# EDGAR Filing Document

**Accession Number:** 0001046292
**File Stem:** 0001410368-25-027899
**Filing Date:** 2025-11
**Character Count:** 34285
**Document Hash:** 86b80632fc36097f73661cac4347769e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-027899.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001410368-25-027899

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08361
- **FILM NUMBER:** 251505267

**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 Buffered S&P 500 Fund - Mar/Sep (Series ID: S000077435)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000237873 | Service Shares       |  |
| C000237874 | Institutional Shares |  |

## Nport-Ex

GOLDMAN SACHS BUFFERED S&P 500 FUND — JAN/JUL

## Schedule of Investments
*September 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Description** | **Value** |
| **Exchange Traded Funds – 46.3%** | **Exchange Traded Funds – 46.3%** | **Exchange Traded Funds – 46.3%** | **Exchange Traded Funds – 46.3%** |
| 1900 | iShares Core S&P 500 ETF | iShares Core S&P 500 ETF | $1271670 |
| 1900 | SPDR S&P 500 ETF Trust | SPDR S&P 500 ETF Trust | 1265742 |
| 2100 | Vanguard S&P 500 ETF | Vanguard S&P 500 ETF | 1285998 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $3,490,492)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $3,490,492)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $3,490,492)** | $3823410 |
| **Shares** | **Dividend<br>Rate** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 20.1%** | **Investment Company<sup>(a)</sup> – 20.1%** | **Investment Company<sup>(a)</sup> – 20.1%** | **Investment Company<sup>(a)</sup> – 20.1%** |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 1664879 | 4.042% | 4.042% | $1664879 |
| **Cost $1,664,879)** | **Cost $1,664,879)** |  |  |
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments<sup>(b)</sup> – 34.7%** | **Short-term Investments<sup>(b)</sup> – 34.7%** | **Short-term Investments<sup>(b)</sup> – 34.7%** | **Short-term Investments<sup>(b)</sup> – 34.7%** |
| Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
| $400000 | 0.000% | 11/05/25 | $398373 |
| 265000 | 0.000 | 11/26/25 | 263319 |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 200000 | 0.000 | 10/02/25 | 199978 |
| 250000 | 0.000 | 10/14/25 | 249635 |
| 100000 | 0.000 | 10/28/25 | 99697 |
| 465300 | 0.000 | 11/06/25 | 463430 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments<sup>(b)</sup> – (continued)** | **Short-term Investments<sup>(b)</sup> – (continued)** | **Short-term Investments<sup>(b)</sup> – (continued)** | **Short-term Investments<sup>(b)</sup> – (continued)** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $240000 | 0.000% | 11/13/25 | $238849 |
| 101000 | 0.000 | 11/28/25 | 100349 |
| 99000 | 0.000 | 12/02/25 | 98337 |
| 450000 | 0.000 | 12/04/25 | 446885 |
| 250000 | 0.000 | 12/11/25 | 248105 |
| 64000 | 0.000 | 01/13/26 | 63294 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,869,928)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,869,928)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,869,928)** | $2870251 |
| **TOTAL INVESTMENTS – 101.1%<br>(Cost $8,025,299)** | **TOTAL INVESTMENTS – 101.1%<br>(Cost $8,025,299)** | **TOTAL INVESTMENTS – 101.1%<br>(Cost $8,025,299)** | $8358540 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (1.1)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (1.1)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (1.1)%** | (94783) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $8263757 |

---

---

| | |
|:---|:---|
| 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. |
| (b) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com | For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com |

---

------

GOLDMAN SACHS BUFFERED S&P 500 FUND — JAN/JUL

## Schedule of Investments (continued)
*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 14 | 12/19/25 | $4717125 | $42604 |

---

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At September 30, 2025, the Fund had the following purchased and written options:

**EXCHANGE TRADED OPTIONS ON EQUITIES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  S&P 500 Index | $6204.950 | 12/31/2025 | 12 | $7445940 | $83181 | $279252 | $(196071) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  S&P 500 Index | 6762.780 | 12/31/2025 | (12) | (8115336) | (212949) | (90072) | (122877) |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  S&P 500 Index | 5894.700 | 12/31/2025 | (12) | (7073640) | (50448) | (189108) | 138660 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (24) | $(15188976) | $(263397) | $(279180) | $15783 |
|  **TOTAL** | **TOTAL** | **TOTAL** | (12) | $(7743036) | $(180216) | $72 | $(180288) |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| SPDR | — Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS BUFFERED S&P 500 FUND — MAR/SEP

## Schedule of Investments
*September 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Description** | **Value** |
| **Exchange Traded Funds – 45.8%** | **Exchange Traded Funds – 45.8%** | **Exchange Traded Funds – 45.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | iShares Core S&P 500 ETF | iShares Core S&P 500 ETF | $1338600 |
| 2000 | SPDR S&P 500 ETF Trust | SPDR S&P 500 ETF Trust | 1332360 |
| 2200 | Vanguard S&P 500 ETF | Vanguard S&P 500 ETF | 1347236 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $3,690,962)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $3,690,962)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $3,690,962)** | $4018196 |
| **Shares** | **Dividend<br>Rate** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 18.8%** | **Investment Company<sup>(a)</sup> – 18.8%** | **Investment Company<sup>(a)</sup> – 18.8%** | **Investment Company<sup>(a)</sup> – 18.8%** |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 1645242 | 4.042% | 4.042% | $1645242 |
| **(Cost $1,645,242)** | **(Cost $1,645,242)** |  |  |
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments<sup>(b)</sup> – 34.9%** | **Short-term Investments<sup>(b)</sup> – 34.9%** | **Short-term Investments<sup>(b)</sup> – 34.9%** | **Short-term Investments<sup>(b)</sup> – 34.9%** |
| Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
| $104000 | 0.000% | 10/22/25 | $103740 |
| 100000 | 0.000 | 10/24/25 | 99727 |
| 420000 | 0.000 | 11/05/25 | 418291 |
| 270000 | 0.000 | 11/14/25 | 268639 |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 207000 | 0.000 | 10/02/25 | 206976 |
| 21000 | 0.000 | 10/07/25 | 20986 |
| 12000 | 0.000 | 10/16/25 | 11980 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments<sup>(b)</sup> – (continued)** | **Short-term Investments<sup>(b)</sup> – (continued)** | **Short-term Investments<sup>(b)</sup> – (continued)** | **Short-term Investments<sup>(b)</sup> – (continued)** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $100000 | 0.000% | 10/28/25 | $99697 |
| 210000 | 0.000 | 11/04/25 | 209206 |
| 722000 | 0.000 | 11/06/25 | 719099 |
| 146400 | 0.000 | 11/28/25 | 145457 |
| 143600 | 0.000 | 12/02/25 | 142638 |
| 450000 | 0.000 | 12/04/25 | 446885 |
| 70000 | 0.000 | 12/11/25 | 69469 |
| 101000 | 0.000 | 01/13/26 | 99885 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $3,062,520)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $3,062,520)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $3,062,520)** | $3062675 |
| **TOTAL INVESTMENTS – 99.5%<br>(Cost $8,398,724)** | **TOTAL INVESTMENTS – 99.5%<br>(Cost $8,398,724)** | **TOTAL INVESTMENTS – 99.5%<br>(Cost $8,398,724)** | $8726113 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.5%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.5%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.5%** | 46144 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $8772257 |

---

---

| | |
|:---|:---|
| 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. |
| (b) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com | For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com |

---

------

GOLDMAN SACHS BUFFERED S&P 500 FUND — MAR/SEP

## Schedule of Investments (continued)
*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 14 | 12/19/25 | $4717125 | $42310 |

---

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At September 30, 2025, the Fund had the following purchased and written options:

**EXCHANGE TRADED OPTIONS ON EQUITIES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  S&P 500 Index | $6459.610 | 02/27/2026 | 13 | $8397493 | $205140 | $290576 | $(85436) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  S&P 500 Index | 6998.400 | 02/27/2026 | (13) | (9097920) | (182209) | (97422) | (84787) |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  S&P 500 Index | 6136.600 | 02/27/2026 | (13) | (7977580) | (136017) | (193167) | 57150 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (26) | $(17075500) | $(318226) | $(290589) | $(27637) |
|  **TOTAL** | **TOTAL** | **TOTAL** | (13) | $(8678007) | $(113086) | $(13) | $(113073) |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| SPDR | — Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS BUFFERED S&P 500 FUND — MAY/NOV

## Schedule of Investments
*September 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Description** | **Value** |
| **Exchange Traded Funds – 48.8%** | **Exchange Traded Funds – 48.8%** | **Exchange Traded Funds – 48.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | iShares Core S&P 500 ETF | iShares Core S&P 500 ETF | $1204740 |
| 1800 | SPDR S&P 500 ETF Trust | SPDR S&P 500 ETF Trust | 1199124 |
| 1900 | Vanguard S&P 500 ETF | Vanguard S&P 500 ETF | 1163522 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $3,239,880)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $3,239,880)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $3,239,880)** | $3567386 |
| **Shares** | **Dividend<br>Rate** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 19.7%** | **Investment Company<sup>(a)</sup> – 19.7%** | **Investment Company<sup>(a)</sup> – 19.7%** | **Investment Company<sup>(a)</sup> – 19.7%** |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 1439127 | 4.042% | 4.042% | $1439127 |
| **(Cost $1,439,127)** | **(Cost $1,439,127)** |  |  |
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments<sup>(b)</sup> – 35.5%** | **Short-term Investments<sup>(b)</sup> – 35.5%** | **Short-term Investments<sup>(b)</sup> – 35.5%** | **Short-term Investments<sup>(b)</sup> – 35.5%** |
| Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
| $416000 | 0.000% | 10/22/25 | $414960 |
| 100000 | 0.000 | 10/24/25 | 99727 |
| 100000 | 0.000 | 11/05/25 | 99593 |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 232000 | 0.000 | 10/02/25 | 231974 |
| 190000 | 0.000 | 10/14/25 | 189723 |
| 100000 | 0.000 | 10/28/25 | 99697 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments<sup>(b)</sup> – (continued)** | **Short-term Investments<sup>(b)</sup> – (continued)** | **Short-term Investments<sup>(b)</sup> – (continued)** | **Short-term Investments<sup>(b)</sup> – (continued)** |
| $210000 | 0.000% | 11/04/25 | $209206 |
| 322800 | 0.000 | 11/06/25 | 321503 |
| 216000 | 0.000 | 11/13/25 | 214964 |
| 450000 | 0.000 | 12/04/25 | 446885 |
| 190000 | 0.000 | 12/11/25 | 188560 |
| 82000 | 0.000 | 01/13/26 | 81095 |
| **TOTAL SHORT- TERM INVESTMENTS<br>(Cost $2,597,660)** | **TOTAL SHORT- TERM INVESTMENTS<br>(Cost $2,597,660)** | **TOTAL SHORT- TERM INVESTMENTS<br>(Cost $2,597,660)** | $2597887 |
| **TOTAL INVESTMENTS – 104.0%<br>(Cost $7,276,667)** | **TOTAL INVESTMENTS – 104.0%<br>(Cost $7,276,667)** | **TOTAL INVESTMENTS – 104.0%<br>(Cost $7,276,667)** | $7604400 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (4.0)%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (4.0)%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (4.0)%** | (293413) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $7310987 |

---

---

| | |
|:---|:---|
| 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. |
| (b) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com | For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com |

---

------

GOLDMAN SACHS BUFFERED S&P 500 FUND — MAY/NOV

## Schedule of Investments (continued)
*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 13 | 12/19/25 | $4380188 | $39288 |

---

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At September 30, 2025, the Fund had the following purchased and written options:

**EXCHANGE TRADED OPTIONS ON EQUITIES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  S&P 500 Index | $5569.060 | 10/31/2025 | 11 | $6125966 | $5044 | $327734 | $(322690) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  S&P 500 Index | 6202.260 | 10/31/2025 | (11) | (6822486) | (578547) | (96173) | (482374) |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  S&P 500 Index | $5290.610 | 10/31/2025 | (11) | $(5819671) | $(3306) | $(231561) | $228255 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (22) | $(12642157) | $(581853) | $(327734) | $(254119) |
|  **TOTAL** | **TOTAL** | **TOTAL** | (11) | $(6516191) | $(576809) | $— | $(576809) |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| SPDR | — Standard and Poor's Depository Receipt |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** GOLDMAN SACHS VARIABLE INSURANCE TRUST

- **b. Investment Company Act file number:** 811-08361

- **c. CIK number of Registrant:** 0001046292

- **d. LEI of Registrant:** H39OGLUI7D5CIH8CZ870

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 71 SOUTH WACKER DRIVE

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-655-4400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goldman Sachs Buffered S&P 500 Fund - Mar/Sep

- **b. EDGAR series identifier (if any):** S000077435

- **c. LEI of Series:** 549300BAKAISWMNINU51

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $9214988.85

**Total Liabilities:** $442046.65

**Net Assets:** $8772942.20

**Cash Not Reported:** $425055.84

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -8.72000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237873 | 1.92%                | 2.16%                | 2.11%                |
| Class ID C000237874 | 1.92%                | 2.15%                | 2.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $71239.76                                  |
| Month 2  | $23.52                   | $66899.41                                  |
| Month 3  | $0.01                    | $120620.87                                 |

**Designated Index Information**

- **Index Name:** S&P 500 Index

- **Index Identifier:** SAEQ500DWP

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States Treasury                         | U.S. Treasury Bills                            | CUSIP: 912797SF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    101000 | PA      | $99885.40     | 1.14%             | 2026-01-13      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                            | CUSIP: 912797RM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    210000 | PA      | $209205.62    | 2.38%             | 2025-11-04      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                    | S+P500 EMINI FUT DEC25                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        14 | NC      | $42309.88     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                            | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    146400 | PA      | $145456.82    | 1.66%             | 2025-11-28      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                            | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     12000 | PA      | $11979.76     | 0.14%             | 2025-10-16      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                              | 4SPX 260227P06136600                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       -13 | NC      | $-136016.91   | -1.55%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                            | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     70000 | PA      | $69469.43     | 0.79%             | 2025-12-11      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| FED HOME LN DISCOUNT NT                        | Federal Home Loan Bank Discount Notes          | CUSIP: 313385PF7<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    270000 | PA      | $268637.96    | 3.06%             | 2025-11-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF Trust                         | SPDR S&P 500 ETF Trust                         | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |      1900 | NS      | $1265742.00   | 14.43%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |   1639462 | NS      | $1639461.84   | 18.69%            |  |  |  | No            |                  1 | On Loan: No      |
| FED HOME LN DISCOUNT NT                        | Federal Home Loan Bank Discount Notes          | CUSIP: 313385NG7<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    104000 | PA      | $103740.12    | 1.18%             | 2025-10-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                            | CUSIP: 912797RE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    100000 | PA      | $99696.81     | 1.14%             | 2025-10-28      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                            | CUSIP: 912797RR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    143600 | PA      | $142638.29    | 1.63%             | 2025-12-02      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                            | CUSIP: 912797RB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     21000 | PA      | $20985.78     | 0.24%             | 2025-10-07      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                            | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    207000 | PA      | $206976.97    | 2.36%             | 2025-10-02      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                              | 4SPX 260227P06459610                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |        13 | NC      | $205139.59    | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| FED HOME LN DISCOUNT NT                        | Federal Home Loan Bank Discount Notes          | CUSIP: 313385NW2<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    420000 | PA      | $418291.43    | 4.77%             | 2025-11-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | 4SPX 260227C06998400                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |       -13 | NC      | $-182209.24   | -2.08%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                            | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    722000 | PA      | $719098.47    | 8.20%             | 2025-11-06      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| FED HOME LN DISCOUNT NT                        | Federal Home Loan Bank Discount Notes          | CUSIP: 313385NJ1<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    100000 | PA      | $99727.32     | 1.14%             | 2025-10-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| iShares Core S&P 500 ETF                       | iShares Core S&P 500 ETF                       | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |      1900 | NS      | $1271670.00   | 14.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard S&P 500 ETF                           | Vanguard S&P 500 ETF                           | CUSIP: 922908363<br>LEI: 549300D8V8ZP5GRJOC71 | Long             | EC               | RF                | US        |      2100 | NS      | $1285998.00   | 14.66%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                            | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    450000 | PA      | $446884.61    | 5.09%             | 2025-12-04      | None          | 0.00%                 | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-04

**Name of Applicant:** GOLDMAN SACHS VARIABLE INSURANCE TRUST

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President