credit Banks Funding Corp. (3M USD T-Bill + 0.200%) |
| 2307000 | 3.802 <sup>(a)</sup> | 11/05/27 | 2307000 |
| 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 | 3.723 <sup>(a)</sup> | 03/18/26 | 1265087 |
| 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 | 3.719 <sup>(a)</sup> | 04/17/26 | 1439034 |
| 2378000 | 3.720 <sup>(a)</sup> | 04/17/26 | 2378056 |
| 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 | 3.715 <sup>(a)</sup> | 04/29/26 | 1608000 |
| 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 | 3.710 <sup>(a)</sup> | 05/21/26 | 1383000 |
| 434000 | 3.710 <sup>(a)</sup> | 05/28/26 | 434000 |
| 1118000 | 3.710 <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 | 3.690 <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 | 3.680 <sup>(a)</sup> | 01/02/26 | 2154000 |
| 2221000 | 3.680 <sup>(a)</sup> | 01/29/26 | 2221000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.005%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.005%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.005%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.005%) |
| 483000 | 3.715 <sup>(a)</sup> | 05/20/26 | 483000 |
| Federal Farm Credit Banks Funding Corp. (SOFR + 0.035%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.035%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.035%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.035%) |
| 966000 | 3.745 <sup>(a)</sup> | 11/19/26 | 966000 |
| 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 | 3.750 <sup>(a)</sup> | 02/11/26 | 2499000 |
| 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 | 3.780 <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 | 3.785 <sup>(a)</sup> | 11/16/26 | 1804000 |
| 966000 | 3.785 <sup>(a)</sup> | 04/19/27 | 966000 |
| 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 | 3.790 <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%) |
| 1069000 | 3.795 <sup>(a)</sup> | 08/07/26 | 1069000 |
| 6250000 | 3.795 <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 | 3.800 <sup>(a)</sup> | 02/09/26 | 1650000 |
| 1031000 | 3.800 <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 | 3.805 <sup>(a)</sup> | 07/17/26 | 3327000 |
| 4189000 | 3.805 <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 | 3.810 <sup>(a)</sup> | 04/15/26 | 3130000 |
| 1285000 | 3.810 <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 | 3.815 <sup>(a)</sup> | 03/18/26 | 1085016 |
| 2887000 | 3.815 <sup>(a)</sup> | 05/26/26 | 2887000 |
| 5284000 | 3.815 <sup>(a)</sup> | 02/01/27 | 5284000 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** | **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)** | **U.S. Government Agency Obligations– (continued)** | **U.S. Government Agency Obligations– (continued)** |
| $| 7500000 | 3.815 %<sup>(a)</sup> | 03/05/27 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 |
|  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%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.110%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.110%) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149000 | 3.820 <sup>(a)</sup> | 03/13/26 |  | 1149000 |
|  | 1261000 | 3.820 <sup>(a)</sup> | 04/16/26 |  | 1261000 |
|  | 1568000 | 3.820 <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%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.115%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.115%) |
|  | 426000 | 3.825 <sup>(a)</sup> | 04/08/26 |  | 426000 |
|  | 15395000 | 3.825 <sup>(a)</sup> | 01/28/27 |  | 15395000 |
|  | 5505000 | 3.825 <sup>(a)</sup> | 02/10/27 |  | 5505000 |
|  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%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.120%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.120%) |
|  | 1427000 | 3.830 <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%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.125%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.125%) |
|  | 1736000 | 3.835 <sup>(a)</sup> | 06/10/26 |  | 1736000 |
|  | 1700000 | 3.835 <sup>(a)</sup> | 06/15/26 |  | 1700000 |
|  | 3514000 | 3.835 <sup>(a)</sup> | 06/18/26 |  | 3514000 |
|  | 4049000 | 3.835 <sup>(a)</sup> | 08/06/26 |  | 4049000 |
|  | 1036000 | 3.835 <sup>(a)</sup> | 09/21/26 |  | 1036000 |
|  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%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.130%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.130%) |
|  | 2015000 | 3.840 <sup>(a)</sup> | 08/28/26 |  | 2015000 |
|  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%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.135%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.135%) |
|  | 2012000 | 3.845 <sup>(a)</sup> | 12/18/26 |  | 2011977 |
|  | 2704000 | 3.845 <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%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.140%) | Federal Farm Credit Banks Funding Corp. (SOFR + 0.140%) |
|  | 539000 | 3.850 <sup>(a)</sup> | 08/26/26 |  | 539000 |
|  | 1909000 | 3.846 <sup>(a)</sup> | 09/03/26 |  | 1909919 |
|  | 2046000 | 3.850 <sup>(a)</sup> | 09/04/26 |  | 2046000 |
|  | 1210000 | 3.850 <sup>(a)</sup> | 09/09/26 |  | 1210000 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |  |  |
|  | 5820000 | 4.129 | 01/02/26 |  | 5819349 |
|  | 727000 | 4.154 | 01/02/26 |  | 726919 |
|  | 1455000 | 4.179 | 01/02/26 |  | 1454837 |
|  | 7274000 | 4.150 | 01/05/26 |  | 7270741 |
|  | 1455000 | 4.155 | 01/05/26 |  | 1454348 |
|  | 8729000 | 4.156 | 01/05/26 |  | 8725089 |
|  | 5720000 | 3.958 | 01/06/26 |  | 5716881 |
|  | 2209000 | 4.252 | 01/06/26 |  | 2207795 |
|  | 211000 | 4.141 | 01/08/26 |  | 210835 |
|  | 8551000 | 4.134 | 01/15/26 |  | 8537665 |
|  | 2274000 | 4.244 | 01/20/26 |  | 2269095 |
|  | 5354000 | 4.251 | 01/20/26 |  | 5342451 |
|  | 2274000 | 4.250 | 01/21/26 |  | 2268839 |
|  | 3754000 | 3.931 | 01/22/26 |  | 3745263 |
|  | 1501000 | 4.045 | 01/22/26 |  | 1497524 |
|  | 3376000 | 4.046 | 01/22/26 |  | 3368181 |
|  | 1501000 | 4.062 | 01/22/26 |  | 1497524 |
|  | 4311000 | 4.078 | 01/22/26 |  | 4301016 |
|  | 10779000 | 4.091 | 01/22/26 |  | 10754036 |
|  | 4312000 | 4.123 | 01/22/26 |  | 4302014 |
|  | 4312000 | 4.124 | 01/22/26 |  | 4302014 |
|  | 2156000 | 4.126 | 01/22/26 |  | 2151007 |
|  | 2433000 | 4.241 | 01/22/26 |  | 2427365 |
|  | 2274000 | 4.246 | 01/22/26 |  | 2268733 |
|  | 5621000 | 3.663 | 01/27/26 |  | 5606385 |
|  | 7618000 | 3.941 | 01/28/26 |  | 7596117 |
|  | 3391000 | 3.664 | 01/29/26 |  | 3380865 |
|  | 13506000 | 3.913 | 01/29/26 |  | 13465633 |
|  | 1385000 | 3.916 | 01/29/26 |  | 1380861 |
|  | 1404000 | 3.958 | 01/29/26 |  | 1399804 |
|  | 3570000 | 4.060 | 01/29/26 |  | 3559330 |

---

&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;

Schedule of Investments (continued) *December 31, 2025* &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** |
| **U.S. Government Agency Obligations– (continued)** | **U.S. Government Agency Obligations– (continued)** | **U.S. Government Agency Obligations– (continued)** | **U.S. Government Agency Obligations– (continued)** |
| 5548000 | 4.116% | 01/29/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387000 | 4.122 | 01/29/26 | 1382855 |
| 6982000 | 3.914 | 01/30/26 | 6960585 |
| 3463000 | 3.917 | 01/30/26 | 3452378 |
| 4156000 | 3.918 | 01/30/26 | 4143253 |
| 4224000 | 3.896 | 02/03/26 | 4209169 |
| 2770000 | 3.908 | 02/03/26 | 2760274 |
| 1596000 | 4.074 | 02/03/26 | 1590396 |
| 4006000 | 3.907 | 02/05/26 | 3991142 |
| 2828000 | 4.037 | 02/27/26 | 2810515 |
| 2833000 | 3.652 | 03/02/26 | 2815245 |
| 3535000 | 4.038 | 03/02/26 | 3512845 |
| 4715000 | 3.653 | 03/04/26 | 4685929 |
| 2497000 | 3.725 | 03/20/26 | 2477334 |
| 6096000 | 3.667 | 03/25/26 | 6045628 |
| 1119000 | 3.673 | 03/27/26 | 1109515 |
| 3089000 | 3.680 | 03/31/26 | 3061584 |
| 2268000 | 3.637 | 04/01/26 | 2247843 |
| 11417000 | 3.642 | 04/17/26 | 11297661 |
| 3802000 | 3.673 | 04/22/26 | 3760032 |
| 1970000 | 3.659 | 04/30/26 | 1946817 |
| 7336000 | 3.619 | 06/04/26 | 7225850 |
| 1724000 | 3.763 | 06/11/26 | 1696012 |
| 1529000 | 3.622 | 06/12/26 | 1504849 |
| Federal Home Loan Bank (SOFR + 0.005%) | Federal Home Loan Bank (SOFR + 0.005%) | Federal Home Loan Bank (SOFR + 0.005%) | Federal Home Loan Bank (SOFR + 0.005%) |
| 12070000 | 3.715 <sup>(a)</sup> | 05/20/26 | 12070000 |
| 12070000 | 3.715 <sup>(a)</sup> | 05/21/26 | 12070000 |
| Federal Home Loan Bank (SOFR + 0.010%) | Federal Home Loan Bank (SOFR + 0.010%) | Federal Home Loan Bank (SOFR + 0.010%) | Federal Home Loan Bank (SOFR + 0.010%) |
| 3015000 | 3.720 <sup>(a)</sup> | 08/21/26 | 3015000 |
| 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 | 3.740 <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 | 3.755 <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 | 3.795 <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 | 3.800 <sup>(a)</sup> | 02/19/26 | 585000 |
| 3225000 | 3.800 <sup>(a)</sup> | 02/12/27 | 3225000 |
| 6565000 | 3.800 <sup>(a)</sup> | 02/19/27 | 6565000 |
| Federal Home Loan Bank (SOFR + 0.095%) | Federal Home Loan Bank (SOFR + 0.095%) | Federal Home Loan Bank (SOFR + 0.095%) | Federal Home Loan Bank (SOFR + 0.095%) |
| 4645000 | 3.805 <sup>(a)</sup> | 04/09/27 | 4645000 |
| 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 | 3.810 <sup>(a)</sup> | 04/17/26 | 2505000 |
| 3815000 | 3.810 <sup>(a)</sup> | 10/21/26 | 3815000 |
| 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 | 3.820 <sup>(a)</sup> | 04/07/26 | 3105000 |
| 635000 | 3.820 <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 | 3.825 <sup>(a)</sup> | 01/25/27 | 2155000 |
| 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 | 3.845 <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%) |
| 4960000 | 3.850 <sup>(a)</sup> | 09/09/26 | 4960000 |
| 2970000 | 3.846 <sup>(a)</sup> | 10/29/26 | 2971639 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |  |
| 7672000 | 3.763 | 01/15/26 | 7660976 |
| 4894000 | 3.888 | 01/20/26 | 4884056 |
| 602000 | 3.942 | 01/21/26 | 600712 |
| 3754000 | 3.901 | 01/22/26 | 3745565 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 7505000 | 3.912% | 01/22/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7488138 |
| 8081000 | 3.905 | 01/29/26 | 8056833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4849000 | 3.906 | 01/29/26 | 4834499 |
| 4281000 | 3.889 | 01/30/26 | 4267792 |
| 2882000 | 3.740 | 02/05/26 | 2871731 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.080%) | Federal Home Loan Mortgage Corp. (SOFR + 0.080%) | Federal Home Loan Mortgage Corp. (SOFR + 0.080%) | Federal Home Loan Mortgage Corp. (SOFR + 0.080%) |
| 3960000 | 3.790 <sup>(a)</sup> | 01/08/27 | 3960000 |
| 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 | 3.800 <sup>(a)</sup> | 01/26/26 | 5604000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.095%) | Federal Home Loan Mortgage Corp. (SOFR + 0.095%) | Federal Home Loan Mortgage Corp. (SOFR + 0.095%) | Federal Home Loan Mortgage Corp. (SOFR + 0.095%) |
| 9179000 | 3.805 <sup>(a)</sup> | 05/05/27 | 9179000 |
| 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 | 3.850 <sup>(a)</sup> | 09/04/26 | 5343000 |
| 2350000 | 3.848 <sup>(a)</sup> | 10/29/26 | 2350744 |
| 17331000 | 3.850 <sup>(a)</sup> | 09/22/27 | 17331000 |
| 16476000 | 3.850 <sup>(a)</sup> | 10/06/27 | 16476000 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 3665000 | 3.763 | 01/16/26 | 3659357 |
| 3694000 | 3.759 | 01/20/26 | 3686806 |
| 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 | 3.830 <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 | 3.845 <sup>(a)</sup> | 08/21/26 | 11724930 |
| 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 | 3.850 <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%) |
| 150000 | 4.000 <sup>(a)(b)</sup> | 09/15/26 | 150000 |
| 1275000 | 4.000 <sup>(a)(b)</sup> | 03/15/30 | 1275000 |
| 2540036 | 4.000 <sup>(a)(b)</sup> | 12/15/33 | 2540036 |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | $584043874 |
| **U.S. Treasury Obligations - 29.9%** | **U.S. Treasury Obligations - 29.9%** | **U.S. Treasury Obligations - 29.9%** |  |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |  |
| 5400 | 3.585 | 01/13/26 | 5394 |
| 728400 | 3.639 | 02/05/26 | 725863 |
| 26500 | 3.640 | 02/05/26 | 26408 |
| 49900 | 3.671 | 02/10/26 | 49700 |
| 52100 | 3.645 <sup>(c)</sup> | 02/12/26 | 51888 |
| 20200 | 3.629 | 02/17/26 | 20106 |
| 135000 | 3.635 | 02/17/26 | 134371 |
| 785800 | 3.640 | 02/17/26 | 782138 |
| 5500 | 3.645 | 02/17/26 | 5474 |
| 30000 | 3.650 | 02/24/26 | 29837 |
| 17800 | 3.624 <sup>(c)</sup> | 02/26/26 | 17703 |
| 5300 | 3.650 <sup>(c)</sup> | 02/26/26 | 5271 |
| 31100 | 3.640 <sup>(c)</sup> | 03/03/26 | 30904 |
| 314800 | 3.865 | 03/03/26 | 312812 |
| 118600 | 3.819 | 03/31/26 | 117501 |
| 2595300 | 3.829 | 03/31/26 | 2571258 |
| 2451700 | 3.834 | 03/31/26 | 2428989 |
| 194800 | 3.839 | 03/31/26 | 192995 |
| 3391300 | 3.632 <sup>(c)</sup> | 04/02/26 | 3361113 |
| 50662500 | 3.642 <sup>(c)</sup> | 04/02/26 | 50211541 |
| 6395800 | 3.652 <sup>(c)</sup> | 04/02/26 | 6338869 |
| 930600 | 3.715 | 04/07/26 | 921558 |
| 1956100 | 3.720 | 04/07/26 | 1937095 |
| 1443800 | 3.756 | 04/07/26 | 1429772 |
| 1184400 | 3.823 | 04/09/26 | 1172447 |

---

&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** | **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)** |
| $1625500 | 3.833% | 04/09/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609096 |
| 516800 | 3.838 | 04/09/26 | 511584 |
| 40800 | 3.616 | 04/14/26 | 40386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6133200 | 3.621 | 04/14/26 | 6070989 |
| 5510000 | 3.626 | 04/14/26 | 5454110 |
| 4296000 | 3.642 | 04/14/26 | 4252424 |
| 13381000 | 3.647 | 04/14/26 | 13245272 |
| 30050700 | 3.807 | 04/16/26 | 29727718 |
| 3522400 | 3.616 | 04/21/26 | 3484350 |
| 803900 | 3.621 | 04/21/26 | 795216 |
| 17980300 | 3.626 | 04/21/26 | 17786072 |
| 8177600 | 3.632 | 04/21/26 | 8089263 |
| 481600 | 3.642 | 04/21/26 | 476398 |
| 14237800 | 3.781 | 04/23/26 | 14075679 |
| 2854900 | 3.647 | 04/28/26 | 2821621 |
| 5202400 | 3.744 | 04/30/26 | 5139850 |
| 1277500 | 3.749 | 04/30/26 | 1262140 |
| 27293800 | 3.760 | 04/30/26 | 26965638 |
| 906300 | 3.626 <sup>(c)</sup> | 05/05/26 | 895696 |
| 2979100 | 3.632 <sup>(c)</sup> | 05/05/26 | 2944244 |
| 257400 | 3.642 <sup>(c)</sup> | 05/05/26 | 254388 |
| 693500 | 3.691 | 05/21/26 | 683570 |
| 1188300 | 3.728 | 05/21/26 | 1171284 |
| 1980400 | 3.755 | 05/21/26 | 1952042 |
| 1451500 | 3.812 | 05/21/26 | 1430716 |
| 7971600 | 3.833 | 05/21/26 | 7857453 |
| 1670800 | 3.694 | 05/28/26 | 1645869 |
| 3847900 | 3.699 | 05/28/26 | 3790483 |
| 1980400 | 3.731 | 05/28/26 | 1950849 |
| 422800 | 3.753 | 05/28/26 | 416491 |
| 1761700 | 3.775 | 05/28/26 | 1735412 |
| 2160900 | 3.780 | 05/28/26 | 2128656 |
| 29526900 | 3.791 | 05/28/26 | 29086307 |
| 16266300 | 3.754 | 06/04/26 | 16013364 |
| 4957800 | 3.597 | 06/18/26 | 4877023 |
| 488000 | 3.601 | 06/18/26 | 480049 |
| 8756400 | 3.605 | 06/18/26 | 8613733 |
| 999700 | 3.595 <sup>(c)</sup> | 07/02/26 | 982113 |
| 821800 | 3.603 <sup>(c)</sup> | 07/02/26 | 807343 |
| 3361900 | 3.606 <sup>(c)</sup> | 07/02/26 | 3302757 |
| 1543200 | 3.607 <sup>(c)</sup> | 07/02/26 | 1516052 |
| 42066700 | 3.612 <sup>(c)</sup> | 07/02/26 | 41326654 |
| 7174300 | 3.963 | 08/06/26 | 7011698 |
| 20226900 | 3.619 | 10/29/26 | 19644284 |
| 957400 | 3.633 | 11/27/26 | 927036 |
| 11261100 | 3.635 | 11/27/26 | 10903956 |
| 23402500 | 3.548 | 12/24/26 | 22618087 |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
| 800000 | 3.710 | 03/15/26 | 801457 |
| 365800 | 3.670 | 03/31/26 | 366532 |
| 3071800 | 3.875 | 04/30/26 | 3039452 |
| 3229400 | 3.955 | 04/30/26 | 3195392 |
| 10148200 | 3.960 | 04/30/26 | 10175830 |
| 3643000 | 3.966 | 04/30/26 | 3652918 |
| 494000 | 3.976 | 04/30/26 | 495345 |
| 928900 | 4.000 | 04/30/26 | 919118 |
| 315700 | 4.009 | 04/30/26 | 312375 |
| 1976000 | 4.014 | 04/30/26 | 1981380 |
| 1196200 | 4.034 | 04/30/26 | 1199457 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| $801500 | 4.036% | 04/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793060 |
| 1513300 | 4.038 | 04/30/26 | 1497364 |
| 696300 | 4.040 | 04/30/26 | 688967 |
| 1004200 | 4.060 | 04/30/26 | 993625 |
| 2444800 | 4.061 | 04/30/26 | 2419054 |
| 698500 | 4.066 | 04/30/26 | 691144 |
| 1004200 | 4.068 | 04/30/26 | 1006934 |
| 1047800 | 4.070 | 04/30/26 | 1036766 |
| 668100 | 4.071 | 04/30/26 | 661064 |
| 1397000 | 4.077 | 04/30/26 | 1400804 |
| 668100 | 4.081 | 04/30/26 | 661064 |
| 1397000 | 4.101 | 04/30/26 | 1400804 |
| 4507000 | 4.108 | 04/30/26 | 4519271 |
| 3339200 | 4.146 | 04/30/26 | 3304036 |
| 2776700 | 4.150 | 04/30/26 | 2747459 |
| 2309900 | 4.156 | 04/30/26 | 2285575 |
| 620400 | 4.163 | 04/30/26 | 622089 |
| 1764400 | 4.190 | 04/30/26 | 1745819 |
| 450700 | 4.204 | 04/30/26 | 445954 |
| 1238600 | 3.982 | 05/31/26 | 1242926 |
| 1514400 | 3.996 | 05/31/26 | 1519690 |
| 262300 | 4.003 | 05/31/26 | 263216 |
| 536200 | 4.012 | 05/31/26 | 538073 |
| 1072400 | 4.014 | 05/31/26 | 1076146 |
| 488300 | 4.054 | 05/31/26 | 490006 |
| 861600 | 3.726 | 06/30/26 | 864360 |
| 757600 | 3.743 | 06/30/26 | 760027 |
| 1530600 | 3.752 | 06/30/26 | 1535503 |
| 1896500 | 3.755 | 06/30/26 | 1902575 |
| 765300 | 3.756 | 06/30/26 | 767752 |
| 824000 | 3.807 | 06/30/26 | 826640 |
| 5182100 | 3.994 | 06/30/26 | 5103122 |
| 1352100 | 4.004 | 06/30/26 | 1331493 |
| 901400 | 4.006 | 06/30/26 | 887662 |
| 3520700 | 4.010 | 06/30/26 | 3467043 |
| 1056200 | 4.015 | 06/30/26 | 1040103 |
| 901400 | 4.034 | 06/30/26 | 887662 |
| 901400 | 4.045 | 06/30/26 | 887662 |
| 2435600 | 4.099 | 06/30/26 | 2398480 |
| 1329700 | 4.135 | 06/30/26 | 1333960 |
| 2136500 | 4.136 | 06/30/26 | 2143344 |
| 3520700 | 4.155 | 06/30/26 | 3467043 |
| 3723800 | 4.159 | 06/30/26 | 3735729 |
| 1910000 | 4.197 | 06/30/26 | 1880891 |
| 1272100 | 4.087 | 07/15/26 | 1274742 |
| 1714200 | 4.092 | 07/15/26 | 1717761 |
| 2995100 | 4.107 | 07/15/26 | 3001321 |
| 546200 | 3.660 | 07/31/26 | 547563 |
| 984500 | 3.719 | 07/31/26 | 965686 |
| 2809400 | 3.728 | 07/31/26 | 2816411 |
| 975600 | 3.789 | 07/31/26 | 978035 |
| 1647400 | 3.846 | 07/31/26 | 1651511 |
| 364800 | 3.898 | 07/31/26 | 357829 |
| 190900 | 3.909 | 07/31/26 | 187252 |
| 1147800 | 3.912 | 07/31/26 | 1150664 |
| 788300 | 3.942 | 07/31/26 | 773235 |
| 1107500 | 3.943 | 07/31/26 | 1086335 |
| 1209700 | 3.953 | 07/31/26 | 1212719 |
| 323500 | 3.958 | 07/31/26 | 317318 |

---

&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;

Schedule of Investments (continued) *December 31, 2025* &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** |
| **U.S. Treasury Obligations– (continued)** | **U.S. Treasury Obligations– (continued)** | **U.S. Treasury Obligations– (continued)** | **U.S. Treasury Obligations– (continued)** |
| $1476700 | 3.959% | 07/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480385 |
| 249100 | 3.965 | 07/31/26 | 249722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147800 | 3.968 | 07/31/26 | 1125865 |
| 2295700 | 3.973 | 07/31/26 | 2301429 |
| 1913100 | 3.985 | 07/31/26 | 1876540 |
| 252600 | 3.990 | 07/31/26 | 247773 |
| 3808000 | 4.006 | 07/31/26 | 3735227 |
| 2096800 | 4.088 | 07/31/26 | 2056729 |
| 1258100 | 4.098 | 07/31/26 | 1234057 |
| 2088600 | 4.099 | 07/31/26 | 2048686 |
| 1253200 | 4.104 | 07/31/26 | 1256327 |
| 2506300 | 4.109 | 07/31/26 | 2512555 |
| 3978100 | 4.111 | 07/31/26 | 3902077 |
| 2499800 | 4.114 | 07/31/26 | 2468420 |
| 3132900 | 4.119 | 07/31/26 | 3095592 |
| 1771100 | 4.095 | 08/15/26 | 1743517 |
| 1866400 | 4.375 | 08/15/26 | 1875250 |
| 868000 | 3.579 | 08/31/26 | 850442 |
| 2115500 | 3.595 | 08/31/26 | 2114209 |
| 3379800 | 3.603 | 08/31/26 | 3377737 |
| 425300 | 3.685 | 08/31/26 | 425040 |
| 382600 | 3.733 | 08/31/26 | 382366 |
| 2207200 | 3.744 | 08/31/26 | 2205853 |
| 1147800 | 3.805 | 08/31/26 | 1147099 |
| 1530400 | 3.817 | 08/31/26 | 1529466 |
| 1008300 | 3.844 | 08/31/26 | 987904 |
| 6646200 | 3.867 | 08/31/26 | 6511763 |
| 3578600 | 3.868 | 08/31/26 | 3576416 |
| 2088600 | 3.881 | 08/31/26 | 2046352 |
| 5847900 | 3.886 | 08/31/26 | 5729610 |
| 2104700 | 3.895 | 08/31/26 | 2062127 |
| 769900 | 3.910 | 08/31/26 | 754327 |
| 6173000 | 3.922 | 08/31/26 | 6136455 |
| 1141400 | 3.924 | 08/31/26 | 1140703 |
| 1245500 | 3.926 | 08/31/26 | 1220306 |
| 1690800 | 3.931 | 08/31/26 | 1689768 |
| 2536200 | 3.933 | 08/31/26 | 2518067 |
| 2525600 | 3.934 | 08/31/26 | 2474513 |
| 1912700 | 3.935 | 08/31/26 | 1874010 |
| 4741800 | 3.938 | 08/31/26 | 4645884 |
| 6322200 | 3.939 | 08/31/26 | 6318341 |
| 2734300 | 3.977 | 08/31/26 | 2732631 |
| 622000 | 3.568 | 09/30/26 | 608947 |
| 4620200 | 3.655 | 09/30/26 | 4558048 |
| 2536200 | 3.658 | 09/30/26 | 2532086 |
| 3737900 | 3.663 | 09/30/26 | 3659456 |
| 758700 | 3.673 | 09/30/26 | 742778 |
| 2423400 | 3.677 | 09/30/26 | 2372542 |
| 1720500 | 3.687 | 09/30/26 | 1684393 |
| 1333200 | 3.689 | 09/30/26 | 1305221 |
| 211100 | 3.691 | 09/30/26 | 207950 |
| 3559100 | 3.692 | 09/30/26 | 3514029 |
| 1633600 | 3.694 | 09/30/26 | 1630950 |
| 3252000 | 3.695 | 09/30/26 | 3246724 |
| 306100 | 3.697 | 09/30/26 | 305603 |
| 990000 | 3.699 | 09/30/26 | 988394 |
| 1875000 | 3.701 | 09/30/26 | 1835651 |
| 7729100 | 3.705 | 09/30/26 | 7637599 |
| 1585700 | 3.706 | 09/30/26 | 1562038 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Amortized**<br> **Cost** | **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)** | **U.S. Treasury Obligations– (continued)** |
| $| 2450300 | 3.709% | 09/30/26 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438417 |
|  | 765200 | 3.710 | 09/30/26 |  | 763959 |
|  | 3441200 | 3.714 | 09/30/26 |  | 3368982 |
|  | 787100 | 3.719 | 09/30/26 |  | 785823 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253100 | 3.733 | 09/30/26 |  | 1226802 |
|  | 1180700 | 3.790 | 09/30/26 |  | 1155922 |
|  | 1079900 | 3.803 | 09/30/26 |  | 1057237 |
|  | 1907900 | 3.817 | 09/30/26 |  | 1867860 |
|  | 2885100 | 3.846 | 09/30/26 |  | 2824553 |
|  | 5966700 | 3.847 | 09/30/26 |  | 5841481 |
|  | 1136600 | 3.848 | 09/30/26 |  | 1134756 |
|  | 1994800 | 3.849 | 09/30/26 |  | 1991564 |
|  | 5770300 | 3.862 | 09/30/26 |  | 5677138 |
|  | 11081900 | 3.867 | 09/30/26 |  | 10849333 |
|  | 2652700 | 3.673 | 10/15/26 |  | 2671932 |
|  | 221700 | 3.675 | 10/15/26 |  | 223307 |
|  | 2749700 | 3.677 | 10/15/26 |  | 2769636 |
|  | 2813100 | 3.679 | 10/15/26 |  | 2833495 |
|  | 1477700 | 3.543 | 11/30/26 |  | 1452479 |
|  | 331700 | 3.633 | 11/30/26 |  | 324574 |
|  | 692900 | 3.655 | 11/30/26 |  | 696470 |
|  | 779400 | 3.661 | 11/30/26 |  | 783415 |
|  | 3368400 | 3.666 | 11/30/26 |  | 3385753 |
|  | 1539800 | 3.668 | 11/30/26 |  | 1536658 |
|  | 2231900 | 3.671 | 11/30/26 |  | 2243398 |
|  | 283400 | 3.676 | 11/30/26 |  | 284860 |
|  | 3432200 | 3.678 | 11/30/26 |  | 3394508 |
|  | 1040700 | 3.680 | 11/30/26 |  | 1046061 |
|  | 338300 | 3.681 | 11/30/26 |  | 340043 |
|  | 1524700 | 3.527 | 12/31/26 |  | 1534209 |
|  | 3355200 | 3.536 | 12/31/26 |  | 3376125 |
|  | 4442600 | 3.541 | 12/31/26 |  | 4380307 |
|  | 2078700 | 3.547 | 12/31/26 |  | 2031325 |
|  | 2039000 | 3.572 | 12/31/26 |  | 2051716 |
|  | 1395000 | 3.603 | 12/31/26 |  | 1403700 |
|  | 6248700 | 3.612 | 12/31/26 |  | 6106287 |
|  | 7041300 | 3.613 | 12/31/26 |  | 6880823 |
|  | 1910500 | 3.614 | 12/31/26 |  | 1866958 |
|  | 676600 | 3.615 | 12/31/26 |  | 661180 |
|  | 8255400 | 3.620 | 12/31/26 |  | 8261864 |
|  | 1565500 | 3.621 | 12/31/26 |  | 1575263 |
|  | 1221500 | 3.623 | 12/31/26 |  | 1229118 |
|  | 3453300 | 3.626 | 12/31/26 |  | 3474837 |
|  | 1720600 | 3.629 | 12/31/26 |  | 1731331 |
|  | 1039500 | 3.631 | 12/31/26 |  | 1045983 |
|  | 1730000 | 3.633 | 12/31/26 |  | 1740789 |
|  | 5189900 | 3.635 | 12/31/26 |  | 5146944 |
|  | 3270300 | 3.642 | 12/31/26 |  | 3290695 |
|  | 693800 | 3.643 | 12/31/26 |  | 698127 |
|  | 295000 | 3.646 | 12/31/26 |  | 288277 |
|  | 3359100 | 3.486 | 01/15/27 |  | 3376531 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.098%) |
|  | 1608800 | 3.703 <sup>(a)</sup> | 01/31/27 |  | 1607629 |
|  United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.159%) |
|  | 27214500 | 3.762 <sup>(a)</sup> | 04/30/27 |  | 27218903 |
|  | 983600 | 3.763 <sup>(a)</sup> | 04/30/27 |  | 983759 |
|  | 3232700 | 3.761 <sup>(a)</sup> | 07/31/27 |  | 3230917 |
|  | 34275800 | 3.764 <sup>(a)</sup> | 07/31/27 |  | 34256891 |

---

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

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| | |
|:---|:---|
| 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;

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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%) |
| $972500 | 3.760 %<sup>(a)</sup> | 04/30/27 | $972657 |
| 101972200 | 3.761 <sup>(a)</sup> | 04/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101988698 |
| 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 | 3.790 <sup>(a)</sup> | 07/31/26 | 3898 |
| United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) | United States Treasury Floating Rate Note (3M USD T-Bill + 0.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180400 | 3.791 <sup>(a)</sup> | 10/31/27 | 1180412 |
| 37502200 | 3.792 <sup>(a)</sup> | 10/31/27 | 37502592 |
| 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 | 3.805 <sup>(a)</sup> | 10/31/26 | 12967205 |
| 1053400 | 3.806 <sup>(a)</sup> | 10/31/26 | 1053514 |
| 21503600 | 3.807 <sup>(a)</sup> | 10/31/26 | 21505931 |
| 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 | 3.844 <sup>(a)</sup> | 01/31/26 | 43762298 |
| 42582800 | 3.847 <sup>(a)</sup> | 01/31/26 | 42583577 |
| TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | TOTAL U.S. TREASURY OBLIGATIONS | $1119101656 |
| TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | $1703145530 |
| **Repurchase Agreements<sup>(d)</sup> - 56.0%** | **Repurchase Agreements<sup>(d)</sup> - 56.0%** | **Repurchase Agreements<sup>(d)</sup> - 56.0%** |  |
| Bank of America, National Association | Bank of America, National Association | Bank of America, National Association | Bank of America, National Association |
| 5000000 | 4.260 | 01/02/26 | $5000000 |
| Maturity Value: $5,108,866 | Maturity Value: $5,108,866 | Maturity Value: $5,108,866 |  |
| Settlement Date: 07/02/25 | Settlement Date: 07/02/25 | Settlement Date: 07/02/25 |  |
| Collateralized by Federal National Mortgage Association, 2.000%, due 02/01/51. The market value of the collateral, including accrued interest, was $5,150,000. | Collateralized by Federal National Mortgage Association, 2.000%, due 02/01/51. The market value of the collateral, including accrued interest, was $5,150,000. | Collateralized by Federal National Mortgage Association, 2.000%, due 02/01/51. The market value of the collateral, including accrued interest, was $5,150,000. | Collateralized by Federal National Mortgage Association, 2.000%, due 02/01/51. The market value of the collateral, including accrued interest, was $5,150,000. |
| 15000000 | 3.900 | 03/31/26 | $15000000 |
| 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 |  |
| Collateralized by Federal National Mortgage Association, 2.000%, due 11/01/50 to 02/01/51. The aggregate market value of the collateral, including accrued interest, was $15,450,001. | Collateralized by Federal National Mortgage Association, 2.000%, due 11/01/50 to 02/01/51. The aggregate market value of the collateral, including accrued interest, was $15,450,001. | Collateralized by Federal National Mortgage Association, 2.000%, due 11/01/50 to 02/01/51. The aggregate market value of the collateral, including accrued interest, was $15,450,001. | Collateralized by Federal National Mortgage Association, 2.000%, due 11/01/50 to 02/01/51. The aggregate market value of the collateral, including accrued interest, was $15,450,001. |
| 5000000 | 3.750 | 06/09/26 | $5000000 |
| Maturity Value: $5,094,792 | Maturity Value: $5,094,792 | Maturity Value: $5,094,792 |  |
| Settlement Date: 12/09/25 | Settlement Date: 12/09/25 | Settlement Date: 12/09/25 |  |
| Collateralized by Federal National Mortgage Association, 2.000%, due 02/01/51. The market value of the collateral, including accrued interest, was $5,150,000. | Collateralized by Federal National Mortgage Association, 2.000%, due 02/01/51. The market value of the collateral, including accrued interest, was $5,150,000. | Collateralized by Federal National Mortgage Association, 2.000%, due 02/01/51. The market value of the collateral, including accrued interest, was $5,150,000. | Collateralized by Federal National Mortgage Association, 2.000%, due 02/01/51. The market value of the collateral, including accrued interest, was $5,150,000. |
| Bank of Montreal | Bank of Montreal |  |  |
| 6000000 | 3.740 <sup>(e)</sup> | 04/13/26 | $6000000 |
| Maturity Value: $6,383,350 | Maturity Value: $6,383,350 | Maturity Value: $6,383,350 |  |
| Settlement Date: 08/06/24 | Settlement Date: 08/06/24 | Settlement Date: 08/06/24 |  |
| Collateralized by Government National Mortgage Association, 5.500%, due 12/20/55. The market value of the collateral, including accrued interest, was $6,180,001. | Collateralized by Government National Mortgage Association, 5.500%, due 12/20/55. The market value of the collateral, including accrued interest, was $6,180,001. | Collateralized by Government National Mortgage Association, 5.500%, due 12/20/55. The market value of the collateral, including accrued interest, was $6,180,001. | Collateralized by Government National Mortgage Association, 5.500%, due 12/20/55. The market value of the collateral, including accrued interest, was $6,180,001. |
| Barclays Bank PLC | Barclays Bank PLC |  |  |
| 52000000 | 3.690 <sup>(e)</sup> | 01/12/26 | $52000000 |
| Maturity Value: $52,335,790 | Maturity Value: $52,335,790 | Maturity Value: $52,335,790 |  |
| Settlement Date: 11/10/25 | Settlement Date: 11/10/25 | Settlement Date: 11/10/25 |  |
| Collateralized by U.S. Treasury Bills, 0.000%, due 01/15/26 to 02/24/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/40 to 05/15/42 and U.S. Treasury Notes, 2.625% to 4.375%, due 03/31/28 to 02/15/29. The aggregate market value of the collateral, including accrued interest, was $53,061,909. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/15/26 to 02/24/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/40 to 05/15/42 and U.S. Treasury Notes, 2.625% to 4.375%, due 03/31/28 to 02/15/29. The aggregate market value of the collateral, including accrued interest, was $53,061,909. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/15/26 to 02/24/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/40 to 05/15/42 and U.S. Treasury Notes, 2.625% to 4.375%, due 03/31/28 to 02/15/29. The aggregate market value of the collateral, including accrued interest, was $53,061,909. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/15/26 to 02/24/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/40 to 05/15/42 and U.S. Treasury Notes, 2.625% to 4.375%, due 03/31/28 to 02/15/29. The aggregate market value of the collateral, including accrued interest, was $53,061,909. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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 – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) | Barclays Bank PLC – (continued) |  |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | 3.690 %<sup>(e)</sup> | 01/14/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
|  Maturity Value: $10,062,525 | Maturity Value: $10,062,525 | Maturity Value: $10,062,525 | Maturity Value: $10,062,525 |  |
|  Settlement Date: 11/14/25 | Settlement Date: 11/14/25 | Settlement Date: 11/14/25 | Settlement Date: 11/14/25 |  |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 01/02/26, U.S. Treasury Bonds, 1.625% to 4.625%, due 02/15/38 to 02/15/55, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/54 and U.S. Treasury Notes, 4.250% to 4.875%, due 10/31/30 to 06/30/31. The aggregate market value of the collateral, including accrued interest, was $10,207,464. | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/02/26, U.S. Treasury Bonds, 1.625% to 4.625%, due 02/15/38 to 02/15/55, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/54 and U.S. Treasury Notes, 4.250% to 4.875%, due 10/31/30 to 06/30/31. The aggregate market value of the collateral, including accrued interest, was $10,207,464. | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/02/26, U.S. Treasury Bonds, 1.625% to 4.625%, due 02/15/38 to 02/15/55, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/54 and U.S. Treasury Notes, 4.250% to 4.875%, due 10/31/30 to 06/30/31. The aggregate market value of the collateral, including accrued interest, was $10,207,464. | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/02/26, U.S. Treasury Bonds, 1.625% to 4.625%, due 02/15/38 to 02/15/55, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/54 and U.S. Treasury Notes, 4.250% to 4.875%, due 10/31/30 to 06/30/31. The aggregate market value of the collateral, including accrued interest, was $10,207,464. | Collateralized by a U.S. Treasury Bill, 0.000%, due 01/02/26, U.S. Treasury Bonds, 1.625% to 4.625%, due 02/15/38 to 02/15/55, a U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/54 and U.S. Treasury Notes, 4.250% to 4.875%, due 10/31/30 to 06/30/31. The aggregate market value of the collateral, including accrued interest, was $10,207,464. |
|  BNP Paribas | BNP Paribas | BNP Paribas |  |  |
|  | 55000000 | 3.750 <sup>(e)</sup> | 02/09/26 | $55000000 |
|  Maturity Value: $56,237,500 | Maturity Value: $56,237,500 | Maturity Value: $56,237,500 | Maturity Value: $56,237,500 |  |
|  Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 |  |
|  Collateralized by U.S. Treasury Notes, 2.375% to 4.625%, due 05/15/27 to 11/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/44. The aggregate market value of the collateral, including accrued interest, was $56,100,022. | Collateralized by U.S. Treasury Notes, 2.375% to 4.625%, due 05/15/27 to 11/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/44. The aggregate market value of the collateral, including accrued interest, was $56,100,022. | Collateralized by U.S. Treasury Notes, 2.375% to 4.625%, due 05/15/27 to 11/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/44. The aggregate market value of the collateral, including accrued interest, was $56,100,022. | Collateralized by U.S. Treasury Notes, 2.375% to 4.625%, due 05/15/27 to 11/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/44. The aggregate market value of the collateral, including accrued interest, was $56,100,022. | Collateralized by U.S. Treasury Notes, 2.375% to 4.625%, due 05/15/27 to 11/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/44. The aggregate market value of the collateral, including accrued interest, was $56,100,022. |
|  | 30000000 | 3.750 <sup>(e)</sup> | 02/10/26 | $30000000 |
|  Maturity Value: $30,671,875 | Maturity Value: $30,671,875 | Maturity Value: $30,671,875 | Maturity Value: $30,671,875 |  |
|  Settlement Date: 07/10/25 | Settlement Date: 07/10/25 | Settlement Date: 07/10/25 | Settlement Date: 07/10/25 |  |
|  Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 06/18/26, a U.S. Treasury Bond, 1.375%, due 11/15/40, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/29 to 08/15/48, U.S. Treasury Notes, 0.375% to 4.625%, due 06/15/27 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/40 to 08/15/45. The aggregate market value of the collateral, including accrued interest, was $30,600,001. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 06/18/26, a U.S. Treasury Bond, 1.375%, due 11/15/40, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/29 to 08/15/48, U.S. Treasury Notes, 0.375% to 4.625%, due 06/15/27 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/40 to 08/15/45. The aggregate market value of the collateral, including accrued interest, was $30,600,001. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 06/18/26, a U.S. Treasury Bond, 1.375%, due 11/15/40, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/29 to 08/15/48, U.S. Treasury Notes, 0.375% to 4.625%, due 06/15/27 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/40 to 08/15/45. The aggregate market value of the collateral, including accrued interest, was $30,600,001. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 06/18/26, a U.S. Treasury Bond, 1.375%, due 11/15/40, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/29 to 08/15/48, U.S. Treasury Notes, 0.375% to 4.625%, due 06/15/27 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/40 to 08/15/45. The aggregate market value of the collateral, including accrued interest, was $30,600,001. | Collateralized by U.S. Treasury Bills, 0.000%, due 01/02/26 to 06/18/26, a U.S. Treasury Bond, 1.375%, due 11/15/40, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/29 to 08/15/48, U.S. Treasury Notes, 0.375% to 4.625%, due 06/15/27 to 11/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/40 to 08/15/45. The aggregate market value of the collateral, including accrued interest, was $30,600,001. |
|  | 40000000 | 3.750 <sup>(e)</sup> | 02/10/26 | $40000000 |
|  Maturity Value: $40,900,000 | Maturity Value: $40,900,000 | Maturity Value: $40,900,000 | Maturity Value: $40,900,000 |  |
|  Settlement Date: 07/09/25 | Settlement Date: 07/09/25 | Settlement Date: 07/09/25 | Settlement Date: 07/09/25 |  |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 06/18/26, U.S. Treasury Bonds, 2.250% to 6.125%, due 11/15/27 to 11/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 07/15/29 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 11/15/46, U.S. Treasury Notes, 0.375% to 4.875%, due 01/31/27 to 03/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 05/15/46. The aggregate market value of the collateral, including accrued interest, was $40,800,001. | Collateralized by a U.S. Treasury Bill, 0.000%, due 06/18/26, U.S. Treasury Bonds, 2.250% to 6.125%, due 11/15/27 to 11/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 07/15/29 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 11/15/46, U.S. Treasury Notes, 0.375% to 4.875%, due 01/31/27 to 03/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 05/15/46. The aggregate market value of the collateral, including accrued interest, was $40,800,001. | Collateralized by a U.S. Treasury Bill, 0.000%, due 06/18/26, U.S. Treasury Bonds, 2.250% to 6.125%, due 11/15/27 to 11/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 07/15/29 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 11/15/46, U.S. Treasury Notes, 0.375% to 4.875%, due 01/31/27 to 03/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 05/15/46. The aggregate market value of the collateral, including accrued interest, was $40,800,001. | Collateralized by a U.S. Treasury Bill, 0.000%, due 06/18/26, U.S. Treasury Bonds, 2.250% to 6.125%, due 11/15/27 to 11/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 07/15/29 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 11/15/46, U.S. Treasury Notes, 0.375% to 4.875%, due 01/31/27 to 03/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 05/15/46. The aggregate market value of the collateral, including accrued interest, was $40,800,001. | Collateralized by a U.S. Treasury Bill, 0.000%, due 06/18/26, U.S. Treasury Bonds, 2.250% to 6.125%, due 11/15/27 to 11/15/52, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 07/15/29 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 11/15/46, U.S. Treasury Notes, 0.375% to 4.875%, due 01/31/27 to 03/31/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/36 to 05/15/46. The aggregate market value of the collateral, including accrued interest, was $40,800,001. |
|  | 40000000 | 3.750 <sup>(e)</sup> | 02/17/26 | $40000000 |
|  Maturity Value: $40,908,334 | Maturity Value: $40,908,334 | Maturity Value: $40,908,334 | Maturity Value: $40,908,334 |  |
|  Settlement Date: 07/14/25 | Settlement Date: 07/14/25 | Settlement Date: 07/14/25 | Settlement Date: 07/14/25 |  |
|  Collateralized by a U.S. Treasury Bill, 0.000%, due 02/26/26, U.S. Treasury Bonds, 2.000% to 4.250%, due 08/15/51 to 02/15/54, U.S. Treasury Floating Rate Notes, 3.761% to 3.792%, due 07/31/27 to 10/31/27, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.375%, due 01/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/44, U.S. Treasury Notes, 0.500% to 4.625%, due 01/31/27 to 09/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/42 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $40,800,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 02/26/26, U.S. Treasury Bonds, 2.000% to 4.250%, due 08/15/51 to 02/15/54, U.S. Treasury Floating Rate Notes, 3.761% to 3.792%, due 07/31/27 to 10/31/27, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.375%, due 01/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/44, U.S. Treasury Notes, 0.500% to 4.625%, due 01/31/27 to 09/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/42 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $40,800,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 02/26/26, U.S. Treasury Bonds, 2.000% to 4.250%, due 08/15/51 to 02/15/54, U.S. Treasury Floating Rate Notes, 3.761% to 3.792%, due 07/31/27 to 10/31/27, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.375%, due 01/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/44, U.S. Treasury Notes, 0.500% to 4.625%, due 01/31/27 to 09/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/42 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $40,800,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 02/26/26, U.S. Treasury Bonds, 2.000% to 4.250%, due 08/15/51 to 02/15/54, U.S. Treasury Floating Rate Notes, 3.761% to 3.792%, due 07/31/27 to 10/31/27, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.375%, due 01/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/44, U.S. Treasury Notes, 0.500% to 4.625%, due 01/31/27 to 09/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/42 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $40,800,000. | Collateralized by a U.S. Treasury Bill, 0.000%, due 02/26/26, U.S. Treasury Bonds, 2.000% to 4.250%, due 08/15/51 to 02/15/54, U.S. Treasury Floating Rate Notes, 3.761% to 3.792%, due 07/31/27 to 10/31/27, U.S. Treasury Inflation-Indexed Notes, 0.375% to 1.375%, due 01/15/27 to 07/15/33, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/26 to 11/15/44, U.S. Treasury Notes, 0.500% to 4.625%, due 01/31/27 to 09/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/42 to 02/15/54. The aggregate market value of the collateral, including accrued interest, was $40,800,000. |

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&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;

Schedule of Investments (continued) *December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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) |  |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | 3.850 %<sup>(e)</sup> | 03/18/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
|  Maturity Value: $25,483,923 | Maturity Value: $25,483,923 | Maturity Value: $25,483,923 | Maturity Value: $25,483,923 |  |
|  Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 11/01/28 to 11/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 03/01/29 to 12/01/55, Fixed-rate Multifamily Mortgage Participation Certificates, 3.830%, due 03/01/44 and Government National Mortgage Association, 2.000% to 7.500%, due 04/20/32 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $25,750,008. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 11/01/28 to 11/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 03/01/29 to 12/01/55, Fixed-rate Multifamily Mortgage Participation Certificates, 3.830%, due 03/01/44 and Government National Mortgage Association, 2.000% to 7.500%, due 04/20/32 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $25,750,008. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 11/01/28 to 11/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 03/01/29 to 12/01/55, Fixed-rate Multifamily Mortgage Participation Certificates, 3.830%, due 03/01/44 and Government National Mortgage Association, 2.000% to 7.500%, due 04/20/32 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $25,750,008. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 11/01/28 to 11/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 03/01/29 to 12/01/55, Fixed-rate Multifamily Mortgage Participation Certificates, 3.830%, due 03/01/44 and Government National Mortgage Association, 2.000% to 7.500%, due 04/20/32 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $25,750,008. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 7.000%, due 11/01/28 to 11/01/55, Federal National Mortgage Association, 1.500% to 8.000%, due 03/01/29 to 12/01/55, Fixed-rate Multifamily Mortgage Participation Certificates, 3.830%, due 03/01/44 and Government National Mortgage Association, 2.000% to 7.500%, due 04/20/32 to 11/20/55. The aggregate market value of the collateral, including accrued interest, was $25,750,008. |
|  | 10000000 | 3.610 <sup>(e)</sup> | 06/24/26 | $10000000 |
|  Maturity Value: $10,182,506 | Maturity Value: $10,182,506 | Maturity Value: $10,182,506 | Maturity Value: $10,182,506 |  |
|  Settlement Date: 12/24/25 | Settlement Date: 12/24/25 | Settlement Date: 12/24/25 | Settlement Date: 12/24/25 |  |
|  Collateralized by U.S. Treasury Bonds, 4.250% to 4.500%, due 05/15/39 to 11/15/54, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27 and a U.S. Treasury Note, 0.500%, due 10/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,004. | Collateralized by U.S. Treasury Bonds, 4.250% to 4.500%, due 05/15/39 to 11/15/54, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27 and a U.S. Treasury Note, 0.500%, due 10/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,004. | Collateralized by U.S. Treasury Bonds, 4.250% to 4.500%, due 05/15/39 to 11/15/54, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27 and a U.S. Treasury Note, 0.500%, due 10/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,004. | Collateralized by U.S. Treasury Bonds, 4.250% to 4.500%, due 05/15/39 to 11/15/54, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27 and a U.S. Treasury Note, 0.500%, due 10/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,004. | Collateralized by U.S. Treasury Bonds, 4.250% to 4.500%, due 05/15/39 to 11/15/54, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27 and a U.S. Treasury Note, 0.500%, due 10/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,004. |
|  | 10000000 | 3.560 <sup>(e)</sup> | 09/10/26 | $10000000 |
|  Maturity Value: $10,269,967 | Maturity Value: $10,269,967 | Maturity Value: $10,269,967 | Maturity Value: $10,269,967 |  |
|  Settlement Date: 12/11/25 | Settlement Date: 12/11/25 | Settlement Date: 12/11/25 | Settlement Date: 12/11/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.000%, due 09/01/42 to 10/01/55 and Federal National Mortgage Association, 3.000% to 6.500%, due 02/01/41 to 09/01/55. The aggregate market value of the collateral, including accrued interest, was $10,300,001. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.000%, due 09/01/42 to 10/01/55 and Federal National Mortgage Association, 3.000% to 6.500%, due 02/01/41 to 09/01/55. The aggregate market value of the collateral, including accrued interest, was $10,300,001. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.000%, due 09/01/42 to 10/01/55 and Federal National Mortgage Association, 3.000% to 6.500%, due 02/01/41 to 09/01/55. The aggregate market value of the collateral, including accrued interest, was $10,300,001. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.000%, due 09/01/42 to 10/01/55 and Federal National Mortgage Association, 3.000% to 6.500%, due 02/01/41 to 09/01/55. The aggregate market value of the collateral, including accrued interest, was $10,300,001. | Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.000%, due 09/01/42 to 10/01/55 and Federal National Mortgage Association, 3.000% to 6.500%, due 02/01/41 to 09/01/55. The aggregate market value of the collateral, including accrued interest, was $10,300,001. |
|  BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |  |  |
|  | 200000000 | 3.850 | 01/02/26 | $200000000 |
|  Maturity Value: $200,042,778 | Maturity Value: $200,042,778 | Maturity Value: $200,042,778 | Maturity Value: $200,042,778 |  |
|  Collateralized by Federal Farm Credit Bank, 0.900% to 4.100%, due 06/15/26 to 12/22/45, Federal Home Loan Bank, 2.840% to 4.250%, due 11/29/38 to 01/27/42, Federal Home Loan Mortgage Corp., 2.150%, due 07/13/40, Federal National Mortgage Association, 0.770%, due 06/02/27, Tennessee Valley Authority, 5.880%, due 04/01/36, U.S. Treasury Bonds, 1.875% to 5.250%, due 11/15/28 to 08/15/55 and U.S. Treasury Notes, 0.750% to 3.750%, due 05/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $204,000,021. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.100%, due 06/15/26 to 12/22/45, Federal Home Loan Bank, 2.840% to 4.250%, due 11/29/38 to 01/27/42, Federal Home Loan Mortgage Corp., 2.150%, due 07/13/40, Federal National Mortgage Association, 0.770%, due 06/02/27, Tennessee Valley Authority, 5.880%, due 04/01/36, U.S. Treasury Bonds, 1.875% to 5.250%, due 11/15/28 to 08/15/55 and U.S. Treasury Notes, 0.750% to 3.750%, due 05/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $204,000,021. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.100%, due 06/15/26 to 12/22/45, Federal Home Loan Bank, 2.840% to 4.250%, due 11/29/38 to 01/27/42, Federal Home Loan Mortgage Corp., 2.150%, due 07/13/40, Federal National Mortgage Association, 0.770%, due 06/02/27, Tennessee Valley Authority, 5.880%, due 04/01/36, U.S. Treasury Bonds, 1.875% to 5.250%, due 11/15/28 to 08/15/55 and U.S. Treasury Notes, 0.750% to 3.750%, due 05/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $204,000,021. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.100%, due 06/15/26 to 12/22/45, Federal Home Loan Bank, 2.840% to 4.250%, due 11/29/38 to 01/27/42, Federal Home Loan Mortgage Corp., 2.150%, due 07/13/40, Federal National Mortgage Association, 0.770%, due 06/02/27, Tennessee Valley Authority, 5.880%, due 04/01/36, U.S. Treasury Bonds, 1.875% to 5.250%, due 11/15/28 to 08/15/55 and U.S. Treasury Notes, 0.750% to 3.750%, due 05/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $204,000,021. | Collateralized by Federal Farm Credit Bank, 0.900% to 4.100%, due 06/15/26 to 12/22/45, Federal Home Loan Bank, 2.840% to 4.250%, due 11/29/38 to 01/27/42, Federal Home Loan Mortgage Corp., 2.150%, due 07/13/40, Federal National Mortgage Association, 0.770%, due 06/02/27, Tennessee Valley Authority, 5.880%, due 04/01/36, U.S. Treasury Bonds, 1.875% to 5.250%, due 11/15/28 to 08/15/55 and U.S. Treasury Notes, 0.750% to 3.750%, due 05/31/26 to 06/30/30. The aggregate market value of the collateral, including accrued interest, was $204,000,021. |
|  | 25000000 | 3.760 <sup>(e)</sup> | 01/15/26 | $25000000 |
|  Maturity Value: $25,480,444 | Maturity Value: $25,480,444 | Maturity Value: $25,480,444 | Maturity Value: $25,480,444 |  |
|  Settlement Date: 07/15/25 | Settlement Date: 07/15/25 | Settlement Date: 07/15/25 | Settlement Date: 07/15/25 |  |
|  Collateralized by Federal Home Loan Bank, 2.750%, due 03/25/27 and a U.S. Treasury Note, 4.000%, due 02/15/34. The aggregate market value of the collateral, including accrued interest, was $25,500,010. | Collateralized by Federal Home Loan Bank, 2.750%, due 03/25/27 and a U.S. Treasury Note, 4.000%, due 02/15/34. The aggregate market value of the collateral, including accrued interest, was $25,500,010. | Collateralized by Federal Home Loan Bank, 2.750%, due 03/25/27 and a U.S. Treasury Note, 4.000%, due 02/15/34. The aggregate market value of the collateral, including accrued interest, was $25,500,010. | Collateralized by Federal Home Loan Bank, 2.750%, due 03/25/27 and a U.S. Treasury Note, 4.000%, due 02/15/34. The aggregate market value of the collateral, including accrued interest, was $25,500,010. | Collateralized by Federal Home Loan Bank, 2.750%, due 03/25/27 and a U.S. Treasury Note, 4.000%, due 02/15/34. The aggregate market value of the collateral, including accrued interest, was $25,500,010. |
|  | 20000000 | 3.750 <sup>(e)</sup> | 01/28/26 | $20000000 |
|  Maturity Value: $20,383,334 | Maturity Value: $20,383,334 | Maturity Value: $20,383,334 | Maturity Value: $20,383,334 |  |
|  Settlement Date: 07/28/25 | Settlement Date: 07/28/25 | Settlement Date: 07/28/25 | Settlement Date: 07/28/25 |  |
|  Collateralized by Federal Farm Credit Bank, 3.540% to 3.880%, due 04/02/26 to 03/29/32, Federal National Mortgage Association, 2.125%, due 04/24/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/30 to 02/15/46. The aggregate market value of the collateral, including accrued interest, was $20,400,023. | Collateralized by Federal Farm Credit Bank, 3.540% to 3.880%, due 04/02/26 to 03/29/32, Federal National Mortgage Association, 2.125%, due 04/24/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/30 to 02/15/46. The aggregate market value of the collateral, including accrued interest, was $20,400,023. | Collateralized by Federal Farm Credit Bank, 3.540% to 3.880%, due 04/02/26 to 03/29/32, Federal National Mortgage Association, 2.125%, due 04/24/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/30 to 02/15/46. The aggregate market value of the collateral, including accrued interest, was $20,400,023. | Collateralized by Federal Farm Credit Bank, 3.540% to 3.880%, due 04/02/26 to 03/29/32, Federal National Mortgage Association, 2.125%, due 04/24/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/30 to 02/15/46. The aggregate market value of the collateral, including accrued interest, was $20,400,023. | Collateralized by Federal Farm Credit Bank, 3.540% to 3.880%, due 04/02/26 to 03/29/32, Federal National Mortgage Association, 2.125%, due 04/24/26 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/30 to 02/15/46. The aggregate market value of the collateral, including accrued interest, was $20,400,023. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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. – (continued) | BofA Securities, Inc. – (continued) | BofA Securities, Inc. – (continued) | BofA Securities, Inc. – (continued) |  |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | 3.760 %<sup>(e)</sup> | 04/29/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
|  Maturity Value: $25,475,222 | Maturity Value: $25,475,222 | Maturity Value: $25,475,222 | Maturity Value: $25,475,222 |  |
|  Settlement Date: 10/29/25 | Settlement Date: 10/29/25 | Settlement Date: 10/29/25 | Settlement Date: 10/29/25 |  |
|  Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/43. The aggregate market value of the collateral, including accrued interest, was $25,500,000. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/43. The aggregate market value of the collateral, including accrued interest, was $25,500,000. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/43. The aggregate market value of the collateral, including accrued interest, was $25,500,000. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/43. The aggregate market value of the collateral, including accrued interest, was $25,500,000. | Collateralized by a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/28 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/43. The aggregate market value of the collateral, including accrued interest, was $25,500,000. |
|  | 4000000 | 3.820 <sup>(e)</sup> | 07/30/26 | $4000000 |
|  Maturity Value: $4,154,922 | Maturity Value: $4,154,922 | Maturity Value: $4,154,922 | Maturity Value: $4,154,922 |  |
|  Settlement Date: 07/30/25 | Settlement Date: 07/30/25 | Settlement Date: 07/30/25 | Settlement Date: 07/30/25 |  |
|  Collateralized by Federal Home Loan Bank, 3.885%, due 04/08/26 and Federal Home Loan Mortgage Corp., 3.950%, due 12/18/28. The aggregate market value of the collateral, including accrued interest, was $4,080,231. | Collateralized by Federal Home Loan Bank, 3.885%, due 04/08/26 and Federal Home Loan Mortgage Corp., 3.950%, due 12/18/28. The aggregate market value of the collateral, including accrued interest, was $4,080,231. | Collateralized by Federal Home Loan Bank, 3.885%, due 04/08/26 and Federal Home Loan Mortgage Corp., 3.950%, due 12/18/28. The aggregate market value of the collateral, including accrued interest, was $4,080,231. | Collateralized by Federal Home Loan Bank, 3.885%, due 04/08/26 and Federal Home Loan Mortgage Corp., 3.950%, due 12/18/28. The aggregate market value of the collateral, including accrued interest, was $4,080,231. | Collateralized by Federal Home Loan Bank, 3.885%, due 04/08/26 and Federal Home Loan Mortgage Corp., 3.950%, due 12/18/28. The aggregate market value of the collateral, including accrued interest, was $4,080,231. |
|  Citibank, National Association | Citibank, National Association | Citibank, National Association | Citibank, National Association |  |
|  | 12000000 | 3.720 | 01/13/26 | $12000000 |
|  Maturity Value: $12,546,840 | Maturity Value: $12,546,840 | Maturity Value: $12,546,840 | Maturity Value: $12,546,840 |  |
|  Settlement Date: 10/29/24 | Settlement Date: 10/29/24 | Settlement Date: 10/29/24 | Settlement Date: 10/29/24 |  |
|  Collateralized by Federal National Mortgage Association, 5.500% to 6.000%, due 10/01/54 to 11/01/55, Government National Mortgage Association, 5.000% to 5.500%, due 10/20/49 to 12/20/55 and a U.S. Treasury Note, 4.000%, due 02/15/34. The aggregate market value of the collateral, including accrued interest, was $12,240,000. | Collateralized by Federal National Mortgage Association, 5.500% to 6.000%, due 10/01/54 to 11/01/55, Government National Mortgage Association, 5.000% to 5.500%, due 10/20/49 to 12/20/55 and a U.S. Treasury Note, 4.000%, due 02/15/34. The aggregate market value of the collateral, including accrued interest, was $12,240,000. | Collateralized by Federal National Mortgage Association, 5.500% to 6.000%, due 10/01/54 to 11/01/55, Government National Mortgage Association, 5.000% to 5.500%, due 10/20/49 to 12/20/55 and a U.S. Treasury Note, 4.000%, due 02/15/34. The aggregate market value of the collateral, including accrued interest, was $12,240,000. | Collateralized by Federal National Mortgage Association, 5.500% to 6.000%, due 10/01/54 to 11/01/55, Government National Mortgage Association, 5.000% to 5.500%, due 10/20/49 to 12/20/55 and a U.S. Treasury Note, 4.000%, due 02/15/34. The aggregate market value of the collateral, including accrued interest, was $12,240,000. | Collateralized by Federal National Mortgage Association, 5.500% to 6.000%, due 10/01/54 to 11/01/55, Government National Mortgage Association, 5.000% to 5.500%, due 10/20/49 to 12/20/55 and a U.S. Treasury Note, 4.000%, due 02/15/34. The aggregate market value of the collateral, including accrued interest, was $12,240,000. |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |  |
|  | 15000000 | 3.710 <sup>(e)</sup> | 01/05/26 | $15000000 |
|  Maturity Value: $15,426,650 | Maturity Value: $15,426,650 | Maturity Value: $15,426,650 | Maturity Value: $15,426,650 |  |
|  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 Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $15,300,087. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $15,300,087. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $15,300,087. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $15,300,087. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $15,300,087. |
|  | 8000000 | 4.220 | 01/07/26 | $8000000 |
|  Maturity Value: $8,143,480 | Maturity Value: $8,143,480 | Maturity Value: $8,143,480 | Maturity Value: $8,143,480 |  |
|  Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 |  |
|  Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $8,160,006. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $8,160,006. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $8,160,006. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $8,160,006. | Collateralized by a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $8,160,006. |
|  | 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 |  |
|  Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 | Settlement Date: 06/16/25 |  |
|  Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $7,140,058. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $7,140,058. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $7,140,058. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $7,140,058. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $7,140,058. |
|  | 12000000 | 3.710 <sup>(e)</sup> | 02/09/26 | $12000000 |
|  Maturity Value: $12,267,120 | Maturity Value: $12,267,120 | Maturity Value: $12,267,120 | Maturity Value: $12,267,120 |  |
|  Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 |  |
|  Collateralized by U.S. Treasury Notes, 1.250% to 3.875%, due 04/30/28 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $12,240,048. | Collateralized by U.S. Treasury Notes, 1.250% to 3.875%, due 04/30/28 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $12,240,048. | Collateralized by U.S. Treasury Notes, 1.250% to 3.875%, due 04/30/28 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $12,240,048. | Collateralized by U.S. Treasury Notes, 1.250% to 3.875%, due 04/30/28 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $12,240,048. | Collateralized by U.S. Treasury Notes, 1.250% to 3.875%, due 04/30/28 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $12,240,048. |

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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) |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000000 | 3.720 %<sup>(e)</sup> | 02/09/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000000 |
|  Maturity Value: $16,357,120 | Maturity Value: $16,357,120 | Maturity Value: $16,357,120 | Maturity Value: $16,357,120 |  |
|  Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 | Settlement Date: 07/08/25 |  |
|  Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $16,320,038. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $16,320,038. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $16,320,038. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $16,320,038. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $16,320,038. |
|  | 5000000 | 4.170 | 02/09/26 | $5000000 |
|  Maturity Value: $5,107,146 | Maturity Value: $5,107,146 | Maturity Value: $5,107,146 | Maturity Value: $5,107,146 |  |
|  Settlement Date: 08/08/25 | Settlement Date: 08/08/25 | Settlement Date: 08/08/25 | Settlement Date: 08/08/25 |  |
|  Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $5,100,000. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $5,100,000. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $5,100,000. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $5,100,000. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $5,100,000. |
|  | 8000000 | 4.180 | 02/09/26 | $8000000 |
|  Maturity Value: $8,172,773 | Maturity Value: $8,172,773 | Maturity Value: $8,172,773 | Maturity Value: $8,172,773 |  |
|  Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 | Settlement Date: 08/07/25 |  |
|  Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $8,160,819. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $8,160,819. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $8,160,819. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $8,160,819. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $8,160,819. |
|  | 35000000 | 3.720 <sup>(e)</sup> | 02/17/26 | $35000000 |
|  Maturity Value: $35,784,816 | Maturity Value: $35,784,816 | Maturity Value: $35,784,816 | Maturity Value: $35,784,816 |  |
|  Settlement Date: 07/15/25 | Settlement Date: 07/15/25 | Settlement Date: 07/15/25 | Settlement Date: 07/15/25 |  |
|  Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $35,700,068. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $35,700,068. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $35,700,068. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $35,700,068. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $35,700,068. |
|  | 35000000 | 3.710 <sup>(e)</sup> | 02/18/26 | $35000000 |
|  Maturity Value: $35,775,493 | Maturity Value: $35,775,493 | Maturity Value: $35,775,493 | Maturity Value: $35,775,493 |  |
|  Settlement Date: 07/18/25 | Settlement Date: 07/18/25 | Settlement Date: 07/18/25 | Settlement Date: 07/18/25 |  |
|  Collateralized by a U.S. Treasury Inflation-Indexed Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 2.875% to 4.375%, due 01/31/32 to 05/15/32. The aggregate market value of the collateral, including accrued interest, was $35,700,101. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 2.875% to 4.375%, due 01/31/32 to 05/15/32. The aggregate market value of the collateral, including accrued interest, was $35,700,101. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 2.875% to 4.375%, due 01/31/32 to 05/15/32. The aggregate market value of the collateral, including accrued interest, was $35,700,101. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 2.875% to 4.375%, due 01/31/32 to 05/15/32. The aggregate market value of the collateral, including accrued interest, was $35,700,101. | Collateralized by a U.S. Treasury Inflation-Indexed Bond, 3.375%, due 04/15/32 and U.S. Treasury Notes, 2.875% to 4.375%, due 01/31/32 to 05/15/32. The aggregate market value of the collateral, including accrued interest, was $35,700,101. |
|  | 50000000 | 3.720 <sup>(e)</sup> | 02/18/26 | $50000000 |
|  Maturity Value: $51,110,833 | Maturity Value: $51,110,833 | Maturity Value: $51,110,833 | Maturity Value: $51,110,833 |  |
|  Settlement Date: 07/18/25 | Settlement Date: 07/18/25 | Settlement Date: 07/18/25 | Settlement Date: 07/18/25 |  |
|  Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $51,000,052. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $51,000,052. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $51,000,052. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $51,000,052. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $51,000,052. |
|  | 35000000 | 3.720 <sup>(e)</sup> | 02/23/26 | $35000000 |
|  Maturity Value: $35,781,200 | Maturity Value: $35,781,200 | Maturity Value: $35,781,200 | Maturity Value: $35,781,200 |  |
|  Settlement Date: 07/22/25 | Settlement Date: 07/22/25 | Settlement Date: 07/22/25 | Settlement Date: 07/22/25 |  |
|  Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $35,700,068. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $35,700,068. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $35,700,068. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $35,700,068. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $35,700,068. |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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) |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | 3.720 %<sup>(e)</sup> | 02/27/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
|  Maturity Value: $10,221,133 | Maturity Value: $10,221,133 | Maturity Value: $10,221,133 | Maturity Value: $10,221,133 |  |
|  Settlement Date: 07/28/25 | Settlement Date: 07/28/25 | Settlement Date: 07/28/25 | Settlement Date: 07/28/25 |  |
|  Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $10,200,033. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $10,200,033. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $10,200,033. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $10,200,033. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $10,200,033. |
|  | 7000000 | 3.920 | 03/19/26 | $7000000 |
|  Maturity Value: $7,138,725 | Maturity Value: $7,138,725 | Maturity Value: $7,138,725 | Maturity Value: $7,138,725 |  |
|  Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 | Settlement Date: 09/18/25 |  |
|  Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $7,140,827. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $7,140,827. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $7,140,827. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $7,140,827. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $7,140,827. |
|  | 13000000 | 3.710 <sup>(e)</sup> | 03/23/26 | $13000000 |
|  Maturity Value: $13,243,830 | Maturity Value: $13,243,830 | Maturity Value: $13,243,830 | Maturity Value: $13,243,830 |  |
|  Settlement Date: 09/22/25 | Settlement Date: 09/22/25 | Settlement Date: 09/22/25 | Settlement Date: 09/22/25 |  |
|  Collateralized by U.S. Treasury Notes, 1.250% to 3.875%, due 04/30/28 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $13,260,053. | Collateralized by U.S. Treasury Notes, 1.250% to 3.875%, due 04/30/28 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $13,260,053. | Collateralized by U.S. Treasury Notes, 1.250% to 3.875%, due 04/30/28 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $13,260,053. | Collateralized by U.S. Treasury Notes, 1.250% to 3.875%, due 04/30/28 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $13,260,053. | Collateralized by U.S. Treasury Notes, 1.250% to 3.875%, due 04/30/28 to 06/15/28. The aggregate market value of the collateral, including accrued interest, was $13,260,053. |
|  | 16000000 | 3.720 <sup>(e)</sup> | 03/23/26 | $16000000 |
|  Maturity Value: $16,300,907 | Maturity Value: $16,300,907 | Maturity Value: $16,300,907 | Maturity Value: $16,300,907 |  |
|  Settlement Date: 09/22/25 | Settlement Date: 09/22/25 | Settlement Date: 09/22/25 | Settlement Date: 09/22/25 |  |
|  Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $16,320,038. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $16,320,038. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $16,320,038. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $16,320,038. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $16,320,038. |
|  | 30000000 | 3.710 <sup>(e)</sup> | 04/08/26 | $30000000 |
|  Maturity Value: $30,562,684 | Maturity Value: $30,562,684 | Maturity Value: $30,562,684 | Maturity Value: $30,562,684 |  |
|  Settlement Date: 10/08/25 | Settlement Date: 10/08/25 | Settlement Date: 10/08/25 | Settlement Date: 10/08/25 |  |
|  Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $30,600,092. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $30,600,092. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $30,600,092. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $30,600,092. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $30,600,092. |
|  | 44000000 | 3.710 <sup>(e)</sup> | 04/10/26 | $44000000 |
|  Maturity Value: $44,825,269 | Maturity Value: $44,825,269 | Maturity Value: $44,825,269 | Maturity Value: $44,825,269 |  |
|  Settlement Date: 10/10/25 | Settlement Date: 10/10/25 | Settlement Date: 10/10/25 | Settlement Date: 10/10/25 |  |
|  Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $44,880,047. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $44,880,047. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $44,880,047. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $44,880,047. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $44,880,047. |
|  | 30000000 | 3.710 <sup>(e)</sup> | 05/07/26 | $30000000 |
|  Maturity Value: $30,559,592 | Maturity Value: $30,559,592 | Maturity Value: $30,559,592 | Maturity Value: $30,559,592 |  |
|  Settlement Date: 11/07/25 | Settlement Date: 11/07/25 | Settlement Date: 11/07/25 | Settlement Date: 11/07/25 |  |
|  Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $30,600,092. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $30,600,092. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $30,600,092. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $30,600,092. | Collateralized by a U.S. Treasury Bond, 6.000%, due 02/15/26, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 04/15/26 and U.S. Treasury Notes, 0.500% to 3.750%, due 02/28/26 to 04/15/26. The aggregate market value of the collateral, including accrued interest, was $30,600,092. |
|  | 3000000 | 3.820 | 05/13/26 | $3000000 |
|  Maturity Value: $3,057,618 | Maturity Value: $3,057,618 | Maturity Value: $3,057,618 | Maturity Value: $3,057,618 |  |
|  Settlement Date: 11/13/25 | Settlement Date: 11/13/25 | Settlement Date: 11/13/25 | Settlement Date: 11/13/25 |  |
|  Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $3,060,857. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $3,060,857. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $3,060,857. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $3,060,857. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $3,060,857. |

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&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;

Schedule of Investments (continued) *December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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) |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | 3.710% | 06/24/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
|  Maturity Value: $5,099,964 | Maturity Value: $5,099,964 | Maturity Value: $5,099,964 | Maturity Value: $5,099,964 |  |
|  Settlement Date: 12/12/25 | Settlement Date: 12/12/25 | Settlement Date: 12/12/25 | Settlement Date: 12/12/25 |  |
|  Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $5,100,843. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $5,100,843. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $5,100,843. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $5,100,843. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $5,100,843. |
|  | 10000000 | 3.730 | 06/24/26 | $10000000 |
|  Maturity Value: $10,204,114 | Maturity Value: $10,204,114 | Maturity Value: $10,204,114 | Maturity Value: $10,204,114 |  |
|  Settlement Date: 12/09/25 | Settlement Date: 12/09/25 | Settlement Date: 12/09/25 | Settlement Date: 12/09/25 |  |
|  Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $10,200,803. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $10,200,803. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $10,200,803. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $10,200,803. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $10,200,803. |
|  | 10000000 | 3.740 | 06/24/26 | $10000000 |
|  Maturity Value: $10,210,894 | Maturity Value: $10,210,894 | Maturity Value: $10,210,894 | Maturity Value: $10,210,894 |  |
|  Settlement Date: 12/03/25 | Settlement Date: 12/03/25 | Settlement Date: 12/03/25 | Settlement Date: 12/03/25 |  |
|  Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $10,200,000. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $10,200,000. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $10,200,000. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $10,200,000. | Collateralized by Government National Mortgage Association, 2.500% to 6.500%, due 02/20/54. The aggregate market value of the collateral, including accrued interest, was $10,200,000. |
|  Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank |
|  | 20000000 | 3.710 <sup>(e)</sup> | 01/12/26 | $20000000 |
|  Maturity Value: $20,441,078 | Maturity Value: $20,441,078 | Maturity Value: $20,441,078 | Maturity Value: $20,441,078 |  |
|  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, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $20,400,096. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $20,400,096. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $20,400,096. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $20,400,096. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $20,400,096. |
|  | 20000000 | 3.710 <sup>(e)</sup> | 01/12/26 | $20000000 |
|  Maturity Value: $20,441,078 | Maturity Value: $20,441,078 | Maturity Value: $20,441,078 | Maturity Value: $20,441,078 |  |
|  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, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $20,400,096. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $20,400,096. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $20,400,096. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $20,400,096. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $20,400,096. |
|  | 27000000 | 3.710 <sup>(e)</sup> | 02/03/26 | $27000000 |
|  Maturity Value: $27,598,238 | Maturity Value: $27,598,238 | Maturity Value: $27,598,238 | Maturity Value: $27,598,238 |  |
|  Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 |  |
|  Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $27,540,076. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $27,540,076. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $27,540,076. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $27,540,076. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $27,540,076. |
|  | 53000000 | 3.710 <sup>(e)</sup> | 02/03/26 | $53000000 |
|  Maturity Value: $54,174,318 | Maturity Value: $54,174,318 | Maturity Value: $54,174,318 | Maturity Value: $54,174,318 |  |
|  Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 | Settlement Date: 07/03/25 |  |
|  Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 09/30/32. The aggregate market value of the collateral, including accrued interest, was $54,060,000. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 09/30/32. The aggregate market value of the collateral, including accrued interest, was $54,060,000. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 09/30/32. The aggregate market value of the collateral, including accrued interest, was $54,060,000. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 09/30/32. The aggregate market value of the collateral, including accrued interest, was $54,060,000. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 09/30/32. The aggregate market value of the collateral, including accrued interest, was $54,060,000. |
|  | 10000000 | 3.710 <sup>(e)</sup> | 03/12/26 | $10000000 |
|  Maturity Value: $10,186,531 | Maturity Value: $10,186,531 | Maturity Value: $10,186,531 | Maturity Value: $10,186,531 |  |
|  Settlement Date: 09/12/25 | Settlement Date: 09/12/25 | Settlement Date: 09/12/25 | Settlement Date: 09/12/25 |  |
|  Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $10,200,033. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $10,200,033. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $10,200,033. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $10,200,033. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $10,200,033. |
|  | 23000000 | 3.710 <sup>(e)</sup> | 03/19/26 | $23000000 |
|  Maturity Value: $23,429,020 | Maturity Value: $23,429,020 | Maturity Value: $23,429,020 | Maturity Value: $23,429,020 |  |
|  Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 |  |
|  Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $23,460,061. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $23,460,061. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $23,460,061. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $23,460,061. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 01/31/32. The aggregate market value of the collateral, including accrued interest, was $23,460,061. |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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)** |
|  Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) | Credit Agricole Corporate and Investment Bank – (continued) |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | 3.710 %<sup>(e)</sup> | 04/10/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 |
|  Maturity Value: $6,112,537 | Maturity Value: $6,112,537 | Maturity Value: $6,112,537 | Maturity Value: $6,112,537 |  |
|  Settlement Date: 10/10/25 | Settlement Date: 10/10/25 | Settlement Date: 10/10/25 | Settlement Date: 10/10/25 |  |
|  Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $6,120,013. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $6,120,013. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $6,120,013. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $6,120,013. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $6,120,013. |
|  | 2000000 | 3.710 <sup>(e)</sup> | 04/30/26 | $2000000 |
|  Maturity Value: $2,037,306 | Maturity Value: $2,037,306 | Maturity Value: $2,037,306 | Maturity Value: $2,037,306 |  |
|  Settlement Date: 10/31/25 | Settlement Date: 10/31/25 | Settlement Date: 10/31/25 | Settlement Date: 10/31/25 |  |
|  Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $2,040,005. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $2,040,005. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $2,040,005. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $2,040,005. | Collateralized by U.S. Treasury Notes, 1.000% to 4.375%, due 01/15/28 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $2,040,005. |
|  HSBC Bank PLC | HSBC Bank PLC | HSBC Bank PLC |  |  |
|  | 18000000 | 3.720 | 01/13/26 | $18000000 |
|  Maturity Value: $18,827,700 | Maturity Value: $18,827,700 | Maturity Value: $18,827,700 | Maturity Value: $18,827,700 |  |
|  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 Bonds, 2.000% to 3.250%, due 05/15/42 to 08/15/51 and a U.S. Treasury Inflation-Indexed Note, 1.750%, due 01/15/34. The aggregate market value of the collateral, including accrued interest, was $18,365,814. | Collateralized by U.S. Treasury Bonds, 2.000% to 3.250%, due 05/15/42 to 08/15/51 and a U.S. Treasury Inflation-Indexed Note, 1.750%, due 01/15/34. The aggregate market value of the collateral, including accrued interest, was $18,365,814. | Collateralized by U.S. Treasury Bonds, 2.000% to 3.250%, due 05/15/42 to 08/15/51 and a U.S. Treasury Inflation-Indexed Note, 1.750%, due 01/15/34. The aggregate market value of the collateral, including accrued interest, was $18,365,814. | Collateralized by U.S. Treasury Bonds, 2.000% to 3.250%, due 05/15/42 to 08/15/51 and a U.S. Treasury Inflation-Indexed Note, 1.750%, due 01/15/34. The aggregate market value of the collateral, including accrued interest, was $18,365,814. | Collateralized by U.S. Treasury Bonds, 2.000% to 3.250%, due 05/15/42 to 08/15/51 and a U.S. Treasury Inflation-Indexed Note, 1.750%, due 01/15/34. The aggregate market value of the collateral, including accrued interest, was $18,365,814. |
|  HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. | HSBC Securities (USA), Inc. |  |
|  | 12000000 | 3.710 | 01/13/26 | $12000000 |
|  Maturity Value: $12,551,554 | Maturity Value: $12,551,554 | Maturity Value: $12,551,554 | Maturity Value: $12,551,554 |  |
|  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 Note, 4.625%, due 09/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/31 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $12,242,532. | Collateralized by a U.S. Treasury Note, 4.625%, due 09/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/31 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $12,242,532. | Collateralized by a U.S. Treasury Note, 4.625%, due 09/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/31 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $12,242,532. | Collateralized by a U.S. Treasury Note, 4.625%, due 09/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/31 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $12,242,532. | Collateralized by a U.S. Treasury Note, 4.625%, due 09/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/31 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $12,242,532. |
|  | 40000000 | 3.720 | 01/13/26 | $40000000 |
|  Maturity Value: $41,843,466 | Maturity Value: $41,843,466 | Maturity Value: $41,843,466 | Maturity Value: $41,843,466 |  |
|  Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 | Settlement Date: 10/24/24 |  |
|  Collateralized by Federal Farm Credit Bank, 2.230% to 3.610%, due 03/12/35 to 10/07/37, Federal Home Loan Bank, 4.375%, due 09/08/28, Federal Home Loan Mortgage Corp., 5.500%, due 10/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 01/15/27 to 07/15/28 and a U.S. Treasury Note, 4.625%, due 09/30/30. The aggregate market value of the collateral, including accrued interest, was $40,827,251. | Collateralized by Federal Farm Credit Bank, 2.230% to 3.610%, due 03/12/35 to 10/07/37, Federal Home Loan Bank, 4.375%, due 09/08/28, Federal Home Loan Mortgage Corp., 5.500%, due 10/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 01/15/27 to 07/15/28 and a U.S. Treasury Note, 4.625%, due 09/30/30. The aggregate market value of the collateral, including accrued interest, was $40,827,251. | Collateralized by Federal Farm Credit Bank, 2.230% to 3.610%, due 03/12/35 to 10/07/37, Federal Home Loan Bank, 4.375%, due 09/08/28, Federal Home Loan Mortgage Corp., 5.500%, due 10/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 01/15/27 to 07/15/28 and a U.S. Treasury Note, 4.625%, due 09/30/30. The aggregate market value of the collateral, including accrued interest, was $40,827,251. | Collateralized by Federal Farm Credit Bank, 2.230% to 3.610%, due 03/12/35 to 10/07/37, Federal Home Loan Bank, 4.375%, due 09/08/28, Federal Home Loan Mortgage Corp., 5.500%, due 10/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 01/15/27 to 07/15/28 and a U.S. Treasury Note, 4.625%, due 09/30/30. The aggregate market value of the collateral, including accrued interest, was $40,827,251. | Collateralized by Federal Farm Credit Bank, 2.230% to 3.610%, due 03/12/35 to 10/07/37, Federal Home Loan Bank, 4.375%, due 09/08/28, Federal Home Loan Mortgage Corp., 5.500%, due 10/01/55, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000%, due 01/15/27 to 07/15/28 and a U.S. Treasury Note, 4.625%, due 09/30/30. The aggregate market value of the collateral, including accrued interest, was $40,827,251. |
|  J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |  |
|  | 50000000 | 3.710 <sup>(e)</sup> | 03/17/26 | $50000000 |
|  Maturity Value: $50,463,750 | Maturity Value: $50,463,750 | Maturity Value: $50,463,750 | Maturity Value: $50,463,750 |  |
|  Settlement Date: 12/17/25 | Settlement Date: 12/17/25 | Settlement Date: 12/17/25 | Settlement Date: 12/17/25 |  |
|  Collateralized by Federal Farm Credit Bank, 2.100% to 2.900%, due 01/28/41 to 12/09/41, Federal Home Loan Mortgage Corp., 0.000% to 6.000%, due 12/15/36 to 10/01/55, Federal National Mortgage Association, 3.000% to 7.500%, due 02/01/31 to 02/01/55 and Government National Mortgage Association, 3.500% to 6.000%, due 06/20/33 to 05/20/54. The aggregate market value of the collateral, including accrued interest, was $51,410,304. | Collateralized by Federal Farm Credit Bank, 2.100% to 2.900%, due 01/28/41 to 12/09/41, Federal Home Loan Mortgage Corp., 0.000% to 6.000%, due 12/15/36 to 10/01/55, Federal National Mortgage Association, 3.000% to 7.500%, due 02/01/31 to 02/01/55 and Government National Mortgage Association, 3.500% to 6.000%, due 06/20/33 to 05/20/54. The aggregate market value of the collateral, including accrued interest, was $51,410,304. | Collateralized by Federal Farm Credit Bank, 2.100% to 2.900%, due 01/28/41 to 12/09/41, Federal Home Loan Mortgage Corp., 0.000% to 6.000%, due 12/15/36 to 10/01/55, Federal National Mortgage Association, 3.000% to 7.500%, due 02/01/31 to 02/01/55 and Government National Mortgage Association, 3.500% to 6.000%, due 06/20/33 to 05/20/54. The aggregate market value of the collateral, including accrued interest, was $51,410,304. | Collateralized by Federal Farm Credit Bank, 2.100% to 2.900%, due 01/28/41 to 12/09/41, Federal Home Loan Mortgage Corp., 0.000% to 6.000%, due 12/15/36 to 10/01/55, Federal National Mortgage Association, 3.000% to 7.500%, due 02/01/31 to 02/01/55 and Government National Mortgage Association, 3.500% to 6.000%, due 06/20/33 to 05/20/54. The aggregate market value of the collateral, including accrued interest, was $51,410,304. | Collateralized by Federal Farm Credit Bank, 2.100% to 2.900%, due 01/28/41 to 12/09/41, Federal Home Loan Mortgage Corp., 0.000% to 6.000%, due 12/15/36 to 10/01/55, Federal National Mortgage Association, 3.000% to 7.500%, due 02/01/31 to 02/01/55 and Government National Mortgage Association, 3.500% to 6.000%, due 06/20/33 to 05/20/54. The aggregate market value of the collateral, including accrued interest, was $51,410,304. |

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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)** |
|  J.P. Morgan Securities LLC – (continued) | J.P. Morgan Securities LLC – (continued) | J.P. Morgan Securities LLC – (continued) | J.P. Morgan Securities LLC – (continued) | J.P. Morgan Securities LLC – (continued) |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | 3.710 %<sup>(e)</sup> | 03/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
|  Maturity Value: $10,093,781 | Maturity Value: $10,093,781 | Maturity Value: $10,093,781 | Maturity Value: $10,093,781 |  |
|  Settlement Date: 12/29/25 | Settlement Date: 12/29/25 | Settlement Date: 12/29/25 | Settlement Date: 12/29/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 11/01/48, Federal National Mortgage Association, 1.500% to 6.500%, due 03/01/37 to 10/01/55 and Government National Mortgage Association, 1.500% to 7.000%, due 01/20/27 to 12/20/55. The aggregate market value of the collateral, including accrued interest, was $10,304,278. | Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 11/01/48, Federal National Mortgage Association, 1.500% to 6.500%, due 03/01/37 to 10/01/55 and Government National Mortgage Association, 1.500% to 7.000%, due 01/20/27 to 12/20/55. The aggregate market value of the collateral, including accrued interest, was $10,304,278. | Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 11/01/48, Federal National Mortgage Association, 1.500% to 6.500%, due 03/01/37 to 10/01/55 and Government National Mortgage Association, 1.500% to 7.000%, due 01/20/27 to 12/20/55. The aggregate market value of the collateral, including accrued interest, was $10,304,278. | Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 11/01/48, Federal National Mortgage Association, 1.500% to 6.500%, due 03/01/37 to 10/01/55 and Government National Mortgage Association, 1.500% to 7.000%, due 01/20/27 to 12/20/55. The aggregate market value of the collateral, including accrued interest, was $10,304,278. | Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 11/01/48, Federal National Mortgage Association, 1.500% to 6.500%, due 03/01/37 to 10/01/55 and Government National Mortgage Association, 1.500% to 7.000%, due 01/20/27 to 12/20/55. The aggregate market value of the collateral, including accrued interest, was $10,304,278. |
|  Joint Account III | Joint Account III | Joint Account III |  |  |
|  | 297100000 | 3.837 | 01/02/26 | $297100000 |
|  Maturity Value: $297,163,340 | Maturity Value: $297,163,340 | Maturity Value: $297,163,340 | Maturity Value: $297,163,340 |  |
|  RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. |  |
|  | 10000000 | 3.890 <sup>(e)</sup> | 03/11/26 | $10000000 |
|  Maturity Value: $10,195,581 | Maturity Value: $10,195,581 | Maturity Value: $10,195,581 | Maturity Value: $10,195,581 |  |
|  Settlement Date: 09/11/25 | Settlement Date: 09/11/25 | Settlement Date: 09/11/25 | Settlement Date: 09/11/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 03/01/31 to 12/01/55, Federal National Mortgage Association, 1.500% to 8.500%, due 05/01/29 to 12/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 06/15/27 to 11/20/55, U.S. Treasury Bills, 0.000%, due 01/02/26 to 02/19/26, U.S. Treasury Bonds, 2.750% to 3.875%, due 05/15/43 to 08/15/52, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/34, U.S. Treasury Notes, 0.750% to 4.500%, due 08/15/27 to 08/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $10,199,998. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 03/01/31 to 12/01/55, Federal National Mortgage Association, 1.500% to 8.500%, due 05/01/29 to 12/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 06/15/27 to 11/20/55, U.S. Treasury Bills, 0.000%, due 01/02/26 to 02/19/26, U.S. Treasury Bonds, 2.750% to 3.875%, due 05/15/43 to 08/15/52, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/34, U.S. Treasury Notes, 0.750% to 4.500%, due 08/15/27 to 08/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $10,199,998. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 03/01/31 to 12/01/55, Federal National Mortgage Association, 1.500% to 8.500%, due 05/01/29 to 12/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 06/15/27 to 11/20/55, U.S. Treasury Bills, 0.000%, due 01/02/26 to 02/19/26, U.S. Treasury Bonds, 2.750% to 3.875%, due 05/15/43 to 08/15/52, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/34, U.S. Treasury Notes, 0.750% to 4.500%, due 08/15/27 to 08/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $10,199,998. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 03/01/31 to 12/01/55, Federal National Mortgage Association, 1.500% to 8.500%, due 05/01/29 to 12/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 06/15/27 to 11/20/55, U.S. Treasury Bills, 0.000%, due 01/02/26 to 02/19/26, U.S. Treasury Bonds, 2.750% to 3.875%, due 05/15/43 to 08/15/52, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/34, U.S. Treasury Notes, 0.750% to 4.500%, due 08/15/27 to 08/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $10,199,998. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 8.000%, due 03/01/31 to 12/01/55, Federal National Mortgage Association, 1.500% to 8.500%, due 05/01/29 to 12/01/55, Government National Mortgage Association, 2.000% to 7.000%, due 06/15/27 to 11/20/55, U.S. Treasury Bills, 0.000%, due 01/02/26 to 02/19/26, U.S. Treasury Bonds, 2.750% to 3.875%, due 05/15/43 to 08/15/52, a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/34, U.S. Treasury Notes, 0.750% to 4.500%, due 08/15/27 to 08/31/32 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/46 to 08/15/48. The aggregate market value of the collateral, including accrued interest, was $10,199,998. |
|  | 27000000 | 3.845 <sup>(e)</sup> | 03/19/26 | $27000000 |
|  Maturity Value: $27,521,959 | Maturity Value: $27,521,959 | Maturity Value: $27,521,959 | Maturity Value: $27,521,959 |  |
|  Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 | Settlement Date: 09/19/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.000%, due 06/01/53 to 10/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 05/01/37 to 05/01/56, Government National Mortgage Association, 2.000% to 6.000%, due 05/20/42 to 01/20/55, U.S. Treasury Bonds, 3.000% to 4.750%, due 05/15/42 to 11/15/54, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/34 and U.S. Treasury Notes, 1.875% to 4.000%, due 02/28/27 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $27,539,998. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.000%, due 06/01/53 to 10/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 05/01/37 to 05/01/56, Government National Mortgage Association, 2.000% to 6.000%, due 05/20/42 to 01/20/55, U.S. Treasury Bonds, 3.000% to 4.750%, due 05/15/42 to 11/15/54, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/34 and U.S. Treasury Notes, 1.875% to 4.000%, due 02/28/27 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $27,539,998. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.000%, due 06/01/53 to 10/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 05/01/37 to 05/01/56, Government National Mortgage Association, 2.000% to 6.000%, due 05/20/42 to 01/20/55, U.S. Treasury Bonds, 3.000% to 4.750%, due 05/15/42 to 11/15/54, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/34 and U.S. Treasury Notes, 1.875% to 4.000%, due 02/28/27 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $27,539,998. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.000%, due 06/01/53 to 10/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 05/01/37 to 05/01/56, Government National Mortgage Association, 2.000% to 6.000%, due 05/20/42 to 01/20/55, U.S. Treasury Bonds, 3.000% to 4.750%, due 05/15/42 to 11/15/54, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/34 and U.S. Treasury Notes, 1.875% to 4.000%, due 02/28/27 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $27,539,998. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.000%, due 06/01/53 to 10/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 05/01/37 to 05/01/56, Government National Mortgage Association, 2.000% to 6.000%, due 05/20/42 to 01/20/55, U.S. Treasury Bonds, 3.000% to 4.750%, due 05/15/42 to 11/15/54, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/34 and U.S. Treasury Notes, 1.875% to 4.000%, due 02/28/27 to 02/15/34. The aggregate market value of the collateral, including accrued interest, was $27,539,998. |
|  | 20000000 | 3.845 <sup>(e)</sup> | 03/23/26 | $20000000 |
|  Maturity Value: $20,386,636 | Maturity Value: $20,386,636 | Maturity Value: $20,386,636 | Maturity Value: $20,386,636 |  |
|  Settlement Date: 09/23/25 | Settlement Date: 09/23/25 | Settlement Date: 09/23/25 | Settlement Date: 09/23/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 06/01/42 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 05/01/31 to 10/01/55, Government National Mortgage Association, 2.000% to 6.500%, due 10/15/40 to 12/20/55, a U.S. Treasury Bill, 0.000%, due 03/26/26, U.S. Treasury Bonds, 2.875% to 4.625%, due 02/15/43 to 11/15/52 and U.S. Treasury Notes, 3.500% to 4.375%, due 06/30/27 to 01/31/31. The aggregate market value of the collateral, including accrued interest, was $20,399,999. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 06/01/42 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 05/01/31 to 10/01/55, Government National Mortgage Association, 2.000% to 6.500%, due 10/15/40 to 12/20/55, a U.S. Treasury Bill, 0.000%, due 03/26/26, U.S. Treasury Bonds, 2.875% to 4.625%, due 02/15/43 to 11/15/52 and U.S. Treasury Notes, 3.500% to 4.375%, due 06/30/27 to 01/31/31. The aggregate market value of the collateral, including accrued interest, was $20,399,999. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 06/01/42 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 05/01/31 to 10/01/55, Government National Mortgage Association, 2.000% to 6.500%, due 10/15/40 to 12/20/55, a U.S. Treasury Bill, 0.000%, due 03/26/26, U.S. Treasury Bonds, 2.875% to 4.625%, due 02/15/43 to 11/15/52 and U.S. Treasury Notes, 3.500% to 4.375%, due 06/30/27 to 01/31/31. The aggregate market value of the collateral, including accrued interest, was $20,399,999. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 06/01/42 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 05/01/31 to 10/01/55, Government National Mortgage Association, 2.000% to 6.500%, due 10/15/40 to 12/20/55, a U.S. Treasury Bill, 0.000%, due 03/26/26, U.S. Treasury Bonds, 2.875% to 4.625%, due 02/15/43 to 11/15/52 and U.S. Treasury Notes, 3.500% to 4.375%, due 06/30/27 to 01/31/31. The aggregate market value of the collateral, including accrued interest, was $20,399,999. | Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 7.000%, due 06/01/42 to 12/01/55, Federal National Mortgage Association, 1.500% to 7.000%, due 05/01/31 to 10/01/55, Government National Mortgage Association, 2.000% to 6.500%, due 10/15/40 to 12/20/55, a U.S. Treasury Bill, 0.000%, due 03/26/26, U.S. Treasury Bonds, 2.875% to 4.625%, due 02/15/43 to 11/15/52 and U.S. Treasury Notes, 3.500% to 4.375%, due 06/30/27 to 01/31/31. The aggregate market value of the collateral, including accrued interest, was $20,399,999. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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)** |
|  RBC Dominion Securities, Inc. – (continued) | RBC Dominion Securities, Inc. – (continued) | RBC Dominion Securities, Inc. – (continued) | RBC Dominion Securities, Inc. – (continued) | RBC Dominion Securities, Inc. – (continued) |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | 3.610 %<sup>(e)</sup> | 06/24/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
|  Maturity Value: $10,182,506 | Maturity Value: $10,182,506 | Maturity Value: $10,182,506 | Maturity Value: $10,182,506 |  |
|  Settlement Date: 12/24/25 | Settlement Date: 12/24/25 | Settlement Date: 12/24/25 | Settlement Date: 12/24/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 3.000%, due 02/01/50, Government National Mortgage Association, 6.500%, due 07/20/55, a U.S. Treasury Bill, 0.000%, due 10/29/26, U.S. Treasury Bonds, 4.000% to 4.750%, due 02/15/45 to 08/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28 and U.S. Treasury Notes, 0.375% to 3.875%, due 01/31/26 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $10,200,014. | Collateralized by Federal Home Loan Mortgage Corp., 3.000%, due 02/01/50, Government National Mortgage Association, 6.500%, due 07/20/55, a U.S. Treasury Bill, 0.000%, due 10/29/26, U.S. Treasury Bonds, 4.000% to 4.750%, due 02/15/45 to 08/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28 and U.S. Treasury Notes, 0.375% to 3.875%, due 01/31/26 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $10,200,014. | Collateralized by Federal Home Loan Mortgage Corp., 3.000%, due 02/01/50, Government National Mortgage Association, 6.500%, due 07/20/55, a U.S. Treasury Bill, 0.000%, due 10/29/26, U.S. Treasury Bonds, 4.000% to 4.750%, due 02/15/45 to 08/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28 and U.S. Treasury Notes, 0.375% to 3.875%, due 01/31/26 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $10,200,014. | Collateralized by Federal Home Loan Mortgage Corp., 3.000%, due 02/01/50, Government National Mortgage Association, 6.500%, due 07/20/55, a U.S. Treasury Bill, 0.000%, due 10/29/26, U.S. Treasury Bonds, 4.000% to 4.750%, due 02/15/45 to 08/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28 and U.S. Treasury Notes, 0.375% to 3.875%, due 01/31/26 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $10,200,014. | Collateralized by Federal Home Loan Mortgage Corp., 3.000%, due 02/01/50, Government National Mortgage Association, 6.500%, due 07/20/55, a U.S. Treasury Bill, 0.000%, due 10/29/26, U.S. Treasury Bonds, 4.000% to 4.750%, due 02/15/45 to 08/15/54, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28 and U.S. Treasury Notes, 0.375% to 3.875%, due 01/31/26 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $10,200,014. |
|  | 12000000 | 3.550 <sup>(e)</sup> | 08/17/26 | $12000000 |
|  Maturity Value: $12,288,733 | Maturity Value: $12,288,733 | Maturity Value: $12,288,733 | Maturity Value: $12,288,733 |  |
|  Settlement Date: 12/16/25 | Settlement Date: 12/16/25 | Settlement Date: 12/16/25 | Settlement Date: 12/16/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 10/01/53 to 11/01/54, Federal National Mortgage Association, 3.500% to 6.500%, due 11/01/41 to 09/01/55, a U.S. Treasury Bond, 2.250%, due 05/15/41, a U.S. Treasury Inflation- Indexed Bond, 1.375%, due 02/15/44 and a U.S. Treasury Note, 0.500%, due 02/28/26. The aggregate market value of the collateral, including accrued interest, was $12,239,999. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 10/01/53 to 11/01/54, Federal National Mortgage Association, 3.500% to 6.500%, due 11/01/41 to 09/01/55, a U.S. Treasury Bond, 2.250%, due 05/15/41, a U.S. Treasury Inflation- Indexed Bond, 1.375%, due 02/15/44 and a U.S. Treasury Note, 0.500%, due 02/28/26. The aggregate market value of the collateral, including accrued interest, was $12,239,999. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 10/01/53 to 11/01/54, Federal National Mortgage Association, 3.500% to 6.500%, due 11/01/41 to 09/01/55, a U.S. Treasury Bond, 2.250%, due 05/15/41, a U.S. Treasury Inflation- Indexed Bond, 1.375%, due 02/15/44 and a U.S. Treasury Note, 0.500%, due 02/28/26. The aggregate market value of the collateral, including accrued interest, was $12,239,999. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 10/01/53 to 11/01/54, Federal National Mortgage Association, 3.500% to 6.500%, due 11/01/41 to 09/01/55, a U.S. Treasury Bond, 2.250%, due 05/15/41, a U.S. Treasury Inflation- Indexed Bond, 1.375%, due 02/15/44 and a U.S. Treasury Note, 0.500%, due 02/28/26. The aggregate market value of the collateral, including accrued interest, was $12,239,999. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 10/01/53 to 11/01/54, Federal National Mortgage Association, 3.500% to 6.500%, due 11/01/41 to 09/01/55, a U.S. Treasury Bond, 2.250%, due 05/15/41, a U.S. Treasury Inflation- Indexed Bond, 1.375%, due 02/15/44 and a U.S. Treasury Note, 0.500%, due 02/28/26. The aggregate market value of the collateral, including accrued interest, was $12,239,999. |
|  | 25000000 | 3.490 <sup>(e)</sup> | 09/18/26 | $25000000 |
|  Maturity Value: $25,661,645 | Maturity Value: $25,661,645 | Maturity Value: $25,661,645 | Maturity Value: $25,661,645 |  |
|  Settlement Date: 12/19/25 | Settlement Date: 12/19/25 | Settlement Date: 12/19/25 | Settlement Date: 12/19/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 07/01/37 to 08/01/55, Federal National Mortgage Association, 1.500% to 5.000%, due 04/01/36 to 11/01/53, Government National Mortgage Association, 3.000% to 5.500%, due 06/15/42 to 11/20/55 and U.S. Treasury Notes, 0.500% to 1.875%, due 02/28/26 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $25,500,001. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 07/01/37 to 08/01/55, Federal National Mortgage Association, 1.500% to 5.000%, due 04/01/36 to 11/01/53, Government National Mortgage Association, 3.000% to 5.500%, due 06/15/42 to 11/20/55 and U.S. Treasury Notes, 0.500% to 1.875%, due 02/28/26 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $25,500,001. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 07/01/37 to 08/01/55, Federal National Mortgage Association, 1.500% to 5.000%, due 04/01/36 to 11/01/53, Government National Mortgage Association, 3.000% to 5.500%, due 06/15/42 to 11/20/55 and U.S. Treasury Notes, 0.500% to 1.875%, due 02/28/26 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $25,500,001. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 07/01/37 to 08/01/55, Federal National Mortgage Association, 1.500% to 5.000%, due 04/01/36 to 11/01/53, Government National Mortgage Association, 3.000% to 5.500%, due 06/15/42 to 11/20/55 and U.S. Treasury Notes, 0.500% to 1.875%, due 02/28/26 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $25,500,001. | Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.000%, due 07/01/37 to 08/01/55, Federal National Mortgage Association, 1.500% to 5.000%, due 04/01/36 to 11/01/53, Government National Mortgage Association, 3.000% to 5.500%, due 06/15/42 to 11/20/55 and U.S. Treasury Notes, 0.500% to 1.875%, due 02/28/26 to 02/15/32. The aggregate market value of the collateral, including accrued interest, was $25,500,001. |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |  |  |
|  | 15000000 | 4.230 <sup>(e)</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 |  |
|  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., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,054. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,054. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,054. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,054. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,054. |
|  | 10000000 | 4.240 <sup>(e)</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 |  |
|  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., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 5.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $10,200,034. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 5.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $10,200,034. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 5.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $10,200,034. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 5.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $10,200,034. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 5.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $10,200,034. |
|  | 15000000 | 4.240 <sup>(e)</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 |  |
|  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., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,054. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,054. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,054. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,054. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,054. |

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&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;

Schedule of Investments (continued) *December 31, 2025*

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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) |  |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | 4.240 %<sup>(e)</sup> | 01/09/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
|  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 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 09/01/52 to 07/01/53, Federal National Mortgage Association, 4.000% to 5.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $10,200,090. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 09/01/52 to 07/01/53, Federal National Mortgage Association, 4.000% to 5.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $10,200,090. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 09/01/52 to 07/01/53, Federal National Mortgage Association, 4.000% to 5.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $10,200,090. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 09/01/52 to 07/01/53, Federal National Mortgage Association, 4.000% to 5.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $10,200,090. | Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 09/01/52 to 07/01/53, Federal National Mortgage Association, 4.000% to 5.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $10,200,090. |
|  | 15000000 | 4.110 <sup>(e)</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 |  |
|  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., 4.500% to 6.000%, due 05/01/52 to 08/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,065. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.000%, due 05/01/52 to 08/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,065. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.000%, due 05/01/52 to 08/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,065. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.000%, due 05/01/52 to 08/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,065. | Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.000%, due 05/01/52 to 08/01/53, Federal National Mortgage Association, 4.000% to 7.000%, due 03/01/43 to 12/01/52 and a U.S. Treasury Note, 3.750%, due 05/15/28. The aggregate market value of the collateral, including accrued interest, was $15,300,065. |
|  | 10000000 | 3.770 <sup>(e)</sup> | 06/02/26 | $10000000 |
|  Maturity Value: $10,202,114 | Maturity Value: $10,202,114 | Maturity Value: $10,202,114 | Maturity Value: $10,202,114 |  |
|  Settlement Date: 11/21/25 | Settlement Date: 11/21/25 | Settlement Date: 11/21/25 | Settlement Date: 11/21/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 5.500%, due 03/01/43 to 07/01/54 and a U.S. Treasury Note, 3.875%, due 05/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,090. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 5.500%, due 03/01/43 to 07/01/54 and a U.S. Treasury Note, 3.875%, due 05/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,090. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 5.500%, due 03/01/43 to 07/01/54 and a U.S. Treasury Note, 3.875%, due 05/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,090. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 5.500%, due 03/01/43 to 07/01/54 and a U.S. Treasury Note, 3.875%, due 05/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,090. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 07/01/53, Federal National Mortgage Association, 4.000% to 5.500%, due 03/01/43 to 07/01/54 and a U.S. Treasury Note, 3.875%, due 05/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,090. |
|  | 10000000 | 3.770 <sup>(e)</sup> | 06/02/26 | $10000000 |
|  Maturity Value: $10,203,161 | Maturity Value: $10,203,161 | Maturity Value: $10,203,161 | Maturity Value: $10,203,161 |  |
|  Settlement Date: 11/20/25 | Settlement Date: 11/20/25 | Settlement Date: 11/20/25 | Settlement Date: 11/20/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 05/01/54, Federal National Mortgage Association, 3.500% to 4.000%, due 03/01/43 to 10/01/45 and a U.S. Treasury Note, 3.875%, due 05/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,020. | Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 05/01/54, Federal National Mortgage Association, 3.500% to 4.000%, due 03/01/43 to 10/01/45 and a U.S. Treasury Note, 3.875%, due 05/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,020. | Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 05/01/54, Federal National Mortgage Association, 3.500% to 4.000%, due 03/01/43 to 10/01/45 and a U.S. Treasury Note, 3.875%, due 05/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,020. | Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 05/01/54, Federal National Mortgage Association, 3.500% to 4.000%, due 03/01/43 to 10/01/45 and a U.S. Treasury Note, 3.875%, due 05/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,020. | Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 05/01/54, Federal National Mortgage Association, 3.500% to 4.000%, due 03/01/43 to 10/01/45 and a U.S. Treasury Note, 3.875%, due 05/31/27. The aggregate market value of the collateral, including accrued interest, was $10,200,020. |
|  Royal Bank of Canada-New York Branch | Royal Bank of Canada-New York Branch | Royal Bank of Canada-New York Branch | Royal Bank of Canada-New York Branch | Royal Bank of Canada-New York Branch |
|  | 20000000 | 3.680 <sup>(e)</sup> | 06/02/26 | $20000000 |
|  Maturity Value: $20,368,000 | Maturity Value: $20,368,000 | Maturity Value: $20,368,000 | Maturity Value: $20,368,000 |  |
|  Settlement Date: 12/04/25 | Settlement Date: 12/04/25 | Settlement Date: 12/04/25 | Settlement Date: 12/04/25 |  |
|  Collateralized by a U.S. Treasury Note, 3.875%, due 05/31/27. The market value of the collateral, including accrued interest, was $20,400,054. | Collateralized by a U.S. Treasury Note, 3.875%, due 05/31/27. The market value of the collateral, including accrued interest, was $20,400,054. | Collateralized by a U.S. Treasury Note, 3.875%, due 05/31/27. The market value of the collateral, including accrued interest, was $20,400,054. | Collateralized by a U.S. Treasury Note, 3.875%, due 05/31/27. The market value of the collateral, including accrued interest, was $20,400,054. | Collateralized by a U.S. Treasury Note, 3.875%, due 05/31/27. The market value of the collateral, including accrued interest, was $20,400,054. |
|  | 12000000 | 3.710 <sup>(e)</sup> | 06/02/26 | $12000000 |
|  Maturity Value: $12,225,073 | Maturity Value: $12,225,073 | Maturity Value: $12,225,073 | Maturity Value: $12,225,073 |  |
|  Settlement Date: 12/02/25 | Settlement Date: 12/02/25 | Settlement Date: 12/02/25 | Settlement Date: 12/02/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.500%, due 05/01/53 to 10/01/53 and U.S. Treasury Notes, 3.750% to 3.875%, due 05/15/28 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $12,240,015. | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.500%, due 05/01/53 to 10/01/53 and U.S. Treasury Notes, 3.750% to 3.875%, due 05/15/28 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $12,240,015. | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.500%, due 05/01/53 to 10/01/53 and U.S. Treasury Notes, 3.750% to 3.875%, due 05/15/28 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $12,240,015. | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.500%, due 05/01/53 to 10/01/53 and U.S. Treasury Notes, 3.750% to 3.875%, due 05/15/28 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $12,240,015. | Collateralized by Federal Home Loan Mortgage Corp., 5.500% to 6.500%, due 05/01/53 to 10/01/53 and U.S. Treasury Notes, 3.750% to 3.875%, due 05/15/28 to 08/15/33. The aggregate market value of the collateral, including accrued interest, was $12,240,015. |
|  | 18000000 | 3.650 <sup>(e)</sup> | 07/23/26 | $18000000 |
|  Maturity Value: $18,423,400 | Maturity Value: $18,423,400 | Maturity Value: $18,423,400 | Maturity Value: $18,423,400 |  |
|  Settlement Date: 12/03/25 | Settlement Date: 12/03/25 | Settlement Date: 12/03/25 | Settlement Date: 12/03/25 |  |
|  Collateralized by U.S. Treasury Notes, 3.750% to 3.875%, due 05/31/27 to 05/15/28. The aggregate market value of the collateral, including accrued interest, was $18,360,072. | Collateralized by U.S. Treasury Notes, 3.750% to 3.875%, due 05/31/27 to 05/15/28. The aggregate market value of the collateral, including accrued interest, was $18,360,072. | Collateralized by U.S. Treasury Notes, 3.750% to 3.875%, due 05/31/27 to 05/15/28. The aggregate market value of the collateral, including accrued interest, was $18,360,072. | Collateralized by U.S. Treasury Notes, 3.750% to 3.875%, due 05/31/27 to 05/15/28. The aggregate market value of the collateral, including accrued interest, was $18,360,072. | Collateralized by U.S. Treasury Notes, 3.750% to 3.875%, due 05/31/27 to 05/15/28. The aggregate market value of the collateral, including accrued interest, was $18,360,072. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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-New York Branch – (continued) | Royal Bank of Canada-New York Branch – (continued) | Royal Bank of Canada-New York Branch – (continued) | Royal Bank of Canada-New York Branch – (continued) | Royal Bank of Canada-New York Branch – (continued) |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | 3.600 %<sup>(e)</sup> | 09/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
|  Maturity Value: $10,267,000 | Maturity Value: $10,267,000 | Maturity Value: $10,267,000 | Maturity Value: $10,267,000 |  |
|  Settlement Date: 12/08/25 | Settlement Date: 12/08/25 | Settlement Date: 12/08/25 | Settlement Date: 12/08/25 |  |
|  Collateralized by a U.S. Treasury Note, 3.875%, due 05/31/27. The market value of the collateral, including accrued interest, was $10,200,077. | Collateralized by a U.S. Treasury Note, 3.875%, due 05/31/27. The market value of the collateral, including accrued interest, was $10,200,077. | Collateralized by a U.S. Treasury Note, 3.875%, due 05/31/27. The market value of the collateral, including accrued interest, was $10,200,077. | Collateralized by a U.S. Treasury Note, 3.875%, due 05/31/27. The market value of the collateral, including accrued interest, was $10,200,077. | Collateralized by a U.S. Treasury Note, 3.875%, due 05/31/27. The market value of the collateral, including accrued interest, was $10,200,077. |
|  Wells Fargo Bank, National Association | Wells Fargo Bank, National Association | Wells Fargo Bank, National Association | Wells Fargo Bank, National Association | Wells Fargo Bank, National Association |
|  | 35000000 | 3.710 <sup>(e)</sup> | 01/13/26 | $35000000 |
|  Maturity Value: $35,721,389 | Maturity Value: $35,721,389 | Maturity Value: $35,721,389 | Maturity Value: $35,721,389 |  |
|  Settlement Date: 06/27/25 | Settlement Date: 06/27/25 | Settlement Date: 06/27/25 | Settlement Date: 06/27/25 |  |
|  Collateralized by a U.S. Treasury Note, 4.000%, due 05/31/30. The market value of the collateral, including accrued interest, was $35,700,010. | Collateralized by a U.S. Treasury Note, 4.000%, due 05/31/30. The market value of the collateral, including accrued interest, was $35,700,010. | Collateralized by a U.S. Treasury Note, 4.000%, due 05/31/30. The market value of the collateral, including accrued interest, was $35,700,010. | Collateralized by a U.S. Treasury Note, 4.000%, due 05/31/30. The market value of the collateral, including accrued interest, was $35,700,010. | Collateralized by a U.S. Treasury Note, 4.000%, due 05/31/30. The market value of the collateral, including accrued interest, was $35,700,010. |
|  | 35000000 | 3.710 <sup>(e)</sup> | 01/13/26 | $35000000 |
|  Maturity Value: $35,703,354 | Maturity Value: $35,703,354 | Maturity Value: $35,703,354 | Maturity Value: $35,703,354 |  |
|  Settlement Date: 07/02/25 | Settlement Date: 07/02/25 | Settlement Date: 07/02/25 | Settlement Date: 07/02/25 |  |
|  Collateralized by a U.S. Treasury Note, 4.000%, due 05/31/30. The market value of the collateral, including accrued interest, was $35,700,010. | Collateralized by a U.S. Treasury Note, 4.000%, due 05/31/30. The market value of the collateral, including accrued interest, was $35,700,010. | Collateralized by a U.S. Treasury Note, 4.000%, due 05/31/30. The market value of the collateral, including accrued interest, was $35,700,010. | Collateralized by a U.S. Treasury Note, 4.000%, due 05/31/30. The market value of the collateral, including accrued interest, was $35,700,010. | Collateralized by a U.S. Treasury Note, 4.000%, due 05/31/30. The market value of the collateral, including accrued interest, was $35,700,010. |
|  | 85000000 | 3.710 <sup>(e)</sup> | 01/13/26 | $85000000 |
|  Maturity Value: $86,830,783 | Maturity Value: $86,830,783 | Maturity Value: $86,830,783 | Maturity Value: $86,830,783 |  |
|  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 Note, 4.500%, due 05/31/29. The market value of the collateral, including accrued interest, was $86,700,024. | Collateralized by a U.S. Treasury Note, 4.500%, due 05/31/29. The market value of the collateral, including accrued interest, was $86,700,024. | Collateralized by a U.S. Treasury Note, 4.500%, due 05/31/29. The market value of the collateral, including accrued interest, was $86,700,024. | Collateralized by a U.S. Treasury Note, 4.500%, due 05/31/29. The market value of the collateral, including accrued interest, was $86,700,024. | Collateralized by a U.S. Treasury Note, 4.500%, due 05/31/29. The market value of the collateral, including accrued interest, was $86,700,024. |
|  Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC |  |
|  | 70000000 | 3.830 | 01/02/26 | $70000000 |
|  Maturity Value: $70,014,895 | Maturity Value: $70,014,895 | Maturity Value: $70,014,895 | Maturity Value: $70,014,895 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 09/01/55. The market value of the collateral, including accrued interest, was $72,100,001. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 09/01/55. The market value of the collateral, including accrued interest, was $72,100,001. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 09/01/55. The market value of the collateral, including accrued interest, was $72,100,001. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 09/01/55. The market value of the collateral, including accrued interest, was $72,100,001. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 09/01/55. The market value of the collateral, including accrued interest, was $72,100,001. |
|  | 45000000 | 3.710 | 01/13/26 | $45000000 |
|  Maturity Value: $45,454,475 | Maturity Value: $45,454,475 | Maturity Value: $45,454,475 | Maturity Value: $45,454,475 |  |
|  Settlement Date: 10/07/25 | Settlement Date: 10/07/25 | Settlement Date: 10/07/25 | Settlement Date: 10/07/25 |  |
|  Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 09/01/55. The market value of the collateral, including accrued interest, was $46,350,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 09/01/55. The market value of the collateral, including accrued interest, was $46,350,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 09/01/55. The market value of the collateral, including accrued interest, was $46,350,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 09/01/55. The market value of the collateral, including accrued interest, was $46,350,000. | Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 09/01/55. The market value of the collateral, including accrued interest, was $46,350,000. |
| TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | TOTAL REPURCHASE AGREEMENTS | $2100100000 |
| TOTAL INVESTMENTS - 101.4% | TOTAL INVESTMENTS - 101.4% | TOTAL INVESTMENTS - 101.4% | TOTAL INVESTMENTS - 101.4% | $3803245530 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)% | LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)% | LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)% | LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)% | (53765518) |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% |  | $3749480012 |

---

&nbsp;&nbsp;&nbsp;&nbsp; The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.<br>

(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 December 31, 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 December 31, 2025.

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

&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;

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

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

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

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

(d) Unless noted, all repurchase agreements were entered into on December 31, 2025. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.

(e) The instrument is subject to a demand feature.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **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>13</sub>

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

Schedule of Investments (continued) *December 31, 2025*

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

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

JOINT REPURCHASE AGREEMENT ACCOUNT III— At December 31, 2025, the Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of January 2, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount | Maturity Value | Collateral Value<br>Allocation |
|  Government Money Market Fund | $297100000 | $297163340 | $306013001 |

---

REPURCHASE AGREEMENTS— At December 31, 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  |
|  Bank of America, N.A. | 3.850% | $111412500 |
|  Wells Fargo Securities, LLC | 3.830 | 185687500 |
|  **Total** |  | $297100000 |

---

At December 31, 2025, the Joint Repurchase Agreement Account III was fully collateralized by:

---

| | | |
|:---|:---|:---|
| Issuer | Interest Rate | Maturity Dates |
|  Federal Home Loan Mortgage Corp. | 6.000% | 10/1/55 |
|  Federal National Mortgage Association | 2.000% to 4.000 | 08/01/42 to 05/01/51 |

---

&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.** |

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

Statement of Assets and Liabilities *December 31, 2025*

&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;1703145530 |
|  Repurchase agreements based on amortized cost | 2100100000 |
|  Cash | 30445007 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 14401794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 9618700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 7460362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 14572 |
|  Other assets | 1612 |
|  **Total assets** | 3865187577 |
| **Liabilities:** | **Liabilities:** |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 112046559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 3148219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 250611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 107418 |
|  Accrued expenses | 154758 |
|  **Total liabilities** | 115707565 |
| **Net Assets:** |  |
|  Paid-in capital | 3749104812 |
|  Total distributable earnings | 375200 |
|  **NET ASSETS** | $3749480012 |
|  Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $3057708226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 691771786 |
|  Total Net Assets | $3749480012 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 3057402191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Shares | 691702603 |
|  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. | **15** |

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------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

Statement of Operations *For the Fiscal Year Ended December 31, 2025*

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

---

| | |
|:---|:---|
|  | **Goldman Sachs**<br> **Government Money**<br> **Market Fund** |
| **Investment income:** |  |
|  Interest income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162325570 |
| **Expenses:** |  |
|  Management fees | 6061491 |
|  Distribution and Service fees—Service Shares | 1827753 |
|  Transfer Agency fees<sup>(a)</sup> | 757618 |
|  Professional fees | 158109 |
|  Custody, accounting and administrative services | 138527 |
|  Printing and mailing costs | 70109 |
|  Trustee fees | 35782 |
|  Registration fees | 23630 |
|  Other | 13428 |
|  **Total expenses** | 9086447 |
|  Less — expense reductions | (311716) |
|  **Net expenses** | 8774731 |
|  **NET INVESTMENT INCOME** | 153550839 |
|  **Net realized gain from investment transactions** | 1026307 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $154577146 |

---

<sup>(a)</sup> Institutional and Service Shares incurred Transfer Agency fees of $611,409 and $146,209, respectively. 

&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;

Statements of Changes in Net Assets &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**  |
|  | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2024** |
| **From operations:** |  |  |
|  Net investment income | $153550839 | $140395818 |
|  Net realized gain from investment transactions | 1026307 | 834649 |
|  **Net increase in net assets resulting from operations** | 154577146 | 141230467 |
| **Distributions to shareholders:** |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (126193036) | (103853032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (28352324) | (37103765) |
|  **Total distributions to shareholders** | (154545360) | (140956797) |
| **From share transactions (at $1.00 per share):** |  |  |
|  Proceeds from sales of shares | 2534826315 | 2380943637 |
|  Reinvestment of distributions | 154557947 | 140916235 |
|  Cost of shares redeemed | (2560000770) | (1440158719) |
|  **Net increase in net assets resulting from share transactions** | 129383492 | 1081701153 |
|  **TOTAL INCREASE** | 129415278 | 1081974823 |
| **Net Assets:** |  |  |
|  Beginning of year | $3620064734 | $2538089911 |
|  End of year | $3749480012 | $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. | **17** |

---

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

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

&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 |
|  | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares |
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.041 | 0.050 | 0.050 | 0.016 | –<sup>(b)</sup> |
|  Net realized gains | – <sup>(b)</sup> |  |  |  |  |
|  Total from investment operations | 0.041 | 0.050 | 0.050 | 0.016 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.041) | (0.050) | (0.050) | (0.016) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> |  |  |  |  |
|  Total distributions<sup>(c)</sup> | (0.041) | (0.050) | (0.050) | (0.016) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 4.20% | 5.17% | 5.05% | 1.58% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756707 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523751 |
|  Ratio of net expenses to average net assets | 0.18% | 0.18% | 0.19% | 0.17% | 0.09% |
|  Ratio of total expenses to average net assets | 0.19% | 0.20% | 0.21% | 0.20% | 0.21% |
|  Ratio of net investment income to average net assets | 4.10% | 5.00% | 4.96% | 1.92% | –%<sup>(e)</sup> |

---

&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.

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

&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.** |

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------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

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

&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** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Net investment income<sup>(a)</sup> | 0.038 | 0.048 | 0.047 | 0.014 | –<sup>(b)</sup> |
|  Net realized gain | – <sup>(b)</sup> |  |  |  |  |
|  Total from investment operations | 0.038 | 0.048 | 0.047 | 0.014 | –<sup>(b)</sup> |
|  Distributions to shareholders from net investment income | (0.038) | (0.048) | (0.047) | (0.014) | –<sup>(b)</sup> |
|  Distributions to shareholders from net realized gains | – <sup>(b)</sup> |  |  |  |  |
|  Total distributions<sup>(c)</sup> | (0.038) | (0.048) | (0.047) | (0.014) | –<sup>(b)</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(d)</sup>** | 3.94% | 4.91% | 4.79% | 1.37% | 0.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691772 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501008 |
|  Ratio of net expenses to average net assets | 0.43% | 0.43% | 0.44% | 0.38% | 0.09% |
|  Ratio of total expenses to average net assets | 0.44% | 0.46% | 0.46% | 0.45% | 0.46% |
|  Ratio of net investment income to average net assets | 3.85% | 4.79% | 4.70% | 1.48% | –%<sup>(e)</sup> |

---

&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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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. | **19** |

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------

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

Notes to Financial Statements *December 31, 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;

&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 (as defined below). The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

&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.

&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;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The tax character of distributions paid during the fiscal year ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | **Goldman Sachs**<br> **Government Money**<br> **Market Fund** |
|  Distributions paid from: |  |
|  Ordinary Income | $154544294 |
|  Long-term capital gains | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total taxable distributions | $154545360 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | |
|:---|:---|
|  | **Government Money**<br> **Market Fund** |
|  Distributions paid from: |  |
|  Ordinary Income | $140946065 |
|  Long-term capital gains | 10732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total taxable distributions | $140956797 |

---

As of December 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | |
|:---|:---|
|  | Goldman Sachs<br> **Government**<br> **Money Market**<br> **Fund** |
| Undistributed ordinary income — net | $386877 |
| Undistributed long-term capital gains | 1761 |
| Total undistributed earnings | $388637 |
| Unrealized gains (losses) — net | (13438) |
| Total accumulated earnings (losses) — net | $375200 |

---

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

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.

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").

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

**21**

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

Notes to Financial Statements (continued) *December 31, 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;

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

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

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

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

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

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

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

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

The Trustees have approved valuation procedures that govern the valuation of the portfolio investments held by the Fund ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Fund's investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to

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

perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation (including both the amortized cost and market-based methods of valuation) of the Fund's investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

As of December 31, 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 fiscal year ended December 31, 2025, these expense reductions, including any fee waiver and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Transfer Agency<br>Waiver/Credits | **Other Expense**<br> **Reimbursements** | Total Expense<br>Reductions |
| Goldman Sachs Government Money Market Fund | $23668 | $288048 | $311716 |

---

&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.

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

**23**

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

Notes to Financial Statements (continued) *December 31, 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;

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 fiscal year ended<br>December 31, 2025 | Contractual <br>rate, if any | Ratio of net expenses to<br>average net assets for<br>the fiscal year ended<br>December 31, 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 fiscal year ended December 31, 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 December 31, 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 fiscal year ended December 31, 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 of current income, or minimize the volatility of the Fund's NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments.

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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

&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;

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

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

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

&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)

markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

&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 Fiscal Year Ended<br>December 31, 2025 | For the Fiscal Year Ended<br>December 31, 2024 |
|  | Shares | Shares |
|  **Institutional Shares\*** |  |  |
|  Shares sold | 2298205911 | 2103638162 |
|  Reinvestment of distributions | 126203137 | 103810381 |
|  Shares redeemed | (2238422656) | (1092691213) |
|  | 185986392 | 1114757330 |

---

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

**25**

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

Notes to Financial Statements (continued) *December 31, 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;

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

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

---

| | | |
|:---|:---|:---|
|  | Goldman Sachs Government Money Market Fund  | Goldman Sachs Government Money Market Fund  |
|  | For the Fiscal Year Ended<br>December 31, 2025 | For the Fiscal Year Ended<br>December 31, 2024 |
|  | Shares | Shares |
|  **Service Shares\*** |  |  |
|  Shares sold | 236620404 | 277305475 |
|  Reinvestment of distributions | 28354810 | 37105854 |
|  Shares redeemed | (321578114) | (347467506) |
|  | (56602900) | (33056177) |
|  **NET INCREASE IN SHARES** | 129383492 | 1081701153 |

---

\* Valued at $1.00 per share.

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

26.0 ------

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

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

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

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs Government Money Market Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Government Money Market Fund (one of the funds constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 13, 2026

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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

**27**

------

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;
Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the calendar year ended December 31, 2025, the Government Money Market Fund designates 100.00% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

Pursuant to Section 852 of the Internal Revenue Code, the Government Money Market Fund, designates $1,066, or if different, the maximum amount allowable, as capital gain dividends paid during the calendar year ended December 31, 2025.

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

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![LOGO](g60699dsp032.jpg)

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

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![LOGO](g60455dsp001.jpg)

Goldman Sachs Variable Insurance Trust Goldman Sachs Core Fixed Income Fund Goldman Sachs Trend Driven Allocation Fund Annual Financial Statements December 31, 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;

## Goldman Sachs Variable Insurance Trust

---

| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **[Schedules of Investments](#fita60455_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Core Fixed Income Fund](#fita60455_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Trend Driven Allocation Fund](#fita60455_3) | 19 |
|  **[Financial Statements](#fita60455_4)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#fita60455_5) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fita60455_6) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fita60455_7) | 22 |
|  **[Financial Highlights](#fita60455_8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Core Fixed Income Fund](#fita60455_9) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Trend Driven Allocation Fund](#fita60455_10) | 25 |
|  **[Notes to Financial Statements](#fita60455_11)** | 27 |
|  **[Report of Independent Registered Public Accounting Firm](#fita60455_12)** | 41 |
|  **[Other Information](#fita60455_13)** | 42 |

---

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

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

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

Schedule of Investments *December 31, 2025*

## &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 – 32.2%** | **Mortgage-Backed Securities – 32.2%** | **Mortgage-Backed Securities – 32.2%** | **Mortgage-Backed Securities – 32.2%** |
| 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%) |  |
| $390472 | 4.874% | 03/25/55 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389629 |
| FHLMC | FHLMC | FHLMC | FHLMC |
| 1146 | 7.500 | 12/01/29 | 1197 |
| 672 | 5.000 | 10/01/33 | 686 |
| 887 | 5.000 | 07/01/35 | 907 |
| 1410 | 5.000 | 12/01/35 | 1439 |
| 284 | 5.000 | 03/01/38 | 291 |
| 774 | 5.000 | 06/01/41 | 791 |
| 3644 | 4.500 | 08/01/48 | 3617 |
| 4586 | 4.500 | 11/01/48 | 4552 |
| 459887 | 3.000 | 09/01/49 | 415225 |
| 339128 | 4.000 | 03/01/50 | 327156 |
| 676385 | 4.500 | 03/01/50 | 671383 |
| 231214 | 3.000 | 10/01/50 | 207892 |
| 802687 | 2.500 | 02/01/51 | 684658 |
| 1647154 | 2.000 | 05/01/51 | 1342564 |
| 743208 | 2.500 | 05/01/51 | 637286 |
| 750696 | 2.500 | 05/01/51 | 646646 |
| 1689563 | 2.500 | 08/01/51 | 1457568 |
| 695205 | 2.500 | 09/01/51 | 595805 |
| 746907 | 4.500 | 04/01/52 | 733914 |
| 465606 | 4.500 | 06/01/52 | 458869 |
| 295474 | 6.000 | 12/01/52 | 308475 |
| 804838 | 6.500 | 06/01/54 | 849864 |
| FNMA | FNMA | FNMA | FNMA |
| 1312 | 7.000 | 08/01/26 | 1316 |
| 929 | 8.000 | 10/01/29 | 953 |
| 562 | 8.500 | 04/01/30 | 593 |
| 1071 | 8.000 | 05/01/30 | 1089 |
| 1558 | 8.000 | 08/01/32 | 1649 |
| 2708 | 4.500 | 08/01/39 | 2714 |
| 4860 | 3.000 | 01/01/43 | 4544 |
| 9501 | 3.000 | 01/01/43 | 8870 |
| 5522 | 3.000 | 03/01/43 | 5183 |
| 14755 | 3.000 | 03/01/43 | 13689 |
| 47352 | 3.000 | 03/01/43 | 43902 |
| 6107 | 3.000 | 04/01/43 | 5689 |
| 7672 | 3.000 | 04/01/43 | 7116 |
| 11608 | 3.000 | 04/01/43 | 10760 |
| 13452 | 3.000 | 04/01/43 | 12470 |
| 58145 | 3.000 | 04/01/43 | 53904 |
| 7597 | 3.000 | 05/01/43 | 7036 |
| 29395 | 3.000 | 05/01/43 | 27249 |
| 32882 | 3.000 | 05/01/43 | 30493 |
| 179081 | 4.500 | 04/01/45 | 178797 |
| 21307 | 4.500 | 05/01/45 | 21403 |
| 109371 | 4.000 | 02/01/48 | 105954 |
| 126178 | 4.000 | 03/01/48 | 122236 |
| 2346 | 4.000 | 07/01/48 | 2269 |
| 7718 | 4.000 | 07/01/48 | 7467 |
| 205497 | 4.500 | 07/01/48 | 203977 |
| 132799 | 4.000 | 08/01/48 | 128484 |
| 105780 | 5.000 | 11/01/48 | 107902 |
| 1667201 | 2.000 | 10/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;1361510 |
| 379004 | 3.000 | 10/01/50 | 341249 |
| 469930 | 3.000 | 10/01/50 | 422531 |
| 480406 | 3.000 | 10/01/50 | 432551 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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)** |
|  FNMA – (continued) | FNMA – (continued) | FNMA – (continued) | FNMA – (continued) | FNMA – (continued) |
| $| 1666837 | 2.000% | 11/01/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361212 |
|  | 64007 | 2.500 | 03/01/51 | 55255 |
|  | 78758 | 2.500 | 09/01/51 | 67940 |
|  | 311498 | 2.500 | 10/01/51 | 268379 |
|  | 143500 | 2.500 | 11/01/51 | 123789 |
|  | 183015 | 2.500 | 11/01/51 | 157624 |
|  | 1129752 | 6.000 | 11/01/52 | 1181578 |
|  | 742092 | 5.500 | 04/01/53 | 761953 |
|  | 1323328 | 6.500 | 09/01/53 | 1384022 |
|  | 2983352 | 5.500 | 11/01/55 | 3048279 |
|  | 1000000 | 2.000 | TBA-30yr<sup>(b)</sup> | 808713 |
|  | 6000000 | 2.500 | TBA-30yr<sup>(b)</sup> | 5075124 |
|  | 2000000 | 3.000 | TBA-30yr<sup>(b)</sup> | 1768834 |
|  | 1000000 | 4.000 | TBA-30yr<sup>(b)</sup> | 948491 |
|  | 1000000 | 5.000 | TBA-30yr<sup>(b)</sup> | 997326 |
|  | 10000000 | 5.500 | TBA-30yr<sup>(b)</sup> | 10139000 |
|  | 6000000 | 6.000 | TBA-30yr<sup>(b)</sup> | 6158820 |
|  | 2000000 | 3.500 | TBA-30yr<sup>(b)</sup> | 1842762 |
| 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 |
|  | 3403 | 7.000 | 10/25/42 | 3657 |
| 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 |
|  | 9554 | 7.000 | 07/25/42 | 10378 |
|  Freddie Mac REMICS, Series 5502, Class FG<br>(SOFR + 1.000%) | Freddie Mac REMICS, Series 5502, Class FG<br>(SOFR + 1.000%) | Freddie Mac REMICS, Series 5502, Class FG<br>(SOFR + 1.000%) | Freddie Mac REMICS, Series 5502, Class FG<br>(SOFR + 1.000%) |  |
|  | 221804 | 4.874 | 02/25/55<sup>(a)</sup> | 221833 |
| GNMA | GNMA | GNMA | GNMA | GNMA |
|  | 11 | 7.000 | 04/15/26 | 11 |
|  | 71 | 7.000 | 04/15/26 | 72 |
|  | 229 | 7.000 | 03/15/27 | 229 |
|  | 67 | 7.000 | 11/15/27 | 67 |
|  | 502 | 7.000 | 11/15/27 | 510 |
|  | 1167 | 7.000 | 02/15/28 | 1173 |
|  | 31 | 7.000 | 05/15/28 | 31 |
|  | 631 | 7.000 | 06/15/28 | 637 |
|  | 152 | 7.000 | 07/15/28 | 153 |
|  | 613 | 7.000 | 07/15/28 | 618 |
|  | 30490 | 6.000 | 08/20/34 | 32158 |
|  | 30958 | 5.000 | 06/15/40 | 31705 |
|  | 127569 | 4.000 | 08/20/43 | 123783 |
|  | 48776 | 4.000 | 10/20/45 | 47099 |
|  | 732785 | 4.000 | 07/20/48 | 704464 |
|  | 23641 | 5.000 | 08/20/48 | 24043 |
|  | 79011 | 4.500 | 09/20/48 | 78615 |
|  | 83291 | 5.000 | 10/20/48 | 84629 |
|  | 225333 | 5.000 | 11/20/48 | 228952 |
|  | 28880 | 5.000 | 12/20/48 | 29258 |
|  | 185603 | 4.500 | 01/20/49 | 184268 |
|  | 25038 | 4.500 | 03/20/49 | 24858 |
|  | 517348 | 3.000 | 08/20/49 | 467972 |
|  | 162427 | 4.500 | 10/20/49 | 160939 |
|  | 336692 | 3.000 | 03/20/50 | 303514 |
|  | 157709 | 4.500 | 03/20/50 | 156264 |
|  | 671220 | 3.000 | 11/20/51 | 604259 |
|  | 810819 | 3.000 | 11/20/51 | 726613 |
|  | 761186 | 4.500 | 09/20/52 | 747207 |
|  | 766921 | 4.500 | 10/20/52 | 752837 |
|  | 3000000 | 2.000 | TBA-30yr<sup>(b)</sup> | 2483928 |
|  | 2000000 | 2.500 | TBA-30yr<sup>(b)</sup> | 1725600 |

---

&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;

Schedule of Investments (continued) *December 31, 2025*

&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)** |
| GNMA – (continued) | GNMA – (continued) | GNMA – (continued) | GNMA – (continued) |
| 2000000 | 3.500% | TBA-30yr<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819608 |
| 1000000 | 4.500 | TBA-30yr<sup>(b)</sup> | 974117 |
| 1000000 | 5.000 | TBA-30yr<sup>(b)</sup> | 997234 |
| 3000000 | 5.500 | TBA-30yr<sup>(b)</sup> | 3028200 |
| 1000000 | 6.000 | TBA-30yr<sup>(b)</sup> | 1019004 |
| GNMA, Series 2021-135, Class A | GNMA, Series 2021-135, Class A | GNMA, Series 2021-135, Class A | GNMA, Series 2021-135, Class A |
| 789478 | 2.000 | 08/20/51 | 661384 |
| TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $68,598,623) | TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $68,598,623) | TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $68,598,623) | 68026945 |
| **Corporate Bonds – 20.7%** | **Corporate Bonds – 20.7%** | **Corporate Bonds – 20.7%** | **Corporate Bonds – 20.7%** |
| Aerospace/Defense – 0.7% | Aerospace/Defense – 0.7% | Aerospace/Defense – 0.7% | Aerospace/Defense – 0.7% |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 50000 | 3.450 | 11/01/28<sup>(c)</sup> | 48950 |
| 2000 | 2.950 | 02/01/30<sup>(c)</sup> | 1895 |
| 176000 | 5.150 | 05/01/30<sup>(c)</sup> | 180848 |
| 187000 | 6.528 | 05/01/34<sup>(c)</sup> | 206872 |
| 325000 | 5.705 | 05/01/40<sup>(c)</sup> | 332127 |
| 100000 | 5.805 | 05/01/50<sup>(c)</sup> | 98500 |
| 174000 | 6.858 | 05/01/54<sup>(c)</sup> | 195273 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 122000 | 4.850 | 10/15/31<sup>(c)</sup> | 125205 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 75000 | 3.250 | 01/15/28<sup>(c)</sup> | 74004 |
| 25000 | 4.750 | 06/01/43 | 23026 |
| 50000 | 5.250 | 05/01/50<sup>(c)</sup> | 47220 |
| RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
| 50000 | 4.125 | 11/16/28<sup>(c)</sup> | 50160 |
| 25000 | 4.050 | 05/04/47<sup>(c)</sup> | 20179 |
|  |  |  | 1404259 |
| 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. |
| 100000 | 2.900 | 03/01/32<sup>(c)</sup> | 91870 |
| 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> | 139083 |
|  |  |  | 230953 |
| Auto Manufacturers – 0.3% | Auto Manufacturers – 0.3% | Auto Manufacturers – 0.3% | Auto Manufacturers – 0.3% |
| 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> | 218252 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 125000 | 1.500 | 06/10/26<sup>(c)</sup> | 123499 |
| 125000 | 2.350 | 01/08/31<sup>(c)</sup> | 112342 |
| Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
| 160000 | 5.400 | 06/24/31<sup>(c)(d)</sup> | 165548 |
|  |  |  | 619641 |
| Banks – 4.8% | Banks – 4.8% | Banks – 4.8% | Banks – 4.8% |
| 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%) |
| 140000 | 5.080 | 01/20/27<sup>(a)(c)</sup> | 140052 |
| &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> | 84006 |
| &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> | 379010 |
| &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> | 163064 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 + 1.220%) | &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;110000 | 2.299% | 07/21/32<sup>(a)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98360 |
| &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> | 389137 |
| &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> | 78334 |
| &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> | 87872 |
| 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> | 24830 |
| 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> | 74814 |
| &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> | 393585 |
| &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> | 309269 |
| &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> | 50211 |
| &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> | 44913 |
| &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> | 74441 |
| 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> | 45918 |
| 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> | 20354 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 45000 | 3.400 | 05/01/26 | 44904 |
| 150000 | 4.450 | 09/29/27 | 150959 |
| &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> | 71422 |
| &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> | 166901 |
| &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> | 220313 |
| 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> | 165321 |
| 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> | 867758 |
| 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> | 99975 |
| 15000 | 3.625 | 12/01/27<sup>(c)</sup> | 14928 |
| &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> | 969703 |
| &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> | 44563 |
| &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> | 25207 |
| &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> | 23285 |

---

&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 + 1.340%) | &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%) |
| $&nbsp;&nbsp;&nbsp;&nbsp;430000 | 4.946% | 10/22/35<sup>(a)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434110 |
| &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> | 451499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.635%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.635%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.635%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.635%) |
| 410000 | 5.576 | 07/23/36<sup>(a)(c)</sup> | 424899 |
| 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> | 287427 |
| 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> | 457238 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 25000 | 3.625 | 01/20/27 | 24931 |
| 20000 | 3.950 | 04/23/27 | 19986 |
| &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> | 213112 |
| &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> | 196797 |
| &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> | 167207 |
| &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> | 432428 |
| &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> | 162958 |
| &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> | 131849 |
| 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> | 25140 |
| &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> | 375358 |
| 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> | 311883 |
| &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> | 48566 |
| &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> | 65889 |
| 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> | 50396 |
| 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> | 150721 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 175000 | 3.000 | 10/23/26 | 173774 |
| Wells Fargo & Co., GMTN | Wells Fargo & Co., GMTN | Wells Fargo & Co., GMTN | Wells Fargo & Co., GMTN |
| 50000 | 4.300 | 07/22/27 | 50208 |
| 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> | 217363 |
|  |  |  | 10197148 |
| Beverages – 0.4% | Beverages – 0.4% | Beverages – 0.4% | Beverages – 0.4% |
| 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> | 102507 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 50000 | 3.600 | 02/15/28<sup>(c)</sup> | 49539 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Beverages – (continued) | Beverages – (continued) | Beverages – (continued) |
| Constellation Brands, Inc. – (continued) | Constellation Brands, Inc. – (continued) | Constellation Brands, Inc. – (continued) |
| 25000 | 3.150% 08/01/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24098 |
| &nbsp;&nbsp;&nbsp;&nbsp;100000 | 2.250 08/01/31<sup>(c)</sup> | 88710 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 225000 | 4.597 05/25/28<sup>(c)</sup> | 226753 |
| 19000 | 3.800 05/01/50<sup>(c)</sup> | 13836 |
| Pernod Ricard International Finance LLC | Pernod Ricard International Finance LLC | Pernod Ricard International Finance LLC |
| 345000 | 1.625 04/01/31<sup>(c)(d)</sup> | 299847 |
|  |  | 805290 |
| Biotechnology – 0.3% | Biotechnology – 0.3% | Biotechnology – 0.3% |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 239000 | 5.250 03/02/30<sup>(c)</sup> | 247946 |
| 184000 | 5.250 03/02/33<sup>(c)</sup> | 190598 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 198000 | 5.400 09/02/34<sup>(c)</sup> | 202844 |
|  |  | 641388 |
| Building Materials – 0.3% | Building Materials – 0.3% | Building Materials – 0.3% |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 150000 | 2.493 02/15/27<sup>(c)</sup> | 147552 |
| 75000 | 2.722 02/15/30<sup>(c)</sup> | 70648 |
| 200000 | 2.700 02/15/31<sup>(c)</sup> | 185306 |
| 166000 | 5.900 03/15/34<sup>(c)</sup> | 178144 |
| Masco Corp. | Masco Corp. | Masco Corp. |
| 50000 | 1.500 02/15/28<sup>(c)</sup> | 47324 |
|  |  | 628974 |
| Chemicals – 0.1% | Chemicals – 0.1% | Chemicals – 0.1% |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 25000 | 4.500 05/01/29<sup>(c)</sup> | 23915 |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| 20000 | 1.832 10/15/27<sup>(c)(d)</sup> | 19187 |
| 74000 | 2.300 11/01/30<sup>(c)(d)</sup> | 66744 |
| Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) |
| 25000 | 3.450 06/01/27<sup>(c)</sup> | 24820 |
| 50000 | 2.950 08/15/29<sup>(c)</sup> | 47956 |
|  |  | 182622 |
| Commercial Services – 0.3% | Commercial Services – 0.3% | Commercial Services – 0.3% |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 305000 | 5.550 11/15/35<sup>(c)</sup> | 303347 |
| PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. |
| 75000 | 2.650 10/01/26<sup>(c)</sup> | 74348 |
| Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
| 182000 | 5.250 08/09/34<sup>(c)</sup> | 186932 |
| S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
| 75000 | 4.250 05/01/29<sup>(c)</sup> | 75413 |
|  |  | 640040 |
| Computers – 0.1% | Computers – 0.1% | Computers – 0.1% |
| Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. |
| 17000 | 6.020 06/15/26<sup>(c)</sup> | 17068 |
| 25000 | 5.300 10/01/29<sup>(c)</sup> | 25802 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 151000 | 5.000 10/15/34<sup>(c)</sup> | 149858 |
|  |  | 192728 |
| Diversified Financial Services – 0.7% | Diversified Financial Services – 0.7% | Diversified Financial Services – 0.7% |
| Air Lease Corp., GMTN | Air Lease Corp., GMTN | Air Lease Corp., GMTN |
| 75000 | 3.750 06/01/26<sup>(c)</sup> | 74829 |

---

&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;

Schedule of Investments (continued) *December 31, 2025*

&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 – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| 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> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74923 |
| &nbsp;&nbsp;&nbsp;&nbsp;275000 | 5.200 | 07/15/31<sup>(c)</sup> | 279379 |
| 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> | 436678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.036%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.036%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.036%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.036%) |
| 410000 | 6.183 | 01/30/36<sup>(a)(c)</sup> | 428545 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
| 75000 | 3.625 | 09/01/28<sup>(c)</sup> | 74473 |
| Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
| 25000 | 3.300 | 03/26/27<sup>(c)</sup> | 24876 |
| Nuveen LLC | Nuveen LLC | Nuveen LLC | Nuveen LLC |
| 25000 | 4.000 | 11/01/28<sup>(c)(d)</sup> | 24999 |
|  |  |  | 1418702 |
| Education – 0.2% | Education – 0.2% | Education – 0.2% | Education – 0.2% |
| Cornell University, Series 2025 | Cornell University, Series 2025 | Cornell University, Series 2025 | Cornell University, Series 2025 |
| 480000 | 4.733 | 06/15/35<sup>(c)</sup> | 481711 |
| Electric – 0.5% | Electric – 0.5% | Electric – 0.5% | Electric – 0.5% |
| 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> | 46221 |
| 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> | 44267 |
| 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> | 24642 |
| 50000 | 3.700 | 07/15/30<sup>(c)</sup> | 49173 |
| 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> | 24114 |
| Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| 45000 | 2.950 | 09/01/26<sup>(c)</sup> | 44649 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 50000 | 4.050 | 04/15/30<sup>(c)</sup> | 49544 |
| FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
| 100000 | 2.650 | 03/01/30<sup>(c)</sup> | 93250 |
| 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> | 45284 |
| 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> | 59195 |
| MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
| 25000 | 3.650 | 04/15/29<sup>(c)</sup> | 24711 |
| 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> | 66689 |
| 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> | 23339 |
| 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> | 24236 |
| 50000 | 2.500 | 02/01/31<sup>(c)</sup> | 45003 |
| 25000 | 3.300 | 08/01/40<sup>(c)</sup> | 18962 |
| Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. |
| 95000 | 7.000 | 10/30/31 | 106692 |
| Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) |
| 60000 | 3.250 | 07/01/26<sup>(c)</sup> | 59809 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 250000 | 3.350 | 12/01/26<sup>(c)</sup> | 248529 |
|  |  |  | 1098309 |

---

---

| | | |
|:---|:---|:---|
| **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> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114865 |
| Environmental Control – 0.1% | Environmental Control – 0.1% | Environmental Control – 0.1% |
| Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;100000 | 1.750 02/15/32<sup>(c)</sup> | 86282 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 75000 | 3.150 11/15/27<sup>(c)</sup> | 74148 |
| 50000 | 1.150 03/15/28<sup>(c)</sup> | 47139 |
|  |  | 207569 |
| Food – 1.1% | Food – 1.1% | Food – 1.1% |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| 75000 | 4.200 04/17/28<sup>(c)</sup> | 75225 |
| J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) |
| 179000 | 5.900 11/15/28<sup>(c)</sup> | 187623 |
| 113000 | 6.200 11/15/33<sup>(c)</sup> | 122456 |
| Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 425000 | 4.800 03/01/30<sup>(c)(d)</sup> | 434244 |
| 25000 | 3.200 04/01/30<sup>(c)(d)</sup> | 24047 |
| 375000 | 5.000 03/01/32<sup>(c)(d)</sup> | 386349 |
| 650000 | 5.200 03/01/35<sup>(c)(d)</sup> | 667508 |
| The Campbell's Company | The Campbell's Company | The Campbell's Company |
| 279000 | 5.400 03/21/34<sup>(c)</sup> | 284219 |
| 95000 | 4.750 03/23/35<sup>(c)</sup> | 91846 |
|  |  | 2273517 |
| 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> | 22608 |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 95000 | 3.490 05/15/27<sup>(c)</sup> | 94409 |
| 25000 | 3.600 05/01/30<sup>(c)</sup> | 24303 |
|  |  | 141320 |
| 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> | 24033 |
| Healthcare-Products – 0.4% | Healthcare-Products – 0.4% | Healthcare-Products – 0.4% |
| Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
| 413000 | 3.000 09/23/29<sup>(c)(d)</sup> | 395838 |
| DH Europe Finance II Sarl | DH Europe Finance II Sarl | DH Europe Finance II Sarl |
| 25000 | 2.600 11/15/29<sup>(c)</sup> | 23694 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 113000 | 5.400 03/01/29<sup>(c)</sup> | 117075 |
| 140000 | 5.600 03/23/34<sup>(c)</sup> | 145766 |
| STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |
| 75000 | 2.700 03/15/31<sup>(c)</sup> | 69178 |
| Stryker Corp. | Stryker Corp. | Stryker Corp. |
| 100000 | 1.950 06/15/30<sup>(c)</sup> | 90807 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| 25000 | 1.750 10/15/28<sup>(c)</sup> | 23600 |
|  |  | 865958 |
| Healthcare-Services – 2.0% | Healthcare-Services – 2.0% | Healthcare-Services – 2.0% |
| Adventist Health System | Adventist Health System | Adventist Health System |
| 30000 | 2.952 03/01/29<sup>(c)</sup> | 28490 |
| 95000 | 5.757 12/01/34<sup>(c)</sup> | 97925 |
| Adventist Health System, Series 2025 | Adventist Health System, Series 2025 | Adventist Health System, Series 2025 |
| 590000 | 4.742 12/01/30<sup>(c)</sup> | 592555 |

---

&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)** |
| Healthcare-Services – (continued) | Healthcare-Services – (continued) | Healthcare-Services – (continued) | Healthcare-Services – (continued) |
| Ascension Health, Series 2025 | Ascension Health, Series 2025 | Ascension Health, Series 2025 | Ascension Health, Series 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;280000 | 4.923% | 11/15/35<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280566 |
| Banner Health | Banner Health | Banner Health | Banner Health |
| 120000 | 2.338 | 01/01/30<sup>(c)</sup> | 111999 |
| 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> | 35834 |
| Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
| 34000 | 2.400 | 03/15/30<sup>(c)</sup> | 31570 |
| 250000 | 2.375 | 03/15/31<sup>(c)</sup> | 226370 |
| 260000 | 5.125 | 05/15/31<sup>(c)</sup> | 268653 |
| 125000 | 4.800 | 08/15/38<sup>(c)</sup> | 119849 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 205000 | 4.352 | 09/01/30<sup>(c)</sup> | 204262 |
| 310000 | 4.975 | 09/01/35<sup>(c)</sup> | 306531 |
| 225000 | 6.461 | 11/01/52<sup>(c)</sup> | 242121 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 425000 | 4.500 | 02/15/27<sup>(c)</sup> | 425908 |
| 80000 | 3.500 | 09/01/30<sup>(c)</sup> | 76951 |
| 345000 | 5.450 | 04/01/31<sup>(c)</sup> | 359997 |
| Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| 55000 | 5.950 | 03/15/34<sup>(c)</sup> | 57739 |
| 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> | 85233 |
| PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
| 185000 | 4.335 | 11/15/28<sup>(c)</sup> | 185851 |
| Rush System for Health Obligated Group, Series 2020 | Rush System for Health Obligated Group, Series 2020 | Rush System for Health Obligated Group, Series 2020 | Rush System for Health Obligated Group, Series 2020 |
| 60000 | 3.922 | 11/15/29<sup>(c)</sup> | 59495 |
| 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> | 36786 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 275000 | 5.000 | 04/15/34<sup>(c)</sup> | 279417 |
| 125000 | 3.050 | 05/15/41<sup>(c)</sup> | 94746 |
|  |  |  | 4208848 |
| Insurance – 0.2% | Insurance – 0.2% | Insurance – 0.2% | Insurance – 0.2% |
| 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> | 24123 |
| 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 | 34196 |
| Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
| 50000 | 4.850 | 12/15/29<sup>(c)</sup> | 51168 |
| 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> | 68909 |
| Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
| 171000 | 6.800 | 11/15/31 | 191208 |
| 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> | 49632 |
| 75000 | 2.125 | 06/15/30<sup>(c)</sup> | 68322 |
| 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> | 23797 |
|  |  |  | 511355 |
| Internet – 1.5% | Internet – 1.5% | Internet – 1.5% | Internet – 1.5% |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 950000 | 4.100 | 11/15/30<sup>(c)</sup> | 953145 |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 551000 | 5.500 | 12/01/34<sup>(c)</sup> | 566110 |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 14000 | 4.625 | 08/01/27<sup>(c)</sup> | 14104 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Internet – (continued) | Internet – (continued) | Internet – (continued) | Internet – (continued) |
| Expedia Group, Inc. – (continued) | Expedia Group, Inc. – (continued) | Expedia Group, Inc. – (continued) | Expedia Group, Inc. – (continued) |
| 35000 | 3.800% | 02/15/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34804 |
| 85000 | 3.250 | 02/15/30<sup>(c)</sup> | 81534 |
| 14000 | 2.950 | 03/15/31<sup>(c)</sup> | 13015 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;250000 | 3.500 | 08/15/27<sup>(c)</sup> | 249605 |
| 400000 | 4.200 | 11/15/30<sup>(c)</sup> | 400727 |
| 375000 | 4.875 | 11/15/35<sup>(c)</sup> | 374713 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 210000 | 5.875 | 11/15/28 | 220740 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 175000 | 4.500 | 08/15/29<sup>(c)(d)</sup> | 175364 |
|  |  |  | 3083861 |
| 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 |
| 75000 | 6.000 | 01/29/32<sup>(c)</sup> | 76119 |
| 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> | 127603 |
|  |  |  | 203722 |
| 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. |
| 50000 | 1.650 | 10/15/27<sup>(c)</sup> | 48060 |
| Lodging – 0.7% | Lodging – 0.7% | Lodging – 0.7% | Lodging – 0.7% |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 306000 | 3.700 | 01/15/31<sup>(c)</sup> | 291345 |
| 114000 | 5.850 | 08/01/34<sup>(c)</sup> | 116271 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 365000 | 5.500 | 06/30/34<sup>(c)</sup> | 376731 |
| 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> | 123051 |
| 40000 | 6.000 | 06/14/30<sup>(c)</sup> | 41933 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 125000 | 5.000 | 10/15/27<sup>(c)</sup> | 127165 |
| 91000 | 4.875 | 05/15/29<sup>(c)</sup> | 92981 |
| 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> | 301649 |
|  |  |  | 1471126 |
| Machinery-Diversified – 0.5% | Machinery-Diversified – 0.5% | Machinery-Diversified – 0.5% | Machinery-Diversified – 0.5% |
| AGCO Corp. | AGCO Corp. | AGCO Corp. | AGCO Corp. |
| 112000 | 5.800 | 03/21/34<sup>(c)</sup> | 117170 |
| IDEX Corp. | IDEX Corp. | IDEX Corp. | IDEX Corp. |
| 105000 | 2.625 | 06/15/31<sup>(c)</sup> | 95956 |
| Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
| 90000 | 5.700 | 08/14/33<sup>(c)</sup> | 95351 |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
| 25000 | 2.293 | 04/05/27<sup>(c)</sup> | 24499 |
| 150000 | 2.565 | 02/15/30<sup>(c)</sup> | 140412 |
| Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
| 453000 | 6.300 | 02/15/30<sup>(c)</sup> | 480236 |
|  |  |  | 953624 |
| Media – 0.1% | Media – 0.1% | Media – 0.1% | Media – 0.1% |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 25000 | 3.300 | 02/01/27<sup>(c)</sup> | 24866 |
| 75000 | 3.300 | 04/01/27<sup>(c)</sup> | 74494 |
| 25000 | 3.750 | 04/01/40<sup>(c)</sup> | 20588 |

---

&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;

Schedule of Investments (continued) *December 31, 2025*

&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)** |
| Media – (continued) | Media – (continued) | Media – (continued) | Media – (continued) |
| Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| 25000 | 4.709% | 01/25/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25317 |
|  |  |  | 145265 |
| Oil & Gas – 0.0% | Oil & Gas – 0.0% | Oil & Gas – 0.0% | Oil & Gas – 0.0% |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 69000 | 7.875 | 09/15/31 | 78921 |
| Phillips 66 | Phillips 66 | Phillips 66 | Phillips 66 |
| 5000 | 1.300 | 02/15/26<sup>(c)</sup> | 4982 |
|  |  |  | 83903 |
| 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. |
| 50000 | 1.570 | 01/15/26<sup>(c)</sup> | 49927 |
| Pharmaceuticals – 0.6% | Pharmaceuticals – 0.6% | Pharmaceuticals – 0.6% | Pharmaceuticals – 0.6% |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;107000 | 4.050 | 11/21/39<sup>(c)</sup> | 95534 |
| 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> | 94276 |
| Cencora, Inc. | Cencora, Inc. | Cencora, Inc. | Cencora, Inc. |
| 75000 | 3.450 | 12/15/27<sup>(c)</sup> | 74352 |
| 425000 | 2.700 | 03/15/31<sup>(c)</sup> | 391673 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 350000 | 2.125 | 09/15/31<sup>(c)</sup> | 307526 |
| 162000 | 4.780 | 03/25/38<sup>(c)</sup> | 153002 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 75000 | 3.450 | 03/15/29<sup>(c)</sup> | 74122 |
| Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
| 45000 | 3.000 | 09/12/27<sup>(c)</sup> | 44390 |
| 150000 | 2.000 | 05/15/30<sup>(c)</sup> | 137213 |
|  |  |  | 1372088 |
| Pipelines – 0.6% | Pipelines – 0.6% | Pipelines – 0.6% | Pipelines – 0.6% |
| 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> | 79603 |
| 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> | 256912 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 25000 | 5.250 | 04/15/29<sup>(c)</sup> | 25687 |
| 275000 | 5.750 | 02/15/33<sup>(c)</sup> | 288653 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 275000 | 4.300 | 03/01/28<sup>(c)</sup> | 276397 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 75000 | 2.650 | 08/15/30<sup>(c)</sup> | 69475 |
| 35000 | 4.500 | 04/15/38<sup>(c)</sup> | 31950 |
| 25000 | 5.500 | 02/15/49<sup>(c)</sup> | 22986 |
| 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> | 24254 |
| 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> | 75497 |
| Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
| 55000 | 4.200 | 02/01/33<sup>(c)</sup> | 52642 |
| 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> | 22768 |
| Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |
| 125000 | 5.650 | 03/15/33<sup>(c)</sup> | 131481 |
|  |  |  | 1358305 |

---

---

| | | |
|:---|:---|:---|
| **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. |
| $&nbsp;&nbsp;&nbsp;&nbsp;100000 | 2.800% 07/15/30<sup>(c)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91701 |
| REITS – 0.6% | REITS – 0.6% | REITS – 0.6% |
| Agree LP | Agree LP | Agree LP |
| 170000 | 4.800 10/01/32<sup>(c)</sup> | 171267 |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 25000 | 3.375 08/15/31<sup>(c)</sup> | 23364 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 50000 | 4.900 02/15/29<sup>(c)</sup> | 50828 |
| 30000 | 2.375 07/15/31<sup>(c)</sup> | 26821 |
| American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 75000 | 2.100 06/15/30<sup>(c)</sup> | 68103 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 60000 | 3.650 09/01/27<sup>(c)</sup> | 59520 |
| CubeSmart LP | CubeSmart LP | CubeSmart LP |
| 20000 | 2.500 02/15/32<sup>(c)</sup> | 17697 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| 50000 | 3.000 01/15/30<sup>(c)</sup> | 47462 |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| 25000 | 2.050 03/15/31<sup>(c)</sup> | 21662 |
| 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> | 38061 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 75000 | 2.300 11/15/28<sup>(c)</sup> | 71299 |
| 195000 | 2.000 08/15/31<sup>(c)</sup> | 170456 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 20000 | 4.750 12/15/28<sup>(c)</sup> | 20102 |
| Mid-America Apartments L.P. | Mid-America Apartments L.P. | Mid-America Apartments L.P. |
| 50000 | 1.700 02/15/31<sup>(c)</sup> | 43820 |
| Prologis L.P. | Prologis L.P. | Prologis L.P. |
| 25000 | 1.750 07/01/30<sup>(c)</sup> | 22493 |
| 125000 | 4.625 01/15/33<sup>(c)</sup> | 126094 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 25000 | 3.950 08/15/27<sup>(c)</sup> | 25010 |
| 75000 | 3.400 01/15/30<sup>(c)</sup> | 72903 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 100000 | 2.950 09/15/29<sup>(c)</sup> | 95847 |
| UDR, Inc., MTN | UDR, Inc., MTN | UDR, Inc., MTN |
| 25000 | 2.100 08/01/32<sup>(c)</sup> | 21369 |
| 100000 | 1.900 03/15/33<sup>(c)</sup> | 82610 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 25000 | 3.850 07/15/29<sup>(c)</sup> | 24641 |
| 25000 | 2.400 02/01/31<sup>(c)</sup> | 22542 |
|  |  | 1323971 |
| Retail – 0.2% | Retail – 0.2% | Retail – 0.2% |
| 7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
| 100000 | 1.300 02/10/28<sup>(c)(d)</sup> | 94303 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 25000 | 1.950 08/01/28<sup>(c)</sup> | 23572 |
| Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. |
| 50000 | 4.200 05/15/28<sup>(c)</sup> | 50064 |
| Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
| 25000 | 3.900 12/06/28<sup>(c)</sup> | 25100 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 25000 | 3.100 05/03/27<sup>(c)</sup> | 24726 |
| 75000 | 1.700 09/15/28<sup>(c)</sup> | 70692 |
| 25000 | 3.000 10/15/50<sup>(c)</sup> | 15867 |

---

&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)** |
| Retail – (continued) | Retail – (continued) | Retail – (continued) |
| McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN |
| 25000 | 4.200% 04/01/50<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20146 |
| Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;100000 | 4.000 11/15/28<sup>(c)</sup> | 99886 |
| Tractor Supply Co. | Tractor Supply Co. | Tractor Supply Co. |
| 50000 | 1.750 11/01/30<sup>(c)</sup> | 44317 |
|  |  | 468673 |
| Semiconductors – 0.3% | Semiconductors – 0.3% | Semiconductors – 0.3% |
| Applied Materials, Inc. | Applied Materials, Inc. | Applied Materials, Inc. |
| 25000 | 1.750 06/01/30<sup>(c)</sup> | 22612 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 74000 | 4.150 04/15/32<sup>(c)(d)</sup> | 72351 |
| 100000 | 3.419 04/15/33<sup>(c)</sup> | 92581 |
| 162000 | 3.137 11/15/35<sup>(c)(d)</sup> | 139636 |
| 100000 | 3.500 02/15/41<sup>(c)</sup> | 81528 |
| Intel Corp. | Intel Corp. | Intel Corp. |
| 175000 | 5.200 02/10/33<sup>(c)</sup> | 178377 |
| 65000 | 5.150 02/21/34<sup>(c)</sup> | 65759 |
|  |  | 652844 |
| Software – 1.3% | Software – 1.3% | Software – 1.3% |
| Adobe, Inc. | Adobe, Inc. | Adobe, Inc. |
| 50000 | 2.150 02/01/27<sup>(c)</sup> | 49172 |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| 25000 | 4.200 10/01/28<sup>(c)</sup> | 24935 |
| Intuit, Inc. | Intuit, Inc. | Intuit, Inc. |
| 25000 | 1.350 07/15/27<sup>(c)</sup> | 24149 |
| MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
| 180000 | 4.000 11/15/29<sup>(c)(d)</sup> | 176343 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 150000 | 4.500 05/06/28<sup>(c)</sup> | 149924 |
| 34000 | 2.950 04/01/30<sup>(c)</sup> | 31372 |
| 175000 | 4.650 05/06/30<sup>(c)</sup> | 173310 |
| 275000 | 2.875 03/25/31<sup>(c)</sup> | 246532 |
| 256000 | 5.250 02/03/32<sup>(c)</sup> | 255569 |
| 320000 | 4.800 09/26/32<sup>(c)</sup> | 309033 |
| 250000 | 6.250 11/09/32<sup>(c)</sup> | 260679 |
| 157000 | 4.900 02/06/33<sup>(c)</sup> | 151140 |
| 370000 | 5.200 09/26/35<sup>(c)</sup> | 355181 |
| 125000 | 6.900 11/09/52<sup>(c)</sup> | 123655 |
| Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
| 50000 | 4.200 09/15/28<sup>(c)</sup> | 50138 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 160000 | 5.000 04/01/32<sup>(c)</sup> | 163373 |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 85000 | 3.700 04/14/27<sup>(c)</sup> | 84648 |
| VMware, Inc. | VMware, Inc. | VMware, Inc. |
| 25000 | 1.800 08/15/28<sup>(c)</sup> | 23647 |
| 100000 | 2.200 08/15/31<sup>(c)</sup> | 88864 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 75000 | 3.500 04/01/27<sup>(c)</sup> | 74540 |
|  |  | 2816204 |
| Telecommunications – 1.1% | Telecommunications – 1.1% | Telecommunications – 1.1% |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 288000 | 2.300 06/01/27<sup>(c)</sup> | 281532 |
| 150000 | 4.350 03/01/29<sup>(c)</sup> | 150786 |
| 50000 | 2.750 06/01/31<sup>(c)</sup> | 45929 |
| 10000 | 2.550 12/01/33<sup>(c)</sup> | 8537 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** | **Corporate Bonds – (continued)** |
| Telecommunications – (continued) | Telecommunications – (continued) | Telecommunications – (continued) | Telecommunications – (continued) |
| AT&T, Inc. – (continued) | AT&T, Inc. – (continued) | AT&T, Inc. – (continued) | AT&T, Inc. – (continued) |
| 25000 | 4.900% | 08/15/37<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24311 |
| 60000 | 4.850 | 03/01/39<sup>(c)</sup> | 57079 |
| 75000 | 3.500 | 06/01/41<sup>(c)</sup> | 58923 |
| 25000 | 4.350 | 06/15/45<sup>(c)</sup> | 20631 |
| 25000 | 5.150 | 11/15/46<sup>(c)</sup> | 22882 |
| 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> | 74731 |
| &nbsp;&nbsp;&nbsp;&nbsp;391000 | 3.750 | 04/15/27<sup>(c)</sup> | 389746 |
| 25000 | 4.750 | 02/01/28<sup>(c)</sup> | 25013 |
| 175000 | 2.050 | 02/15/28<sup>(c)</sup> | 168063 |
| 83000 | 3.875 | 04/15/30<sup>(c)</sup> | 81580 |
| 75000 | 3.500 | 04/15/31<sup>(c)</sup> | 71801 |
| 500000 | 5.200 | 01/15/33<sup>(c)</sup> | 516132 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 108000 | 4.329 | 09/21/28 | 108899 |
| 200000 | 2.550 | 03/21/31<sup>(c)</sup> | 182657 |
|  |  |  | 2289232 |
| 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 |
| 25000 | 4.050 | 06/15/48<sup>(c)</sup> | 20225 |
| CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. |
| 175000 | 3.800 | 03/01/28<sup>(c)</sup> | 174776 |
| FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. |
| 45000 | 3.400 | 02/15/28<sup>(c)</sup> | 44320 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 125000 | 2.800 | 02/14/32<sup>(c)</sup> | 114747 |
|  |  |  | 354068 |
| 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. |
| 120000 | 5.250 | 07/01/29<sup>(c)(d)</sup> | 123323 |
| TOTAL CORPORATE BONDS<br>(Cost $43,766,117) | TOTAL CORPORATE BONDS<br>(Cost $43,766,117) | TOTAL CORPORATE BONDS<br>(Cost $43,766,117) | 43779127 |
| **Asset- Backed Securities – 10.6%** | **Asset- Backed Securities – 10.6%** | **Asset- Backed Securities – 10.6%** | **Asset- Backed Securities – 10.6%** |
| Collateralized Debt Obligations – 0.0% | Collateralized Debt Obligations – 0.0% | Collateralized Debt Obligations – 0.0% | Collateralized Debt Obligations – 0.0% |
| 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%) |
| 100986 | 5.434 | 01/15/37<sup>(a)(d)</sup> | 100986 |
| Collateralized Loan Obligations – 8.6% | Collateralized Loan Obligations – 8.6% | Collateralized Loan Obligations – 8.6% | Collateralized Loan Obligations – 8.6% |
| 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%) | Ares European CLO XXI DAC, Series 21A, Class B (3 mo. Euribor + 1.700%) |
| 250000 | 3.709 | 04/15/38<sup>(a)(d)</sup> | 292329 |
| Arini U.S. CLO III Ltd., Series 3A, Class A (TSFR3M + 1.270%) | Arini U.S. CLO III Ltd., Series 3A, Class A (TSFR3M + 1.270%) | Arini U.S. CLO III Ltd., Series 3A, Class A (TSFR3M + 1.270%) | Arini U.S. CLO III Ltd., Series 3A, Class A (TSFR3M + 1.270%) |
| 750000 | 5.190 | 01/15/39<sup>(a)(d)</sup> | 750359 |
| CARLYLE U.S. CLO Ltd., Series 2021-1A, Class A1AR (TSFR3M + 1.370%) | CARLYLE U.S. CLO Ltd., Series 2021-1A, Class A1AR (TSFR3M + 1.370%) | CARLYLE U.S. CLO Ltd., Series 2021-1A, Class A1AR (TSFR3M + 1.370%) | CARLYLE U.S. CLO Ltd., Series 2021-1A, Class A1AR (TSFR3M + 1.370%) |
| 275000 | 5.275 | 01/15/40<sup>(a)(d)</sup> | 275995 |
| CARLYLE U.S. CLO Ltd., Series 2021-8A, Class A1R (TSFR3M + 1.270%) | CARLYLE U.S. CLO Ltd., Series 2021-8A, Class A1R (TSFR3M + 1.270%) | CARLYLE U.S. CLO Ltd., Series 2021-8A, Class A1R (TSFR3M + 1.270%) | CARLYLE U.S. CLO Ltd., Series 2021-8A, Class A1R (TSFR3M + 1.270%) |
| 575000 | 5.252 | 10/15/38<sup>(a)(d)</sup> | 576023 |
| 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%) | Carlyle US CLO Ltd., Series 2024-2A, Class B (TSFR3M + 2.050%) |
| 400000 | 5.908 | 04/25/37<sup>(a)(d)</sup> | 401073 |

---

&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;

Schedule of Investments (continued) *December 31, 2025*

&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) |
| 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%) |
| $&nbsp;&nbsp;&nbsp;&nbsp;850000 | 5.458% 07/25/38<sup>(a)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853137 |
| CBAM Ltd., Series 2018-5A, Class A1R (TSFR3M + 1.340%) | CBAM Ltd., Series 2018-5A, Class A1R (TSFR3M + 1.340%) | CBAM Ltd., Series 2018-5A, Class A1R (TSFR3M + 1.340%) |
| 975000 | 5.452 10/17/38<sup>(a)(d)</sup> | 976069 |
| 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 | 5.701 03/31/38<sup>(a)(d)</sup> | 803147 |
| 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 | 5.304 07/20/37<sup>(a)(d)</sup> | 270700 |
| 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 | 5.366 01/20/35<sup>(a)(d)</sup> | 700428 |
| 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 | 6.546 01/20/35<sup>(a)(d)</sup> | 300304 |
| 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 | 5.295 10/15/37<sup>(a)(d)</sup> | 426038 |
| Diameter Capital CLO 10 Ltd., Series 2025-10A, Class A | Diameter Capital CLO 10 Ltd., Series 2025-10A, Class A | Diameter Capital CLO 10 Ltd., Series 2025-10A, Class A |
| (TSFR3M + 1.310%) | (TSFR3M + 1.310%) | (TSFR3M + 1.310%) |
| 620000 | 5.194 04/20/38<sup>(a)(d)</sup> | 621177 |
| Elmwood CLO 35 Ltd., Series 2024-11A, Class A (TSFR3M + 1.340%) | Elmwood CLO 35 Ltd., Series 2024-11A, Class A (TSFR3M + 1.340%) | Elmwood CLO 35 Ltd., Series 2024-11A, Class A (TSFR3M + 1.340%) |
| 1175000 | 5.224 10/18/37<sup>(a)(d)</sup> | 1177863 |
| 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%) |
| 1150000 | 5.184 07/20/38<sup>(a)(d)</sup> | 1154547 |
| 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 | 3.814 02/15/38<sup>(a)(d)</sup> | 410804 |
| 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 | 5.254 07/20/37<sup>(a)(d)</sup> | 802908 |
| 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 | 5.334 07/20/38<sup>(a)(d)</sup> | 601205 |
| 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 | 5.275 07/15/35<sup>(a)(d)</sup> | 300157 |
| 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%) |
| 55841 | 5.518 05/20/54<sup>(a)(d)</sup> | 56074 |
| Mountain View CLO XV Ltd., Series 2019-2A, Class A1R | Mountain View CLO XV Ltd., Series 2019-2A, Class A1R | Mountain View CLO XV Ltd., Series 2019-2A, Class A1R |
| (TSFR3M + 1.670%) | (TSFR3M + 1.670%) | (TSFR3M + 1.670%) |
| 275000 | 5.575 07/15/37<sup>(a)(d)</sup> | 275665 |
| 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%) |
| 189110 | 5.189 04/10/33<sup>(a)(d)</sup> | 189200 |
| Octagon 61 Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.400%) | Octagon 61 Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.400%) | Octagon 61 Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.400%) |
| 1400000 | 5.284 04/20/38<sup>(a)(d)</sup> | 1404606 |
| OHA Credit Funding 7 Ltd., Series 2020-7A, Class A1R2 (TSFR3M + 1.280%) | OHA Credit Funding 7 Ltd., Series 2020-7A, Class A1R2 (TSFR3M + 1.280%) | OHA Credit Funding 7 Ltd., Series 2020-7A, Class A1R2 (TSFR3M + 1.280%) |
| 650000 | 5.164 07/19/38<sup>(a)(d)</sup> | 649642 |
| 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 | 5.305 04/15/31<sup>(a)(d)</sup> | 325334 |
| 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 | 5.284 10/20/37<sup>(a)(d)</sup> | 451014 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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 | 5.404% | 07/20/38<sup>(a)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401626 |
| 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 | 3.604 | 04/20/39<sup>(a)(d)</sup> | 291150 |
| 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 | 5.207 | 01/22/38<sup>(a)(d)</sup> | 576049 |
| Warwick Capital CLO 1 Ltd., Series 2023-1A, Class AR (TSFR3M + 1.280%) | Warwick Capital CLO 1 Ltd., Series 2023-1A, Class AR (TSFR3M + 1.280%) | Warwick Capital CLO 1 Ltd., Series 2023-1A, Class AR (TSFR3M + 1.280%) | Warwick Capital CLO 1 Ltd., Series 2023-1A, Class AR (TSFR3M + 1.280%) |
| 850000 | 5.251 | 10/20/38<sup>(a)(d)</sup> | 851276 |
| Wellington Management CLO 5 Ltd., Series 2025-5A, Class A (TSFR3M + 1.290%) | Wellington Management CLO 5 Ltd., Series 2025-5A, Class A (TSFR3M + 1.290%) | Wellington Management CLO 5 Ltd., Series 2025-5A, Class A (TSFR3M + 1.290%) | Wellington Management CLO 5 Ltd., Series 2025-5A, Class A (TSFR3M + 1.290%) |
| 1000000 | 5.251 | 10/18/38<sup>(a)(d)</sup> | 1001763 |
|  |  |  | 18167662 |
| Diversified Financial Services – 2.0% | Diversified Financial Services – 2.0% | Diversified Financial Services – 2.0% | Diversified Financial Services – 2.0% |
| 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 | 560600 |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;600000 | 4.720 | 02/15/29 | 601494 |
| Barclays Dryrock Issuance Trust, Series 2025-1, Class A | Barclays Dryrock Issuance Trust, Series 2025-1, Class A | Barclays Dryrock Issuance Trust, Series 2025-1, Class A | Barclays Dryrock Issuance Trust, Series 2025-1, Class A |
| 425000 | 3.970 | 07/15/31 | 425889 |
| 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 | 383096 |
| 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 | 300328 |
| 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 |
| 26856 | 4.700 | 09/15/27 | 26863 |
| 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 | 150282 |
| 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 | 352557 |
| 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>(d)</sup> | 359245 |
| 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 |
| 372063 | 5.670 | 06/21/28 | 376381 |
| 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 |
| 28845 | 4.760 | 08/16/27 | 28854 |
| 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 | 375786 |
| 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 |
| 294175 | 4.710 | 02/15/28 | 295461 |
|  |  |  | 4236836 |
| TOTAL ASSET- BACKED SECURITIES<br>(Cost $22,335,516) | TOTAL ASSET- BACKED SECURITIES<br>(Cost $22,335,516) | TOTAL ASSET- BACKED SECURITIES<br>(Cost $22,335,516) | 22505484 |
| **Commercial Mortgage-Backed Securities – 6.4%** | **Commercial Mortgage-Backed Securities – 6.4%** | **Commercial Mortgage-Backed Securities – 6.4%** | **Commercial Mortgage-Backed Securities – 6.4%** |
| 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> | 129168 |
| 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 | 142030 |
| BANK, Series 2021-BN31, Class AS | BANK, Series 2021-BN31, Class AS | BANK, Series 2021-BN31, Class AS | BANK, Series 2021-BN31, Class AS |
| 475000 | 2.211 | 02/15/54<sup>(a)</sup> | 410199 |

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

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

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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;

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| | | | |
|:---|:---|:---|:---|
| **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)** |
| BANK, Series 2021-BN32, Class A5 | BANK, Series 2021-BN32, Class A5 | BANK, Series 2021-BN32, Class A5 | BANK, Series 2021-BN32, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp;150000 | 2.643% | 04/15/54 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137162 |
| 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 | 196671 |
| 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)</sup> | 264140 |
| 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 | 262712 |
| BANK5, Series 2024-5YR11, Class AS<sup>(c)</sup> | BANK5, Series 2024-5YR11, Class AS<sup>(c)</sup> | BANK5, Series 2024-5YR11, Class AS<sup>(c)</sup> | BANK5, Series 2024-5YR11, Class AS<sup>(c)</sup> |
| 150000 | 6.139 | 11/15/57 | 156782 |
| 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 | 495630 |
| 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 | 157061 |
| 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)</sup> | 209147 |
| 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 | 07/15/58 | 362917 |
| BANK5, Series 2025-5YR17, Class A3 | BANK5, Series 2025-5YR17, Class A3 | BANK5, Series 2025-5YR17, Class A3 | BANK5, Series 2025-5YR17, Class A3 |
| 450000 | 5.225 | 11/15/58 | 463689 |
| 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)</sup> | 220085 |
| BBCMS Mortgage Trust, Series 2025-5C36, Class A3 | BBCMS Mortgage Trust, Series 2025-5C36, Class A3 | BBCMS Mortgage Trust, Series 2025-5C36, Class A3 | BBCMS Mortgage Trust, Series 2025-5C36, Class A3 |
| 450000 | 5.517 | 08/15/58 | 469310 |
| 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)</sup> | 211174 |
| BFLD Commercial Mortgage Trust, Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust, Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust, Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust, Series 2025-5MW, Class A |
| 1000000 | 4.674 | 10/10/42 <sup>(a)(d)</sup> | 998528 |
| BFLD Commercial Mortgage Trust, Series 2025-660F, Class A (TSFR1M + 1.500%) | BFLD Commercial Mortgage Trust, Series 2025-660F, Class A (TSFR1M + 1.500%) | BFLD Commercial Mortgage Trust, Series 2025-660F, Class A (TSFR1M + 1.500%) | BFLD Commercial Mortgage Trust, Series 2025-660F, Class A (TSFR1M + 1.500%) |
| 650000 | 5.250 | 11/15/42 <sup>(a)(d)</sup> | 651819 |
| 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%) |
| 214164 | 5.092 | 03/15/41 <sup>(a)(d)</sup> | 214030 |
| 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 | 214529 |
| 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 | 371236 |
| 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 | 313693 |
| 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%) |
| 187239 | 5.441 | 08/15/41 <sup>(a)(d)</sup> | 187473 |
| 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%) |
| 208808 | 5.192 | 02/15/39 <sup>(a)(d)</sup> | 208809 |
| 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 | 5.392 | 02/15/41 <sup>(a)(d)</sup> | 348469 |
| 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 | 5.840 | 03/15/41 <sup>(a)(d)</sup> | 150000 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A | Durst Commercial Mortgage Trust, Series 2025-151, Class A | Durst Commercial Mortgage Trust, Series 2025-151, Class A | Durst Commercial Mortgage Trust, Series 2025-151, Class A |
| 450000 | 5.145 | 08/10/42 <sup>(a)(d)</sup> | 459023 |
| 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)</sup> | 193751 |
| 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)</sup> | 310492 |

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---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;100000 | 5.069% | 10/25/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102771 |
| Freddie Mac Multifamily Structured Pass Through Certificates, Series K544, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates, Series K544, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates, Series K544, Class A2 | Freddie Mac Multifamily Structured Pass Through Certificates, Series K544, Class A2 |
| 650000 | 4.266 | 07/25/30<sup>(a)</sup> | 654739 |
| 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%) |
| 150678 | 4.689 | 02/25/33<sup>(a)</sup> | 150819 |
| 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 | 5.462 | 02/05/45<sup>(a)(d)</sup> | 232845 |
| 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 | 5.467 | 01/13/40<sup>(a)(d)</sup> | 300313 |
| 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 | 5.758 | 01/13/40<sup>(a)(d)</sup> | 103415 |
| 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 | 5.295 | 03/14/47<sup>(a)(d)</sup> | 357402 |
| 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 | 5.797 | 10/05/39<sup>(a)(d)</sup> | 153027 |
| 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 | 5.640 | 08/15/41<sup>(a)(d)</sup> | 350219 |
| 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 | 4.874 | 10/13/33<sup>(a)(d)</sup> | 300410 |
| 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 | 341234 |
| NYC Commercial Mortgage Trust, Series 2025-11X, Class A (TSFR1M + 1.743%) | NYC Commercial Mortgage Trust, Series 2025-11X, Class A (TSFR1M + 1.743%) | NYC Commercial Mortgage Trust, Series 2025-11X, Class A (TSFR1M + 1.743%) | NYC Commercial Mortgage Trust, Series 2025-11X, Class A (TSFR1M + 1.743%) |
| 400000 | 5.493 | 10/15/40<sup>(a)(d)</sup> | 400997 |
| NYC Trust, Series 2025-77C, Class A | NYC Trust, Series 2025-77C, Class A | NYC Trust, Series 2025-77C, Class A | NYC Trust, Series 2025-77C, Class A |
| 650000 | 4.790 | 01/10/38<sup>(a)(d)</sup> | 652938 |
| 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> | 410096 |
| 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> | 103363 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $13,446,365)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $13,446,365)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $13,446,365)** | 13524317 |
| **Collateralized Mortgage Obligations – 3.8%** | **Collateralized Mortgage Obligations – 3.8%** | **Collateralized Mortgage Obligations – 3.8%** | **Collateralized Mortgage Obligations – 3.8%** |
| 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%) |
| 29975 | 5.529 | 09/25/35<sup>(a)</sup> | 26947 |
| BRAVO Residential Funding Trust, Series 2025-NQM4, Class A1 | BRAVO Residential Funding Trust, Series 2025-NQM4, Class A1 | BRAVO Residential Funding Trust, Series 2025-NQM4, Class A1 | BRAVO Residential Funding Trust, Series 2025-NQM4, Class A1 |
| 665111 | 5.613 | 02/25/65<sup>(d)</sup> | 672572 |
| 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 |
| 216197 | 5.903 | 12/25/68<sup>(d)</sup> | 217935 |
| 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%) |
| 21827 | 5.424 | 10/25/41<sup>(a)(d)</sup> | 21906 |
| Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2 (SOFR + 1.650%) | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2 (SOFR + 1.650%) | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2 (SOFR + 1.650%) | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2 (SOFR + 1.650%) |
| 42000 | 5.524 | 12/25/41<sup>(a)(d)</sup> | 42217 |
| 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%) |
| 5426 | 5.774 | 04/25/42<sup>(a)(d)</sup> | 5440 |

---

&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;

Schedule of Investments (continued) *December 31, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **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 (SOFR + 3.000%) | Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2 (SOFR + 3.000%) | Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2 (SOFR + 3.000%) | Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2 (SOFR + 3.000%) |
| $&nbsp;&nbsp;&nbsp;&nbsp;36000 | 6.874% | 04/25/42 <sup>(a)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36782 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2 (SOFR + 1.800%) | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2 (SOFR + 1.800%) | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2 (SOFR + 1.800%) | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2 (SOFR + 1.800%) |
| 100000 | 5.674 | 01/25/44 <sup>(a)(d)</sup> | 100505 |
| CSMC, Series 2021-NQM7, Class A1 | CSMC, Series 2021-NQM7, Class A1 | CSMC, Series 2021-NQM7, Class A1 | CSMC, Series 2021-NQM7, Class A1 |
| 688529 | 1.756 | 10/25/66 <sup>(a)(d)</sup> | 618276 |
| Csmc Trust, Series 2021-NQM6, Class A1 | Csmc Trust, Series 2021-NQM6, Class A1 | Csmc Trust, Series 2021-NQM6, Class A1 | Csmc Trust, Series 2021-NQM6, Class A1 |
| 279500 | 1.174 | 07/25/66 <sup>(a)(d)</sup> | 241402 |
| 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%) |
| 7031 | 5.524 | 01/25/34 <sup>(a)(d)</sup> | 7055 |
| Freddie Mac Stacr Remic Trust, Series 2025-DNA3, Class A1 (SOFR + 0.950%) | Freddie Mac Stacr Remic Trust, Series 2025-DNA3, Class A1 (SOFR + 0.950%) | Freddie Mac Stacr Remic Trust, Series 2025-DNA3, Class A1 (SOFR + 0.950%) | Freddie Mac Stacr Remic Trust, Series 2025-DNA3, Class A1 (SOFR + 0.950%) |
| 576875 | 4.824 | 09/25/45 <sup>(a)(d)</sup> | 576964 |
| Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M1 (SOFR + 1.200%) | Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M1 (SOFR + 1.200%) | Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M1 (SOFR + 1.200%) | Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M1 (SOFR + 1.200%) |
| 264778 | 5.074 | 05/25/44 <sup>(a)(d)</sup> | 265105 |
| Freddie Mac STACR REMIC Trust, Series 2025-DNA2, Class A1 (SOFR + 1.100%) | Freddie Mac STACR REMIC Trust, Series 2025-DNA2, Class A1 (SOFR + 1.100%) | Freddie Mac STACR REMIC Trust, Series 2025-DNA2, Class A1 (SOFR + 1.100%) | Freddie Mac STACR REMIC Trust, Series 2025-DNA2, Class A1 (SOFR + 1.100%) |
| 258125 | 4.974 | 05/25/45 <sup>(a)(d)</sup> | 258963 |
| 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 |
| 91366 | 6.000 | 06/25/54 <sup>(a)(d)</sup> | 91947 |
| 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 |
| 78461 | 2.500 | 10/25/51 <sup>(a)(d)</sup> | 65478 |
| 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 |
| 627363 | 5.853 | 11/25/64 <sup>(d)</sup> | 635086 |
| 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 |
| 422358 | 5.577 | 09/25/65 <sup>(a)(d)</sup> | 426912 |
| JP Morgan Mortgage Trust Series, Series 2025-NQM4, Class A1A | JP Morgan Mortgage Trust Series, Series 2025-NQM4, Class A1A | JP Morgan Mortgage Trust Series, Series 2025-NQM4, Class A1A | JP Morgan Mortgage Trust Series, Series 2025-NQM4, Class A1A |
| 561641 | 4.954 | 03/25/66 <sup>(d)</sup> | 561896 |
| JP Morgan Mortgage Trust Series, Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series, Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series, Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series, Series 2025-NQM5, Class A1A |
| 575000 | 4.879 | 05/25/65 <sup>(d)</sup> | 575236 |
| OBX Trust, Series 2025-NQM11, Class A1A | OBX Trust, Series 2025-NQM11, Class A1A | OBX Trust, Series 2025-NQM11, Class A1A | OBX Trust, Series 2025-NQM11, Class A1A |
| 447314 | 5.418 | 05/25/65 <sup>(d)</sup> | 451199 |
| OBX Trust, Series 2025-NQM21, Class A1A | OBX Trust, Series 2025-NQM21, Class A1A | OBX Trust, Series 2025-NQM21, Class A1A | OBX Trust, Series 2025-NQM21, Class A1A |
| 550000 | 4.989 | 10/25/65 <sup>(d)</sup> | 551104 |
| PRKCM Trust, Series 2021-AFC2, Class A1 | PRKCM Trust, Series 2021-AFC2, Class A1 | PRKCM Trust, Series 2021-AFC2, Class A1 | PRKCM Trust, Series 2021-AFC2, Class A1 |
| 439753 | 2.071 | 11/25/56 <sup>(a)(d)</sup> | 393802 |
| 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 |
| 296646 | 2.829 | 10/25/66 <sup>(d)</sup> | 273468 |
| 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 |
| 201909 | 3.288 | 01/25/67 <sup>(a)(d)</sup> | 188703 |
| 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 |
| 230721 | 7.330 | 11/25/68 <sup>(a)(d)</sup> | 234345 |
| Verus Securitization Trust, Series 2025-1, Class A1A | Verus Securitization Trust, Series 2025-1, Class A1A | Verus Securitization Trust, Series 2025-1, Class A1A | Verus Securitization Trust, Series 2025-1, Class A1A |
| 562166 | 5.620 | 01/25/70 <sup>(d)</sup> | 567347 |
| 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 |
| 4828 | 3.500 | 07/25/49 <sup>(a)(d)</sup> | 4382 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> **(Cost $8,074,455)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> **(Cost $8,074,455)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> **(Cost $8,074,455)** | 8112974 |
| **Foreign Bonds – 3.7%** | **Foreign Bonds – 3.7%** | **Foreign Bonds – 3.7%** | **Foreign Bonds – 3.7%** |
| 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 |
| 100000 | 2.259 | 03/25/28 <sup>(c)</sup> | 96244 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Foreign Bonds – (continued)** | **Foreign Bonds – (continued)** | **Foreign Bonds – (continued)** | **Foreign Bonds – (continued)** |
| Agriculture – (continued) | Agriculture – (continued) | Agriculture – (continued) | Agriculture – (continued) |
| BAT Capital Corp. United Kingdom – (continued) | BAT Capital Corp. United Kingdom – (continued) | BAT Capital Corp. United Kingdom – (continued) | BAT Capital Corp. United Kingdom – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;400000 | 6.000% | 02/20/34 <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428509 |
|  |  |  | 524753 |
| Banks – 1.3% | Banks – 1.3% | Banks – 1.3% | Banks – 1.3% |
| Banco Santander SA Spain | Banco Santander SA Spain | Banco Santander SA Spain | Banco Santander SA Spain |
| 400000 | 6.921 | 08/08/33 | 443427 |
| Barclays PLC United Kingdom | Barclays PLC United Kingdom | Barclays PLC United Kingdom | Barclays PLC United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) |
| 340000 | 5.785 | 02/25/36 <sup>(a)(c)</sup> | 355986 |
| BNP Paribas SA France | BNP Paribas SA France | BNP Paribas SA France | BNP Paribas SA France |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.004%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.004%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.004%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.004%) |
| 200000 | 1.323 | 01/13/27 <sup>(a)(c)(d)</sup> | 199808 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) |
| 290000 | 5.786 | 01/13/33 <sup>(a)(c)(d)</sup> | 304328 |
| 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; (SOFR + 1.105%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.105%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.105%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.105%) |
| 285000 | 5.245 | 01/13/31 <sup>(a)(c)</sup> | 294069 |
| Credit Suisse AG Switzerland | Credit Suisse AG Switzerland | Credit Suisse AG Switzerland | Credit Suisse AG Switzerland |
| 250000 | 1.250 | 08/07/26 | 246105 |
| Macquarie Group Ltd. Australia | Macquarie Group Ltd. Australia | Macquarie Group Ltd. Australia | Macquarie Group Ltd. Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.069%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.069%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.069%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.069%) |
| 50000 | 1.340 | 01/12/27 <sup>(a)(c)(d)</sup> | 49966 |
| NatWest Group PLC United Kingdom | NatWest Group PLC United Kingdom | NatWest Group PLC United Kingdom | NatWest Group PLC United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.050%) |
| 200000 | 5.115 | 05/23/31 <sup>(a)(c)</sup> | 205220 |
| 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 | 174694 |
| UBS Group AG Switzerland | UBS Group AG Switzerland | UBS Group AG Switzerland | UBS Group AG Switzerland |
| 250000 | 4.550 | 04/17/26 | 250370 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.760%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.760%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.760%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.760%) |
| 255000 | 5.580 | 05/09/36 <sup>(a)(c)(d)</sup> | 265317 |
| Westpac Banking Corp. Australia | Westpac Banking Corp. Australia | Westpac Banking Corp. Australia | Westpac Banking Corp. Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.000%) |
| 25000 | 4.110 | 07/24/34 <sup>(a)(c)</sup> | 24603 |
| Westpac Banking Corp., GMTN Australia | Westpac Banking Corp., GMTN Australia | Westpac Banking Corp., GMTN Australia | Westpac Banking Corp., GMTN Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; (USISOA05 + 2.236%) | &nbsp;&nbsp;&nbsp;&nbsp; (USISOA05 + 2.236%) | &nbsp;&nbsp;&nbsp;&nbsp; (USISOA05 + 2.236%) | &nbsp;&nbsp;&nbsp;&nbsp; (USISOA05 + 2.236%) |
| 25000 | 4.322 | 11/23/31 <sup>(a)(c)</sup> | 24978 |
|  |  |  | 2838871 |
| Beverages – 0.4% | Beverages – 0.4% | Beverages – 0.4% | Beverages – 0.4% |
| 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> | 133691 |
| 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 | 32260 |
| 40000 | 5.450 | 01/23/39 <sup>(c)</sup> | 41383 |
| 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> | 464222 |
| 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> | 145279 |
|  |  |  | 816835 |
| 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> | 24966 |

---

&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)** |
| 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 |
| $&nbsp;&nbsp;&nbsp;&nbsp;209000 | 5.800% | 04/15/34 <sup>(c)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219162 |
| 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> | 205858 |
| 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 | 195304 |
|  |  |  | 620324 |
| 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> | 246733 |
| 225000 | 3.000 | 10/29/28 <sup>(c)</sup> | 218142 |
| 320000 | 5.375 | 12/15/31 <sup>(c)</sup> | 332067 |
| 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> | 93824 |
| 60000 | 5.150 | 01/15/30 <sup>(c)(d)</sup> | 61051 |
|  |  |  | 951817 |
| 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> | 135072 |
| Oil & Gas – 0.2% | Oil & Gas – 0.2% | Oil & Gas – 0.2% | Oil & Gas – 0.2% |
| 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 | 214499 |
| 200000 | 5.750 | 07/17/54 <sup>(c)(d)</sup> | 194581 |
|  |  |  | 409080 |
| Pipelines – 0.1% | Pipelines – 0.1% | Pipelines – 0.1% | Pipelines – 0.1% |
| Enbridge, Inc. Canada | Enbridge, Inc. Canada | Enbridge, Inc. Canada | Enbridge, Inc. Canada |
| 125000 | 2.500 | 08/01/33 <sup>(c)</sup> | 107468 |
| 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 |
| 173276 | 2.940 | 09/30/40 | 147444 |
|  |  |  | 254912 |
| 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> | 24106 |
| 125000 | 2.500 | 05/11/31 <sup>(c)</sup> | 113141 |
| 125000 | 2.650 | 02/15/32 <sup>(c)</sup> | 112325 |
|  |  |  | 249572 |
| Software – 0.0% | Software – 0.0% | Software – 0.0% | Software – 0.0% |
| 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> | 97822 |
| 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 | 280757 |
| 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> | 500117 |
|  |  |  | 780874 |
| 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> | 22968 |
| **TOTAL FOREIGN BONDS**<br> **(Cost $7,665,424)** | **TOTAL FOREIGN BONDS**<br> **(Cost $7,665,424)** | **TOTAL FOREIGN BONDS**<br> **(Cost $7,665,424)** | 7727866 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **U.S. Government Agency Securities – 1.1%** | **U.S. Government Agency Securities – 1.1%** | **U.S. Government Agency Securities – 1.1%** | **U.S. Government Agency Securities – 1.1%** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| $&nbsp;&nbsp;&nbsp;&nbsp;460000 | 2.900% | 04/12/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430458 |
| 230000 | 3.300 | 05/19/32 | 220322 |
| 130000 | 3.500 | 09/01/32 | 125748 |
| 600000 | 2.850 | 03/28/34 | 540762 |
| 340000 | 3.080 | 03/30/37 | 296143 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 250000 | 3.375 | 09/10/32 | 240485 |
| 430000 | 4.750 | 12/10/32 | 447429 |
| **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br> **(Cost $2,450,730)** | **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br> **(Cost $2,450,730)** | **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br> **(Cost $2,450,730)** | 2301347 |
| **Foreign Government Securities – 1.0%** | **Foreign Government Securities – 1.0%** | **Foreign Government Securities – 1.0%** |  |
| Sovereign – 1.0% | Sovereign – 1.0% | Sovereign – 1.0% | Sovereign – 1.0% |
| 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> | 211533 |
| Eagle Funding Luxco Sarl | Eagle Funding Luxco Sarl | Eagle Funding Luxco Sarl | Eagle Funding Luxco Sarl |
| 570000 | 5.500 | 08/17/30 <sup>(c)(d)</sup> | 580495 |
| 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> | 201992 |
| 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> | 377600 |
| 110000 | 1.450 | 10/25/33 <sup>(c)</sup> | 104427 |
| 200000 | 4.280 | 08/14/41 <sup>(c)</sup> | 160518 |
| 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> | 217578 |
| 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> | 71385 |
| 50000 | 3.230 | 07/28/21 <sup>(c)</sup> | 27304 |
| 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> | 122773 |
| 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> | 39342 |
| 10000 | 2.124 | 07/16/31 <sup>(d)</sup> | 10309 |
| 30000 | 2.625 | 12/02/40 <sup>(d)</sup> | 23163 |
| 10000 | 4.625 | 04/03/49 <sup>(d)</sup> | 9216 |
| 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 | 57617 |
| **TOTAL FOREIGN GOVERNMENT SECURITIES**<br> **(Cost $2,281,512)** | **TOTAL FOREIGN GOVERNMENT SECURITIES**<br> **(Cost $2,281,512)** | **TOTAL FOREIGN GOVERNMENT SECURITIES**<br> **(Cost $2,281,512)** | 2215252 |
| **Municipal Bonds – 0.4%** | **Municipal Bonds – 0.4%** | **Municipal Bonds – 0.4%** |  |
| California – 0.1% | California – 0.1% | California – 0.1% | California – 0.1% |
| State of California | State of California | State of California | State of California |
| 105000 | 7.625 | 03/01/40 <sup>(c)</sup> | 126591 |
| 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 |
| 70000 | 2.154 | 07/01/30 <sup>(c)</sup> | 64408 |
| 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 |
| 21814 | 5.100 | 06/01/33 | 22356 |
| State of Illinois GO Bonds | State of Illinois GO Bonds | State of Illinois GO Bonds | State of Illinois GO Bonds |
| 71429 | 7.350 | 07/01/35 <sup>(c)</sup> | 77783 |
|  |  |  | 100139 |

---

&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;

Schedule of Investments (continued) *December 31, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** | **Municipal Bonds – (continued)** |
| 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 |
| $&nbsp;&nbsp;&nbsp;&nbsp;140000 | 4.275% | 02/01/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138883 |
| 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. |
| 160000 | 4.968 | 11/30/32 <sup>(c)</sup> | 163292 |
| 65000 | 5.018 | 11/30/33 <sup>(c)</sup> | 66240 |
|  |  |  | 229532 |
| Ohio – 0.0% | Ohio – 0.0% | Ohio – 0.0% | Ohio – 0.0% |
| 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> | 98114 |
| **TOTAL MUNICIPAL BONDS**<br> **(Cost $733,374)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $733,374)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $733,374)** | 757667 |
| **U.S. Treasury Obligations – 31.0%** | **U.S. Treasury Obligations – 31.0%** | **U.S. Treasury Obligations – 31.0%** | **U.S. Treasury Obligations – 31.0%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 2370000 | 4.750 <sup>(e)</sup> | 02/15/41 | 2415178 |
| 1640000 | 3.125 <sup>(e)</sup> | 11/15/41 | 1357356 |
| 1550000 | 2.750 <sup>(e)</sup> | 08/15/42 | 1197617 |
| 2310000 | 2.750 <sup>(e)</sup> | 11/15/42 | 1776895 |
| 450000 | 4.000 <sup>(e)</sup> | 11/15/42 | 413016 |
| 560000 | 3.875 <sup>(e)</sup> | 05/15/43 | 503037 |
| 100000 | 4.375 <sup>(e)</sup> | 08/15/43 | 95641 |
| 2200000 | 4.625 <sup>(e)</sup> | 05/15/44 | 2163219 |
| 480000 | 3.125 <sup>(e)</sup> | 05/15/48 | 365175 |
| 480000 | 3.000 <sup>(e)</sup> | 08/15/48 | 356025 |
| 510000 | 2.375 <sup>(e)</sup> | 11/15/49 | 328153 |
| 610000 | 2.000 <sup>(e)</sup> | 02/15/50 | 358280 |
| 480000 | 2.375 <sup>(e)</sup> | 05/15/51 | 303075 |
| 170000 | 2.000 <sup>(e)</sup> | 08/15/51 | 97591 |
| 1288400 | 4.000 <sup>(e)</sup> | 11/15/52 | 1119297 |
| 1130000 | 4.750 <sup>(e)</sup> | 11/15/53 | 1111108 |
| 550000 | 4.750 <sup>(e)</sup> | 05/15/55 | 541664 |
| U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds |
| 1020000 | 1.500 <sup>(e)</sup> | 02/15/53 | 870363 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 2020000 | 0.750 <sup>(e)</sup> | 05/31/26 | 1996486 |
| 3670000 | 0.875 <sup>(e)</sup> | 06/30/26 | 3621831 |
| 1720000 | 0.625 <sup>(e)</sup> | 07/31/26 | 1691109 |
| 640000 | 0.750 <sup>(e)</sup> | 08/31/26 | 628275 |
| 9310000 | 3.750 <sup>(e)</sup> | 04/30/27 | 9339094 |
| 640000 | 2.625 <sup>(e)</sup> | 05/31/27 | 632300 |
| 4330000 | 0.500 <sup>(e)</sup> | 06/30/27 | 4143100 |
| 970000 | 2.875 <sup>(e)</sup> | 05/15/28 | 956208 |
| 2830000 | 1.250 <sup>(e)</sup> | 05/31/28 | 2683194 |
| 3050000 | 1.250 <sup>(e)</sup> | 06/30/28 | 2886539 |
| 250000 | 3.125 <sup>(e)</sup> | 11/15/28 | 247188 |
| 7390000 | 4.625 <sup>(e)</sup> | 04/30/29 | 7630175 |
| 6070000 | 1.500 <sup>(e)</sup> | 02/15/30 | 5575390 |
| 364900 | 3.625 <sup>(e)</sup> | 03/31/30 | 364244 |
| 760000 | 3.750 <sup>(e)</sup> | 05/31/30 | 761959 |
| 1120000 | 3.750 <sup>(e)</sup> | 06/30/30 | 1122887 |
| U.S. Treasury Strip Coupon | U.S. Treasury Strip Coupon | U.S. Treasury Strip Coupon | U.S. Treasury Strip Coupon |
| 2079100 | – <sup>(e)</sup> | 11/15/29 <sup>(f)</sup> | 1801567 |
| 430000 | – <sup>(e)</sup> | 08/15/30 <sup>(f)</sup> | 360611 |
| 430000 | – <sup>(e)</sup> | 11/15/30 <sup>(f)</sup> | 356814 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** |
| U.S. Treasury Strip Coupon – (continued) | U.S. Treasury Strip Coupon – (continued) | U.S. Treasury Strip Coupon – (continued) | U.S. Treasury Strip Coupon – (continued) |
| 720000 | –%<sup>(e)</sup> | 08/15/31 <sup>(f)</sup> | $577903 |
| 1130000 | – <sup>(e)</sup> | 11/15/31 <sup>(f)</sup> | 896997 |
| 929900 | – <sup>(e)</sup> | 05/15/32 <sup>(f)</sup> | 721278 |
| 430000 | – <sup>(e)</sup> | 08/15/33 <sup>(f)</sup> | 314123 |
| 550000 | – <sup>(e)</sup> | 08/15/35 <sup>(f)</sup> | 363118 |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
| 620000 | 4.375 <sup>(e)</sup> | 08/15/26 | 622930 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $67,437,691)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $67,437,691)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $67,437,691)** | 65668010 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| **Investment Company – 4.8%<sup>(g)</sup>** | **Investment Company – 4.8%<sup>(g)</sup>** | **Investment Company – 4.8%<sup>(g)</sup>** | **Investment Company – 4.8%<sup>(g)</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 | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 10210659 | 3.686% | 3.686% | 10210659 |
| **(Cost $10,210,659)** | **(Cost $10,210,659)** | **(Cost $10,210,659)** | **(Cost $10,210,659)** |
| **TOTAL INVESTMENTS – 115.7%**<br> **(Cost $247,000,466)** | **TOTAL INVESTMENTS – 115.7%**<br> **(Cost $247,000,466)** | **TOTAL INVESTMENTS – 115.7%**<br> **(Cost $247,000,466)** | $244829648 |
| **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (15.7)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (15.7)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (15.7)%** | (33221989) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211607659 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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 December 31, 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 $39,786,761 which represents approximately 18.8% of the Fund's net assets as of December 31, 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) | 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. |
| (f) | Zero coupon bond until next reset date. |
| (g) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| BBSW | —Bank Bill Swap Rate |
| BKBM | —Bank Bill Benchmark Rate |

---

&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;

---

| | |
|:---|:---|
| **Investment Abbreviations: (continued)** | **Investment Abbreviations: (continued)** |
| BOJDTR | —Bank of Japan Target Rate |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Index |
| CORRA | —Canadian Overnight Repo Rate Average |
| EMTN | —Euro Medium-Term Note |
| ESTRON | —Euro Short-Term Rate |
| FHLMC | —Federal Home Loan Mortgage Corp. |
| FNMA | —Federal National Mortgage Association |
| GMTN | —Global Medium Term Note |
| GNMA | —Insured by Government National Mortgage |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Association |
| GO | —Government Obligations |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| Mo. | —Month |
| MTN | —Medium Term Note |
| NIBOR | —Norwegian Interbank Offered Rate |
| PLC | —Public Limited Company |
| REMICS | —Real Estate Mortgage Investment Conduit |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| SONIO | —Sterling Overnight Index Average |

---

---

| | |
|:---|:---|
| **Investment Abbreviations: (continued)** | **Investment Abbreviations: (continued)** |
| STIBOR | —Stockholm Interbank Offered Rate |
| TSFR | —Term Secured Overnight Financing Rate |
| TSFR1M | —1 Month SOFR |
| TSFR3M | —3 Month SOFR |
| USISOA | —USD SOFR ICE Swap 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 December 31, 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. |  |  |  |  |  |  |
|  | USD | 230896 | CHF | 181367 | 1/12/2026 | $1670 |
|  | NZD | 306834 | USD | 175734 | 1/15/2026 | 1028 |
|  | GBP | 128490 | USD | 168757 | 2/4/2026 | 4433 |
|  | EUR | 264820 | USD | 310521 | 2/25/2026 | 1479 |
|  | CAD | 206268 | USD | 148473 | 2/27/2026 | 2174 |
|  | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296405 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249599 | 3/10/2026 | 712 |
| TOTAL |  |  |  |  |  | $11496 |
| <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | <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. |  |  |  |  |  |  |
|  | CHF | 182442 | USD | 232264 | 1/12/2026 | (1680) |
|  | USD | 274508 | GBP | 209008 | 2/4/2026 | (7210) |
|  | USD | 1517562 | EUR | 1294213 | 2/25/2026 | (7231) |
|  | USD | 252147 | SEK | 2319851 | 3/10/2026 | (719) |
| TOTAL |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16840) |

---

FORWARD SALES CONTRACTS — At December 31, 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 | 01/15/56 | $(1000000) | $(975977) |
|  Federal National Mortgage Association | 6.500 | TBA-30yr | 01/15/56 | (1000000) | (1039023) |
|  Government National Mortgage Association | 3.000 | TBA-30yr | 01/15/56 | (1000000) | (899412) |
| Total (Proceed Receivable $2,905,352) |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2914412) |

---

&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.

&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;

Schedule of Investments (continued) *December 31, 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; **ADDITIONAL INVESTMENT INFORMATION (continued)**<br>

FUTURES CONTRACTS — At December 31, 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-BOBL Future | 23 | 06/15/26 | $6619553 | $985 |
|  EURO-BUXL Future | 14 | 03/06/26 | 1811783 | (13919) |
|  EURO-SCHATZ Future | 1 | 03/06/26 | 125500 | (146) |
|  ICE 3 Month SONIA Index Future | 20 | 03/17/26 | 6487690 | 1476 |
|  Long Gilt Future | 15 | 03/27/26 | 1847435 | 7700 |
|  U.S. Treasury 10 Year Note | 64 | 03/20/26 | 7186000 | (23825) |
|  U.S. Treasury 5 Year Note | 104 | 03/31/26 | 11357938 | (21297) |
|  U.S. Treasury Long Bond | 47 | 03/20/26 | 5415281 | (64977) |
|  U.S. Treasury Ultra Bond | 94 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11039125 | (223558) |
| Total |  |  |  | $(337561) |
|  **Short position contracts:** |  |  |  |  |
|  Euro Bund Future | (4) | 03/06/26 | (599870) | (871) |
|  Euro-OAT | (30) | 03/06/26 | (4251523) | 18978 |
|  U.S. Treasury 10 Year Ultra Note | (65) | 03/20/26 | (7459766) | 62075 |
| Total |  |  |  | $80182 |
| Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257379) |

---

SWAP CONTRACTS — At December 31, 2025, the Fund had the following swap contracts:

#### CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Received (Paid) by<br>the Fund** | **Credit Spread at<br>December 31,<br>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% | 2.0102% | 12/20/2028 | 1425 | $28645 | $15041 | $13604 |
|  ICE CDX Investment Grade Index<sup>(b)</sup> | 1.000% | 2.1395 | 06/20/2029 | 7708 | 164914 | 112146 | 52768 |
|  ICE CDX Investment Grade Index<sup>(b)</sup> | 1.000% | 2.2261 | 12/20/2029 | 2000 | 44521 | 36855 | 7666 |
|  ICE CDX Investment Grade Index<sup>(b)</sup> | 1.000% | 2.2440 | 06/20/2030 | 1800 | 40392 | 30935 | 9457 |
|  Chile Government International Bond<sup>(b)</sup> | 1.000% | 2.6210 | 12/20/2030 | 90 | 2359 | 2035 | 324 |
|  ICE CDX Investment Grade Index<sup>(b)</sup> | 1.000% | 2.2681 | 12/20/2030 | 12025 | 272741 | 260600 | 12141 |
|  Indonesia Government International Bond<sup>(b)</sup> | 1.000% | 1.3933 | 12/20/2030 | 200 | 2787 | 1420 | 1367 |
|  Philippine Government International Bond<sup>(b)</sup> | 1.000% | 1.9536 | 12/20/2030 | 200 | 3907 | 3609 | 298 |
| TOTAL |  |  |  |  | $560266 | $462641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97625 |

---

&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 Day SOFR<sup>(b)</sup> | 3.062% | 8/31/2027 | USD | 6940 | $7657 | $(418) | $8075 |
|  12 Month BOJDTR<sup>(b)</sup> | 1.250 | 12/15/2027 | JPY | 1055890 | 8606 |  | 8606 |
|  1 Day SOFR<sup>(b)</sup> | 3.136 | 12/15/2027 | USD | 8620 | 15937 |  | 15937 |
|  3 Month BBSW<sup>(c)</sup> | 3.500 | 3/18/2028 | AUD | 1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13574 |  | 13574 |

---

&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;

&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> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation)**  |
|  CORRA<sup>(d)</sup> | 2.500% | 3/18/2028 | CAD | 620 | $361 | $– | $361 |
|  2.750%<sup>(d)</sup> | CORRA | 3/18/2028 | CAD | 40 | 118 | 104 | 14 |
|  1 Day SOFR<sup>(b)</sup> | 0.000 | 3/18/2028 | CHF | 6890 | 12859 |  | 12859 |
|  1 Day ESTRON<sup>(b)</sup> | 2.000 | 3/18/2028 | EUR | 670 | 4710 |  | 4710 |
|  1 Day ESTRON<sup>(b)</sup> | 2.250 | 3/18/2028 | EUR | 980 | 1311 |  | 1311 |
| 1.750 <sup>(b)</sup> | 1 Day ESTRON | 3/18/2028 | EUR | 5660 | (39153) |  | (39153) |
| 4.000 <sup>(b)</sup> | 1 Day SONIO | 3/18/2028 | GBP | 730 | 9963 | 8550 | 1413 |
| 3.750 <sup>(b)</sup> | 1 Day SONIO | 3/18/2028 | GBP | 10940 | 79508 | 50358 | 29150 |
|  12 Month BOJDTR<sup>(b)</sup> | 1.000 | 3/18/2028 | JPY | 2196000 | 66898 |  | 66898 |
| 4.000 <sup>(b)</sup> | 6 Month NIBOR | 3/18/2028 | NOK | 184170 | (35191) |  | (35191) |
|  1 Day SOFR<sup>(b)</sup> | 3.500 | 3/18/2028 | USD | 13380 | (59579) | (57513) | (2066) |
| 3.368 <sup>(b)</sup> | 1 Day SOFR | 6/23/2028 | USD | 19510 | 17268 | 17736 | (468) |
|  1 Day ESTRON<sup>(b)</sup> | 2.500 | 9/10/2028 | EUR | 27194 | 13324 | (55750) | 69074 |
| 2.000 <sup>(b)</sup> | 1 Day ESTRON | 9/10/2028 | EUR | 27194 | (85340) |  | (85340) |
| 3.201 <sup>(b)</sup> | 1 Day SOFR | 10/7/2028 | USD | 4840 | (6349) | 1657 | (8006) |
| 3.500 <sup>(b)</sup> | 1 Day SONIO | 10/27/2028 | GBP | 11920 | (12060) |  | (12060) |
|  1 Day SONIO<sup>(b)</sup> | 3.750 | 3/18/2029 | GBP | 30 | (253) | (191) | (62) |
| 2.400 <sup>(b)</sup> | 1 Day ESTRON | 8/11/2029 | EUR | 5193 | (26537) |  | (26537) |
|  1 Day SOFR<sup>(b)</sup> | 3.600 | 6/23/2030 | USD | 20620 | (11652) | (60940) | 49288 |
|  1 Day SOFR<sup>(b)</sup> | 3.528 | 7/15/2030 | USD | 1340 | (1831) | (7273) | 5442 |
|  1 Day SONIO<sup>(b)</sup> | 3.500 | 10/27/2030 | GBP | 11110 | 84728 |  | 84728 |
| 3.265 <sup>(b)</sup> | 1 Day SOFR | 1/30/2031 | USD | 3210 | (28647) |  | (28647) |
| 3.750 <sup>(d)</sup> | 6 Month BBSW | 3/18/2031 | AUD | 3190 | (71883) |  | (71883) |
| 2.250 <sup>(b)</sup> | 1 Day ESTRON | 3/18/2031 | EUR | 2930 | (58242) |  | (58242) |
| 3.750 <sup>(b)</sup> | 1 Day SONIO | 3/18/2031 | GBP | 1710 | 8999 | 5619 | 3380 |
|  12 Month BOJDTR<sup>(b)</sup> | 1.000 | 3/18/2031 | JPY | 492000 | 83620 |  | 83620 |
| 3.500 <sup>(d)</sup> | 3 Month NZD BKBM | 3/18/2031 | NZD | 3970 | (14232) |  | (14232) |
| 3.379 <sup>(b)</sup> | 1 Day SOFR | 8/31/2031 | USD | 9860 | (52175) | 22460 | (74635) |
| 3.845 <sup>(b)</sup> | 1 Day SOFR | 5/21/2032 | USD | 1630 | 16320 | 18654 | (2334) |
|  1 Day SOFR<sup>(b)</sup> | 3.577 | 10/10/2032 | USD | 3330 | 22949 | (2133) | 25082 |
|  12 Month BOJDTR<sup>(b)</sup> | 1.295 | 8/2/2034 | JPY | 443521 | 98814 | (2598) | 101412 |
| 2.500 <sup>(b)</sup> | 1 Day ESTRON | 2/15/2035 | EUR | 3700 | (49910) |  | (49910) |
| 4.098 <sup>(b)</sup> | 1 Day SOFR | 6/24/2035 | USD | 5030 | (4585) | 8255 | (12840) |
| 4.500 <sup>(b)</sup> | 1 Day SONIO | 10/28/2035 | GBP | 2210 | 12741 | 17029 | (4288) |
| 5.000 <sup>(d)</sup> | 6 Month BBSW | 11/27/2035 | AUD | 5145 | (17708) | 1043 | (18751) |
|  1 Day SOFR<sup>(b)</sup> | 4.000 | 11/27/2035 | USD | 3093 | 21711 | (4589) | 26300 |
|  6 Month BBSW<sup>(d)</sup> | 4.250 | 3/18/2036 | AUD | 780 | 23077 |  | 23077 |
| 3.000 <sup>(d)</sup> | CORRA | 3/18/2036 | CAD | 420 | (5234) |  | (5234) |
|  1 Day SOFR<sup>(b)</sup> | 0.500 | 3/18/2036 | CHF | 150 | 3527 |  | 3527 |
|  1 Day ESTRON<sup>(b)</sup> | 2.500 | 3/18/2036 | EUR | 940 | 43895 |  | 43895 |
|  1 Day SONIO<sup>(b)</sup> | 4.250 | 3/18/2036 | GBP | 520 | (13398) | (11410) | (1988) |
|  12 Month BOJDTR<sup>(b)</sup> | 1.250 | 3/18/2036 | JPY | 552000 | 214872 |  | 214872 |
|  6 Month NIBOR<sup>(b)</sup> | 4.000 | 3/18/2036 | NOK | 7540 | 9081 |  | 9081 |
| 4.000 <sup>(d)</sup> | 3 Month NZD BKBM | 3/18/2036 | NZD | 1700 | (11387) |  | (11387) |
| 3.000 <sup>(b)</sup> | 3 Month STIBOR | 3/18/2036 | SEK | 4230 | 1175 |  | 1175 |
|  1 Day SOFR<sup>(b)</sup> | 4.000 | 3/18/2036 | USD | 690 | (10993) | (11884) | 891 |
|  1 Day SOFR<sup>(b)</sup> | 3.805 | 8/31/2036 | USD | 5420 | 21645 | (45380) | 67025 |
|  1 Day SONIO<sup>(b)</sup> | 4.250 | 1/31/2039 | GBP | 1590 | (14851) | (3976) | (10875) |
| 4.574 <sup>(b)</sup> | 1 Day SOFR | 7/16/2040 | USD | 7590 | (34016) | 1723 | (35739) |
| 4.438 <sup>(b)</sup> | 1 Day SOFR | 10/9/2040 | USD | 2230 | (20101) | 1021 | (21122) |
| 2.160 <sup>(b)</sup> | 12 Month BOJDTR | 8/2/2044 | JPY | 656619 | (201651) |  | (201651) |
| 2.750 <sup>(b)</sup> | 1 Day ESTRON | 3/18/2046 | EUR | 390 | (34563) |  | (34563) |
|  1 Day SOFR<sup>(b)</sup> | 4.213 | 5/21/2055 | USD | 1150 | 32532 |  | 32532 |
|  1 Day SOFR<sup>(b)</sup> | 3.848 | 7/17/2055 | USD | 6140 | 74015 | (2545) | 76560 |
|  1 Day ESTRON<sup>(b)</sup> | 2.800 | 8/13/2055 | EUR | 2100 | 117765 |  | 117765 |
| 2.900 <sup>(b)</sup> | 1 Day ESTRON | 8/15/2055 | EUR | 1220 | (26571) | 4721 | (31292) |
|  1 Day SOFR<sup>(b)</sup> | 3.828 | 1/30/2056 | USD | 900 | 51614 |  | 51614 |
|  1 Day ESTRON<sup>(b)</sup> | 2.500 | 3/18/2056 | EUR | 420 | 73082 |  | 73082 |

---

&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;

Schedule of Investments (continued) *December 31, 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; **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> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation)**  |
|  2.250%<sup>(b)</sup> | 12 Month BOJDTR | 3/18/2056 | JPY | 47000 | $(37570) | $– | $(37570) |
| 2.530 <sup>(b)</sup> | 1 Day ESTRON | 3/19/2056 | EUR | 1880 | (235798) |  | (235798) |
|  1 Day ESTRON<sup>(b)</sup> | 2.610% | 3/19/2056 | EUR | 1880 | 279860 |  | 279860 |
|  1 Day ESTRON<sup>(b)</sup> | 3.100 | 8/15/2056 | EUR | 1590 | 57935 |  | 57935 |
|  1 Day ESTRON<sup>(b)</sup> | 2.600 | 8/16/2075 | EUR | 850 | 10005 | (5418) | 15423 |
|  1 Day ESTRON<sup>(b)</sup> | 3.000 | 3/18/2076 | EUR | 230 | 9616 |  | 9616 |
|  **TOTAL** |  |  |  |  | $**404212** | $**(113088)** | $**517300** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 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 December 31, 2025, the Fund had the following purchased and written option contracts:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received) by the<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  3M IRS | Bank of America | EUR 2.25 | 03/09/2027 | 1570000 | $1570000 | $4049 | $11008 | $(6959) |
|  3M IRS | Bank of America | EUR 2.00 | 09/07/2026 | 900000 | 900000 | 744 | 2781 | (2037) |
|  3M IRS | Bank of America | EUR 2.25 | 04/30/2026 | 430000 | 430000 | 394 | 2922 | (2527) |
|  3M IRS | JPMorgan Chase | EUR 2.45 | 03/25/2026 | 310000 | 310000 | 130 | 4954 | (4825) |
|  3M IRS | JPMorgan Chase | USD 3.30 | 01/29/2026 | 1680000 | 1680000 | 2017 | 2268 | (251) |
| Total purchased option contracts | Total purchased option contracts |  |  | 4890000 | $4890000 | $7334 | $23933 | $(16599) |
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received) by the<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  3M IRS | Bank of America | EUR 2.69 | 03/09/2027 | (150000) | $(150000) | $(2359) | $(6831) | $4472 |
|  3M IRS | Bank of America | EUR 2.55 | 09/07/2026 | (90000) | (90000) | (485) | (2828) | 2343 |
|  3M IRS | Bank of America | EUR 2.59 | 04/30/2026 | (100000) | (100000) | (176) | (2954) | 2779 |
|  3M IRS | JPMorgan Chase | EUR 2.50 | 03/25/2026 | (130000) | (130000) | (68) | (5001) | 4932 |
| Total written option contracts | Total written option contracts |  |  | (470000) | $(470000) | $(3088) | $(17614) | $14526 |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| 3M IRS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—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;

Schedule of Investments *December 31, 2025*

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
|  **Investment Companies (Institutional Shares) – 68.4%<sup>(a)</sup>** | **Investment Companies (Institutional Shares) – 68.4%<sup>(a)</sup>** | **Investment Companies (Institutional Shares) – 68.4%<sup>(a)</sup>** |
|  Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund |
| 1456640 | 3.686% | $1456640 |
|  Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund |
| 22314879 | 3.616 | 22314879 |
|  Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund |
| 22320472 | 3.670 | 22320472 |
|  Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund | Goldman Sachs Financial Square Treasury Solutions Fund |
| 21841997 | 3.602 | 21841997 |
|  Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund | Goldman Sachs VIT Government Money Market Fund |
| 38412970 | 3.691 | 38412970 |
|  **Total Investment Companies**<br> **(Cost $106,346,958)** | **Total Investment Companies**<br> **(Cost $106,346,958)** | 106346958 |
|  | **Description** |  |
|  **Exchange-Traded Funds – 25.2%** | **Exchange-Traded Funds – 25.2%** | **Exchange-Traded Funds – 25.2%** |
| 29865  | iShares Core S&P 500 ETF | 20455733 |
| 29800  | Vanguard S&P 500 ETF | 18688474 |
|  **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $18,043,261)** | **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $18,043,261)** | 39144207 |
|  **TOTAL INVESTMENTS – 93.6%**<br> **(Cost $124,390,219)** | **TOTAL INVESTMENTS – 93.6%**<br> **(Cost $124,390,219)** | $145491165 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 6.4%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 6.4%** | 9952658 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155443823 |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |

---

(a) Represents an affiliated issuer.

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

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

**FUTURES CONTRACTS** — At December 31, 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 | 150 | 03/20/26 | $10296521 | $227672 |
|  FTSE 100 Index | 32 | 03/20/26 | 4287995 | 97762 |
|  S&P 500 E-Mini Index | 142 | 03/20/26 | 48936750 | 100636 |
|  TOPIX Index | 25 | 03/12/26 | 5448002 | 36902 |
|  U.S. Treasury 10 Year Note | 429 | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48168656 | (443400) |
|  **Total Futures Contracts** |  |  |  | $19572 |

---

&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;

Statements of Assets and Liabilities *December 31, 2025*

&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 $236,789,807 and $40,358,140, respectively) | $234618989 | $61459086 |
|  Investments in affiliated issuers, at value (cost $10,210,659 and $84,032,079, respectively) | 10210659 | 84032079 |
|  Purchased Options, at value (premiums paid $23,933 and $–, respectively) | 7334 |  |
|  Cash | 3145387 | 4794662 |
|  Foreign Currency, at value (cost $26,801 and $234,285, respectively) | 26873 | 236145 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 24892293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup> | 2141568 | 5539622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends | 1482655 | 212861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 17823 | 13738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 14547 |  |
|  Unrealized gain on forward foreign currency exchange contracts | 11496 |  |
|  Variation margin on futures contracts | 59772 |  |
|  Variation margin on swap contracts | 21086 |  |
|  Other assets | 822 | 105 |
|  **Total assets** | 276651304 | 156288298 |
| **Liabilities:** |  |  |
|  Written options, at value (premiums received $17,614 and $–, respectively) | 3088 |  |
|  Variation margin on futures contracts |  | 474900 |
|  Forward sale contracts, at value (proceeds received $– and $2,905,352, respectively) | 2914412 |  |
|  Unrealized loss on forward foreign currency exchange contracts | 16840 |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 61705547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 241362 | 243218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 36387 | 45778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 14307 | 18439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 111702 | 62140 |
|  **Total liabilities** | 65043645 | 844475 |
| **Net Assets:** |  |  |
|  Paid-in capital | 221936431 | 133511387 |
|  Total distributable earnings (loss) | (10328772) | 21932436 |
|  **NET ASSETS** | $211607659 | $155443823 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $98086794 | $424365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 113520865 | 155019458 |
|  Total Net Assets | $211607659 | $155443823 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 10066819 | 36763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 11669212 | 13530917 |
|  Net asset value, offering and redemption price per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $9.74 | $11.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 9.73 | 11.46 |

---

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

---

| | | |
|:---|:---|:---|
| Fund | Futures | Swaps |
|  Core Fixed Income Fund | $910594 | $1230974 |
|  Trend Driven Allocation Fund | 5539622 |  |

---

&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;

Statements of Operations *For the Fiscal Year Ended December 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Core Fixed Income<br>Fund** | **Trend Driven<br>Allocation Fund** |
| **Investment income:** |  |  |
|  Interest | $7557661 | $— |
|  Dividends — affiliated issuers | 476395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6509551 |
|  Dividends — unaffiliated issuers |  | 934266 |
|  **Total Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8034056 | 7443817 |
| **Expenses:** |  |  |
|  Management fees | 745596 | 1808718 |
|  Distribution and/or Service (12b-1) fees — Service Shares | 264720 | 571437 |
|  Professional fees | 135045 | 99429 |
|  Custody, accounting and administrative services | 98810 | 74439 |
|  Printing and mailing costs | 38871 | 44785 |
|  Transfer agency fees<sup>(a)</sup> | 37280 | 45790 |
|  Trustee fees | 28152 | 28587 |
|  Other | 16305 | 14864 |
|  **Total expenses** | 1364779 | 2688049 |
|  Less — expense reductions | (328168) | (567331) |
|  **Net expenses** | 1036611 | 2120718 |
|  **NET INVESTMENT INCOME** | 6997445 | 5323099 |
| **Realized and Unrealized gain (loss):** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 612308 | 20202733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (280951) | 3896301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 371413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (62680) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 10300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (35854) | (10369) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 5325986 | (12353594) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 105260 | 3475152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 358778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (14253) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (18112) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 14526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward sales contracts | (125593) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (6195) | (11598) |
|  **Net realized and unrealized gain** | 6255400 | 15198625 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $13252845 | $20521724 |

---

<sup>(a)</sup> Class specific Transfer Agency fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Institutional** | **Service** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Fixed Income Fund | $16102 | $21178 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trend Driven Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | 45715 |

---

&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;

Statements of Changes in Net Assets

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

&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 Fiscal**<br> **Year Ended<br> December 31, 2025**  | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2024**  | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2025**  | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2024**  |
| **From operations:** |  |  |  |  |
|  Net investment income | $6997445 | $5680521 | $5323099 | $8246776 |
|  Net realized gain (loss) | 615003 | (2532957) | 24088665 | 25729465 |
|  Net change in unrealized gain (loss) | 5640397 | (1504499) | (8890040) | (2973395) |
|  **Net increase in net assets resulting from operations** | 13252845 | 1643065 | 20521724 | 31002846 |
| **Distributions to shareholders:** |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (3139974) | (2246995) | (63706) | (12289) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (3843070) | (3476734) | (23945769) | (8251555) |
|  **Total distributions to shareholders** | (6983044) | (5723729) | (24009475) | (8263844) |
| **From share transactions:** |  |  |  |  |
|  Proceeds from sales of shares | 45095244 | 40288542 | 7905780 | 11260759 |
|  Reinvestment of distributions | 6983044 | 5713711 | 24009475 | 8263844 |
|  Cost of shares redeemed | (14251503) | (9311900) | (135141555) | (58118700) |
| **Net increase (decrease) in net assets resulting from share transactions** | 37826785 | 36690353 | (103226300) | (38594097) |
|  **TOTAL INCREASE (DECREASE)** | 44096586 | 32609689 | (106714051) | (15855095) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
|  Beginning of year | $167511073 | $134901384 | $262157874 | $278012969 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211607659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167511073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155443823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

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

&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** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | <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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $9.42 | $9.68 | $9.41 | $11.13 | $11.53 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.38 | 0.33 | 0.21 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.32 | (0.26) | 0.23 | (1.77) | (0.36) |
|  Total from investment operations | 0.69 | 0.12 | 0.56 | (1.56) | (0.24) |
|  Distributions to shareholders from net investment income | (0.37) | (0.38) | (0.29) | (0.16) | (0.14) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.02) |
|  Total distributions | (0.37) | (0.38) | (0.29) | (0.16) | (0.16) |
|  Net asset value, end of year | $9.74 | $9.42 | $9.68 | $9.41 | $11.13 |
|  **Total Return<sup>(b)</sup>** | 7.46% | 1.24% | 6.08% | (14.03)% | (2.06)% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98087 | $&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 |
|  Ratio of net expenses to average net assets | 0.41% | 0.42% | 0.43% | 0.41% | 0.41% |
|  Ratio of total expenses to average net assets | 0.59% | 0.62% | 0.62% | 0.70% | 0.81% |
|  Ratio of net investment income to average net assets | 3.89% | 3.97% | 3.45% | 2.07% | 1.09% |
|  Portfolio turnover rate<sup>(c)</sup> | 574% | 766% | 841% | 693% | 513% |

---

&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 year, reinvestment of all dividends and distributions and a complete redemption of the investment at the NAV at the end of the year 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.

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

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

&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** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | <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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $9.40 | $9.67 | $9.40 | $11.13 | $11.53 |
|  Net investment income<sup>(a)</sup> | 0.35 | 0.35 | 0.30 | 0.18 | 0.09 |
|  Net realized and unrealized gain (loss) | 0.33 | (0.26) | 0.24 | (1.77) | (0.34) |
|  Total from investment operations | 0.68 | 0.09 | 0.54 | (1.59) | (0.25) |
|  Distributions to shareholders from net investment income | (0.35) | (0.36) | (0.27) | (0.14) | (0.13) |
|  Distributions to shareholders from net realized gains |  |  |  |  | (0.02) |
|  Total distributions | (0.35) | (0.36) | (0.27) | (0.14) | (0.15) |
|  Net asset value, end of year | $9.73 | $9.40 | $9.67 | $9.40 | $11.13 |
|  **Total Return<sup>(b)</sup>** | 7.32% | 0.89% | 5.83% | (14.28)% | (2.23)% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113521 | $&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 |
|  Ratio of net expenses to average net assets | 0.66% | 0.67% | 0.68% | 0.66% | 0.66% |
|  Ratio of total expenses to average net assets | 0.84% | 0.87% | 0.87% | 0.95% | 1.06% |
|  Ratio of net investment income to average net assets | 3.65% | 3.72% | 3.19% | 1.82% | 0.85% |
|  Portfolio turnover rate<sup>(c)</sup> | 574% | 766% | 841% | 693% | 513% |

---

&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 year, reinvestment of all dividends and distributions and a complete redemption of the investment at the NAV at the end of the year 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.

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

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

&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** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | <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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.39 | $11.43 | $10.06 | $12.92 | $12.61 |
|  Net investment income (loss)<sup>(a)</sup> | 0.32 | 0.40 | 0.26 | 0.07 | (0.04) |
|  Net realized and unrealized gain (loss) | 0.93 | 0.99 | 1.33 | (2.51) | 2.10 |
|  Total from investment operations | 1.25 | 1.39 | 1.59 | (2.44) | 2.06 |
|  Distributions to shareholders from net investment income | (0.55) | (0.43) | (0.22) |  |  |
|  Distributions to shareholders from net realized gains | (1.55) |  |  | (0.42) | (1.75) |
|  Total distributions | (2.10) | (0.43) | (0.22) | (0.42) | (1.75) |
|  Net asset value, end of year | $11.54 | $12.39 | $11.43 | $10.06 | $12.92 |
|  **Total Return<sup>(b)</sup>** | 10.13% | 12.05% | 15.85% | (19.00)% | 16.46% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 |
|  Ratio of net expenses to average net assets | 0.68% | 0.67% | 0.67% | 0.66% | 0.65% |
|  Ratio of total expenses to average net assets | 0.93% | 0.89% | 0.89% | 0.92% | 0.87% |
|  Ratio of net investment income (loss) to average net assets | 2.57% | 3.22% | 2.38% | 0.63% | (0.32)% |
|  Portfolio turnover rate<sup>(c)</sup> | 52% | 7% | 10% | 344% | 12% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

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

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

&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** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | <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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.30 | $11.35 | $9.99 | $12.86 | $12.59 |
|  Net investment income (loss)<sup>(a)</sup> | 0.29 | 0.37 | 0.23 | 0.02 | (0.08) |
|  Net realized and unrealized gain (loss) | 0.92 | 0.97 | 1.32 | (2.47) | 2.10 |
|  Total from investment operations | 1.21 | 1.34 | 1.55 | (2.45) | 2.02 |
|  Distributions to shareholders from net investment income | (0.50) | (0.39) | (0.19) |  |  |
|  Distributions to shareholders from net realized gains | (1.55) |  |  | (0.42) | (1.75) |
|  Total distributions | (2.05) | (0.39) | (0.19) | (0.42) | (1.75) |
|  Net asset value, end of year | $11.46 | $12.30 | $11.35 | $9.99 | $12.86 |
|  **Total Return<sup>(b)</sup>** | 9.89% | 11.76% | 15.57% | (19.16)% | 16.17% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155019 | $&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 |
|  Ratio of net expenses to average net assets | 0.93% | 0.92% | 0.92% | 0.91% | 0.92% |
|  Ratio of total expenses to average net assets | 1.17% | 1.14% | 1.14% | 1.17% | 1.14% |
|  Ratio of net investment income (loss) to average net assets | 2.32% | 2.99% | 2.14% | 0.13% | (0.58)% |
|  Portfolio turnover rate<sup>(c)</sup> | 52% | 7% | 10% | 344% | 12% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

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

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

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

Notes to Financial Statements *December 31, 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;

&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** |
| Core Fixed Income Fund | Institutional and Service | Diversified |
| 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;

Notes to Financial Statements (continued) *December 31, 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;

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions 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 Portfolio management team within the Fund's Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within each Funds' financial statements.

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

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

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

Level 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 ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day

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

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

&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 financial statements at SEC.gov.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&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.

&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;

Notes to Financial Statements (continued) *December 31, 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;

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

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&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.

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

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

*A credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, the Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, the Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

&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 December 31, 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;22505484 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 8112974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  | 13524317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond |  | 43779127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Bond |  | 7727866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 2215252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 68026945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond |  | 757667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  | 2301347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65668010 |  |  |

---

&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;

Notes to Financial Statements (continued) *December 31, 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;

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

---

| | | | |
|:---|:---|:---|:---|
|  Investment Company | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10210659 | $— | $|
|  **Total** | $75878669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168950979 | $|
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Sales Contracts | $— | $(2914412) | $|
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup> | $— | $97625 | $|
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> |  | 11496 |  |
|  Futures Contracts<sup>(a)</sup> | 91214 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 1689164 |  |
|  Purchased Options Contracts |  | 7334 |  |
|  **Total** | $91214 | $1805619 | $|
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(16840) | $|
|  Futures Contracts<sup>(a)</sup> | (348593) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (1171864) |  |
|  Written Options Contracts |  | (3088) |  |
|  **Total** | $(348593) | $(1191792) | $|

---

#### Trend Driven Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Exchange-Traded Funds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39144207 | $— | $— |
|  Investment Companies | 106346958 |  |  |
|  **Total** | $145491165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $462972 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $(443400) | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at fiscal year 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 December 31, 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;

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&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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $97625 | Payable for unrealized gain on swap contracts | $— |
| Currency | Receivables for unrealized gain on forward foreign currency exchange contracts | $11496 | Payable for unrealized loss on forward foreign currency exchange contracts | $(16840) |
| Interest Rate | Purchased options at value, variation margin on futures and swap contracts | $1787712 | Written options at value, variation margin on futures and 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;(1523545) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896832 |  | $(1540385) |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trend Driven Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $462972 | $— |
| Interest Rate | Variation margin on futures contracts | $— | $(443400) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443400) |

---

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 December 31, 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 fiscal year ended December 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

#### Core Fixed Income Fund

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **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 | $(62680) | $(18112) |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | 57127 | 10746 |
| 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 | 44102 | 453565 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446199 |

---

#### 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 | 1537370 | 3127442 |
| Interest Rate | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 2358931 | 347710 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3896301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475152 |

---

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

**33**

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

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

Notes to Financial Statements (continued) *December 31, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

For the fiscal year ended December 31, 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 | 313 | 21277505 | 4458272391 | 7781462 | 492000 |
|  Trend Driven Allocation Fund | 1178 | – | – | – | – |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of futures contracts, notional amounts for forward contracts, 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 fiscal year ended December 31, 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 fiscal year ended December 31, 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\* |

---

^ 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. 

The Core Fixed Income Fund and Trend Driven Allocation Fund 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 Goldman Sachs Financial Square Government Fund in connection with such investments. For the fiscal year ended December 31, 2025, GSAM waived $18,440 and $35,589 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 not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual

&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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 fiscal year ended December 31, 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 | $18440 | $309728 | $328168 |
|  Trend Driven Allocation Fund | 314385 | 252946 | 567331 |

---

&nbsp;&nbsp;&nbsp;&nbsp;E. Line of Credit Facility — As of December 31, 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, 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 fiscal year ended December 31, 2025:

#### Core Fixed Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of December<br>31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>December 31, 2025** | **Shares as of<br>December 31, 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 |  |  |  |  |
|  | $11381392 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102844705 | $(104015438) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10210659 | 10210659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476395 |

---

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 fiscal year ended December 31, 2025:

#### Trend Driven Allocation Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying<br>Fund** | **Beginning value<br>as of December<br>31, 2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain**<br> (Loss) | **Change in<br>Unrealized<br>Appreciation**<br> (Depreciation) | **Ending value as<br>of December 31,<br>2025** | **Shares as of<br>December 31,<br>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 |  |  |  |  |  |  |
|  | $31511321 | $87867333 | $(117922014) | $– | $– | $1456640 | 1456640 | $1031576 | $– |
|  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 | 2884584 | (18626179) |  |  | 22314879 | 22314879 | 1314163 |  |
|  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 | 2884585 | (18626179) |  |  | 22320472 | 22320472 | 1320656 |  |
|  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 | 2884584 | (18626179) |  |  | 21841997 | 21841997 | 1293590 |  |
|  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 | 1549565 |  |  |  | 38412970 | 38412970 | 1549566 |  |
|  Total | $182076858 | $98070651 | $(173800551) | $– | $– | $106346958 |  | $6509551 | $– |

---

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

**35**

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

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

Notes to Financial Statements (continued) *December 31, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying<br>Fund** | **Beginning value<br>as of December<br>31, 2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain**<br> (Loss) | **Change in<br>Unrealized<br>Appreciation**<br> (Depreciation) | **Ending value as<br>of December 31,<br>2025** | **Shares as of<br>December 31,<br>2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |

---

&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 year ended December 31, 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> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities (Excluding** <br> **U.S. Government and<br>Agency Obligations)** |
|  Core Fixed Income Fund | $1282894942 | $57664800 | $1246098953 | $40331773 |
|  Goldman Sachs Trend Driven Allocation Fund |  | 29966704 |  | 63962762 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Core Fixed Income**<br> **Fund** | **Trend Driven** <br> **Allocation Fund**  |
|  Distributions paid from: |  |  |
|  Ordinary Income | $6983044 | $10814419 |
|  Long-term capital gains |  | 13195056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $6983044 | $24009475 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Core Fixed Income<br>Fund** | **Trend Driven Allocation<br>Fund** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $5723729 | $8263844 |

---

As of December 31, 2025, the components of accumulated earnings (losses) on a tax-basis were as follows:

&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;

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

---

| | | |
|:---|:---|:---|
|  | **Core Fixed Income**<br> **Fund** | **Trend Driven** <br> **Allocation Fund**  |
|  Undistributed ordinary income — net | $1226570 | $950340 |
|  Undistributed long-term capital gains |  | 284733 |
|  Total undistributed earnings | $1226570 | $1235073 |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (3942965) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (5333712) |  |
|  Total capital loss carryforwards | (9276677) |  |
|  Timing differences — (Late Year Ordinary Loss Deferral, Post October Loss Deferral and Straddle Loss Deferrals) | (668069) | (13261) |
|  Unrealized gains (losses) — net | (1610596) | 20710624 |
|  Total accumulated earnings (losses) — net | $(10328772) | $21932436 |

---

For the period ended December 31, 2025, the Core Fixed Income Fund and the Trend Driven Allocation Fund utilized $297,465 and $5,737,882, respectively, in Capital Loss Carryforwards.

As of December 31, 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 | $246620962 | $125561236 |
|  Gross unrealized gain | 4146015 | 20819571 |
|  Gross unrealized loss | (5756611) | (108947) |
|  Net unrealized gain (loss) | $(1610596) | $20710624 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts, swap transactions, and differences in the tax treatment of market discount accretion and premium amortization.

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

&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

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

**37**

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

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

Notes to Financial Statements (continued) *December 31, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

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.

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

&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;8. OTHER RISKS (continued)

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;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 Fiscal Year Ended**<br>**December 31, 2025** | **For the Fiscal Year Ended**<br>**December 31, 2025** | **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 | 2912539 | $28010605 | 2339517 | $22272717 |
|  Reinvestment of distributions | 326413 | 3139974 | 233542 | 2236977 |
|  Shares redeemed | (411053) | (3941221) | (232260) | (2209904) |
|  | 2827899 | 27209358 | 2340799 | 22299790 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 1782362 | 17084639 | 1894338 | 18015825 |
|  Reinvestment of distributions | 400257 | 3843070 | 363632 | 3476734 |
|  Shares redeemed | (1076680) | (10310282) | (742982) | (7101996) |
|  | 1105939 | 10617427 | 1514988 | 14390563 |
|  **NET INCREASE IN SHARES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3933838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37826785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855787 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36690353 |

---

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

**39**

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME & TACTICAL ALLOCATION FUNDS

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

Notes to Financial Statements (continued) *December 31, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** | **Trend Driven Allocation Fund** |
|  | **For the Fiscal Year Ended**<br>**December 31, 2025** | **For the Fiscal Year Ended**<br>**December 31, 2025** | **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 | 4614 | $60460 | 2075 | $26395 |
|  Reinvestment of distributions | 5535 | 63706 | 970 | 12289 |
|  Shares redeemed | (3801) | (48820) | (11281) | (135876) |
|  | 6348 | 75346 | (8236) | (97192) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 635155 | 7845320 | 915092 | 11234364 |
|  Reinvestment of distributions | 2096828 | 23945769 | 655926 | 8251555 |
|  Shares redeemed | (10486887) | (135092735) | (4740600) | (57982824) |
|  | (7754904) | (103301646) | (3169582) | (38496905) |
|  **NET DECREASE IN SHARES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7748556) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103226300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3177818) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38594097) |

---

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

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

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

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

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs Core Fixed Income Fund and Goldman Sachs Trend Driven Allocation Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Core Fixed Income Fund and Goldman Sachs Trend Driven Allocation Fund (two of the funds constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 13, 2026

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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

**41**

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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;

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

#### Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)
For the year ended December 31, 2025, the Core Fixed Income Fund designates 100% of the dividends paid from net investment company taxable income as Section 163(j) Interest Dividends.

For the year ended December 31, 2025, 2.64% of the dividends paid from net investment company taxable income by the Trend Driven Allocation Fund qualifies for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, Trend Driven Allocation Fund designates $13,195,056, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2025.

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

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![LOGO](g60455dsp044.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© 2026 Goldman Sachs. All rights reserved. VITFOFAR-26

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![LOGO](g61015g01a01.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 Annual Financial Statements December 31, 2025 Goldman Sachs Variable Insurance Trust

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&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 Variable Insurance Trust

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedules of Investments](#ef61015_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity Insights Fund](#ef61015_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Value Fund](#ef61015_3) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Growth Fund](#ef61015_4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Value Fund](#ef61015_5) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Equity Insights Fund](#ef61015_6) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Growth Fund](#ef61015_7) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Equity Insights Fund](#ef61015_8) | 25 |
|  **[Financial Statements](#ef61015_9)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#ef61015_10) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#ef61015_11) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#ef61015_12) | 32 |
|  **[Financial Highlights](#ef61015_13)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity Insights Fund](#ef61015_14) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Value Fund](#ef61015_15) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Growth Fund](#ef61015_16) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Value Fund](#ef61015_17) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Equity Insights Fund](#ef61015_18) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Growth Fund](#ef61015_19) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Equity Insights Fund](#ef61015_20) | 48 |
|  **[Notes to Financial Statements](#ef61015_21)** | 50 |
|  **[Report of Independent Registered Public Accounting Firm](#ef61015_22)** | 70 |
|  **[Other Information](#ef61015_23)** | 71 |

---

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND

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

Schedule of Investments *December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – 98.5%** | **Common Stocks – 98.5%** | **Common Stocks – 98.5%** |
| Australia – 7.3% | Australia – 7.3% | Australia – 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22179 | BHP Group Ltd. (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669343 |
| 30607 | Brambles Ltd. (Commercial & Professional Services) | 467379 |
| 7732 | Capricorn Metals Ltd. (Materials)\* | 73157 |
| 2055 | Codan Ltd. (Technology Hardware & Equipment) | 38855 |
| 8359 | Commonwealth Bank of Australia (Banks) | 892232 |
| 7204 | Develop Global Ltd. (Materials)\* | 22258 |
| 76823 | Evolution Mining Ltd. (Materials) | 642912 |
| 147549 | Glencore PLC (Materials)\* | 806601 |
| 760 | HUB24 Ltd. (Financial Services) | 48625 |
| 968 | JB Hi-Fi Ltd. (Consumer Discretionary Distribution & Retail) | 61964 |
| 7228 | National Australia Bank Ltd. (Banks) | 203228 |
| 40686 | Northern Star Resources Ltd. (Materials) | 715978 |
| 3381 | Orica Ltd. (Materials) | 54607 |
| 27239 | Perenti Ltd. (Materials) | 50558 |
| 1143 | Pro Medicus Ltd. (Health Care Equipment & Services) | 167865 |
| 22055 | QBE Insurance Group Ltd. (Insurance) | 291996 |
| 28178 | Regis Resources Ltd. (Materials) | 140537 |
| 18229 | Rio Tinto PLC ADR (Materials) | 1458867 |
| 17007 | Sandfire Resources Ltd. (Materials)\* | 202014 |
| 45184 | Suncorp Group Ltd. (Insurance) | 530419 |
| 16167 | Wesfarmers Ltd. (Consumer Discretionary Distribution & Retail) | 870966 |
| 37844 | Westpac Banking Corp. (Banks) | 971135 |
|  |  | 9381496 |
| Austria – 0.2% | Austria – 0.2% | Austria – 0.2% |
| 865 | BAWAG Group AG (Banks)\*<sup>(a)</sup> | 130281 |
| 1146 | Strabag SE (Capital Goods) | 108901 |
|  |  | 239182 |
| Belgium – 0.7% | Belgium – 0.7% | Belgium – 0.7% |
| 4483 | KBC Ancora (Banks) | 385104 |
| 1895 | UCB SA (Pharmaceuticals, Biotechnology & Life Sciences) | 527998 |
|  |  | 913102 |
| China – 0.5% | China – 0.5% | China – 0.5% |
| 335000 | Fosun International Ltd. (Capital Goods) | 188787 |
| 204000 | MMG Ltd. (Materials)\* | 230493 |
| 299000 | Nexteer Automotive Group Ltd. (Automobiles & Components) | 246318 |
|  |  | 665598 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Denmark – 2.1% | Denmark – 2.1% | Denmark – 2.1% |
| 254 | AL Sydbank (Banks) | $22687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22115 | Danske Bank A/S (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104341 |
| 598 | Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)\* | 185370 |
| 856 | Gubra A/S (Pharmaceuticals, Biotechnology & Life Sciences) | 68851 |
| 449 | Jyske Bank A/S (Banks) | 61450 |
| 20788 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 1054336 |
| 457 | Pandora A/S (Consumer Durables & Apparel) | 50538 |
| 245 | Ringkjoebing Landbobank A/S (Banks) | 59071 |
| 2191 | Scandinavian Tobacco Group A/S (Food, Beverage & Tobacco)<sup>(a)</sup> | 32875 |
| 3023 | Vestas Wind Systems A/S (Capital Goods) | 81764 |
| 427 | Zealand Pharma A/S (Pharmaceuticals, Biotechnology & Life Sciences)\* | 31022 |
|  |  | 2752305 |
| Finland – 1.9% | Finland – 1.9% | Finland – 1.9% |
| 45522 | Nokia OYJ (Technology Hardware & Equipment) | 293484 |
| 81927 | Nordea Bank Abp (Banks) | 1541397 |
| 16163 | Wartsila OYJ Abp (Capital Goods) | 572245 |
|  |  | 2407126 |
| France – 10.6% | France – 10.6% | France – 10.6% |
| 8035 | Air Liquide SA (Materials) | 1510211 |
| 26903 | AXA SA (Insurance) | 1290835 |
| 106 | Christian Dior SE (Consumer Durables & Apparel) | 73775 |
| 13410 | Danone SA (Food, Beverage & Tobacco) | 1209570 |
| 1961 | Dassault Aviation SA (Capital Goods) | 628708 |
| 15071 | Dassault Systemes (Software & Services) | 421058 |
| 442 | Eiffage SA (Capital Goods) | 63330 |
| 22055 | Engie SA (Utilities) | 579371 |
| 2639 | EssilorLuxottica SA (Health Care Equipment & Services) | 834447 |
| 263 | Gaztransport Et Technigaz SA (Energy) | 48257 |
| 560 | Hermes International SCA (Consumer Durables & Apparel) | 1390397 |
| 4198 | Klepierre SA REIT (Equity Real Estate Investment Trusts (REITs)) | 166095 |
| 2378 | Legrand SA (Capital Goods) | 353520 |

---

&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) *December 31, 2025* &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)** |
| France – (continued) | France – (continued) | France – (continued) | France – (continued) |
| 372 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856 | Metropole Television SA (Media & Entertainment) |  | 40783 |
| 735 | Nexans SA (Capital Goods) |  | 108045 |
| 5017 | Safran SA (Capital Goods) |  | 1747508 |
| 3698 | Thales SA (Capital Goods) |  | 997595 |
| 20654 | TotalEnergies SE (Energy) |  | 1346600 |
| 2628 | Unibail-Rodamco-Westfield REIT (Equity Real Estate Investment Trusts (REITs))\* |  | 285787 |
| 6662 | Valeo SE (Automobiles & Components) |  | 90410 |
| 1149 | Viridien (Energy)\* |  | 132088 |
|  |  |  | 13598780 |
| Georgia – 0.1% | Georgia – 0.1% | Georgia – 0.1% | Georgia – 0.1% |
| 1300 | TBC Bank Group PLC (Banks) |  | 71045 |
| Germany – 10.5% | Germany – 10.5% | Germany – 10.5% | Germany – 10.5% |
| 4685 | Allianz SE (Insurance) |  | 2166239 |
| 2196 | Aumovio SE (Automobiles & Components)\* |  | 110817 |
| 10537 | Continental AG (Automobiles & Components) |  | 836248 |
| 37136 | Deutsche Bank AG (Financial Services) |  | 1431190 |
| 4016 | Deutsche Lufthansa AG (Transportation) |  | 39453 |
| 6015 | Deutsche Telekom AG (Telecommunication Services) |  | 195795 |
| 65443 | E.ON SE (Utilities) |  | 1239159 |
| 814 | Fresenius Medical Care AG (Health Care Equipment & Services) |  | 38881 |
| 4672 | FUCHS SE (Materials) |  | 163855 |
| 5186 | Henkel AG & Co. KGaA (Household & Personal Products) |  | 394687 |
| 10016 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) |  | 437008 |
| 3922 | Knorr-Bremse AG (Capital Goods) |  | 435116 |
| 17226 | Mercedes-Benz Group AG (Automobiles & Components) |  | 1194143 |
| 1790 | MTU Aero Engines AG (Capital Goods) |  | 742006 |
| 393 | Nemetschek SE (Software & Services) |  | 42519 |
| 162 | Rheinmetall AG (Capital Goods) |  | 295552 |
| 1446 | SAP SE (Software & Services) |  | 351333 |
| 2483 | Scout24 SE (Media & Entertainment)<sup>(a)</sup> |  | 249393 |
| 7054 | Siemens AG (Capital Goods) |  | 1975661 |
| 7391 | Siemens Energy AG (Capital Goods)\* |  | 1036873 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Germany – (continued) | Germany – (continued) | Germany – (continued) | Germany – (continued) |
| 851 | Volkswagen AG (Automobiles & Components) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103930 |
|  |  |  | 13479858 |
| Hong Kong – 2.1% | Hong Kong – 2.1% | Hong Kong – 2.1% | Hong Kong – 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94600 | Bank of East Asia Ltd. (The) (Banks) |  | 161802 |
| 212000 | Dah Sing Banking Group Ltd. (Banks) |  | 290927 |
| 26000 | Dah Sing Financial Holdings Ltd. (Banks) |  | 118129 |
| 11200 | Hong Kong Exchanges & Clearing Ltd. (Financial Services) |  | 585999 |
| 62300 | Hongkong Land Holdings Ltd. (Real Estate Management & Development) |  | 432781 |
| 15000 | Johnson Electric Holdings Ltd. (Automobiles & Components) |  | 57375 |
| 21903 | Prudential PLC (Insurance) |  | 336936 |
| 165000 | Swire Pacific Ltd., Class B (Capital Goods) |  | 245930 |
| 18200 | Swire Properties Ltd. (Real Estate Management & Development) |  | 49148 |
| 339000 | WH Group Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> |  | 377651 |
|  |  |  | 2656678 |
| Indonesia – 0.1% | Indonesia – 0.1% | Indonesia – 0.1% | Indonesia – 0.1% |
| 1600 | Jardine Matheson Holdings Ltd. (Capital Goods) |  | 109192 |
| Italy – 1.6% | Italy – 1.6% | Italy – 1.6% | Italy – 1.6% |
| 16486 | Banca Mediolanum SpA (Financial Services) |  | 374340 |
| 30366 | Banca Monte dei Paschi di Siena SpA (Banks) |  | 323313 |
| 9318 | Credito Emiliano SpA (Banks) |  | 166476 |
| 5059 | FinecoBank Banca Fineco SpA (Banks) |  | 131076 |
| 45629 | Saipem SpA (Energy)<sup>(b)</sup> |  | 129176 |
| 5336 | UniCredit SpA (Banks) |  | 441964 |
| 19288 | Unipol Assicurazioni SpA (Insurance) |  | 462751 |
|  |  |  | 2029096 |
| Ivory Coast – 0.2% | Ivory Coast – 0.2% | Ivory Coast – 0.2% | Ivory Coast – 0.2% |
| 3907 | Endeavour Mining PLC (Materials) |  | 204131 |
| Japan – 22.8% | Japan – 22.8% | Japan – 22.8% | Japan – 22.8% |
| 35600 | Acom Co. Ltd. (Financial Services) |  | 112474 |
| 5800 | Advantest Corp. (Semiconductors & Semiconductor Equipment) |  | 733398 |
| 14300 | AGC, Inc. (Capital Goods) |  | 474241 |
| 2300 | ANA Holdings, Inc. (Transportation) |  | 43681 |

---

&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;

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39400 | Asia Pile Holdings Corp. (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354509 |
| 36600 | Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 487128 |
| 4200 | Bull-Dog Sauce Co. Ltd. (Food, Beverage & Tobacco) | 49796 |
| 5500 | Canon, Inc. (Technology Hardware & Equipment) | 162737 |
| 9100 | Chudenko Corp. (Capital Goods) | 261832 |
| 15900 | Chugin Financial Group, Inc. (Banks) | 251073 |
| 4100 | Computer Engineering & Consulting Ltd. (Software & Services) | 64134 |
| 1900 | Cosmo Energy Holdings Co. Ltd. (Energy) | 50678 |
| 9000 | Daido Metal Co. Ltd. (Automobiles & Components) | 56308 |
| 1400 | Daifuku Co. Ltd. (Capital Goods) | 44066 |
| 14200 | Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 301531 |
| 11400 | Daikyonishikawa Corp. (Automobiles & Components) | 58015 |
| 23300 | Daito Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 201501 |
| 5200 | Daitron Co. Ltd. (Technology Hardware & Equipment) | 80617 |
| 6300 | Daiwa House Industry Co. Ltd. (Real Estate Management & Development) | 209279 |
| 23500 | Daiwa Securities Group, Inc. (Financial Services) | 205949 |
| 3100 | Electric Power Development Co. Ltd. (Utilities) | 62688 |
| 155900 | ENEOS Holdings, Inc. (Energy) | 1103009 |
| 4800 | FANUC Corp. (Capital Goods) | 186796 |
| 3900 | First Bank of Toyama Ltd. (The) (Banks) | 45270 |
| 3900 | FJ Next Holdings Co. Ltd. (Consumer Durables & Apparel) | 36075 |
| 3600 | Focus Systems Corp. (Software & Services) | 41718 |
| 4500 | Fuji Electric Co. Ltd. (Capital Goods) | 341258 |
| 42400 | FUJIFILM Holdings Corp. (Technology Hardware & Equipment) | 899661 |
| 1100 | Fujikura Ltd. (Capital Goods) | 121985 |
| 9300 | Fujitsu Ltd. (Software & Services) | 255591 |
| 18900 | Gecoss Corp. (Capital Goods) | 175161 |
| 4400 | Gunma Bank Ltd. (The) (Banks) | 48614 |
| 16700 | Haseko Corp. (Consumer Durables & Apparel) | 331796 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | Heiwa Corp. (Consumer Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24648 |
| 24300 | Hirakawa Hewtech Corp. (Capital Goods) | 445630 |
| 4700 | Hitachi Construction Machinery Co. Ltd. (Capital Goods) | 138931 |
| 17000 | Hitachi Ltd. (Capital Goods) | 533147 |
| 4700 | Hokuriku Electric Power Co. (Utilities) | 29369 |
| 9800 | Honeys Holdings Co. Ltd. (Consumer Discretionary Distribution & Retail) | 95647 |
| 4900 | Inaba Seisakusho Co. Ltd. (Commercial & Professional Services) | 49895 |
| 1200 | Iriso Electronics Co. Ltd. (Technology Hardware & Equipment) | 24636 |
| 38900 | Isuzu Motors Ltd. (Automobiles & Components) | 607117 |
| 5800 | IwaiCosmo Holdings, Inc. (Financial Services) | 121272 |
| 4200 | Japan Material Co. Ltd. (Semiconductors & Semiconductor Equipment) | 41510 |
| 30800 | Japan Tobacco, Inc. (Food, Beverage & Tobacco) | 1107023 |
| 24300 | JX Advanced Metals Corp. (Materials) | 303776 |
| 4900 | Kajima Corp. (Capital Goods) | 182709 |
| 2400 | Kawai Musical Instruments Manufacturing Co. Ltd. (Consumer Durables & Apparel) | 42064 |
| 35800 | KDDI Corp. (Telecommunication Services) | 619616 |
| 4300 | Komori Corp. (Capital Goods) | 43564 |
| 2900 | Kyokuto Boeki Kaisha Ltd. (Capital Goods) | 34139 |
| 4300 | Kyoto Financial Group, Inc. (Banks) | 94175 |
| 16300 | Kyushu Electric Power Co., Inc. (Utilities) | 174873 |
| 200 | Lasertec Corp. (Semiconductors & Semiconductor Equipment) | 38109 |
| 8400 | Mabuchi Motor Co. Ltd. (Capital Goods) | 77253 |
| 4400 | Matsui Construction Co. Ltd. (Capital Goods) | 42333 |
| 9000 | Meiwa Estate Co. Ltd. (Consumer Durables & Apparel) | 65360 |
| 9500 | Mitsubishi Corp. (Capital Goods) | 217291 |
| 43700 | Mitsubishi Electric Corp. (Capital Goods) | 1274155 |
| 15600 | Mitsubishi Heavy Industries Ltd. (Capital Goods) | 380834 |
| 3000 | Mitsui E&S Co. Ltd. (Capital Goods) | 107099 |

---

&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) *December 31, 2025* &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)** |
| **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100 | Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126143 |
| 2400 | Modec, Inc. (Energy) | 182195 |
| 28200 | Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment) | 582836 |
| 700 | Musashino Bank Ltd. (The) (Banks) | 21748 |
| 2600 | Nabtesco Corp. (Capital Goods) | 62280 |
| 7000 | NEC Capital Solutions Ltd. (Financial Services) | 180229 |
| 15100 | NEC Corp. (Software & Services) | 510916 |
| 27500 | NGK Insulators Ltd. (Capital Goods) | 590130 |
| 29700 | Nikkiso Co. Ltd. (Capital Goods) | 301687 |
| 20200 | Nippon Signal Co. Ltd. (Technology Hardware & Equipment) | 168882 |
| 92100 | Nippon Thompson Co. Ltd. (Capital Goods) | 480867 |
| 15300 | Nomura Holdings, Inc. (Financial Services) | 127456 |
| 2000 | Nomura Research Institute Ltd. (Software & Services) | 76109 |
| 508700 | NTT, Inc. (Telecommunication Services) | 513528 |
| 18900 | Obayashi Corp. (Capital Goods) | 395538 |
| 34100 | ORIX Corp. (Financial Services) | 997332 |
| 1700 | Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 96151 |
| 14600 | Procrea Holdings, Inc. (Banks) | 203112 |
| 5200 | QB Net Holdings Co. Ltd. (Consumer Services) | 46217 |
| 2400 | Rasa Corp. (Capital Goods) | 27903 |
| 27900 | Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment)\* | 382142 |
| 4500 | Ricoh Co. Ltd. (Technology Hardware & Equipment) | 39596 |
| 4000 | San ju San Financial Group, Inc. (Banks) | 112446 |
| 14000 | SBI Holdings, Inc. (Financial Services) | 301700 |
| 2300 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) | 224030 |
| 4600 | Seikitokyu Kogyo Co. Ltd. (Capital Goods) | 48407 |
| 1800 | Shiga Bank Ltd. (The) (Banks) | 82475 |
| 2900 | Shikoku Bank Ltd. (The) (Banks) | 32581 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | Shindengen Electric Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120396 |
| 3100 | Shin-Etsu Chemical Co. Ltd. (Materials) | 96290 |
| 10100 | Shinsho Corp. (Capital Goods) | 162862 |
| 6900 | Soda Nikka Co. Ltd. (Capital Goods) | 47719 |
| 44800 | SoftBank Corp. (Telecommunication Services) | 61509 |
| 22400 | SoftBank Group Corp. (Telecommunication Services) | 628395 |
| 16800 | Sompo Holdings, Inc. (Insurance) | 570229 |
| 3700 | Sony Group Corp. (Consumer Durables & Apparel) | 94909 |
| 2300 | Space Co. Ltd. (Commercial & Professional Services) | 22838 |
| 1300 | SRA Holdings (Software & Services) | 43610 |
| 5500 | Subaru Corp. (Automobiles & Components) | 118422 |
| 3800 | SUMCO Corp. (Semiconductors & Semiconductor Equipment) | 34764 |
| 27000 | Sumitomo Electric Industries Ltd. (Automobiles & Components) | 1087487 |
| 12100 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 389153 |
| 1800 | Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\* | 26583 |
| 27200 | Suzuki Co. Ltd. (Technology Hardware & Equipment)<sup>(b)</sup> | 418496 |
| 15400 | Taiho Kogyo Co. Ltd. (Automobiles & Components) | 80294 |
| 42700 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1326487 |
| 1800 | Tazmo Co. Ltd. (Semiconductors & Semiconductor Equipment) | 23654 |
| 37700 | TDK Corp. (Technology Hardware & Equipment) | 533370 |
| 2100 | Tokai Corp. (Health Care Equipment & Services) | 33709 |
| 10500 | Tokyo Century Corp. (Financial Services) | 136138 |
| 600 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 133636 |
| 4700 | Tokyu Fudosan Holdings Corp. (Real Estate Management & Development) | 42935 |
| 12300 | TOPPAN Holdings, Inc. (Commercial & Professional Services) | 365638 |

---

&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;

&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)** |
| Japan – (continued) | Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | Tosho Co. Ltd. (Consumer Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33825 |
| 3700 | Tosoh Corp. (Materials) |  | 55601 |
| 800 | Toyota Motor Corp. (Automobiles & Components) |  | 17182 |
| 1900 | Trend Micro, Inc. (Software & Services) |  | 78911 |
| 1300 | Tsuruha Holdings, Inc. (Consumer Staples Distribution & Retail) |  | 23885 |
| 13100 | Tv Tokyo Holdings Corp. (Media & Entertainment) |  | 384213 |
| 4100 | West Japan Railway Co. (Transportation) |  | 81693 |
| 4000 | Yamae Group Holdings Co. Ltd. (Consumer Discretionary Distribution & Retail) |  | 64715 |
| 2200 | Yamaichi Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 82051 |
| 12800 | Yokohama Financial Group, Inc. (Banks) |  | 105818 |
|  |  |  | 29210797 |
| Netherlands – 4.1% | Netherlands – 4.1% | Netherlands – 4.1% | Netherlands – 4.1% |
| 780 | ASM International NV (Semiconductors & Semiconductor Equipment) |  | 472208 |
| 3312 | ASML Holding NV (Semiconductors & Semiconductor Equipment) |  | 3568749 |
| 1602 | EXOR NV (Financial Services) |  | 136081 |
| 35619 | ING Groep NV (Banks) |  | 1001188 |
| 2735 | NSI NV REIT (Equity Real Estate Investment Trusts (REITs)) |  | 62259 |
| 173 | Wolters Kluwer NV (Commercial & Professional Services) |  | 17919 |
|  |  |  | 5258404 |
| New Zealand – 0.3% | New Zealand – 0.3% | New Zealand – 0.3% | New Zealand – 0.3% |
| 11963 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services) |  | 259919 |
| 60148 | TOWER Ltd. (Insurance) |  | 69953 |
|  |  |  | 329872 |
| Nigeria – 0.1% | Nigeria – 0.1% | Nigeria – 0.1% | Nigeria – 0.1% |
| 15716 | Airtel Africa PLC (Telecommunication Services)<sup>(a)</sup> |  | 75284 |
| Norway – 0.5% | Norway – 0.5% | Norway – 0.5% | Norway – 0.5% |
| 2596 | DNB Bank ASA (Banks) |  | 72327 |
| 11239 | Kongsberg Gruppen ASA (Capital Goods) |  | 288002 |
| 6481 | Orkla ASA (Food, Beverage & Tobacco) |  | 72171 |
| 1248 | Wilh Wilhelmsen Holding ASA, Class A (Transportation) |  | 73048 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Norway – (continued) | Norway – (continued) | Norway – (continued) | Norway – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31029 | Zaptec ASA (Capital Goods)\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76270 |
|  |  |  | 581818 |
| Portugal – 0.2% | Portugal – 0.2% | Portugal – 0.2% | Portugal – 0.2% |
| 250810 | Banco Comercial Portugues SA, Class R (Banks) |  | 264017 |
| Singapore – 0.8% | Singapore – 0.8% | Singapore – 0.8% | Singapore – 0.8% |
| 38000 | Oversea-Chinese Banking Corp. Ltd. (Banks) |  | 583802 |
| 7600 | Singapore Technologies Engineering Ltd. (Capital Goods) |  | 49659 |
| 108600 | Singapore Telecommunications Ltd. (Telecommunication Services) |  | 384227 |
|  |  |  | 1017688 |
| South Africa – 0.2% | South Africa – 0.2% | South Africa – 0.2% | South Africa – 0.2% |
| 7063 | Anglo American PLC (Materials) |  | 292144 |
| Spain – 1.8% | Spain – 1.8% | Spain – 1.8% | Spain – 1.8% |
| 6057 | Aena SME SA (Transportation)<sup>(a)</sup> |  | 169238 |
| 37190 | Banco Bilbao Vizcaya Argentaria SA (Banks) |  | 872375 |
| 20071 | CaixaBank SA (Banks) |  | 245391 |
| 12293 | Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail) |  | 810904 |
| 49094 | Unicaja Banco SA (Banks)<sup>(a)</sup> |  | 159752 |
|  |  |  | 2257660 |
| Sweden – 4.3% | Sweden – 4.3% | Sweden – 4.3% | Sweden – 4.3% |
| 11651 | Atlas Copco AB, Class B (Capital Goods) |  | 186261 |
| 7502 | Boliden AB (Materials)\* |  | 415583 |
| 19933 | Epiroc AB, Class B (Capital Goods) |  | 401024 |
| 12075 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary Distribution & Retail) |  | 242030 |
| 2931 | Hanza AB (Technology Hardware & Equipment) |  | 40319 |
| 1309 | Industrivarden AB, Class A (Financial Services) |  | 58641 |
| 11612 | Investor AB, Class A (Financial Services) |  | 411742 |
| 19317 | Investor AB, Class B (Financial Services) |  | 688373 |
| 27004 | Sandvik AB (Capital Goods) |  | 872259 |
| 7592 | SKF AB, Class B (Capital Goods) |  | 200951 |
| 37479 | Svenska Handelsbanken AB, Class A (Banks) |  | 542979 |
| 11925 | Swedbank AB, Class A (Banks) |  | 413738 |

---

&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) *December 31, 2025* &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)** |
| Sweden – (continued) | Sweden – (continued) | Sweden – (continued) | Sweden – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111442 | Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084558 |
|  |  |  | 5558458 |
| Switzerland – 4.5% | Switzerland – 4.5% | Switzerland – 4.5% | Switzerland – 4.5% |
| 22826 | ABB Ltd. (Capital Goods) |  | 1682677 |
| 1772 | Cie Financiere Richemont SA (Consumer Durables & Apparel) |  | 382134 |
| 140 | Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences) |  | 94391 |
| 592 | Schindler Holding AG (Capital Goods) |  | 209474 |
| 1042 | Schindler Holding AG Participation Certificates (Capital Goods) |  | 391860 |
| 5345 | SGS SA (Commercial & Professional Services) |  | 613113 |
| 1092 | Sonova Holding AG (Health Care Equipment & Services) |  | 282464 |
| 35017 | UBS Group AG (Financial Services) |  | 1616896 |
| 422 | Zurich Insurance Group AG (Insurance) |  | 319328 |
|  |  |  | 5592337 |
| United Kingdom – 10.6% | United Kingdom – 10.6% | United Kingdom – 10.6% | United Kingdom – 10.6% |
| 23144 | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) |  | 2127628 |
| 4017 | Babcock International Group PLC (Capital Goods) |  | 66943 |
| 20376 | BAE Systems PLC (Capital Goods) |  | 468955 |
| 13534 | Beazley PLC (Insurance) |  | 151345 |
| 6237 | British American Tobacco PLC (Food, Beverage & Tobacco) |  | 353580 |
| 16084 | Compass Group PLC (Consumer Services) |  | 509623 |
| 10833 | easyJet PLC (Transportation) |  | 74314 |
| 99361 | HSBC Holdings PLC (Banks) |  | 1563541 |
| 28047 | Imperial Brands PLC (Food, Beverage & Tobacco) |  | 1177700 |
| 3156 | InterContinental Hotels Group PLC (Consumer Services) |  | 443509 |
| 6538 | Intertek Group PLC (Commercial & Professional Services) |  | 405465 |
| 9126 | Investec PLC (Financial Services) |  | 67741 |
| 2581 | Keller Group PLC (Capital Goods) |  | 57961 |
| 56254 | Kingfisher PLC (Consumer Discretionary Distribution & Retail) |  | 236804 |
| 2860 | Lancashire Holdings Ltd. (Insurance) |  | 24669 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206367 | Lloyds Banking Group PLC (Banks) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595680 |
| 43973 | National Grid PLC (Utilities) |  | 674480 |
| 99227 | NatWest Group PLC (Banks) |  | 870448 |
| 2603 | Next PLC (Consumer Discretionary Distribution & Retail) |  | 479213 |
| 1802 | Oxford Instruments PLC (Technology Hardware & Equipment) |  | 49411 |
| 15022 | RELX PLC (Commercial & Professional Services) |  | 605189 |
| 28859 | Rolls-Royce Holdings PLC (Capital Goods) |  | 446326 |
| 1675 | Smiths Group PLC (Capital Goods) |  | 52981 |
| 67474 | Tesco PLC (Consumer Staples Distribution & Retail) |  | 401257 |
| 40890 | Vodafone Group PLC ADR (Telecommunication Services) |  | 540157 |
|  |  |  | 13444920 |
| United States – 10.4% | United States – 10.4% | United States – 10.4% | United States – 10.4% |
| 10292 | Alcon AG (Health Care Equipment & Services) |  | 814387 |
| 27261 | BP PLC ADR (Energy) |  | 946775 |
| 1990 | Carnival PLC ADR (Consumer Services)\* |  | 60357 |
| 19105 | GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) |  | 936909 |
| 5699 | Holcim AG (Materials)\* |  | 554799 |
| 25470 | Nestle SA (Food, Beverage & Tobacco) |  | 2528130 |
| 16190 | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) |  | 2230917 |
| 11406 | PureTech Health PLC (Pharmaceuticals, Biotechnology & Life Sciences)\* |  | 19218 |
| 3567 | QIAGEN NV (Pharmaceuticals, Biotechnology & Life Sciences) |  | 162216 |
| 5228 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) |  | 2159009 |
| 16727 | Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences) |  | 1618426 |
| 914 | Shell PLC (Energy) |  | 33858 |
| 1575 | Spotify Technology SA (Media & Entertainment)\* |  | 914618 |
| 28990 | Tenaris SA (Energy) |  | 559387 |
|  |  |  | 13539006 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $104,065,321)** | **TOTAL COMMON STOCKS**<br> **(Cost $104,065,321)** |  | 125929994 |

---

&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;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Rate** | **Value** |
| **Preferred Stock – 0.2%** | **Preferred Stock – 0.2%** | **Preferred Stock – 0.2%** | **Preferred Stock – 0.2%** |
| Germany – 0.2% | Germany – 0.2% | Germany – 0.2% | Germany – 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 | Sartorius AG (Pharmaceuticals, Biotechnology & Life Sciences) |  |  |
|  **(Cost $246,350)** | **(Cost $246,350)** | 0.30% | $255713 |
| **TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $104,311,671)** | **TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $104,311,671)** | **TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $104,311,671)** | 126185707 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | |
| **Securities Lending Reinvestment Vehicle – 0.4%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.4%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.4%<sup>(c)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552960 | 3.686% | 552960 |
|  **(Cost $552,960)** | **(Cost $552,960)** |  |
| TOTAL INVESTMENTS – 99.1% | TOTAL INVESTMENTS – 99.1% | TOTAL INVESTMENTS – 99.1% |
| (Cost $104,864,631) | (Cost $104,864,631) | $126738667 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.9%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.9%** | 1098543 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127837210 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| 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 |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of<br>Market<br>Value** |
|  Financials | 24.0% |
|  Industrials | 20.1 |
|  Health Care | 12.8 |
|  Information Technology | 10.0 |
|  Consumer Discretionary | 8.9 |
|  Materials | 7.2 |
|  Consumer Staples | 6.1 |
|  Communication Services | 3.6 |
|  Energy | 3.6 |
|  Utilities | 2.2 |
|  Real Estate | 1.1 |
|  Securities Lending Reinvestment Vehicle | 0.4 |
| TOTAL INVESTMENTS | 100.0% |

---

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

**FUTURES CONTRACTS** — At December 31, 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 | 9 | 03/20/26 | $617791 | $7048 |
|  FTSE 100 Index | 2 | 03/20/26 | 268000 | 2822 |
|  MSCI Singapore Index | 1 | 01/29/26 | 34678 | (139) |
|  SPI 200 Index | 1 | 03/19/26 | 144748 | 802 |
|  TOPIX Index | 1 | 03/12/26 | 217920 | 2242 |
|  **Total Futures Contracts** |  |  |  | $12775 |

---

&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 *December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – 99.2%** | **Common Stocks – 99.2%** | **Common Stocks – 99.2%** |
| Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% |
| 13315 | Woodward, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025391 |
| Banks – 9.8% | Banks – 9.8% | Banks – 9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153852 | Bank of America Corp. | 8461860 |
| 27874 | Citigroup, Inc. | 3252617 |
| 35568 | JPMorgan Chase & Co. | 11460721 |
| 30890 | Southsate Bank Corp. | 2907058 |
|  |  | 26082256 |
| Beverages – 1.0% | Beverages – 1.0% | Beverages – 1.0% |
| 38388 | Coca-Cola Co. (The) | 2683705 |
| Biotechnology – 1.0% | Biotechnology – 1.0% | Biotechnology – 1.0% |
| 1510 | Argenx SE ADR (Netherlands)\* | 1269835 |
| 2580 | Madrigal Pharmaceuticals, Inc.\* | 1502437 |
|  |  | 2772272 |
| Broadline Retail – 3.4% | Broadline Retail – 3.4% | Broadline Retail – 3.4% |
| 38868 | Amazon.com, Inc.\* | 8971512 |
| Building Products – 0.5% | Building Products – 0.5% | Building Products – 0.5% |
| 13291 | Builders FirstSource, Inc.\* | 1367511 |
| Capital Markets – 4.2% | Capital Markets – 4.2% | Capital Markets – 4.2% |
| 31429 | Jefferies Financial Group, Inc. | 1947655 |
| 33805 | Morgan Stanley | 6001402 |
| 32238 | Nasdaq, Inc. | 3131277 |
|  |  | 11080334 |
| Chemicals – 2.0% | Chemicals – 2.0% | Chemicals – 2.0% |
| 10330 | Sherwin-Williams Co. (The) | 3347230 |
| 42352 | Solstice Advanced Materials, Inc.\* | 2057460 |
|  |  | 5404690 |
| Commercial Services & Supplies – 1.5% | Commercial Services & Supplies – 1.5% | Commercial Services & Supplies – 1.5% |
| 22383 | Waste Connections, Inc. | 3925083 |
| Communications Equipment – 0.8% | Communications Equipment – 0.8% | Communications Equipment – 0.8% |
| 15726 | Arista Networks, Inc.\* | 2060578 |
| Construction Materials – 1.2% | Construction Materials – 1.2% | Construction Materials – 1.2% |
| 5101 | Martin Marietta Materials, Inc. | 3176189 |
| Consumer Finance – 3.0% | Consumer Finance – 3.0% | Consumer Finance – 3.0% |
| 7151 | American Express Co. | 2645513 |
| 21956 | Capital One Financial Corp. | 5321256 |
|  |  | 7966769 |
| Consumer Staples Distribution & Retail – 3.1% | Consumer Staples Distribution & Retail – 3.1% | Consumer Staples Distribution & Retail – 3.1% |
| 73906 | Walmart, Inc. | 8233867 |
| Containers & Packaging – 1.0% | Containers & Packaging – 1.0% | Containers & Packaging – 1.0% |
| 69610 | International Paper Co. | 2741938 |
| Electric Utilities – 2.9% | Electric Utilities – 2.9% | Electric Utilities – 2.9% |
| 52115 | NextEra Energy, Inc. | 4183792 |
| 97209 | PPL Corp. | 3404259 |
|  |  | 7588051 |
| Electrical Equipment – 4.1% | Electrical Equipment – 4.1% | Electrical Equipment – 4.1% |
| 13676 | Eaton Corp. PLC | 4355943 |
| 4080 | GE Vernova, Inc. | 2666566 |
| 10136 | Rockwell Automation, Inc. | 3943613 |
|  |  | 10966122 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Electronic Equipment, Instruments & Components – 1.3% | Electronic Equipment, Instruments & Components – 1.3% | Electronic Equipment, Instruments & Components – 1.3% |
| 10779 | Coherent Corp.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989480 |
| 6923 | Jabil, Inc. | 1578582 |
|  |  | 3568062 |
| Financial Services – 2.7% | Financial Services – 2.7% | Financial Services – 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10867 | Berkshire Hathaway, Inc., Class B\* | 5462298 |
| 54619 | Klarna Group PLC (United Kingdom)\* | 1579035 |
|  |  | 7041333 |
| Ground Transportation – 2.5% | Ground Transportation – 2.5% | Ground Transportation – 2.5% |
| 76015 | CSX Corp. | 2755544 |
| 24770 | Old Dominion Freight Line, Inc. | 3883936 |
|  |  | 6639480 |
| Health Care Equipment & Supplies – 3.6% | Health Care Equipment & Supplies – 3.6% | Health Care Equipment & Supplies – 3.6% |
| 45482 | Abbott Laboratories | 5698440 |
| 41573 | Boston Scientific Corp.\* | 3963985 |
|  |  | 9662425 |
| Hotels, Restaurants & Leisure – 1.4% | Hotels, Restaurants & Leisure – 1.4% | Hotels, Restaurants & Leisure – 1.4% |
| 42739 | Starbucks Corp. | 3599051 |
| Household Products – 2.5% | Household Products – 2.5% | Household Products – 2.5% |
| 45954 | Procter & Gamble Co. (The) | 6585668 |
| Industrial Conglomerates – 3.3% | Industrial Conglomerates – 3.3% | Industrial Conglomerates – 3.3% |
| 29392 | 3M Co. | 4705659 |
| 20227 | Honeywell International, Inc. | 3946086 |
|  |  | 8651745 |
| Industrial REITs – 1.8% | Industrial REITs – 1.8% | Industrial REITs – 1.8% |
| 37351 | Prologis, Inc. REIT | 4768229 |
| Insurance – 2.8% | Insurance – 2.8% | Insurance – 2.8% |
| 22432 | Marsh & McLennan Cos., Inc. | 4161585 |
| 11172 | Travelers Cos., Inc. (The) | 3240550 |
|  |  | 7402135 |
| Interactive Media & Services – 7.9% | Interactive Media & Services – 7.9% | Interactive Media & Services – 7.9% |
| 47333 | Alphabet, Inc., Class A | 14815229 |
| 9487 | Meta Platforms, Inc., Class A | 6262274 |
|  |  | 21077503 |
| IT Services – 1.5% | IT Services – 1.5% | IT Services – 1.5% |
| 13731 | International Business Machines Corp. | 4067259 |
| Life Sciences Tools & Services – 2.8% | Life Sciences Tools & Services – 2.8% | Life Sciences Tools & Services – 2.8% |
| 23417 | Agilent Technologies, Inc. | 3186351 |
| 7182 | Thermo Fisher Scientific, Inc. | 4161610 |
|  |  | 7347961 |
| Machinery – 2.4% | Machinery – 2.4% | Machinery – 2.4% |
| 10974 | Caterpillar, Inc. | 6286675 |
| Multi-Utilities – 1.2% | Multi-Utilities – 1.2% | Multi-Utilities – 1.2% |
| 33111 | Ameren Corp. | 3306464 |
| Oil, Gas & Consumable Fuels – 4.7% | Oil, Gas & Consumable Fuels – 4.7% | Oil, Gas & Consumable Fuels – 4.7% |
| 40012 | Chevron Corp. | 6098229 |
| 17787 | DT Midstream, Inc. | 2128748 |
| 38129 | Expand Energy Corp. | 4207916 |
|  |  | 12434893 |

---

&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;

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Pharmaceuticals – 4.5% | Pharmaceuticals – 4.5% | Pharmaceuticals – 4.5% |
| 22916 | AstraZeneca PLC ADR (United Kingdom) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106668 |
| 47223 | Johnson & Johnson | 9772800 |
|  |  | 11879468 |
| Residential REITs – 0.9% | Residential REITs – 0.9% | Residential REITs – 0.9% |
| 12785 | AvalonBay Communities, Inc. REIT | 2318048 |
| Semiconductors & Semiconductor Equipment – 4.9% | Semiconductors & Semiconductor Equipment – 4.9% | Semiconductors & Semiconductor Equipment – 4.9% |
| 10673 | Lam Research Corp. | 1827004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27679 | Marvell Technology, Inc. | 2352161 |
| 9770 | Micron Technology, Inc. | 2788456 |
| 20402 | NVIDIA Corp. | 3804973 |
| 12035 | Teradyne, Inc. | 2329495 |
|  |  | 13102089 |
| Software – 1.6% | Software – 1.6% | Software – 1.6% |
| 2002 | AppLovin Corp., Class A\* | 1348988 |
| 11396 | Salesforce, Inc. | 3018914 |
|  |  | 4367902 |
| Specialty Retail – 2.9% | Specialty Retail – 2.9% | Specialty Retail – 2.9% |
| 12404 | Home Depot, Inc. (The) | 4268216 |
| 23183 | TJX Cos., Inc. (The) | 3561141 |
|  |  | 7829357 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Wireless Telecommunication Services – 1.0% | Wireless Telecommunication Services – 1.0% | Wireless Telecommunication Services – 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12727 | T-Mobile US, Inc. | $2584090 |
| TOTAL COMMON STOCKS<br>(Cost $203,179,814) | TOTAL COMMON STOCKS<br>(Cost $203,179,814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263566105 |
| **Shares** | **Dividend Rate** | **Value** |
| **Investment Company – 0.6%<sup>(a)</sup>** | **Investment Company – 0.6%<sup>(a)</sup>** | **Investment Company – 0.6%<sup>(a)</sup>** |
|  Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares |  |
| 1494932 | 3.686% | 1494932 |
| (Cost $1,494,932) | (Cost $1,494,932) |  |
| TOTAL INVESTMENTS – 99.8%<br>(Cost $204,674,746) | TOTAL INVESTMENTS – 99.8%<br>(Cost $204,674,746) | $265061037 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.2%** | 536428 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265597465 |

---

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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| 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;&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 *December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – 96.9%** | **Common Stocks – 96.9%** | **Common Stocks – 96.9%** |
| Aerospace & Defense – 8.2% | Aerospace & Defense – 8.2% | Aerospace & Defense – 8.2% |
| 2551 | Axon Enterprise, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448789 |
| 10335 | Howmet Aerospace, Inc. | 2118882 |
| 9530 | Rocket Lab Corp.\* | 664813 |
| 3251 | Woodward, Inc. | 982842 |
|  |  | 5215326 |
| Beverages – 1.0% | Beverages – 1.0% | Beverages – 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6710 | Coca-Cola Europacific Partners PLC (United Kingdom) | 608597 |
| Biotechnology – 5.6% | Biotechnology – 5.6% | Biotechnology – 5.6% |
| 1158 | Alnylam Pharmaceuticals, Inc.\* | 460479 |
| 506 | Argenx SE ADR (Netherlands)\* | 425520 |
| 5488 | Insmed, Inc.\* | 955131 |
| 773 | Madrigal Pharmaceuticals, Inc.\* | 450149 |
| 3460 | Neurocrine Biosciences, Inc.\* | 490732 |
| 4163 | REVOLUTION Medicines, Inc.\* | 331583 |
| 21384 | Roivant Sciences Ltd.\* | 464033 |
|  |  | 3577627 |
| Building Products – 0.5% | Building Products – 0.5% | Building Products – 0.5% |
| 2893 | Builders FirstSource, Inc.\* | 297661 |
| Capital Markets – 4.7% | Capital Markets – 4.7% | Capital Markets – 4.7% |
| 56587 | Blue Owl Capital, Inc. | 845410 |
| 11053 | Jefferies Financial Group, Inc. | 684954 |
| 2508 | MSCI, Inc. | 1438915 |
|  |  | 2969279 |
| Chemicals – 1.0% | Chemicals – 1.0% | Chemicals – 1.0% |
| 13647 | Solstice Advanced Materials, Inc.\* | 662971 |
| Construction & Engineering – 3.1% | Construction & Engineering – 3.1% | Construction & Engineering – 3.1% |
| 4630 | Quanta Services, Inc. | 1954138 |
| Construction Materials – 1.9% | Construction Materials – 1.9% | Construction Materials – 1.9% |
| 1982 | Martin Marietta Materials, Inc. | 1234112 |
| Consumer Staples Distribution & Retail – 0.6% | Consumer Staples Distribution & Retail – 0.6% | Consumer Staples Distribution & Retail – 0.6% |
| 693 | Casey's General Stores, Inc. | 383028 |
| Electrical Equipment – 5.5% | Electrical Equipment – 5.5% | Electrical Equipment – 5.5% |
| 3029 | Rockwell Automation, Inc. | 1178493 |
| 14446 | Vertiv Holdings Co., Class A | 2340396 |
|  |  | 3518889 |
| Electronic Equipment, Instruments & Components – 4.0% | Electronic Equipment, Instruments & Components – 4.0% | Electronic Equipment, Instruments & Components – 4.0% |
| 5056 | Coherent Corp.\* | 933186 |
| 4568 | Jabil, Inc. | 1041595 |
| 23606 | Mirion Technologies, Inc.\* | 552853 |
|  |  | 2527634 |
| Entertainment – 4.1% | Entertainment – 4.1% | Entertainment – 4.1% |
| 8903 | Live Nation Entertainment, Inc.\* | 1268678 |
| 7479 | ROBLOX Corp., Class A\* | 606023 |
| 3520 | TKO Group Holdings, Inc. | 735680 |
|  |  | 2610381 |
| Financial Services – 2.6% | Financial Services – 2.6% | Financial Services – 2.6% |
| 3517 | Corpay, Inc.\* | 1058371 |
| 7658 | Klarna Group PLC (United Kingdom)\* | 221392 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Financial Services – (continued) | Financial Services – (continued) | Financial Services – (continued) |
| 19953 | Rocket Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386290 |
|  |  | 1666053 |
| Ground Transportation – 1.5% | Ground Transportation – 1.5% | Ground Transportation – 1.5% |
| 5922 | Old Dominion Freight Line, Inc. | 928570 |
| Health Care Equipment & Supplies – 3.3% | Health Care Equipment & Supplies – 3.3% | Health Care Equipment & Supplies – 3.3% |
| 13742 | Dexcom, Inc.\* | 912057 |
| 4135 | Insulet Corp.\* | 1175332 |
|  |  | 2087389 |
| Health Care Providers & Services – 5.7% | Health Care Providers & Services – 5.7% | Health Care Providers & Services – 5.7% |
| 7986 | Cencora, Inc. | 2697272 |
| 8945 | Guardant Health, Inc.\* | 913642 |
|  |  | 3610914 |
| Health Care Technology – 1.5% | Health Care Technology – 1.5% | Health Care Technology – 1.5% |
| 4355 | Veeva Systems, Inc., Class A\* | 972167 |
| Hotels, Restaurants & Leisure – 9.6% | Hotels, Restaurants & Leisure – 9.6% | Hotels, Restaurants & Leisure – 9.6% |
| 11361 | Cava Group, Inc.\* | 666777 |
| 4651 | DoorDash, Inc., Class A\* | 1053358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28780 | DraftKings, Inc., Class A\* | 991759 |
| 6341 | Hilton Worldwide Holdings, Inc. | 1821452 |
| 2476 | Royal Caribbean Cruises Ltd. | 690606 |
| 3507 | Wingstop, Inc. | 836384 |
|  |  | 6060336 |
| Household Durables – 0.6% | Household Durables – 0.6% | Household Durables – 0.6% |
| 3916 | Lennar Corp., Class A | 402565 |
| Independent Power and Renewable Electricity Producers – 2.7% | Independent Power and Renewable Electricity Producers – 2.7% | Independent Power and Renewable Electricity Producers – 2.7% |
| 10433 | Vistra Corp. | 1683156 |
| Interactive Media & Services – 2.3% | Interactive Media & Services – 2.3% | Interactive Media & Services – 2.3% |
| 6438 | Reddit, Inc., Class A\* | 1479903 |
| IT Services – 2.7% | IT Services – 2.7% | IT Services – 2.7% |
| 8588 | Cloudflare, Inc., Class A\* | 1693124 |
| Life Sciences Tools & Services – 2.7% | Life Sciences Tools & Services – 2.7% | Life Sciences Tools & Services – 2.7% |
| 6643 | Agilent Technologies, Inc. | 903913 |
| 561 | Mettler-Toledo International, Inc.\* | 782141 |
|  |  | 1686054 |
| Machinery – 0.6% | Machinery – 0.6% | Machinery – 0.6% |
| 2110 | ITT, Inc. | 366106 |
| Oil, Gas & Consumable Fuels – 1.4% | Oil, Gas & Consumable Fuels – 1.4% | Oil, Gas & Consumable Fuels – 1.4% |
| 7872 | Expand Energy Corp. | 868754 |
| Personal Care Products – 0.7% | Personal Care Products – 0.7% | Personal Care Products – 0.7% |
| 6070 | elf Beauty, Inc.\* | 461563 |
| Semiconductors & Semiconductor Equipment – 2.9% | Semiconductors & Semiconductor Equipment – 2.9% | Semiconductors & Semiconductor Equipment – 2.9% |
| 4327 | Marvell Technology, Inc. | 367708 |
| 718 | Monolithic Power Systems, Inc. | 650767 |
| 4112 | Teradyne, Inc. | 795919 |
|  |  | 1814394 |
| Software – 6.2% | Software – 6.2% | Software – 6.2% |
| 6902 | Datadog, Inc., Class A\* | 938603 |
| 527 | Fair Isaac Corp.\* | 890957 |
| 13415 | Samsara, Inc., Class A\* | 475562 |
| 1746 | Tyler Technologies, Inc.\* | 792596 |

---

&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) |
| 3699 | Zscaler, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831979 |
|  |  | 3929697 |
| Specialty Retail – 5.5% | Specialty Retail – 5.5% | Specialty Retail – 5.5% |
| 3575 | Carvana Co.\* | 1508722 |
| 4579 | Five Below, Inc.\* | 862500 |
| 6379 | Ross Stores, Inc. | 1149113 |
|  |  | 3520335 |
| Textiles, Apparel & Luxury Goods – 1.1% | Textiles, Apparel & Luxury Goods – 1.1% | Textiles, Apparel & Luxury Goods – 1.1% |
| 14606 | On Holding AG, Class A (Switzerland)\* | 678887 |
| Trading Companies & Distributors – 3.1% | Trading Companies & Distributors – 3.1% | Trading Companies & Distributors – 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27532 | Fastenal Co. | 1104859 |
| 1036 | United Rentals, Inc. | 838456 |
|  |  | 1943315 |
| TOTAL COMMON STOCKS<br>(Cost $50,527,164) | TOTAL COMMON STOCKS<br>(Cost $50,527,164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61412925 |
| **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 Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |  |
| 1911362 | 3.686% | 1911362 |
| (Cost $1,911,362) | (Cost $1,911,362) | (Cost $1,911,362) |
| TOTAL INVESTMENTS – 99.9%<br>(Cost $52,438,526) | TOTAL INVESTMENTS – 99.9%<br>(Cost $52,438,526) | $63324287 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.1%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.1%** | 48911 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63373198 |

---

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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |

---

&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 *December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – 98.8%** | **Common Stocks – 98.8%** | **Common Stocks – 98.8%** |
| Aerospace & Defense – 1.8% | Aerospace & Defense – 1.8% | Aerospace & Defense – 1.8% |
| 26834 | L3Harris Technologies, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7877657 |
| Automobile Components – 1.1% | Automobile Components – 1.1% | Automobile Components – 1.1% |
| 64352 | Aptiv PLC\* | 4896544 |
| Automobiles – 0.5% | Automobiles – 0.5% | Automobiles – 0.5% |
| 167745 | Ford Motor Co. | 2200814 |
| Banks – 4.2% | Banks – 4.2% | Banks – 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140904 | Fifth Third Bancorp | 6595716 |
| 192388 | First Horizon Corp. | 4598073 |
| 38721 | Southsate Bank Corp. | 3644034 |
| 29199 | Wintrust Financial Corp. | 4082604 |
|  |  | 18920427 |
| Beverages – 2.3% | Beverages – 2.3% | Beverages – 2.3% |
| 113547 | Coca-Cola Europacific Partners PLC (United Kingdom) | 10298713 |
| Biotechnology – 0.5% | Biotechnology – 0.5% | Biotechnology – 0.5% |
| 28879 | REVOLUTION Medicines, Inc.\* | 2300212 |
| Broadline Retail – 1.4% | Broadline Retail – 1.4% | Broadline Retail – 1.4% |
| 72164 | eBay, Inc. | 6285484 |
| Building Products – 1.2% | Building Products – 1.2% | Building Products – 1.2% |
| 50461 | Builders FirstSource, Inc.\* | 5191932 |
| Capital Markets – 4.4% | Capital Markets – 4.4% | Capital Markets – 4.4% |
| 197712 | Invesco Ltd. | 5193894 |
| 61067 | Jefferies Financial Group, Inc. | 3784322 |
| 35318 | Nasdaq, Inc. | 3430438 |
| 36019 | Raymond James Financial, Inc. | 5784291 |
| 13183 | Robinhood Markets, Inc., Class A\* | 1490997 |
|  |  | 19683942 |
| Chemicals – 2.4% | Chemicals – 2.4% | Chemicals – 2.4% |
| 44909 | RPM International, Inc. | 4670536 |
| 59214 | Solstice Advanced Materials, Inc.\* | 2876616 |
| 44377 | Westlake Corp. | 3281236 |
|  |  | 10828388 |
| Construction Materials – 2.1% | Construction Materials – 2.1% | Construction Materials – 2.1% |
| 15345 | Martin Marietta Materials, Inc. | 9554718 |
| Consumer Finance – 1.2% | Consumer Finance – 1.2% | Consumer Finance – 1.2% |
| 64516 | Synchrony Financial | 5382570 |
| Consumer Staples Distribution & Retail – 2.6% | Consumer Staples Distribution & Retail – 2.6% | Consumer Staples Distribution & Retail – 2.6% |
| 8370 | Casey's General Stores, Inc. | 4626183 |
| 79249 | Performance Food Group Co.\* | 7126070 |
|  |  | 11752253 |
| Containers & Packaging – 1.6% | Containers & Packaging – 1.6% | Containers & Packaging – 1.6% |
| 180313 | International Paper Co. | 7102529 |
| Electric Utilities – 3.0% | Electric Utilities – 3.0% | Electric Utilities – 3.0% |
| 53806 | Exelon Corp. | 2345403 |
| 12446 | NRG Energy, Inc. | 1981901 |
| 202774 | PG&E Corp. | 3258578 |
| 163879 | PPL Corp. | 5739043 |
|  |  | 13324925 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Electrical Equipment – 4.2% | Electrical Equipment – 4.2% | Electrical Equipment – 4.2% |
| 37743 | AMETEK, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7749016 |
| 27845 | Rockwell Automation, Inc. | 10833654 |
|  |  | 18582670 |
| Electronic Equipment, Instruments & Components – 3.9% | Electronic Equipment, Instruments & Components – 3.9% | Electronic Equipment, Instruments & Components – 3.9% |
| 30188 | Coherent Corp.\* | 5571799 |
| 124965 | Ingram Micro Holding Corp.<sup>(a)</sup> | 2666753 |
| 12672 | Jabil, Inc. | 2889470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262865 | Mirion Technologies, Inc.\* | 6156298 |
|  |  | 17284320 |
| Entertainment – 1.2% | Entertainment – 1.2% | Entertainment – 1.2% |
| 16417 | Live Nation Entertainment, Inc.\* | 2339423 |
| 14789 | TKO Group Holdings, Inc. | 3090901 |
|  |  | 5430324 |
| Financial Services – 3.4% | Financial Services – 3.4% | Financial Services – 3.4% |
| 98769 | Corebridge Financial, Inc. | 2979861 |
| 50444 | Fidelity National Information Services, Inc. | 3352508 |
| 45298 | Global Payments, Inc. | 3506065 |
| 273287 | Rocket Cos., Inc., Class A | 5290836 |
|  |  | 15129270 |
| Ground Transportation – 1.2% | Ground Transportation – 1.2% | Ground Transportation – 1.2% |
| 34547 | Old Dominion Freight Line, Inc. | 5416970 |
| Health Care Equipment & Supplies – 0.3% | Health Care Equipment & Supplies – 0.3% | Health Care Equipment & Supplies – 0.3% |
| 23707 | Dexcom, Inc.\* | 1573434 |
| Health Care Providers & Services – 3.8% | Health Care Providers & Services – 3.8% | Health Care Providers & Services – 3.8% |
| 22277 | Cencora, Inc. | 7524057 |
| 11909 | Humana, Inc. | 3050252 |
| 37375 | Quest Diagnostics, Inc. | 6485684 |
|  |  | 17059993 |
| Health Care REITs – 0.5% | Health Care REITs – 0.5% | Health Care REITs – 0.5% |
| 28309 | Ventas, Inc. REIT | 2190550 |
| Hotels, Restaurants & Leisure – 0.5% | Hotels, Restaurants & Leisure – 0.5% | Hotels, Restaurants & Leisure – 0.5% |
| 30786 | Wyndham Hotels & Resorts, Inc. | 2326190 |
| Household Durables – 1.7% | Household Durables – 1.7% | Household Durables – 1.7% |
| 28842 | D.R. Horton, Inc. | 4154113 |
| 29949 | SharkNinja, Inc.\* | 3351293 |
|  |  | 7505406 |
| Industrial REITs – 0.5% | Industrial REITs – 0.5% | Industrial REITs – 0.5% |
| 158112 | Americold Realty Trust, Inc. REIT | 2033320 |
| Insurance – 4.3% | Insurance – 4.3% | Insurance – 4.3% |
| 36532 | American Financial Group, Inc. | 4993194 |
| 28371 | Arch Capital Group Ltd.\* | 2721346 |
| 35366 | Globe Life, Inc. | 4946289 |
| 56048 | Prudential Financial, Inc. | 6326698 |
|  |  | 18987527 |
| Life Sciences Tools & Services – 2.5% | Life Sciences Tools & Services – 2.5% | Life Sciences Tools & Services – 2.5% |
| 51696 | Agilent Technologies, Inc. | 7034275 |
| 3071 | Mettler-Toledo International, Inc.\* | 4281557 |
|  |  | 11315832 |

---

&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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Machinery – 3.4% | Machinery – 3.4% | Machinery – 3.4% |
| 14335 | IDEX Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550770 |
| 56682 | Ingersoll Rand, Inc. | 4490348 |
| 18005 | ITT, Inc. | 3124047 |
| 66482 | Stanley Black & Decker, Inc. | 4938283 |
|  |  | 15103448 |
| Media – 1.0% | Media – 1.0% | Media – 1.0% |
| 55393 | Omnicom Group, Inc. | 4472985 |
| Metals & Mining – 1.1% | Metals & Mining – 1.1% | Metals & Mining – 1.1% |
| 28188 | Steel Dynamics, Inc. | 4776457 |
| Multi-Utilities – 4.8% | Multi-Utilities – 4.8% | Multi-Utilities – 4.8% |
| 27243 | Ameren Corp. | 2720486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77528 | CMS Energy Corp. | 5421533 |
| 173688 | NiSource, Inc. | 7253211 |
| 73236 | Public Service Enterprise Group, Inc. | 5880851 |
|  |  | 21276081 |
| Oil, Gas & Consumable Fuels – 8.3% | Oil, Gas & Consumable Fuels – 8.3% | Oil, Gas & Consumable Fuels – 8.3% |
| 169921 | BKV Corp. (Thailand)\* | 4613355 |
| 24025 | Diamondback Energy, Inc. | 3611678 |
| 34345 | DT Midstream, Inc. | 4110410 |
| 22040 | EOG Resources, Inc. | 2314420 |
| 56857 | Expand Energy Corp. | 6274739 |
| 38479 | HF Sinclair Corp. | 1773112 |
| 46210 | Kinetik Holdings, Inc.<sup>(a)</sup> | 1665871 |
| 162722 | Permian Resources Corp. | 2282990 |
| 56133 | Phillips 66 | 7243402 |
| 16530 | Targa Resources Corp. | 3049785 |
|  |  | 36939762 |
| Passenger Airlines – 2.2% | Passenger Airlines – 2.2% | Passenger Airlines – 2.2% |
| 86730 | United Airlines Holdings, Inc.\* | 9698149 |
| Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% |
| 61834 | Royalty Pharma PLC, Class A | 2389266 |
| Real Estate Management & Development – 0.6% | Real Estate Management & Development – 0.6% | Real Estate Management & Development – 0.6% |
| 17208 | CBRE Group, Inc., Class A\* | 2766874 |
| Residential REITs – 2.7% | Residential REITs – 2.7% | Residential REITs – 2.7% |
| 131001 | American Homes 4 Rent, Class A REIT | 4205132 |
| 28820 | AvalonBay Communities, Inc. REIT | 5225354 |
| 19061 | Mid-America Apartment Communities, Inc. REIT | 2647764 |
|  |  | 12078250 |
| Retail REITs – 0.8% | Retail REITs – 0.8% | Retail REITs – 0.8% |
| 63453 | Realty Income Corp. REIT | 3576846 |
| Semiconductors & Semiconductor Equipment – 1.8% | Semiconductors & Semiconductor Equipment – 1.8% | Semiconductors & Semiconductor Equipment – 1.8% |
| 42638 | Marvell Technology, Inc. | 3623377 |
| 21854 | Teradyne, Inc. | 4230060 |
|  |  | 7853437 |
| Software – 0.6% | Software – 0.6% | Software – 0.6% |
| 65921 | Dynatrace, Inc.\* | 2857016 |
| Specialized REITs – 3.0% | Specialized REITs – 3.0% | Specialized REITs – 3.0% |
| 31501 | Digital Realty Trust, Inc. REIT | 4873520 |
| 30015 | Extra Space Storage, Inc. REIT | 3908553 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Specialized REITs – (continued) | Specialized REITs – (continued) | Specialized REITs – (continued) |
| 165460 | VICI Properties, Inc. REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4652735 |
|  |  | 13434808 |
| Specialty Retail – 2.4% | Specialty Retail – 2.4% | Specialty Retail – 2.4% |
| 60530 | Ross Stores, Inc. | 10903874 |
| Technology Hardware, Storage & Peripherals – 2.5% | Technology Hardware, Storage & Peripherals – 2.5% | Technology Hardware, Storage & Peripherals – 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182287 | Hewlett Packard Enterprise Co. | 4378534 |
| 39050 | Western Digital Corp. | 6727143 |
|  |  | 11105677 |
| Textiles, Apparel & Luxury Goods – 1.3% | Textiles, Apparel & Luxury Goods – 1.3% | Textiles, Apparel & Luxury Goods – 1.3% |
| 45085 | Tapestry, Inc. | 5760510 |
| Trading Companies & Distributors – 3.5% | Trading Companies & Distributors – 3.5% | Trading Companies & Distributors – 3.5% |
| 145889 | Fastenal Co. | 5854526 |
| 12319 | United Rentals, Inc. | 9970013 |
|  |  | 15824539 |
| TOTAL COMMON STOCKS<br>(Cost $370,542,984) | TOTAL COMMON STOCKS<br>(Cost $370,542,984) | 441254893 |
| **Shares** | **Dividend Rate** | **Value** |
| **Investment Company – 1.0%<sup>(b)</sup>** | **Investment Company – 1.0%<sup>(b)</sup>** | **Investment Company – 1.0%<sup>(b)</sup>** |
|  Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares |  |
| 4349549 | 3.686% | 4349549 |
| (Cost $4,349,549) | (Cost $4,349,549) | (Cost $4,349,549) |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $374,892,533) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $374,892,533) | 445604442 |
| **Securities Lending Reinvestment Vehicle – 0.4%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.4%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.4%<sup>(b)</sup>** |
|  Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares |  |
| 1695525 | 3.686% | 1695525 |
| (Cost $1,695,525) | (Cost $1,695,525) | (Cost $1,695,525) |
| TOTAL INVESTMENTS – 100.2%<br>(Cost $376,588,058) | TOTAL INVESTMENTS – 100.2%<br>(Cost $376,588,058) | $447299967 |
|  **LIABILITIES IN EXCESS OF<br>OTHER ASSETS – (0.2)%** | **LIABILITIES IN EXCESS OF<br>OTHER ASSETS – (0.2)%** | (1057847) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446242120 |

---

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;&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;&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-SMALL CAP EQUITY INSIGHTS FUND

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

Schedule of Investments *December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – 98.0%** | **Common Stocks – 98.0%** | **Common Stocks – 98.0%** |
| Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% |
| 806 | Astronics Corp.\* | $43718 |
| 5262 | Kratos Defense & Security Solutions, Inc.\* | 399438 |
| 9441 | Mercury Systems, Inc.\* | 689287 |
| 5943 | Moog, Inc., Class A | 1447418 |
| 39154 | Redwire Corp.\*<sup>(a)</sup> | 297570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877431 |
| Automobile Components – 1.4% | Automobile Components – 1.4% | Automobile Components – 1.4% |
| 29660 | Adient PLC\* | 568582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44822 | American Axle & Manufacturing Holdings, Inc.\* | 287309 |
| 693 | Cooper-Standard Holdings, Inc.\* | 22751 |
| 16345 | Dana, Inc. | 388357 |
| 1120 | Gentherm, Inc.\* | 40735 |
| 8888 | LCI Industries | 1078470 |
| 36811 | Solid Power, Inc.\* | 156447 |
|  |  | 2542651 |
| Banks – 8.0% | Banks – 8.0% | Banks – 8.0% |
| 10807 | Ameris Bancorp | 802636 |
| 28069 | Associated Banc-Corp. | 723057 |
| 3077 | BancFirst Corp. | 326223 |
| 6038 | Bank of Hawaii Corp. | 412818 |
| 80181 | Capitol Federal Financial, Inc. | 546033 |
| 1964 | Central Pacific Financial Corp. | 61198 |
| 1157 | Chemung Financial Corp. | 64561 |
| 1204 | ChoiceOne Financial Services, Inc. | 35542 |
| 5216 | Community Trust Bancorp, Inc. | 294704 |
| 4779 | Dime Community Bancshares, Inc. | 143800 |
| 3581 | FB Financial Corp. | 199820 |
| 500 | Fidelity D&D Bancorp, Inc. | 21765 |
| 584 | First Bancorp, Inc. (The) | 15441 |
| 24905 | First Financial Bancorp | 623123 |
| 15126 | First Financial Bankshares, Inc. | 451814 |
| 10678 | First Merchants Corp. | 400211 |
| 935 | Flushing Financial Corp. | 14184 |
| 6032 | Glacier Bancorp, Inc. | 265710 |
| 6141 | Hancock Whitney Corp. | 391059 |
| 12500 | Hanmi Financial Corp. | 337875 |
| 20633 | Heritage Commerce Corp. | 247802 |
| 1621 | Home Bancorp, Inc. | 93694 |
| 25676 | Hope Bancorp, Inc. | 281409 |
| 9722 | International Bancshares Corp. | 645930 |
| 8676 | Northrim BanCorp, Inc. | 230868 |
| 5385 | Origin Bancorp, Inc. | 202530 |
| 1011 | Park National Corp. | 153854 |
| 15407 | Provident Financial Services, Inc. | 304288 |
| 1122 | Red River Bancshares, Inc. | 80144 |
| 1218 | Seacoast Banking Corp. of Florida | 38270 |
| 8902 | ServisFirst Bancshares, Inc. | 639075 |
| 773 | SmartFinancial, Inc. | 28593 |
| 595 | Sound Financial Bancorp, Inc. | 25960 |
| 5807 | Southern First Bancshares, Inc.\* | 299177 |
| 12037 | Southside Bancshares, Inc. | 365804 |
| 8673 | Texas Capital Bancshares, Inc.\* | 785253 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| 9394 | TriCo Bancshares | $| 444994 |
| 13222 | TrustCo Bank Corp. |  | 546465 |
| 8518 | Trustmark Corp. |  | 331776 |
| 12608 | United Bankshares, Inc. |  | 484147 |
| 24163 | United Community Banks, Inc. |  | 754369 |
| 881 | Univest Financial Corp. |  | 28844 |
| 15372 | Washington Trust Bancorp, Inc. |  | 454243 |
| 19195 | WesBanco, Inc. |  | 638042 |
| 3496 | Westamerica BanCorp |  | 167214 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14404319 |
| Biotechnology – 8.9% | Biotechnology – 8.9% | Biotechnology – 8.9% | Biotechnology – 8.9% |
| 5985 | ACADIA Pharmaceuticals, Inc.\* |  | 159859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14812 | Alector, Inc.\* |  | 23107 |
| 102741 | Allogene Therapeutics, Inc.\* |  | 140755 |
| 67788 | Amicus Therapeutics, Inc.\* |  | 965301 |
| 106286 | Annexon, Inc.\* |  | 533556 |
| 1357 | Apogee Therapeutics, Inc.\* |  | 102426 |
| 280 | Arcellx, Inc.\* |  | 18256 |
| 12676 | Arcturus Therapeutics Holdings, Inc.\* |  | 77704 |
| 2820 | Arcutis Biotherapeutics, Inc.\* |  | 81893 |
| 19038 | Ardelyx, Inc.\* |  | 110992 |
| 19301 | Aurinia Pharmaceuticals, Inc. (Canada)\* |  | 307851 |
| 2086 | BioCryst Pharmaceuticals, Inc.\* |  | 16271 |
| 2462 | Bridgebio Pharma, Inc.\* |  | 188318 |
| 1294 | Celcuity, Inc.\* |  | 129064 |
| 10733 | Celldex Therapeutics, Inc.\* |  | 291508 |
| 8369 | CG oncology, Inc.\* |  | 347481 |
| 9135 | Cogent Biosciences, Inc.\* |  | 324475 |
| 11166 | Corvus Pharmaceuticals, Inc.\* |  | 85978 |
| 3666 | CRISPR Therapeutics AG (Switzerland)\* |  | 192245 |
| 19819 | Cullinan Therapeutics, Inc.\* |  | 205127 |
| 56489 | Denali Therapeutics, Inc.\* |  | 932633 |
| 9376 | Design Therapeutics, Inc.\* |  | 87947 |
| 20667 | Dyne Therapeutics, Inc.\* |  | 404247 |
| 5732 | Enanta Pharmaceuticals, Inc.\* |  | 90394 |
| 3593 | Entrada Therapeutics, Inc.\* |  | 36936 |
| 100232 | Erasca, Inc.\* |  | 372863 |
| 15795 | Heron Therapeutics, Inc.\* |  | 20533 |
| 14987 | Ideaya Biosciences, Inc.\* |  | 518101 |
| 15379 | ImmunityBio, Inc.\*<sup>(a)</sup> |  | 30450 |
| 1827 | Immunome, Inc.\* |  | 39244 |
| 7716 | Keros Therapeutics, Inc.\* |  | 157098 |
| 6435 | Kodiak Sciences, Inc.\* |  | 179923 |
| 6790 | Kymera Therapeutics, Inc.\* |  | 528330 |
| 39997 | Larimar Therapeutics, Inc.\* |  | 152389 |
| 17099 | Lexeo Therapeutics, Inc.\* |  | 169793 |
| 1418 | Madrigal Pharmaceuticals, Inc.\* |  | 825758 |
| 2956 | MeiraGTx Holdings PLC\* |  | 23500 |
| 11250 | Mineralys Therapeutics, Inc.\* |  | 408262 |
| 9414 | Mirum Pharmaceuticals, Inc.\* |  | 743612 |
| 8223 | Monte Rosa Therapeutics, Inc.\* |  | 128937 |
| 24812 | Myriad Genetics, Inc.\* |  | 152594 |
| 8237 | Nkarta, Inc.\* |  | 15238 |
| 7434 | Nurix Therapeutics, Inc.\* |  | 141023 |
| 2438 | Nuvalent, Inc., Class A\* |  | 245238 |
| 6343 | Olema Pharmaceuticals, Inc.\* |  | 158575 |

---

&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;

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

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

&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)** |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| 1796 | Praxis Precision Medicines, Inc.\* | $| 529353 |
| 3096 | Protagonist Therapeutics, Inc.\* |  | 270405 |
| 3970 | PTC Therapeutics, Inc.\* |  | 301561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28220 | Puma Biotechnology, Inc.\* |  | 167909 |
| 2591 | Recursion Pharmaceuticals, Inc., Class A\* |  | 10597 |
| 26324 | Relay Therapeutics, Inc.\* |  | 222701 |
| 13939 | Rigel Pharmaceuticals, Inc.\* |  | 597007 |
| 10711 | Sana Biotechnology, Inc.\* |  | 43594 |
| 8528 | Solid Biosciences, Inc.\* |  | 48098 |
| 3261 | Spyre Therapeutics, Inc.\* |  | 106830 |
| 14198 | Syndax Pharmaceuticals, Inc.\* |  | 298300 |
| 1544 | Tectonic Therapeutic, Inc.\* |  | 32208 |
| 17752 | TG Therapeutics, Inc.\* |  | 529187 |
| 4609 | Travere Therapeutics, Inc.\* |  | 176110 |
| 13461 | Vera Therapeutics, Inc.\* |  | 681665 |
| 15766 | Veracyte, Inc.\* |  | 663749 |
| 15828 | Viridian Therapeutics, Inc.\* |  | 492567 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16037626 |
| Broadline Retail – 0.1% | Broadline Retail – 0.1% | Broadline Retail – 0.1% | Broadline Retail – 0.1% |
| 10712 | Kohl's Corp. |  | 218632 |
| 6633 | Savers Value Village, Inc.\* |  | 61952 |
|  |  |  | 280584 |
| Building Products – 0.4% | Building Products – 0.4% | Building Products – 0.4% | Building Products – 0.4% |
| 6712 | Griffon Corp. |  | 494339 |
| 2495 | Tecnoglass, Inc. |  | 125548 |
|  |  |  | 619887 |
| Capital Markets – 1.8% | Capital Markets – 1.8% | Capital Markets – 1.8% | Capital Markets – 1.8% |
| 38210 | BGC Group, Inc., Class A |  | 341215 |
| 1495 | Cohen & Steers, Inc. |  | 93856 |
| 52826 | GCM Grosvenor, Inc., Class A |  | 597990 |
| 402 | Moelis & Co., Class A |  | 27634 |
| 2064 | Piper Sandler Cos. |  | 701161 |
| 16555 | Victory Capital Holdings, Inc., Class A |  | 1044455 |
| 27887 | WisdomTree, Inc. |  | 339943 |
|  |  |  | 3146254 |
| Chemicals – 1.3% | Chemicals – 1.3% | Chemicals – 1.3% | Chemicals – 1.3% |
| 6759 | Aspen Aerogels, Inc.\* |  | 19128 |
| 7904 | Avient Corp. |  | 246921 |
| 12382 | Innospec, Inc. |  | 947718 |
| 11105 | Minerals Technologies, Inc. |  | 676850 |
| 2760 | Perimeter Solutions, Inc.\* |  | 75983 |
| 8411 | Stepan Co. |  | 398345 |
|  |  |  | 2364945 |
| Commercial Services & Supplies – 1.2% | Commercial Services & Supplies – 1.2% | Commercial Services & Supplies – 1.2% | Commercial Services & Supplies – 1.2% |
| 13805 | Deluxe Corp. |  | 308265 |
| 17069 | Ennis, Inc. |  | 307413 |
| 33849 | Healthcare Services Group, Inc.\* |  | 647193 |
| 421 | HNI Corp. |  | 17699 |
| 3379 | Interface, Inc. |  | 94342 |
| 2064 | Liquidity Services, Inc.\* |  | 62560 |
| 32581 | Montrose Environmental Group, Inc.\* |  | 808986 |
| 1172 | Pitney Bowes, Inc. |  | 12388 |
|  |  |  | 2258846 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Communications Equipment – 0.8% | Communications Equipment – 0.8% | Communications Equipment – 0.8% |
| 5608 | Applied Optoelectronics, Inc.\* | $195495 |
| 3445 | Calix, Inc.\* | 182344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35099 | CommScope Holding Co., Inc.\* | 636345 |
| 20328 | Viavi Solutions, Inc.\* | 362245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376429 |
| Construction & Engineering – 2.4% | Construction & Engineering – 2.4% | Construction & Engineering – 2.4% |
| 719 | Arcosa, Inc. | 76444 |
| 1316 | Argan, Inc. | 412329 |
| 2201 | Dycom Industries, Inc.\* | 743718 |
| 1756 | Great Lakes Dredge & Dock Corp.\* | 23039 |
| 383 | Limbach Holdings, Inc.\* | 29817 |
| 9590 | Matrix Service Co.\* | 112203 |
| 3066 | MYR Group, Inc.\* | 669921 |
| 10045 | Primoris Services Corp. | 1246986 |
| 14320 | Tutor Perini Corp. | 959726 |
|  |  | 4274183 |
| Construction Materials – 0.6% | Construction Materials – 0.6% | Construction Materials – 0.6% |
| 2057 | Knife River Corp.\* | 144710 |
| 8082 | United States Lime & Minerals, Inc. | 967739 |
|  |  | 1112449 |
| Consumer Finance – 2.5% | Consumer Finance – 2.5% | Consumer Finance – 2.5% |
| 1677 | Dave, Inc.\* | 371305 |
| 15417 | Encore Capital Group, Inc.\* | 837914 |
| 7072 | Enova International, Inc.\* | 1111718 |
| 2937 | FirstCash Holdings, Inc. | 468099 |
| 2090 | LendingClub Corp.\* | 39585 |
| 744 | LendingTree, Inc.\* | 39499 |
| 8348 | Medallion Financial Corp. | 85901 |
| 9353 | Navient Corp. | 121589 |
| 9383 | Oportun Financial Corp.\* | 49636 |
| 18916 | OppFi, Inc. | 197861 |
| 21594 | PROG Holdings, Inc. | 636807 |
| 10853 | Regional Management Corp. | 420554 |
| 2077 | Upstart Holdings, Inc.\* | 90827 |
| 249 | World Acceptance Corp.\* | 34957 |
|  |  | 4506252 |
| Containers & Packaging – 0.3% | Containers & Packaging – 0.3% | Containers & Packaging – 0.3% |
| 33795 | O-I Glass, Inc.\* | 498814 |
| Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% |
| 1065 | Weyco Group, Inc. | 32578 |
| Diversified Consumer Services – 2.5% | Diversified Consumer Services – 2.5% | Diversified Consumer Services – 2.5% |
| 1638 | Adtalem Global Education, Inc.\* | 169484 |
| 8313 | American Public Education, Inc.\* | 314231 |
| 100109 | European Wax Center, Inc., Class A\* | 360393 |
| 7286 | Frontdoor, Inc.\* | 420329 |
| 724 | Graham Holdings Co., Class B | 795386 |
| 37350 | Laureate Education, Inc.\* | 1257575 |
| 4647 | McGraw Hill, Inc.\* | 76676 |
| 4532 | Mister Car Wash, Inc.\* | 25198 |
| 6415 | OneSpaWorld Holdings Ltd. (Bahamas) | 133047 |
| 20098 | Perdoceo Education Corp. | 589474 |

---

&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) *December 31, 2025* &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)** |
| Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) |
| 13746 | Universal Technical Institute, Inc.\* | $| 359183 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500976 |
| Diversified REITs – 0.0% | Diversified REITs – 0.0% | Diversified REITs – 0.0% | Diversified REITs – 0.0% |
| 2577 | Alpine Income Property Trust, Inc. REIT |  | 43087 |
| Diversified Telecommunication Services – 0.7% | Diversified Telecommunication Services – 0.7% | Diversified Telecommunication Services – 0.7% | Diversified Telecommunication Services – 0.7% |
| 937 | Anterix, Inc.\* |  | 20455 |
| 4722 | ATN International, Inc. |  | 107661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20409 | Bandwidth, Inc., Class A\* |  | 315319 |
| 58457 | Liberty Latin America Ltd., Class A (Puerto Rico)\* |  | 431997 |
| 27627 | Liberty Latin America Ltd., Class C (Puerto Rico)\* |  | 206098 |
| 15781 | Lumen Technologies, Inc.\* |  | 122618 |
|  |  |  | 1204148 |
| Electric Utilities – 0.0% | Electric Utilities – 0.0% | Electric Utilities – 0.0% | Electric Utilities – 0.0% |
| 585 | Oklo, Inc.\* |  | 41980 |
| Electrical Equipment – 2.1% | Electrical Equipment – 2.1% | Electrical Equipment – 2.1% | Electrical Equipment – 2.1% |
| 10842 | American Superconductor Corp.\* |  | 312033 |
| 11746 | Amprius Technologies, Inc.\* |  | 92676 |
| 6596 | Array Technologies, Inc.\* |  | 60815 |
| 15808 | Bloom Energy Corp., Class A\* |  | 1373557 |
| 12179 | Eos Energy Enterprises, Inc.\* |  | 139571 |
| 8395 | Nextpower, Inc., Class A\* |  | 731289 |
| 6495 | NuScale Power Corp.\* |  | 92034 |
| 26561 | Plug Power, Inc.\* |  | 52325 |
| 982 | Powell Industries, Inc. |  | 313042 |
| 1309 | Preformed Line Products Co. |  | 270583 |
| 7709 | Thermon Group Holdings, Inc.\* |  | 286467 |
|  |  |  | 3724392 |
| Electronic Equipment, Instruments & Components – 4.2% | Electronic Equipment, Instruments & Components – 4.2% | Electronic Equipment, Instruments & Components – 4.2% | Electronic Equipment, Instruments & Components – 4.2% |
| 6109 | 908 Devices, Inc.\* |  | 32072 |
| 4147 | Advanced Energy Industries, Inc. |  | 868258 |
| 1128 | CTS Corp. |  | 48357 |
| 3583 | Fabrinet (Thailand)\* |  | 1631268 |
| 45146 | Knowles Corp.\* |  | 967479 |
| 1452 | Novanta, Inc.\* |  | 172774 |
| 4381 | Richardson Electronics Ltd. |  | 47665 |
| 9327 | Sanmina Corp.\* |  | 1399703 |
| 21760 | TTM Technologies, Inc.\* |  | 1501440 |
| 53466 | Vishay Intertechnology, Inc. |  | 774722 |
|  |  |  | 7443738 |
| Energy Equipment & Services – 2.3% | Energy Equipment & Services – 2.3% | Energy Equipment & Services – 2.3% | Energy Equipment & Services – 2.3% |
| 2634 | Archrock, Inc. |  | 68537 |
| 91533 | Borr Drilling Ltd. (Mexico)\* |  | 368878 |
| 32198 | Core Laboratories, Inc. |  | 516134 |
| 25174 | Expro Group Holdings NV\* |  | 336073 |
| 39647 | Helix Energy Solutions Group, Inc.\* |  | 248587 |
| 12512 | Noble Corp. PLC |  | 353339 |
| 38170 | Oceaneering International, Inc.\* |  | 917225 |
| 108327 | Patterson-UTI Energy, Inc. |  | 661878 |
| 15031 | Seadrill Ltd. (Norway)\* |  | 520072 |
| 853 | Tidewater, Inc.\* |  | 43085 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34765 | Transocean Ltd.\* | $| 143579 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177387 |
| Entertainment – 0.5% | Entertainment – 0.5% | Entertainment – 0.5% | Entertainment – 0.5% |
| 38037 | AMC Entertainment Holdings, Inc., Class A\* |  | 59338 |
| 9623 | CuriosityStream, Inc. |  | 36567 |
| 10973 | Madison Square Garden Entertainment Corp.\* |  | 591335 |
| 45404 | Playtika Holding Corp. |  | 179346 |
| 1917 | Starz Entertainment Corp.\* |  | 22429 |
|  |  |  | 889015 |
| Financial Services – 1.5% | Financial Services – 1.5% | Financial Services – 1.5% | Financial Services – 1.5% |
| 3806 | Alerus Financial Corp. |  | 85711 |
| 23931 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) |  | 1067323 |
| 32344 | Burford Capital Ltd. |  | 288509 |
| 13689 | NCR Atleos Corp.\* |  | 521688 |
| 27354 | Pagseguro Digital Ltd., Class A (Brazil) |  | 263692 |
| 15032 | Payoneer Global, Inc.\* |  | 84480 |
| 13845 | Paysign, Inc.\* |  | 71302 |
| 10496 | Remitly Global, Inc.\* |  | 144845 |
| 2207 | Velocity Financial, Inc.\* |  | 45817 |
|  |  |  | 2573367 |
| Food Products – 0.5% | Food Products – 0.5% | Food Products – 0.5% | Food Products – 0.5% |
| 37970 | BRC, Inc., Class A\* |  | 42147 |
| 9942 | Cal-Maine Foods, Inc. |  | 791085 |
| 28665 | SunOpta, Inc. (Canada)\* |  | 108927 |
|  |  |  | 942159 |
| Gas Utilities – 0.4% | Gas Utilities – 0.4% | Gas Utilities – 0.4% | Gas Utilities – 0.4% |
| 1032 | New Jersey Resources Corp. |  | 47596 |
| 9663 | ONE Gas, Inc. |  | 746467 |
|  |  |  | 794063 |
| Ground Transportation – 0.1% | Ground Transportation – 0.1% | Ground Transportation – 0.1% | Ground Transportation – 0.1% |
| 7958 | FTAI Infrastructure, Inc. |  | 36686 |
| 9456 | RXO, Inc.\* |  | 119524 |
|  |  |  | 156210 |
| Health Care Equipment & Supplies – 4.4% | Health Care Equipment & Supplies – 4.4% | Health Care Equipment & Supplies – 4.4% | Health Care Equipment & Supplies – 4.4% |
| 47722 | Accuray, Inc.\* |  | 39352 |
| 11387 | Artivion, Inc.\* |  | 519361 |
| 20153 | AtriCure, Inc.\* |  | 797253 |
| 106048 | Cerus Corp.\* |  | 218459 |
| 2563 | CVRx, Inc.\* |  | 18197 |
| 25550 | Delcath Systems, Inc.\* |  | 258055 |
| 12841 | Embecta Corp. |  | 152551 |
| 13684 | Glaukos Corp.\* |  | 1545060 |
| 5514 | Haemonetics Corp.\* |  | 441947 |
| 30019 | Inogen, Inc.\* |  | 201728 |
| 5537 | Integer Holdings Corp.\* |  | 434267 |
| 6768 | iRadimed Corp. |  | 658391 |
| 2505 | iRhythm Technologies, Inc.\* |  | 444487 |
| 5021 | LeMaitre Vascular, Inc. |  | 407203 |
| 3354 | Novocure Ltd.\* |  | 43367 |
| 3073 | PROCEPT BioRobotics Corp.\* |  | 96677 |

---

&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;

---

| | | | |
|:---|:---|:---|:---|
| **<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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10864 | Pulmonx Corp.\* | $| 24009 |
| 22140 | RxSight, Inc.\* |  | 230699 |
| 16690 | SI-BONE, Inc.\* |  | 329127 |
| 7613 | TransMedics Group, Inc.\* |  | 926121 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7786311 |
| Health Care Providers & Services – 3.3% | Health Care Providers & Services – 3.3% | Health Care Providers & Services – 3.3% | Health Care Providers & Services – 3.3% |
| 313 | Addus HomeCare Corp.\* |  | 33613 |
| 24083 | agilon health, Inc.\* |  | 16586 |
| 857 | Castle Biosciences, Inc.\* |  | 33337 |
| 24801 | Community Health Systems, Inc.\* |  | 77379 |
| 1963 | CorVel Corp.\* |  | 132836 |
| 26417 | Enhabit, Inc.\* |  | 243565 |
| 4339 | Fulgent Genetics, Inc.\* |  | 113986 |
| 2674 | GeneDx Holdings Corp.\* |  | 347781 |
| 12760 | Guardant Health, Inc.\* |  | 1303306 |
| 9482 | HealthEquity, Inc.\* |  | 868646 |
| 10998 | Hims & Hers Health, Inc.\* |  | 357105 |
| 1716 | Joint Corp. (The)\* |  | 14964 |
| 80806 | LifeStance Health Group, Inc.\* |  | 568874 |
| 12829 | Nano-X Imaging Ltd.<br>(Israel)\*<sup>(a)</sup> |  | 35921 |
| 171120 | OPKO Health, Inc.\* |  | 215611 |
| 13669 | Pennant Group, Inc. (The)\* |  | 384782 |
| 21182 | Privia Health Group, Inc.\* |  | 502225 |
| 6351 | Progyny, Inc.\* |  | 163094 |
| 69582 | Viemed Healthcare, Inc.\* |  | 516994 |
|  |  |  | 5930605 |
| Health Care REITs – 0.5% | Health Care REITs – 0.5% | Health Care REITs – 0.5% | Health Care REITs – 0.5% |
| 50281 | Sabra Health Care REIT, Inc. REIT |  | 952322 |
| Health Care Technology – 0.1% | Health Care Technology – 0.1% | Health Care Technology – 0.1% | Health Care Technology – 0.1% |
| 5795 | Evolent Health, Inc., Class A\* |  | 23180 |
| 10546 | Phreesia, Inc.\* |  | 178438 |
|  |  |  | 201618 |
| Hotel & Resort REITs – 1.4% | Hotel & Resort REITs – 1.4% | Hotel & Resort REITs – 1.4% | Hotel & Resort REITs – 1.4% |
| 81463 | Apple Hospitality REIT, Inc. REIT |  | 965337 |
| 8367 | Braemar Hotels & Resorts, Inc. REIT |  | 24013 |
| 49182 | Chatham Lodging Trust REIT |  | 334929 |
| 69420 | RLJ Lodging Trust REIT |  | 517179 |
| 1987 | Summit Hotel Properties, Inc. REIT |  | 9677 |
| 50076 | Xenia Hotels & Resorts, Inc. REIT |  | 708075 |
|  |  |  | 2559210 |
| Hotels, Restaurants & Leisure – 1.5% | Hotels, Restaurants & Leisure – 1.5% | Hotels, Restaurants & Leisure – 1.5% | Hotels, Restaurants & Leisure – 1.5% |
| 7214 | Bloomin' Brands, Inc. |  | 44510 |
| 50243 | Brightstar Lottery PLC |  | 777762 |
| 8387 | First Watch Restaurant Group, Inc.\* |  | 126476 |
| 44258 | Global Business Travel Group I\* |  | 338574 |
| 6589 | Lindblad Expeditions Holdings, Inc.\* |  | 95013 |
| 10154 | Red Rock Resorts, Inc., Class A |  | 629040 |
| 1375 | Shake Shack, Inc., Class A\* |  | 111609 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) |
| 46322 | Super Group SGHC Ltd. (Guernsey) | 553548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676532 |
| Household Durables – 1.1% | Household Durables – 1.1% | Household Durables – 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12210 | Century Communities, Inc. | 724663 |
| 1839 | Champion Homes, Inc.\* | 155396 |
| 15280 | Dream Finders Homes, Inc., Class A\* | 261288 |
| 6592 | La-Z-Boy, Inc. | 245684 |
| 975 | LGI Homes, Inc.\* | 41886 |
| 6733 | Meritage Homes Corp. | 443031 |
|  |  | 1871948 |
| Household Products – 0.4% | Household Products – 0.4% | Household Products – 0.4% |
| 39843 | Energizer Holdings, Inc. | 792477 |
| Independent Power and Renewable Electricity Producers – 0.7% | Independent Power and Renewable Electricity Producers – 0.7% | Independent Power and Renewable Electricity Producers – 0.7% |
| 4400 | Hallador Energy Co.\* | 83776 |
| 10327 | Ormat Technologies, Inc. | 1140824 |
|  |  | 1224600 |
| Industrial REITs – 0.3% | Industrial REITs – 0.3% | Industrial REITs – 0.3% |
| 9928 | LXP Industrial Trust REIT | 492230 |
| Insurance – 2.0% | Insurance – 2.0% | Insurance – 2.0% |
| 21024 | AMERISAFE, Inc. | 807532 |
| 1280 | HCI Group, Inc. | 245363 |
| 296 | Investors Title Co. | 73894 |
| 628 | Lemonade, Inc.\* | 44701 |
| 16939 | Octave Specialty Group, Inc.\* | 131785 |
| 15361 | Oscar Health, Inc., Class A\* | 220738 |
| 4312 | Safety Insurance Group, Inc. | 335948 |
| 1329 | Selective Insurance Group, Inc. | 111197 |
| 13099 | Stewart Information Services Corp. | 920336 |
| 9284 | Tiptree, Inc. | 169619 |
| 14258 | Universal Insurance Holdings, Inc. | 481920 |
|  |  | 3543033 |
| Interactive Media & Services – 0.5% | Interactive Media & Services – 0.5% | Interactive Media & Services – 0.5% |
| 2043 | EverQuote, Inc., Class A\* | 55161 |
| 54791 | fuboTV, Inc., Class A\* | 138073 |
| 20061 | Grindr, Inc. (Singapore)\* | 271626 |
| 31355 | QuinStreet, Inc.\* | 450572 |
| 1563 | TripAdvisor, Inc.\* | 22757 |
|  |  | 938189 |
| IT Services – 0.4% | IT Services – 0.4% | IT Services – 0.4% |
| 11095 | Applied Digital Corp.\* | 272049 |
| 10646 | BigBear.ai Holdings,<br>Inc.\*<sup>(a)</sup> | 57488 |
| 2618 | DigitalOcean Holdings, Inc.\* | 125978 |
| 20998 | Fastly, Inc., Class A\* | 213760 |
|  |  | 669275 |
| Leisure Products – 0.8% | Leisure Products – 0.8% | Leisure Products – 0.8% |
| 4291 | JAKKS Pacific, Inc. | 72432 |
| 21081 | MasterCraft Boat Holdings, Inc.\* | 398642 |
| 105595 | Peloton Interactive, Inc., Class A\* | 650465 |

---

&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) *December 31, 2025* &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)** |
| Leisure Products – (continued) | Leisure Products – (continued) | Leisure Products – (continued) | Leisure Products – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23263 | Topgolf Callaway Brands Corp.\* | $| 271479 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393018 |
| Life Sciences Tools & Services – 1.2% | Life Sciences Tools & Services – 1.2% | Life Sciences Tools & Services – 1.2% | Life Sciences Tools & Services – 1.2% |
| 34890 | 10X Genomics, Inc.,<br>Class A\* |  | 569056 |
| 58386 | Adaptive Biotechnologies Corp.\* |  | 948189 |
| 77723 | Cytek Biosciences, Inc.\* |  | 392501 |
| 26420 | Maravai LifeSciences Holdings, Inc., Class A\* |  | 85865 |
| 10532 | Niagen Bioscience, Inc.\* |  | 66983 |
|  |  |  | 2062594 |
| Machinery – 2.5% | Machinery – 2.5% | Machinery – 2.5% | Machinery – 2.5% |
| 19033 | Aebi Schmidt Holding AG (Switzerland) |  | 240767 |
| 10973 | Atmus Filtration Technologies, Inc. |  | 569608 |
| 2290 | Chart Industries, Inc.\* |  | 472267 |
| 1760 | Eastern Co. (The) |  | 34654 |
| 2807 | ESCO Technologies, Inc. |  | 548460 |
| 4085 | Federal Signal Corp. |  | 443590 |
| 6430 | Gencor Industries, Inc.\* |  | 83333 |
| 1192 | Gorman-Rupp Co. (The) |  | 56918 |
| 835 | Kadant, Inc. |  | 237992 |
| 8861 | Kennametal, Inc. |  | 251741 |
| 36679 | Microvast Holdings, Inc.\*<sup>(a)</sup> |  | 102701 |
| 11571 | Miller Industries, Inc. |  | 432408 |
| 2618 | Omega Flex, Inc. |  | 77074 |
| 14055 | Palladyne AI Corp.\*<sup>(a)</sup> |  | 59874 |
| 833 | Park-Ohio Holdings Corp. |  | 17443 |
| 3347 | Proto Labs, Inc.\* |  | 169325 |
| 12718 | REV Group, Inc. |  | 773382 |
| 686 | Worthington Enterprises, Inc. |  | 35377 |
|  |  |  | 4606914 |
| Marine Transportation – 0.8% | Marine Transportation – 0.8% | Marine Transportation – 0.8% | Marine Transportation – 0.8% |
| 33972 | Costamare, Inc. (Monaco) |  | 536418 |
| 1799 | Matson, Inc. |  | 222266 |
| 14861 | Pangaea Logistics Solutions Ltd. |  | 102244 |
| 106017 | Safe Bulkers, Inc. (Monaco) |  | 511002 |
|  |  |  | 1371930 |
| Media – 0.7% | Media – 0.7% | Media – 0.7% | Media – 0.7% |
| 11758 | AMC Networks, Inc.,<br>Class A\* |  | 111936 |
| 5756 | Cable One, Inc. |  | 649565 |
| 60629 | Entravision Communications Corp., Class A |  | 177643 |
| 28272 | Gray Media, Inc. |  | 136836 |
| 1985 | John Wiley & Sons, Inc., Class A |  | 60801 |
| 14163 | USA TODAY Co., Inc.\* |  | 72939 |
|  |  |  | 1209720 |
| Metals & Mining – 2.7% | Metals & Mining – 2.7% | Metals & Mining – 2.7% | Metals & Mining – 2.7% |
| 4730 | Century Aluminum Co.\* |  | 185321 |
| 62624 | Coeur Mining, Inc.\* |  | 1116586 |
| 4419 | Critical Metals Corp. (Austria)\*<sup>(a)</sup> |  | 30668 |
| 98251 | Hecla Mining Co. |  | 1885437 |
| 20044 | Ivanhoe Electric, Inc.\* |  | 320303 |
| 73455 | Novagold Resources, Inc. (Canada)\* |  | 684601 |
| 15407 | SSR Mining, Inc. (Canada)\* |  | 337721 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Metals & Mining – (continued) | Metals & Mining – (continued) | Metals & Mining – (continued) | Metals & Mining – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10887 | U.S. Gold Corp.\*<sup>(a)</sup> | $| 211317 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771954 |
| Mortgage Real Estate Investment Trusts (REITs) – 0.6% | Mortgage Real Estate Investment Trusts (REITs) – 0.6% | Mortgage Real Estate Investment Trusts (REITs) – 0.6% | Mortgage Real Estate Investment Trusts (REITs) – 0.6% |
| 26320 | BrightSpire Capital, Inc. REIT |  | 147392 |
| 7403 | Invesco Mortgage Capital, Inc. REIT |  | 62259 |
| 15287 | Ladder Capital Corp. REIT |  | 168004 |
| 16850 | Nexpoint Real Estate Finance, Inc. REIT |  | 237248 |
| 15395 | Ready Capital Corp. REIT |  | 33561 |
| 47887 | TPG RE Finance Trust, Inc. REIT |  | 412307 |
|  |  |  | 1060771 |
| Multi-Utilities – 0.3% | Multi-Utilities – 0.3% | Multi-Utilities – 0.3% | Multi-Utilities – 0.3% |
| 7478 | Black Hills Corp. |  | 519123 |
| Office REITs – 0.5% | Office REITs – 0.5% | Office REITs – 0.5% | Office REITs – 0.5% |
| 10555 | Brandywine Realty Trust REIT |  | 30821 |
| 76520 | Douglas Emmett, Inc. REIT |  | 840955 |
|  |  |  | 871776 |
| Oil, Gas & Consumable Fuels – 2.1% | Oil, Gas & Consumable Fuels – 2.1% | Oil, Gas & Consumable Fuels – 2.1% | Oil, Gas & Consumable Fuels – 2.1% |
| 12106 | Clean Energy Fuels Corp.\* |  | 25422 |
| 890 | Core Natural Resources, Inc. |  | 78774 |
| 4712 | Crescent Energy Co., Class A |  | 39534 |
| 13713 | DHT Holdings, Inc. |  | 167436 |
| 13615 | Diversified Energy Co.<sup>(a)</sup> |  | 197145 |
| 23397 | Encore Energy Corp. (Canada)\* |  | 58024 |
| 7692 | Energy Fuels, Inc.\* |  | 111842 |
| 16265 | Golar LNG Ltd. (Cameroon) |  | 605221 |
| 25629 | Magnolia Oil & Gas Corp., Class A<sup>(b)</sup> |  | 561019 |
| 102140 | Nordic American Tankers Ltd. |  | 351361 |
| 7391 | Par Pacific Holdings, Inc.\* |  | 259720 |
| 2936 | PBF Energy, Inc., Class A |  | 79624 |
| 9444 | Peabody Energy Corp. |  | 280487 |
| 2078 | REX American Resources Corp.\* |  | 67161 |
| 58985 | SFL Corp. Ltd. (Norway) |  | 460673 |
| 938 | SM Energy Co. |  | 17541 |
| 34315 | Uranium Energy Corp.\* |  | 400799 |
|  |  |  | 3761783 |
| Passenger Airlines – 1.5% | Passenger Airlines – 1.5% | Passenger Airlines – 1.5% | Passenger Airlines – 1.5% |
| 5463 | Allegiant Travel Co.\* |  | 465830 |
| 7001 | Frontier Group Holdings, Inc.\* |  | 32975 |
| 183530 | JetBlue Airways Corp.\* |  | 835061 |
| 11077 | SkyWest, Inc.\* |  | 1112242 |
| 16839 | Sun Country Airlines Holdings, Inc.\* |  | 242313 |
|  |  |  | 2688421 |
| Personal Care Products – 0.2% | Personal Care Products – 0.2% | Personal Care Products – 0.2% | Personal Care Products – 0.2% |
| 33256 | Herbalife Ltd.\* |  | 428670 |
| Pharmaceuticals – 2.1% | Pharmaceuticals – 2.1% | Pharmaceuticals – 2.1% | Pharmaceuticals – 2.1% |
| 45207 | Aclaris Therapeutics, Inc.\* |  | 136073 |
| 60207 | Amneal Pharmaceuticals, Inc.\* |  | 758608 |
| 11103 | Arvinas, Inc.\* |  | 131682 |
| 10022 | Atea Pharmaceuticals, Inc.\* |  | 35779 |
| 1931 | Axsome Therapeutics, Inc.\* |  | 352678 |

---

&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;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) |
| 6426 | Collegium Pharmaceutical, Inc.\* | $| 297524 |
| 5922 | Crinetics Pharmaceuticals, Inc.\* |  | 275669 |
| 4015 | Edgewise Therapeutics, Inc.\* |  | 99632 |
| 7222 | EyePoint, Inc.\* |  | 131946 |
| 8748 | Harmony Biosciences Holdings, Inc.\* |  | 327350 |
| 4965 | Innoviva, Inc.\* |  | 99250 |
| 684 | Ligand Pharmaceuticals, Inc.\* |  | 129324 |
| 2407 | Liquidia Corp.\* |  | 83017 |
| 4630 | Omeros Corp.\*<sup>(a)</sup> |  | 79520 |
| 1286 | Septerna, Inc.\*<sup>(a)</sup> |  | 35854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19306 | SIGA Technologies, Inc. |  | 117960 |
| 4499 | Supernus Pharmaceuticals, Inc.\* |  | 223600 |
| 1212 | Tarsus Pharmaceuticals, Inc.\* |  | 99239 |
| 4229 | Terns Pharmaceuticals, Inc.\* |  | 170852 |
| 3716 | Theravance Biopharma, Inc.\* |  | 69526 |
| 14128 | Third Harmonic Bio, Inc.\*<sup>(c)</sup> |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655083 |
| Professional Services – 1.5% | Professional Services – 1.5% | Professional Services – 1.5% | Professional Services – 1.5% |
| 320553 | Alight, Inc., Class A |  | 625078 |
| 679 | ICF International, Inc. |  | 57919 |
| 3990 | Innodata, Inc.\* |  | 203291 |
| 55422 | Legalzoom.com, Inc.\* |  | 550340 |
| 415 | Maximus, Inc. |  | 35823 |
| 7586 | Planet Labs PBC\* |  | 149596 |
| 45621 | Verra Mobility Corp.\*<sup>(b)</sup> |  | 1022366 |
|  |  |  | 2644413 |
| Real Estate Management & Development – 0.6% | Real Estate Management & Development – 0.6% | Real Estate Management & Development – 0.6% | Real Estate Management & Development – 0.6% |
| 7375 | Compass, Inc., Class A\* |  | 77954 |
| 27524 | Douglas Elliman, Inc.\* |  | 65232 |
| 8500 | Forestar Group, Inc.\* |  | 209355 |
| 14920 | FRP Holdings, Inc.\* |  | 340027 |
| 37820 | Kennedy-Wilson Holdings, Inc. |  | 365719 |
|  |  |  | 1058287 |
| Residential REITs – 1.0% | Residential REITs – 1.0% | Residential REITs – 1.0% | Residential REITs – 1.0% |
| 28543 | NexPoint Residential Trust, Inc. REIT |  | 859144 |
| 45712 | UMH Properties, Inc. REIT |  | 727278 |
| 10565 | Veris Residential, Inc. REIT |  | 157207 |
|  |  |  | 1743629 |
| Retail REITs – 1.7% | Retail REITs – 1.7% | Retail REITs – 1.7% | Retail REITs – 1.7% |
| 6799 | Acadia Realty Trust REIT |  | 139651 |
| 11083 | CBL & Associates Properties, Inc. REIT |  | 410071 |
| 5097 | FrontView REIT, Inc. REIT |  | 75232 |
| 5516 | Macerich Co. (The) REIT |  | 101825 |
| 22649 | Phillips Edison & Co., Inc. REIT |  | 805625 |
| 4097 | Tanger, Inc. REIT |  | 136717 |
| 53718 | Urban Edge Properties REIT |  | 1030848 |
| 19966 | Whitestone REIT |  | 277328 |
|  |  |  | 2977297 |
| Semiconductors & Semiconductor Equipment – 3.2% | Semiconductors & Semiconductor Equipment – 3.2% | Semiconductors & Semiconductor Equipment – 3.2% | Semiconductors & Semiconductor Equipment – 3.2% |
| 5069 | ACM Research, Inc.,<br>Class A\* |  | 199972 |
| 1041 | Alpha & Omega Semiconductor Ltd.\* |  | 20622 |
| 1447 | Axcelis Technologies, Inc.\* |  | 116252 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<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) |
| 9814 | Credo Technology Group Holding Ltd.\* | $| 1412136 |
| 12716 | Diodes, Inc.\* |  | 627407 |
| 3527 | FormFactor, Inc.\* |  | 196736 |
| 38336 | MaxLinear, Inc.\* |  | 668197 |
| 13004 | Rigetti Computing, Inc.\* |  | 288039 |
| 8392 | Semtech Corp.\* |  | 618407 |
| 8293 | Silicon Laboratories, Inc.\* |  | 1083895 |
| 970 | SiTime Corp.\* |  | 342594 |
| 1457 | Ultra Clean Holdings, Inc.\* |  | 36906 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5611163 |
| Software – 4.8% | Software – 4.8% | Software – 4.8% | Software – 4.8% |
| 13950 | A10 Networks, Inc. |  | 246776 |
| 19036 | Adeia, Inc. |  | 328371 |
| 1338 | Appian Corp., Class A\* |  | 47392 |
| 34817 | Arteris, Inc.\* |  | 539663 |
| 811 | AvePoint, Inc.\* |  | 11265 |
| 7674 | Box, Inc., Class A\* |  | 229529 |
| 15847 | C3.ai, Inc., Class A\* |  | 213618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14641 | Cerence, Inc.\* |  | 156512 |
| 2931 | Cipher Mining, Inc.\* |  | 43262 |
| 23260 | Cleanspark, Inc.\* |  | 235391 |
| 10210 | Clear Secure, Inc., Class A |  | 358167 |
| 4881 | Commvault Systems, Inc.\* |  | 611882 |
| 7357 | Consensus Cloud Solutions, Inc.\* |  | 160530 |
| 27962 | Core Scientific, Inc.\*<sup>(a)</sup> |  | 407127 |
| 18800 | D-Wave Quantum, Inc. (Canada)\* |  | 491620 |
| 4004 | Five9, Inc.\* |  | 80280 |
| 5426 | Hut 8 Corp. (Canada)\* |  | 249270 |
| 3307 | Intapp, Inc.\* |  | 151527 |
| 1797 | InterDigital, Inc. |  | 572129 |
| 15653 | MARA Holdings, Inc.\* |  | 140564 |
| 18341 | Mitek Systems, Inc.\* |  | 193498 |
| 14788 | Pagaya Technologies Ltd., Class A\* |  | 309069 |
| 2329 | Q2 Holdings, Inc.\* |  | 168061 |
| 2172 | Red Violet, Inc. |  | 123695 |
| 22067 | Riot Platforms, Inc.\* |  | 279589 |
| 17358 | SoundHound AI, Inc., <br>Class A\*<sup>(a)</sup> |  | 173059 |
| 9040 | Telos Corp.\* |  | 46104 |
| 25167 | Terawulf, Inc.\*<sup>(a)</sup> |  | 289169 |
| 19358 | Varonis Systems, Inc.\* |  | 634942 |
| 53715 | Zeta Global Holdings Corp., Class A\* |  | 1093100 |
|  |  |  | 8585161 |
| Specialized REITs – 0.1% | Specialized REITs – 0.1% | Specialized REITs – 0.1% | Specialized REITs – 0.1% |
| 4929 | Smartstop Self Storage REIT, Inc. REIT |  | 152503 |
| Specialty Retail – 3.1% | Specialty Retail – 3.1% | Specialty Retail – 3.1% | Specialty Retail – 3.1% |
| 2888 | Abercrombie & Fitch Co., Class A\* |  | 363513 |
| 43382 | American Eagle Outfitters, Inc. |  | 1143983 |
| 20716 | Bed Bath & Beyond, Inc.\* |  | 113109 |
| 4587 | Boot Barn Holdings, Inc.\* |  | 809468 |
| 4656 | Buckle, Inc. (The) |  | 248723 |
| 4695 | Citi Trends, Inc.\* |  | 195124 |

---

&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) *December 31, 2025* &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) |
| 23729 | Designer Brands, Inc., Class A | $| 176306 |
| 33746 | EVgo, Inc.\* |  | 98201 |
| 20605 | Haverty Furniture Cos., Inc. |  | 481333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22660 | Revolve Group, Inc.\* |  | 684106 |
| 9851 | Shoe Carnival, Inc. |  | 166285 |
| 41644 | Stitch Fix, Inc., Class A\* |  | 218631 |
| 11266 | ThredUp, Inc., Class A\* |  | 71990 |
| 863 | Victoria's Secret & Co.\* |  | 46749 |
| 250 | Winmark Corp. |  | 101235 |
| 19849 | Zumiez, Inc.\* |  | 517066 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5435822 |
| Technology Hardware, Storage & Peripherals – 0.6% | Technology Hardware, Storage & Peripherals – 0.6% | Technology Hardware, Storage & Peripherals – 0.6% | Technology Hardware, Storage & Peripherals – 0.6% |
| 14526 | Eastman Kodak Co.\* |  | 122890 |
| 20071 | IonQ, Inc.\* |  | 900586 |
| 3805 | Quantum Computing, Inc.\* |  | 39039 |
|  |  |  | 1062515 |
| Textiles, Apparel & Luxury Goods – 1.2% | Textiles, Apparel & Luxury Goods – 1.2% | Textiles, Apparel & Luxury Goods – 1.2% | Textiles, Apparel & Luxury Goods – 1.2% |
| 7688 | G-III Apparel Group Ltd. |  | 222644 |
| 8078 | Kontoor Brands, Inc. |  | 493485 |
| 23221 | Movado Group, Inc. |  | 478817 |
| 20484 | Steven Madden Ltd. |  | 852954 |
|  |  |  | 2047900 |
| Trading Companies & Distributors – 1.1% | Trading Companies & Distributors – 1.1% | Trading Companies & Distributors – 1.1% | Trading Companies & Distributors – 1.1% |
| 64916 | DNOW, Inc.\* |  | 860137 |
| 506 | DXP Enterprises, Inc.\* |  | 55554 |
| 549 | GATX Corp. |  | 93110 |
| 15464 | Rush Enterprises, Inc., Class A |  | 834128 |
| 1302 | Xometry, Inc., Class A\* |  | 77430 |
|  |  |  | 1920359 |
| Water Utilities – 0.3% | Water Utilities – 0.3% | Water Utilities – 0.3% | Water Utilities – 0.3% |
| 5429 | American States Water Co. |  | 393494 |
| 2352 | Middlesex Water Co. |  | 118588 |
|  |  |  | 512082 |
| Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% |
| 7219 | Spok Holdings, Inc. |  | 95219 |
| TOTAL COMMON STOCKS<br>(Cost $150,189,802) | TOTAL COMMON STOCKS<br>(Cost $150,189,802) |  | 174710227 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Dividend Rate** | **Value** |
| **Investment Company – 0.5%<sup>(d)</sup>** | **Investment Company – 0.5%<sup>(d)</sup>** | **Investment Company – 0.5%<sup>(d)</sup>** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 837768 | 3.686% | $837768 |
| **(Cost $837,768)** | **(Cost $837,768)** | **(Cost $837,768)** |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $151,027,570) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $151,027,570) | 175547995 |
| **Securities Lending Reinvestment Vehicle – 0.9%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 0.9%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 0.9%<sup>(d)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589036 | 3.686% | 1589036 |
| (Cost $1,589,036) | (Cost $1,589,036) | (Cost $1,589,036) |
| TOTAL INVESTMENTS – 99.4%<br>(Cost $152,616,606) | TOTAL INVESTMENTS – 99.4%<br>(Cost $152,616,606) | $177137031 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.6%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.6%** | 1140348 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178277379 |

---

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) All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **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;&nbsp;&nbsp; **ADDITIONAL INVESTMENT INFORMATION**<br>

**FUTURES CONTRACTS** — At December 31, 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 | 23 | 03/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83623) |

---

&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-STRATEGIC GROWTH FUND

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

Schedule of Investments *December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – 99.7%** | **Common Stocks – 99.7%** |  |  |
| Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% |  |  |
| 22914 | General Electric Co. | $| 7058199 |
| Automobiles – 2.3% | Automobiles – 2.3% |  |  |
| 23216 | Tesla, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10440700 |
| Banks – 2.1% | Banks – 2.1% |  |  |
| 70340 | Bank of America Corp. |  | 3868700 |
| 18629 | JPMorgan Chase & Co. |  | 6002636 |
|  |  |  | 9871336 |
| Biotechnology – 1.5% | Biotechnology – 1.5% |  |  |
| 3307 | Argenx SE ADR (Netherlands)\* |  | 2781022 |
| 22973 | Insmed, Inc.\* |  | 3998221 |
|  |  |  | 6779243 |
| Broadline Retail – 5.3% | Broadline Retail – 5.3% |  |  |
| 106126 | Amazon.com, Inc.\* |  | 24496003 |
| Chemicals – 0.7% | Chemicals – 0.7% |  |  |
| 10286 | Sherwin-Williams Co. (The) |  | 3332973 |
| Commercial Services & Supplies – 0.4% | Commercial Services & Supplies – 0.4% |  |  |
| 10029 | Waste Connections, Inc. |  | 1758685 |
| Construction Materials – 0.8% | Construction Materials – 0.8% |  |  |
| 5913 | Martin Marietta Materials, Inc. |  | 3681789 |
| Consumer Finance – 1.0% | Consumer Finance – 1.0% |  |  |
| 18630 | Capital One Financial Corp. |  | 4515167 |
| Consumer Staples Distribution & Retail – 1.5% | Consumer Staples Distribution & Retail – 1.5% | Consumer Staples Distribution & Retail – 1.5% | Consumer Staples Distribution & Retail – 1.5% |
| 7925 | Costco Wholesale Corp. |  | 6834045 |
| Electrical Equipment – 3.6% | Electrical Equipment – 3.6% |  |  |
| 12686 | AMETEK, Inc. |  | 2604563 |
| 12563 | Eaton Corp. PLC |  | 4001441 |
| 7107 | GE Vernova, Inc. |  | 4644922 |
| 13351 | Rockwell Automation, Inc. |  | 5194473 |
|  |  |  | 16445399 |
| Electronic Equipment, Instruments & Components – 0.6% | Electronic Equipment, Instruments & Components – 0.6% | Electronic Equipment, Instruments & Components – 0.6% | Electronic Equipment, Instruments & Components – 0.6% |
| 15697 | Coherent Corp.\* |  | 2897195 |
| Entertainment – 1.8% | Entertainment – 1.8% |  |  |
| 9317 | Spotify Technology SA\* |  | 5410475 |
| 13380 | TKO Group Holdings, Inc. |  | 2796420 |
|  |  |  | 8206895 |
| Financial Services – 2.5% | Financial Services – 2.5% |  |  |
| 20428 | Mastercard, Inc., Class A |  | 11661937 |
| Ground Transportation – 1.0% | Ground Transportation – 1.0% |  |  |
| 28656 | Old Dominion Freight Line, Inc. |  | 4493261 |
| Health Care Equipment & Supplies – 2.0% | Health Care Equipment & Supplies – 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30572 | Boston Scientific Corp.\* |  | 2915040 |
| 11437 | Intuitive Surgical, Inc.\* |  | 6477460 |
|  |  |  | 9392500 |
| Health Care Providers & Services – 0.7% | Health Care Providers & Services – 0.7% |  |  |
| 31277 | Guardant Health, Inc.\* |  | 3194633 |
| Hotels, Restaurants & Leisure – 1.9% | Hotels, Restaurants & Leisure – 1.9% |  |  |
| 23531 | DoorDash, Inc., Class A\* |  | 5329301 |
| 14479 | Wingstop, Inc. |  | 3453097 |
|  |  |  | 8782398 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |  |
| Household Durables – 0.3% | Household Durables – 0.3% |  |  |
| 8096 | D.R. Horton, Inc. | $| 1166067 |
| Interactive Media & Services – 10.4% | Interactive Media & Services – 10.4% |  |  |
| 39384 | Alphabet, Inc., Class A |  | 12327192 |
| 40949 | Alphabet, Inc., Class C |  | 12849796 |
| 34370 | Meta Platforms, Inc., Class A |  | 22687293 |
|  |  |  | 47864281 |
| IT Services – 1.4% | IT Services – 1.4% |  |  |
| 14059 | Cloudflare, Inc., Class A\* |  | 2771732 |
| 17210 | Snowflake, Inc.\* |  | 3775185 |
|  |  |  | 6546917 |
| Oil, Gas & Consumable Fuels – 1.2% | Oil, Gas & Consumable Fuels – 1.2% |  |  |
| 30685 | Targa Resources Corp. |  | 5661382 |
| Pharmaceuticals – 5.0% | Pharmaceuticals – 5.0% |  |  |
| 27861 | AstraZeneca PLC ADR (United Kingdom) |  | 2561262 |
| 14337 | Eli Lilly & Co. |  | 15407687 |
| 25032 | Johnson & Johnson |  | 5180372 |
|  |  |  | 23149321 |
| Semiconductors & Semiconductor Equipment – 23.2% | Semiconductors & Semiconductor Equipment – 23.2% | Semiconductors & Semiconductor Equipment – 23.2% | Semiconductors & Semiconductor Equipment – 23.2% |
| 21315 | Advanced Micro Devices, Inc.\* |  | 4564820 |
| 56023 | Broadcom, Inc. |  | 19389560 |
| 2352 | KLA Corp. |  | 2857868 |
| 37779 | Lam Research Corp. |  | 6467009 |
| 41674 | Marvell Technology, Inc. |  | 3541457 |
| 13293 | Micron Technology, Inc. |  | 3793955 |
| 354829 | NVIDIA Corp. |  | 66175609 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106790278 |
| Software – 17.8% | Software – 17.8% |  |  |
| 10303 | AppLovin Corp., Class A\* |  | 6942368 |
| 21865 | Datadog, Inc., Class A\* |  | 2973421 |
| 5757 | Intuit, Inc. |  | 3813552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107629 | Microsoft Corp. |  | 52051537 |
| 37562 | Oracle Corp. |  | 7321209 |
| 25419 | Palantir Technologies, Inc., Class A\* |  | 4518227 |
| 64553 | Samsara, Inc., Class A\* |  | 2288404 |
| 8513 | Zscaler, Inc.\* |  | 1914744 |
|  |  |  | 81823462 |
| Specialty Retail – 1.5% | Specialty Retail – 1.5% |  |  |
| 12494 | Home Depot, Inc. (The) |  | 4299185 |
| 13365 | Ross Stores, Inc. |  | 2407571 |
|  |  |  | 6706756 |
| Technology Hardware, Storage & Peripherals – 7.0% | Technology Hardware, Storage & Peripherals – 7.0% | Technology Hardware, Storage & Peripherals – 7.0% | Technology Hardware, Storage & Peripherals – 7.0% |
| 118550 | Apple, Inc. |  | 32229003 |
| Textiles, Apparel & Luxury Goods – 0.7% | Textiles, Apparel & Luxury Goods – 0.7% | Textiles, Apparel & Luxury Goods – 0.7% | Textiles, Apparel & Luxury Goods – 0.7% |
| 73814 | On Holding AG, Class A (Switzerland)\* |  | 3430875 |
| TOTAL COMMON STOCKS<br>(Cost $208,245,631) | TOTAL COMMON STOCKS<br>(Cost $208,245,631) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459210700 |

---

&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 (continued) *December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Dividend Rate** | **Value** |
| **Investment Company – 0.4%<sup>(a)</sup>** | **Investment Company – 0.4%<sup>(a)</sup>** |  |
|  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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845032 | 3.686% | $1845032 |
| **(Cost $1,845,032)** | **(Cost $1,845,032)** |  |
| TOTAL INVESTMENTS – 100.1%<br>(Cost $210,090,663) | TOTAL INVESTMENTS – 100.1%<br>(Cost $210,090,663) | $461055732 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.1)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.1)%** | (234601) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460821131 |

---

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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |

---

&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-U.S. EQUITY INSIGHTS FUND

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

Schedule of Investments *December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.2%** | **Common Stocks – 99.2%** |  |
| Aerospace & Defense – 2.7% | Aerospace & Defense – 2.7% |  |
| 18900 | General Electric Co. | $5821767 |
| 25097 | RTX Corp. | 4602790 |
|  |  | 10424557 |
| Automobile Components – 0.2% | Automobile Components – 0.2% |  |
| 13220 | BorgWarner, Inc. | 595693 |
| 9964 | Gentex Corp. | 231862 |
|  |  | 827555 |
| Automobiles – 2.6% | Automobiles – 2.6% |  |
| 159713 | Ford Motor Co. | 2095434 |
| 17479 | Tesla, Inc.\* | 7860656 |
|  |  | 9956090 |
| Banks – 4.2% | Banks – 4.2% |  |
| 113582 | Bank of America Corp. | 6247010 |
| 13613 | Citizens Financial Group, Inc. | 795135 |
| 12473 | FNB Corp. | 213288 |
| 26494 | JPMorgan Chase & Co. | 8536897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15792330 |
| Beverages – 1.5% | Beverages – 1.5% |  |
| 80157 | Coca-Cola Co. (The) | 5603776 |
| Biotechnology – 2.1% | Biotechnology – 2.1% |  |
| 9034 | AbbVie, Inc. | 2064179 |
| 5676 | Regeneron Pharmaceuticals, Inc. | 4381134 |
| 3305 | Vertex Pharmaceuticals, Inc.\* | 1498355 |
|  |  | 7943668 |
| Broadline Retail – 3.9% | Broadline Retail – 3.9% |  |
| 63293 | Amazon.com, Inc.\* | 14609290 |
| 1892 | Ollie's Bargain Outlet Holdings, Inc.\* | 207382 |
|  |  | 14816672 |
| Building Products – 0.3% | Building Products – 0.3% |  |
| 21111 | Carrier Global Corp. | 1115505 |
| Capital Markets – 2.7% | Capital Markets – 2.7% |  |
| 9850 | CME Group, Inc. | 2689838 |
| 711 | Coinbase Global, Inc., Class A\* | 160785 |
| 1627 | Evercore, Inc., Class A | 553587 |
| 1397 | Houlihan Lokey, Inc. | 243343 |
| 24786 | Invesco Ltd. | 651128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23505 | Morgan Stanley | 4172843 |
| 15245 | Stifel Financial Corp. | 1908979 |
|  |  | 10380503 |
| Chemicals – 0.5% | Chemicals – 0.5% |  |
| 28763 | Axalta Coating Systems Ltd.\* | 929333 |
| 1479 | Linde PLC | 630631 |
| 14403 | Mosaic Co. (The) | 346968 |
|  |  | 1906932 |
| Construction & Engineering – 0.1% | Construction & Engineering – 0.1% |  |
| 255 | Comfort Systems USA, Inc. | 237989 |
| Construction Materials – 0.8% | Construction Materials – 0.8% |  |
| 11197 | Vulcan Materials Co. | 3193608 |
| Consumer Finance – 1.4% | Consumer Finance – 1.4% |  |
| 866 | American Express Co. | 320377 |
| 19796 | OneMain Holdings, Inc. | 1337220 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |  |
| Consumer Finance – (continued) | Consumer Finance – (continued) |  |  |
| 22473 | SoFi Technologies, Inc.\* | $| 588343 |
| 34552 | Synchrony Financial |  | 2882673 |
|  |  |  | 5128613 |
| Consumer Staples Distribution & Retail – 0.8% | Consumer Staples Distribution & Retail – 0.8% | Consumer Staples Distribution & Retail – 0.8% | Consumer Staples Distribution & Retail – 0.8% |
| 5780 | Casey's General Stores, Inc. |  | 3194664 |
| Diversified Consumer Services – 1.2% | Diversified Consumer Services – 1.2% |  |  |
| 35427 | Bright Horizons Family Solutions, Inc.\* |  | 3592298 |
| 6003 | Grand Canyon Education, Inc.\* |  | 998359 |
|  |  |  | 4590657 |
| Diversified Telecommunication Services – 0.1% | Diversified Telecommunication Services – 0.1% | Diversified Telecommunication Services – 0.1% | Diversified Telecommunication Services – 0.1% |
| 21812 | Iridium Communications, Inc. |  | 379093 |
| Electronic Equipment, Instruments & Components – 0.2% | Electronic Equipment, Instruments & Components – 0.2% |  |  |
| 6833 | Amphenol Corp., Class A |  | 923412 |
| Energy Equipment & Services – 0.0% | Energy Equipment & Services – 0.0% |  |  |
| 10763 | NOV, Inc. |  | 168226 |
| Entertainment – 0.4% | Entertainment – 0.4% |  |  |
| 17693 | Netflix, Inc.\* |  | 1658896 |
| Financial Services – 4.7% | Financial Services – 4.7% |  |  |
| 19471 | Berkshire Hathaway, Inc., Class B\* |  | 9787098 |
| 22689 | Visa, Inc., Class A |  | 7957259 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17744357 |
| Food Products – 0.5% | Food Products – 0.5% |  |  |
| 29293 | Tyson Foods, Inc., Class A |  | 1717156 |
| Health Care Equipment & Supplies – 1.2% | Health Care Equipment & Supplies – 1.2% |  |  |
| 48607 | Boston Scientific Corp.\* |  | 4634677 |
| Health Care Providers & Services – 2.0% | Health Care Providers & Services – 2.0% |  |  |
| 1516 | Chemed Corp. |  | 648636 |
| 1210 | Quest Diagnostics, Inc. |  | 209971 |
| 11223 | UnitedHealth Group, Inc. |  | 3704824 |
| 13635 | Universal Health Services, Inc., Class B |  | 2972703 |
|  |  |  | 7536134 |
| Health Care REITs – 0.6% | Health Care REITs – 0.6% |  |  |
| 45881 | Alexandria Real Estate Equities, Inc. REIT |  | 2245416 |
| Hotels, Restaurants & Leisure – 3.6% | Hotels, Restaurants & Leisure – 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22093 | Airbnb, Inc., Class A\* |  | 2998462 |
| 38286 | Aramark |  | 1411222 |
| 6979 | Dutch Bros, Inc., Class A\* |  | 427254 |
| 14921 | Expedia Group, Inc. |  | 4227268 |
| 9193 | Royal Caribbean Cruises Ltd. |  | 2564112 |
| 30014 | Viking Holdings Ltd.\* |  | 2143300 |
|  |  |  | 13771618 |
| Household Durables – 0.2% | Household Durables – 0.2% |  |  |
| 4244 | D.R. Horton, Inc. |  | 611263 |
| Household Products – 1.0% | Household Products – 1.0% |  |  |
| 25786 | Procter & Gamble Co. (The) |  | 3695392 |
| Independent Power and Renewable Electricity Producers – 0.3% | Independent Power and Renewable Electricity Producers – 0.3% | Independent Power and Renewable Electricity Producers – 0.3% | Independent Power and Renewable Electricity Producers – 0.3% |
| 66699 | AES Corp. (The) |  | 956464 |

---

&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 (continued) *December 31, 2025* &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)** |  |
| Insurance – 0.8% | Insurance – 0.8% |  |
| 2738 | Erie Indemnity Co., Class A | $784848 |
| 22786 | Loews Corp. | 2399593 |
|  |  | 3184441 |
| Interactive Media & Services – 7.9% | Interactive Media & Services – 7.9% |  |
| 11194 | Alphabet, Inc., Class A | 3503722 |
| 47657 | Alphabet, Inc., Class C | 14954767 |
| 16642 | Meta Platforms, Inc., Class A | 10985218 |
| 2735 | Reddit, Inc., Class A\* | 628694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30072401 |
| IT Services – 0.4% | IT Services – 0.4% |  |
| 4457 | International Business Machines Corp. | 1320208 |
| Leisure Products – 0.0% | Leisure Products – 0.0% |  |
| 1757 | Brunswick Corp. | 130440 |
| Life Sciences Tools & Services – 0.4% | Life Sciences Tools & Services – 0.4% |  |
| 2400 | Medpace Holdings, Inc.\* | 1347960 |
| Machinery – 1.2% | Machinery – 1.2% |  |
| 36663 | Mueller Industries, Inc. | 4208913 |
| 1061 | Nordson Corp. | 255096 |
|  |  | 4464009 |
| Marine Transportation – 1.1% | Marine Transportation – 1.1% |  |
| 37421 | Kirby Corp.\* | 4123046 |
| Media – 1.4% | Media – 1.4% |  |
| 44389 | Fox Corp., Class A | 3243505 |
| 11683 | Fox Corp., Class B | 758577 |
| 5387 | Nexstar Media Group, Inc. | 1093830 |
| 4504 | Omnicom Group, Inc. | 363698 |
|  |  | 5459610 |
| Metals & Mining – 0.9% | Metals & Mining – 0.9% |  |
| 14160 | Freeport-McMoRan, Inc. | 719186 |
| 17536 | Southern Copper Corp. (Mexico) | 2515890 |
|  |  | 3235076 |
| Oil, Gas & Consumable Fuels – 2.0% | Oil, Gas & Consumable Fuels – 2.0% |  |
| 8373 | Antero Resources Corp.\* | 288534 |
| 14388 | APA Corp. | 351930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35885 | Chevron Corp. | 5469233 |
| 16404 | ConocoPhillips | 1535578 |
|  |  | 7645275 |
| Passenger Airlines – 0.5% | Passenger Airlines – 0.5% |  |
| 8670 | Delta Air Lines, Inc. | 601698 |
| 26633 | Southwest Airlines Co. | 1100742 |
|  |  | 1702440 |
| Pharmaceuticals – 4.6% | Pharmaceuticals – 4.6% |  |
| 46104 | Bristol-Myers Squibb Co. | 2486850 |
| 5400 | Eli Lilly & Co. | 5803272 |
| 35496 | Johnson & Johnson | 7345897 |
| 13074 | Zoetis, Inc. | 1644971 |
|  |  | 17280990 |
| Professional Services – 1.5% | Professional Services – 1.5% |  |
| 3594 | CACI International, Inc., Class A\* | 1914919 |
| 6698 | Equifax, Inc. | 1453332 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| Professional Services – (continued) | Professional Services – (continued) |  |
| 26663 | SS&C Technologies Holdings, Inc. | $2330879 |
|  |  | 5699130 |
| Residential REITs – 0.9% | Residential REITs – 0.9% |  |
| 31659 | Camden Property Trust REIT | 3485023 |
| 7781 | Invitation Homes, Inc. REIT | 216234 |
|  |  | 3701257 |
| Semiconductors & Semiconductor Equipment – 12.8% | Semiconductors & Semiconductor Equipment – 12.8% | Semiconductors & Semiconductor Equipment – 12.8% |
| 33846 | Broadcom, Inc. | 11714101 |
| 12298 | Microchip Technology, Inc. | 783629 |
| 7305 | Micron Technology, Inc. | 2084920 |
| 160952 | NVIDIA Corp. | 30017548 |
| 22768 | Texas Instruments, Inc. | 3950020 |
|  |  | 48550218 |
| Software – 12.3% | Software – 12.3% |  |
| 9931 | Dolby Laboratories, Inc., Class A | 637769 |
| 28491 | Fortinet, Inc.\* | 2262470 |
| 3989 | Intuit, Inc. | 2642393 |
| 56467 | Microsoft Corp. | 27308571 |
| 27935 | Oracle Corp. | 5444811 |
| 1843 | Palantir Technologies, Inc., Class A\* | 327593 |
| 15710 | Palo Alto Networks, Inc.\* | 2893782 |
| 1855 | Rubrik, Inc., Class A\* | 141870 |
| 17086 | Samsara, Inc., Class A\* | 605699 |
| 27600 | ServiceNow, Inc.\* | 4228044 |
|  |  | 46493002 |
| Specialized REITs – 0.1% | Specialized REITs – 0.1% |  |
| 1073 | Public Storage REIT | 278444 |
| Specialty Retail – 1.3% | Specialty Retail – 1.3% |  |
| 32248 | TJX Cos., Inc. (The) | 4953615 |
| Technology Hardware, Storage & Peripherals – 7.4% | Technology Hardware, Storage & Peripherals – 7.4% | Technology Hardware, Storage & Peripherals – 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93812 | Apple, Inc. | 25503730 |
| 15307 | Western Digital Corp. | 2636937 |
|  |  | 28140667 |
| Textiles, Apparel & Luxury Goods – 0.2% | Textiles, Apparel & Luxury Goods – 0.2% |  |
| 7148 | Birkenstock Holding PLC (Germany)\* | 292353 |
| 1782 | Ralph Lauren Corp. | 630133 |
|  |  | 922486 |
| Tobacco – 1.1% | Tobacco – 1.1% |  |
| 27030 | Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4335612 |
| Wireless Telecommunication Services – 0.6% | Wireless Telecommunication Services – 0.6% |  |
| 11460 | T-Mobile US, Inc. | 2326838 |
| TOTAL INVESTMENTS – 99.2%<br>(Cost $253,700,281) | TOTAL INVESTMENTS – 99.2%<br>(Cost $253,700,281) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376522388 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.8%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.8%** | 2938304 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $379460692 |

---

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

&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;

\* Non-income producing security.

---

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

---

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

**FUTURES CONTRACTS** — At December 31, 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 | 6 | 03/20/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 |

---

&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 EQUITY FUNDS

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

Statements of Assets and Liabilities *December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 $104,311,671, $203,179,814, $50,527,164 and $370,542,984, respectively)<sup>(a)</sup> | $126185707 | $263566105 | $61412925 | $441254893 |
|  Investments in affiliated issuers, at value (cost $–, $1,494,932, $1,911,362 and $4,349,549, respectively) |  | 1494932 | 1911362 | 4349549 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 552960 |  |  | 1695525 |
|  Cash | 227951 | 578202 | 57585 | 683157 |
|  Foreign Currency, at value (cost $828,046, $–, $– and $–, respectively) | 830659 |  |  |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 550770 | 4993 |  | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 111211 | 91711 | 3330 | 493215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 70610 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 20189 | 12857 | 12634 | 7490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 978 | 779 | 7583 | 68806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 117 | 435 | 242 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 87250 | 72967 |  |
|  Variation margin on futures contracts | 7946 |  |  |  |
|  Other assets | 331 | 272 | 2654 | 161 |
|  **Total assets** | 128559429 | 265837536 | 63481282 | 448554662 |
| **Liabilities:** |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 552960 |  |  | 1695525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 52315 | 45413 | 45413 | 45422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 43694 | 79618 | 22661 | 151602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 37241 | 13132 | 10068 | 21456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 19066 | 63982 | 7985 | 298764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Printing and mailing costs | 11306 | 15728 | 14546 | 80954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 5418 | 20842 | 7142 | 16334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 219 | 1356 | 269 | 2485 |
|  **Total liabilities** | 722219 | 240071 | 108084 | 2312542 |
| **Net Assets:** |  |  |  |  |
|  Paid-in capital | 104408178 | 206293811 | 51539341 | 364885107 |
|  Total distributable earnings | 23429032 | 59303654 | 11833857 | 81357013 |
|  **NET ASSETS** | $127837210 | $265597465 | $63373198 | $446242120 |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $88704945 | $83353907 | $4059415 | $334356597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 39132265 | 182243558 | 59313783 | 111885523 |
|  Total Net Assets | $127837210 | $265597465 | $63373198 | $446242120 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8541578 | 10192172 | 374685 | 20523528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 3742717 | 22241215 | 6060875 | 6764069 |
|  Net asset value, offering and redemption price per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $10.39 | $8.18 | $10.83 | $16.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 10.46 | 8.19 | 9.79 | 16.54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $524,351, $–, $– and $1,662,070 for International Equity Insights Fund, Large Cap Value Fund, Mid Cap Growth Fund and Mid Cap Value Fund, respectively.

&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 (continued) *December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 $150,189,802, $208,245,631 and $253,700,281, respectively)<sup>(a)</sup> | $174710227 | $459210700 | $376522388 |
|  Investments in affiliated issuers, at value (cost $837,768, $1,845,032 and $–, respectively) | 837768 | 1845032 |  |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 1589036 |  |  |
|  Cash | 2745274 | 538216 | 3019353 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 131295 | 19260 | 129346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 50750 | 92512 | 24302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 7340 | 14772 | 13845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 2224 | 2799 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 1357 | 151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 0 |  | 135610 |
|  Other assets | 274 | 75 | 1006 |
|  **Total assets** | 180075545 | 461723517 | 379846856 |
| **Liabilities:** |  |  |  |
|  Variation margin on futures contracts | 22655 |  | 3260 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 1589036 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 55410 | 137683 | 90102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 47957 | 639796 | 197651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 47513 | 45413 | 47654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Printing and mailing costs | 12235 | 27155 | 20540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 7320 | 31269 | 8467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 16040 | 21070 | 18490 |
|  **Total liabilities** | 1798166 | 902386 | 386164 |
| **Net Assets:** |  |  |  |
|  Paid-in capital | 153165633 | 185609702 | 255179618 |
|  Total distributable earnings | 25111746 | 275211429 | 124281074 |
|  **NET ASSETS** | $178277379 | $460821131 | $379460692 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $126484237 | $213125858 | $332934918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 51793142 | 247695273 | 46525774 |
|  Total Net Assets | $178277379 | $460821131 | $379460692 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8856994 | 13756185 | 15281341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 3685204 | 16314319 | 2110609 |
|  Net asset value, offering and redemption price per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | $14.28 | $15.49 | $21.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 14.05 | 15.18 | 22.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $1,523,098, $– 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;

---

| | |
|:---|:---|
| 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 Operations *For the Fiscal Year Ended December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 $358,338, $1,604, $– and $1,580, respectively) | $3392460 | $4504458 | $306944 | $7788104 |
| Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 4608 | 7709 | 2691 | 8576 |
|  Dividends — affiliated issuers | 3969 | 34623 | 40398 | 241777 |
|  **Total Investment Income** | 3401037 | 4546790 | 350033 | 8038457 |
| **Expenses:** |  |  |  |  |
|  Management fees | 929324 | 1905755 | 547140 | 3323878 |
|  Custody, accounting and administrative services | 141946 | 57796 | 39801 | 77393 |
|  Professional fees | 130946 | 115264 | 108403 | 105375 |
|  Distribution and/or Service (12b-1) fees | 93599 | 456189 | 149555 | 259853 |
|  Trustee fees | 28004 | 28316 | 27895 | 28662 |
|  Transfer Agency fees<sup>(a)</sup> | 22946 | 52938 | 12578 | 86334 |
|  Printing and mailing costs | 20736 | 33822 | 38606 |  |
|  Other | 5298 | 8695 | 4843 | 12281 |
|  **Total expenses** | 1372799 | 2658775 | 928821 | 3893776 |
|  Less — expense reductions | (356932) | (377035) | (316158) | (88606) |
|  **Net expenses** | 1015867 | 2281740 | 612663 | 3805170 |
|  **NET INVESTMENT INCOME (LOSS)** | 2385170 | 2265050 | (262630) | 4233287 |
| **Realized and Unrealized gain (loss):** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 16600187 | 30788753 | 8082444 | 51785037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 370532 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 18740 | 18 | 14 | (746) |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 17223019 | (6751026) | (3594215) | (18082276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 99608 | 225 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 15355 |  |  |  |
|  **Net realized and unrealized gain** | 34327441 | 24037970 | 4488243 | 33702035 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $36712611 | $26303020 | $4225613 | $37935322 |

---

<sup>(a)</sup> Class specific Transfer Agency fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Institutional** | **Service** |
|  International Equity Insights Fund | $15458 | $7488 |
|  Large Cap Value Fund | 16443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36495 |
|  Mid Cap Growth Fund | 614 | 11964 |
|  Mid Cap Value Fund | 65546 | 20788 |

---

&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 (continued) *For the Fiscal Year Ended December 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 $5,424, $1,979 and $–, respectively) | $2217642 | $2122772 | $4409615 |
|  Dividends — affiliated issuers | 41347 | 137105 | 2070 |
| Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 32677 | 3792 |  |
|  **Total Investment Income** | 2291666 | 2263669 | 4411685 |
| **Expenses:** |  |  |  |
|  Management fees | 1106542 | 3025591 | 2292723 |
|  Professional fees | 114401 | 111485 | 114055 |
|  Distribution and/or Service (12b-1) fees | 108927 | 568864 | 112366 |
|  Custody, accounting and administrative services | 66536 | 72709 | 72607 |
|  Printing and mailing costs | 31943 | 47029 | 35229 |
|  Transfer Agency fees<sup>(a)</sup> | 31616 | 85228 | 73959 |
|  Trustee fees | 28104 | 28664 | 28543 |
|  Other | 9485 | 12039 | 12019 |
|  **Total expenses** | 1497554 | 3951609 | 2741501 |
|  Less — expense reductions | (103457) | (388060) | (561539) |
|  **Net expenses** | 1394097 | 3563549 | 2179962 |
|  **NET INVESTMENT INCOME (LOSS)** | 897569 | (1299880) | 2231723 |
| **Realized and Unrealized gain (loss):** |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 11015389 | 79311687 | 36669740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 112903 |  | (317845) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 12701371 | (8672751) | 15522565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 43869 |  | 90505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | 125 |  |
| **Net realized and unrealized gain** | 23873532 | 70639097 | 51964965 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $24771101 | $69339217 | $54196688 |

---

<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 | $22902 | $8714 |
|  Strategic Growth Fund | 39719 | 45509 |
|  U.S. Equity Insights Fund | 64970 | 8989 |

---

&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 Changes in Net Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 Fiscal<br>Year Ended**<br> **December 31, 2025** | **For the Fiscal<br>Year Ended**<br> **December 31, 2024** | **For the Fiscal<br>Year Ended**<br> **December 31, 2025** | **For the Fiscal<br>Year Ended**<br> **December 31, 2024** |
| **From operations:** |  |  |  |  |
|  Net investment income | $2385170 | $2237632 | $2265050 | $3135982 |
|  Net realized gain | 16989459 | 11876070 | 30788771 | 34945091 |
|  Net change in unrealized gain (loss) | 17337982 | (7732163) | (6750801) | 6843102 |
| **Net increase in net assets resulting from operations** | 36712611 | 6381539 | 26303020 | 44924175 |
| **Distributions to shareholders:** |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (12618389) | (4359207) | (12045590) | (11419934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (5558963) | (2118195) | (26076765) | (24965024) |
|  **Total distributions to shareholders** | (18177352) | (6477402) | (38122355) | (36384958) |
| **From share transactions:** |  |  |  |  |
|  Proceeds from sales of shares | 17473431 | 5340662 | 10077718 | 6554512 |
|  Reinvestment of distributions | 18177352 | 6477402 | 38122355 | 36384958 |
|  Cost of shares redeemed | (24396506) | (18577626) | (43638709) | (59320824) |
| **Net increase (decrease) in net assets resulting from share transactions** | 11254277 | (6759562) | 4561364 | (16381354) |
|  **TOTAL INCREASE (DECREASE)** | 29789536 | (6855425) | (7257971) | (7842137) |
| **Net Assets:** |  |  |  |  |
|  Beginning of year | $98047674 | $104903099 | $272855436 | $280697573 |
|  End of year | $127837210 | $98047674 | $265597465 | $272855436 |

---

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

&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 Fiscal<br>Year Ended**<br> **December 31, 2025** | **For the Fiscal<br>Year Ended**<br> **December 31, 2024** | **For the Fiscal<br>Year Ended**<br> **December 31, 2025** | **For the Fiscal<br>Year Ended**<br> **December 31, 2024** |
| **From operations:** |  |  |  |  |
|  Net investment income (loss) | $(262630) | $(229634) | $4233287 | $4071636 |
|  Net realized gain | 8082458 | 11515918 | 51784291 | 39385202 |
|  Net change in unrealized gain (loss) | (3594215) | 536961 | (18082256) | 9439108 |
| **Net increase in net assets resulting from operations** | 4225613 | 11823245 | 37935322 | 52895946 |
| **Distributions to shareholders:** |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (647552) | (183376) | (38937278) | (22346482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (10316086) | (7178874) | (12730385) | (7562396) |
|  **Total distributions to shareholders** | (10963638) | (7362250) | (51667663) | (29908878) |
| **From share transactions:** |  |  |  |  |
|  Proceeds from sales of shares | 11607162 | 4869881 | 62581796 | 24974652 |
|  Reinvestment of distributions | 10963638 | 7362250 | 51667663 | 29908878 |
|  Cost of shares redeemed | (16953531) | (14460582) | (103643998) | (77492627) |
| **Net increase (decrease) in net assets resulting from share transactions** | 5617269 | (2228451) | 10605461 | (22609097) |
|  **TOTAL INCREASE (DECREASE)** | (1120756) | 2232544 | (3126880) | 377971 |
| **Net Assets:** |  |  |  |  |
|  Beginning of year | $64493954 | $62261410 | $449369000 | $448991029 |
|  End of year | $63373198 | $64493954 | $446242120 | $449369000 |

---

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

&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 Fiscal<br>Year Ended**<br> **December 31, 2025** | **For the Fiscal<br>Year Ended**<br> **December 31, 2024** | **For the Fiscal<br>Year Ended**<br> **December 31, 2025** | **For the Fiscal<br>Year Ended**<br> **December 31, 2024** |
| **From operations:** |  |  |  |  |
|  Net investment income (loss) | $897569 | $662738 | $(1299880) | $(1061758) |
|  Net realized gain | 11128292 | 27355340 | 79311723 | 45117308 |
|  Net change in unrealized gain (loss) | 12745240 | (4876916) | (8672626) | 66730570 |
| **Net increase in net assets resulting from operations** | 24771101 | 23141162 | 69339217 | 110786120 |
| **Distributions to shareholders:** |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (10631236) | (9967498) | (31726909) | (14116534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (4217779) | (3285027) | (37446533) | (17717139) |
|  **Total distributions to shareholders** | (14849015) | (13252525) | (69173442) | (31833673) |
| **From share transactions:** |  |  |  |  |
|  Proceeds from sales of shares | 26385156 | 28899945 | 90165692 | 29714042 |
|  Reinvestment of distributions | 14849015 | 13252525 | 69173442 | 31833672 |
|  Cost of shares redeemed | (25503539) | (23052447) | (125871781) | (80063168) |
| **Net increase (decrease) in net assets resulting from share transactions** | 15730632 | 19100023 | 33467353 | (18515454) |
|  **TOTAL INCREASE** | 25652718 | 28988660 | 33633128 | 60436993 |
| **Net Assets:** |  |  |  |  |
|  Beginning of year | $152624661 | $123636001 | $427188003 | $366751010 |
|  End of year | $178277379 | $152624661 | $460821131 | $427188003 |

---

&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)

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

---

| | | |
|:---|:---|:---|
|  | **U.S. Equity Insights Fund**  | **U.S. Equity Insights Fund**  |
|  | **For the Fiscal<br>Year Ended**<br> **December 31, 2025** | **For the Fiscal<br>Year Ended**<br> **December 31, 2024** |
| **From operations:** |  |  |
|  Net investment income | $2231723 | $1926403 |
|  Net realized gain | 36351895 | 61281367 |
|  Net change in unrealized gain | 15613070 | 23941033 |
| **Net increase in net assets resulting from operations** | 54196688 | 87148803 |
| **Distributions to shareholders:** |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (43615530) | (45338169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (6009559) | (6364126) |
|  **Total distributions to shareholders** | (49625089) | (51702295) |
| **From share transactions:** |  |  |
|  Proceeds from sales of shares | 24114224 | 20868263 |
|  Reinvestment of distributions | 49625089 | 51702296 |
|  Cost of shares redeemed | (72299998) | (58156442) |
| **Net increase in net assets resulting from share transactions** | 1439315 | 14414117 |
|  **TOTAL INCREASE** | 6010914 | 49860625 |
| **Net Assets:** |  |  |
|  Beginning of year | $373449778 | $323589153 |
|  End of year | $379460692 | $373449778 |

---

&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 INTERNATIONAL EQUITY INSIGHTS FUND

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

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

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

&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** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.79 | $8.86 | $7.66 | $9.16 | $8.62 |
|  Net investment income<sup>(a)</sup> | 0.22 | 0.21 <sup>(b)</sup> | 0.20 <sup>(c)</sup> | 0.25 <sup>(d)</sup> | 0.21 |
|  Net realized and unrealized gain (loss) | 3.11 | 0.35 | 1.23 | (1.49) | 0.83 |
|  Total from investment operations | 3.33 | 0.56 | 1.43 | (1.24) | 1.04 |
|  Distributions to shareholders from net investment income | (0.29) | (0.29) | (0.23) | (0.26) | (0.27) |
|  Distributions to shareholders from net realized gains | (1.44) | (0.34) |  |  | (0.23) |
|  Total distributions | (1.73) | (0.63) | (0.23) | (0.26) | (0.50) |
|  Net asset value, end of year | $10.39 | $8.79 | $8.86 | $7.66 | $9.16 |
|  **Total Return<sup>(e)</sup>** | 38.48% | 6.13% | 18.71% | (13.55)% | 12.17% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63179 |
|  Ratio of net expenses to average net assets | 0.80% | 0.81% | 0.82% | 0.83% | 0.85% |
|  Ratio of total expenses to average net assets | 1.12% | 1.09% | 1.10% | 0.99% | 1.14% |
|  Ratio of net investment income to average net assets | 2.14% | 2.19% | 2.38 %<sup>(c)</sup> | 3.09 %<sup>(d)</sup> | 2.22% |
|  Portfolio turnover rate<sup>(f)</sup> | 156% | 151% | 162% | 164% | 167% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

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

&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 (continued) *Selected Data for a Share Outstanding Throughout Each Year*

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

&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** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.84 | $8.90 | $7.70 | $9.20 | $8.66 |
|  Net investment income<sup>(a)</sup> | 0.20 | 0.19 <sup>(b)</sup> | 0.18 <sup>(c)</sup> | 0.22 <sup>(d)</sup> | 0.19 |
|  Net realized and unrealized gain (loss) | 3.12 | 0.35 | 1.23 | (1.48) | 0.83 |
|  Total from investment operations | 3.32 | 0.54 | 1.41 | (1.26) | 1.02 |
|  Distributions to shareholders from net investment income | (0.26) | (0.26) | (0.21) | (0.24) | (0.25) |
|  Distributions to shareholders from net realized gains | (1.44) | (0.34) |  |  | (0.23) |
|  Total distributions | (1.70) | (0.60) | (0.21) | (0.24) | (0.48) |
|  Net asset value, end of year | $10.46 | $8.84 | $8.90 | $7.70 | $9.20 |
|  **Total Return<sup>(e)</sup>** | 38.15% | 5.81% | 18.43% | (13.72)% | 11.81% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44372 |
|  Ratio of net expenses to average net assets | 1.05% | 1.06% | 1.07% | 1.09% | 1.10% |
|  Ratio of total expenses to average net assets | 1.36% | 1.34% | 1.35% | 1.25% | 1.40% |
|  Ratio of net investment income to average net assets | 1.96% | 1.98% | 2.14 %<sup>(c)</sup> | 2.74 %<sup>(d)</sup> | 1.97% |
|  Portfolio turnover rate<sup>(f)</sup> | 156% | 151% | 162% | 164% | 167% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

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

&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 LARGE CAP VALUE FUND

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

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

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

&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** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.62 | $8.43 | $8.34 | $9.97 | $9.27 |
|  Net investment income<sup>(a)</sup> | 0.09 | 0.12 | 0.11 | 0.13 | 0.11 |
|  Net realized and unrealized gain (loss) | 0.84 | 1.39 | 0.93 | (0.72) | 2.09 |
|  Total from investment operations | 0.93 | 1.51 | 1.04 | (0.59) | 2.20 |
|  Distributions to shareholders from net investment income | (0.10) | (0.14) | (0.16) | (0.13) | (0.13) |
|  Distributions to shareholders from net realized gains | (1.27) | (1.18) | (0.79) | (0.91) | (1.37) |
|  Total distributions | (1.37) | (1.32) | (0.95) | (1.04) | (1.50) |
|  Net asset value, end of year | $8.18 | $8.62 | $8.43 | $8.34 | $9.97 |
|  **Total Return<sup>(b)</sup>** | 10.88% | 17.10% | 13.01% | (6.37)% | 24.13% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179541 |
|  Ratio of net expenses to average net assets | 0.70% | 0.70% | 0.71% | 0.70% | 0.69% |
|  Ratio of total expenses to average net assets | 0.83% | 0.81% | 0.79% | 0.80% | 0.79% |
|  Ratio of net investment income to average net assets | 0.97% | 1.26% | 1.33% | 1.38% | 1.08% |
|  Portfolio turnover rate<sup>(c)</sup> | 81% | 57% | 58% | 46% | 54% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 Year*

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

&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** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $8.63 | $8.44 | $8.35 | $9.98 | $9.27 |
|  Net investment income<sup>(a)</sup> | 0.07 | 0.10 | 0.10 | 0.11 | 0.09 |
|  Net realized and unrealized gain (loss) | 0.84 | 1.38 | 0.91 | (0.72) | 2.09 |
|  Total from investment operations | 0.91 | 1.48 | 1.01 | (0.61) | 2.18 |
|  Distributions to shareholders from net investment income | (0.08) | (0.11) | (0.13) | (0.11) | (0.10) |
|  Distributions to shareholders from net realized gains | (1.27) | (1.18) | (0.79) | (0.91) | (1.37) |
|  Total distributions | (1.35) | (1.29) | (0.92) | (1.02) | (1.47) |
|  Net asset value, end of year | $8.19 | $8.63 | $8.44 | $8.35 | $9.98 |
|  **Total Return<sup>(b)</sup>** | 10.60% | 16.79% | 12.71% | (6.57)% | 23.93% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200479 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307721 |
|  Ratio of net expenses to average net assets | 0.93% | 0.93% | 0.94% | 0.93% | 0.92% |
|  Ratio of total expenses to average net assets | 1.08% | 1.06% | 1.04% | 1.05% | 1.04% |
|  Ratio of net investment income to average net assets | 0.80% | 1.03% | 1.12% | 1.15% | 0.84% |
|  Portfolio turnover rate<sup>(c)</sup> | 81% | 57% | 58% | 46% | 54% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 MID CAP GROWTH FUND

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

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

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

&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** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $11.97 | $10.99 | $9.32 | $13.05 | $13.93 |
|  Net investment loss<sup>(a)</sup> | (0.03) | (0.03) | (0.01) | (0.02) | (0.07) |
|  Net realized and unrealized gain (loss) | 0.94 | 2.38 | 1.75 | (3.38) | 1.71 |
|  Total from investment operations | 0.91 | 2.35 | 1.74 | (3.40) | 1.64 |
|  Distributions to shareholders from net realized gains | (2.05) | (1.37) | (0.07) | (0.33) | (2.52) |
|  Net asset value, end of year | $10.83 | $11.97 | $10.99 | $9.32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 |
|  **Total Return<sup>(b)</sup>** | 7.42% | 20.48% | 18.68% | (26.20)% | 11.65% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132 | $483 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.83% | 0.82% | 0.83% |
|  Ratio of total expenses to average net assets | 1.24% | 1.13% | 1.15% | 1.20% | 1.33% |
|  Ratio of net investment loss to average net assets | (0.27)% | (0.22)% | (0.06)% | (0.16)% | (0.47)% |
|  Portfolio turnover rate<sup>(c)</sup> | 83% | 73% | 63% | 59% | 50% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 Year*

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

&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** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $11.01 | $10.21 | $8.68 | $12.20 | $13.19 |
|  Net investment loss<sup>(a)</sup> | (0.05) | (0.04) | (0.02) | (0.03) | (0.09) |
|  Net realized and unrealized gain (loss) | 0.88 | 2.21 | 1.62 | (3.16) | 1.62 |
|  Total from investment operations | 0.83 | 2.17 | 1.60 | (3.19) | 1.53 |
|  Distributions to shareholders from net realized gains | (2.05) | (1.37) | (0.07) | (0.33) | (2.52) |
|  Net asset value, end of year | $9.79 | $11.01 | $10.21 | $8.68 | $12.20 |
|  **Total Return<sup>(b)</sup>** | 7.36% | 20.29% | 18.45% | (26.30)% | 11.48% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62726 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60854 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76986 |
|  Ratio of net expenses to average net assets | 0.98% | 0.98% | 0.98% | 0.98% | 0.99% |
|  Ratio of total expenses to average net assets | 1.49% | 1.38% | 1.40% | 1.51% | 1.43% |
|  Ratio of net investment loss to average net assets | (0.43)% | (0.37)% | (0.22)% | (0.36)% | (0.62)% |
|  Portfolio turnover rate<sup>(c)</sup> | 83% | 73% | 63% | 59% | 50% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 VALUE FUND

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

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

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

&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** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $16.87 | $16.01 | $14.89 | $19.53 | $17.23 |
|  Net investment income<sup>(a)</sup> | 0.18 | 0.16 | 0.14 | 0.16 | 0.09 |
|  Net realized and unrealized gain (loss) | 1.38 | 1.90 | 1.53 | (1.98) | 5.20 |
|  Total from investment operations | 1.56 | 2.06 | 1.67 | (1.82) | 5.29 |
|  Distributions to shareholders from net investment income | (0.21) | (0.18) | (0.16) | (0.13) | (0.10) |
|  Distributions to shareholders from net realized gains | (1.93) | (1.02) | (0.39) | (2.69) | (2.89) |
|  Total distributions | (2.14) | (1.20) | (0.55) | (2.82) | (2.99) |
|  Net asset value, end of year | $16.29 | $16.87 | $16.01 | $14.89 | $19.53 |
|  **Total Return<sup>(b)</sup>** | 9.39% | 12.40% | 11.42% | (9.99)% | 30.95% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383315 |
|  Ratio of net expenses to average net assets | 0.82% | 0.84% | 0.84% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 0.84% | 0.84% | 0.85% | 0.85% | 0.85% |
|  Ratio of net investment income to average net assets | 1.04% | 0.96% | 0.96% | 0.89% | 0.46% |
|  Portfolio turnover rate<sup>(c)</sup> | 96% | 62% | 92% | 75% | 63% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 Year*

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

&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** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $17.10 | $16.21 | $15.07 | $19.73 | $17.39 |
|  Net investment income<sup>(a)</sup> | 0.14 | 0.12 | 0.11 | 0.10 | 0.04 |
|  Net realized and unrealized gain (loss) | 1.40 | 1.92 | 1.54 | (1.99) | 5.24 |
|  Total from investment operations | 1.54 | 2.04 | 1.65 | (1.89) | 5.28 |
|  Distributions to shareholders from net investment income | (0.17) | (0.13) | (0.12) | (0.08) | (0.05) |
|  Distributions to shareholders from net realized gains | (1.93) | (1.02) | (0.39) | (2.69) | (2.89) |
|  Total distributions | (2.10) | (1.15) | (0.51) | (2.77) | (2.94) |
|  Net asset value, end of year | $16.54 | $17.10 | $16.21 | $15.07 | $19.73 |
|  **Total Return<sup>(b)</sup>** | 9.13% | 12.16% | 11.11% | (10.23)% | 30.57% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169283 |
|  Ratio of net expenses to average net assets | 1.07% | 1.08% | 1.09% | 1.08% | 1.08% |
|  Ratio of total expenses to average net assets | 1.09% | 1.09% | 1.10% | 1.10% | 1.10% |
|  Ratio of net investment income to average net assets | 0.80% | 0.71% | 0.73% | 0.56% | 0.21% |
|  Portfolio turnover rate<sup>(c)</sup> | 96% | 62% | 92% | 75% | 63% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 SMALL CAP EQUITY INSIGHTS FUND

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

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

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

&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** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.44 | $12.28 | $10.40 | $13.08 | $13.51 |
|  Net investment income<sup>(a)</sup> | 0.09 | 0.07 | 0.08 <sup>(b)</sup> | 0.07 <sup>(c)</sup> | 0.05 <sup>(d)</sup> |
|  Net realized and unrealized gain (loss) | 2.07 | 2.37 | 1.92 | (2.59) | 3.17 |
|  Total from investment operations | 2.16 | 2.44 | 2.00 | (2.52) | 3.22 |
|  Distributions to shareholders from net investment income | (0.11) | (0.14) | (0.12) | (0.04) | (0.08) |
|  Distributions to shareholders from net realized gains | (1.21) | (1.14) |  | (0.12) | (3.57) |
|  Total distributions | (1.32) | (1.28) | (0.12) | (0.16) | (3.65) |
|  Net asset value, end of year | $14.28 | $13.44 | $12.28 | $10.40 | $13.08 |
|  **Total Return<sup>(e)</sup>** | 16.14% | 19.05% | 19.28% | (19.38)% | 23.79% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126484 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114090 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108716 |
|  Ratio of net expenses to average net assets | 0.81% | 0.81% | 0.82% | 0.81% | 0.81% |
|  Ratio of total expenses to average net assets | 0.88% | 0.87% | 0.87% | 0.95% | 0.93% |
|  Ratio of net investment income to average net assets | 0.63% | 0.54% | 0.75 %<sup>(b)</sup> | 0.65 %<sup>(c)</sup> | 0.34 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 153% | 158% | 152% | 163% | 172% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

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

&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 Year*

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

&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** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.25 | $12.12 | $10.27 | $12.93 | $13.39 |
|  Net investment income<sup>(a)</sup> | 0.05 | 0.04 | 0.06 <sup>(b)</sup> | 0.05 <sup>(c)</sup> | 0.01 <sup>(d)</sup> |
|  Net realized and unrealized gain (loss) | 2.03 | 2.34 | 1.88 | (2.58) | 3.14 |
|  Total from investment operations | 2.08 | 2.38 | 1.94 | (2.53) | 3.15 |
|  Distributions to shareholders from net investment income | (0.07) | (0.11) | (0.09) | (0.01) | (0.04) |
|  Distributions to shareholders from net realized gains | (1.21) | (1.14) |  | (0.12) | (3.57) |
|  Total distributions | (1.28) | (1.25) | (0.09) | (0.13) | (3.61) |
|  Net asset value, end of year | $14.05 | $13.25 | $12.12 | $10.27 | $12.93 |
|  **Total Return<sup>(e)</sup>** | 15.82% | 18.82% | 18.95% | (19.64)% | 23.50% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38534 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27827 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22114 |
|  Ratio of net expenses to average net assets | 1.06% | 1.06% | 1.07% | 1.06% | 1.06% |
|  Ratio of total expenses to average net assets | 1.13% | 1.12% | 1.12% | 1.20% | 1.18% |
|  Ratio of net investment income to average net assets | 0.39% | 0.29% | 0.50 %<sup>(b)</sup> | 0.43 %<sup>(c)</sup> | 0.09 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 153% | 158% | 152% | 163% | 172% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

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

&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 STRATEGIC GROWTH FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $15.39 | $12.54 | $9.20 | $16.63 | $15.43 |
|  Net investment loss<sup>(a)</sup> | (0.03) | (0.02) | (0.01) | (0.01) | (0.05) |
|  Net realized and unrealized gain (loss) | 2.81 | 4.08 | 3.84 | (5.24) | 3.46 |
|  Total from investment operations | 2.78 | 4.06 | 3.83 | (5.25) | 3.41 |
|  Distributions to shareholders from net realized gains | (2.68) | (1.21) | (0.49) | (2.18) | (2.21) |
|  Total distributions | (2.68) | (1.21) | (0.49) | (2.18) | (2.21) |
|  Net asset value, end of year | $15.49 | $15.39 | $12.54 | $9.20 | $16.63 |
|  **Total Return<sup>(b)</sup>** | 17.92% | 32.37% | 41.94% | (32.52)% | 21.93% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187144 |
|  Ratio of net expenses to average net assets | 0.70% | 0.72% | 0.75% | 0.74% | 0.73% |
|  Ratio of total expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.82% | 0.79% |
|  Ratio of net investment loss to average net assets | (0.17)% | (0.13)% | (0.06)% | (0.11)% | (0.27)% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 39% | 47% | 29% | 20% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $15.17 | $12.40 | $9.12 | $16.55 | $15.41 |
|  Net investment loss<sup>(a)</sup> | (0.07) | (0.05) | (0.03) | (0.05) | (0.09) |
|  Net realized and unrealized gain (loss) | 2.76 | 4.03 | 3.80 | (5.20) | 3.44 |
|  Total from investment operations | 2.69 | 3.98 | 3.77 | (5.25) | 3.35 |
|  Distributions to shareholders from net realized gains | (2.68) | (1.21) | (0.49) | (2.18) | (2.21) |
|  Total distributions | (2.68) | (1.21) | (0.49) | (2.18) | (2.21) |
|  Net asset value, end of year | $15.18 | $15.17 | $12.40 | $9.12 | $16.55 |
|  **Total Return<sup>(b)</sup>** | 17.58% | 32.09% | 41.65% | (32.68)% | 21.56% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235978 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262782 |
|  Ratio of net expenses to average net assets | 0.95% | 0.97% | 1.00% | 0.99% | 0.98% |
|  Ratio of total expenses to average net assets | 1.04% | 1.04% | 1.03% | 1.07% | 1.04% |
|  Ratio of net investment loss to average net assets | (0.42)% | (0.38)% | (0.31)% | (0.38)% | (0.52)% |
|  Portfolio turnover rate<sup>(c)</sup> | 54% | 39% | 47% | 29% | 20% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 U.S. EQUITY INSIGHTS FUND

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

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

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

&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** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $21.68 | $19.53 | $15.88 | $20.06 | $20.08 |
|  Net investment income<sup>(a)</sup> | 0.14 | 0.13 | 0.15 | 0.15 | 0.18 |
|  Net realized and unrealized gain (loss) | 3.25 | 5.47 | 3.63 | (4.10) | 5.61 |
|  Total from investment operations | 3.39 | 5.60 | 3.78 | (3.95) | 5.79 |
|  Distributions to shareholders from net investment income | (0.16) | (0.15) | (0.13) | (0.14) | (0.19) |
|  Distributions to shareholders from net realized gains | (3.12) | (3.30) |  | (0.09) | (5.62) |
|  Total distributions | (3.28) | (3.45) | (0.13) | (0.23) | (5.81) |
|  Net asset value, end of year | $21.79 | $21.68 | $19.53 | $15.88 | $20.06 |
|  **Total Return<sup>(b)</sup>** | 15.75% | 28.32% | 23.81% | (19.74)% | 29.41% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332935 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317468 |
|  Ratio of net expenses to average net assets | 0.56% | 0.56% | 0.57% | 0.56% | 0.55% |
|  Ratio of total expenses to average net assets | 0.71% | 0.70% | 0.69% | 0.72% | 0.71% |
|  Ratio of net investment income to average net assets | 0.63% | 0.57% | 0.83% | 0.86% | 0.81% |
|  Portfolio turnover rate<sup>(c)</sup> | 198% | 204% | 201% | 203% | 206% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 Year*

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

&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** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data** |  |  |  |  |  |
|  Net asset value, beginning of year | $21.90 | $19.71 | $16.02 | $20.23 | $20.21 |
|  Net investment income<sup>(a)</sup> | 0.09 | 0.08 | 0.11 | 0.11 | 0.14 |
|  Net realized and unrealized gain (loss) | 3.28 | 5.51 | 3.66 | (4.13) | 5.64 |
|  Total from investment operations | 3.37 | 5.59 | 3.77 | (4.02) | 5.78 |
|  Distributions to shareholders from net investment income | (0.11) | (0.10) | (0.08) | (0.10) | (0.14) |
|  Distributions to shareholders from net realized gains | (3.12) | (3.30) |  | (0.09) | (5.62) |
|  Total distributions | (3.23) | (3.40) | (0.08) | (0.19) | (5.76) |
|  Net asset value, end of year | $22.04 | $21.90 | $19.71 | $16.02 | $20.23 |
|  **Total Return<sup>(b)</sup>** | 15.49% | 28.00% | 23.59% | (19.90)% | 29.11% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46526 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46655 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61849 |
|  Ratio of net expenses to average net assets | 0.77% | 0.77% | 0.78% | 0.77% | 0.77% |
|  Ratio of total expenses to average net assets | 0.96% | 0.95% | 0.94% | 0.97% | 0.93% |
|  Ratio of net investment income to average net assets | 0.42% | 0.36% | 0.62% | 0.64% | 0.60% |
|  Portfolio turnover rate<sup>(c)</sup> | 198% | 204% | 201% | 203% | 206% |

---

&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 year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 FUNDS

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

Notes to Financial Statements *December 31, 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;

&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/ 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;

50.0 ------

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

&nbsp;&nbsp;&nbsp;&nbsp;G. In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor's shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund's NAV, in accordance with each Fund's valuation procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;H. Commission Recapture — GSAM, on behalf of certain Funds, may direct portfolio trades, subject to seeking best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to a Fund as cash payments and are included in net realized gain (loss) from investments on the Statements of Operations.

&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

&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) *December 31, 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;

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

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

&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 financial statements at SEC.gov.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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,

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

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;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 December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **International Equity Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $571559 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 319710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33411288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 3522724 | 65110052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2877877 | 10661129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 1528820 | 8182548 |  |
|  Securities Lending Reinvestment Vehicle | 552960 |  |  |
|  **Total** | $8802091 | $117936576 | $— |
| **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $12914 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $(139) | $— | $— |
| **Large Cap Value Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $4955538 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 258610567 |  |  |
|  Investment Company | 1494932 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;265061037 | $— | $— |

---

&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) *December 31, 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;

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

---

| | | | |
|:---|:---|:---|:---|
| **Mid Cap Growth Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $1934396 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 59478529 |  |  |
|  Investment Company | 1911362 |  |  |
|  **Total** | $63324287 | $— | $— |
| **Mid Cap Value Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $4613355 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 10298713 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 426342825 |  |  |
|  Investment Company | 4349549 |  |  |
|  Securities Lending Reinvestment Vehicle | 1695525 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447299967 | $— | $— |
| **Small Cap Equity Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $605221 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 1938815 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 3045393 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 168857106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 263692 |  |  |
|  Investment Company | 837768 |  |  |
|  Securities Lending Reinvestment Vehicle | 1589036 |  |  |
|  **Total** | $177137031 | $— | $— |
|  **Derivative Type** |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $(83623) | $— | $— |
| **Strategic Growth Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| Assets |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $8773159 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 450437541 |  |  |
|  Investment Company | 1845032 |  |  |
|  **Total** | $461055732 | $— | $— |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Equity Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $292353 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 376230035 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376522388 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $1049 | $— | $— |

---

<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 fiscal year 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 December 31, 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** | **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 | $12914 | Variation margin on futures contracts | $(139) |
| **Small Cap Equity Insights Fund** | **Small Cap 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 | $— | Variation margin on futures contracts | $(83623) |
| **U.S. Equity Insights Fund** | **U.S. 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 | $1049 | Variation margin on futures contracts | $— |

---

<sup>1</sup> 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 December 31, 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 fiscal year ended December 31, 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;

**55**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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

Notes to Financial Statements (continued) *December 31, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| **International Equity Insights Fund** | **International Equity Insights Fund** |  |  |
| Risk |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in |
|  | **<br>Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $370532 | $15355 |
| **Small Cap Equity Insights Fund** | **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 change in unrealized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112903 | 43869 |
| **U.S. Equity Insights Fund** | **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 change in unrealized gain (loss) on futures contracts | (317845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90505 |

---

For the fiscal year ended December 31, 2025, the relevant values for each derivative type were as follows:

---

| | |
|:---|:---|
|  | **Average number of** |
|  | **Contracts<sup>(a)</sup>** |
| **Fund** | **Futures Contracts** |
|  International Equity Insights Fund | 19 |
|  Small Cap Equity Insights Fund | 24 |
|  U.S. Equity Insights Fund | 9 |

---

<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 fiscal year ended December 31, 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;

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;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended December 31, 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 Net<br>Management<br>Rate^** |
| **Fund** | **First**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 billion**  | **Next**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 billion**  | **Next**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 billion**  | **Next**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 billion**  | **Over**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 billion**  | **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 fiscal year ended December 31, 2025, with respect to the Funds' investments in an affiliated Underlying Fund GSAM waived $165, $1,359, $1,570, $9,669, $1,581, $5,337 and $63 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 fiscal year ended December 31, 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 fiscal year ended December 31, 2025 for the Mid Cap Growth Fund, Goldman Sachs agreed to waive distribution and services fees so as not to exceed an annual percentage rate of 0.15% of the average daily net assets attributable to Service Shares. These distribution and service fee waivers will remain in place through at least April 30, 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

&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) *December 31, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

percentage rate of average daily net assets for the International Equity Insights, Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds are 0.004%, 0.004%, 0.004%, 0.024%, 0.094%, 0.004% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 30, 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 fiscal year ended December 31, 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** | **Distribution and<br>Service Fee Waiver** | **Other Expense<br>Reimbursements** | **Total Expense <br>Reductions** |
|  International Equity Insights Fund | $34591 | $– | $– | $322341 | $356932 |
|  Large Cap Value Fund | 107234 | 36495 |  | 233306 | 377035 |
|  Mid Cap Growth Fund | 39304 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316158 |
|  Mid Cap Value Fund | 9669 |  |  | 78937 | 88606 |
|  Small Cap Equity Insights Fund | 1581 |  |  | 101876 | 103457 |
|  Strategic Growth Fund | 133178 |  |  | 254882 | 388060 |
|  U.S. Equity Insights Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295898 | – | 17979 | 247662 | 561539 |

---

&nbsp;&nbsp;&nbsp;&nbsp;E. Line of Credit Facility — As of December 31, 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, 2025, 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 fiscal year ended December 31, 2025, Goldman Sachs earned $2,434, $621, $3,443 and $29 in brokerage commissions from portfolio transactions, on behalf of the VIT Large Cap Value Fund, VIT Mid Cap Growth Fund, VIT Mid Cap Value Fund and VIT Strategic Growth Fund, respectively.

The following table provides information about the Funds' investment in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended December 31, 2025:

#### International Equity Insights Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning<br>value as of<br>December 31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>December 31, 2025** | **Shares as of<br>December 31, 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 | $4708542 | $(4708623) | $– |  | $3969 |
| **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |  |  |
| **Underlying Fund** | **Beginning<br>value as of<br>December 31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>December 31, 2025** | **Shares as of<br>December 31, 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 | 31268240 | (29775445) | 1494932 | 1494932 | 34623 |

---

&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;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |  |  |
| **Underlying Fund** | **Beginning<br>value as of<br>December 31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>December 31, 2025** | **Shares as of<br>December 31, 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 | $23311917 | $(21612100) | $1911362 | 1911362 | $40398 |
| **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |  |  |
| **Underlying Fund** | **Beginning<br>value as of<br>December 31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>December 31, 2025** | **Shares as of<br>December 31, 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 | 102907603 | (100165920) | 4349549 | 4349549 | 241777 |
| **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** |  |  |
| **Underlying Fund** | **Beginning<br>value as of<br>December 31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>December 31, 2025** | **Shares as of<br>December 31, 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 | 20262117 | (20633520) | 837768 | 837768 | 41347 |
| **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** |  |  |
| **Underlying Fund** | **Beginning<br>value as of<br>December 31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>December 31, 2025** | **Shares as of<br>December 31, 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 | 89891483 | (90929528) | 1845032 | 1845032 | 137105 |
| **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** |  |  |
| **Underlying Fund** | **Beginning<br>value as of<br>December 31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>December 31, 2025** | **Shares as of<br>December 31, 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 |
|  |  | 3239454 | (3239454) |  |  | 2070 |

---

&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) *December 31, 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;

&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 year ended December 31, 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;174694108 | $178406692 |
|  Large Cap Value Fund | 215422479 | 248268015 |
|  Mid Cap Growth Fund | 51954274 | 59245718 |
|  Mid Cap Value Fund | 410406058 | 449077544 |
|  Small Cap Equity Insights Fund | 240695811 | 238190696 |
|  Strategic Growth Fund | 231880083 | 267531768 |
|  U.S. Equity Insights Fund | 730275818 | 776228815 |

---

&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 ("BNY"), to certain qualified borrowers. Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the International Equity Insights, Small Cap Equity Insights and U. S. Equity Insights Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The International Equity Insights, Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will, and BNY may, exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNY are unable to purchase replacement securities, GSAL and/or BNY will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's

&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;7. SECURITIES LENDING (continued)

bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of December 31, 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 BNY received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended December 31, 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 Fiscal Year ended December 31, 2025** | **For the Fiscal Year ended December 31, 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** | **December 31, 2025** |
|  International Equity Insights Fund | $508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $— |
|  Small Cap Equity Insights Fund | 3219 | 1443 |  |

---

The following table provides information about the Funds' investments in the Government Money Market Fund for the fiscal year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as**<br> **of December 31, 2024** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending value as**<br> **of December 31, 2025** |
|  International Equity Insights Fund | $1041900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10259467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10748407) | $552960 |
|  Large Cap Value Fund |  | 13607984 | (13607984) |  |
|  Mid Cap Growth Fund |  | 5489305 | (5489305) |  |
|  Mid Cap Value Fund |  | 13681641 | (11986116) | 1695525 |
|  Small Cap Equity Insights Fund | 1943370 | 35416591 | (35770925) | 1589036 |
|  Strategic Growth Fund |  | 6026813 | (6026813) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended December 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity**<br> **Insights Fund** | **Large Cap Value**<br> **Fund** | **Mid Cap Growth**<br> **Fund** | **Mid Cap Value Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Equity** <br> **Insights Fund** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $10739379 | $2456944 | $2902871 | $9164778 | $5083216 |
|  Long-term capital gains | 7437973 | 35665411 | 8060767 | 42502885 | 9765799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18177352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38122355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10963638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51667663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14849015 |

---

---

| | | |
|:---|:---|:---|
|  | **Strategic Growth**<br> **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Equity Insights** <br> **Fund** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $7548494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24292340 |
|  Long-term capital gains | 61624948 | 25332749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $69173442 | $49625089 |

---

&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) *December 31, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended December 31, 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity** <br> **Insights Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Value** <br> **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Cap Growth** <br> **Fund** | **Mid Cap Value <br>Fund** | **Small Cap Equity <br>Insights Fund** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $2943384 | $12931970 | $1311145 | $13899535 | $1631550 |
|  Long-term capital gains | 3534018 | 23452988 | 6051105 | 16009343 | 11620975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $6477402 | $36384958 | $7362250 | $29908878 | $13252525 |

---

---

| | | |
|:---|:---|:---|
|  | **Strategic Growth**<br> **Fund** | **U.S. Equity Insights**<br> **Fund** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $7426194 | $42060058 |
|  Long-term capital gains | 24407479 | 9642237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $31833673 | $51702295 |

---

As of December 31, 2025, the components of accumulated earnings (losses) on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International<br>Equity Insights<br>Fund** | **Large Cap Value<br>Fund** | **Mid Cap Growth <br>Fund** | **Mid Cap Value <br>Fund** | **Small Cap Equity <br>Insights Fund** |
|  Undistributed ordinary income — net | $1538051 | $399584 | $— | $6105621 | $1002933 |
|  Undistributed long-term capital gains | 738765 | 60305 | 1392293 | 7285898 | 732563 |
|  Total undistributed earnings | $2276816 | $459889 | $1392293 | $13391519 | $1735496 |
|  Timing differences — (Real Estate Investment Trusts, late year ordinary loss deferral, and post October loss deferral) |  | (578969) | (160014) | 186780 | 1211 |
|  Unrealized gains (losses) — net | 21152216 | 59422734 | 10601578 | 67778714 | 23375039 |
|  Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23429032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59303654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11833857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81357013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25111746 |

---

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Growth** <br> **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Equity** <br> **Insights Fund** |
|  Undistributed ordinary income — net | $3602134 | $1911332 |
|  Undistributed long-term capital gains | 21133360 | 1259001 |
|  Total undistributed earnings | $24735494 | $3170333 |
|  Timing differences — (Real Estate Investment Trusts and post October loss deferral) |  | 33034 |
|  Unrealized gains (losses) — net | 250475935 | 121077707 |
|  Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;275211429 | $&nbsp;&nbsp;&nbsp;&nbsp;124281074 |

---

&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;8. TAX INFORMATION (continued)

As of December 31, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105664283 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205638126 | $52722709 |
|  Gross unrealized gain | 22812125 | 64881049 | 12358528 |
|  Gross unrealized loss | (1659909) | (5458315) | (1756950) |
| Net unrealized gain (loss) | $21152216 | $59422734 | $10601578 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Small Cap Equity** | |
|  | **Mid Cap Value Fund** | **Insights Fund** | **Strategic Growth Fund** |
|  Tax Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377825748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153678370 | $210579766 |
|  Gross unrealized gain | 81599116 | 32131606 | 257663895 |
|  Gross unrealized loss | (13820402) | (8756567) | (7187960) |
| Net unrealized gain (loss) | $67778714 | $23375039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250475935 |

---

---

| | |
|:---|:---|
|  | **U.S. Equity Insights** |
|  | Fund |
|  Tax Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255445730 |
|  Gross unrealized gain | 130031007 |
|  Gross unrealized loss | (8953300) |
| Net unrealized gain (loss) | $121077707 |

---

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.

In order to present certain components of the Funds' capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from net operating losses.

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

&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) *December 31, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Investment Style Risk — Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Growth investing is an example of an investment style. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase. Value investing is an example of an investment style. Value stocks are those believed to be undervalued in comparison to their peers, due to market, company-specific or other factors.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Market Risk — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — The Strategic Growth Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Tax Diversification Risk — The Fund intends to meet the diversification requirements that are applicable to insurance company separate accounts under Subchapter L of the Code (the "Diversification Requirements"). In order for the Fund to qualify for "look through" treatment under the Diversification Requirements, Fund shares must be sold only to persons permitted to hold shares, directly or indirectly (each, a "Permitted Investor"), under Section 817 of the Code and Treasury Regulation 1.817-5(f), as supplemented by published rulings and procedures issued thereunder by the Internal Revenue Service ("IRS"). To the extent an investor in Fund shares no longer qualifies as a Permitted Investor, and such investor fails to restore its status as a Permitted Investor or obtain a waiver or closing agreement with respect to such failure from the IRS, the Fund may no longer qualify for "look through" treatment. Therefore, in testing compliance with the Diversification Requirements, an investor in the Fund, such as, for

&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;9. OTHER RISKS (continued)

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;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. OTHER MATTERS

The Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. 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;

**65**

------

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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

Notes to Financial Statements (continued) *December 31, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. 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 Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 968139 | $9680897 | 306482 | $2913239 |
|  Reinvestment of distributions | 1251824 | 12618389 | 475376 | 4359207 |
|  Shares redeemed | (1055974) | (10752816) | (995179) | (9393442) |
|  | 1163989 | 11546470 | (213321) | (2120996) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 794150 | 7792534 | 258995 | 2427423 |
|  Reinvestment of distributions | 547681 | 5558963 | 229739 | 2118195 |
|  Shares redeemed | (1357994) | (13643690) | (962763) | (9184184) |
|  | (16163) | (292193) | (474029) | (4638566) |
|  **NET INCREASE (DECREASE) IN SHARES** | 1147826 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11254277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687350) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6759562) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 561363 | $4897610 | 590812 | $5454648 |
|  Reinvestment of distributions | 1483447 | 12045590 | 1260478 | 11419934 |
|  Shares redeemed | (1719482) | (14528282) | (1503373) | (13970849) |
|  | 325328 | 2414918 | 347917 | 2903733 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 597288 | 5180108 | 119393 | 1099864 |
|  Reinvestment of distributions | 3203534 | 26076765 | 2749452 | 24965024 |
|  Shares redeemed | (3307739) | (29110427) | (4878616) | (45349975) |
|  | 493083 | 2146446 | (2009771) | (19285087) |
|  **NET INCREASE (DECREASE) IN SHARES** | 818411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4561364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1661854) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16381354) |

---

&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;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 210291 | $2583810 | 29601 | $340916 |
|  Reinvestment of distributions | 59137 | 647552 | 14182 | 183376 |
|  Shares redeemed | (42493) | (560457) | (24149) | (276573) |
|  | 226935 | 2670905 | 19634 | 247719 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 809462 | 9023352 | 423473 | 4528965 |
|  Reinvestment of distributions | 1043081 | 10316086 | 603774 | 7178874 |
|  Shares redeemed | (1489053) | (16393074) | (1290465) | (14184009) |
|  | 363490 | 2946364 | (263218) | (2476170) |
|  **NET INCREASE (DECREASE) IN SHARES** | 590425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243584) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2228451) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 937206 | $15716954 | 1232116 | $21006206 |
|  Reinvestment of distributions | 2419968 | 38937278 | 1239405 | 22346482 |
|  Shares redeemed | (2507127) | (43104726) | (3179541) | (54305638) |
|  | 850047 | 11549506 | (708020) | (10952950) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 2730181 | 46864842 | 228427 | 3968446 |
|  Reinvestment of distributions | 779093 | 12730385 | 413472 | 7562396 |
|  Shares redeemed | (3620682) | (60539272) | (1335992) | (23186989) |
|  | (111408) | (944045) | (694093) | (11656147) |
|  **NET INCREASE (DECREASE) IN SHARES** | 738639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10605461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1402113) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22609097) |

---

&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) *December 31, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. 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 Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 966011 | $13223597 | 1314235 | $18193349 |
|  Reinvestment of distributions | 753454 | 10631237 | 686940 | 9967498 |
|  Shares redeemed | (1353206) | (18361213) | (1315237) | (17803778) |
|  | 366259 | 5493621 | 685938 | 10357069 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 992031 | 13161559 | 774701 | 10706596 |
|  Reinvestment of distributions | 303656 | 4217778 | 229562 | 3285027 |
|  Shares redeemed | (519499) | (7142326) | (390842) | (5248669) |
|  | 776188 | 10237011 | 613421 | 8742954 |
|  **NET INCREASE IN SHARES** | 1142447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15730632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100023 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** |
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1035017 | $14879855 | 437949 | $6140517 |
|  Reinvestment of distributions | 2032473 | 31726909 | 914283 | 14116534 |
|  Shares redeemed | (1734326) | (27956155) | (1687991) | (24085712) |
|  | 1333164 | 18650609 | (335759) | (3828661) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 5000977 | 75285837 | 1674997 | 23573525 |
|  Reinvestment of distributions | 2447485 | 37446533 | 1164070 | 17717138 |
|  Shares redeemed | (6693742) | (97915626) | (3946733) | (55977456) |
|  | 754720 | 14816744 | (1107666) | (14686793) |
|  **NET INCREASE (DECREASE) IN SHARES** | 2087884 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33467353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1443425) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18515454) |

---

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

68.0 ------

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;13. 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 Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1016147 | $22432936 | 830157 | $18611634 |
|  Reinvestment of distributions | 2013644 | 43615530 | 2048720 | 45338169 |
|  Shares redeemed | (2821196) | (64023741) | (2137416) | (47602217) |
|  | 208595 | 2024725 | 741461 | 16347586 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 76445 | 1681288 | 101127 | 2256629 |
|  Reinvestment of distributions | 274159 | 6009559 | 284621 | 6364127 |
|  Shares redeemed | (369924) | (8276257) | (469429) | (10554225) |
|  | (19320) | (585410) | (83681) | (1933469) |
|  **NET INCREASE IN SHARES** | 189275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657780 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14414117 |

---

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

**69**

------

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

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

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

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of 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

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 (seven of the funds constituting Goldman Sachs Variable Insurance Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 13, 2026

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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

70.0 ------

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;

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2025, 87.68%, 7.04%, 45.47%, 33.32%, 23.22%, and 16.17% of the dividends paid from net investment company taxable income by the Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds, respectively, qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, International Equity Insights, Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds designate $7,437,973, $35,665,411, $8,060,492, $42,502,885, $9,765,799, $61,624,948, and $25,334,152 respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2025.

For the year end December 31, 2025, the International Equity Insights Fund has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the International Equity Insights Fund from sources within foreign countries and possessions of the United States was $0.2695 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the Fund during the year ended December 31, 2025, from foreign sources was 79.68%. The total amount of foreign taxes paid by the Fund was $0.0328 per share.

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

**71**

------

![LOGO](g61015g72a01.jpg)

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer 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© 2026 Goldman Sachs. All rights reserved. VITEQTYAR-26

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

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.](d60699dex99cert.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.](d60699dex99906cert.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. |

---

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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: | February 25, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Variable Insurance Trust |
| Date: | February 25, 2026 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Variable Insurance Trust |
| Date: | February 25, 2026 |

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## 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: February 25, 2026

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| |
|:---|
|  /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: February 25, 2026

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| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

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## 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 December 31, 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: February 25, 2026 | Date: February 25, 2026 |

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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.