N-CSRS

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 60606-6303

(Address of principal executive offices) (Zip code)

Caroline Kraus

Goldman Sachs & Co. LLC

200 West Street

New York, NY 10282

Copies to:

Geoffrey R.T. Kenyon, Esq.

Dechert LLP

One International Place, 40th Floor

100 Oliver Street

Boston, MA 02110-2605

(Name and address of agents for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2019

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Reports to Shareholders are filed herewith.

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Global Trends

Allocation Fund

Beginning on or after January 1, 2021, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company that offers your variable insurance contract or your financial intermediary, unless you specifically request paper copies of the reports from the insurance company or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the insurance company electronically by contacting your insurance company or your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform the insurance company or your financial intermediary that you wish to receive paper copies of reports. Your election to receive reports in paper will apply to all Goldman Sachs Funds available under your contract and may apply to all funds held with your financial intermediary.

Semi-Annual Report

June 30, 2019

GOLDMAN SACHS VARIABLE INSURANCE TRUST – GOLDMAN SACHS GLOBAL TRENDS ALLOCATION FUND

INVESTMENT OBJECTIVE

The Fund seeks total return while seeking to provide volatility management.

Portfolio Management Discussion and Analysis

Effective April 30, 2019, the components of the Goldman Sachs Variable Insurance Trust — Goldman Sachs Global Trends Allocation Fund’s (the “Fund”) performance benchmark changed from 60% MSCI World Index (Net, USD, Unhedged) and 40% Bloomberg Barclays U.S. Aggregate Bond Index to 60% MSCI World Index (Net, USD, Hedged) and 40% Bloomberg Barclays U.S. Treasury Composite Index (Total Return, USD, Unhedged). No modifications in the Fund’s investment objective or its principal investment strategy were made in connection with this change.

Below, the Goldman Sachs Quantitative Investment Strategies (“QIS”) Team discusses the Fund’s performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated cumulative total returns of 7.04% and 6.79%, respectively. These returns compare to the 12.48% cumulative total return of the Fund’s blended benchmark index (the “Index”), which is comprised of 60% the MSCI World Index and 40% the Bloomberg Barclays U.S. Treasury Index, during the Reporting Period. The MSCI World Index (Net, USD, Hedged) and the Bloomberg Barclays U.S. Treasury Index (Total Return, USD, Unhedged) generated cumulative total returns of 17.24% and 5.18%, respectively, during the same time period.

To compare, the Fund’s previous blended benchmark returned 12.71% during the Reporting Period. Its components, the MSCI World Index (Net, USD, Hedged) and the Bloomberg Barclays U.S. Aggregate Bond Index, generated cumulative total returns of 17.38% and 6.11%, respectively, during the same time period.

Importantly, during the Reporting Period, the Fund’s overall annualized volatility (which is measured versus the S&P 500^® Index) was 3.91%, less than the S&P 500^® Index’s annualized volatility of 12.45% during the same time period.

What economic and market factors most influenced the Fund during the Reporting Period?

During the Reporting Period, the performance of the capital markets and the Fund was influenced most by central bank monetary policy, economic data and geopolitics.

Global equities posted double-digit gains during the first quarter of 2019 when the Reporting Period began. Federal Reserve (“Fed”) commentary provided a supportive background, as Fed Chair Jerome Powell reiterated a “patient” approach to monetary policy that included a pause in interest rate hikes and a plan to end quantitative tightening, or the shrinking of the Fed’s balance sheet as securities mature, by the end of the 2019 calendar year. The U.S. unemployment rate remained below trend at 3.8% in February 2019, with a steady increase in wages of 3.4% year over year. Housing data showed strength in the first calendar quarters, with new home sales reaching 667,000 in February, bringing the three-month average up to 630,000. Strength in housing data could be partially attributed to a steep decline in mortgage rates resulting from a more cautious Fed. The University of Michigan Consumer Sentiment Index was also a point of significant strength in the U.S. economy, steadily climbing in each month of the first quarter of 2019 and eventually reaching 98.4 in March, its highest level in six months. However, the economic growth concerns that had dominated the fourth quarter of 2018 failed to completely disappear, as fourth quarter 2018 U.S. Gross Domestic Product (“GDP”) growth was revised down 0.4% in March 2019 to 2.2%. In Europe, uncertainty surrounding the U.K.’s plan to exit the European Union, also known as Brexit, and trade tensions with the U.S. were headwinds, as Brexit talks extended beyond the U.K.’s original departure date of March 29th and the U.S. Administration threatened import taxes on goods from the European Union. Signs of weakness in European data indicated the pace of economic expansion was slowing, and the 2019 European GDP growth forecast was reduced from 1.7% to 1.1%. The European Central Bank (“ECB”) announced it would hold its deposit rate steady at -0.4% and said it would delay interest rate hikes until 2020. Regarding Japan, slowing global demand and weakening domestic economic growth, coupled with falling inflation, pressured the Bank of Japan to maintain its accommodative monetary policy. As for China, progress in trade discussions with the U.S. was positive for investor risk sentiment overall. In addition, the annual National People’s Congress and Chinese People’s Political Consultative Conference took centerstage, as China’s leaders announced key 2019 economic targets, such as GDP growth of between 6% and 6.5%, and introduced a series of tax cuts to support

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GOLDMAN SACHS VARIABLE INSURANCE TRUST – GOLDMAN SACHS GLOBAL TRENDS ALLOCATION FUND

economic growth. In Australia, the central bank kept interest rates on hold in the face of slowing economic growth and increased downside risks to the global and domestic outlooks in spite of a tight labor market and gradually rising inflation.

In the second quarter of 2019, global equities posted a more modest gain. Trade tensions between the U.S. and China dominated headlines and broadly added noise to the markets. (Noise refers to market activity that can confuse or misrepresent genuine underlying trends.) In April 2019, investors grew optimistic about a possible U.S.-China trade deal, but this optimism faded in May when the U.S. President threatened to raise current tariffs and impose new duties on $300 billion of additional Chinese imports. Also, sanctions were temporarily placed on a Chinese telecommunications giant, until they were lifted in June 2019, when additional tariffs or compromise were postponed. During the second calendar quarter, investors kept a close eye on the Fed, which said it might take a more accommodative approach to monetary policy. Following the Fed’s statement, the market consensus actually priced in at least one interest rate cut by the end of 2019. U.S. economic indicators were mixed during the second calendar quarter, with consumer sentiment remaining elevated but nonfarm payroll data and manufacturing indices falling short of consensus expectations.

Regarding fixed income, spread, or non-government bond, sectors broadly posted gains in the first quarter of 2019, as dovish pivots by global central banks boosted investor sentiment and helped fuel rallies in both sovereign government bonds and riskier segments of the fixed income market. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Notably, high yield corporate bonds recorded their strongest start to a calendar year on record. The Fed kept its monetary policy unchanged during the first calendar quarter, with its dot plot projecting no interest rate hikes at all during 2019. (The “dot plot” shows interest rate projections of the members of the Federal Open Market Committee.) Meanwhile, the ECB extended its forward guidance, noting its interest rates would remain unchanged through 2019. Other developed markets’ central banks — namely, those of Australia, New Zealand, Switzerland and, to some degree, the U.K. — also turned dovish. The U.S. economy continued to benefit from strength in household consumption, which was underpinned by a healthy labor market. The U.S. dollar strengthened relative to many major currencies during the first quarter of 2019.

In the second calendar quarter, most spread sectors recorded gains. The quarter started off on a positive note in April 2019, as developed markets’ central banks kept monetary policy unchanged. In the U.S., the Fed provided dovish commentary around household spending and inflation, though this was counterbalanced somewhat by the observation that inflation softness might be due to “transitory factors.” The Bank of Japan clarified its forward guidance to signal unchanged monetary policy through the spring of 2020, while the Bank of England maintained its guidance around interest rate hikes occurring at a gradual pace and to a limited extent. Meanwhile, statements by Sweden’s Riksbank and the Bank of Canada were rather dovish, as they generally focused on external risks. However, in May 2019, spread sectors were challenged by the escalation of U.S.-China trade tensions. That same month, market speculation about possible 2019 Fed rate cuts increased due to an accumulation of factors, including soft inflation and weakness in U.S. economic data, continued U.S. economic growth headwinds from unresolved U.S.-China trade negotiations, and subdued global economic activity, particularly in the manufacturing sector. During June 2019, spread sector performance improved on raised prospects of ongoing monetary policy accommodation by global central banks, particularly the Fed. At its June meeting, the U.S. central bank left interest rates unchanged, with eight of the 12 members on the Federal Open Market Committee projecting rate cuts during the 2019 calendar year. In Europe, a dovish speech by outgoing ECB President Mario Draghi signaled forthcoming easing. The U.S. dollar weakened versus many major currencies during the second quarter of 2019.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund primarily seeks to achieve its investment objective by investing in a global portfolio of equity and fixed income asset classes. Under normal market conditions, the Fund expects to invest at least 40% of its assets in equity investments and at least 20% of its assets in fixed income investments. The percentage of the Fund’s portfolio exposed to any asset class or geographic region will vary from time to time as the weightings of the Fund change, and the Fund may not be invested in each asset class at all times.

As part of the Fund’s investment strategy, the Investment Adviser seeks to manage volatility and limit losses by allocating the Fund’s assets away from risky investments in distressed or volatile market environments. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index. In distressed or volatile market environments, the Fund may also hold significant amounts of U.S. Treasury, short-term or other fixed income investments, including money market funds and repurchase agreements or cash, and at times may invest up to 100% of its assets in such investments.

During the Reporting Period, the Fund continued dynamically allocating across global asset classes, using a momentum-based methodology, as it sought total return while also seeking to provide volatility management. Momentum investing seeks growth of capital by gaining exposure to asset classes that have exhibited trends in price performance over selected time periods. In managing

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GOLDMAN SACHS VARIABLE INSURANCE TRUST – GOLDMAN SACHS GLOBAL TRENDS ALLOCATION FUND

the Fund, we use a methodology that evaluates historical three-, six- and nine-month returns, volatilities and correlations across a range of nine global asset classes. Represented by indices, these asset classes include, within the equities category, U.S. large-cap and small-cap, European, Asian, emerging markets and U.K. stocks. Within the fixed income category, the Fund may allocate assets to the U.S., Europe and Japan. The analysis of these asset classes drives the aggregate allocations of the Fund over time. We believe market price momentum — either positive or negative — has significant predictive power.

During the Reporting Period, the Fund’s defensive cash positioning detracted significantly from relative performance, as global equities rebounded from declines suffered in the fourth quarter of 2018. On the positive side, the Fund’s allocations to U.S. large-cap stocks and to European, U.K. and Japanese equities added to absolute returns. Allocations to German government bonds, U.S. Treasury securities and Japanese government bonds also bolstered absolute performance. The Fund did not have allocations to emerging markets equities or U.S. small-cap equities during the Reporting Period.

What was the Fund’s volatility during the Reporting Period?

As part of our investment approach, we seek to mitigate the Fund’s volatility. As mentioned earlier, for the Reporting Period overall, the Fund’s actual volatility (annualized, using daily returns) was 3.91%, less than the S&P 500^® Index’s annualized volatility of 12.45%.

How was the Fund positioned during the Reporting Period?

During the Reporting Period, we tactically managed the Fund’s allocations across equity and fixed income markets based on the momentum and volatility of these asset classes. At the beginning of the Reporting Period, the Fund’s total assets were allocated 19.3% to equities, 38.3% to fixed income and 42.4% to cash. (Many of these positions were implemented through the use of exchanged-traded index future contracts.) Within the equity category, the Fund had allocations to four of six global equity asset classes. It did not have an allocation to emerging markets equities or U.S. small-cap equities at the beginning of the Reporting Period. As for fixed income, the Fund had allocations to U.S. Treasury securities, German government bonds and Japanese government bonds at the start of the Reporting Period.

During January 2019, we greatly decreased the Fund’s cash position in response to the rally in global equities. At the same time, we significantly increased the Fund’s allocation to U.S. large-cap equities and, to a lesser extent, its allocations to Japanese, European and U.K. stocks. We also substantially increased the Fund’s allocations to fixed income overall.

In February 2019, we eliminated the Fund’s position in cash and further increased its allocations to U.S. large-cap stocks and Japanese equities. We increased its allocation to German government bonds and reduced its allocation to U.S. Treasury securities.

During March 2019, the Fund’s allocations remained relatively unchanged.

In April 2019, we increased the Fund’s allocations to U.S. large-cap stocks, U.K. equities and European equities. In fixed income, we decreased the Fund’s allocations to U.S. Treasury securities and Japanese government bonds.

During May 2019, we actively sought to manage volatility within the Fund’s equity allocations. Specifically, we reduced the Fund’s allocations to U.S. large-cap stocks, U.K. stocks and European stocks. Within fixed income, we increased the Fund’s allocation to U.S. Treasury securities.

In June 2019, the Fund’s equity allocations stayed relatively unchanged. Within fixed income, we increased the Fund’s allocation to Japanese government bonds and decreased its allocation to German government bonds.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, the Fund employed exchange-traded index futures contracts to gain exposure to U.S. large-cap stocks; the European, Japanese and U.K. equity markets; and U.S., Japanese and German government bonds. On an absolute basis, the use of these instruments had a positive impact on the Fund’s performance, as the majority of these allocations added to returns.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective April 30, 2019, Gary Chropuvka no longer served as a portfolio manager of the Fund but remained co-Head of the QIS Team. As of the same date, Matthew Schwab became a portfolio manager of the Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Fund. At the end of the Reporting Period, the portfolio managers for the Fund were Federico Gilly, Oliver Bunn and Matthew Schwab.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST – GOLDMAN SACHS GLOBAL TRENDS ALLOCATION FUND

What is the Fund’s tactical asset allocation view and strategy for the months ahead?

At the end of the Reporting Period, the Fund’s total assets were allocated 40.0% to equities, 60.0% to fixed income and 0% to cash. (Many of these positions were implemented through the use of exchanged-traded index future contracts.) Within the equity allocation, the Fund continued to have significant exposure to U.S. large-cap stocks and, to a lesser extent, to Japanese, U.K. and European equities. Within the fixed income allocation, the Fund had substantial exposure to U.S. Treasury securities as well as exposure to Japanese and German government bonds. At the end of the Reporting Period, the Fund had no exposure to emerging markets equities and U.S. small-cap stocks.

Going forward, we intend to position the Fund to provide exposure to price momentum from among nine underlying asset classes, while dynamically managing the volatility, or risk, of the overall portfolio. In general, we expect the Fund to maintain a strategic allocation of 60% of its assets in equity investments and 40% of its assets in fixed income investments. The Fund may deviate from these strategic allocations in order to allocate a greater percentage to asset classes with strong momentum and to reduce its allocation to assets with weak momentum. When volatility increases, our goal is to preserve capital by proportionally increasing the Fund’s cash exposure and reducing its exposure to riskier asset classes. There is no guarantee the Fund’s dynamic management strategy will cause it to achieve its investment objective.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Index Definitions

Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities.

Bloomberg Barclays U.S. Treasury Composite Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. Treasury bills are excluded by the maturity constraint.

MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country.

S&P 500^® Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500^® Index components and their weightings are determined by S&P Dow Jones Indices.

It is not possible to invest directly in an unmanaged index.

5

FUND BASICS

Global Trends Allocation Fund

as of June 30, 2019

STANDARDIZED TOTAL RETURNS¹

For the period ended 6/30/19	One Year			Five Years			Since Inception			Inception Date
Institutional		2.18	%		3.02	%		3.78	%	10/16/13
Service		1.83			2.75			4.68		4/16/12

¹  Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional Shares and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above chart represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above chart. Please visit www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced.

EXPENSE RATIOS²

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.74	%		1.00	%
Service		0.99			1.25

²  The expense ratios of the Fund, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of any fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s fee waivers and/or expense limitations will remain in place through at least April 30, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

6

FUND BASICS

FUND COMPOSITION³

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The underlying composition of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Consequently, the Fund’s overall composition may differ from the percentages contained in the graph above. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Exchange Traded Funds – 25.0%
	149,844	iShares Core S&P 500 ETF	$	44,166,519
	151,900	Vanguard S&P 500 ETF		40,883,885
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $65,943,923)		$	85,050,404

Shares	Dividend Rate			Value
Investment Companies(a) – 54.9%
Goldman Sachs Financial Square Government Fund — Institutional Shares
101,890,103		2.308	%	$	101,890,103
Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Shares
42,329,175		2.248			42,329,175
Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Shares
42,329,175		2.209			42,329,175
TOTAL INVESTMENT COMPANIES
(Cost $186,548,453)				$	186,548,453
TOTAL INVESTMENTS – 79.9%
(Cost $252,492,376)				$	271,598,857
OTHER ASSETS IN EXCESS OF LIABILITIES – 20.1%					68,122,857
NET ASSETS – 100.0%				$	339,721,714

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		434		09/20/2019	$	17,104,757	$	118,122
Euro-Bund		230		09/06/2019		45,171,977		476,008
FTSE 100 Index		185		09/20/2019		17,312,783		(23,231	)
Japan 10 Year Bond		31		09/12/2019		44,247,925		140,386
TOPIX Index		118		09/12/2019		16,975,189		(59,825	)
U.S. Treasury 10 Year Note		706		09/19/2019		90,301,813		1,178,289
Total Futures Contracts							$	1,829,749

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)

Assets:
Investments in affiliated issuers, at value (cost $186,548,453)	$	186,548,453
Investments in unaffiliated issuers, at value (cost $65,943,923)		85,050,404
Cash		64,132,935
Receivables:
Collateral on certain derivative contracts		3,953,626
Dividends		359,001
Fund shares sold		53,337
Reimbursement from investment adviser		18,310
Variation margin on futures		674,402
Other assets		1,156
Total assets		340,791,624
Liabilities:
Payables:
Investments purchased		642,414
Management fees		160,978
Fund shares redeemed		91,985
Distribution and Service fees and Transfer Agency fees		74,398
Accrued expenses		100,135
Total liabilities		1,069,910
Net Assets:
Paid-in capital		309,226,176
Total distributable earnings (loss)		30,495,538
NET ASSETS	$	339,721,714
Net Assets:
Institutional	$	263,915
Service		339,457,799
Total Net Assets	$	339,721,714
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		21,171
Service		27,299,294
Net asset value, offering and redemption price per share:
Institutional		$12.47
Service		12.43

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

Investment income:
Dividends — affiliated issuers	$	2,241,407
Dividends — unaffiliated issuers		906,717
Total investment income		3,148,124
Expenses:
Management fees		1,392,732
Distribution and Service fees — Service Shares		440,419
Professional fees		50,089
Transfer Agency fees(a)		35,256
Custody, accounting and administrative services		25,489
Printing and mailing costs		22,578
Trustee fees		8,292
Other		8,271
Total expenses		1,983,126
Less — expense reductions		(497,886	)
Net expenses		1,485,240
NET INVESTMENT INCOME		1,662,884
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		3,726,719
Futures contracts		8,861,627
Foreign currency transactions		(214,380	)
Net change in unrealized gain on:
Investments — unaffiliated issuers		9,142,870
Futures contracts		1,041,794
Foreign currency translation		164,548
Net realized and unrealized gain		22,723,178
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,386,062

(a) Institutional and Service Shares incurred Transfer Agency fees of $25 and $35,231, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	1,662,884		$	2,585,788
Net realized gain (loss)		12,373,966			(1,891,459	)
Net change in unrealized gain (loss)		10,349,212			(18,542,964	)
Net increase (decrease) in net assets resulting from operations		24,386,062			(17,848,635	)
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(6,273	)
Service Shares		—			(9,086,313	)
Total distributions to shareholders		—			(9,092,586	)
From share transactions:
Proceeds from sales of shares		15,431,542			42,650,408
Reinvestment of distributions		—			9,092,586
Cost of shares redeemed		(96,184,335	)		(35,610,360	)
Net increase (decrease) in net assets resulting from share transactions		(80,752,793	)		16,132,634
TOTAL DECREASE		(56,366,731	)		(10,808,587	)
Net Assets:
Beginning of period		396,088,445			406,897,032
End of period	$	339,721,714		$	396,088,445

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Trends Allocation Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	11.65		$	12.46		$	11.33		$	10.89		$	11.82		$	11.46
Net investment income (loss)(a)		0.07			0.14			0.06			(0.03	)		0.01			0.08
Net realized and unrealized gain (loss)		0.75			(0.64	)		1.46			0.52			(0.67	)		0.41
Total from investment operations		0.82			(0.50	)		1.52			0.49			(0.66	)		0.49
Distributions to shareholders from net investment income		—			(0.12	)		(0.07	)		(0.05	)		(0.03	)		(0.03	)
Distributions to shareholders from net realized gains		—			(0.19	)		(0.32	)		—			(0.24	)		(0.10	)
Total distributions		—			(0.31	)		(0.39	)		(0.05	)		(0.27	)		(0.13	)
Net asset value, end of period	$	12.47		$	11.65		$	12.46		$	11.33		$	10.89		$	11.82
Total return(b)		7.04	%		(4.08	)%		13.36	%		4.49	%		(5.52	)%		4.23	%
Net assets, end of period (in 000s)	$	264		$	247		$	30		$	27		$	1,008		$	739
Ratio of net expenses to average net assets		0.59	%(c)		0.51	%		0.68	%		0.74	%		0.75	%		0.77	%
Ratio of total expenses to average net assets		0.88	%(c)		0.86	%		0.86	%		0.89	%		0.92	%		1.01	%
Ratio of net investment income (loss) to average net assets		1.23	%(c)		1.13	%		0.46	%		(0.25	)%		0.12	%		0.68	%
Portfolio turnover rate(d)		38	%		60	%		64	%		260	%		504	%		304	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Trends Allocation Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	11.64		$	12.45		$	11.32		$	10.88		$	11.82		$	11.47
Net investment income (loss)(a)		0.06			0.08			0.03			0.02			(0.02	)		—	(b)
Net realized and unrealized gain (loss)		0.73			(0.62	)		1.46			0.45			(0.67	)		0.45
Total from investment operations		0.79			(0.54	)		1.49			0.47			(0.69	)		0.45
Distributions to shareholders from net investment income		—			(0.08	)		(0.04	)		(0.03	)		(0.01	)		—	(b)
Distributions to shareholders from net realized gains		—			(0.19	)		(0.32	)		—			(0.24	)		(0.10	)
Total distributions		—			(0.27	)		(0.36	)		(0.03	)		(0.25	)		(0.10	)
Net asset value, end of period	$	12.43		$	11.64		$	12.45		$	11.32		$	10.88		$	11.82
Total return(c)		6.79	%		(4.34	)%		13.11	%		4.33	%		(5.82	)%		3.95	%
Net assets, end of period (in 000s)	$	339,458		$	395,842		$	406,867		$	353,615		$	354,706		$	267,720
Ratio of net expenses to average net assets		0.84	%(d)		0.81	%		0.93	%		1.00	%		1.00	%		1.03	%
Ratio of total expenses to average net assets		1.12	%(d)		1.11	%		1.11	%		1.13	%		1.17	%		1.24	%
Ratio of net investment income (loss) to average net assets		0.94	%(d)		0.63	%		0.21	%		0.20	%		(0.16	)%		(0.04	)%
Portfolio turnover rate(e)		38	%		60	%		64	%		260	%		504	%		304	%

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements

June 30, 2019 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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 Fund 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.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

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. 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. Class-specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees.

D.  Federal Taxes and Distributions to Shareholders — It is 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 and to distribute each year substantially all of its investment company taxable 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 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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in United States (“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

14

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Statement 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.

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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, 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 Valuation Procedures approved by the Trustees 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.

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). 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 Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. 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. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. 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 Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments.

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

i. 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, the 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.

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 Valuation Procedures approved by the Trustees. 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. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

16

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2019:

Investment Type	Level 1			Level 2		Level 3
Assets
Exchange Traded Funds	$	85,050,404		$	—	$	—
Investment Companies		186,548,453			—		—
Total	$	271,598,857		$	—	$	—
Derivative Type
Assets(a)
Futures Contracts	$	1,912,805		$	—	$	—
Liabilities(a)
Futures Contracts	$	(83,056	)	$	—	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedule of Investments.

4.    INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2019. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Risk	Statement of Assets and Liabilities	Assets(a)		Statement of Assets and Liabilities	Liabilities(a)
Equity	Variation margin on futures contracts	$	118,122	Variation margin on futures contracts	$	(83,056	)
Interest Rate	Variation margin on futures contracts		1,794,683	—		—
Total		$	1,912,805		$	(83,056	)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information section of the Schedule of Investments. Only the variation margin as of June 30, 2019 is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2019. 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

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

4.    INVESTMENTS IN DERIVATIVES (continued)

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 Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	2,666,313	$	694,337		887
Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		6,195,314		347,457		994
Total		$	8,861,627	$	1,041,794		1,881

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2019.

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the six months ended June 30, 2019, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate
First $1 billion		Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
	0.79%		0.71	%		0.68	%		0.66	%		0.65	%		0.79	%		0.58	%*

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

* GSAM agreed to waive a portion of its management fee in order to achieve a net management rate, as defined in the Fund’s most recent prospectus. This waiver will be effective through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. For the six months ended June 30, 2019, GSAM waived $211,557 of its management fee.

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government, Goldman Sachs Financial Square Treasury Obligations, and Goldman Sachs Financial Square Treasury Solutions Funds, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government, Goldman Sachs Financial Square Treasury Obligations, and Goldman Sachs Financial Square Treasury Solutions Funds. For the six months ended June 30, 2019, GSAM waived $163,419 of the Fund’s management fee.

B.  Distribution and Service (12b-1) Plan — The Trust, on behalf of 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, 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.

18

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund 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.

D.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (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 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. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.004%. The Other Expense limitation will remain in place through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
	$374,976	$	15,246	$	107,664	$	497,886

E.  Line of Credit Facility — As of June 30, 2019, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2019, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

F.  Other Transactions with Affiliates — The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government, Goldman Sachs Financial Square Treasury Obligations, and Goldman Sachs Financial Square Treasury Solutions Funds as of and for the six months ended June 30, 2019:

Investment Companies	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019		Shares as of June 30, 2019		Dividend Income
Goldman Sachs Financial Square Government Fund	$	119,104,588	$	16,589,893	$	(33,804,378	)	$	101,890,103		101,890,103	$	1,229,382
Goldman Sachs Financial Square Treasury Obligations Fund		52,179,797		1,215,679		(11,066,301	)		42,329,175		42,329,175		510,093
Goldman Sachs Financial Square Treasury Solutions Fund		52,179,797		1,215,679		(11,066,301	)		42,329,175		42,329,175		501,932
Total	$	223,464,182	$	19,021,251	$	(55,936,980	)	$	186,548,453		186,548,453	$	2,241,407

As of June 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 12% of the Institutional Shares of the Fund.

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

6.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2019, were $51,730,758 and $31,996,537, respectively.

7.    TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2018, the Fund’s certain timing differences, on a tax-basis were as follows:

Timing differences (Post October Loss Deferral) $ (2,279,017 ) 

As of June 30, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	257,854,550
Gross unrealized gain		21,019,286
Gross unrealized loss		(7,274,979	)
Net unrealized gain	$	13,744,307

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and net mark to market gains (losses) on regulated futures contracts.

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.

8.    OTHER RISKS

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

Derivatives Risk — The Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. 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.

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 and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the 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 the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

8.    OTHER RISKS (continued)

Foreign Custody Risk — If the Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, 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. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

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). 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.

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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.

10.    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.

11.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		—		$	—			18,378		$	229,900
Reinvestment of distributions		—			—			535			6,273
Shares redeemed		—			—			(157	)		(1,900	)
		—			—			18,756			234,273
Service Shares
Shares sold		1,271,663			15,431,542			3,407,784			42,420,508
Reinvestment of distributions		—			—			775,283			9,086,313
Shares redeemed		(7,985,978	)		(96,184,335	)		(2,858,297	)		(35,608,460	)
		(6,714,315	)		(80,752,793	)		1,324,770			15,898,361
NET INCREASE (DECREASE)		(6,714,315	)	$	(80,752,793	)		1,343,526		$	16,132,634

22

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Fund Expenses — Six Month Period Ended June 30, 2019 (Unaudited)

As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Share Class	Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*
Institutional
Actual	$	1,000	$	1,070.40		$	3.03
Hypothetical 5% return		1,000		1,021.87	+		2.96
Service
Actual		1,000		1,067.90			4.31
Hypothetical 5% return		1,000		1,020.63	+		4.21

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.59% and 0.84% for Institutional and Service Shares, respectively.

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2019 (the “Annual Meeting”).

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

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

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

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

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

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

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

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

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

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

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

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

24

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

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

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on the Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its

25

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

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

performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Fund’s portfolio management team to continue to enhance the investment model used in managing the Fund.

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods and in the third quartile for the five-year period; had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods; and had outperformed the average performance of a group of competitor funds, as determined by the Investment Adviser, for the one-year period and underperformed for the three- and five-year periods ended March 31, 2019.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

26

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

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

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:

First $1 billion	0.79	%
Next $1 billion	0.71
Next $3 billion	0.68
Next $3 billion	0.66
Over $8 billion	0.65

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertakings to waive a portion of its management fee and to limit certain expenses of the Fund that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Fund’s cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (i) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

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

27

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2020.

28

TRUSTEES	OFFICERS
Jessica Palmer, Chair	James A. McNamara, President
Kathryn A. Cassidy	Joseph F. DiMaria, Principal Financial Officer,
Diana M. Daniels	Principal Accounting Officer and Treasurer
James A. McNamara	Caroline L. Kraus, Secretary
Roy W. Templin
Gregory G. Weaver

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2019 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Fund holdings and allocations shown are as of June 30, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs Global Trends Allocation Fund.

© 2019 Goldman Sachs. All rights reserved.

VITNAVSAR-19/175365-OTU-1025426

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Large Cap Value Fund

Beginning on or after January 1, 2021, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company that offers your variable insurance contract or your financial intermediary, unless you specifically request paper copies of the reports from the insurance company or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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Semi-Annual Report

June 30, 2019

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Large Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated cumulative total returns of 16.04% and 15.91%, respectively. These returns compare to the 16.24% cumulative total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”), during the same time period.

What economic and market factors most influenced the equity markets as a whole during the Reporting Period?

Representing the U.S. equity market, the S&P 500^® Index returned 18.54% during the Reporting Period, rallying strongly following negative absolute returns posted in 2018. While 2018 was the worst calendar year since 2008, the first half of 2019 was the strongest first half for the S&P 500^® Index since 1997.

During the first quarter of 2019, the S&P 500^® Index rose 13.65%. After a volatile end to 2018, the rally to begin 2019 marked the best first quarter performance for the S&P 500^® Index since 1998. Federal Reserve (“Fed”) commentary provided a supportive background for U.S. equities, as Fed Chair Jerome Powell reiterated a “patient” approach to monetary policy that included a pause in interest rate hikes and a nearing end to the Fed’s balance sheet runoff. The U.S. unemployment rate remained well below trend at 3.8% in February 2019, and wages grew 3.4% year over year. Housing data showed strength in the first calendar quarter, with new home sales reaching 667,000 in February, bringing the three-month average up to 630,000. Strength in housing data could be partially attributed to a steep decline in mortgage rates resulting from a more cautious Fed. The University of Michigan Consumer Sentiment Index was also a point of significant strength in the U.S. economy, steadily climbing in each month of the first quarter of 2019 and eventually reaching 98.4 in March, its highest level in six months. Economic growth concerns that had dominated the fourth quarter of 2018 failed to completely disappear, however, as fourth quarter 2018 Gross Domestic Product (“GDP”) growth was revised down 0.4% in March 2019 to 2.2%. While the revision was further evidence of a slowing U.S. economy, the result was largely priced in by equity markets and thus had a limited effect on stock prices outside of the financials sector, which historically tends to be more rate sensitive.

The S&P 500^® Index rose a solid but more moderate 4.30% during the second quarter of 2019. Trade tensions between the U.S. and China dominated headlines and broadly added noise to the markets. (Noise refers to market activity that can confuse or misrepresent genuine underlying trends.) In April 2019, there was an optimistic consensus outlook on a possible trade deal, but this optimism faded in May when the U.S. President threatened to raise current tariffs and impose new duties on $300 billion of additional Chinese imports. Also, sanctions were temporarily placed on a Chinese telecommunications giant, until they were lifted in June 2019, when any additional tariffs or compromise were postponed. Also during the second quarter, the markets kept a close eye on the Fed. After steadily raising short-term interest rates since 2015 to a range of 2.25% to 2.50%, the Fed alluded to a more accommodative approach. Following the Fed’s statement, the market consensus actually priced in at least one interest rate cut by the end of 2019, if not sooner. Economic indicators were mixed during the second quarter, with consumer sentiment remaining elevated, while nonfarm payrolls and manufacturing indices across the board fell short.

For the Reporting Period overall, all 11 sectors posted positive absolute returns, with 10 of the 11 generating double-digit gains. Information technology, consumer discretionary and industrials were the best performing sectors in the S&P 500^® Index, as measured by total return, while the weakest performing sectors in the S&P 500^® Index during the Reporting Period were health care, energy and utilities.

Within the U.S. equity market, all capitalization segments posted double-digit positive returns, led by mid-cap stocks, as measured by the Russell Midcap^® Index, followed by large-cap stocks, as measured by the Russell 1000^® Index, and then small-cap stocks, as measured by the Russell 2000^® Index. From a style perspective, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund posted double-digit gains but modestly underperformed the Russell Index during the Reporting Period. Stock selection overall contributed positively, while sector allocation as a whole detracted from the Fund’s performance relative to the Russell Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Stock selection in the health care, financials and energy sectors detracted most from the Fund’s relative results. Offsetting these detractors was stock selection in the information technology, utilities and communication services sectors, which contributed most positively.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Among those companies detracting most from the Fund’s results relative to the Russell Index were positions in Medtronic, Pfizer and Marathon Petroleum.

Medtronic is a medical technology company engaged in the development, manufacture, distribution and sale of device-based medical therapies and services. We decided to exit the Fund’s position in the stock at the end of May 2019 after reassessing the competitive landscape in the medical technology industry and determining that we believed better risk/reward opportunities could be found elsewhere. Prior to exiting the position, the stock was down slightly, but its share price rose following our exit, leading it to be a top relative detractor. Despite the stock rising following our sale of the shares, we continued to believe it was prudent to allocate capital to what we saw as more attractive companies.

Pharmaceutical company Pfizer’s stock trailed the broader equity market along with other large biopharmaceutical companies, as concerns around drug pricing and Brexit uncertainty pressured the industry. (Brexit is the U.K.’s path out of the European Union.) More specific to Pfizer, its management cautioned that its 2019 earnings growth would likely come in slightly softer than the company had previously anticipated, which led investors to reduce positions. Its stock also fell in April 2019, as continued concerns around the Medicare for All proposals and the impact such a program might have weighed on the stock. While the company’s near-term estimates have come down, we still believed at the end of the Reporting Period in Pfizer’s long-term growth potential and its pipeline. Notably, 2020 marks the first year Pfizer will shed the majority of its patent expirations, paving the way for a more unobstructed path to growth, in our view. With this in mind, we felt at the end of the Reporting Period that Pfizer was well positioned to grow through improving market share, early mover advantage in some lines of therapy, and exposure to international markets. Overall, we believed Pfizer remained an attractively valued, high quality company with a healthy balance sheet poised for ongoing growth.

Nearly all of crude oil refining company Marathon Petroleum’s stock price decline came in May 2019. Early in the month, the company reported quarterly results that missed on earnings per share market expectations, driven primarily by weakness in refining and retail margins. On the positive side, Marathon Petroleum continued to buy back shares and also reported strong operating cash flow and capital expenditures. Despite the mixed reports, we remained positive on the company at the end of the Reporting Period and felt its acquisition of fellow petroleum refiner Andeavor seemed to be going well and on track to unlock further synergies for the combined company, now the largest U.S. refiner by capacity. Furthermore, we were positive on the outlook for both the industry and the business and on the company management’s ability to achieve synergy targets and focus on returning capital to shareholders. We maintained our belief that Marathon Petroleum is a high quality company with what we consider to be a strong balance sheet, stable free cash flow and robust return on equity, and we were positive on its prospects ahead.

What were some of the Fund’s best-performing individual stocks?

Relative to the Russell Index, the Fund benefited most from positions in Marvell Technology Group, McDonald’s and Facebook.

Marvell Technology Group, an integrated circuit designer, developer and seller, saw its stock gain rather steadily to start 2019 and then rise even faster in April 2019 on the back of China trade headlines that boosted the semiconductor industry as a whole. Strong first quarter 2019 results featuring above consensus revenue and earnings per share and a positive outlook on the future of the firm’s 5G (fifth-generation) capabilities boosted the company’s share price later in the Reporting Period. Marvell Technology Group also announced the sale of its connectivity assets to NXP Semiconductors, marking the divestiture of an arm that offered few synergies to other, stronger segments of the firm, which the market received positively. This deal fits into a broader pattern of strategic transactions that Marvell Technology Group’s management team has been pursuing. At the end of the Reporting Period, we believed these strategic acquisitions and divestitures, its enhanced position in 5G, and what we saw as its improved financial flexibility may be indicators of potential performance going forward.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Shares of fast-food restaurant retailer McDonald’s traded lower in January 2019 after the company released its fourth quarter 2018 results, in which its earnings per share beat consensus expectations but missed on revenues. We used this selloff as a buying opportunity, as we were not overly concerned by these results, and initiated a Fund position in the stock. McDonald’s stock then rose through the remainder of the Reporting Period along with the restaurant industry overall. Longer term, we remained positive on many of the strategic initiatives McDonald’s has been rolling out. Namely, we feel that modernized restaurants, a revamped value menu and a shift toward fresh beef hamburgers can potentially drive market share gains moving forward. With what we view as McDonald’s strong balance sheet, robust free cash flow and healthy return on equity, we believed its shares were attractively valued at the end of the Reporting Period and poised for further appreciation.

Social media giant Facebook’s shares spiked at the end of January 2019 after the company released a strong earnings report for the fourth quarter of 2018. Facebook beat consensus expectations for revenues and earnings per share and posted solid active user figures, underscoring that consumers and advertisers may not be fazed by recent scrutiny from policymakers and privacy advocates. Additionally, its management’s dialogue marked a shift in tone from focusing on defensive areas, like data security, to more offensive initiatives pertaining to product development. Its stock continued to rise and then jumped again in April 2019 following a better than consensus expected earnings release in which the company reported solid revenue growth and improved expense guidance in the first quarter of 2019. The results appeared to be driven by ongoing advertising success and healthy user growth and engagement across platforms, two bright spots that tie directly to our investment thesis on the company. At the end of the Reporting Period, we continued to monitor any potential headline or political risks going forward, but we remained confident in Facebook’s advertising platform, with Instagram stories and the monetization of messaging apps as particular points of strength. Overall, we continued to view Facebook as one of the more intriguing risk/reward opportunities within the online industry.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

Did the Fund make any significant purchases or sales during the Reporting Period?

During the Reporting Period, in addition to the purchase of McDonald’s, already mentioned, we initiated a Fund position in Walt Disney. We are positive on the new initiatives the company is implanting, including its new direct-to-consumer streaming service, Disney+, which the company expects to launch in the U.S. in mid-November 2019 and to make available in nearly all major regions of the world within the next two years. We are also positive on the company’s acquisition of the regional sports networks under Walt Disney-owned Fox Sports. Further, we are confident in Walt Disney’s ability to maintain strong performance going forward via new entertainment platforms as well as existing segments that we expect to do well.

Conversely, in addition to the sale of Medtronic, already mentioned, we eliminated the Fund’s position in Twenty-First Century Fox. The company completed a merger with Walt Disney in March 2019, and as part of the merger, a piece of the company was spun off to create “New Fox”, or FOXA, while the remaining assets were absorbed by Walt Disney. At the end of the Reporting Period, the Fund held some of the new company, FOXA, but had exited its holding in Twenty-First Century Fox.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure compared to the Russell Index to communication services, industrials, financials and real estate increased. The Fund’s allocations compared to the Russell Index in health care and information technology decreased.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of June 2019, the Fund had overweighted positions relative to the Russell Index in the communication services and industrials sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in information technology and health care and was rather neutrally weighted to the Russell Index in the financials, real estate, materials, consumer staples, energy, utilities and consumer discretionary sectors.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

What is the Fund’s tactical view and strategy for the months ahead?

Following a strong start for the U.S. equity markets during the first half of 2019, we continued to view U.S. equities as the most favorable asset class at the end of the Reporting Period, offering what we saw as reasonable valuations relative to solid macroeconomic and corporate fundamentals. After a significant repricing of assets and market expectations in the fourth quarter of 2018, the U.S. equity markets rebounded with the strongest first half of a calendar year since 1997 despite geopolitical tensions and trade relations oscillating between positive and negative developments. U.S. equities were buoyed by declining 10-year U.S. Treasury rates, as investors expected potential interest rate cuts, a dramatic shift from the Fed’s actions at this point in 2018. While we were encouraged by the strong start to 2019, we also expected to see more signals of an aging economic cycle moving forward, which may be challenging to navigate and require even more selectivity by stock pickers. Yet without clearer indications of deteriorating fundamentals, we believed it too early to position for a downturn in global economic growth or corporate earnings.

That said, at the end of the Reporting Period, we expected choppier conditions for the remainder of 2019. Within this more volatile backdrop, we believed a thorough understanding of both market and company-specific variables may well be crucial to navigating the evolving landscape. Still, our investment philosophy does not and will not change based on short-term fluctuations in markets. We intend to maintain our focus on high quality companies with what we consider to be strong market positions and experienced management teams. In our opinion, emphasizing these durable businesses can potentially set the Fund up to perform well amidst heightened volatility.

Indeed, regardless of market direction, we remain committed to our core philosophy and process. We intend to maintain a long-term time horizon, rather than forecast the next quarter. As always, we maintain our focus on undervalued companies that we believe have comparatively greater control of their own destiny, such as innovators with differentiated products, companies with low cost structures or companies that have been investing in their own businesses and may be poised to gain market share.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Index Definitions

The Russell 1000^® Value Index is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The figures for the index do not include any deduction for fees, expenses or taxes.

The Russell 2000^® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The figures for the index do not include any deduction for fees, expenses or taxes.

The S&P 500^® Index is the Standard & Poor’s composite index of 500 stocks, an unmanaged index of common stock prices. The figures for the index do not include any deduction for fees, expenses or taxes.

The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which represent approximately 25% of the total market capitalization of the Russell 1000^® Index.

The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represent approximately 92% of the total market capitalization of the Russell 3000^® Index.

It is not possible to invest directly in an index.

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FUND BASICS

Large Cap Value Fund

as of June 30, 2019

STANDARDIZED TOTAL RETURNS¹

For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Institutional		8.38	%		5.22	%		10.78	%		5.10	%	1/12/98
Service		8.19			4.95			10.48			4.39		7/24/07

¹  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional Shares and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above chart represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above chart. Please visit www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced.

EXPENSE RATIOS²

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.71	%		0.80	%
Service		0.96			1.05

²  The expense ratios of the Fund, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of any fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s fee waivers and/or expense limitations will remain in place through at least April 30, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 6/30/19³

Holding	% of Net Assets		Line of Business
JPMorgan Chase & Co.		3.8%	Banks
Berkshire Hathaway, Inc. Class B		3.7	Diversified Financials
Johnson & Johnson		3.2	Pharmaceuticals, Biotechnology & Life Sciences
Bank of America Corp.		2.9	Banks
Chevron Corp.		2.8	Energy
Procter & Gamble Co. (The)		2.8	Household & Personal Products
Verizon Communications, Inc.		2.7	Telecommunication Services
Walt Disney Co. (The)		2.3	Media & Entertainment
Walmart, Inc.		2.2	Food & Staples Retailing
Exxon Mobil Corp.		2.0	Energy

³  The top 10 holdings may not be representative of the Fund’s future investments.

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FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2019

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 99.0%
Automobiles & Components – 0.6%
	35,331	Aptiv plc	$	2,855,805
Banks – 9.7%
	469,774	Bank of America Corp.		13,623,446
	27,662	First Republic Bank		2,701,194
	157,577	JPMorgan Chase & Co.		17,617,109
	30,905	M&T Bank Corp.		5,256,013
	136,211	Wells Fargo & Co.		6,445,505
				45,643,267
Capital Goods – 7.2%
	11,161	Boeing Co. (The)		4,062,716
	26,086	Deere & Co.		4,322,711
	417,311	General Electric Co.		4,381,765
	37,610	Honeywell International, Inc.		6,566,330
	75,737	ITT, Inc.		4,959,259
	12,496	Northrop Grumman Corp.		4,037,582
	37,296	Stanley Black & Decker, Inc.		5,393,375
				33,723,738
Commercial & Professional Services – 0.6%
	28,807	Waste Connections, Inc.		2,753,373
Consumer Durables & Apparel – 1.3%
	55,706	DR Horton, Inc.		2,402,600
	36,628	PVH Corp.		3,466,474
				5,869,074
Consumer Services – 2.0%
	32,050	McDonald’s Corp.		6,655,503
	22,988	Royal Caribbean Cruises Ltd.		2,786,375
				9,441,878
Diversified Financials – 8.1%
	32,000	American Express Co.		3,950,080
	80,643	Berkshire Hathaway, Inc. Class B*		17,190,668
	10,051	BlackRock, Inc.		4,716,934
	45,499	Intercontinental Exchange, Inc.		3,910,184
	117,659	Morgan Stanley		5,154,641
	31,382	Northern Trust Corp.		2,824,380
				37,746,887
Energy – 9.3%
	48,361	Cheniere Energy, Inc.*		3,310,310
	104,924	Chevron Corp.		13,056,743
	36,915	Concho Resources, Inc.		3,808,890
	22,225	Diamondback Energy, Inc.		2,421,858
	54,847	EOG Resources, Inc.		5,109,547
	124,288	Exxon Mobil Corp.		9,524,189
	110,743	Marathon Petroleum Corp.		6,188,319
				43,419,856
Food & Staples Retailing – 2.2%
	95,004	Walmart, Inc.		10,496,992
Common Stocks – (continued)
Food, Beverage & Tobacco – 3.1%
	78,884	Altria Group, Inc.		3,735,157
	81,535	Conagra Brands, Inc.		2,162,308
	18,379	Constellation Brands, Inc. Class A		3,619,560
	94,975	Mondelez International, Inc. Class A		5,119,153
				14,636,178
Health Care Equipment & Services – 5.6%
	82,700	Boston Scientific Corp.*		3,554,446
	10,684	Cooper Cos., Inc. (The)		3,599,333
	78,598	CVS Health Corp.		4,282,805
	40,444	Danaher Corp.		5,780,256
	13,259	Humana, Inc.		3,517,613
	48,456	Zimmer Biomet Holdings, Inc.		5,705,209
				26,439,662
Household & Personal Products – 2.8%
	118,946	Procter & Gamble Co. (The)		13,042,429
Insurance – 4.9%
	46,765	Allstate Corp. (The)		4,755,533
	36,915	American Financial Group, Inc.		3,782,680
	70,967	American International Group, Inc.		3,781,122
	32,050	Arthur J Gallagher & Co.		2,807,260
	32,908	Chubb Ltd.		4,847,019
	30,905	Torchmark Corp.		2,764,761
				22,738,375
Materials – 3.8%
	30,047	Celanese Corp.		3,239,066
	80,101	DuPont de Nemours, Inc.		6,013,182
	29,737	Linde plc		5,971,190
	11,924	Martin Marietta Materials, Inc.		2,743,832
				17,967,270
Media & Entertainment – 6.9%
	96,108	Activision Blizzard, Inc.		4,536,297
	3,721	Alphabet, Inc. Class A*		4,029,099
	170,464	Comcast Corp. Class A		7,207,218
	13,068	Facebook, Inc. Class A*		2,522,124
	92,620	Fox Corp. Class A		3,393,597
	76,200	Walt Disney Co. (The)		10,640,568
				32,328,903
Pharmaceuticals, Biotechnology & Life Sciences – 7.4%
	14,881	Alexion Pharmaceuticals, Inc.*		1,949,113
	76,309	AstraZeneca plc ADR		3,150,036
	28,807	BioMarin Pharmaceutical, Inc.*		2,467,320
	130,488	Elanco Animal Health, Inc.*		4,410,494
	17,111	Eli Lilly & Co.		1,895,728
	105,974	Johnson & Johnson		14,760,059
	134,589	Pfizer, Inc.		5,830,395
				34,463,145

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Real Estate Investment Trusts – 5.1%
	27,567	Alexandria Real Estate Equities, Inc.	$	3,889,428
	27,662	AvalonBay Communities, Inc.		5,620,365
	23,561	Extra Space Storage, Inc.		2,499,822
	95,863	Hudson Pacific Properties, Inc.		3,189,362
	50,841	Prologis, Inc.		4,072,364
	65,339	Ventas, Inc.		4,465,921
				23,737,262
Retailing – 0.9%
	10,397	Advance Auto Parts, Inc.		1,602,594
	26,613	Ross Stores, Inc.		2,637,880
				4,240,474
Semiconductors & Semiconductor Equipment – 3.3%
	33,672	Advanced Micro Devices, Inc.*		1,022,619
	157,005	Intel Corp.		7,515,829
	120,556	Marvell Technology Group Ltd.		2,877,672
	36,144	Texas Instruments, Inc.		4,147,885
				15,564,005
Software & Services – 2.4%
	37,948	Citrix Systems, Inc.		3,724,217
	28,849	Fidelity National Information Services, Inc.		3,539,195
	31,286	Microsoft Corp.		4,191,073
				11,454,485
Telecommunication Services – 3.6%
	138,309	AT&T, Inc.		4,634,734
	217,514	Verizon Communications, Inc.		12,426,575
				17,061,309
Transportation – 1.8%
	18,052	Norfolk Southern Corp.		3,598,305
	27,567	Union Pacific Corp.		4,661,856
				8,260,161
Utilities – 6.4%
	70,586	Ameren Corp.		5,301,714
	34,721	American Water Works Co., Inc.		4,027,636
	98,820	CMS Energy Corp.		5,722,666
	42,829	NextEra Energy, Inc.		8,773,949
	101,777	Xcel Energy, Inc.		6,054,714
				29,880,679
	TOTAL COMMON STOCKS
	(Cost $410,675,993)		$	463,765,207
Shares		Dividend Rate	Value
Investment Company(a) – 1.3%
	Goldman Sachs Financial Square Government Fund —  Institutional Shares
	6,173,065	2.308%	$	6,173,065
	(Cost $6,173,065)
	TOTAL INVESTMENTS – 100.3%
	(Cost $416,849,058)		$	469,938,272
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(1,416,491	)
	NET ASSETS – 100.0%		$	468,521,781

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Represents an Affiliated Issuer.

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $410,675,993)	$	463,765,207
Investments in affiliated issuers, at value (cost $6,173,065)		6,173,065
Cash		384,836
Receivables:
Investments sold		27,286,841
Dividends		416,782
Reimbursement from investment adviser		22,929
Fund shares sold		8,212
Other assets		1,216
Total assets		498,059,088
Liabilities:
Payables:
Investments purchased		28,417,282
Fund shares redeemed		671,284
Management fees		262,017
Distribution and Service fees and Transfer Agency fees		70,258
Accrued expenses		116,466
Total liabilities		29,537,307
Net Assets:
Paid-in capital		400,156,457
Total distributable earnings (loss)		68,365,324
NET ASSETS	$	468,521,781
Net Assets:
Institutional	$	161,218,006
Service		307,303,775
Total Net Assets	$	468,521,781
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		18,120,115
Service		34,572,947
Net asset value, offering and redemption price per share:
Institutional		$8.90
Service		8.89

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $3,114)	$	5,168,216
Dividends — affiliated issuers		31,365
Securities lending income — unaffiliated issuer		19,664
Total investment income		5,219,245
Expenses:
Management fees		1,663,687
Distribution and Service fees — Service Shares		379,288
Transfer Agency fees(a)		46,210
Professional fees		44,770
Custody, accounting and administrative services		43,319
Printing and mailing costs		42,579
Trustee fees		8,349
Registration fees		620
Other		8,852
Total expenses		2,237,674
Less — expense reductions		(212,588	)
Net expenses		2,025,086
NET INVESTMENT INCOME		3,194,159
Realized and unrealized gain:
Net realized gain from investments — unaffiliated issuers		9,618,406
Net change in unrealized gain on investments — unaffiliated issuers		54,790,676
Net realized and unrealized gain		64,409,082
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	67,603,241

(a) Institutional and Service Shares incurred Transfer Agency fees of $15,869 and $30,341, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	3,194,159		$	5,902,274
Net realized gain		9,618,406			38,681,430
Net change in unrealized gain (loss)		54,790,676			(85,485,686	)
Net increase (decrease) in net assets resulting from operations		67,603,241			(40,901,982	)
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(11,515,289	)
Service Shares		—			(20,776,605	)
Total distributions to shareholders		—			(32,291,894	)
From share transactions:
Proceeds from sales of shares		8,524,009			25,313,246
Reinvestment of distributions		—			32,291,894
Cost of shares redeemed		(41,459,624	)		(97,515,109	)
Net decrease in net assets resulting from share transactions		(32,935,615	)		(39,909,969	)
TOTAL INCREASE (DECREASE)		34,667,626			(113,103,845	)
Net Assets:
Beginning of period		433,854,155			546,958,000
End of period	$	468,521,781		$	433,854,155

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	7.67		$	9.06		$	10.16		$	9.39		$	11.39		$	12.59
Net investment income(a)		0.07			0.12			0.16			0.18			0.15			0.16
Net realized and unrealized gain (loss)		1.16			(0.88	)		0.83			0.91			(0.67	)		1.38
Total from investment operations		1.23			(0.76	)		0.99			1.09			(0.52	)		1.54
Distributions to shareholders from net investment income		—			(0.12	)		(0.18	)		(0.22	)		(0.16	)		(0.19	)
Distributions to shareholders from net realized gains		—			(0.51	)		(1.91	)		(0.10	)		(1.32	)		(2.55	)
Total distributions		—			(0.63	)		(2.09	)		(0.32	)		(1.48	)		(2.74	)
Net asset value, end of period	$	8.90		$	7.67		$	9.06		$	10.16		$	9.39		$	11.39
Total return(b)		16.04	%		(8.46	)%		9.85	%		11.55	%		(4.41	)%		12.94	%
Net assets, end of period (in 000s)	$	161,218		$	150,963		$	188,182		$	243,875		$	279,910		$	326,543
Ratio of net expenses to average net assets		0.71	%(c)		0.71	%		0.72	%		0.74	%		0.74	%		0.75	%
Ratio of total expenses to average net assets		0.80	%(c)		0.81	%		0.81	%		0.81	%		0.81	%		0.80	%
Ratio of net investment income to average net assets		1.54	%(c)		1.32	%		1.50	%		1.91	%		1.38	%		1.21	%
Portfolio turnover rate(d)		34	%		125	%		127	%		130	%		83	%		72	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	7.67		$	9.06		$	10.16		$	9.39		$	11.38		$	12.58
Net investment income(a)		0.05			0.10			0.13			0.16			0.13			0.13
Net realized and unrealized gain (loss)		1.17			(0.88	)		0.83			0.90			(0.67	)		1.37
Total from investment operations		1.22			(0.78	)		0.96			1.06			(0.54	)		1.50
Distributions to shareholders from net investment income		—			(0.10	)		(0.15	)		(0.19	)		(0.13	)		(0.15	)
Distributions to shareholders from net realized gains		—			(0.51	)		(1.91	)		(0.10	)		(1.32	)		(2.55	)
Total distributions		—			(0.61	)		(2.06	)		(0.29	)		(1.45	)		(2.70	)
Net asset value, end of period	$	8.89		$	7.67		$	9.06		$	10.16		$	9.39		$	11.38
Total return(b)		15.91	%		(8.72	)%		9.56	%		11.25	%		(4.58	)%		12.61	%
Net assets, end of period (in 000s)	$	307,304		$	282,891		$	358,776		$	531,553		$	610,689		$	692,741
Ratio of net expenses to average net assets		0.96	%(c)		0.96	%		0.97	%		0.99	%		0.99	%		1.00	%
Ratio of total expenses to average net assets		1.05	%(c)		1.06	%		1.06	%		1.06	%		1.06	%		1.05	%
Ratio of net investment income to average net assets		1.30	%(c)		1.07	%		1.26	%		1.66	%		1.13	%		0.96	%
Portfolio turnover rate(d)		34	%		125	%		127	%		130	%		83	%		72	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements

June 30, 2019 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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 Fund 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 Fund’s investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

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. 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. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees.

D.  Federal Taxes and Distributions to Shareholders — It is 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 and to distribute each year substantially all of its investment company taxable 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 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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  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 the Fund as

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

cash payments and are included in net realized gain (loss) from investments on the Statement of Operations. As of June 30, 2019, there was no commission recaptured for the Fund.

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV 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 Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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 Valuation Procedures approved by the

16

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Trustees. 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. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of June 30, 2019:

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	9,121,226	$	—	$	—
North America		454,643,981		—		—
Investment Company		6,173,065		—		—
Total	$	469,938,272	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

For further information regarding security characteristics, see the Schedule of Investments.

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the six months ended June 30, 2019, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate
First $1 billion		Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
	0.72%		0.65	%		0.62	%		0.60	%		0.59	%		0.72	%		0.69	%*

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

* GSAM agreed to waive a portion of its management fee in order to achieve a net management rate, as defined in the Fund’s most recent prospectuses. This waiver will be effective through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. For the six months ended June 30, 2019, GSAM waived $69,319 of its management fee.

The Fund invests 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 Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2019, GSAM waived $2,111 of the Fund’s management fee.

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B.  Distribution and Service (12b-1) Plan — The Trust, on behalf of 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, is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.

C.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to 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.

D.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (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 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. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.004%. The Other Expense limitation will remain in place through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
$	71,430	$	1,918	$	139,240	$	212,588

E.  Line of Credit Facility — As of June 30, 2019, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2019, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

F.  Other Transactions with Affiliates — For the six months ended June 30, 2019, Goldman Sachs earned $657 in brokerage commissions from portfolio transactions.

The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2019:

Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019		Shares as of June 30, 2019		Dividend Income from Affiliated Investment Company
$	2,443,839	$	30,256,666	$	(26,527,440	)	$	6,173,065		6,173,065	$	31,365

18

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

5.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2019, were $157,425,501 and $182,091,762 respectively.

6.    SECURITIES LENDING

The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund 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 Statement 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 Fund invests 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, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund 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 BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund 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 Fund may enter into master netting agreements with borrowers, which 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 bankruptcy or insolvency laws. The Fund’s 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 Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2019, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable. The Fund did not have securities on loan as of June 30, 2019.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2019, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2019:

Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019
$	—	$	7,899,221	$	(7,899,221	)	$	—

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

7.    TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2018, the Fund’s certain timing differences, on a tax-basis were as follows:

Timing differences (Deferred Dividend/Post October Loss Deferral) $ (3,115,385 ) 

As of June 30, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	417,348,577
Gross unrealized gain		65,290,536
Gross unrealized loss		(12,700,841	)
Net unrealized gain	$	52,589,695

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

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

8.    OTHER RISKS

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

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, 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.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

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). Additionally, the Fund may also be

20

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

8.    OTHER RISKS (continued)

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.

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.

10.    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.

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		205,858		$	1,741,087			854,945		$	7,399,623
Reinvestment of distributions		—			—			1,482,019			11,515,289
Shares redeemed		(1,767,958	)		(14,959,837	)		(3,417,525	)		(30,831,738	)
		(1,562,100	)		(13,218,750	)		(1,080,561	)		(11,916,826	)
Service Shares
Shares sold		805,674			6,782,922			2,024,327			17,913,623
Reinvestment of distributions		—			—			2,673,952			20,776,605
Shares redeemed		(3,105,114	)		(26,499,787	)		(7,416,119	)		(66,683,371	)
		(2,299,440	)		(19,716,865	)		(2,717,840	)		(27,993,143	)
NET DECREASE		(3,861,540	)	$	(32,935,615	)		(3,798,401	)	$	(39,909,969	)

22

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Fund Expenses — Six Month Period Ended June 30, 2019 (Unaudited) 

As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund, you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Share Class	Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6  Months Ended 06/30/19*
Institutional
Actual	$	1,000	$	1,160.40		$	3.80
Hypothetical 5% return		1,000		1,021.27	+		3.56
Service
Actual		1,000		1,159.10			5.14
Hypothetical 5% return		1,000		1,020.03	+		4.81

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.71% and 0.96% for Institutional and Service Shares, respectively.

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2019 (the “Annual Meeting”).

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

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

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

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

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

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

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

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

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

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

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

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

24

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, portfolio trading, distribution and other services;

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

(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on the Fund’s investment performance was provided for the one-, three-, five-, and

25

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

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

ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

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

The Trustees noted that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period and in the fourth quartile for the three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2019. They also noted that the Fund had experienced certain portfolio management changes in 2018.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Fund that would have the effect of decreasing total Fund expenses, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

26

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

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

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:

First $1 billion	0.72	%
Next $1 billion	0.65
Next $3 billion	0.62
Next $3 billion	0.60
Over $8 billion	0.59

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertakings to waive a portion of its management fee and to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Fund; (d) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by the Investment Adviser for managing the fund in which the Fund’s securities lending cash collateral is invested; (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (j) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

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

27

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2020.

28

TRUSTEES	OFFICERS
Jessica Palmer, Chair	James A. McNamara, President
Kathryn A. Cassidy	Joseph F. DiMaria, Principal Financial Officer,
Diana M. Daniels	Principal Accounting Officer and Treasurer
James A. McNamara	Caroline L. Kraus, Secretary
Roy W. Templin
Gregory G. Weaver

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Fund holdings and allocations shown are as of June 30, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs Large Cap Value Fund.

© 2019 Goldman Sachs. All rights reserved.

VITLCVSAR-19/175369-OTU-1025571

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Mid Cap Value Fund

Beginning on or after January 1, 2021, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company that offers your variable insurance contract or your financial intermediary, unless you specifically request paper copies of the reports from the insurance company or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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Semi-Annual Report

June 30, 2019

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Mid Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated cumulative total returns of 20.71% and 20.60%, respectively. These returns compare to the 18.02% cumulative total return of the Fund’s benchmark, the Russell Midcap^® Value Index (with dividends reinvested) (the “Russell Index”), during the same time period.

What economic and market factors most influenced the equity markets as a whole during the Reporting Period?

Representing the U.S. equity market, the S&P 500^® Index returned 18.54% during the Reporting Period, rallying strongly following negative absolute returns posted in 2018. While 2018 was the worst calendar year since 2008, the first half of 2019 was the strongest first half for the S&P 500^® Index since 1997.

During the first quarter of 2019, the S&P 500^® Index rose 13.65%. After a volatile end to 2018, the rally to begin 2019 marked the best first quarter performance for the S&P 500^® Index since 1998. Federal Reserve (“Fed”) commentary provided a supportive background for U.S. equities, as Fed Chair Jerome Powell reiterated a “patient” approach to monetary policy that included a pause in interest rate hikes and a nearing end to the Fed’s balance sheet runoff. The U.S. unemployment rate remained well below trend at 3.8% in February 2019, and wages grew 3.4% year over year. Housing data showed strength in the first calendar quarter, with new home sales reaching 667,000 in February, bringing the three-month average up to 630,000. Strength in housing data could be partially attributed to a steep decline in mortgage rates resulting from a more cautious Fed. The University of Michigan Consumer Sentiment Index was also a point of significant strength in the U.S. economy, steadily climbing in each month of the first quarter of 2019 and eventually reaching 98.4 in March, its highest level in six months. Economic growth concerns that had dominated the fourth quarter of 2018 failed to completely disappear, however, as fourth quarter 2018 Gross Domestic Product (“GDP”) growth was revised down 0.4% in March 2019 to 2.2%. While the revision was further evidence of a slowing U.S. economy, the result was largely priced in by equity markets and thus had a limited effect on stock prices outside of the financials sector, which historically tends to be more rate sensitive.

The S&P 500^® Index rose a solid but more moderate 4.30% during the second quarter of 2019. Trade tensions between the U.S. and China dominated headlines and broadly added noise to the markets. (Noise refers to market activity that can confuse or misrepresent genuine underlying trends.) In April 2019, there was an optimistic consensus outlook on a possible trade deal, but this optimism faded in May when the U.S. President threatened to raise current tariffs and impose new duties on $300 billion of additional Chinese imports. Also, sanctions were temporarily placed on a Chinese telecommunications giant, until they were lifted in June 2019, when any additional tariffs or compromise were postponed. Also during the second quarter, the markets kept a close eye on the Fed. After steadily raising short-term interest rates since 2015 to a range of 2.25% to 2.50%, the Fed alluded to a more accommodative approach. Following the Fed’s statement, the market consensus actually priced in at least one interest rate cut by the end of 2019, if not sooner. Economic indicators were mixed during the second quarter, with consumer sentiment remaining elevated, while nonfarm payrolls and manufacturing indices across the board fell short.

For the Reporting Period overall, all 11 sectors posted positive absolute returns, with 10 of the 11 generating double-digit gains. Information technology, consumer discretionary and industrials were the best performing sectors in the S&P 500^® Index, as measured by total return, while the weakest performing sectors in the S&P 500^® Index during the Reporting Period were health care, energy and utilities.

Within the U.S. equity market, all capitalization segments posted double-digit positive returns, led by mid-cap stocks, as measured by the Russell Midcap^® Index, followed by large-cap stocks, as measured by the Russell 1000^® Index, and then small-cap stocks, as measured by the Russell 2000^® Index. From a style perspective, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund outperformed the Russell Index during the Reporting Period due primarily to stock selection overall. Sector allocation as a whole also contributed positively, albeit more modestly, to the Fund’s performance relative to the Russell Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Contributing most positively to the Fund’s relative results during the Reporting Period was effective stock selection in the real estate, materials and consumer staples sectors. Such positive contributors were only partially offset by stock selection in the financials and energy sectors, which detracted. Allocation positioning in the energy and industrials sectors also dampened the Fund’s relative results.

What were some of the Fund’s best-performing individual stocks?

The Fund benefited most relative to the Russell Index from positions in Marvell Technology Group, L3 Harris Technologies and ITT.

Marvell Technology Group, an integrated circuit designer, developer and seller, saw its stock gain rather steadily to start 2019 and then rise even faster in April 2019 on the back of China trade headlines that boosted the semiconductor industry as a whole. Strong first quarter 2019 results featuring above consensus revenue and earnings per share and a positive outlook on the future of the firm’s 5G (fifth-generation) capabilities boosted the company’s share price later in the Reporting Period. Marvell Technology Group also announced the sale of its connectivity assets to NXP Semiconductors, marking the divestiture of an arm that offered few synergies to other, stronger segments of the firm, which the market received positively. This deal fits into a broader pattern of strategic transactions that Marvell Technology Group’s management team has been pursuing. At the end of the Reporting Period, we believed these strategic acquisitions and divestitures, its enhanced position in 5G, and what we saw as its improved financial flexibility may be indicators of potential performance going forward.

L3 Harris Technologies is a technology-based tactical communications, geospatial systems, air traffic management and avionics firm. In late June 2019, defense technology company L3 Technologies, in which the Fund held a position, merged with defense company Harris to form L3 Harris Technologies. As separate entities, each firm posted strong first quarter 2019 top-line growth and each raised revenue and earnings per share guidance for calendar year 2019. At the end of the Reporting Period, we believed positive results from Harris and recovery in growth within the L3 Technologies portfolio were indicators of potentially strong performance ahead. We expected the value creation resulting from the merging of these two firms to play out during the next three years or so. In our view, their combined portfolio remained well aligned with the Department of Defense’s spending priorities and should, we feel, continue to benefit as should spending moves from readiness toward modernization, as the government has indicated.

ITT engages in the manufacture and sale of engineered components and customized technology solutions in the energy, transportation and industrial markets. Its stock rose through much of the Reporting Period, highlighted by a strong earnings announcement in February 2019, in which its earnings per share were higher than market estimates, its free cash conversion was solid, and the company announced additional share buybacks. At the end of the Reporting Period, we remained positive on the company, as we felt the industry was in a solid up-cycle with strong operating momentum. We were also positive on ITT’s management team and felt it was effectively implementing the company’s plans to drive growth.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting from the Fund’s results relative to the Russell Index were positions in Marathon Petroleum, Evergy and Worldpay.

Nearly all of crude oil refining company Marathon Petroleum’s stock price decline came in May 2019. Early in the month, the company reported quarterly results that missed on earnings per share market expectations, driven primarily by weakness in refining and retail margins. On the positive side, Marathon Petroleum continued to buy back shares and also reported strong operating cash flow and capital expenditures. Despite the mixed reports, we remained positive on the company at the end of the Reporting Period and felt its acquisition of fellow petroleum refiner Andeavor seemed to be going well and on track to unlock further synergies for the combined company, now the largest U.S. refiner by capacity. Furthermore, we were positive on the outlook for both the industry and the business and on the company management’s ability to achieve synergy targets and focus on returning capital to shareholders. We maintained our belief that Marathon Petroleum is a high quality company with what we consider to be a strong balance sheet, stable free cash flow and robust return on equity, and we were positive on its prospects ahead.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Utility company Evergy disappointed on its fourth quarter 2018 earnings and on lowering its longer-term growth outlook, which caused a dramatic share price decline on the day of its results announcement. We lost confidence in its management’s ability to appropriately plan and execute that plan and thus decided to exit the position, as we think Evergy’s growth rate may materially lag its peers in the medium term.

Worldpay is a payment processing technology and solutions company. The Fund did not hold a position in Worldpay at the start of 2019, but it was a constituent of the Russell Index when it was acquired by Fidelity Information Services, driving appreciation of its stock price and thus detracting from the Fund’s performance relative to the Russell Index. Following the announcement of the acquisition, we added Worldpay to the Fund’s portfolio given the lower leverage on Fidelity Information Services’ balance sheet and access to a wide geographic footprint that could provide, in our view, an opportunity for growth ahead.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives.

Did the Fund make any significant purchases or sales during the Reporting Period?

In addition to those purchases already mentioned, we initiated a Fund position in AMETEK, a manufacturer of electronic instruments and electromechanical devices. We are confident in its management team’s ability to execute and deliver compounding returns to its shareholders, evidenced by its commitment to share buybacks and what we saw as effective acquisitions. Additionally, we believe the company’s diverse set of businesses provide a defensive aspect that has historically enabled it to perform well amid volatile market conditions.

We established a Fund position in Ameren. The company operates as a public utility holding company that provides electric and natural gas services in Missouri and Illinois. We are positive on Ameren given what we see as its strong growth profile and attractive dividend yield. Furthermore, we believe regulation changes in Missouri during the last year or so may help drive more investment in the state and consequently lead to higher rate base growth. Further, we believe Ameren’s management team is well respected and has executed well over the years.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in Signature Bank. The company reported weak results in mid-April 2019, including a decline in net interest margin and missing consensus expectations on earnings per share. Given the optimism heading into its report that Signature Bank would be well positioned to better weather the lower interest rate environment relative to its peers, we decided to sell the position and allocate capital to companies we saw as having better prospects of sound execution.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer staples and communication services increased and its exposure to financials and information technology decreased compared to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of June 2019, the Fund had an overweighted position relative to the Russell Index in materials. On the same date, the Fund had underweighted positions compared to the Russell Index in industrials financials, utilities and real estate and was rather neutrally weighted to the Russell Index in consumer staples, communication services, health care, energy, consumer discretionary, and information technology.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

What is the Fund’s tactical view and strategy for the months ahead?

Following a strong start for the U.S. equity markets during the first half of 2019, we continued to view U.S. equities as the most favorable asset class at the end of the Reporting Period, offering what we saw as reasonable valuations relative to solid macroeconomic and corporate fundamentals. After a significant repricing of assets and market expectations in the fourth quarter of 2018, the U.S. equity markets rebounded with the strongest first half of a calendar year since 1997 despite geopolitical tensions and trade relations oscillating between positive and negative developments. U.S. equities were buoyed by declining 10-year U.S.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Treasury rates, as investors expected potential interest rate cuts, a dramatic shift from the Fed’s actions at this point in 2018. While we were encouraged by the strong start to 2019, we also expected to see more signals of an aging economic cycle moving forward, which may be challenging to navigate and require even more selectivity by stock pickers. Yet without clearer indications of deteriorating fundamentals, we believed it too early to position for a downturn in global economic growth or corporate earnings.

That said, at the end of the Reporting Period, we expected choppier conditions for the remainder of 2019. Within this more volatile backdrop, we believed a thorough understanding of both market and company-specific variables may well be crucial to navigating the evolving landscape. Still, our investment philosophy does not and will not change based on short-term fluctuations in markets. We intend to maintain our focus on high quality companies with what we consider to be strong market positions and experienced management teams. In our opinion, emphasizing these durable businesses can potentially set the Fund up to perform well amidst heightened volatility.

Indeed, regardless of market direction, we remain committed to our core philosophy and process. We intend to maintain a long-term time horizon, rather than forecast the next quarter. As always, we maintain our focus on undervalued companies that we believe have comparatively greater control of their own destiny, such as innovators with differentiated products, companies with low cost structures or companies that have been investing in their own businesses and may be poised to gain market share.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Index Definitions

The Russell Midcap Value^® Index is an unmanaged index of common stock prices that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The index figures do not reflect any deduction for fees, expenses or taxes.

The Russell 2000^® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The figures for the index do not include any deduction for fees, expenses or taxes.

The S&P 500^® Index is the Standard & Poor’s composite index of 500 stocks, an unmanaged index of common stock prices. The figures for the index do not include any deduction for fees, expenses or taxes.

The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which represent approximately 25% of the total market capitalization of the Russell 1000^® Index.

The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represent approximately 92% of the total market capitalization of the Russell 3000^® Index.

It is not possible to invest directly in an index.

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FUND BASICS

Mid Cap Value Fund

as of June 30, 2019

STANDARDIZED TOTAL RETURNS¹

For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Institutional		7.58	%		5.26	%		12.61	%		8.55	%	5/01/98
Service		7.38			5.01			12.33			6.89		1/09/06

¹  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional Shares and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above chart represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above chart. Please visit www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced.

EXPENSE RATIOS²

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.84	%		0.85	%
Service		1.09			1.10

²  The expense ratios of the Fund, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of any fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s fee waivers and/or expense limitations will remain in place through at least April 30, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 6/30/19³

Holding	% of Net Assets			Line of Business
Xcel Energy, Inc.		2.1	%	Utilities
Sempra Energy		2.0		Utilities
L3 Technologies, Inc.		2.0		Capital Goods
Zimmer Biomet Holdings, Inc.		1.9		Health Care Equipment & Services
M&T Bank Corp.		1.9		Banks
ITT, Inc.		1.6		Capital Goods
Ventas, Inc. (REIT)		1.6		Real Estate
Cooper Cos., Inc. (The)		1.6		Health Care Equipment & Services
Stanley Black & Decker, Inc.		1.6		Capital Goods
CMS Energy Corp.		1.6		Utilities

³  The top 10 holdings may not be representative of the Fund’s future investments.

6

FUND BASICS

FUND vs. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2019

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 98.2%
Automobiles & Components – 0.8%
	47,130	Aptiv plc	$	3,809,518
Banks – 6.5%
	164,392	Citizens Financial Group, Inc.		5,812,901
	43,515	Comerica, Inc.		3,160,930
	44,871	First Republic Bank		4,381,653
	55,148	M&T Bank Corp.		9,379,020
	100,464	SunTrust Banks, Inc.		6,314,163
	105,715	Synovus Financial Corp.		3,700,025
				32,748,692
Capital Goods – 9.4%
	42,739	AMETEK, Inc.		3,882,411
	32,535	Carlisle Cos., Inc.		4,568,239
	69,979	Flowserve Corp.		3,687,194
	50,046	Fortive Corp.		4,079,750
	20,905	Ingersoll-Rand plc		2,648,036
	126,269	ITT, Inc.		8,268,094
	40,243	L3 Technologies, Inc.		9,866,376
	15,403	Rockwell Automation, Inc.		2,523,474
	54,733	Stanley Black & Decker, Inc.		7,914,939
				47,438,513
Consumer Durables & Apparel – 1.8%
	36,528	Capri Holdings Ltd.*		1,266,791
	101,346	DR Horton, Inc.		4,371,053
	36,957	PVH Corp.		3,497,610
				9,135,454
Consumer Services – 3.2%
	170,007	MGM Resorts International		4,857,100
	49,448	Restaurant Brands International, Inc.		3,438,614
	53,524	Royal Caribbean Cruises Ltd.		6,487,644
	12,449	Wynn Resorts Ltd.		1,543,551
				16,326,909
Diversified Financials – 3.7%
	29,604	Cboe Global Markets, Inc.		3,067,862
	25,646	Evercore, Inc. Class A		2,271,466
	42,963	Northern Trust Corp.		3,866,670
	46,721	Raymond James Financial, Inc.		3,950,261
	116,658	Starwood Property Trust, Inc. (REIT)		2,650,470
	28,280	T. Rowe Price Group, Inc.		3,102,599
				18,909,328
Energy – 5.2%
	95,018	Cheniere Energy, Inc.*		6,503,982
	45,333	Concho Resources, Inc.		4,677,459
	58,139	Diamondback Energy, Inc.		6,335,407
	34,840	Hess Corp.		2,214,779
	67,111	Marathon Petroleum Corp.		3,750,163
	157,835	Parsley Energy, Inc. Class A*		3,000,443
				26,482,233
Common Stocks – (continued)
Food & Staples Retailing – 1.6%
	79,843	Grocery Outlet Holding Corp.*		2,625,238
	157,293	US Foods Holding Corp.*		5,624,797
				8,250,035
Food, Beverage & Tobacco – 3.8%
	42,045	Bunge Ltd.		2,342,327
	71,744	Coca-Cola European Partners plc		4,053,536
	112,244	Conagra Brands, Inc.		2,976,711
	13,516	Constellation Brands, Inc. Class A		2,661,841
	57,069	Lamb Weston Holdings, Inc.		3,615,892
	159,794	Nomad Foods Ltd.*		3,413,200
				19,063,507
Health Care Equipment & Services – 5.5%
	138,298	Change Healthcare, Inc.*		2,019,151
	24,118	Cooper Cos., Inc. (The)		8,125,113
	43,033	DENTSPLY SIRONA, Inc.		2,511,406
	29,883	Laboratory Corp. of America Holdings*		5,166,771
	83,584	Zimmer Biomet Holdings, Inc.		9,841,180
				27,663,621
Insurance – 7.1%
	30,070	American Financial Group, Inc.		3,081,273
	116,589	Arch Capital Group Ltd.*		4,323,120
	15,947	Hanover Insurance Group, Inc. (The)		2,046,000
	90,939	Hartford Financial Services Group, Inc. (The)		5,067,121
	51,913	Lincoln National Corp.		3,345,793
	4,395	Markel Corp.*		4,788,792
	23,195	Reinsurance Group of America, Inc.		3,619,116
	40,025	Torchmark Corp.		3,580,636
	30,572	Willis Towers Watson plc		5,855,761
				35,707,612
Materials – 6.9%
	40,810	Ball Corp.		2,856,292
	59,787	Celanese Corp.		6,445,039
	120,270	Corteva, Inc.*		3,556,384
	323,153	Freeport-McMoRan, Inc.		3,751,806
	28,943	Martin Marietta Materials, Inc.		6,660,074
	83,665	Newmont Goldcorp Corp.		3,218,593
	43,045	Packaging Corp. of America		4,103,049
	57,304	WR Grace & Co.		4,361,407
				34,952,644
Media & Entertainment – 2.6%
	169,506	Fox Corp. Class A		6,210,700
	103,636	Liberty Media Corp-Liberty SiriusXM Class A*		3,918,477
	47,614	Live Nation Entertainment, Inc.*		3,154,427
				13,283,604

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – 2.5%
	79,429	Agilent Technologies, Inc.	$	5,930,963
	116,143	Alder Biopharmaceuticals, Inc.*		1,367,003
	26,713	BioMarin Pharmaceutical, Inc.*		2,287,969
	87,381	Elanco Animal Health, Inc.*		2,953,478
				12,539,413
Real Estate – 13.2%
	46,652	Alexandria Real Estate Equities, Inc. (REIT)		6,582,131
	38,299	AvalonBay Communities, Inc. (REIT)		7,781,591
	34,982	Boston Properties, Inc. (REIT)		4,512,678
	59,937	Camden Property Trust (REIT)		6,256,823
	137,673	Cushman & Wakefield plc*		2,461,593
	61,363	CyrusOne, Inc. (REIT)		3,541,872
	46,921	Equity LifeStyle Properties, Inc. (REIT)		5,693,394
	18,668	Essex Property Trust, Inc. (REIT)		5,449,749
	23,280	Extra Space Storage, Inc. (REIT)		2,470,008
	90,553	HCP, Inc. (REIT)		2,895,885
	77,275	Hudson Pacific Properties, Inc. (REIT)		2,570,939
	39,816	Prologis, Inc. (REIT)		3,189,262
	31,444	Ryman Hospitality Properties, Inc. (REIT)		2,549,794
	11,100	SBA Communications Corp. (REIT)*		2,495,724
	119,565	Ventas, Inc. (REIT)		8,172,268
				66,623,711
Retailing – 2.9%
	25,237	Advance Auto Parts, Inc.		3,890,031
	13,011	Burlington Stores, Inc.*		2,213,822
	35,462	Dollar General Corp.		4,793,044
	30,034	Expedia Group, Inc.		3,995,423
				14,892,320
Semiconductors & Semiconductor Equipment – 2.7%
	46,327	Advanced Micro Devices, Inc.*		1,406,951
	20,468	Analog Devices, Inc.		2,310,223
	315,821	Marvell Technology Group Ltd.		7,538,647
	26,369	NXP Semiconductors NV		2,573,878
				13,829,699
Software & Services – 3.7%
	14,791	Alliance Data Systems Corp.		2,072,663
	39,609	Citrix Systems, Inc.		3,887,227
	57,796	Fidelity National Information Services, Inc.		7,090,413
	45,555	GoDaddy, Inc. Class A*		3,195,683
	25,309	PTC, Inc.*		2,271,736
				18,517,722
Technology Hardware & Equipment – 2.6%
	18,330	F5 Networks, Inc.*		2,669,398
	60,281	National Instruments Corp.		2,531,199
	386,139	Viavi Solutions, Inc.*		5,131,787
	59,150	Western Digital Corp.		2,812,583
				13,144,967
Common Stocks – (continued)
Telecommunication Services – 0.4%
	190,454	CenturyLink, Inc.		2,239,739
Transportation – 1.4%
	165,402	JetBlue Airways Corp.*		3,058,283
	28,237	Old Dominion Freight Line, Inc.		4,214,655
				7,272,938
Utilities – 10.7%
	79,002	Ameren Corp.		5,933,840
	47,448	American Water Works Co., Inc.		5,503,968
	58,087	Atmos Energy Corp.		6,131,664
	135,967	CMS Energy Corp.		7,873,849
	55,081	PG&E Corp.*		1,262,456
	113,578	Public Service Enterprise Group, Inc.		6,680,658
	73,972	Sempra Energy		10,166,712
	178,934	Xcel Energy, Inc.		10,644,784
				54,197,931
	TOTAL COMMON STOCKS
	(Cost $432,622,365)		$	497,030,110
Master Limited Partnership – 0.9%
Energy – 0.9%
	145,024	Viper Energy Partners LP	$	4,469,640
	(Cost $4,714,627)
Shares		Dividend Rate	Value
Investment Company(a) – 0.8%
	Goldman Sachs Financial Square Government Fund —  Institutional Shares
	4,120,785	2.308%	$	4,120,785
	(Cost $4,120,785)
	TOTAL INVESTMENTS – 99.9%
	(Cost $441,457,777)		$	505,620,535
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			252,961
	NET ASSETS – 100.0%		$	505,873,496

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Represents an Affiliated Issuer.

Investment Abbreviation:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $437,336,992)	$	501,499,750
Investments in affiliated issuers, at value (cost $4,120,785)		4,120,785
Cash		733,451
Receivables:
Investments sold		32,919,152
Dividends		858,347
Securities lending income		10,704
Reimbursement from investment adviser		7,080
Other assets		1,120
Total assets		540,150,389
Liabilities:
Payables:
Investments purchased		32,510,286
Fund shares redeemed		1,282,047
Management fees		316,710
Distribution and Service fees and Transfer Agency fees		43,326
Accrued expenses		124,524
Total liabilities		34,276,893
Net Assets:
Paid-in capital		433,705,221
Total distributable earnings (loss)		72,168,275
NET ASSETS	$	505,873,496
Net Assets:
Institutional	$	332,271,544
Service		173,601,952
Total Net Assets	$	505,873,496
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		21,354,579
Service		11,068,795
Net asset value, offering and redemption price per share:
Institutional		$15.56
Service		15.68

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $14,719)	$	4,119,544
Dividends — affiliated issuers		97,488
Securities lending income — unaffiliated issuer		25,021
Total investment income		4,242,053
Expenses:
Management fees		1,801,730
Distribution and Service fees — Service Shares		175,922
Printing and mailing costs		72,313
Transfer Agency fees(a)		46,794
Custody, accounting and administrative services		45,042
Professional fees		44,770
Trustee fees		8,343
Registration fees		620
Other		10,254
Total expenses		2,205,788
Less — expense reductions		(63,825	)
Net expenses		2,141,963
NET INVESTMENT INCOME		2,100,090
Realized and unrealized gain:
Net realized gain from investments — unaffiliated issuers		13,098,580
Net change in unrealized gain on investments — unaffiliated issuers		65,743,511
Net realized and unrealized gain		78,842,091
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	80,942,181

(a) Institutional and Service Shares incurred Transfer Agency fees of $32,722 and $14,072, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	2,100,090		$	3,835,266
Net realized gain		13,098,580			46,703,975
Net change in unrealized gain (loss)		65,743,511			(100,296,769	)
Net increase (decrease) in net assets resulting from operations		80,942,181			(49,757,528	)
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(45,878,403	)
Service Shares		—			(11,008,040	)
Total distributions to shareholders		—			(56,886,443	)
From share transactions:
Proceeds from sales of shares		91,396,334			33,413,557
Proceeds paid in connection with in-kind transactions		—			(93,560,594	)
Reinvestment of distributions		—			56,886,443
Cost of shares redeemed		(43,356,478	)		(283,084,971	)
Net increase (decrease) in net assets resulting from share transactions		48,039,856			(286,345,565	)
TOTAL INCREASE (DECREASE)		128,982,037			(392,989,536	)
Net Assets:
Beginning of period		376,891,459			769,880,995
End of period	$	505,873,496		$	376,891,459

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	12.89		$	16.93		$	16.23		$	14.49		$	17.43		$	18.64
Net investment income(a)		0.07			0.13			0.12			0.16			0.13			0.12
Net realized and unrealized gain (loss)		2.60			(1.86	)		1.68			1.80			(1.75	)		2.31
Total from investment operations		2.67			(1.73	)		1.80			1.96			(1.62	)		2.43
Distributions to shareholders from net investment income		—			(0.23	)		(0.13	)		(0.21	)		(0.07	)		(0.21	)
Distributions to shareholders from net realized gains		—			(2.08	)		(0.97	)		(0.01	)		(1.25	)		(3.43	)
Total distributions		—			(2.31	)		(1.10	)		(0.22	)		(1.32	)		(3.64	)
Net asset value, end of period	$	15.56		$	12.89		$	16.93		$	16.23		$	14.49		$	17.43
Total return(b)		20.71	%		(10.46	)%		11.07	%		13.49	%		(9.24	)%		13.57	%
Net assets, end of period (in 000s)	$	332,272		$	300,056		$	388,709		$	437,085		$	535,459		$	692,068
Ratio of net expenses to average net assets		0.84	%(c)		0.84	%		0.84	%		0.84	%		0.84	%		0.83	%
Ratio of total expenses to average net assets		0.87	%(c)		0.86	%		0.87	%		0.87	%		0.87	%		0.87	%
Ratio of net investment income to average net assets		0.93	%(c)		0.75	%		0.71	%		1.08	%		0.74	%		0.62	%
Portfolio turnover rate(d)		56	%		109	%		134	%		149	%		94	%		88	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	13.01		$	16.95		$	16.25		$	14.51		$	17.45		$	18.66
Net investment income(a)		0.06			0.07			0.08			0.12			0.08			0.07
Net realized and unrealized gain (loss)		2.61			(1.84	)		1.68			1.81			(1.75	)		2.31
Total from investment operations		2.67			(1.77	)		1.76			1.93			(1.67	)		2.38
Distributions to shareholders from net investment income		—			(0.09	)		(0.09	)		(0.18	)		(0.02	)		(0.16	)
Distributions to shareholders from net realized gains		—			(2.08	)		(0.97	)		(0.01	)		(1.25	)		(3.43	)
Total distributions		—			(2.17	)		(1.06	)		(0.19	)		(1.27	)		(3.59	)
Net asset value, end of period	$	15.68		$	13.01		$	16.95		$	16.25		$	14.51		$	17.45
Total return(b)		20.60	%		(10.70	)%		10.85	%		13.24	%		(9.52	)%		13.29	%
Net assets, end of period (in 000s)	$	173,602		$	76,835		$	381,172		$	371,366		$	265,545		$	362,501
Ratio of net expenses to average net assets		1.09	%(c)		1.09	%		1.09	%		1.09	%		1.09	%		1.08	%
Ratio of total expenses to average net assets		1.12	%(c)		1.11	%		1.12	%		1.12	%		1.12	%		1.12	%
Ratio of net investment income to average net assets		0.82	%(c)		0.42	%		0.47	%		0.78	%		0.48	%		0.38	%
Portfolio turnover rate(d)		56	%		109	%		134	%		149	%		94	%		88	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements

June 30, 2019 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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 Fund 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 Fund’s investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly.

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. 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. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees.

D.  Federal Taxes and Distributions to Shareholders — It is 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 and to distribute each year substantially all of its investment company taxable 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 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 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.

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

E.  In-Kind Transactions — The 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 the Fund’s NAV, in accordance with the Fund’s Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Fund’s prospectus.

F.  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 the Fund as cash payments and are included in net realized gain (loss) from investments on the Statement of Operations. As of June 30, 2019, there was no commission recaptured for the Fund.

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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, and are generally classified as Level 2.

16

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV 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 Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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 Valuation Procedures approved by the Trustees. 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. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of June 30, 2019:

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	10,040,614	$	—	$	—
North America		486,989,496		—		—
Investment Company		4,120,785		—		—
Master Limited Partnership		4,469,640		—		—
Total	$	505,620,535	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

For further information regarding security characteristics, see the Schedule of Investments.

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the six months ended June 30, 2019, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate
First $2 billion		Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
	0.77%		0.69	%		0.66	%		0.65	%		0.77	%		0.77	%

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Fund invests 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 Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2019, GSAM waived $6,673 of the Fund’s management fee.

B.  Distribution and Service (12b-1) Plan — The Trust, on behalf of 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, is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.

C.  Transfer Agency Agreement— Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to 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.

D.  Other Expense Agreements and Affiliated Transactions— GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (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 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. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.054%. The Other Expense limitation will remain in place through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
$	6,673	$	2,284	$	54,868	$	63,825

E.  Line of Credit Facility— As of June 30, 2019, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2019, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

F.  Other Transactions with Affiliates— For the six months ended June 30, 2019, Goldman Sachs earned $321 in brokerage commissions from portfolio transactions.

18

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2019:

Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019		Shares as of June 30, 2019		Dividend Income from Affiliated Investment Company
	$1,868,218	$	129,643,152	$	(127,390,585	)	$	4,120,785		4,120,785	$	97,488

5.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2019, were $309,291,484 and $255,402,064 respectively.

6.    SECURITIES LENDING

The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund 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 Statement 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 Fund invests 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, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund 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 BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund 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 Fund may enter into master netting agreements with borrowers, which 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 bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

6.    SECURITIES LENDING (continued)

was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2019, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable. The Fund did not have securities on loan as of June 30, 2019.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2019, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2019:

Market Value December 31, 2018		Purchases at Cost		Proceeds from Sales			Market Value June 30, 2019
$	—	$	2,718,516	$	(2,718,516	)	$	—

7.    TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2018, the Fund’s certain timing differences, on a tax-basis were as follows:

Timing differences (Post October Loss Deferral/Deferred Dividend) $ (3,247,996 ) 

As of June 30, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	445,891,876
Gross unrealized gain		69,720,166
Gross unrealized loss		(9,991,507	)
Net unrealized gain	$	59,728,659

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of underlying fund investments.

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.

8.    OTHER RISKS

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

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, 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

20

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

8.    OTHER RISKS (continued)

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.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

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). 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.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

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.

10.    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.

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		276,038		$	4,000,616			447,011		$	7,502,741
Reinvestment of distributions		—			—			3,486,201			45,878,403
Shares redeemed		(2,192,680	)		(32,513,822	)		(3,628,101	)		(61,276,824	)
		(1,916,642	)		(28,513,206	)		305,111			(7,895,680	)
Service Shares
Shares sold		5,909,073			87,395,718			1,545,842			25,910,816
Reinvestment of distributions		—			—			828,918			11,008,040
Shares redeemed		(744,893	)		(10,842,656	)		(13,353,565	)		(221,808,147	)
Shares redeemed in connection with in-kind transactions		—			—			(5,605,787	)		(93,560,594	)
		5,164,180			76,553,062			(16,584,592	)		(278,449,885	)
NET INCREASE (DECREASE)		3,247,538		$	48,039,856			(16,279,481	)	$	(286,345,565	)

22

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Fund Expenses — Six Month Period Ended June 30, 2019 (Unaudited)

As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Share Class	Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6  Months Ended 06/30/19*
Institutional
Actual	$	1,000	$	1,207.10		$	4.60
Hypothetical 5% return		1,000		1,020.63	+		4.21
Service
Actual		1,000		1,206.00			5.96
Hypothetical 5% return		1,000		1,019.39	+		5.46

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.84% and 1.09% for Institutional and Service Shares, respectively.

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2019 (the “Annual Meeting”).

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

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

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

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index and a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

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

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

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

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

24

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, portfolio trading, distribution and other services;

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

(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and

25

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

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

reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

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

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of its peer group for the one-year period and in the third quartile for the three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2019. They also noted that the Fund had experienced certain portfolio management changes in 2018.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:

First $2 billion	0.77	%
Next $3 billion	0.69
Next $3 billion	0.66
Over $8 billion	0.65

26

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

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

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Fund; (d) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by the Investment Adviser for managing the fund in which the Fund’s securities lending cash collateral is invested; (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (j) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2020.

27

TRUSTEES	OFFICERS
Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels James A. McNamara Roy W. Templin Gregory G. Weaver	James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Fund holdings and allocations shown are as of June 30, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs Mid Cap Value Fund.

© 2019 Goldman Sachs. All rights reserved.

VITMCVSAR-19/175370-OTU-1025569

Goldman

Sachs Variable Insurance Trust

Goldman Sachs Government

Money Market Fund

Beginning on or after January 1, 2021, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company that offers your variable insurance contract or your financial intermediary, unless you specifically request paper copies of the reports from the insurance company or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the insurance company electronically by contacting your insurance company or your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform the insurance company or your financial intermediary that you wish to receive paper copies of reports. Your election to receive reports in paper will apply to all Goldman Sachs Funds available under your contract and may apply to all funds held with your financial intermediary.

Semi-Annual Report

June 30, 2019

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

INVESTMENT OBJECTIVE

The Fund seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Government Money Market Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

The Fund’s Institutional Shares’ standardized 7-day current yield was 2.27% and their standardized 7-day effective yield was 2.30% as of June 30, 2019. The Institutional Shares’ one-month simple average yield was 2.29% as of June 30, 2019. The Institutional Shares’ 7-day distribution yield as of June 30, 2019 was 2.31%.

The Fund’s Service Shares’ standardized 7-day current yield was 2.02% and their standardized 7-day effective yield was 2.04% as of June 30, 2019. The Service Shares’ one-month simple average yield was 2.04% as of June 30, 2019. The Service Shares’ 7-day distribution yield as of June 30, 2019 was 2.06%.

The yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund than total return quotations.

What economic and market factors most influenced the money markets as a whole during the Reporting Period?

The Reporting Period was one wherein money market yields rose. In a rather significant shift from their stance in 2018, both the U.S. Federal Reserve (the “Fed”) and the European Central Bank (“ECB”) kept their respective monetary policies unchanged during the Reporting Period and adopted an increasingly dovish bias as the months progressed in an effort to maintain financial stability following the heightened market volatility of the fourth quarter of 2018. (Dovish tends to imply lower interest rates; opposite of hawkish.) For example, in January 2019, the Fed left its monetary policy unchanged and also eliminated language about “further gradual increases in rates,” cementing investor expectations for a near-term pause in rate hikes. Fed Chair Jerome Powell emphasized that the U.S. central bank would be largely guided by inflation indicators as well as by the global economic growth backdrop and the potential for financial market volatility. In March 2019, the Fed paused its near-term fed funds rate increases, announcing it expected no rate increases during 2019 and only one in 2020. In the subsequent months of the Reporting Period, the release of minutes from the Fed’s meetings confirmed policymakers’ dovish tilt. At the Fed’s June 2019 meeting, the median projected hiking path in the U.S. declined, with eight Fed participants projecting interest rate cuts in 2019.

Similarly, the ECB extended its forward guidance, noting that its interest rates would remain unchanged through 2019. In June 2019, a dovish speech by outgoing ECB President Mario Draghi signaled forthcoming easing in the Euro area, as concerns around the global economic growth outlook lingered. Other developed markets’ central banks also turned dovish.

Other significant events that influenced the money markets during the Reporting Period included the continuation of the Fed’s balance sheet normalization as well as corporate tax reform and the regulatory backdrop. (Balance sheet normalization refers to the steps the Fed is taking to reverse quantitative easing and removed the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.) The Fed said it expected to slow its balance sheet runoff plan beginning in May 2019 and stop it completely by September 2019. Further, the management teams of multinational corporations faced increased pressure to make decisions regarding cash investments due to a one-time repatriation tax and considerations of excess cash returning to the U.S. It appeared that many investors began looking at cash flow management practices, investment policies and new investment options, including various money market mutual funds.

During the Reporting Period overall, the money market yield curve, or spectrum of maturities, flattened, meaning yields on shorter-term maturities rose more than those on longer-term maturities. However, the money market yield curve actually inverted toward

1

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

the end of the Reporting Period — meaning yields on shorter-term maturities were higher than those on longer-term maturities, as the market priced in an increasingly dovish Fed.

What key factors were responsible for the Fund’s performance during the Reporting Period?

While the targeted federal funds rate remained steady at a range of 2.25% to 2.50%, the Fund’s yields rose during the Reporting Period due primarily to the economic and market factors discussed above. As the money market yield curve flattened and then inverted, there remained little difference in yields between maturities. The Fund remained highly liquid throughout.

We felt comfortable that the Fund was appropriately positioned given the interest rate environment during the Reporting Period, as we sought to take advantage of anticipated interest rate movements throughout. It should be noted that regardless of interest rate conditions, we aim to manage the Fund consistently. Our investment approach has always been tri-fold — to seek preservation of capital, daily liquidity and maximization of yield potential. We manage interest and credit risk daily. Whether interest rates are historically low, high or in-between, we intend to continue to use our actively managed approach to provide the best possible return within the framework of the Fund’s guidelines and objectives.

How did you manage the Fund’s weighted average maturity during the Reporting Period?

On December 31, 2018, the Fund’s weighted average maturity was 45 days. During the first quarter of 2019, we targeted a weighted average maturity for the Fund in a 22 to 31 day range. During the second quarter of 2019, we maintained a weighted average maturity for the Fund in a 19 to 28 day range, moving down to a weighted average maturity of 19 days by the end of June 2019.

Throughout the Reporting Period, we focused on U.S. government agency securities, U.S. government repurchase agreements and U.S. Treasuries when and where we saw what we considered to be attractive opportunities.

The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates. Also known as effective maturity, weighted average maturity measures the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

How did you manage the Fund’s weighted average life during the Reporting Period?

During the Reporting Period, we managed the weighted average life of the Fund below 120 days. The weighted average life of the Fund was 84 days as of June 30, 2019. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

Under amendments to SEC Rule 2a-7 that became effective in May 2010, the maximum allowable weighted average life of a money market fund is 120 days. While one of the goals of the SEC’s money market fund rule is to reinforce conservative investment practices across the money market fund industry, our security selection process has long emphasized conservative investment choices.

How was the Fund invested during the Reporting Period?

The Fund had investments in U.S. government agency securities, U.S. government repurchase agreements, U.S. Treasury securities and U.S. Treasury repurchase agreements during the Reporting Period.

Throughout, we stayed true to our investment discipline, favoring liquidity and high quality credits over added yield. The primary focal points for our team are consistently managing interest rate risk and credit risk. We were able to navigate interest rate risk by adjusting the Fund’s weighted average maturity longer or shorter as market conditions shifted and to mitigate potential credit risk by buying high quality, creditworthy names, strategies which added to the Fund’s performance during the Reporting Period.

Did you make any changes in the Fund’s portfolio during the Reporting Period?

As indicated earlier, we made adjustments to the Fund’s weighted average maturity and to specific security type composition allocations based on then-current market conditions, our near-term view, and anticipated and actual Fed monetary policy statements. That said, there were no significant changes in the Fund’s investment exposures during the Reporting Period.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we expected the Fed to deliver what might be considered “insurance interest rate cuts” during the second half of 2019 due to slowing economic growth against a backdrop of subdued inflation and elevated policy and political uncertainty. Similarly, we saw heightened prospects for monetary policy easing by the ECB.

2

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Looking ahead, our strategy continues to be flexibly guided by shifting market conditions, positioning the Fund to seek to take advantage of anticipated interest rate movements. More specifically, at the end of the Reporting Period, we intended to adjust duration guided by the context of market pricing in relation to our own expectations. As always, we intend to continue to use our actively managed approach to seek the best possible return within the framework of the Fund’s investment guidelines and objectives. In addition, we will continue to manage interest, liquidity and credit risk daily.

We will, of course, continue to closely monitor economic data, Fed policy, and any shifts in the money market yield curve, as we strive to strategically navigate the interest rate environment.

3

FUND BASICS

FUND COMPOSITION^†

Security Type

(Percentage of Net Assets)

† The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above chart may not sum to 100% due to the exclusion of other assets and liabilities.

4

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 25.9%
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.01%)
$	1,800,000		2.412	%(a)		06/29/20	$	1,800,000
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.14%)
	1,700,000		2.179	(a)		09/30/19		1,699,979
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.26%)
	250,000		2.324	(a)		07/10/19		250,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.07%)(a)
	1,300,000		2.161			11/20/19		1,299,985
	650,000		2.161			11/29/19		650,000
	650,000		2.166			02/18/20		650,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.08%)(a)
	800,000		2.171			10/18/19		799,993
	650,000		2.171			12/26/19		649,987
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.09%)
	800,000		2.181	(a)		07/05/19		800,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.13%)
	100,000		2.226	(a)		11/12/20		100,013
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.15%)
	200,000		2.241	(a)		04/23/21		200,000
	Federal Farm Credit Bank (FEDL01 + 0.11%)
	800,000		2.490	(a)		08/13/20		799,911
	Federal Farm Credit Bank (FEDL01 + 0.12%)
	1,900,000		2.500	(a)		04/23/21		1,900,000
	Federal Farm Credit Bank (Prime Rate – 2.88%)
	1,000,000		2.620	(a)		05/07/20		999,932
	Federal Farm Credit Bank (Prime Rate – 2.90%)
	600,000		2.600	(a)		01/30/20		600,000
	Federal Farm Credit Bank (Prime Rate – 2.93%)
	1,200,000		2.570	(a)		11/06/20		1,200,000
	Federal Farm Credit Bank (Prime Rate – 2.94%)
	1,500,000		2.565	(a)		10/30/20		1,500,000
	Federal Farm Credit Bank (Prime Rate – 2.95%)(a)
	100,000		2.550			04/30/20		100,000
	2,700,000		2.550			03/15/21		2,700,000
	Federal Farm Credit Bank (Prime Rate – 2.96%)(a)
	200,000		2.540			03/13/20		199,895
	2,200,000		2.540			03/29/21		2,200,000
	Federal Farm Credit Bank (Prime Rate – 2.97%)
	1,700,000		2.535	(a)		04/08/21		1,700,000
	Federal Farm Credit Bank (Prime Rate – 2.98%)(a)
	300,000		2.520			11/12/20		299,797
	1,300,000		2.525			02/26/21		1,300,000
	Federal Farm Credit Bank (Prime Rate – 3.08%)
	1,600,000		2.420	(a)		07/17/19		1,599,993
	Federal Farm Credit Bank (SOFR + 0.12%)
	800,000		2.540	(a)		03/18/21		800,000
	Federal Home Loan Bank
	4,600,000		2.495			05/28/20		4,600,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.02%)(a)
	9,300,000		2.384			12/27/19		9,300,000
	3,100,000		2.399			01/07/20		3,100,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.03%)(a)
	10,000,000		2.382			01/10/20		10,000,000
	4,100,000		2.353			01/21/20		4,100,000
U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank (1 Mo. LIBOR – 0.04%)(a)
	6,000,000		2.342	%		10/18/19		6,000,000
	4,000,000		2.364			10/25/19		4,000,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.05%)(a)
	6,000,000		2.369			10/07/19		6,000,000
	5,200,000		2.349			10/15/19		5,200,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.07%)
	6,500,000		2.522	(a)		04/01/21		6,500,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.08%)
	3,300,000		2.344	(a)		03/19/21		3,300,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.16%)
	3,800,000		2.405	(a)		08/04/20		3,800,000
	Federal Home Loan Bank (3 Mo. U.S. T-Bill + 0.07%)
	10,700,000		2.201	(a)		01/30/20		10,700,938
	Federal Home Loan Bank (Prime Rate – 2.94%)
	800,000		2.560	(a)		02/26/21		800,000
	Federal Home Loan Bank (SOFR + 0.03%)
	7,400,000		2.450	(a)		10/09/19		7,400,000
	Federal Home Loan Bank Discount Notes
	5,000,000		2.461			08/12/19		4,985,942
	7,300,000		2.417			08/14/19		7,278,854
	3,300,000		2.426			08/14/19		3,290,409
	200,000		2.457			08/15/19		199,399
	5,000,000		2.463			08/19/19		4,983,599
	6,900,000		2.430			08/23/19		6,875,518
	5,500,000		2.464			08/26/19		5,479,381
	2,000,000		2.465			09/03/19		1,991,431
	3,200,000		2.427			09/10/19		3,185,011
	3,100,000		2.427			09/12/19		3,085,070
	1,200,000		2.474			09/27/19		1,192,931
	600,000		2.482			09/27/19		596,454
	3,600,000		2.145			10/31/19		3,574,380
	3,100,000		2.495			05/20/20		3,100,000
	Federal National Mortgage Association (SOFR + 0.12%)
	6,000,000		2.540	(a)		07/30/19		6,000,000
	Federal National Mortgage Association (SOFR + 0.16%)
	750,000		2.580	(a)		01/30/20		750,000
	Overseas Private Investment Corp. (3 Mo. U.S. T-Bill + 0.00%)
	5,219,830		2.350	(a)		07/07/19		5,219,829
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	173,388,631
U.S. Treasury Obligations – 13.2%
	United States Treasury Bills
$	13,300,000		2.442	%		11/07/19	$	13,186,573
	100,000		2.401			11/21/19		99,071
	100,000		2.051			11/29/19		99,159
	700,000		2.187			11/29/19		693,731
	11,100,000		2.313			12/05/19		10,990,839
	3,800,000		2.183			12/19/19		3,761,554
	100,000		2.077			12/26/19		98,998
	3,000,000		2.080			12/26/19		2,969,888
	900,000		2.100			12/26/19		890,878

The accompanying notes are an integral part of these financial statements. 5

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments(continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations – (continued)
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
$	8,800,000		2.139	%		07/31/20	$	8,799,301
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	15,000,000		2.141			10/31/20		15,000,199
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.12%)
	8,800,000		2.211			01/31/21		8,790,964
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	13,675,000		2.235			04/30/21		13,657,268
	United States Treasury Notes
	900,000		3.625			02/15/20		906,939
	500,000		1.375			02/29/20		496,786
	1,100,000		1.375			03/31/20		1,092,254
	900,000		2.250			03/31/20		899,396
	1,100,000		1.500			04/15/20		1,093,146
	1,200,000		2.375			04/30/20		1,200,815
	3,300,000		3.500			05/15/20		3,334,925
	TOTAL U.S. TREASURY OBLIGATIONS						$	88,062,684
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	261,451,315
Repurchase Agreements(b) – 82.6%
	BNP Paribas
$	5,000,000		2.480	%(c)		07/07/19	$	5,000,000
	Maturity Value: $5,062,000
	Settlement Date: 02/27/19
	Collateralized by a U.S. Treasury Bond, 2.250%, due 08/15/46, a U.S. Treasury Floating Rate Note, 2.144%, due 10/31/19, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 04/15/20 to 04/15/21, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/22 to 02/15/49 and U.S. Treasury Notes, 0.750% to 1.500%, due 08/15/19 to 07/15/20. The aggregate market value of the collateral, including accrued interest, was $5,100,023.
	10,000,000		2.490	(c)		07/07/19		10,000,000
	Maturity Value: $10,125,192
	Settlement Date: 03/22/19
	Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.500%, due 10/01/20 to 06/01/47, Federal National Mortgage Association, 3.500% to 6.000%, due 11/01/30 to 06/01/51, Government National Mortgage Association, 3.500% to 6.000%, due 02/15/37 to 06/20/49, a U.S. Treasury Bill, 0.000%, due 07/18/19, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/44 to 05/15/44 and a U.S. Treasury Note, 2.375%, due 02/29/24. The aggregate market value of the collateral, including accrued interest, was $10,275,407.
Repurchase Agreements(b) – (continued)
	BNP Paribas – (continued)
$	5,000,000		2.500	%(c)		07/07/19	$	5,000,000
	Maturity Value: $5,062,500
	Settlement Date: 02/27/19
	Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 5.500%, due 06/01/33 to 04/01/49, Federal National Mortgage Association, 4.000% to 5.000%, due 10/01/40 to 02/01/49, Government National Mortgage Association, 3.500% to 6.500%, due 04/20/36 to 11/20/48, a U.S. Treasury Bond, 8.125%, due 08/15/19 and U.S. Treasury Notes, 1.500% to 2.125%, due 07/15/20 to 03/31/24. The aggregate market value of the collateral, including accrued interest, was $5,118,499.
	Joint Repurchase Agreement Account III
	514,700,000		2.506			07/01/19		514,700,000
	Maturity Value: $514,807,475
	Royal Bank of Canada-New York Branch
	5,000,000		2.440	(c)		07/07/19		5,000,000
	Maturity Value: $5,030,500
	Settlement Date: 04/10/19
	Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 01/01/44 to 03/01/49, Federal National Mortgage Association, 3.500% to 4.500%, due 05/01/43 to 04/01/49 and Government National Mortgage Association, 5.000%, due 07/20/48. The aggregate market value of the collateral, including accrued interest, was $5,100,002.
	5,000,000		2.450	(c)		07/07/19		5,000,000
	Maturity Value: $5,031,306
	Settlement Date: 05/01/19
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.000%, due 01/01/44 to 04/01/49, Federal National Mortgage Association, 3.000% to 4.500%, due 11/01/32 to 04/01/49 and Government National Mortgage Association, 4.000%, due 10/20/44. The aggregate market value of the collateral, including accrued interest, was $5,099,999.
	8,000,000		2.450	(c)		07/07/19		8,000,000
	Maturity Value: $8,051,722
	Settlement Date: 04/04/19
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.500%, due 01/01/44 to 04/01/49 and Federal National Mortgage Association, 3.500% to 4.500%, due 02/01/41 to 04/01/49. The aggregate market value of the collateral, including accrued interest, was $8,160,002.
	TOTAL REPURCHASE AGREEMENTS						$	552,700,000
	TOTAL INVESTMENTS – 121.7%						$	814,151,315
	LIABILITIES IN EXCESS OF OTHER ASSETS – (21.7)%							(145,406,545	)
	NET ASSETS – 100.0%						$	668,744,770

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments(continued)

June 30, 2019 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2019.
(b)	Unless noted, all repurchase agreements were entered into on June 30, 2019. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.
(c)	The instrument is subject to a demand feature.
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
FEDL01	—US Federal Funds Effective Rate
LIBOR	—London Interbank Offered Rates
MMY	—Money Market Yield
Prime	—Federal Reserve Bank Prime Loan Rate US
SOFR	—Secured Overnight Financing Rate
T-Bill	—Treasury Bill

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At June 30, 2019, the Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of July 1, 2019, as follows:

Principal Amount		Maturity Value			Collateral Value
	$514,700,000		$	514,807,475		$	530,022,489

REPURCHASE AGREEMENTS — At June 30, 2019, the Principal Amounts of the Fund’s interest in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate			Principal Amount
ABN Amro Bank N.V.		2.520	%	$	55,858,915
Bank of America, N.A.		2.500			39,899,225
Bank of Nova Scotia (The)		2.520			191,516,279
BOFA Securities, Inc.		2.500			135,657,364
Wells Fargo Securities, LLC.		2.520			91,768,217
TOTAL				$	514,700,000

At June 30, 2019, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.500 to 7.000	%	11/01/20 to 07/01/49
Federal National Mortgage Association		2.500 to 6.500		02/01/21 to 07/01/49
Government National Mortgage Association		3.000 to 4.000		06/20/44 to 05/20/45
U.S. Treasury Note		2.250 to 2.875		03/31/21 to 05/15/28

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)

Assets:
Investments based on amortized cost	$	261,451,315
Repurchase agreements based on amortized cost		552,700,000
Cash		46,784
Receivables:
Investment securities sold		4,040,618
Interest		947,800
Fund shares sold		183,106
Reimbursement from investment adviser		14,585
Other assets		2,100
Total assets		819,386,308
Liabilities:
Payables:
Fund shares redeemed		150,357,672
Management fees		89,150
Distribution and Service fees and Transfer Agency fees		84,033
Accrued expenses		110,683
Total liabilities		150,641,538
Net Assets:
Paid-in capital		668,715,589
Total distributable earnings (loss)		29,181
NET ASSETS	$	668,744,770
Net asset value, offering and redemption price per share	$	1.00
Net Assets:
Institutional Shares	$	312,317,985
Service Shares		356,426,785
Total Net Assets	$	668,744,770
Shares of beneficial interest outstanding $0.001 par value (unlimited shares authorized):
Institutional Shares		312,295,748
Service Shares		356,419,822

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

Investment Income:
Interest	$	8,782,042
Expenses:
Management fees		566,979
Distribution and Service fees — Service Shares		438,789
Transfer Agency fees(a)		70,872
Professional fees		43,219
Printing and mailing costs		33,757
Custody, accounting and administrative services		28,308
Trustee fees		8,646
Other		2,932
Total expenses		1,193,502
Less — expense reductions		(104,749	)
Net expenses		1,088,753
NET INVESTMENT INCOME		7,693,289
NET REALIZED GAIN FROM INVESTMENT TRANSACTIONS		110,447
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,803,736

(a) Institutional and Service Shares incurred Transfer Agency fees of $35,769 and $35,103, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	7,693,289		$	10,023,268
Net realized gain (loss) from investment transactions		110,447			(46,644	)
Net increase in net assets resulting from operations		7,803,736			9,976,624
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(4,136,095	)		(4,862,159	)
Service Shares		(3,623,045	)		(5,123,116	)
Total distributions to shareholders		(7,759,140	)		(9,985,275	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		450,001,970			791,066,132
Reinvestment of distributions		7,759,140			9,982,588
Cost of shares redeemed		(569,160,398	)		(677,694,987	)
Net increase (decrease) in net assets resulting from share transactions		(111,399,288	)		123,353,733
TOTAL INCREASE (DECREASE)		(111,354,692	)		123,345,082
Net assets:
Beginning of period		780,099,462			656,754,380
End of period	$	668,744,770		$	780,099,462

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Government Money Market Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.011			0.017			0.008			0.003			—	(b)		—	(b)
Distributions to shareholders from net investment income(c)		(0.011	)		(0.017	)		(0.008	)		(0.003	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.15	%		1.74	%		0.76	%		0.29	%		0.02	%		0.01	%
Net assets, end of period (in 000’s)	$	312,318		$	411,447		$	302,507		$	206,987		$	1,143		$	773
Ratio of net expenses to average net assets		0.18	%(e)		0.18	%		0.18	%		0.19	%		0.23	%		0.23	%
Ratio of total expenses to average net assets		0.21	%(e)		0.23	%		0.27	%		0.30	%		0.31	%		0.31	%
Ratio of net investment income to average net assets		2.30	%(e)		1.73	%		0.76	%		0.31	%		0.03	%		0.03	%

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

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

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

(d) Assumes reinvestment of all distributions.

(e) Annualized.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Government Money Market Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.010			0.015			0.005			—	(b)		—	(b)		—	(b)
Distributions to shareholders from net investment income(c)		(0.010	)		(0.015	)		(0.005	)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		1.03	%		1.48	%		0.51	%		0.04	%		0.01	%		0.01	%
Net assets, end of period (in 000’s)	$	356,427		$	368,652		$	354,248		$	375,580		$	328,202		$	305,994
Ratio of net expenses to average net assets		0.43	%(e)		0.43	%		0.43	%		0.44	%		0.26	%		0.24	%
Ratio of total expenses to average net assets		0.46	%(e)		0.48	%		0.52	%		0.55	%		0.56	%		0.56	%
Ratio of net investment income to average net assets		2.04	%(e)		1.48	%		0.51	%		0.03	%		0.01	%		—	%(f)

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

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

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

(d) Assumes reinvestment of all distributions.

(e) Annualized.

(f) Amount is less than 0.005% of average net assets.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements

June 30, 2019 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

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

B.  Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

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

14

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

As of December 31, 2018, the components of accumulated earnings on a tax basis were as follows:

Perpetual Short-term Capital loss carryforward	(43,959	)
Timing differences (Post October Loss Deferral/Distributions Payable)	(16,173	)

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.

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

F.  Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statement of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Fund’s custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between the Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, the Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that the Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Fund, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Fund maintains pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Fund is not subject to any expenses in relation to these investments.

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation (including both the amortized cost and market-based methods of valuation) of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

As of June 30, 2019, all investments and repurchase agreements are classified as Level 2 of the fair value hierarchy. Please refer to the Schedule of Investments for further detail.

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

B.  Distribution and Service (12b-1) Plan — The Trust, on behalf of Service Shares of the Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.

C.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly at an annual rate of 0.02% of the Fund’s average daily net assets of Institutional and Service Shares.

D.  Other Expense Agreements — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent 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, 2020, 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

16

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

above. For the six months ended June 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Custody Fee Credits		Transfer Agency Fees		Other Expense Reimbursements		Total Expense Reductions
$	2,061	$	6	$	102,682	$	104,749

E.  Contractual and Net Fund Expenses — During the six months ended June 30, 2019, GSAM, as the investment adviser, and Goldman Sachs, as distributor and transfer agent, voluntarily agreed to waive a portion of management fees, distribution and service plan fees and transfer agency fees attributable to the Fund. These waivers may be modified or terminated at any time at the option of GSAM or Goldman Sachs (as applicable). 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 period. The Fund is not obligated to reimburse Goldman Sachs for prior fiscal year fee waivers, if any.

	Institutional Shares						Service Shares
Fee/Expense Type	Contractual rate, if any			Ratio of net expenses to average net assets for the six months ended June 30, 2019			Contractual rate, if any			Ratio of net expenses to average net assets for the six months ended June 30, 2019
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		—			0.00	(a)		—			0.00	(a)
Net Expenses					0.18	%					0.43	%

(a) Amount is less than 0.005% of average net assets.

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

F.  Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees. For the six months ended June 30, 2019, the purchases at cost with an affiliated fund in compliance with Rule 17a-7 under the Act for the Fund were $37,366,382.

G.  Line of Credit Facility — As of June 30, 2019, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2019, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

5.    OTHER RISKS

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

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

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5.    OTHER RISKS (continued)

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.

Interest Rate Risk — When interest rates increase, the Fund’s yield will tend to be lower than prevailing market rates, and the market value of its securities or instruments may also be adversely affected. A low interest rate environment poses additional risks to the 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 Fund assets, or, at times, maintain a stable $1.00 share price. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

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). 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.

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.

6.    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.

7.    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.

18

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

8.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
Institutional Shares*
Shares sold		351,810,877			576,263,982
Reinvestment of distributions		4,136,146			4,859,363
Shares redeemed		(455,106,725	)		(472,178,302	)
		(99,159,702	)		108,945,043
Service Shares*
Shares sold		98,191,093			214,802,150
Reinvestment of distributions		3,622,994			5,123,225
Shares redeemed		(114,053,673	)		(205,516,685	)
		(12,239,586	)		14,408,690
NET INCREASE (DECREASE) IN SHARES		(111,399,288	)		123,353,733

* Valued at $1.00 per share.

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Fund Expenses — Six Month Period Ended June 30, 2019 (Unaudited)

As a shareholder of Institutional Shares and Service Shares of the Fund, you incur ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value 6/30/19			Expenses Paid for the 6 Months Ended 6/30/19*
Institutional Shares
Actual	$	1,000.00	$	1,011.53		$	0.90
Hypothetical 5% return	$	1,000.00	$	1,023.90	+	$	0.90
Service Shares
Actual	$	1,000.00	$	1,010.28		$	2.14
Hypothetical 5% return	$	1,000.00	$	1,022.66	+	$	2.16

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year (or, since inception, if shorter); and then dividing that result by the number of days in the period. The annualized net expense ratios for the period were 0.18% and 0.43% for Institutional Shares and Service Shares, respectively.

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratio and an assumed rate of return of 5% per year before expenses.

20

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2019 (the “Annual Meeting”).

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

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

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

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

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

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

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

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

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

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

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

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, distribution and other services;

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

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

(m) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2018. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates.

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

22

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

The Trustees considered the performance of the Fund in light of its investment policies and strategy. They noted that, although the Fund has operated in a challenging yield environment since 2009, yields had improved, thereby reducing the amount of fees waived and/or reimbursed by the Investment Adviser. They also acknowledged the uncertainty of the future interest rate environment. The Trustees considered that, during the relevant period, the Investment Adviser had voluntarily waived fees in order to maintain a competitive yield. They observed that the Investment Adviser had previously made certain contractual management fee waivers permanent in February 2018, lowering the Fund’s contractual management fee schedule, and had also reduced its voluntary management fee waiver throughout the year with the rise in interest rates. They also acknowledged the growth of the Fund in recent periods. The Trustees also considered that the Fund had maintained a stable net asset value per share. In light of these considerations, the Trustees believed that the Fund was providing investment performance within a competitive range for investors.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They noted that the Investment Adviser and Goldman Sachs had waived fees and reimbursed expenses for the Fund in order to maintain a competitive yield. They observed that the Investment Adviser had made its previous contractual management fee waiver permanent in February 2018, lowering the Fund’s contractual management fee schedule, and had also reduced its voluntary management fee waiver for the Fund throughout the year with the rise in interest rates. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

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

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

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

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) Goldman Sachs’ ability to engage in principal transactions with the Fund under exemptive orders from the U.S. Securities and Exchange Commission permitting such trades; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (h) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2020.

24

TRUSTEES Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels James A. McNamara Roy W. Templin Gregory G. Weaver OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) Web site at http://www.sec.gov.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

The web site links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these web sites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these web sites.

Fund holdings and allocations shown are as of June 30, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs Government Money Market Fund.

© 2019 Goldman Sachs. All rights reserved.

VITMMSAR-19/175366-OTU-1025424

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Multi-Strategy

Alternatives Portfolio

Beginning on or after January 1, 2021, you may not receive paper copies of the Portfolio’s annual and semi-annual shareholder reports from the insurance company that offers your variable insurance contract or your financial intermediary, unless you specifically request paper copies of the reports from the insurance company or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the insurance company electronically by contacting your insurance company or your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform the insurance company or your financial intermediary that you wish to receive paper copies of reports. Your election to receive reports in paper will apply to all Goldman Sachs Funds available under your contract and may apply to all funds held with your financial intermediary.

Semi-Annual Report

June 30, 2019

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

INVESTMENT OBJECTIVE

The Portfolio seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Multi-Strategy Alternatives Portfolio’s (the “Portfolio”) performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

How did the Portfolio perform during the Reporting Period?

During the Reporting Period, the Portfolio’s Institutional, Service and Advisor Shares generated cumulative total returns of 7.29%, 7.16% and 7.07%, respectively. These returns compare to the 1.43% cumulative total return of the Portfolio’s benchmark, the ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “LIBOR Index”), during the same period.

Please note that the Portfolio’s benchmark being the LIBOR Index is a means of emphasizing that the Portfolio has an unconstrained strategy. That said, this Portfolio employs a benchmark agnostic strategy and thus comparisons to a benchmark index are not particularly relevant.

What economic and market factors most influenced the Portfolio during the Reporting Period?

The capital markets and the Portfolio were influenced most during the Reporting Period by global economic data, central bank monetary policy and geopolitics.

During the first quarter of 2019, when the Reporting Period started, risk assets broadly rebounded from a sell-off in the fourth quarter of 2018, as investor sentiment turned positive on a combination of dovish global central bank policy, tentative stabilization in Chinese economic growth and seemingly promising developments in U.S.-China trade talks. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Although global economic growth continued to decelerate during the first calendar quarter, a few “green shoots” began to emerge. (Green shoots is a term used to describe signs of economic recovery or positive data during an economic downturn.) Indications of a bottoming in Chinese credit growth, a modest pick-up in fixed asset investment, and an uptick in March 2019 manufacturing data made investors hopeful for a recovery in Chinese and global economic growth. As inflationary pressures remained rather muted, the U.S. Federal Reserve (the “Fed”) and the European Central Bank (“ECB”) each made a dovish shift and then maintained monetary policy stances that were broadly supportive of economic growth. More specifically, the Fed signaled it would make no additional short-term interest rate hikes during 2019, and the ECB indicated it was reluctant to raise interest rates during the calendar year. Global equities, as measured by the MSCI ACWI Investable Market Index, were up 12.86% during the first calendar quarter, led by a rally in U.S. stocks. Emerging markets equities overall underperformed developed markets equities, but Chinese stocks, as represented by the MSCI China Index, rose more than 17%. In fixed income, the 10-year U.S. Treasury yield fell during the first quarter of 2019.

In the second quarter of 2019, continued weakness in global economic growth and low levels of inflation led the Fed and ECB to indicate they might ease monetary policy. In June, the Fed signaled its next policy move was more likely to be an interest rate cut than an interest rate hike. The Fed’s dot plot, which shows interest rate projections of the members of the Federal Open Market Committee, revealed that policymakers expected to keep interest rates stable during 2019, followed by a 25 basis point cut in 2020. (A basis point is 1/100th of a percentage point.) Meanwhile, the ECB hinted that interest rate cuts and quantitative easing were on the table should economic data disappoint in the near term. Global equities were volatile during the second calendar quarter overall, though they rose 3.88%, as measured by the MSCI ACWI Investable Market Index. In May 2019, global equities had suffered a significant decline amid headwinds from U.S.-China trade negotiations. They then recovered in June, driven by dovish central bank actions and market expectations of a pause in U.S.-China trade tensions ahead of the G20 meeting at month end. (Also known as Group of 20 nations, the G20 is a forum attended by finance ministers and central bank governors from the world’s highly developed economies consisting of 19 countries and the European Union.) In fixed income, the 10-year U.S. Treasury yield and the 10-year German government bond yield fell during the second quarter of 2019 in response to global economic growth weakness and dovish central bank policies.

What key factors were responsible for the Portfolio’s performance during the Reporting Period?

The Portfolio’s performance is driven by four sources of return: long-term strategic asset allocation to market exposures, medium-term cycle-aware allocation, short-term tactical allocation and excess returns from investments in Underlying Funds. Long-term

1

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

strategic asset allocation is the process by which the Portfolio’s assets are allocated across underlying asset classes and strategies in a way that considers the risks of each underlying asset class and strategy. Medium-term cycle-aware allocation is the process by which we adjust the portfolio for changes in the business or economic cycle. Short-term tactical allocation is the implementation of tactical market views with the goal of improving the Portfolio’s risk-adjusted return. The risk-adjusted return on an investment takes into account the risk associated with that investment relative to other potential investments. Excess returns from investments in Underlying Funds is by how much the Underlying Funds outperform or underperform their respective benchmark indices.

During the Reporting Period, the Portfolio generated positive absolute returns, driven primarily by strategic asset allocation and by security selection within the Underlying Funds. This was partially offset by medium-term cycle-aware allocation and short-term tactical asset allocation, which diminished the Portfolio’s performance.

Strategic asset allocation added to the Portfolio’s results during the Reporting Period. Allocations to fixed income had the greatest positive impact, driven primarily by our long U.S. interest rate options strategy, through which we seek to profit if interest rates fall, remain constant or rise less than anticipated. This strategy bolstered performance as U.S. Treasury yields fell during the Reporting Period. (Our long U.S. interest rate options strategy is a macroeconomic hedge that buys put options on short-term interest rates. A put option is an option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price within a specified time.) An allocation to emerging markets debt further enhanced the Portfolio’s returns amid the rally in risk assets. In addition, a strategic allocation to U.S. high yield corporate bonds contributed positively to the Portfolio’s performance as credit spreads narrowed during the Reporting Period. (Credit spreads are yield differentials between corporate bonds and U.S. Treasury securities of comparable maturity). Within equities, the Portfolio benefited from our strategic allocation to emerging markets stocks, as investor sentiment was buoyed by seemingly constructive U.S.-China trade talks and the Fed’s dovish stance. In addition, the Portfolio’s allocation to U.S. real estate securities was advantageous. As for the Portfolio’s allocations to liquid alternatives strategies, they had a positive impact on performance. Finally, the Portfolio’s volatility selling strategy added to returns during the Reporting Period. (Our volatility selling strategy seeks to benefit from changes in the level of market implied volatility (i.e., expectations of future volatility) in equity markets.)

Medium-term cycle-aware allocation detracted from the Portfolio’s performance. During the Reporting Period, the Portfolio held two medium-term cycle-aware views. The first was to have a short duration position, which we expressed through a short position in long-maturity German government bonds and short positions in specific segments of the U.S. Treasury yield curve. (Duration is a measure of the Portfolio’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.) The Portfolio’s short position in the two-year segment of the U.S. Treasury yield curve hurt returns most, as U.S. yields fell during the Reporting Period. The Portfolio’s short position in long-maturity German government bonds also had a negative impact on performance, as Germany’s long-term interest rates fell during the Reporting Period in response to slower European economic growth and dovish ECB monetary policy. The second medium-term cycle-aware view, which was to hold a long position in local emerging markets debt versus high yield corporate bonds, detracted slightly from the Portfolio’s performance, as high yield corporate bonds slightly outperformed local emerging markets debt during the Reporting Period.

Short-term tactical allocation had a negative impact on performance during the Reporting Period, as the Goldman Sachs Tactical Exposure Fund (the “Underlying Tactical Fund”) underperformed its benchmark index.

Overall, security selection within the Underlying Funds added to the Portfolio’s performance during the Reporting Period. The Goldman Sachs Managed Futures Strategy Fund outperformed its benchmark index the most, followed by the Goldman Sachs Absolute Return Tracker Fund, which also outpaced its benchmark index. In addition, the Goldman Sachs Emerging Markets Debt Fund and the Goldman Sachs Local Emerging Markets Debt Fund outperformed their respective benchmark indices. Conversely, the Goldman Sachs Alternative Premia Fund and the Goldman Sachs Long Short Credit Strategies Fund underperformed their respective benchmark indices during the Reporting Period.

How was the Portfolio positioned at the beginning of the Reporting Period?

At the beginning of the Reporting Period, the Portfolio was positioned, in terms of its total net assets, with 65.5% in liquid alternative strategies, 30.6% in real assets/satellite asset classes and 3.9% in cash. Liquid alternatives strategies generally include, but are not limited to, momentum or trend trading strategies (investment decisions based on trends in asset prices over time), hedge fund beta (long-term total returns consistent with investment results that approximate the return and risk patterns of a diversified universe of hedge funds), managed risk investment strategies (which seek to manage extreme risk scenarios by implementing daily and monthly risk targets across a diversified mix of asset classes), emerging markets debt and unconstrained fixed income strategies (which have the ability to move across various fixed income sectors). Real assets generally include, but are not limited to, commodities, global real estate securities, infrastructure and master limited partnerships. The strategic asset allocation of the

2

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Portfolio reflects a risk-based allocation approach to increase diversification across the Portfolio. The Portfolio had -7.6% of its total net assets invested in tactical exposures at the beginning of the Reporting Period.

How did you manage the Portfolio’s allocations during the Reporting Period?

During the Reporting Period, we made no changes to the Portfolio’s strategic allocation. We consider the Portfolio’s strategic asset allocation and underlying active security selection strategies the largest drivers of risk and performance.

Within the medium-term cycle-aware allocation, we sought to adjust the Portfolio’s exposure for what we considered to be medium-term changes to the business or economic cycle. In January 2019, we removed our medium-term cycle-aware view that the Portfolio be overweight emerging markets equities versus developed markets equities. We had expected to see the start of a rebound in China’s economic data by the end of 2018 in response to policy initiatives that sought to stimulate growth, but fresh data releases showed continued deterioration. Although we continued to believe Chinese economic data would recover, we thought the likely timing had been pushed into the future and that market uncertainty around it had increased. In March 2019, we reduced the Portfolio’s short position in long-maturity German government bonds, as Germany’s long-term interest rates fell. We also moderated our view that the Portfolio have exposure to emerging markets debt versus high yield corporate bonds.

Finally, in a risk management move during the first week of June 2019, we reduced the Portfolio’s long equity exposure, and we increased its cash position. In our opinion, the U.S. economic cycle had matured substantially, and the increased uncertainty associated with this phase of the economic cycle reduced our confidence level in risk assets.

Effective on or around June 28, 2019, we changed the Portfolio’s Underlying Tactical Fund from the Goldman Sachs Tactical Exposure Fund to the Goldman Sachs Tactical Tilt Overlay Fund.

How was the Portfolio positioned at the end of the Reporting Period?

At the end of the Reporting Period, the Portfolio was positioned, in terms of its total net assets, with 66.0% in liquid alternative strategies, 30.6% in real assets/satellite asset classes and 3.4% in cash. The Portfolio had -1.0% of its total net assets invested in tactical exposures.

How did the Portfolio use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, derivatives were used primarily to express our views across developed and emerging markets equities. More specifically, the Portfolio employed equity index futures to affect long exposures to U.S. large-cap equities, international equities and emerging markets equities (each had a positive impact). Within fixed income during the Reporting Period, the Portfolio used interest rate futures, specifically Eurodollar futures, to express views on the U.S. Treasury yield curve (negative impact). Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. The Portfolio also used bond futures to affect a short position in German government bonds (negative impact). Finally, the Portfolio utilized interest rate options in a macroeconomic hedge that seeks to profit if interest rates fall, remain constant or rise less than anticipated (positive impact).

Additionally, some of the Underlying Funds used derivatives during the Reporting Period to apply their active investment views with greater versatility and potentially to afford greater risk management precision. As market conditions warranted during the Reporting Period, some of these Underlying Funds engaged in forward foreign currency exchange contracts, financial futures contracts, options, swap contracts and structured securities to attempt to enhance portfolio return and for hedging purposes.

Were there any changes to the Portfolio’s portfolio management team during the Reporting Period?

Effective February 19, 2019, Raymond Chan no longer served as a portfolio manager of the Portfolio, and Neil Nuttall became a portfolio manager of the Portfolio. By design, all investment decisions for the Portfolio are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Portfolio. At the end of the Reporting Period, the portfolio managers for the Portfolio remained Neil Nuttall and Christopher Lvoff.

What is the Portfolio’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we emphasized three macro themes. First, we believed the U.S. economy was in “rollover,” meaning we expected increased economic weakness. The economic “green shoots” we had expected to grow during the Reporting Period had instead started to wither. Trade risks also remained elevated, in our view. Our research shows that economic rollovers are characterized by high risks of recession and severe equity declines as well as by episodes of “false positives” and premature warning signals. Second, at the end of the Reporting Period, we believed global economic uncertainty had increased overall.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Although we thought the risk of recession had risen, we did not think it was time to position the Portfolio for such a scenario. Third, we considered a dynamic investment approach particularly important, and we planned to address increased economic uncertainty through the Portfolio’s positioning and its level of risk exposure.

At the asset class level at the end of the Reporting Period, we expected a continuation of the equity bull market, assuming the global economy continued to expand over the medium term. However, we thought the upside was likely to be limited by moderately elevated equity valuations and limitations to corporate earnings growth. In the near term, we considered equities less attractive than we did earlier in the economic cycle. As for fixed income, we believed yields reflected the market’s increased perception of recessionary risk. At the end of the Reporting Period, 10-year U.S. Treasury yields were lower than we expected, and we thought there was potential for them to rise in the near term. Overall, we did not consider the risk/reward of fixed income particularly attractive, because there tends to be upward pressure on credit spreads in the late stage of an economic cycle; spreads were rather tight at the end of the Reporting Period; and we perceived risks to the macro outlook. (Credit spreads are yield differentials between corporate bonds and U.S. Treasury securities of comparable maturity.) Accordingly, we favored equities over fixed income at the end of the Reporting Period.

4

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Index Definitions

ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index is based on the assumed purchase of a synthetic instrument having three months to maturity and with a coupon equal to the closing quote for three-month LIBOR. That issue is sold the following day (priced at a yield equal to the current day closing three-month LIBOR rate) and is rolled into a new three-month instrument. The index, therefore, will always have a constant maturity equal to exactly three months.

MSCI ACWI Investable Market Index captures large, mid and small cap representation across 23 developed markets and 26 emerging markets countries.

MSCI China Index captures large and mid cap representation across China H shares, B shares, Red chips, P chips and foreign listings.

It is not possible to invest directly in an unmanaged index.

5

FUND BASICS

Multi-Strategy Alternatives Portfolio

as of June 30, 2019

STANDARDIZED TOTAL RETURNS¹

For the period ended 6/30/19	One Year			Five Years			Since Inception			Inception Date
Institutional		3.81	%		-0.25	%		0.14	%		4/25/14
Service		3.70			-0.49			-0.09			4/25/14
Advisor		3.45			-0.62			-0.24			4/25/14

¹  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional, Service and Advisor Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above chart represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above chart. Please visit www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced.

EXPENSE RATIOS²

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		1.05	%		2.36	%
Service		1.30			2.61
Advisor		1.45			2.76

²  The expense ratios of the Portfolio, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of any fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectuses for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights of this report. Pursuant to a contractual arrangement, the Portfolio’s fee waivers and/or expense limitations will remain in place through at least April 30, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Portfolio’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

6

FUND BASICS

OVERALL UNDERLYING FUND AND ETF WEIGHTINGS³

Percentage of Net Assets

³  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund and exchange traded fund (“ETF”) reflects the value of that Underlying Fund or ETF as a percentage of net assets of the Portfolio. Figures in the graph above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. Underlying sector allocations of exchange traded funds and investment companies held by the Portfolio are not reflected in the graph above. Investments in the securities lending reinvestment vehicle have been excluded from the graph and represented 0.8% of the Portfolio’s net assets at June 30, 2019. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁴  The underlying percentage as of December 31, 2018 represents the investment in Tactical Exposure Fund, which was transitioned to Tactical Tilt Overlay Fund prior to June 30, 2019.

7

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Underlying Funds (Class R6 Shares)(a) – 94.1%
Equity – 28.2%
	261,735	Goldman Sachs Tactical Tilt Overlay Fund	$	2,570,235
	112,177	Goldman Sachs Absolute Return Tracker Fund		1,094,850
	62,835	Goldman Sachs Emerging Markets Equity Insights Fund		601,332
	34,967	Goldman Sachs Real Estate Securities Fund		533,595
				4,800,012
Fixed Income – 65.9%
	213,425	Goldman Sachs Managed Futures Strategy Fund		2,307,119
	224,778	Goldman Sachs Long Short Credit Strategies Fund		1,964,557
	174,385	Goldman Sachs Strategic Income Fund		1,625,270
	122,601	Goldman Sachs Emerging Markets Debt Fund		1,532,510
	153,064	Goldman Sachs Alternative Premia Fund		1,245,941
	127,595	Goldman Sachs High Yield Floating Rate Fund		1,199,388
	133,029	Goldman Sachs High Yield Fund		852,716
	83,720	Goldman Sachs Local Emerging Markets Debt Fund		504,830
				11,232,331
	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
	(Cost $16,188,623)		$	16,032,343
Exchange Traded Fund(b) – 1.7%
	5,295	ProShares Short VIX Short-Term Futures ETF	$	285,242
	(Cost $251,189)

Shares	Dividend Rate			Value
Investment Company(a) – 1.8%
Goldman Sachs Financial Square Government Fund — Institutional Shares
298,898		2.308	%	$	298,898
(Cost $298,898)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $16,738,710)				$	16,616,483
Securities Lending Reinvestment Vehicle(a) – 0.8%
Goldman Sachs Financial Square Government Fund — Institutional Shares
141,700		2.308	%	$	141,700
(Cost $141,700)
TOTAL INVESTMENTS – 98.4%
(Cost $16,880,410)				$	16,758,183
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%					266,293
NET ASSETS – 100.0%				$	17,024,476

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)	All or a portion of security is on loan.

Currency Abbreviation:
USD	—United States Dollar

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2019, the Portfolio had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
MSCI Emerging Markets E-Mini Index		9		09/20/2019	$	474,030		$	20,373
S&P 500 E-Mini Index		1		09/20/2019		147,210			2,473
Total								$	22,846
Short position contracts:
3 Month Eurodollar		(32)		09/14/2020	$	(7,875,200	)	$	(76,927	)
Total Futures Contracts								$	(54,081	)

PURCHASED OPTIONS CONTRACTS — At June 30, 2019, the Portfolio had the following purchased options contracts:

Description	Counterparty		Exercise Price		Expiration Date	Number of Contracts		Notional Amount		Value		Premiums Paid (Received) by the Portfolio		Unrealized Appreciation/ Depreciation
Purchased options contracts:
Calls
3 Month Eurodollar		Barclays Bank PLC		97.75  USD	09/16/2019		5	$	1,250,000	$	3,375	$	3,136	$	239
				98.50  USD	06/15/2020		5		1,250,000		2,750		2,512		238
				97.50  USD	09/14/2020		5		1,250,000		12,125		3,881		8,244
				97.50  USD	12/14/2020		5		1,250,000		12,250		4,769		7,481
				97.00  USD	03/15/2021		2		500,000		7,375		3,580		3,795
				98.25  USD	03/15/2021		40		10,000,000		47,500		46,293		1,207
				97.00  USD	06/14/2021		1		250,000		3,631		1,852		1,779
				98.00  USD	06/14/2021		10		2,500,000		15,687		8,146		7,541
				98.25  USD	06/14/2021		36		9,000,000		43,200		43,808		(608	)
				97.00  USD	09/13/2021		2		500,000		7,200		4,905		2,295
				98.25  USD	09/13/2021		34		8,500,000		41,438		40,616		822
				98.50  USD	12/13/2021		22		5,500,000		20,625		21,426		(801	)
				98.50  USD	03/16/2020		8		2,000,000		2,800		2,719		81
Total purchased options contracts							175			$	219,956	$	187,643	$	32,313

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)

Assets:
Investments in affiliated Underlying Funds, at value (cost $16,487,521)	$	16,331,241
Investments in unaffiliated Funds, at value (cost $251,189)(a)		285,242
Investments in affiliated securities lending reinvestment vehicle, at value (cost $141,700)		141,700
Purchased Options, at value (premiums paid $187,643)		219,956
Cash		275,558
Receivables:
Investments sold		243,725
Collateral on certain derivative contracts(b)		25,740
Portfolio shares sold		19,836
Dividends		19,316
Reimbursement from investment adviser		14,274
Variation margin on futures		1,771
Other assets		278
Total assets		17,578,637
Liabilities:
Payables:
Investments purchased		281,427
Payable upon return of securities loaned		141,700
Portfolio shares redeemed		35,866
Distribution and Service fees and Transfer Agency fees		5,271
Accrued expenses		89,897
Total liabilities		554,161
Net Assets:
Paid-in capital		18,144,561
Total distributable earnings (loss)		(1,120,085	)
NET ASSETS	$	17,024,476
Net Assets:
Institutional	$	1,104,036
Service		1,474,313
Advisor		14,446,127
Total Net Assets	$	17,024,476
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		120,874
Service		161,501
Advisor		1,589,470
Net asset value, offering and redemption price per share:
Institutional		$9.13
Service		9.13
Advisor		9.09

(a) Includes loaned securities having a market value of $138,892.

(b) Includes amount segregated for initial margin on future transactions.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

Investment income:
Dividends from affiliated Underlying Funds	$	154,236
Dividends from unaffiliated Funds		1,136
Securities lending income — unaffiliated issuer		587
Total investment income		155,959
Expenses:
Custody, accounting and administrative services		37,690
Professional fees		35,879
Distribution and Service fees(a)		28,739
Printing and mailing costs		28,405
Management fees		11,728
Trustee fees		7,942
Transfer Agency fees(a)		1,564
Registration fees		345
Other		3,160
Total expenses		155,452
Less — expense reductions		(109,605	)
Net expenses		45,847
NET INVESTMENT INCOME		110,112
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments in affiliated Underlying Funds		(139,841	)
Investments in unaffiliated Funds		(2,002	)
Futures contracts		45,654
Purchased options		147,355
Foreign currency transactions		3,054
Net change in unrealized gain (loss) on:
Investments in affiliated Underlying Funds		888,367
Investments in unaffiliated Funds		70,659
Futures contracts		(76,863	)
Purchased options		29,969
Foreign currency translation		(2,313	)
Net realized and unrealized gain		964,039
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,074,151

(a) Class specific Distribution and/or Service, and Transfer Agency fees were as follows:

Distribution and/or Service Fees				Transfer Agency Fees
Service		Advisor		Institutional		Service		Advisor
$	1,307	$	27,432	$	88	$	105	$	1,371

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	110,112		$	330,087
Net realized gain (loss)		54,220			(556,892	)
Net change in unrealized gain (loss)		909,819			(1,017,669	)
Net increase (decrease) in net assets resulting from operations		1,074,151			(1,244,474	)
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(20,403	)
Service Shares		—			(20,381	)
Advisor Shares		—			(318,314	)
Total distributions to shareholders		—			(359,098	)
From share transactions:
Proceeds from sales of shares		2,566,186			6,168,668
Reinvestment of distributions		—			359,098
Cost of shares redeemed		(1,631,986	)		(5,978,711	)
Net increase in net assets resulting from share transactions		934,200			549,055
TOTAL INCREASE (DECREASE)		2,008,351			(1,054,517	)
Net Assets:
Beginning of period		15,016,125			16,070,642
End of period	$	17,024,476		$	15,016,125

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Multi-Strategy Alternatives Portfolio
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,												For the period April 25, 2014* to December 31, 2014
				2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.51		$	9.39		$	9.10		$	9.15		$	9.81		$	10.00
Net investment income(a)(b)		0.08			0.24			0.21			0.11			0.20			0.09
Net realized and unrealized gain (loss)		0.54			(0.87	)		0.30			(0.06	)		(0.65	)		(0.16	)
Total from investment operations		0.62			(0.63	)		0.51			0.05			(0.45	)		(0.07	)
Distributions to shareholders from net investment income		—			(0.25	)		(0.22	)		(0.10	)		(0.20	)		(0.12	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.01	)		—	(c)
Total distributions		—			(0.25	)		(0.22	)		(0.10	)		(0.21	)		(0.12	)
Net asset value, end of period	$	9.13		$	8.51		$	9.39		$	9.10		$	9.15		$	9.81
Total return(d)		7.29	%		(6.74	)%		5.60	%		0.52	%		(4.51	)%		(0.67	)%
Net assets, end of period (in 000s)	$	1,104		$	745		$	453		$	309		$	958		$	1,003
Ratio of net expenses to average net assets(e)		0.22	%(f)		0.22	%		0.21	%		0.24	%		0.22	%		0.22	%(f)
Ratio of total expenses to average net assets(e)		1.60	%(f)		1.57	%		1.47	%		2.37	%		4.40	%		24.63	%(f)
Ratio of net investment income to average net assets(b)		1.78	%(f)		2.62	%		2.20	%		1.17	%		2.02	%		1.30	%(f)
Portfolio turnover rate(g)		22	%		61	%		53	%		44	%		53	%		25	%

* Commencement of Operations.

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Amount is less than $0.005 per share.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The 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 portfolio turnover rate may be higher.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Multi-Strategy Alternatives Portfolio
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,												For the period April 25, 2014* to December 31, 2014
				2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.52		$	9.41		$	9.13		$	9.14		$	9.81		$	10.00
Net investment income(a)(b)		0.07			0.28			0.27			0.08			0.24			0.07
Net realized and unrealized gain (loss)		0.54			(0.93	)		0.22			(0.05	)		(0.71	)		(0.16	)
Total from investment operations		0.61			(0.65	)		0.49			0.03			(0.47	)		(0.09	)
Distributions to shareholders from net investment income		—			(0.24	)		(0.21	)		(0.04	)		(0.19	)		(0.10	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.01	)		—	(c)
Total distributions		—			(0.24	)		(0.21	)		(0.04	)		(0.20	)		(0.10	)
Net asset value, end of period	$	9.13		$	8.52		$	9.41		$	9.13		$	9.14		$	9.81
Total return(d)		7.16	%		(6.93	)%		5.37	%		0.28	%		(4.76	)%		(0.85	)%
Net assets, end of period (in 000s)	$	1,474		$	811		$	105		$	34		$	22		$	10
Ratio of net expenses to average net assets(e)		0.47	%(f)		0.47	%		0.46	%		0.46	%		0.48	%		0.49	%(f)
Ratio of total expenses to average net assets(e)		1.86	%(f)		1.95	%		1.73	%		1.97	%		3.33	%		25.05	%(f)
Ratio of net investment income to average net assets(b)		1.53	%(f)		3.08	%		2.88	%		0.92	%		2.54	%		1.02	%(f)
Portfolio turnover rate(g)		22	%		61	%		53	%		44	%		53	%		25	%

* Commencement of Operations.

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Amount is less than $0.005 per share.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The 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 portfolio turnover rate may be higher.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Multi-Strategy Alternatives Portfolio
	Advisor Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,												For the period April 25, 2014* to December 31, 2014
				2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.49		$	9.36		$	9.08		$	9.12		$	9.79		$	10.00
Net investment income(a)(b)		0.06			0.17			0.17			0.10			0.21			0.11
Net realized and unrealized gain (loss)		0.54			(0.83	)		0.30			(0.07	)		(0.69	)		(0.21	)
Total from investment operations		0.60			(0.66	)		0.47			0.03			(0.48	)		(0.10	)
Distributions to shareholders from net investment income		—			(0.21	)		(0.19	)		(0.07	)		(0.18	)		(0.11	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.01	)		—	(c)
Total distributions		—			(0.21	)		(0.19	)		(0.07	)		(0.19	)		(0.11	)
Net asset value, end of period	$	9.09		$	8.49		$	9.36		$	9.08		$	9.12		$	9.79
Total return(d)		7.07	%		(7.09	)%		5.14	%		0.27	%		(4.89	)%		(0.97	)%
Net assets, end of period (in 000s)	$	14,446		$	13,460		$	15,512		$	10,778		$	9,666		$	3,246
Ratio of net expenses to average net assets(e)		0.62	%(f)		0.62	%		0.61	%		0.61	%		0.62	%		0.62	%(f)
Ratio of total expenses to average net assets(e)		2.02	%(f)		1.93	%		1.88	%		2.58	%		3.51	%		16.16	%(f)
Ratio of net investment income to average net assets(b)		1.37	%(f)		1.92	%		1.78	%		1.06	%		2.16	%		1.66	%(f)
Portfolio turnover rate(g)		22	%		61	%		53	%		44	%		53	%		25	%

* Commencement of Operations.

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

(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.

(c) Amount is less than $0.005 per share.

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

(e) Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(f) Annualized.

(g) The 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 portfolio turnover rate may be higher.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Notes to Financial Statements

June 30, 2019 (Unaudited)

1.    ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Multi-Strategy Alternatives Portfolio (the “Portfolio”). The Portfolio is a diversified portfolio under the Act offering three classes of shares — Institutional, Service and Advisor 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 Portfolio pursuant to a management agreement (the “Agreement”) with the Trust.

The Portfolio invests primarily in a combination of domestic and international equity and fixed income underlying funds (“Underlying Funds”) which are registered under the Act, for which GSAM acts as investment adviser. Additionally, this Portfolio may invest a portion of its assets directly in other securities and instruments, including unaffiliated exchange traded funds (“Unaffiliated Funds”).

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.

A.  Investment Valuation — The valuation policy of the Portfolio and Underlying Funds is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed. Distributions received from the Portfolios investments in Goldman Sachs Real Estate Securities Fund (the “Underlying Fund invested in REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Portfolio as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Portfolio are charged to the Portfolio, while such expenses incurred by the Trust are allocated across the applicable Portfolios 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. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds (“Underlying Funds”). Because the Underlying Funds have varied expense and fee levels and the Portfolio may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Portfolio will vary.

D.  Federal Taxes and Distributions to Shareholders — It is the Portfolio’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, the Portfolio 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.

16

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

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 the Portfolio’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Portfolio’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of the Portfolio are maintained in United States (“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 Statement 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.

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 Portfolio’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 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 Portfolio, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Portfolio’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). 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 Portfolio invests in Underlying Funds that fluctuate in value, the Portfolio’s

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

shares will correspondingly fluctuate in value. 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. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Portfolio 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 Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments.

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

i. 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, the Portfolio 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 Portfolio 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.

ii. Options — When the Portfolio 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 interest rate and or credit default, swap contracts.

Upon the purchase of a call option or a put option by the Portfolio, 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.

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 Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. 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 Portfolio’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. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Portfolio’s investments and derivatives classified in the fair value hierarchy as of June 30, 2019:

Investment Type	Level 1			Level 2		Level 3
Assets
Equity Underlying Funds	$	4,800,012		$	—	$	—
Fixed Income Underlying Funds		11,232,331			—		—
Exchange Traded Fund		285,242			—		—
Investment Company		298,898			—		—
Securities Lending Reinvestment Vehicle		141,700			—		—
Total	$	16,758,183		$	—	$	—
Derivative Type
Assets
Futures Contracts(a)	$	22,846		$	—	$	—
Purchased Options Contracts		219,956			—		—
Total	$	242,802		$	—	$	—
Liabilities(a)
Futures Contracts	$	(76,927	)	$	—	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedule of Investments.

4.    INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2019. These instruments were used as part of the Portfolio’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolio’s net exposure.

Risk	Statement of Assets and Liabilities	Assets(a)		Statement of Assets and Liabilities	Liabilities(a)
Equity	Variation margin on futures contracts	$	22,846	—	$	—
Interest Rate	Purchased options contracts at value		219,956	Variation margin on futures contracts		(76,927	)
Total		$	242,802		$	(76,927	)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information section of the Schedule of Investments. Only the variation margin as of June 30, 2019 is reported within the Statement of Assets and Liabilities.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

4.    INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth, by certain risk types, the Portfolio’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2019. 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 Statement of Operations.

Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	70,764	$	16,346			12
Interest Rate	Net realized gain (loss) from futures contracts and purchased options/Net change in unrealized gain (loss) on futures contracts and purchased options		122,245		(63,240	)		295
Total		$	193,009	$	(46,894	)		307

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2019.

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Portfolio, 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 Portfolio’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 0.15% of the Portfolio’s average daily net assets. GSAM has agreed to waive all of its management fee. The management fee waiver will remain in effect through at least April 30, 2020, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees. For the six months ended June 30, 2019, GSAM waived $11,728 of its management fee.

The Portfolio invests 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 Portfolio in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Portfolio invests, except those management fees it earns from the Portfolio’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2019, GSAM waived $213 of the Portfolio’s management fee.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Service Shares of the Portfolio, 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 Portfolio’s average daily net assets attributable to Service Shares.

The Trust, on behalf of Advisor Shares of the Portfolio, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.15% of the Portfolio’s average daily net assets attributable to Advisor Shares.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Service Plans — The Trust, on behalf of Advisor Shares of the Portfolio, has adopted a Service Plan to allow Advisor Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance and administration services to their customers who are beneficial owners of such shares. The Service Plans each provide for compensation to the service organizations equal to 0.25% of the average daily net assets attributable to Advisor Shares of the Portfolio.

D.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolio 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, Service and Advisor Shares.

E.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Portfolio (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 the Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolio is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Portfolio is 0.204%. The Other Expense limitation will remain in place through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Portfolio has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Portfolio’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
$	11,941	$	199	$	97,465	$	109,605

F.  Line of Credit Facility — As of June 30, 2019, the Portfolio participated in a $580,000,000 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 Portfolio based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2019, the Portfolio did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.   Other Transactions with Affiliates — The Portfolio invests primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2019:

Underlying Funds	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss) from Affiliated Investment Company			Change in Unrealized Appreciation (Depreciation)		Ending Value as of June 30, 2019		Shares as of June 30, 2019		Dividend Income from Affiliated Investment Company
Goldman Sachs Alternative Premia Fund	$	1,088,711	$	190,000	$	(39,999	)	$	(1,708	)	$	8,937	$	1,245,941		153,064	$	—
Goldman Sachs Absolute Return Tracker Fund		977,566		85,000		(40,001	)		580			71,705		1,094,850		112,117		—
Goldman Sachs Emerging Markets Debt Fund		1,354,777		122,022		(75,000	)		(6,139	)		136,850		1,532,510		122,601		31,565
Goldman Sachs Emerging Markets Equity Insights Fund		511,446		100,000		(60,000	)		(3,130	)		53,016		601,332		62,835		—
Goldman Sachs Financial Square Government Fund (Institutional Shares)		191,106		2,352,499		(2,244,707	)		—			—		298,898		298,898		3,116
Goldman Sachs High Yield Floating Rate Fund		1,048,669		149,770		(30,000	)		(1,255	)		32,204		1,199,388		127,595		29,403
Goldman Sachs High Yield Fund		763,723		63,393		(30,000	)		(1,836	)		57,436		852,716		133,029		23,117
Goldman Sachs Local Emerging Markets Debt Fund		448,457		41,401		(20,000	)		(1,128	)		36,100		504,830		83,720		11,282
Goldman Sachs Long Short Credit Strategies Fund		1,644,600		289,386		(30,000	)		(3,063	)		63,634		1,964,557		224,778		25,174
Goldman Sachs Managed Futures Strategy Fund		2,017,781		205,000		(30,000	)		(1,715	)		116,053		2,307,119		213,425		—
Goldman Sachs Real Estate Securities Fund		479,541		4,908		(30,000	)		(9,302	)		88,448		533,595		34,967		4,909
Goldman Sachs Strategic Income Fund		1,428,213		192,698		(40,000	)		(1,632	)		45,991		1,625,270		174,385		25,670
Goldman Sachs Tactical Exposure Fund		2,247,480		218,000		(2,528,725	)		(109,513	)		172,758		—		—		—
Goldman Sachs Tactical Tilt Overlay Fund		—		2,565,000		—			—			5,235		2,570,235		261,735		—
Total	$	14,202,070	$	6,579,077	$	(5,198,432	)	$	(139,841	)	$	888,367	$	16,331,241			$	154,236

6.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2019, were $4,549,612 and $3,387,392, respectively.

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7.    SECURITIES LENDING

The Portfolio may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Portfolio’s securities lending procedures, the Portfolio receives 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 Portfolio, 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 Portfolio on the next business day. As with other extensions of credit, the Portfolio may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Portfolio 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 Statement 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 Portfolio invests 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, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Portfolio 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 BNYM is unable to purchase replacement securities, BNYM will indemnify the Portfolio by paying the Portfolio 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 Portfolio may enter into master netting agreements with borrowers, which 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 bankruptcy or insolvency laws. The Portfolio’s 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 Portfolio’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2019, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

Both the Portfolio and BNYM received compensation relating to the lending of the Portfolio’s securities. The amounts earned, if any, by the Portfolio for the six months ended June 30, 2019, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Portfolio’s investment in the Government Money Market Fund for the six months ended June 30, 2019:

Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019
$	191,250	$	1,586,998	$	(1,636,548	)	$	141,700

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

8.    TAX INFORMATION

As of the Portfolio’s most recent fiscal year end, December 31, 2018, the Portfolio’s capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

Capital loss carryforwards:
Perpetual Short-term	$	(514,168	)
Perpetual Long-term		(369,817	)
Total capital loss carryforwards	$	(883,985	)
Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral)		(23,546	)

As of June 30, 2019, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	17,176,689
Gross unrealized gain		272,140
Gross unrealized loss		(690,646	)
Net unrealized loss	$	(418,506	)

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 options contracts and differences in the tax treatment of partnership investments.

GSAM has reviewed the Portfolio’s tax position 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 Portfolio’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9.    OTHER RISKS

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

Derivatives Risk — The Portfolio’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Portfolio. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. 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 Portfolio 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. The risks associated with changing interest rates may have unpredictable effects on the markets and the Portfolio’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Portfolio.

Investments in the Underlying Funds — The investments of the Portfolio are concentrated in the Underlying Funds, and the Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. To the extent that the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, the

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9.    OTHER RISKS (continued)

Portfolio may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), the Portfolio 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 Portfolio. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — The Portfolio or an Underlying 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 Portfolio or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Portfolio or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s or an Underlying 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 Portfolio’s or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s or an Underlying Fund’s expense ratio. Similarly, large Portfolio or Underlying Fund share purchases may adversely affect the Portfolio’s or an Underlying Fund’s performance to the extent that the Portfolio or an Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The Underlying Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Portfolio will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Portfolio is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Portfolio’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Portfolio’s liquidity.

Market and Credit Risks — In the normal course of business, the Portfolio and the Underlying Funds trade financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Portfolio and the Underlying Funds 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 Portfolio or the Underlying Funds have unsettled or open transactions defaults.

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 Portfolio. Additionally, in the course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11.     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.

12.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		36,609		$	328,901			53,822		$	488,301
Reinvestment of distributions		—			—			2,400			20,403
Shares redeemed		(3,294	)		(29,488	)		(16,933	)		(153,669	)
		33,315			299,413			39,289			355,035
Service Shares
Shares sold		80,338			719,847			84,312			762,281
Reinvestment of distributions		—			—			2,398			20,381
Shares redeemed		(14,064	)		(125,804	)		(2,657	)		(23,809	)
		66,274			594,043			84,053			758,853
Advisor Shares
Shares sold		171,535			1,517,438			539,263			4,918,086
Reinvestment of distributions		—			—			37,581			318,314
Shares redeemed		(168,285	)		(1,476,694	)		(648,355	)		(5,801,233	)
		3,250			40,744			(71,511	)		(564,833	)
NET INCREASE		102,839		$	934,200			51,831		$	549,055

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Portfolio Expenses — Six Month Period Ended June 30, 2019 (Unaudited) 

As a shareholder of Institutional, Service or Advisor Shares of the Portfolio, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees (with respect to Service and Advisor Shares) and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares, Service Shares and Advisor Shares of the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Portfolio you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Share Class	Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*
Institutional
Actual	$	1,000	$	1,072.90		$	1.13
Hypothetical 5% return		1,000		1,023.70	+		1.10
Service
Actual		1,000		1,071.60			2.41
Hypothetical 5% return		1,000		1,022.46	+		2.36
Advisor
Actual		1,000		1,070.70			3.18
Hypothetical 5% return		1,000		1,021.72	+		3.11

+ Hypothetical expenses are based on the Portfolio’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using the Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.22%, 0.47% and 0.62% for Institutional, Service and Advisor Shares, respectively.

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Multi-Strategy Alternatives Portfolio (the “Portfolio”) is an investment portfolio of Goldman Sachs Variable Insurance Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Portfolio at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Portfolio.

The Management Agreement was most recently approved for continuation until June 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2019 (the “Annual Meeting”).

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

(a) the nature and quality of the advisory, administrative, and other services provided to the Portfolio and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about:

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

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Portfolio and Underlying Funds, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Underlying Funds invest;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Portfolio’s peer group and/or benchmark index had high, medium, or low relevance given the Portfolio’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Portfolio;

(e) fee and expense information for the Portfolio, including:

(i) the relative management fee and expense levels of the Portfolio as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Portfolio’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Portfolio, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Portfolio;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations with respect to the Portfolio and the Underlying Funds;

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

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Portfolio to the Investment Adviser and its affiliates;

(i) whether the Portfolio’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Portfolio and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Portfolio and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

(l) with respect to the applicable Underlying Funds, information regarding commissions paid by the Underlying Equity Funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

(n) the nature and quality of the services provided to the Portfolio and the Underlying Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Portfolio’s compliance program; and periodic compliance reports.

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Portfolio and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Portfolio and the Underlying Funds and their service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Portfolio and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Portfolio, the Underlying Funds, and the Investment Adviser and its affiliates.

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

Investment Performance

The Trustees also considered the investment performance of the Portfolio and the Underlying Funds. In this regard, they compared the investment performance of the Portfolio to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on the Portfolio’s investment performance was provided for the one- and three-year periods ending on the applicable dates. The Trustees also reviewed the Portfolio’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Portfolio over time, and reviewed the investment performance of the Portfolio in light of its investment objective and policies and market conditions.

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

The Trustees noted that the Portfolio’s Institutional Shares had placed in the third quartile of the Portfolio’s peer group for the one- and three-year periods, had underperformed the Portfolio’s LIBOR-based benchmark index by 3.13% for the one-year period and outperformed by 0.33% for the three-year period, and had underperformed the average performance of a group of competitor funds, as determined by the Investment Adviser, for the one- and three-year periods ending March 31, 2019. They also noted that the Portfolio had experienced certain portfolio management changes in the first half of 2019.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Portfolio. The analyses provided a comparison of the Portfolio’s management fee to those of a relevant peer group and category universe; an expense analysis which compared the Portfolio’s overall net and gross expenses to a peer group and a category universe; and data comparing the Portfolio’s net expenses to the peer and category medians. The analyses also compared the Portfolio’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Portfolio.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Portfolio and the Underlying Funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Portfolio, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Portfolio differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Portfolio’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Portfolio and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Portfolio was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

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

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Portfolio. The Trustees noted that, although the Portfolio itself does not have breakpoints in its management fee schedule, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Portfolio at the specified asset levels. The Trustees considered the amounts of assets in the Portfolio; the Portfolio’s recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Portfolio and Underlying Funds that exceed specified levels. They also considered the services provided to the Portfolio under the Management Agreement and the fees and expenses borne by the Underlying Funds, and determined that the management fees payable by the Portfolio were not duplicative of the management fees paid at the Underlying Fund level.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of certain Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of certain Underlying Funds (d) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which the Portfolio’s and those Underlying Funds’ securities lending cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Portfolio on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Portfolio shareholders; (h) Goldman Sachs’ retention of certain fees as Portfolio Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Portfolio and Underlying Funds; and (j) the possibility that the working relationship between the Investment Adviser and the Portfolio’s and Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Portfolio and Its Shareholders

The Trustees also noted that the Portfolio and/or the Underlying Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) with respect to the Underlying Funds, enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Portfolio and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Portfolio’s and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) with respect to certain Underlying Funds, the ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Portfolio’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Portfolio’s shareholders invested in the Portfolio in part because of the Portfolio’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

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

the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Portfolio were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to the Portfolio until June 30, 2020.

32

TRUSTEES	OFFICERS
Jessica Palmer, Chair	James A. McNamara, President
Kathryn A. Cassidy	Joseph F. DiMaria, Principal Financial Officer,
Diana M. Daniels	Principal Accounting Officer and Treasurer
James A. McNamara	Caroline L. Kraus, Secretary
Roy W. Templin
Gregory G. Weaver

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

The reports concerning the Portfolio included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolio in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolio, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Portfolio. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Portfolio uses to determine how to vote proxies relating to portfolio securities and information regarding how the Portfolio voted proxies relating to portfolio securities for the 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Portfolio will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transactions or matters addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Portfolio holdings and allocations shown are as of June 30, 2019 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Diversification does not protect an investor from market risk and does not ensure a profit.

Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Portfolio are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Portfolio.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Portfolio’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Portfolio and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs Multi-Strategy Alternatives Portfolio.

© 2019 Goldman Sachs. All rights reserved.

VITMSASAR-19/175373-OTU-1025567

Goldman

Sachs Variable Insurance Trust

Goldman Sachs Core Fixed Income Fund

Goldman Sachs Equity Index Fund

Goldman Sachs Growth Opportunities Fund

Goldman Sachs High Quality Floating Rate Fund

Beginning on or after January 1, 2021, you may not receive paper copies of the Funds’ annual and semi-annual shareholder reports from the insurance company that offers your variable insurance contract or your financial intermediary, unless you specifically request paper copies of the reports from the insurance company or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the insurance company electronically by contacting your insurance company or your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform the insurance company or your financial intermediary that you wish to receive paper copies of reports. Your election to receive reports in paper will apply to all Goldman Sachs Funds available under your contract and may apply to all funds held with your financial intermediary.

Semi-Annual Report

June 30, 2019

MARKET REVIEW

Goldman Sachs Variable Insurance Trust Funds

Market Review

During the six months ended June 30, 2019 (the “Reporting Period”), the performance of the U.S. equity and fixed income markets were influenced most by central bank monetary policy, U.S. and global economic data, and geopolitical issues.

Equity Markets

During the first quarter of 2019, when the Reporting Period started, U.S. equities, as represented by the S&P 500^® Index, rose 13.65%. After a volatile end to 2018, the rally to begin 2019 marked the best first quarter performance for the S&P 500^® Index since 1998. Federal Reserve (“Fed”) commentary provided a supportive background for U.S. equities, as Fed Chair Jerome Powell reiterated a “patient” approach to monetary policy that included a pause in interest rate hikes and a plan to end quantitative tightening, or the shrinking of the Fed’s balance sheet as securities mature, by the end of the 2019 calendar year. The U.S. unemployment rate remained well below trend at 3.8% in February 2019, and wages grew 3.4% year over year. Housing data showed strength in the first calendar quarter, with new home sales reaching 667,000 in February, bringing the three-month average up to 630,000. Strength in housing data could be partially attributed to a steep decline in mortgage rates resulting from a more cautious Fed. The University of Michigan Consumer Sentiment Index was also a point of significant strength in the U.S. economy, steadily climbing in each month of the first quarter of 2019 and eventually reaching 98.4% in March, its highest level in six months. Economic growth concerns that had dominated the fourth quarter of 2018 failed to completely disappear, however, as fourth quarter 2018 Gross Domestic Product (“GDP”) growth was revised down 0.4% in March 2019 to 2.2%. While the revision was further evidence of a slowing U.S. economy, the result was largely priced in by the U.S. equity market and thus had a limited effect on stock prices outside of the financials sector, which historically tends to be more interest rate sensitive.

The S&P 500^® Index rose a solid but more moderate 4.30% during the second quarter of 2019. Trade tensions between the U.S. and China dominated headlines and broadly added noise to the markets. (Noise refers to market activity that can confuse or misrepresent genuine underlying trends.) In April 2019, investors grew optimistic about a possible U.S.-China trade deal, but this optimism faded in May when the U.S. President threatened to raise current tariffs and impose new duties on $300 billion of additional Chinese imports. Also, sanctions were temporarily placed on a Chinese telecommunications giant, until they were lifted in June 2019, when any additional tariffs or compromise were postponed. During the second calendar quarter, the markets kept a close eye on the Fed, which said it might take a more accommodative approach to monetary policy. Following the Fed’s statement, the market consensus actually priced in at least one interest rate cut by the end of 2019. U.S. economic indicators were mixed during the second calendar quarter, with consumer sentiment remaining elevated but nonfarm payroll data and manufacturing indices falling short of consensus expectations.

The S&P 500^® Index returned 18.54% during the Reporting Period overall. All 11 of its sectors posted positive absolute returns, with 10 of the 11 generating double-digit gains. Information technology, consumer discretionary and industrials were the best performing sectors in the S&P 500^® Index, as measured by total return, while the weakest performing sectors in the S&P 500^® Index during the Reporting Period were health care, energy and utilities.

Within the U.S. equity market, all capitalization segments posted double-digit positive returns, led by mid-cap stocks, as measured by the Russell Midcap^® Index, followed by large-cap stocks, as measured by the Russell 1000^® Index, and then small-cap stocks, as measured by the Russell 2000^® Index. From a style perspective, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

Fixed Income Markets

In the first quarter of 2019, spread, or non-government bond, sectors broadly posted gains, as dovish pivots by global central banks boosted investor sentiment and helped fuel rallies in both sovereign government bonds and riskier segments of the fixed income market. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Notably, high yield corporate bonds recorded their strongest start to a calendar year on record. The Fed kept its monetary policy unchanged during the first calendar quarter, with its dot plot projecting no interest rate hikes at all during 2019. (The “dot plot” shows interest rate projections of the members of the Federal Open Market Committee.) Meanwhile, the European Central Bank (“ECB”) extended its forward guidance, noting that its interest rates would remain unchanged through 2019. Other developed markets’ central banks — namely, those of Australia,

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MARKET REVIEW

New Zealand, Switzerland and, to some degree, the U.K. — also turned dovish. The U.S. economy continued to benefit from strength in household consumption, which was underpinned by a healthy labor market. The U.S. dollar strengthened relative to many major currencies during the first quarter of 2019.

In the second calendar quarter, most spread sectors recorded gains. The quarter started off on a positive note in April 2019, as developed markets’ central banks kept monetary policy unchanged. In the U.S., the Fed provided dovish commentary around household spending and inflation, though this was counterbalanced somewhat by the observation that inflation softness might be due to “transitory factors.” The Bank of Japan clarified its forward guidance to signal unchanged monetary policy through the spring of 2020, while the Bank of England maintained its guidance around interest rate hikes occurring at a gradual pace and to a limited extent. Meanwhile, statements by Sweden’s Riksbank and the Bank of Canada were rather dovish, as they generally focused on external risks. However, in May 2019, spread sectors were challenged by the escalation of U.S.-China trade tensions. That same month, market speculation about possible 2019 Fed rate cuts increased due to an accumulation of factors, including soft inflation and weakness in U.S. economic data, continued U.S. growth headwinds from unresolved U.S.-China trade negotiations and subdued global economic activity, particularly in the manufacturing sector. During June 2019, spread sector performance improved on raised prospects of ongoing monetary policy accommodation by global central banks, particularly the Fed. At its June meeting, the U.S. central bank left interest rates unchanged, with eight of the 12 members on the Federal Open Market Committee projecting rate cuts during the 2019 calendar year. In Europe, a dovish speech by outgoing ECB President Mario Draghi signaled forthcoming easing. The U.S. dollar weakened versus many major currencies during the second quarter of 2019.

For the Reporting Period overall, spread sector performance was largely positive. High yield corporate bonds, sovereign emerging markets debt and investment grade corporate bonds outpaced U.S. Treasury securities. Commercial mortgage-backed securities and agency securities also outperformed U.S. Treasuries, albeit to a lesser extent. Mortgage-backed securities and asset backed securities underperformed U.S. Treasuries. During the Reporting Period, U.S. Treasury yields fell along the curve, with those on maturities of one year through seven years dropping more than those on shorter- or longer-term maturities. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.) The yield on the bellwether 10-year U.S. Treasury dropped approximately 69 basis points to end the Reporting Period at 2.00%. During the Reporting Period, the U.S. Treasury yield curve partially inverted. More specifically, the spread between the yields on three-month and 10-year U.S. Treasury securities inverted for the first time since 2007, meaning three-month yields were higher than those of 10-year U.S. Treasury securities. (A full inversion occurs when shorter-term yields exceed all longer-term yields.)

Looking Ahead

Equity Markets

Following a strong start for the U.S. equity markets during the first half of 2019, we continued to view U.S. equities as the most favorable asset class at the end of the Reporting Period, offering what we saw as reasonable valuations relative to solid macroeconomic and corporate fundamentals. After a significant repricing of assets and market expectations in the fourth quarter of 2018, the U.S. equity markets rebounded with the strongest first half of a calendar year since 1997, despite geopolitical tensions and trade relations oscillating between positive and negative developments. U.S. equities were buoyed by declining 10-year U.S. Treasury rates, as investors expected potential interest rate cuts, a dramatic shift from the Fed’s actions in mid 2018. While we were encouraged by the strong start to 2019, we also expected to see more signals of an aging economic cycle moving forward, which may be challenging to navigate and require even more selectivity by stock pickers. Yet without clearer indications of deteriorating fundamentals, we believed it too early to position for a downturn in global economic growth or corporate earnings.

That said, at the end of the Reporting Period, we expected choppier conditions for the remainder of 2019. Within this more volatile backdrop, we believed a thorough understanding of both market and company-specific variables may well be crucial to navigating the evolving landscape.

Fixed Income Markets

At the end of the Reporting Period, we expected global economic growth to weaken, rather than rebound. Manufacturing activity was contracting and was nearing recessionary territory, in our view, driven in large part by escalating U.S.-China trade tensions.

2

MARKET REVIEW

However, we thought some of the risks to economic growth could be offset by resilient household consumption due to strong labor markets and service sector activity. Overall, we expected trend-like global economic growth through the end of 2019.

As for global inflation, we expected it to remain muted, with economic weakness tempering upward pressures. Inflation in both the Eurozone and Japan is likely to remain well below respective central bank targets, in our opinion. Meanwhile, the Fed has expressed concerns about inflation becoming anchored at below-target levels.

Regarding monetary policy, we note that certain central banks appeared at the end of the Reporting Period to be shifting from gradual normalization toward potentially rapid easing. In the U.S., we expect the Fed to deliver “insurance interest rate cuts” in 2019. We believe the rationale would be that proactive — rather than reactive — easing might prevent weakness when the economy is faced with elevated uncertainty, such as the U.S.-China trade conflict. Indeed, Fed Chair Jerome Powell noted in June 2019 that “an ounce of prevention is worth more than a pound of cure.” In addition, we see rising prospects for monetary policy easing by the ECB. We expect other central banks across the developed and emerging markets to respond by maintaining accommodative stances or cutting interest rates.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST – GOLDMAN SACHS CORE FIXED INCOME FUND

INVESTMENT OBJECTIVE

The Fund seeks a total return consisting of capital appreciation and income that exceeds the total return of the Bloomberg Barclays U.S. Aggregate Bond Index.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fixed Income Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Core Fixed Income Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated cumulative total returns of 6.76% and 6.64%, respectively. This compares to the 6.11% cumulative total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Bloomberg Barclays Index”), during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

During the Reporting Period, the Fund’s top-down country strategy contributed positively to relative performance, led by a long position in the U.S. versus a short position in the U.K. In addition, long positions in Europe versus short positions in other developed markets bolstered returns. Within our top-down currency strategy, the Fund benefited from its long position in the euro as well as from its tactical positions overall in the British pound and Norwegian krone. These gains were offset somewhat by a short position in the Australian dollar and tactical positions in the New Zealand dollar.

Our top-down cross-sector strategy added to the Fund’s relative results. In our cross-sector strategy, we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Bloomberg Barclays Index. Our bottom-up individual issue selection also added to relative returns.

The Fund’s combined tactical duration and yield curve positioning detracted from relative performance during the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

Which fixed income market sectors most affected Fund performance during the Reporting Period?

During the Reporting Period, the Fund was helped by its overweight position versus the Bloomberg Barclays Index in investment grade corporate bonds, especially its positioning in longer duration maturities. Allocations to collateralized loan obligations (“CLOs”) also proved beneficial. These positive results were offset slightly by an underweight in emerging markets corporate bonds, which detracted.

As for individual issue selection, the Fund’s holdings in the securitized sector added to its relative returns, specifically its investments in pass-through mortgage securities and adjustable-rate mortgage-backed securities. (Pass-through mortgage securities consist of a pool of residential mortgage loans, in which homeowners’ monthly payments of principal, interest and prepayments pass from the mortgage servicer through a government agency or investment bank to investors.) Within corporate credit, the Fund benefited from our selection of various maturities along the yield curve as well as our selection of high quality bonds. These gains were partially offset by selection of government bonds within the government/swaps sector, which dampened relative results.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

The Fund’s combined duration and yield curve positioning detracted from results. For most of the Reporting Period, the Fund held a shorter duration position compared to that of the Bloomberg Barclays Index, which hurt performance as interest rates fell.

How did the Fund use derivatives and similar instruments during the Reporting Period?

As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily over-the-counter (“OTC”) forward foreign exchange contracts. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. OTC forward foreign exchange contracts had a positive impact on Fund performance during the Reporting Period. In addition, futures contracts were employed as warranted to facilitate specific duration, yield curve and country strategies. During the Reporting Period, futures contracts had a positive impact

4

GOLDMAN SACHS VARIABLE INSURANCE TRUST – GOLDMAN SACHS CORE FIXED INCOME FUND

on the Fund’s results. Swaptions (options on interest rate swap contracts), which were used to express our interest rate views and to hedge volatility and yield curve risks in the Fund, did not have a meaningful impact on the Fund’s performance during the Reporting Period. Interest rate swaps, which were used to manage exposure to fluctuations in interest rates, added to the Fund’s performance during the Reporting Period.

Additionally, the Fund employed credit default swaps to implement specific credit-related investment strategies, including management of the Fund’s exposure to credit spreads. Credit default swaps had a positive impact on the Fund’s results during the Reporting Period. Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, we increased the Fund’s overweight relative to the Bloomberg Barclays Index in investment grade corporate bonds. In addition, we increased its overweight position in residential mortgage-backed securities and reduced its overweight in asset-based securities (“ABS”). We also decreased the Fund’s underweight position in U.S. government securities during the Reporting Period.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective January 1, 2019, Jonathan Beinner no longer served as a portfolio manager for the Fund, and Ashish Shah became a portfolio manager for the Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Fund. At the end of the Reporting Period, the portfolio managers for the Fund were Ashish Shah and Michael Swell.

How was the Fund positioned relative to the Bloomberg Barclays Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight ABS and non-agency mortgage-backed securities compared to the Bloomberg Barclays Index. It was also overweight pass-through mortgage securities and corporate credit. The Fund was underweight U.S. government securities relative to the Bloomberg Barclays Index. The Fund was relatively neutral versus the Bloomberg Barclays Index in quasi-government bonds and commercial mortgage-backed securities at the end of the Reporting Period.

5

FUND BASICS

Core Fixed Income Fund

as of June 30, 2019

STANDARDIZED TOTAL RETURNS¹

For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Institutional		8.18	%		2.96	%		N/A			2.66	%	4/30/13
Service		7.91			2.69			4.55	%		3.87		1/09/06

¹  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above chart represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above chart. Please visit www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced.

EXPENSE RATIOS²

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.42	%		0.94	%
Service		0.67			1.19

²  The expense ratios of the Fund, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of any fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s fee waivers and/or expense limitations will remain in place through at least April 30, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

6

FUND BASICS

FUND COMPOSITION³

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Short-Term Investments represent investments in commercial paper. Underlying sector allocations of investment companies held by the Fund are not reflected in the graph above. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁴  “Mortgage-Backed Securities” are guaranteed by the Government National Mortgage Association (“GNMA”), the Federal Home Loan Mortgage Corp. (“FHLMC”) or Uniform Mortgage-Backed Securities (“UMBS”). GNMA instruments are backed by the full faith and credit of the United States Government.

⁵  “U.S. Government Agency Securities” include agency securities offered by companies such as the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Bank (“FHLB”), which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

7

GOLDMAN SACHS VARIABLE INSURANCE TRUST – GOLDMAN SACHS EQUITY INDEX FUND

INVESTMENT OBJECTIVE

The Fund seeks to achieve investment results that correspond to the aggregate price and yield performance of a benchmark index that measures the investment returns of large capitalization stocks.

Portfolio Management Discussion and Analysis

Below, SSgA Funds Management, Inc. (“SSgA”), the Fund’s Subadvisor, discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Equity Index Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Service Shares generated a cumulative total return of 18.30%. This compares to the 18.54% cumulative total return of the Fund’s benchmark, the Standard & Poor’s 500^® Index (with dividends reinvested) (the “S&P 500^® Index”), during the same time period.

During the Reporting Period, which sectors and which industries in the S&P 500^® Index were the strongest contributors to the Fund’s performance?

All 11 sectors in the S&P 500^® Index recorded gains during the Reporting Period. In terms of total return, the sectors that made the strongest positive contributions to the S&P 500^® Index and to the Fund were information technology, consumer discretionary and industrials. The largest sector by weighting in the S&P 500^® Index at the end of the Reporting Period was information technology at a weighting of 20.80%. The industries with the strongest performance in terms of total return were aluminum, miscellaneous commercial services, electronic production equipment, financial publishing/services and construction materials.

On the basis of impact (which takes both total returns and weightings into account), the strongest performing sectors were information technology, financials and consumer discretionary. The strongest performing industries on the basis of impact were packaged software, telecommunications equipment, Internet software/services, medical specialties and Internet retail.

Which sectors and industries in the S&P 500^® Index were the weakest contributors to the Fund’s performance?

In terms of total return, during the Reporting Period, the weakest performing sectors were utilities, energy and health care. The industries with the weakest performance in terms of total return were department stores, food retail, specialty telecommunications, drugstore chains and managed health care.

On the basis of impact the sectors that made the weakest contributions to the S&P 500^® Index and to the Fund were utilities, materials and real estate. The industries with the weakest performance on the basis of impact were drugstore chains, managed health care, department stores, food retail and specialty telecommunications.

Which individual stocks were the top detractors, and which were the greatest positive contributors?

On the basis of impact, the stocks that made the strongest contribution during the Reporting Period were Microsoft, Apple, Amazon.com, Facebook and Visa. The weakest performers were AbbVie, CVS Health, Biogen, Cigna and PG&E.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, the Fund did not use derivatives as part of an active management strategy to add value to the Fund’s results. However, equity index futures were used to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of equity index futures. We also used these equity index futures to provide liquidity for daily cash flow requirements. Equity index futures had a neutral impact on the Fund’s performance during the Reporting Period.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

What changes were made to the makeup of the S&P 500^® Index during the Reporting Period?

Four stocks were removed from the S&P 500^® Index during the Reporting Period. They were Brighthouse Financial, Fluor, Kontoor Brands and Mattel. There were four stocks added to the S&P 500^® Index during the Reporting Period. They were Bemis, Corteva, Dow and Kontoor Brands.

8

GOLDMAN SACHS VARIABLE INSURANCE TRUST – GOLDMAN SACHS EQUITY INDEX FUND

The source of the data included in the above Portfolio Management Discussion and Analysis with respect to the Goldman Sachs Equity Index Fund is FactSet as of June 30, 2019.

Characteristics presented are calculated using the month end market value of holdings, except for beta and standard deviation, if shown, which use month end return values. Averages reflect the market weight of securities in the portfolio. Market data, prices, and dividend estimates for characteristics calculations provided by FactSet Research Systems, Inc. All other portfolio data provided by SSgA. Characteristics are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.

Past performance is not a guarantee of future results.

Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

SSgA may have or may seek investment management or other business relationships with companies discussed in this material or affiliates of those companies, such as their officers, directors and pension plans.

The views expressed in this material are the views of SSgA’s Global Equity Beta Solutions Team through the period ended June 30, 2019 and are subject to change based on market and other conditions. All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

9

FUND BASICS

Equity Index Fund

as of June 30, 2019

STANDARDIZED TOTAL RETURNS¹

For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Service		9.89	%		10.21	%		14.23	%		8.21	%	1/09/06

¹  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above chart represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above chart. Please visit www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced.

EXPENSE RATIOS²

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Service		0.48	%		0.72	%

²  The expense ratios of the Fund, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of any fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s fee waivers and/or expense limitations will remain in place through at least April 30, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 6/30/19³

Holding	% of Net Assets		Line of Business
Microsoft Corp.		4.2%	Software & Services
Apple, Inc.		3.5	Technology Hardware & Equipment
Amazon.com, Inc.		3.2	Retailing
Facebook, Inc. Class A		1.9	Media & Entertainment
Berkshire Hathaway, Inc. Class B		1.7	Diversified Financials
Johnson & Johnson		1.5	Pharmaceuticals, Biotechnology & Life Sciences
JPMorgan Chase & Co.		1.5	Banks
Alphabet, Inc. Class C		1.3	Media & Entertainment
Exxon Mobil Corp.		1.3	Energy
Alphabet, Inc. Class A		1.3	Media & Entertainment

³  The top 10 holdings may not be representative of the Fund’s future investments.

10

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2019

⁴  The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding short-term investments, if any). The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

11

GOLDMAN SACHS VARIABLE INSURANCE TRUST – GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Investment Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Growth Opportunities Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated cumulative total returns of 26.05% and 25.89%, respectively. These returns compare to the 26.08% cumulative total return of the Fund’s benchmark, the Russell Midcap^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund posted robust double-digit absolute gains but modestly underperformed the Russell Index during the Reporting Period, driven by sector positioning. These results were offset by security selection, which contributed positively.

Which equity market sectors helped and hurt Fund performance?

Our bottom-up approach focuses on security selection, and therefore, we do not make active sector-level investment decisions. That said, on a sector level, stock selection in the information technology and financials sectors detracted from relative performance. A slight underweight compared to the Russell Index in the energy sector also hurt returns. The Fund benefited from effective stock selection in the industrials and health care sectors as well as from its underweight position in the communication services sector during the Reporting Period.

Which individual stocks detracted from the Fund’s performance during the Reporting Period?

GoDaddy, Citrix Systems and Global Payments detracted most from the Fund’s relative returns during the Reporting Period.

The Fund’s top detractor was web hosting service company GoDaddy. Its shares slid in early May 2019 following an earnings release in which the company reported in-line results across all key metrics. In our view, investors were disappointed following a lengthy period of upside surprises. At the end of the Reporting Period, we continued to believe GoDaddy’s end markets are steady and present a favorable long-term growth opportunity. Overall, we also remained positive on GoDaddy at the end of the Reporting Period, as we believe it is a high quality growth company that has demonstrated an ability to deliver consistent earnings growth over time. In addition, we considered it a well-diversified business led by a strong management team.

Another notable detractor was Citrix Systems, a software company that provides server, application and desktop virtualization, networking, software as a service, and cloud computing technologies. Its stock came under pressure in January 2019 following the company’s fourth quarter 2018 earnings release. While revenue, operating margins and earnings per share exceeded investor expectations, these results were overshadowed by slightly weaker than market expected guidance. The company’s management explained that the guidance was driven by softer than company expected Netscaler hardware demand. Also, in May 2019, Citrix Systems’ shares fell along with the equity market as a whole. Despite the stock’s weakness during the Reporting Period, we were encouraged by the company’s continued transitioning of its installed base to a subscription-based model. At the end of the Reporting Period, we continued to view Citrix Systems as a high quality growth software company that was trading at an attractive valuation.

Another key detractor from the Fund’s relative returns was Global Payments, a worldwide provider of payment technology and software solutions. We sold the stock in February 2019 following an extended period of strong performance, deciding to realize gains and allocate the capital to what we saw as other high quality growth names in the payments industry. However, after the Fund’s exit, the stock price appreciated, continuing to rise through the end of the Reporting Period. As a result, the Fund’s underweight position relative to the Russell Index hampered relative performance. That said, we continue to believe there are other stocks in the payments industry that may offer high quality characteristics in the event of an economic downturn.

12

GOLDMAN SACHS VARIABLE INSURANCE TRUST – GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Which individual stocks added to the Fund’s relative performance during the Reporting Period?

During the Reporting Period, the Fund benefited most relative to the Russell Index from its investments in Spark Therapeutics, HEICO and Marvell Technology Group.

Commercial gene therapy firm Spark Therapeutics added most to relative performance during the Reporting Period. Its shares spiked late in February 2019 following news that Swiss drug maker Roche Holding had agreed to acquire Spark Therapeutics for approximately $115 per share, representing a total equity value of approximately $5 billion. The stock, which had had a market value of slightly less than $2 billion at the market close before the announcement, more than doubled after the announcement. As a result, we felt Spark Therapeutics’ valuation had become less attractive, and we chose to sell the Fund’s position, taking profits, and reallocate the capital to what we considered to be more appealing risk/reward opportunities.

Aerospace, defense and electronics manufacturer HEICO’s stock climbed in May 2019, as the company reported strong first calendar quarter earnings, with top- and bottom-line growth beating consensus expectations. Its management noted positive industry trends and a strong business climate as key contributors to growth, leading to a 20% increase in its sales during the first quarter of 2019. HEICO raised its full year 2019 guidance across the board, with revenue, earnings and cash flow expectations all higher. In addition, later in the Reporting Period, HEICO acquired a leading surveillance technology firm, and the company’s management indicated that future transactions could be announced in the near term. At the end of the Reporting Period, we believed the prospects of continued acquisitions and positive industry outlooks were signals of HEICO’s potential future growth and performance.

Marvell Technology Group, an integrated circuit designer, developer and seller, was another leading contributor to relative performance during the Reporting Period. Its stock rose steadily to start 2019 and then rose even faster in April, as gains came on the back of China trade headlines that boosted the semiconductor industry as a whole. Strong first quarter 2019 results, featuring above consensus revenue and earnings per share and a positive outlook on the future of the firm’s 5G (fifth generation) capabilities, boosted its share price later in the Reporting Period. Marvell Technology Group also announced the sale of its connectivity assets to NXP Semiconductors, marking the divestiture of an arm that offered few synergies to other, stronger segments of the company, a move the market received positively. The deal fits into a broader pattern of strategic transactions that Marvell Technology Group’s management has been pursuing. At the end of the Reporting Period, we believed these strategic acquisitions and divestitures, the company’s enhanced positioning in 5G and its improved financial flexibility were indicators of its stock’s potential future performance.

Did the Fund make any significant purchases or sales during the Reporting Period?

Among the positions initiated by the Fund during the Reporting Period was an investment in O’Reilly Automotive, which owns and operates U.S. automotive parts retail outlets. We were positive on the company’s solid earnings announcement in February 2019, which provided strong comparable store sales guidance and first calendar quarter trends. In our view, demand for automotive parts may well remain robust due to increasing miles driven amid low unemployment and stable fuel prices. Overall, we consider O’Reilly Automotive a “best in class” operator. Strong demand drivers, including the 2019 tax refund season, further supported our robust top-line growth outlook for the company, leading to the purchase of its stock.

The Fund established a position in integrated circuits and electronic device developer, Cadence Design Systems. The company’s products include electronic design automation (“EDA”), software and emulation hardware. We view ongoing momentum across EDA and the company’s entry into system analysis via the Clarity 3D Solver tool as key drivers of its future potential returns.

In addition to the sale of Global Payments, already mentioned, the Fund exited its position in Dunkin’ Brands Group. After the company reported fourth quarter 2018 earnings, in which it beat consensus earnings per share estimates but missed on revenues, we noticed a significant disconnect between the results and its management’s optimism about the business. Our outlook is more negative, as the company had exhausted numerous strategies during 2018 but both store traffic and comparable store sales remained soft. Given its stock’s previously solid performance, we elected to sell the position and allocate the gains to other businesses with what we felt were more promising long-term growth prospects.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

Changes to the Fund’s sector weightings relative to the Russell Index are due to our stock selection. As a result of these decisions during the Reporting Period, the Fund moved from an underweight in the industrials sector to a rather neutral position versus the Russell Index. It also shifted from a neutral position in the financials sector to an underweight position relative to the Russell Index.

13

GOLDMAN SACHS VARIABLE INSURANCE TRUST – GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund did not use derivatives or similar instruments within its investment process during the Reporting Period.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period. However, effective July 17, 2019, after the close of the Reporting Period, portfolio managers Steven M. Barry, Managing Director, Chief Investment Officer, Fundamental Equity U.S. Equity, and Stephen E. Becker, CFA, Managing Director, each became Managing Director, Co-Chief Investment Officer of Fundamental Equity U.S. Equity. As of the same date, Jenny Chang became a portfolio manager for the Fund. Effective July 17, 2019, the portfolio managers for the Fund were Steven M. Barry and Jenny Chang.

How was the Fund positioned relative to the Russell Index at the end of the Reporting Period?

As mentioned, the Fund’s sector positioning relative to the Russell Index is the result of our stock selection, as we take a pure bottom-up, research-intensive approach to investing. From that perspective, then, at the end of the Reporting Period, the Fund’s portfolio was broadly diversified with overweight positions compared to the Russell Index in the consumer staples, health care and energy sectors. The Fund had smaller weightings than the Russell Index in the financials, communication services and information technology sectors. At the end of the Reporting Period, the Fund was relatively neutral compared to the Russell Index in the industrials, real estate, materials, utilities and consumer discretionary sectors. The Fund had no exposure to the utilities sector at the end of the Reporting Period.

14

FUND BASICS

Growth Opportunities Fund

as of June 30, 2019

STANDARDIZED TOTAL RETURNS¹

For the period ended 6/30/2019	One Year			Five Years			Ten Years			Since Inception			Inception Date
Institutional		16.17	%		9.46	%		N/A			11.65	%	4/30/13
Service		15.90			9.27			14.32	%		9.48		1/09/06

¹  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above chart represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above chart. Please visit www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced.

EXPENSE RATIOS²

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.85	%		1.13	%
Service		1.01			1.38

²  The expense ratios of the Fund, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of any fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s fee waivers and/or expense limitations will remain in place through at least April 30, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 6/30/19³

Holding	% of Net Assets		Line of Business
Dollar General Corp.		2.6%	Retailing
Amphenol Corp. Class A		2.2	Technology Hardware & Equipment
Fiserv, Inc.		2.1	Software & Services
Ingersoll-Rand plc		2.0	Capital Goods
Harris Corp.		1.9	Capital Goods
SBA Communications Corp.		1.9	Real Estate Investment Trusts
Total System Services, Inc.		1.9	Software & Services
Bright Horizons Family Solutions, Inc.		1.8	Consumer Services
Martin Marietta Materials, Inc.		1.7	Materials
IDEXX Laboratories, Inc.		1.6	Health Care Equipment & Services

³ The top 10 holdings may not be representative of the Fund’s future investments.

15

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2019

⁴ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.5% of the Fund’s net assets at June 30, 2019.

16

GOLDMAN SACHS VARIABLE INSURANCE TRUST – GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

INVESTMENT OBJECTIVE

The Fund seeks to provide a high level of current income, consistent with low volatility of principal.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fixed Income Portfolio Management Team discusses the Goldman Sachs High Quality Floating Rate Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional, Service and Advisor Shares generated cumulative total returns of 1.32%, 1.20% and 1.12%, respectively. These returns compare to the 1.24% cumulative total return of the Fund’s benchmark, the ICE BofAML Three-Month U.S. Treasury Bill Index (the “ICE BofAML Index”), during the Reporting Period.

We note that the Fund’s benchmark being the ICE BofAML Index is a means of emphasizing that the Fund has an unconstrained strategy. That said, this Fund employs a benchmark agnostic strategy and thus comparisons to a benchmark index are not particularly relevant.

What key factors had the greatest impact on the Fund’s performance during the Reporting Period?

During the Reporting Period, our individual issue selection added most to the Fund’s relative returns. Our top-down cross-sector strategy also contributed positively. In our cross-sector strategy, we invest Fund assets based on a discipline of valuing each fixed income sector in the context of all investment opportunities within the Fund’s universe.

The Fund’s combined tactical duration and yield curve positioning detracted from results. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.

Which fixed income market sectors helped or hurt Fund performance during the Reporting Period?

Our cross-sector strategy bolstered relative performance. The Fund benefited from its exposure to collateralized loan obligations (“CLOs”) and asset backed securities (“ABS”), which outperformed short-term U.S. Treasuries during the Reporting Period. Positioning among U.S. Treasury securities also added to returns, as spreads, or yield differentials, between U.S. Treasuries of different maturities narrowed.

Individual issue selection enhanced the Fund’s relative returns during the Reporting Period. In particular, the Fund was helped by selection within the securitized sector, highlighted by its investments in CLOs and mortgage-backed securities. Within the government/swaps sector, individual issue selection of U.S. government securities added further to relative performance.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

The Fund’s combined tactical duration and yield curve positioning detracted from performance. More specifically, the Fund was hurt by its exposure to the three-month segment of the U.S. Treasury yield curve during the Reporting Period.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, we increased the Fund’s exposure to ABS, maintaining a focus on Federal Family Education Loan Program (“FFELP”) student loan ABS. We also increased the Fund’s exposure to residential mortgage-backed securities during the Reporting Period. We eliminated the Fund’s exposure to U.S. Treasuries by the end of the Reporting Period.

How did the Fund use derivatives and similar instruments during the Reporting Period?

As market conditions warranted, the Fund used Treasury futures and Eurodollar futures to hedge interest rate exposure and to facilitate duration management. (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) During the Reporting Period, the use of futures overall had a negative impact on performance. The Fund also employed interest rate swaps to manage interest risk, which had a negative impact on performance during the Reporting Period.

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST – GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

How was the Fund positioned relative to the ICE BofAML Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had no exposure to U.S. government securities, which comprise 100% of the ICE BofAML Index. The Fund had positions in ABS, agency collateralized mortgage obligations, residential mortgage-backed securities and agency mortgage-backed securities, none of which are represented in the ICE BofAML Index.

18

FUND BASICS

High Quality Floating Rate Fund

as of June 30, 2019

STANDARDIZED TOTAL RETURNS¹

For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Institutional		2.13	%		1.17	%		N/A			1.06	%	4/30/13
Service		1.88			0.93			2.33	%		2.95		1/09/06
Advisor		1.71			N/A			N/A			0.86		10/15/14

¹  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional, Service and Advisor Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above chart represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above chart. Please visit www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced.

EXPENSE RATIOS²

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.36	%		0.64	%
Service		0.61			0.89
Advisor		0.76			1.04

²  The expense ratios of the Fund, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of any fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s fee waivers and/or expense limitations will remain in place through at least April 30, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

19

FUND BASICS

FUND COMPOSITION³

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Short-Term Investments represent investments in commercial paper. Underlying sector allocations of investment companies held by the Fund are not reflected in the graph above. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁴  Mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“FNMA”) or the Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the United States Government.

⁵  “U.S. Government Agency Security” include agency securities offered by companies such as FNMA and Federal Home Loan Bank (“FHLB”) which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

20

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Index Definitions

Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities.

ICE BofAML Three-Month U.S. Treasury Bill Index measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90-day maturity, as reported by Bank of America Merrill Lynch.

Russell Midcap^® Growth Index is an unmanaged index that measures the performance of those companies in the Russell Midcap^® Index with higher price-to-book ratios and higher forecasted growth values.

Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index. The Russell Midcap^® Index includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap^® Index represents approximately 31% of the total market capitalization of the Russell 1000^® Index companies. The Russell Midcap^® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap^® Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000^® Index is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 92% of the U.S. market. The Russell 1000^® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. The Russell 2000^® Index includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

S&P 500^® Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500^® Index components and their weightings are determined by S&P Dow Jones Indices.

It is not possible to invest directly in an index.

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Corporate Bonds – 35.5%
Automobiles & Components(a) – 0.1%
	General Motors Co.
$	25,000	4.000%		04/01/2025	$	25,450
Banks – 8.2%
	American Express Co.(a)
	25,000	3.625		12/05/2024		26,224
	Bank of America Corp.
	75,000	4.125		01/22/2024		80,129
	75,000	(3 Mo. LIBOR + 0.94%), 3.864(a)(b)		07/23/2024		78,724
	50,000	4.200(a)		08/26/2024		53,111
	45,000	3.248(a)		10/21/2027		46,007
	75,000	(3 Mo. LIBOR + 1.58%), 3.824(a)(b)		01/20/2028		79,213
	25,000	(3 Mo. LIBOR + 1.37%), 3.593(a)(b)		07/21/2028		26,006
	85,000	(3 Mo. LIBOR + 1.04%), 3.419(a)(b)		12/20/2028		87,555
	50,000	(3 Mo. LIBOR + 1.31%), 4.271(a)(b)		07/23/2029		54,523
	Bank of America Corp. Series L(a)
	25,000	4.183		11/25/2027		26,484
	Citigroup, Inc.
	220,000	3.400		05/01/2026		227,685
	25,000	4.125		07/25/2028		26,401
	Deutsche Bank AG
	115,000	2.700		07/13/2020		114,403
	Discover Financial Services(a)
	75,000	3.750		03/04/2025		77,717
	GE Capital International Funding Co. Unlimited Co.
	200,000	3.373		11/15/2025		202,472
	General Motors Financial Co., Inc.(a)
	25,000	4.300		07/13/2025		25,735
	Huntington Bancshares, Inc.(a)
	50,000	4.000		05/15/2025		53,371
	JPMorgan Chase & Co.(a)
	155,000	4.400		07/22/2020		158,403
	95,000	2.700		05/18/2023		95,952
	200,000	(3 Mo. LIBOR + 1.00%), 4.023(b)		12/05/2024		212,322
	100,000	(3 Mo. LIBOR + 1.25%), 3.960(b)		01/29/2027		106,917
	15,000	3.625		12/01/2027		15,473
	75,000	(3 Mo. LIBOR + 1.34%), 3.782(b)		02/01/2028		79,420
	45,000	(3 Mo. LIBOR + 0.95%), 3.509(b)		01/23/2029		46,608
	JPMorgan Chase & Co. Series Z(a)(b)
	85,000	(3 Mo. LIBOR + 3.80%), 5.300		12/31/2049		85,919
	Mizuho Financial Group, Inc.
	250,000	2.601		09/11/2022		250,832
	Morgan Stanley(a)
	50,000	(3 Mo. LIBOR + 1.40%), 3.981(b)		10/24/2023		50,946
Corporate Bonds – (continued)
Banks – (continued)
	Morgan Stanley(a) – (continued)
	50,000	(3 Mo. LIBOR + 0.85%), 3.737%(b)		04/24/2024		52,116
	225,000	3.700		10/23/2024		237,310
	25,000	3.625		01/20/2027		26,175
	100,000	(3 Mo. LIBOR + 1.63%), 4.431(b)		01/23/2030		110,519
	Morgan Stanley Series F
	35,000	3.875		04/29/2024		37,085
	Nuveen LLC(a)(c)
	25,000	4.000		11/01/2028		27,428
	Royal Bank of Canada(b)
	50,000	(3 Mo. LIBOR + 0.39%), 2.973		04/30/2021		50,134
	Santander UK plc
	200,000	2.875		06/18/2024		200,911
	Standard Chartered plc(a)(b)(c)
	200,000	(3 Mo. LIBOR + 1.15%), 4.247		01/20/2023		206,411
	Wells Fargo & Co.
	175,000	3.000		10/23/2026		176,595
	Westpac Banking Corp.(a)(b)
	25,000	(5 Yr. Swap Rate + 2.24%), 4.322		11/23/2031		25,844
						3,539,080
Capital Goods – 1.4%
	Air Lease Corp.(a)
	75,000	3.750		06/01/2026		76,844
	Boeing Co. (The)(a)
	50,000	3.450		11/01/2028		52,696
	Hubbell, Inc.(a)
	45,000	3.500		02/15/2028		45,468
	Northrop Grumman Corp.(a)
	75,000	2.930		01/15/2025		76,478
	75,000	3.250		01/15/2028		76,979
	25,000	4.750		06/01/2043		28,964
	Roper Technologies, Inc.
	50,000	4.200		09/15/2028		53,476
	Stanley Black & Decker, Inc.(a)
	50,000	4.250		11/15/2028		55,616
	United Technologies Corp.(a)
	25,000	(3 Mo. LIBOR + 0.65%), 3.175(b)		08/16/2021		25,026
	25,000	3.350		08/16/2021		25,546
	50,000	3.950		08/16/2025		53,848
	25,000	2.650		11/01/2026		25,104
						596,045
Consumer Services(a) – 0.4%
	Marriott International, Inc.
	85,000	2.300		01/15/2022		84,684
	Starbucks Corp.
	75,000	3.800		08/15/2025		79,999
						164,683

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Principal Amount		Interest Rate		Maturity Date		Value
Corporate Bonds – (continued)
Electric – 2.5%
	Alliant Energy Finance LLC(a)(c)
$	25,000		3.750 %		06/15/2023	$	25,925
	Arizona Public Service Co.(a)
	45,000		2.950		09/15/2027		45,514
	Berkshire Hathaway Energy Co.(a)
	25,000		3.250		04/15/2028		25,737
	Dominion Energy, Inc.
	50,000		3.071		08/15/2024		50,385
	Emera US Finance LP(a)
	45,000		2.700		06/15/2021		45,140
	Entergy Corp.(a)
	45,000		2.950		09/01/2026		44,985
	Exelon Corp.(a)
	45,000		3.497		06/01/2022		46,072
	Florida Power & Light Co.(a)
	68,000		4.125		02/01/2042		75,062
	MidAmerican Energy Co.(a)
	25,000		3.650		04/15/2029		26,956
	NiSource, Inc.(a)
	50,000		3.650		06/15/2023		51,746
	95,000		3.490		05/15/2027		98,185
	NRG Energy, Inc.(a)(c)
	75,000		3.750		06/15/2024		77,073
	Progress Energy, Inc.(a)
	120,000		7.000		10/30/2031		161,696
	Sempra Energy(a)(b)
	70,000		(3 Mo. LIBOR + 0.50%), 3.097		01/15/2021		69,766
	Southern California Edison Co. Series A(a)
	50,000		4.200		03/01/2029		53,124
	Southern Co. (The)(a)
	60,000		3.250		07/01/2026		60,879
	Vistra Operations Co. LLC(a)(c)
	100,000		3.550		07/15/2024		100,748
							1,058,993
Energy – 4.1%
	Anadarko Petroleum Corp.(a)
	15,000		5.550		03/15/2026		16,851
	30,000		6.450		09/15/2036		36,866
	BP Capital Markets America, Inc.(a)
	75,000		3.224		04/14/2024		77,604
	25,000		4.234		11/06/2028		27,756
	Cenovus Energy, Inc.(a)
	25,000		4.250		04/15/2027		25,846
	Continental Resources, Inc.(a)
	150,000		4.500		04/15/2023		157,626
	Devon Energy Corp.(a)
	29,000		5.850		12/15/2025		34,552
	25,000		5.600		07/15/2041		29,884
	5,000		4.750		05/15/2042		5,470
	Diamondback Energy, Inc.(a)(c)
	100,000		4.750		11/01/2024		102,500
Corporate Bonds – (continued)
Energy – (continued)
	Energy Transfer Operating LP(a)
	25,000		4.650		06/01/2021		25,926
	75,000		4.200		09/15/2023		78,599
	25,000		5.250		04/15/2029		27,921
	25,000		5.300		04/15/2047		26,088
	25,000		6.000		06/15/2048		28,592
	Enterprise Products Operating LLC(a)(b)
	40,000		(3 Mo. LIBOR + 2.78%), 5.298		06/01/2067		36,800
	EQM Midstream Partners LP(a)
	100,000		4.750		07/15/2023		103,674
	25,000		5.500		07/15/2028		26,308
	Kinder Morgan Energy Partners LP(a)
	25,000		5.400		09/01/2044		27,883
	Kinder Morgan, Inc.(a)
	145,000		3.050		12/01/2019		145,225
	Marathon Oil Corp.(a)
	25,000		4.400		07/15/2027		26,523
	Marathon Petroleum Corp.(a)
	25,000		3.625		09/15/2024		25,892
	25,000		3.800		04/01/2028		25,442
	MPLX LP(a)
	25,000		4.800		02/15/2029		27,495
	35,000		4.500		04/15/2038		35,314
	25,000		5.500		02/15/2049		28,267
	Newfield Exploration Co.(a)
	50,000		5.625		07/01/2024		55,250
	Petroleos Mexicanos
	60,000		6.375		02/04/2021		61,635
	20,000		6.750(a)		09/21/2047		17,741
	Phillips 66(a)
	60,000		3.900		03/15/2028		63,096
	Pioneer Natural Resources Co.(a)
	25,000		3.950		07/15/2022		25,991
	Plains All American Pipeline LP(a)
	15,000		3.650		06/01/2022		15,364
	35,000		3.850		10/15/2023		36,122
	45,000		4.500		12/15/2026		47,866
	Sabine Pass Liquefaction LLC(a)
	75,000		5.625		03/01/2025		83,911
	75,000		5.000		03/15/2027		82,232
	Western Midstream Operating LP(a)
	25,000		5.450		04/01/2044		23,517
	25,000		5.300		03/01/2048		23,198
							1,746,827
Food & Beverage – 2.4%
	Anheuser-Busch Cos. LLC(a)
	35,000		4.700		02/01/2036		38,479
	35,000		4.900		02/01/2046		38,909
	Anheuser-Busch InBev Finance, Inc.(a)
	37,000		2.650		02/01/2021		37,189

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Corporate Bonds – (continued)
Food & Beverage – (continued)
	Anheuser-Busch InBev Worldwide, Inc.(a)
$	50,000	4.150 %		01/23/2025	$	54,122
	125,000	4.000		04/13/2028		134,607
	150,000	4.750		01/23/2029		169,992
	Constellation Brands, Inc.(a)
	75,000	(3 Mo. LIBOR + 0.70%), 3.218(b)		11/15/2021		75,001
	50,000	4.250		05/01/2023		53,129
	50,000	4.400		11/15/2025		54,694
	25,000	3.700		12/06/2026		26,185
	50,000	3.600		02/15/2028		51,565
	Keurig Dr Pepper, Inc.(a)
	50,000	4.057		05/25/2023		52,491
	Mars, Inc.(a)(c)
	25,000	2.700		04/01/2025		25,495
	25,000	3.200		04/01/2030		25,936
	Smithfield Foods, Inc.(a)(c)
	125,000	2.700		01/31/2020		124,618
	Tyson Foods, Inc.(a)
	50,000	3.900		09/28/2023		52,618
						1,015,030
Health Care Equipment & Services – 1.5%
	Becton Dickinson and Co.(a)
	93,000	(3 Mo. LIBOR + 0.88%), 3.194(b)		12/29/2020		93,005
	95,000	2.894		06/06/2022		96,246
	25,000	3.363		06/06/2024		25,775
	Cigna Corp.(a)(c)
	150,000	3.750		07/15/2023		156,104
	CVS Health Corp.(a)
	45,000	4.125		05/15/2021		46,206
	75,000	3.500		07/20/2022		77,032
	50,000	3.700		03/09/2023		51,643
	50,000	3.875		07/20/2025		52,185
	25,000	4.780		03/25/2038		26,046
	UnitedHealth Group, Inc.(a)
	35,000	4.625		07/15/2035		40,191
						664,433
Life Insurance – 0.6%
	American International Group, Inc.(a)
	125,000	3.900		04/01/2026		130,730
	25,000	4.200		04/01/2028		26,652
	Marsh & McLennan Cos., Inc.
	50,000	4.375		03/15/2029		55,145
	Principal Financial Group, Inc.
	50,000	3.100		11/15/2026		50,501
						263,028
Materials(a) – 0.4%
	DuPont de Nemours, Inc.
	50,000	4.205		11/15/2023		53,521
	50,000	4.493		11/15/2025		55,308
Corporate Bonds – (continued)
Materials(a) – (continued)
	Ecolab, Inc.
	4,000	5.500		12/08/2041		5,104
	Huntsman International LLC
	25,000	4.500		05/01/2029		25,744
	Sherwin-Williams Co. (The)
	25,000	3.450		06/01/2027		25,657
						165,334
Media & Entertainment(a) – 1.8%
	CCO Safari II LLC
	65,000	4.464		07/23/2022		68,243
	92,000	4.500		02/01/2024		97,931
	70,000	4.908		07/23/2025		75,965
	Comcast Corp.
	125,000	3.700		04/15/2024		132,581
	45,000	3.375		08/15/2025		47,032
	25,000	3.300		02/01/2027		25,987
	25,000	3.150		02/15/2028		25,632
	125,000	4.150		10/15/2028		137,666
	25,000	4.250		10/15/2030		27,857
	Fox Corp.(c)
	25,000	4.030		01/25/2024		26,559
	25,000	4.709		01/25/2029		27,925
	Time Warner Cable LLC
	15,000	5.000		02/01/2020		15,210
	Walt Disney Co. (The)(c)
	25,000	3.700		09/15/2024		26,584
	25,000	6.150		03/01/2037		33,920
						769,092
Metals and Mining(a)(c) – 0.2%
	Glencore Funding LLC
	75,000	4.125		03/12/2024		77,651
	25,000	4.625		04/29/2024		26,450
						104,101
Pharmaceuticals, Biotechnology & Life Sciences(a) – 2.5%
	AbbVie, Inc.
	45,000	2.500		05/14/2020		44,993
	75,000	3.375		11/14/2021		76,498
	50,000	3.750		11/14/2023		52,137
	Amgen, Inc.
	70,000	3.125		05/01/2025		71,570
	Bayer US Finance II LLC(c)
	200,000	3.875		12/15/2023		207,268
	Bayer US Finance LLC
	200,000	3.000		10/08/2021		201,474
	Celgene Corp.
	125,000	3.875		08/15/2025		133,541
	Elanco Animal Health, Inc.(c)
	50,000	3.912		08/27/2021		51,183
	25,000	4.272		08/28/2023		26,285
	Pfizer, Inc.
	75,000	3.450		03/15/2029		79,305

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Principal Amount		Interest Rate	Maturity Date		Value
Corporate Bonds – (continued)
Pharmaceuticals, Biotechnology & Life Sciences(a) – (continued)
	Teva Pharmaceutical Finance Netherlands III BV
$	30,000	2.200 %		07/21/2021	$	28,425
	Thermo Fisher Scientific, Inc.
	35,000	3.000		04/15/2023		35,815
	15,000	3.650		12/15/2025		15,790
	Zoetis, Inc.
	45,000	3.000		09/12/2027		45,226
						1,069,510
Pipelines(a) – 0.3%
	Columbia Pipeline Group, Inc.
	35,000	3.300		06/01/2020		35,236
	Sunoco Logistics Partners Operations LP
	15,000	4.250		04/01/2024		15,719
	Williams Cos., Inc. (The)
	25,000	3.600		03/15/2022		25,643
	25,000	3.900		01/15/2025		26,162
	35,000	4.000		09/15/2025		36,987
						139,747
Property/Casualty Insurance(a) – 0.2%
	Arch Capital Group US, Inc.
	36,000	5.144		11/01/2043		42,870
	XLIT Ltd.
	45,000	4.450		03/31/2025		48,438
						91,308
Real Estate Investment Trusts(a) – 1.9%
	Alexandria Real Estate Equities, Inc.
	25,000	3.800		04/15/2026		26,223
	American Campus Communities Operating Partnership LP
	95,000	4.125		07/01/2024		100,283
	American Homes 4 Rent LP
	75,000	4.900		02/15/2029		81,589
	American Tower Corp.
	75,000	3.375		05/15/2024		77,058
	Crown Castle International Corp.
	25,000	2.250		09/01/2021		24,887
	85,000	3.150		07/15/2023		86,625
	60,000	3.650		09/01/2027		61,829
	CubeSmart LP
	45,000	4.000		11/15/2025		47,207
	HCP, Inc.
	10,000	2.625		02/01/2020		10,009
	Healthcare Trust of America Holdings LP
	35,000	3.375		07/15/2021		35,401
	Kilroy Realty LP
	25,000	4.750		12/15/2028		27,718
	National Retail Properties, Inc.
	45,000	4.000		11/15/2025		47,545
	Office Properties Income Trust
	25,000	3.600		02/01/2020		25,058
	Ventas Realty LP
	45,000	3.500		02/01/2025		46,476
Corporate Bonds – (continued)
Real Estate Investment Trusts(a) – (continued)
	VEREIT Operating Partnership LP
$	50,000	4.625%		11/01/2025	$	53,735
	50,000	3.950		08/15/2027		51,499
	WP Carey, Inc.
	25,000	3.850		07/15/2029		25,302
						828,444
Retailing(a) – 0.8%
	Alimentation Couche-Tard, Inc.(c)
	45,000	2.700		07/26/2022		45,065
	Amazon.com, Inc.
	35,000	5.200		12/03/2025		40,846
	45,000	4.800		12/05/2034		55,208
	15,000	3.875		08/22/2037		16,517
	Dollar Tree, Inc.
	50,000	4.000		05/15/2025		51,961
	50,000	4.200		05/15/2028		51,726
	Expedia Group, Inc.
	35,000	3.800		02/15/2028		35,598
	Home Depot, Inc. (The)
	25,000	3.900		12/06/2028		27,530
	25,000	4.250		04/01/2046		28,132
						352,583
Software & Services(a) – 0.5%
	Fiserv, Inc.
	25,000	3.800		10/01/2023		26,302
	100,000	2.750		07/01/2024		100,847
	50,000	3.200		07/01/2026		51,114
	25,000	4.200		10/01/2028		27,025
						205,288
Technology(a) – 2.3%
	Apple, Inc.
	225,000	2.450		08/04/2026		224,448
	Broadcom Corp.
	50,000	2.650		01/15/2023		49,309
	125,000	3.625		01/15/2024		126,308
	50,000	3.125		01/15/2025		48,813
	Broadcom, Inc.(c)
	100,000	3.125		10/15/2022		100,531
	50,000	3.625		10/15/2024		50,243
	50,000	4.250		04/15/2026		50,599
	Dell International LLC(c)
	45,000	5.450		06/15/2023		48,480
	50,000	6.020		06/15/2026		55,039
	Hewlett Packard Enterprise Co.
	45,000	4.900		10/15/2025		49,358
	25,000	6.350		10/15/2045		27,646
	Microchip Technology, Inc.
	25,000	3.922		06/01/2021		25,462
	NXP BV(c)
	50,000	3.875		06/18/2026		51,305
	Oracle Corp.
	70,000	2.500		05/15/2022		70,683

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate		Maturity Date			Value
Corporate Bonds – (continued)
Technology(a) – (continued)
	QUALCOMM, Inc.
$	25,000	2.600 %			01/30/2023		$	25,052
								1,003,276
Tobacco(a) – 0.3%
	Altria Group, Inc.
	75,000	3.800			02/14/2024			78,199
	BAT Capital Corp.
	25,000	3.222			08/15/2024			25,193
	25,000	4.540			08/15/2047			23,218
								126,610
Transportation – 0.8%
	Avolon Holdings Funding Ltd.(a)(c)
	25,000	3.950			07/01/2024			25,600
	Burlington Northern Santa Fe LLC(a)
	25,000	4.050			06/15/2048			27,535
	Delta Air Lines, Inc.
	150,000	3.400			04/19/2021			152,283
	FedEx Corp.(a)
	45,000	3.400			02/15/2028			46,375
	Penske Truck Leasing Co. LP(a)(c)
	70,000	3.375			02/01/2022			71,315
								323,108
Wireless Telecommunications – 2.3%
	American Tower Corp.(a)
	45,000	4.700			03/15/2022			47,464
	AT&T, Inc.(a)
	60,000	3.200			03/01/2022			61,249
	105,000	3.800			03/15/2022			108,807
	50,000	3.000			06/30/2022			50,848
	120,000	3.600			02/17/2023			124,551
	70,000	3.400			05/15/2025			71,815
	110,000	4.250			03/01/2027			117,554
	25,000	4.900			08/15/2037			26,988
	Verizon Communications, Inc.
	25,000	3.376			02/15/2025			26,085
	145,000	4.329(a)			09/21/2028			160,381
	62,000	5.012			04/15/2049			73,672
	Vodafone Group plc(a)
	100,000	3.750			01/16/2024			104,567
								973,981
	TOTAL CORPORATE BONDS
	(Cost $14,593,137)						$	15,225,951
Mortgage-Backed Securities – 32.4%
FHLMC – 0.1%
$	3,321	4.500%			07/01/2024		$	3,455
	19,480	4.500			11/01/2024			20,299
	4,311	4.500			12/01/2024			4,497
	7,470	7.500			12/01/2029			8,727
	2,199	5.000			10/01/2033			2,379
	3,383	5.000			07/01/2035			3,661
Mortgage-Backed Securities – (continued)
FHLMC – (continued)
	4,592		5.000			12/01/2035			5,020
	957		5.000			03/01/2038			1,032
	2,995		5.000			06/01/2041			3,241
									52,311
	GNMA – 24.0%
	1,438		7.000			10/15/2025			1,460
	5,799		7.000			11/15/2025			6,207
	836		7.000			02/15/2026			855
	2,746		7.000			04/15/2026			2,921
	2,694		7.000			03/15/2027			2,883
	17,529		7.000			11/15/2027			18,055
	174		7.000			01/15/2028			174
	9,739		7.000			02/15/2028			10,784
	1,574		7.000			03/15/2028			1,588
	877		7.000			04/15/2028			884
	137		7.000			05/15/2028			152
	2,647		7.000			06/15/2028			2,902
	5,082		7.000			07/15/2028			5,568
	10,059		7.000			09/15/2028			10,835
	1,958		7.000			11/15/2028			2,082
	1,264		7.500			11/15/2030			1,266
	108,763		6.000			08/20/2034			125,021
	105,327		5.000			06/15/2040			113,389
	494,144		4.000			08/20/2043			521,578
	239,470		4.000			10/20/2045			252,540
	894,469		4.500			09/20/2048			933,843
	973,712		5.000			12/20/2048			1,019,944
	5,000,000		4.500			TBA-30yr	(d)		5,212,096
	2,000,000		3.500			TBA-30yr	(d)		2,064,072
									10,311,099
UMBS – 5.9%
	UMBS
	319		5.000			06/01/2023			331
	26,496		5.500			09/01/2023			27,467
	8,038		5.500			10/01/2023			8,337
	1,491		4.500			07/01/2024			1,547
	47,921		4.500			11/01/2024			49,884
	21,934		4.500			12/01/2024			22,858
	6,855		9.000			11/01/2025			7,661
	29,333		7.000			08/01/2026			32,463
	13,271		8.000			10/01/2029			15,448
	1,152		8.500			04/01/2030			1,358
	2,143		8.000			05/01/2030			2,254
	25		8.500			06/01/2030			25
	6,424		8.000			08/01/2032			7,531
	9,002		4.500			08/01/2039			9,775
	40,827		3.000			01/01/2043			41,818
	170,507		3.000			03/01/2043			174,659
	235,336		3.000			04/01/2043			241,125
	176,554		3.000			05/01/2043			180,897
	564,950		4.500			04/01/2045			613,657
	62,913		4.500			05/01/2045			68,297
	395,702		4.000			02/01/2048			416,640
	523,814		4.000			03/01/2048			551,532
	43,431		4.000			07/01/2048			45,931
									2,521,495

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Principal Amount		Interest Rate		Maturity Date			Value
Mortgage-Backed Securities – (continued)
UMBS, 30 Year, Single Family – 2.4%
	UMBS, 30 Year, Single Family
$	1,000,000		4.000 %		TBA-30yr	(d)	$	1,033,453
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $13,821,887)						$	13,918,358
Collateralized Mortgage Obligations – 2.2%
Adjustable Rate Non-Agency(a)(b) – 2.0%
	Alternative Loan Trust Series 2005-38, Class A1
$	84,768		4.004%		09/25/2035		$	84,094
	Harben Finance plc Series 2017-1X, Class A
GBP	77,953		1.604		08/20/2056			98,836
	Lehman XS Trust Series 2005-7N, Class 1A1A
$	142,798		2.944		12/25/2035			140,703
	London Wall Mortgage Capital plc Series 2017-FL1, Class A
GBP	70,793		1.656		11/15/2049			89,747
	MASTR Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
$	184,474		3.354		12/25/2046			273,319
	Ripon Mortgages plc Series 1X, Class A2
GBP	140,628		1.604		08/20/2056			178,300
								864,999
Sequential Fixed Rate – 0.2%
	FNMA REMIC Series 2012-111, Class B
$	11,999		7.000		10/25/2042			13,938
	FNMA REMIC Series 2012-153, Class B
	32,686		7.000		07/25/2042			38,175
								52,113
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $806,964)						$	917,112
Commercial Mortgage-Backed Security(a)(b)(c) – 0.4%
Adjustable Rate Non-Agency – 0.4%
	Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A
$	149,911		3.224%		06/15/2035		$	150,099
	(Cost $149,911)
U.S. Government Agency Securities – 2.4%
	FHLB
$	100,000		3.375%		12/08/2023		$	106,391
	FNMA
	400,000		1.875		09/24/2026			395,850
	400,000		6.250		05/15/2029			540,202
	TOTAL U.S. GOVERNMENT AGENCY SECURITIES
	(Cost $1,012,670)						$	1,042,443
Asset-Backed Securities(a) – 8.4%
Automobile – 0.2%
	Ally Master Owner Trust Series 2018-1, Class A2
$	100,000		2.700		01/17/2023		$	100,656
Collateralized Debt Obligations(b)(c) – 1.5%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A
	200,000		3.544		06/15/2028			200,435
	KREF Ltd. Series 2018-FL1, Class A
	150,000		3.494		06/15/2036			150,281
	Orix Credit Alliance Owner Trust Ltd. Series 2018-CRE1, Class A
	125,000		3.574		06/15/2036			125,156
	TPG Real Estate Finance Issuer Ltd. Series 2018-FL2, Class A
	175,000		3.524		11/15/2037			175,328
								651,200
Collateralized Loan Obligations(b)(c) – 2.1%
	CBAM Ltd. Series 2018-5A, Class A
	525,000		3.608		04/17/2031			518,475
	Cutwater Ltd. Series 2014-1A, Class A1AR
	372,869		3.847		07/15/2026			372,961
								891,436
Home Equity(b) –0.2%
	GMACM Home Equity Loan Trust Series 2007-HE3, Class 1A1
	7,044		7.000		09/25/2037			7,093
	GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1
	54,456		7.000		09/25/2037			56,570
								63,663
Student Loans(b) –4.4%
	Academic Loan Funding Trust Series 2012-1A, Class A2(c)
	453,276		3.504		12/27/2044			458,344
	Chase Education Loan Trust Series 2007-A, Class A3
	11,043		2.400		12/28/2023			11,029
	ECMC Group Student Loan Trust Series 2016-1A, Class A(c)
	365,976		3.754		07/26/2066			368,699
	EFS Volunteer No. 2 LLC Series 2012-1, Class A2(c)
	550,000		3.754		03/25/2036			553,523
	Nelnet Student Loan Trust Series 2006-2, Class A5
	43,924		2.680		01/25/2030			43,912
	Northstar Education Finance, Inc. Series 2007-1, Class A1
	41,969		2.680		04/28/2030			41,712
	Scholar Funding Trust Series 2010-A, Class A(c)
	107,187		3.332		10/28/2041			105,964
	SLM Student Loan Trust Series 2003-7A, Class A5A(c)
	324,793		3.610		12/15/2033			324,083
								1,907,266
	TOTAL ASSET-BACKED SECURITIES
	(Cost $3,606,835)						$	3,614,221

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Government Securities – 4.5%
	Indonesia Government International Note(c)
$	230,000		4.750	%		01/08/2026	$	250,484
	Israel Government AID Bond(e)
	400,000		5.500			09/18/2023		456,794
	200,000		5.500			12/04/2023		229,910
	100,000		5.500			04/26/2024		115,925
	Kuwait International Government Bond
	500,000		3.500			03/20/2027		531,875
	Mexico Government Bond
EUR	100,000		1.625			04/08/2026		116,571
	United Arab Emirates Government International Bond(c)
$	220,000		3.125			10/11/2027		227,975
	TOTAL FOREIGN GOVERNMENT SECURITIES
	(Cost $1,856,617)						$	1,929,534
	Municipal Bonds – 1.6%
California – 0.4%
	California State Various Purpose GO Bonds Series 2010
$	105,000		7.625	%		03/01/2040	$	165,684
	Illinois – 0.9%
	Illinois State GO Bonds for Build America Bonds Series 2010-5
	100,000		7.350			07/01/2035		117,923
	Illinois State GO Bonds Pension Funding Series 2003
	25,000		5.100			06/01/2033		26,327
	Illinois State GO Bonds Series 2015-B(f)
	199,000		7.750			01/01/2025		256,316
								400,566
	Ohio – 0.3%
	American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	100,000		6.270			02/15/2050		134,309
	TOTAL MUNICIPAL BONDS
	(Cost $582,015)						$	700,559
	U.S. Treasury Obligations – 12.4%
	U.S. Treasury Bonds
$	410,000		3.750	%		11/15/2043	$	504,364
	1,250,000		2.875			11/15/2046		1,335,937
	120,000		3.000			05/15/2047		131,269
	150,000		2.750			11/15/2047		156,328
	1,310,000		3.000			02/15/2048		1,432,813
	U.S. Treasury Inflation Linked Notes
	91,625		0.750			07/15/2028		95,526
	U.S. Treasury Notes
	370,000		1.875			06/30/2026		369,982
	80,000		2.875			08/15/2028		85,925
	U.S. Treasury STRIPS Bonds(g)
	1,800,000		0.000			02/15/2036		1,207,617
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $5,002,366)						$	5,319,761

Shares	Dividend Rate	Value
Investment Company(h) – 17.5%
Goldman Sachs Financial Square Government Fund — Institutional Shares
7,501,840	2.308%	$	7,501,840
(Cost $7,501,840)
TOTAL INVESTMENTS – 117.3%
(Cost $48,934,242)		$	50,319,878
LIABILITIES IN EXCESS OF OTHER ASSETS –(17.3)%			(7,405,448	)
NET ASSETS – 100.0%		$	42,914,430

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2019.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	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 $8,309,621 which represents approximately 19.4% of net assets as of June 30, 2019.
(e)	Guaranteed by the United States Government. Total market value of these securities amounts to $802,629, which represents 1.9% of net assets as of June 30, 2019.
(f)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	Represents an Affiliated Issuer.

Investment Abbreviations:
BA	—Banker Acceptance Rate
BBR	—Bank Bill Reference Rate
EURIBOR	—Euro Interbank Offer Rate
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
Mo.	—Month
NIBOR	—Norwegian Interbank Offered Rate
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
RMKT	—Remarketed
SONIA	—Sterling Overnight Index Average
STIBOR	—Stockholm Interbank Offered Rate
STRIPS	—Separate Trading of Registered Interest and Principal of Securities
UMBS	—Uniform Mortgage-Backed Securities
Yr.	—Year

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	AUD	814,484	USD	567,637		09/18/2019	$	4,210
	CAD	258,925	USD	194,218		07/05/2019		3,517
	CAD	673,586	USD	509,287		09/18/2019		5,307
	EUR	13,380	GBP	11,933		09/18/2019		102
	EUR	94,685	NOK	919,686		09/18/2019		296
	EUR	775,399	USD	873,256		07/10/2019		9,048
	EUR	86,995	USD	98,657		09/18/2019		888
	GBP	16,539	SEK	194,061		09/18/2019		62
	GBP	89,772	USD	113,927		09/18/2019		485
	JPY	11,613,101	USD	105,181		07/01/2019		2,533
	JPY	11,613,101	USD	108,192		09/05/2019		53
	JPY	13,968,927	USD	129,831		09/18/2019		491
	NOK	2,539,761	EUR	258,790		09/18/2019		3,190
	NZD	1,030,639	USD	679,555		09/18/2019		13,037
	SEK	868,681	EUR	81,301		09/18/2019		1,098
	SEK	135,768	NOK	124,239		09/18/2019		108
	SEK	149,291	USD	15,739		09/18/2019		428
	USD	115,869	AUD	163,475		07/03/2019		1,098
	USD	87,183	CHF	84,410		09/18/2019		92
	USD	50,543	EUR	44,088		09/18/2019		95
	USD	742,436	GBP	564,969		07/08/2019		24,731
	USD	16,979	GBP	13,272		09/18/2019		64
	USD	130,975	JPY	13,997,211		09/18/2019		390
	USD	152,078	SEK	1,410,504		07/17/2019		6
	USD	75,218	SEK	692,922		09/18/2019		176
TOTAL							$	71,505

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	AUD	31,842	CHF	21,830		09/18/2019	$	(116	)
	AUD	206,843	USD	146,608		07/03/2019		(1,389	)
	CAD	108,774	USD	83,220		09/18/2019		(38	)
	EUR	30,970	SEK	329,520		09/18/2019		(249	)
	GBP	17,589	CAD	29,484		09/18/2019		(131	)
	GBP	130,331	EUR	146,054		09/18/2019		(1,020	)
	GBP	253,000	USD	332,472		07/08/2019		(11,075	)
	GBP	23,410	USD	29,922		09/18/2019		(87	)
	JPY	2,687,288	USD	25,098		09/18/2019		(27	)
	NOK	268,994	USD	31,678		09/18/2019		(76	)
	SEK	1,223,000	USD	131,861		07/17/2019		(5	)
	USD	232,715	AUD	332,187		09/18/2019		(1,055	)
	USD	205,525	CAD	274,000		07/05/2019		(3,722	)
	USD	172,608	CAD	227,451		09/18/2019		(1,330	)
	USD	105,091	CHF	103,190		09/18/2019		(614	)
	USD	924,754	EUR	821,000		07/10/2019		(9,439	)
	USD	682,143	EUR	599,601		09/18/2019		(3,953	)
	USD	17,175	GBP	13,497		09/18/2019		(26	)
	USD	81,160	JPY	8,960,919		07/01/2019		(1,954	)
	USD	83,483	JPY	8,960,919		09/05/2019		(41	)
	USD	80,455	JPY	8,642,377		09/18/2019		(173	)
	USD	65,672	NOK	563,198		09/18/2019		(495	)
	USD	123,812	NZD	186,577		09/18/2019		(1,717	)
	USD	77,393	SEK	725,007		09/18/2019		(1,124	)
TOTAL							$	(39,856	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At June 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australia 3 Year Bond		5			09/16/2019	$	403,445		$	191
Euro-Bund		3			09/06/2019		589,200			5,662
Long Gilt		1			09/26/2019		165,550			(319	)
U.S. Treasury 2 Year Note		30			09/30/2019		6,454,219			33,613
U.S. Treasury 5 Year Note		28			09/30/2019		3,307,281			51,911
U.S. Treasury Long Bond		14			09/19/2019		2,177,000			49,594
Total									$	140,652
Short position contracts:
3 Month Eurodollar		(1	)		09/16/2019	$	(244,975	)	$	(1,977	)
3 Month Eurodollar		(17	)		12/16/2019		(4,168,612	)		(35,803	)
Australia 10 Year Bond		(2	)		09/16/2019		(201,213	)		(405	)
Euro-OAT		(2	)		09/06/2019		(375,129	)		(5,949	)
U.S. Treasury 10 Year Ultra Note		(9	)		09/19/2019		(1,242,422	)		(25,036	)
U.S. Treasury Ultra Bond		(4	)		09/19/2019		(709,625	)		(20,087	)
Total									$	(89,257	)
Total Futures Contracts									$	51,395

SWAP CONTRACTS — At June 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Received (Paid) by the Fund			Credit Spread at June 30, 2019(a)			Termination Date	Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold(b):
iTraxx Europe Index		1.000	%		0.523	%	06/20/2024	EUR	260	$	7,110		$	6,835		$	275
Prudential Financial, Inc.		1.000			0.564		06/20/2024	USD	75		1,576			1,261			315
Republic of Colombia		1.000			0.916		06/20/2024	USD	190		772			685			87
United Mexican States		1.000			1.106		06/20/2024	USD	20		(95	)		(296	)		201
Markit CDX North America Investment Grade Index		1.000			0.475		12/20/2023	USD	700		15,914			6,630			9,284
Markit CDX North America Investment Grade Index		1.000			0.545		06/20/2024	USD	950		20,631			13,710			6,921
TOTAL										$	45,908		$	28,825		$	17,083

(a) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

(b) Payments received quarterly.

The accompanying notes are an integral part of these financial statements. 31

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund		Termination Date		Notional Amount (000’s)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.727%(b)		1 Day SONIA		11/07/2019	GBP	1,860	(a)	$	(154	)	$	10		$	(164	)
3 Month BBR(c)		1.500%		09/18/2021	NZD	1,770	(a)		4,372			2,288			2,084
1.750(d)		3 Month LIBOR		09/18/2021	USD	680	(a)		(514	)		515			(1,029	)
1.100 (e)		1 Day SONIA		08/01/2023	GBP	40			(1,065	)		(340	)		(725	)
3 Month BA(d)		2.750		09/18/2024	CAD	960	(a)		36,768			36,024			744
6 Month EURIBOR(d)		0.500		09/18/2024	EUR	1,430	(a)		58,857			50,236			8,621
0.250(e)		3 Month STIBOR		09/18/2024	SEK	12,350	(a)		(8,558	)		(5,009	)		(3,549	)
2.000(d)		3 Month LIBOR		09/18/2024	USD	670	(a)		(8,325	)		(7,255	)		(1,070	)
6 Month BBR(d)		1.750		09/18/2026	AUD	190	(a)		3,295			1,731			1,564
1.500(d)		6 Month LIBOR		09/18/2026	GBP	100	(a)		(4,577	)		(4,755	)		178
1.900(d)		6 Month LIBOR		08/03/2028	GBP	180	(a)		(8,182	)		(308	)		(7,874	)
6 Month LIBOR(d)		1.050		08/07/2028	CHF	280	(a)		15,171			(235	)		15,406
6 Month EURIBOR(d)		1.200		02/12/2029	EUR	350	(a)		13,723			2,106			11,617
1.500(d)		6 Month LIBOR		02/12/2029	GBP	540	(a)		(10,424	)		(856	)		(9,568	)
3 Month LIBOR(c)		2.800		02/12/2029	USD	370	(a)		10,755			1,414			9,341
6 Month EURIBOR(d)		1.200		02/21/2029	EUR	240	(a)		9,350			1,640			7,710
2.300(e)		6 Month NIBOR		02/21/2029	NOK	2,570	(a)		(5,028	)		(693	)		(4,335	)
0.900(e)		6 Month EURIBOR		05/20/2029	EUR	1,260	(a)		(24,376	)		(6,220	)		(18,156	)
3 Month LIBOR(c)		2.500		05/20/2029	USD	1,240	(a)		18,084			5,431			12,653
6 Month BBR(d)		2.000		09/18/2029	AUD	270	(a)		7,399			7,828			(429	)
6 Month EURIBOR(d)		1.000		09/18/2029	EUR	40	(a)		3,677			3,049			628
1.500(d)		6 Month LIBOR		09/18/2029	GBP	100	(a)		(5,370	)		(5,665	)		295
1.800(e)		6 Month NIBOR		09/18/2029	NOK	720	(a)		417			177			240
0.750(e)		3 Month STIBOR		09/18/2029	SEK	310	(a)		(607	)		(348	)		(259	)
TOTAL								$	104,688		$	80,765		$	23,923

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2019.

(b) Payments made at the termination date.

(c) Payments made quarterly.

(d) Payments made semi-annually.

(e) Payments made annually.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 99.3%
Automobiles & Components – 0.5%
	1,838	Aptiv plc	$	148,565
	1,437	BorgWarner, Inc.		60,325
	27,721	Ford Motor Co.		283,586
	9,145	General Motors Co.		352,357
	1,096	Harley-Davidson, Inc.		39,270
				884,103
Banks – 5.4%
	62,071	Bank of America Corp.		1,800,059
	5,309	BB&T Corp.		260,831
	16,218	Citigroup, Inc.		1,135,746
	3,212	Citizens Financial Group, Inc.		113,576
	1,154	Comerica, Inc.		83,827
	5,333	Fifth Third Bancorp		148,791
	1,133	First Republic Bank		110,637
	7,565	Huntington Bancshares, Inc.		104,548
	22,781	JPMorgan Chase & Co.		2,546,916
	7,100	KeyCorp		126,025
	973	M&T Bank Corp.		165,478
	2,606	People’s United Financial, Inc.		43,729
	3,189	PNC Financial Services Group, Inc. (The)		437,786
	7,021	Regions Financial Corp.		104,894
	3,135	SunTrust Banks, Inc.		197,035
	365	SVB Financial Group*		81,975
	10,593	US Bancorp		555,073
	28,380	Wells Fargo & Co.		1,342,942
	1,283	Zions Bancorp NA		58,992
				9,418,860
Capital Goods – 6.6%
	4,058	3M Co.		703,414
	666	Allegion plc		73,626
	1,583	AMETEK, Inc.		143,800
	982	AO Smith Corp.		46,311
	2,732	Arconic, Inc.		70,540
	3,687	Boeing Co. (The)		1,342,105
	4,036	Caterpillar, Inc.		550,066
	1,023	Cummins, Inc.		175,281
	2,227	Deere & Co.		369,036
	1,030	Dover Corp.		103,206
	2,941	Eaton Corp. plc		244,926
	4,274	Emerson Electric Co.		285,161
	3,994	Fastenal Co.		130,164
	906	Flowserve Corp.		47,737
	2,038	Fortive Corp.		166,138
	1,039	Fortune Brands Home & Security, Inc.		59,358
	1,901	General Dynamics Corp.		345,640
	60,946	General Electric Co.		639,933
	836	Harris Corp.		158,113
	5,103	Honeywell International, Inc.		890,933
	286	Huntington Ingalls Industries, Inc.		64,276
	2,110	Illinois Tool Works, Inc.		318,209
	1,702	Ingersoll-Rand plc		215,592
	807	Jacobs Engineering Group, Inc.		68,103
	5,609	Johnson Controls International plc		231,708
Common Stocks – (continued)
Capital Goods – (continued)
	553	L3 Technologies, Inc.		135,579
	1,721	Lockheed Martin Corp.		625,652
	2,060	Masco Corp.		80,834
	1,195	Northrop Grumman Corp.		386,116
	2,473	PACCAR, Inc.		177,215
	908	Parker-Hannifin Corp.		154,369
	1,073	Pentair plc		39,916
	1,029	Quanta Services, Inc.		39,297
	1,982	Raytheon Co.		344,630
	844	Rockwell Automation, Inc.		138,273
	723	Roper Technologies, Inc.		264,806
	398	Snap-on, Inc.		65,925
	1,075	Stanley Black & Decker, Inc.		155,456
	1,710	Textron, Inc.		90,698
	341	TransDigm Group, Inc.*		164,976
	549	United Rentals, Inc.*		72,814
	5,693	United Technologies Corp.		741,229
	963	Wabtec Corp.		69,105
	324	WW Grainger, Inc.		86,907
	1,258	Xylem, Inc.		105,219
				11,382,392
Commercial & Professional Services – 0.7%
	593	Cintas Corp.		140,713
	1,399	Copart, Inc.*		104,561
	843	Equifax, Inc.		114,008
	2,597	IHS Markit Ltd.*		165,481
	2,557	Nielsen Holdings plc		57,788
	1,483	Republic Services, Inc.		128,487
	814	Robert Half International, Inc.		46,406
	1,077	Rollins, Inc.		38,632
	1,132	Verisk Analytics, Inc.		165,793
	2,719	Waste Management, Inc.		313,691
				1,275,560
Consumer Durables & Apparel – 1.1%
	1,057	Capri Holdings Ltd.*		36,657
	2,376	DR Horton, Inc.		102,477
	839	Garmin Ltd.		66,952
	2,697	Hanesbrands, Inc.		46,442
	815	Hasbro, Inc.		86,129
	931	Leggett & Platt, Inc.		35,723
	2,065	Lennar Corp. Class A		100,070
	421	Mohawk Industries, Inc.*		62,085
	2,664	Newell Brands, Inc.		41,079
	8,873	NIKE, Inc. Class B		744,888
	1,728	PulteGroup, Inc.		54,639
	525	PVH Corp.		49,686
	358	Ralph Lauren Corp.		40,665
	2,140	Tapestry, Inc.		67,902
	1,254	Under Armour, Inc. Class A*		31,789
	1,232	Under Armour, Inc. Class C*		27,351
	2,257	VF Corp.		197,149
	464	Whirlpool Corp.		66,055
				1,857,738

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Consumer Services – 1.9%
	2,767	Carnival Corp.	$	128,804
	168	Chipotle Mexican Grill, Inc.*		123,124
	875	Darden Restaurants, Inc.		106,514
	1,374	H&R Block, Inc.		40,258
	2,060	Hilton Worldwide Holdings, Inc.		201,344
	1,974	Marriott International, Inc. Class A		276,933
	5,381	McDonald’s Corp.		1,117,418
	3,644	MGM Resorts International		104,109
	1,502	Norwegian Cruise Line Holdings Ltd.*		80,552
	1,210	Royal Caribbean Cruises Ltd.		146,664
	8,538	Starbucks Corp.		715,741
	689	Wynn Resorts Ltd.		85,429
	2,178	Yum! Brands, Inc.		241,039
				3,367,929
Diversified Financials – 5.1%
	380	Affiliated Managers Group, Inc.		35,013
	4,793	American Express Co.		591,648
	945	Ameriprise Financial, Inc.		137,176
	6,158	Bank of New York Mellon Corp. (The)		271,876
	13,658	Berkshire Hathaway, Inc. Class B*		2,911,476
	831	BlackRock, Inc.		389,988
	3,269	Capital One Financial Corp.		296,629
	784	Cboe Global Markets, Inc.		81,246
	8,332	Charles Schwab Corp. (The)		334,863
	2,509	CME Group, Inc.		487,022
	2,326	Discover Financial Services		180,474
	1,705	E*TRADE Financial Corp.		76,043
	2,129	Franklin Resources, Inc.		74,089
	2,420	Goldman Sachs Group, Inc. (The)(a)		495,132
	3,967	Intercontinental Exchange, Inc.		340,924
	2,721	Invesco Ltd.		55,672
	1,803	Jefferies Financial Group, Inc.		34,672
	264	MarketAxess Holdings, Inc.		84,855
	1,176	Moody’s Corp.		229,685
	9,071	Morgan Stanley		397,400
	594	MSCI, Inc.		141,841
	835	Nasdaq, Inc.		80,302
	1,522	Northern Trust Corp.		136,980
	924	Raymond James Financial, Inc.		78,124
	1,740	S&P Global, Inc.		396,355
	2,713	State Street Corp.		152,091
	4,672	Synchrony Financial		161,978
	1,674	T. Rowe Price Group, Inc.		183,655
				8,837,209
Energy – 5.0%
	3,534	Anadarko Petroleum Corp.		249,359
	2,555	Apache Corp.		74,018
	3,714	Baker Hughes a GE Co.		91,476
	3,095	Cabot Oil & Gas Corp.		71,061
	13,317	Chevron Corp.		1,657,168
	696	Cimarex Energy Co.		41,294
	1,428	Concho Resources, Inc.		147,341
	8,016	ConocoPhillips		488,976
Common Stocks – (continued)
Energy – (continued)
	2,868	Devon Energy Corp.		81,795
	1,111	Diamondback Energy, Inc.		121,066
	4,085	EOG Resources, Inc.		380,559
	29,709	Exxon Mobil Corp.		2,276,601
	6,174	Halliburton Co.		140,397
	800	Helmerich & Payne, Inc.		40,496
	1,795	Hess Corp.		114,108
	1,140	HollyFrontier Corp.		52,759
	13,750	Kinder Morgan, Inc.		287,100
	5,720	Marathon Oil Corp.		81,281
	4,677	Marathon Petroleum Corp.		261,351
	2,775	National Oilwell Varco, Inc.		61,688
	3,360	Noble Energy, Inc.		75,264
	5,233	Occidental Petroleum Corp.		263,115
	2,873	ONEOK, Inc.		197,691
	2,920	Phillips 66		273,137
	1,190	Pioneer Natural Resources Co.		183,093
	9,736	Schlumberger Ltd.		386,909
	2,968	TechnipFMC plc		76,990
	2,963	Valero Energy Corp.		253,662
	8,522	Williams Cos., Inc. (The)		238,957
				8,668,712
Food & Staples Retailing – 1.5%
	3,087	Costco Wholesale Corp.		815,771
	5,682	Kroger Co. (The)		123,356
	3,351	Sysco Corp.		236,983
	5,581	Walgreens Boots Alliance, Inc.		305,113
	9,811	Walmart, Inc.		1,084,017
				2,565,240
Food, Beverage & Tobacco – 3.9%
	13,128	Altria Group, Inc.		621,611
	3,934	Archer-Daniels-Midland Co.		160,507
	1,128	Brown-Forman Corp. Class B		62,525
	1,352	Campbell Soup Co.		54,175
	27,065	Coca-Cola Co. (The)		1,378,150
	3,405	Conagra Brands, Inc.		90,301
	1,180	Constellation Brands, Inc. Class A		232,389
	4,146	General Mills, Inc.		217,748
	985	Hershey Co. (The)		132,019
	1,987	Hormel Foods Corp.		80,553
	818	JM Smucker Co. (The)		94,225
	1,817	Kellogg Co.		97,337
	4,451	Kraft Heinz Co. (The)		138,159
	1,072	Lamb Weston Holdings, Inc.		67,922
	873	McCormick & Co., Inc. (Non-Voting)		135,324
	1,300	Molson Coors Brewing Co. Class B		72,800
	10,188	Mondelez International, Inc. Class A		549,133
	2,747	Monster Beverage Corp.*		175,341
	9,879	PepsiCo, Inc.		1,295,433
	10,896	Philip Morris International, Inc.		855,663
	2,107	Tyson Foods, Inc. Class A		170,119
				6,681,434

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Services – 6.3%
	12,316	Abbott Laboratories	$	1,035,776
	319	ABIOMED, Inc.*		83,096
	514	Align Technology, Inc.*		140,682
	1,093	AmerisourceBergen Corp.		93,189
	1,809	Anthem, Inc.		510,518
	3,319	Baxter International, Inc.		271,826
	1,892	Becton Dickinson and Co.		476,803
	9,703	Boston Scientific Corp.*		417,035
	2,112	Cardinal Health, Inc.		99,475
	2,888	Centene Corp.*		151,447
	2,258	Cerner Corp.		165,511
	2,687	Cigna Corp.		423,337
	344	Cooper Cos., Inc. (The)		115,890
	9,073	CVS Health Corp.		494,388
	4,425	Danaher Corp.		632,421
	887	DaVita, Inc.*		49,903
	1,552	DENTSPLY SIRONA, Inc.		90,575
	1,450	Edwards Lifesciences Corp.*		267,873
	1,896	HCA Healthcare, Inc.		256,282
	1,038	Henry Schein, Inc.*		72,556
	1,906	Hologic, Inc.*		91,526
	942	Humana, Inc.		249,913
	607	IDEXX Laboratories, Inc.*		167,125
	801	Intuitive Surgical, Inc.*		420,165
	685	Laboratory Corp. of America Holdings*		118,437
	1,357	McKesson Corp.		182,367
	9,425	Medtronic plc		917,901
	952	Quest Diagnostics, Inc.		96,923
	1,005	ResMed, Inc.		122,640
	2,179	Stryker Corp.		447,959
	315	Teleflex, Inc.		104,312
	6,671	UnitedHealth Group, Inc.		1,627,791
	570	Universal Health Services, Inc. Class B		74,322
	653	Varian Medical Systems, Inc.*		88,893
	360	WellCare Health Plans, Inc.*		102,625
	1,414	Zimmer Biomet Holdings, Inc.		166,484
				10,827,966
Household & Personal Products – 1.9%
	1,696	Church & Dwight Co., Inc.		123,910
	901	Clorox Co. (The)		137,952
	6,014	Colgate-Palmolive Co.		431,023
	1,935	Coty, Inc. Class A		25,929
	1,535	Estee Lauder Cos., Inc. (The) Class A		281,074
	2,426	Kimberly-Clark Corp.		323,337
	17,687	Procter & Gamble Co. (The)		1,939,380
				3,262,605
Insurance – 2.5%
	5,228	Aflac, Inc.		286,547
	2,309	Allstate Corp. (The)		234,802
	6,081	American International Group, Inc.		323,996
	1,671	Aon plc		322,470
	1,281	Arthur J Gallagher & Co.		112,203
	411	Assurant, Inc.		43,722
Common Stocks – (continued)
Insurance – (continued)
	3,201	Chubb Ltd.		471,475
	1,064	Cincinnati Financial Corp.		110,305
	279	Everest Re Group Ltd.		68,963
	2,505	Hartford Financial Services Group, Inc. (The)		139,579
	1,412	Lincoln National Corp.		91,003
	1,951	Loews Corp.		106,661
	3,534	Marsh & McLennan Cos., Inc.		352,516
	6,718	MetLife, Inc.		333,683
	1,855	Principal Financial Group, Inc.		107,442
	4,099	Progressive Corp. (The)		327,633
	2,850	Prudential Financial, Inc.		287,850
	747	Torchmark Corp.		66,827
	1,868	Travelers Cos., Inc. (The)		279,303
	1,503	Unum Group		50,426
	899	Willis Towers Watson plc		172,194
				4,289,600
Materials – 2.8%
	1,554	Air Products & Chemicals, Inc.		351,779
	738	Albemarle Corp.		51,963
	11,388	Amcor plc*		130,848
	573	Avery Dennison Corp.		66,285
	2,335	Ball Corp.		163,427
	895	Celanese Corp.		96,481
	1,551	CF Industries Holdings, Inc.		72,447
	5,348	Corteva, Inc.*		158,140
	5,290	Dow, Inc.		260,850
	5,249	DuPont de Nemours, Inc.		394,042
	991	Eastman Chemical Co.		77,130
	1,768	Ecolab, Inc.		349,074
	913	FMC Corp.		75,733
	10,285	Freeport-McMoRan, Inc.		119,409
	695	International Flavors & Fragrances, Inc.		100,838
	2,773	International Paper Co.		120,126
	3,803	Linde plc		763,642
	2,158	LyondellBasell Industries NV Class A		185,869
	449	Martin Marietta Materials, Inc.		103,319
	2,585	Mosaic Co. (The)		64,703
	5,667	Newmont Goldcorp Corp.		218,010
	2,124	Nucor Corp.		117,032
	644	Packaging Corp. of America		61,386
	1,670	PPG Industries, Inc.		194,906
	1,071	Sealed Air Corp.		45,817
	576	Sherwin-Williams Co. (The)		263,975
	927	Vulcan Materials Co.		127,286
	1,834	Westrock Co.		66,886
				4,801,403
Media & Entertainment – 8.1%
	5,325	Activision Blizzard, Inc.		251,340
	2,099	Alphabet, Inc. Class A*		2,272,797
	2,159	Alphabet, Inc. Class C*		2,333,685
	2,417	CBS Corp. (Non-Voting) Class B		120,608

The accompanying notes are an integral part of these financial statements. 35

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Media & Entertainment – (continued)
	1,223	Charter Communications, Inc. Class A*	$	483,305
	31,767	Comcast Corp. Class A		1,343,109
	1,181	Discovery, Inc. Class A*		36,257
	2,496	Discovery, Inc. Class C*		71,011
	1,615	DISH Network Corp. Class A*		62,032
	2,096	Electronic Arts, Inc.*		212,241
	16,932	Facebook, Inc. Class A*		3,267,876
	2,439	Fox Corp. Class A		89,365
	1,210	Fox Corp. Class B		44,201
	2,670	Interpublic Group of Cos., Inc. (The)		60,315
	3,069	Netflix, Inc.*		1,127,305
	2,809	News Corp. Class A		37,894
	1,017	News Corp. Class B		14,197
	1,593	Omnicom Group, Inc.		130,547
	776	Take-Two Interactive Software, Inc.*		88,099
	693	TripAdvisor, Inc.*		32,079
	5,157	Twitter, Inc.*		179,979
	2,426	Viacom, Inc. Class B		72,465
	12,240	Walt Disney Co. (The)		1,709,194
				14,039,901
Pharmaceuticals, Biotechnology & Life Sciences – 7.8%
	10,337	AbbVie, Inc.		751,707
	2,232	Agilent Technologies, Inc.		166,663
	1,583	Alexion Pharmaceuticals, Inc.*		207,341
	2,184	Allergan plc		365,667
	4,274	Amgen, Inc.		787,613
	1,375	Biogen, Inc.*		321,571
	11,452	Bristol-Myers Squibb Co.		519,348
	4,904	Celgene Corp.*		453,326
	6,065	Eli Lilly & Co.		671,941
	8,950	Gilead Sciences, Inc.		604,662
	1,026	Illumina, Inc.*		377,722
	1,248	Incyte Corp.*		106,030
	1,094	IQVIA Holdings, Inc.*		176,025
	18,704	Johnson & Johnson		2,605,093
	18,116	Merck & Co., Inc.		1,519,027
	177	Mettler-Toledo International, Inc.*		148,680
	3,648	Mylan NV*		69,458
	1,164	Nektar Therapeutics*		41,415
	783	PerkinElmer, Inc.		75,434
	944	Perrigo Co. plc		44,953
	38,913	Pfizer, Inc.		1,685,711
	550	Regeneron Pharmaceuticals, Inc.*		172,150
	2,828	Thermo Fisher Scientific, Inc.		830,527
	1,794	Vertex Pharmaceuticals, Inc.*		328,984
	504	Waters Corp.*		108,481
	3,350	Zoetis, Inc.		380,192
				13,519,721
Real Estate – 3.0%
	783	Alexandria Real Estate Equities, Inc. (REIT)		110,473
	3,108	American Tower Corp. (REIT)		635,431
Common Stocks – (continued)
Real Estate – (continued)
	1,113	Apartment Investment & Management Co. Class A (REIT)		55,784
	983	AvalonBay Communities, Inc. (REIT)		199,726
	1,091	Boston Properties, Inc. (REIT)		140,739
	2,242	CBRE Group, Inc. Class A*		115,015
	2,910	Crown Castle International Corp. (REIT)		379,318
	1,454	Digital Realty Trust, Inc. (REIT)		171,267
	2,616	Duke Realty Corp. (REIT)		82,692
	589	Equinix, Inc. (REIT)		297,027
	2,613	Equity Residential (REIT)		198,379
	466	Essex Property Trust, Inc. (REIT)		136,039
	877	Extra Space Storage, Inc. (REIT)		93,050
	515	Federal Realty Investment Trust (REIT)		66,311
	3,435	HCP, Inc. (REIT)		109,851
	5,203	Host Hotels & Resorts, Inc. (REIT)		94,799
	1,947	Iron Mountain, Inc. (REIT)		60,941
	3,014	Kimco Realty Corp. (REIT)		55,699
	813	Macerich Co. (The) (REIT)		27,227
	801	Mid-America Apartment Communities, Inc. (REIT)		94,326
	4,462	Prologis, Inc. (REIT)		357,406
	1,047	Public Storage (REIT)		249,364
	2,120	Realty Income Corp. (REIT)		146,216
	1,187	Regency Centers Corp. (REIT)		79,220
	786	SBA Communications Corp. (REIT)*		176,724
	2,171	Simon Property Group, Inc. (REIT)		346,839
	620	SL Green Realty Corp. (REIT)		49,829
	1,934	UDR, Inc. (REIT)		86,817
	2,465	Ventas, Inc. (REIT)		168,483
	1,238	Vornado Realty Trust (REIT)		79,356
	2,721	Welltower, Inc. (REIT)		221,843
	5,267	Weyerhaeuser Co. (REIT)		138,733
				5,224,924
Retailing – 6.6%
	512	Advance Auto Parts, Inc.		78,920
	2,906	Amazon.com, Inc.*		5,502,889
	177	AutoZone, Inc.*		194,606
	1,665	Best Buy Co., Inc.		116,100
	303	Booking Holdings, Inc.*		568,037
	1,183	CarMax, Inc.*		102,720
	1,846	Dollar General Corp.		249,505
	1,649	Dollar Tree, Inc.*		177,086
	5,694	eBay, Inc.		224,913
	811	Expedia Group, Inc.		107,887
	788	Foot Locker, Inc.		33,033
	1,637	Gap, Inc. (The)		29,417
	1,009	Genuine Parts Co.		104,512
	7,756	Home Depot, Inc. (The)		1,613,015
	1,173	Kohl’s Corp.		55,776
	1,575	L Brands, Inc.		41,108
	2,207	LKQ Corp.*		58,728
	5,478	Lowe’s Cos., Inc.		552,785

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Shares		Description	Value
Common Stocks – (continued)
Retailing – (continued)
	2,233	Macy’s, Inc.	$	47,920
	696	Nordstrom, Inc.		22,175
	557	O’Reilly Automotive, Inc.*		205,711
	2,630	Ross Stores, Inc.		260,686
	3,634	Target Corp.		314,741
	764	Tiffany & Co.		71,541
	8,651	TJX Cos., Inc. (The)		457,465
	842	Tractor Supply Co.		91,610
	402	Ulta Beauty, Inc.*		139,450
				11,422,336
Semiconductors & Semiconductor Equipment – 3.7%
	6,188	Advanced Micro Devices, Inc.*		187,930
	2,598	Analog Devices, Inc.		293,236
	6,628	Applied Materials, Inc.		297,664
	2,782	Broadcom, Inc.		800,827
	31,561	Intel Corp.		1,510,825
	1,151	KLA-Tencor Corp.		136,048
	1,083	Lam Research Corp.		203,431
	1,915	Maxim Integrated Products, Inc.		114,555
	1,674	Microchip Technology, Inc.		145,136
	7,809	Micron Technology, Inc.*		301,349
	4,252	NVIDIA Corp.		698,306
	846	Qorvo, Inc.*		56,352
	8,492	QUALCOMM, Inc.		645,986
	1,255	Skyworks Solutions, Inc.		96,974
	6,590	Texas Instruments, Inc.		756,268
	1,760	Xilinx, Inc.		207,539
				6,452,426
Software & Services – 12.0%
	4,468	Accenture plc Class A		825,552
	3,420	Adobe, Inc.*		1,007,703
	1,148	Akamai Technologies, Inc.*		92,001
	302	Alliance Data Systems Corp.		42,319
	580	ANSYS, Inc.*		118,796
	1,547	Autodesk, Inc.*		252,006
	3,054	Automatic Data Processing, Inc.		504,918
	800	Broadridge Financial Solutions, Inc.		102,144
	1,976	Cadence Design Systems, Inc.*		139,921
	896	Citrix Systems, Inc.		87,934
	4,048	Cognizant Technology Solutions Corp. Class A		256,603
	1,896	DXC Technology Co.		104,564
	2,249	Fidelity National Information Services, Inc.		275,907
	2,756	Fiserv, Inc.*		251,237
	607	FleetCor Technologies, Inc.*		170,476
	1,047	Fortinet, Inc.*		80,441
	649	Gartner, Inc.*		104,450
	1,106	Global Payments, Inc.		177,104
	6,252	International Business Machines Corp.		862,151
	1,822	Intuit, Inc.		476,143
	524	Jack Henry & Associates, Inc.		70,174
	6,327	Mastercard, Inc. Class A		1,673,681
Common Stocks – (continued)
Software & Services – (continued)
	53,850	Microsoft Corp.		7,213,746
	17,105	Oracle Corp.		974,472
	2,277	Paychex, Inc.		187,374
	8,244	PayPal Holdings, Inc.*		943,608
	1,242	Red Hat, Inc.*		233,198
	5,485	salesforce.com, Inc.*		832,239
	4,396	Symantec Corp.		95,657
	1,046	Synopsys, Inc.*		134,610
	1,145	Total System Services, Inc.		146,869
	730	VeriSign, Inc.*		152,687
	12,271	Visa, Inc. Class A		2,129,632
	3,108	Western Union Co. (The)		61,818
				20,782,135
Technology Hardware & Equipment – 5.6%
	2,073	Amphenol Corp. Class A		198,884
	30,715	Apple, Inc.		6,079,113
	366	Arista Networks, Inc.*		95,021
	30,175	Cisco Systems, Inc.		1,651,478
	5,580	Corning, Inc.		185,423
	399	F5 Networks, Inc.*		58,106
	1,002	FLIR Systems, Inc.		54,208
	9,708	Hewlett Packard Enterprise Co.		145,135
	10,637	HP, Inc.		221,143
	242	IPG Photonics Corp.*		37,328
	2,510	Juniper Networks, Inc.		66,841
	1,287	Keysight Technologies, Inc.*		115,585
	1,169	Motorola Solutions, Inc.		194,907
	1,739	NetApp, Inc.		107,296
	1,846	Seagate Technology plc		86,984
	2,383	TE Connectivity Ltd.		228,244
	2,010	Western Digital Corp.		95,576
	1,356	Xerox Corp.		48,016
				9,669,288
Telecommunication Services – 2.0%
	51,058	AT&T, Inc.		1,710,954
	6,771	CenturyLink, Inc.		79,627
	28,962	Verizon Communications, Inc.		1,654,599
				3,445,180
Transportation – 2.0%
	861	Alaska Air Group, Inc.		55,027
	2,803	American Airlines Group, Inc.		91,406
	930	CH Robinson Worldwide, Inc.		78,445
	5,471	CSX Corp.		423,291
	4,142	Delta Air Lines, Inc.		235,059
	1,215	Expeditors International of Washington, Inc.		92,170
	1,676	FedEx Corp.		275,182
	620	JB Hunt Transport Services, Inc.		56,674
	710	Kansas City Southern		86,492
	1,872	Norfolk Southern Corp.		373,146
	3,477	Southwest Airlines Co.		176,562
	4,961	Union Pacific Corp.		838,955

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Transportation – (continued)
	1,558	United Continental Holdings, Inc.*	$	136,403
	4,868	United Parcel Service, Inc. Class B		502,718
				3,421,530
Utilities – 3.3%
	4,791	AES Corp.		80,297
	1,695	Alliant Energy Corp.		83,190
	1,705	Ameren Corp.		128,062
	3,487	American Electric Power Co., Inc.		306,891
	1,274	American Water Works Co., Inc.		147,784
	846	Atmos Energy Corp.		89,304
	3,522	CenterPoint Energy, Inc.		100,835
	2,018	CMS Energy Corp.		116,862
	2,254	Consolidated Edison, Inc.		197,631
	5,601	Dominion Energy, Inc.		433,069
	1,263	DTE Energy Co.		161,512
	5,095	Duke Energy Corp.		449,583
	2,314	Edison International		155,987
	1,320	Entergy Corp.		135,868
	1,788	Evergy, Inc.		107,548
	2,259	Eversource Energy		171,142
	6,847	Exelon Corp.		328,245
	3,522	FirstEnergy Corp.		150,777
	3,370	NextEra Energy, Inc.		690,378
	2,594	NiSource, Inc.		74,707
	2,040	NRG Energy, Inc.		71,645
	791	Pinnacle West Capital Corp.		74,425
	5,074	PPL Corp.		157,345
	3,511	Public Service Enterprise Group, Inc.		206,517
	1,920	Sempra Energy		263,885
	7,245	Southern Co. (The)		400,504
	2,184	WEC Energy Group, Inc.		182,080
	3,602	Xcel Energy, Inc.		214,283
				5,680,356
	TOTAL COMMON STOCKS – 99.3%
	(Cost $59,646,412)		$	171,778,548

Principal Amount		Interest Rate	Maturity Date		Value
Short-Term Investment(b) – 0.0%
U.S. Treasury Obligation – 0.0%
	U.S. Treasury Bills
$	75,000	2.107%		11/29/2019	$	74,350
	(Cost $74,288)
	TOTAL INVESTMENTS – 99.3%
	(Cost $59,720,700)				$	171,852,898
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%					1,116,819
	NET ASSETS –100.0%				$	172,969,717

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Represents an Affiliated Issuer.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

Investment Abbreviation:
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		8	09/20/2019	$	1,177,680	$	19,957

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 95.1%
Automobiles & Components – 0.5%
	4,704	Aptiv plc	$	380,224
Banks – 0.9%
	7,164	First Republic Bank		699,565
Capital Goods – 12.4%
	6,385	AMETEK, Inc.		580,013
	12,699	Fortive Corp.		1,035,223
	7,649	Harris Corp.		1,446,655
	6,917	HEICO Corp.		925,564
	3,545	HEICO Corp. Class A		366,447
	6,435	IDEX Corp.		1,107,721
	11,929	Ingersoll-Rand plc		1,511,047
	3,392	Rockwell Automation, Inc.		555,711
	1,513	Roper Technologies, Inc.		554,151
	9,027	Sensata Technologies Holding plc*		442,323
	8,819	Xylem, Inc.		737,621
				9,262,476
Commercial & Professional Services – 2.9%
	4,131	Cintas Corp.		980,245
	8,192	Verisk Analytics, Inc.		1,199,800
				2,180,045
Consumer Durables & Apparel – 2.7%
	9,425	DR Horton, Inc.		406,500
	6,227	Lululemon Athletica, Inc.*		1,122,168
	4,984	PVH Corp.		471,686
				2,000,354
Consumer Services – 4.4%
	8,894	Bright Horizons Family Solutions, Inc.*		1,341,838
	10,315	Choice Hotels International, Inc.		897,508
	3,585	Domino’s Pizza, Inc.		997,634
				3,236,980
Diversified Financials – 4.3%
	5,335	Cboe Global Markets, Inc.		552,866
	4,334	MSCI, Inc.		1,034,916
	9,545	Northern Trust Corp.		859,050
	6,963	T. Rowe Price Group, Inc.		763,911
				3,210,743
Energy – 2.1%
	11,680	Cheniere Energy, Inc.*		799,496
	3,410	Concho Resources, Inc.		351,844
	3,670	Diamondback Energy, Inc.		399,920
				1,551,260
Food & Staples Retailing – 0.5%
	12,201	Grocery Outlet Holding Corp.*		401,169
Food, Beverage & Tobacco – 4.3%
	20,855	Brown-Forman Corp. Class B		1,155,993
	3,584	Lamb Weston Holdings, Inc.		227,082
Common Stocks – (continued)
Food, Beverage & Tobacco – (continued)
	7,419	McCormick & Co., Inc. (Non-Voting)		1,150,019
	10,256	Monster Beverage Corp.*		654,641
				3,187,735
Health Care Equipment & Services – 9.2%
	2,895	Align Technology, Inc.*		792,361
	10,658	Centene Corp.*		558,905
	1,618	Cooper Cos., Inc. (The)		545,088
	2,989	Edwards Lifesciences Corp.*		552,188
	2,433	Guardant Health, Inc.*		210,041
	4,421	IDEXX Laboratories, Inc.*		1,217,234
	2,558	Molina Healthcare, Inc.*		366,152
	3,398	Teleflex, Inc.		1,125,248
	2,313	Veeva Systems, Inc. Class A*		374,960
	3,305	West Pharmaceutical Services, Inc.		413,621
	5,751	Zimmer Biomet Holdings, Inc.		677,123
				6,832,921
Household & Personal Products – 1.1%
	3,532	Church & Dwight Co., Inc.		258,048
	3,820	Clorox Co. (The)		584,880
				842,928
Materials – 4.0%
	8,869	Ashland Global Holdings, Inc.		709,254
	8,179	Ball Corp.		572,448
	3,639	Celanese Corp.		392,284
	5,490	Martin Marietta Materials, Inc.		1,263,304
				2,937,290
Media & Entertainment – 1.8%
	2,995	IAC/InterActiveCorp*		651,502
	2,719	Spotify Technology SA*		397,572
	8,605	Twitter, Inc.*		300,315
				1,349,389
Pharmaceuticals, Biotechnology & Life Sciences – 6.8%
	2,016	Adaptive Biotechnologies Corp.*		97,373
	7,629	Agilent Technologies, Inc.		569,657
	7,011	Agios Pharmaceuticals, Inc.*		349,709
	14,703	Alder Biopharmaceuticals, Inc.*		173,054
	6,935	BioMarin Pharmaceutical, Inc.*		593,983
	20,366	Elanco Animal Health, Inc.*		688,371
	2,786	Exact Sciences Corp.*		328,859
	1,248	Illumina, Inc.*		459,451
	5,620	Incyte Corp.*		477,475
	561	Mettler-Toledo International, Inc.*		471,240
	20,376	Moderna, Inc.*		298,305
	1,378	Sarepta Therapeutics, Inc.*		209,387
	3,271	Zoetis, Inc.		371,226
				5,088,090

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Real Estate Investment Trusts – 2.7%
	5,044	Equity LifeStyle Properties, Inc.	$	612,039
	6,327	SBA Communications Corp.*		1,422,563
				2,034,602
Retailing – 8.3%
	4,351	Burlington Stores, Inc.*		740,323
	14,099	Dollar General Corp.		1,905,621
	8,519	Expedia Group, Inc.		1,133,283
	1,127	Five Below, Inc.*		135,262
	2,996	O’Reilly Automotive, Inc.*		1,106,483
	5,163	Ross Stores, Inc.		511,756
	1,962	Ulta Beauty, Inc.*		680,598
				6,213,326
Semiconductors & Semiconductor Equipment – 5.3%
	24,296	Advanced Micro Devices, Inc.*		737,869
	3,279	Analog Devices, Inc.		370,101
	47,525	Marvell Technology Group Ltd.		1,134,422
	5,160	Microchip Technology, Inc.		447,372
	8,350	MKS Instruments, Inc.		650,381
	1,628	Monolithic Power Systems, Inc.		221,050
	3,160	Xilinx, Inc.		372,627
				3,933,822
Software & Services – 16.7%
	7,453	Atlassian Corp. plc Class A*		975,150
	2,232	Autodesk, Inc.*		363,593
	17,800	Black Knight, Inc.*		1,070,670
	10,582	Cadence Design Systems, Inc.*		749,311
	7,618	Ceridian HCM Holding, Inc.*		382,424
	9,977	Citrix Systems, Inc.		979,143
	4,271	Coupa Software, Inc.*		540,751
	9,124	Fidelity National Information Services, Inc.		1,119,332
	17,254	Fiserv, Inc.*		1,572,875
	16,940	GoDaddy, Inc. Class A*		1,188,341
	11,558	PTC, Inc.*		1,037,446
	806	Slack Technologies, Inc. Class A*		30,225
	6,143	Splunk, Inc.*		772,482
	1,547	Tableau Software, Inc. Class A*		256,833
	10,999	Total System Services, Inc.		1,410,842
				12,449,418
Technology Hardware & Equipment – 2.9%
	16,820	Amphenol Corp. Class A		1,613,711
	12,226	National Instruments Corp.		513,369
				2,127,080
Transportation – 1.3%
	5,338	Lyft, Inc. Class A*(a)		350,760
	4,045	Old Dominion Freight Line, Inc.		603,757
				954,517
	TOTAL COMMON STOCKS
	(Cost $52,929,580)		$	70,873,934
Shares		Dividend Rate	Value
	Investment Company(b) – 1.5%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,092,324	2.308%	$	1,092,324
(Cost $1,092,324)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $54,021,904)		$	71,966,258
	Securities Lending Reinvestment Vehicle(b) – 0.5%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	352,707	2.308%	$	352,707
	(Cost $352,707)
	TOTAL INVESTMENTS – 97.1%
	(Cost $54,374,611)		$	72,318,965
	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.9%			2,159,442
	NET ASSETS – 100.0%		$	74,478,407

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an Affiliated Issuer.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – 3.0%
Adjustable Rate FHLMC(a) – 1.0%
$	108,141		4.625	%		05/01/2035	$	113,705
	17,595		4.534			09/01/2035		18,485
	104,536		4.788			12/01/2036		109,480
	133,865		5.180			04/01/2037		141,121
	254,934		4.628			01/01/2038		267,690
	177,393		4.746			01/01/2038		186,504
								836,985
Adjustable Rate FNMA(a) – 1.3%
	38,793		4.138			05/01/2033		40,305
	72,705		4.708			05/01/2035		76,507
	301,821		4.684			06/01/2035		317,790
	380,795		4.387			11/01/2035		397,106
	56,824		4.669			12/01/2035		59,594
	179,869		4.916			03/01/2037		189,356
								1,080,658
Adjustable Rate GNMA(a) – 0.2%
	185,560		3.625			04/20/2033		190,794
Agency Multi-Family – 0.5%
	FNMA
	25,823		3.416			10/01/2020		26,151
	39,747		3.619			12/01/2020		40,495
	227,716		3.771			12/01/2020		232,062
	86,614		4.381			06/01/2021		89,822
								388,530
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $2,514,934)						$	2,496,967
Collateralized Mortgage Obligations(a) – 25.7%
Adjustable Rate Non-Agency(b) – 0.2%
	Holmes Master Issuer plc Series 2018-1A, Class A2
$	177,143		2.957	%		10/15/2054	$	177,183
Agency Multi-Family – 4.0%
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series J15L, Class AFL(c)
	401,706		2.781			08/25/2025		400,906
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF03, Class A
	11,709		2.770			01/25/2021		11,709
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF32, Class A(c)
	903,528		2.801			05/25/2024		902,412
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF42, Class A(c)
	382,827		2.680			12/25/2024		380,485
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KP04, Class AG1(c)
	1,350,000		2.651			07/25/2020		1,347,522
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KS02, Class A(c)
	205,645		2.810			08/25/2023		205,545
								3,248,579
Collateralized Mortgage Obligations(a) – (continued)
Regular Floater – 21.5%
	FHLMC REMIC Series 3049, Class FP
	165,546		2.744			10/15/2035		164,919
	FHLMC REMIC Series 3208, Class FB(c)
	100,556		2.794			08/15/2036		100,429
	FHLMC REMIC Series 3208, Class FD(c)
	149,828		2.794			08/15/2036		149,640
	FHLMC REMIC Series 3208, Class FG(c)
	603,335		2.794			08/15/2036		602,575
	FHLMC REMIC Series 3307, Class FT
	929,869		2.634			07/15/2034		925,932
	FHLMC REMIC Series 3311, Class KF
	1,658,409		2.734			05/15/2037		1,654,962
	FHLMC REMIC Series 3371, Class FA(c)
	379,843		2.994			09/15/2037		382,886
	FHLMC REMIC Series 4174, Class FB(c)
	668,160		2.694			05/15/2039		666,029
	FHLMC REMIC Series 4320, Class FD
	334,973		2.794			07/15/2039		334,296
	FHLMC REMIC Series 4477, Class FG
	408,793		2.786			10/15/2040		407,179
	FHLMC REMIC Series 4508, Class CF
	318,205		2.794			09/15/2045		318,205
	FHLMC REMIC Series 4631, Class GF
	2,056,998		2.894			11/15/2046		2,055,972
	FHLMC REMIC Series 4637, Class QF
	1,896,891		3.440			04/15/2044		1,898,258
	FNMA REMIC Series 2006-82, Class F
	151,298		2.974			09/25/2036		152,165
	FNMA REMIC Series 2006-96, Class FA
	497,167		2.704			10/25/2036		495,558
	FNMA REMIC Series 2007-33, Class HF
	87,877		2.754			04/25/2037		87,552
	FNMA REMIC Series 2007-36, Class F
	144,003		2.634			04/25/2037		142,901
	FNMA REMIC Series 2007-85, Class FC
	398,211		2.944			09/25/2037		400,445
	FNMA REMIC Series 2008-8, Class FB
	310,329		3.224			02/25/2038		313,120
	FNMA REMIC Series 2011-63, Class FG
	334,993		2.854			07/25/2041		335,257
	FNMA REMIC Series 2012-35, Class QF
	1,060,272		2.804			04/25/2042		1,060,573
	FNMA REMIC Series 2016-1, Class FT
	1,047,431		2.754			02/25/2046		1,041,499
	FNMA REMIC Series 2017-45, Class FA
	581,712		2.806			06/25/2047		580,835
	FNMA REMIC Series 2017-96, Class FC
	1,151,879		2.804			12/25/2057		1,149,216
	GNMA REMIC Series 2005-48, Class AF
	505,496		2.583			06/20/2035		501,151
	GNMA REMIC Series 2012-98, Class FA
	477,462		2.783			08/20/2042		476,702
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A(c)
	97,763		2.869			10/07/2020		97,828

The accompanying notes are an integral part of these financial statements. 41

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Collateralized Mortgage Obligations(a) – (continued)
Regular Floater – (continued)
	NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A(c)
$	270,132	2.889 %		11/05/2020	$	270,418
	NCUA Guaranteed Notes Trust Series 2011-R1, Class 1A(c)
	762,522	2.869		01/08/2020		762,766
						17,529,268
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $20,984,440)				$	20,955,030
Commercial Mortgage-Backed Security(a) – 0.4%
Agency Multi-Family – 0.4%
	FNMA ACES REMIC Series 2017-M13, Class FA
$	326,528	2.842%		10/25/2024	$	324,379
	(Cost $326,172)
U.S. Government Agency Security(a) – 2.4%
	FNMA
	$2,000,000	(SOFR + 0.16%),     2.660%		01/30/2020	$	2,001,760
	(Cost $2,000,000)
Asset-Backed Securities – 40.3%
Automobile(c) – 9.0%
	Ally Master Owner Trust Series 2017-3, Class A1(a)
$	1,350,000	2.824%		06/15/2022	$	1,351,769
	Ally Master Owner Trust Series 2018-1, Class A2
	800,000	2.700		01/17/2023		805,249
	Chesapeake Funding II LLC Series 2016-2A, Class A2(a)(b)
	94,709	3.394		06/15/2028		94,817
	Chesapeake Funding II LLC Series 2017-3A, Class A2(a)(b)
	297,686	2.734		08/15/2029		297,339
	Ford Credit Floorplan Master Owner Trust A Series 2015-2, Class A2(a)
	1,210,000	2.964		01/15/2022		1,211,778
	GMF Floorplan Owner Revolving Trust Series 2017-2, Class A2(a)(b)
	900,000	2.824		07/15/2022		900,780
	Mercedes-Benz Master Owner Trust Series 2018-AA, Class A(a)(b)
	1,500,000	2.654		05/16/2022		1,500,514
	Nissan Master Owner Trust Receivables Series 2017-C, Class A(a)
	300,000	2.714		10/17/2022		300,042
	Nissan Master Owner Trust Receivables Series 2019-A, Class A(a)
	850,000	2.954		02/15/2024		852,979
						7,315,267
Collateralized Loan Obligations(a)(b)(c) – 7.5%
	Benefit Street Partners CLO VII Ltd. Series 2015-VIIA, Class A1AR
	1,000,000	3.381		07/18/2027		997,057
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(a)(b)(c) – (continued)
	Bowman Park CLO Ltd. Series 2014-1A, Class AR
	219,861	3.704		11/23/2025		219,921
	CBAM Ltd. Series 2018-5A, Class A
	1,100,000	3.608		04/17/2031		1,086,328
	Cutwater Ltd. Series 2014-1A, Class A1AR
	237,280	3.847		07/15/2026		237,339
	Dryden 64 CLO Ltd. Series 2018-64A, Class A
	600,000	3.571		04/18/2031		595,811
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R
	141,805	3.731		04/18/2026		141,847
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A
	1,100,000	3.347		04/15/2029		1,089,131
	Parallel Ltd. Series 2015-1A, Class AR
	300,000	3.441		07/20/2027		299,876
	Pikes Peak CLO 2 Series 2018-2A, Class A
	800,000	3.891		01/18/2032		795,267
	Symphony CLO XII Ltd. Series 2013-12A, Class AR
	203,709	3.627		10/15/2025		203,710
	Trinitas CLO II Ltd. Series 2014-2A, Class A1R
	228,234	3.777		07/15/2026		228,506
	WhiteHorse IX Ltd. Series 2014-9A, Class AR
	267,867	3.748		07/17/2026		268,151
						6,162,944
Credit Card(a)(c) – 7.8%
	CARDS II Trust Series 2018-1A, Class A(b)
	2,200,000	2.744		04/17/2023		2,201,031
	Citibank Credit Card Issuance Trust Series 2017-A5, Class A5
	1,400,000	3.024		04/22/2026		1,408,885
	Citibank Credit Card Issuance Trust Series 2017-A7, Class A7
	500,000	2.782		08/08/2024		500,980
	Evergreen Credit Card Trust Series 2019-1, Class A(b)
	1,000,000	2.874		01/15/2023		1,002,905
	Golden Credit Card Trust Series 2019-1A, Class A(b)
	350,000	2.844		12/15/2022		350,655
	Trillium Credit Card Trust II Series 2018-1A, Class A(b)
	900,000	2.652		02/27/2023		900,044
						6,364,500
Student Loans(a) – 16.0%
	Academic Loan Funding Trust Series 2013-1A, Class A(b)(c)
	396,018	3.204		12/26/2044		393,276
	Access Group, Inc. Series 2015-1, Class A(b)(c)
	159,749	3.104		07/25/2056		158,402
	Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A(c)
	395,569	3.204		02/25/2041		392,141
	Brazos Higher Education Authority, Inc. Series 2011-1, Class A2(c)
	824,299	3.321		02/25/2030		824,237
	ECMC Group Student Loan Trust Series 2016-1A, Class A(b)(c)
	213,486	3.754		07/26/2066		215,074
	ECMC Group Student Loan Trust Series 2018-1A, Class A(b)(c)
	571,642	3.154		02/27/2068		569,840

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Asset-Backed Securities – (continued)
Student Loans(a) – (continued)
	Edsouth Indenture No. 1 LLC Series 2010-1, Class A1(b)(c)
$	242,256	3.430 %		07/25/2023	$	242,291
	Edsouth Indenture No. 4 LLC Series 2013-1, Class A(b)(c)
	112,270	2.974		02/26/2029		111,247
	Edsouth Indenture No. 5 LLC Series 2014-1, Class A(b)(c)
	199,939	3.104		02/25/2039		197,872
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1(b)(c)
	114,616	3.204		06/25/2026		114,766
	Education Loan Asset-Backed Trust I Series 2013-1, Class A2(b)(c)
	500,000	3.204		04/26/2032		496,045
	Educational Funding of the South, Inc. Series 2011-1, Class A2(c)
	372,303	3.230		04/25/2035		369,221
	Educational Funding of the South, Inc. Series 2012-1, Class A
	264,535	3.480		03/25/2036		267,091
	Higher Education Funding I Series 2014-1, Class A(b)(c)
	272,737	3.571		05/25/2034		274,564
	Illinois Student Assistance Commission Series 2010-1, Class A3
	185,774	3.480		07/25/2045		187,147
	Kentucky Higher Education Student Loan Corp. Series 2013-2, Class A1(c)
	558,961	3.040		09/01/2028		553,247
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1
	523,143	3.190		12/01/2031		516,929
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2(c)
	511,940	3.383		05/20/2030		511,939
	Navient Student Loan Trust Series 2016-5A, Class A(b)(c)
	957,759	3.654		06/25/2065		968,627
	Navient Student Loan Trust Series 2016-7A, Class A(b)(c)
	210,591	3.554		03/25/2066		211,616
	Nelnet Student Loan Trust Series 2006-1, Class A5(c)
	464,904	2.634		08/23/2027		464,146
	Nelnet Student Loan Trust Series 2006-2, Class A5(c)
	57,101	2.680		01/25/2030		57,086
	Nelnet Student Loan Trust Series 2013-5A, Class A(b)(c)
	72,420	3.034		01/25/2037		71,855
	Nelnet Student Loan Trust Series 2014-3A, Class A(b)(c)
	586,405	2.984		06/25/2041		578,281
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3(c)
	197,692	3.430		10/25/2037		198,854
	North Carolina State Education Assistance Authority Series 2010-1, Class A1(c)
	93,661	3.480		07/25/2041		93,163
	Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2(c)
	22,418	3.542		07/01/2024		22,436
	Pennsylvania Higher Education Assistance Agency Series 2006-1, Class A3(c)
	443,689	2.720		10/25/2035		433,746
	Scholar Funding Trust Series 2010-A, Class A(b)(c)
	220,329	3.332		10/28/2041		217,814
	Scholar Funding Trust Series 2011-A, Class A(b)(c)
	189,643	3.482		10/28/2043		188,415
	SLM Student Loan Trust Series 2005-5, Class A4(c)
	882,077	2.720		10/25/2028		876,278
	SLM Student Loan Trust Series 2007-1, Class A5(c)
	743,307	2.670		01/26/2026		741,112
	SLM Student Loan Trust Series 2008-5, Class A4(c)
	66,643	4.280		07/25/2023		67,401
	SLM Student Loan Trust Series 2012-3, Class A(c)
	768,819	3.054		12/27/2038		767,444
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2
	64,419	3.442		10/01/2024		64,459
	Utah State Board of Regents Series 2015-1, Class A(c)
	294,091	3.030		02/25/2043		291,826
	Utah State Board of Regents Series 2016-1, Class A
	344,209	3.154		09/25/2056		344,641
	Wachovia Student Loan Trust Series 2005-1, Class A5(c)
	5,274	2.710		01/26/2026		5,272
						13,059,801
	TOTAL ASSET-BACKED SECURITIES
	(Cost $32,857,353)				$	32,902,512
Supranational(a) – 3.1%
	European Investment Bank(b)
$	1,530,000	(SOFR + 0.29%),     2.703%		06/10/2022	$	1,531,019
	International Bank for Reconstruction & Development
	1,000,000	(SOFR + 0.22%), 2.640		08/21/2020		1,000,756
	TOTAL SUPRANATIONAL
	(Cost $2,530,000)				$	2,531,775
Municipal Bond(a)(b)(c) – 0.1%
New York – 0.1%
	Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017
$	96,460	(1 Mo. LIBOR + 0.50%),    2.904%		01/25/2033	$	95,778
	(Cost $96,460)
U.S. Treasury Obligations – 11.0%
	U.S. Treasury Bonds
$	220,000	3.750%		11/15/2043	$	270,634
	U.S. Treasury Notes(a)
	1,500,000	(3 Mo. U.S. T-Bill MMY + 0.03%), 2.129		04/30/2020		1,498,978
	2,300,000	(3 Mo. U.S. T-Bill MMY + 0.04%), 2.139		07/31/2020		2,297,670

The accompanying notes are an integral part of these financial statements. 43

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
U.S. Treasury Obligations – (continued)
	U.S. Treasury Notes(a) – (continued)
$	4,900,000	(3 Mo. U.S. T-Bill MMY + 0.05%), 2.141%		10/31/2020	$	4,892,790
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $8,936,114)				$	8,960,072

Shares		Dividend Rate			Value
Investment Company(d) – 11.2%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	9,130,382		2.308	%	$	9,130,382
	(Cost $9,130,382)

Principal Amount		Interest Rate			Maturity Date		Value
Short-Term Investments – 1.2%
Commercial Paper – 1.2%
	VW Credit, Inc.
$	300,000		3.280	%		12/06/2019	$	296,469
	700,000		2.601			03/30/2020		685,279
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $982,250)						$	981,748
	TOTAL INVESTMENTS – 98.4%
	(Cost $80,358,105)						$	80,380,403
	OTHER ASSETS IN EXCESS OF     LIABILITIES –1.6%							1,270,465
	NET ASSETS – 100.0%						$	81,650,868

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2019.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:
ACES	—Alternative Credit Enhancement Securities
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
MMY	—Money Market Yield
Mo.	—Month
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Financing Rate
T-Bill	—Treasury Bill
U.S.	—United States

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury 5 Year Note		13			09/30/2019	$	1,535,523		$	21,273
U.S. Treasury 10 Year Note		8			09/19/2019		1,023,250			22,082
U.S. Treasury 10 Year Ultra Note		3			09/19/2019		414,141			9,384
Total									$	52,739
Short position contracts:
3 Month Eurodollar		(2	)		03/16/2020	$	(491,400	)	$	(3,105	)
3 Month Eurodollar		(1	)		06/15/2020		(245,938	)		(1,635	)
U.S. Treasury 2 Year Note		(5	)		09/30/2019		(1,075,703	)		(6,117	)
U.S. Treasury Long Bond		(12	)		09/19/2019		(1,866,000	)		(49,881	)
Total									$	(60,738	)
Total Futures Contracts									$	(7,999	)

SWAP CONTRACTS — At June 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund		Termination Date		Notional Amount (000’s)(b)		Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
1.390%		1 Day Federal Funds		11/30/2023	USD	200	$	643	$	495	$	148

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2019.

The accompanying notes are an integral part of these financial statements. 45

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	Core Fixed Income Fund			Equity Index Fund		Growth Opportunities Fund		High Quality Floating Rate Fund
Assets:
Investments in unaffiliated issuers, at value (cost $41,432,402, $59,460,940, $52,929,580 and $71,227,723)(a)	$	42,818,038		$	171,357,766	$	70,873,934	$	71,250,021
Investments in affiliated issuers, at value (cost $7,501,840, $259,760, $1,092,324 and $9,130,382)		7,501,840			495,132		1,092,324		9,130,382
Investments in affiliated securities lending reinvestment vehicle, at value (cost $0, $0, $352,707 and $0)		—			—		352,707		—
Cash		631,315			1,158,463		167,126		1,156,321
Foreign currencies, at value (cost $40,433, $0, $0 and $0)		41,108			—		—		—
Receivables:
Investments sold on an extended-settlement basis		2,113,770			—		—		28,253
Collateral on certain derivative contracts(b)		400,613			—		—		22,564
Investments sold		339,286			—		4,713,030		—
Interest and dividends		258,046			141,868		22,101		198,286
Reimbursement from investment adviser		20,994			21,151		18,921		16,033
Fund shares sold		13,464			31,023		12		716
Securities lending income		—			—		6,053		—
Unrealized gain on forward foreign currency exchange contracts		71,505			—		—		—
Variation margin on futures		2,496			5,314		—		2,617
Variation margin on swaps		2,914			—		—		—
Other assets		273			558		322		379
Total assets		54,215,662			173,211,275		77,246,530		81,805,572
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		39,856			—		—		—
Variation margin on swaps		—			—		—		91
Payables:
Investments purchased on an extended-settlement basis		10,397,243			—		—		—
Investments purchased		725,755			84,855		2,198,874		—
Fund shares redeemed		13,398			12		63,639		15,925
Management fees		13,153			29,317		49,774		19,676
Distribution and Service fees and Transfer Agency fees		8,358			37,694		10,808		18,556
Payable upon return of securities loaned		—			—		352,707		—
Accrued expenses		103,469			89,680		92,321		100,456
Total liabilities		11,301,232			241,558		2,768,123		154,704
Net Assets:
Paid-in capital		43,467,189			59,281,124		46,533,547		82,925,844
Total distributable earnings (loss)		(552,759	)		113,688,593		27,944,860		(1,274,976	)
NET ASSETS	$	42,914,430		$	172,969,717	$	74,478,407	$	81,650,868
Net Assets:
Institutional	$	5,404,337		$	—	$	79,590	$	2,283,192
Service		37,510,093			172,969,717		74,398,817		72,542,130
Advisor		—			—		—		6,825,546
Total Net Assets	$	42,914,430		$	172,969,717	$	74,478,407	$	81,650,868
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		504,102			—		6,006		220,265
Service		3,497,869			10,135,015		5,815,329		7,011,718
Advisor		—			—		—		659,042
Net asset value, offering and redemption price per share:
Institutional		$10.72			—		$13.25		$10.37
Service		10.72			17.07		12.79		10.35
Advisor		—			—		—		10.36

(a) Includes loaned securities having a market value of $344,887 for the Growth Opportunities Fund.

(b) Segregated for initial margin and/or collateral on transactions as follows:

Fund	Forwards		Futures		Swaps
Core Fixed Income	$	210,000	$	60,955	$	129,658
High Quality Floating Rate		—		19,249		3,315

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

	Core Fixed Income Fund			Equity Index Fund			Growth Opportunities Fund			High Quality Floating Rate Fund
Investment income:
Interest	$	644,344		$	875		$	—		$	1,046,071
Dividends — affiliated issuers		24,290			4,047			13,287			96,853
Dividends — unaffiliated issuers		—			1,701,872			242,319			—
Securities lending income — affiliated issuer		—			2			—			—
Securities lending income — unaffiliated issuer		—			—			31,944			—
Total investment income		668,634			1,706,796			287,550			1,142,924
Expenses:
Management fees		78,846			251,247			306,272			125,730
Professional fees		56,935			44,751			44,770			50,438
Distribution and Service fees(a)		45,318			209,372			87,919			103,790
Custody, accounting and administrative services		40,607			36,960			39,030			38,226
Printing and mailing costs		23,987			23,032			21,185			19,019
Trustee fees		7,963			8,078			7,989			8,000
Transfer Agency fees(a)		3,942			16,748			7,040			8,111
Other		3,665			20,079			3,932			3,518
Total expenses		261,263			610,267			518,137			356,832
Less — expense reductions		(134,723	)		(205,893	)		(162,450	)		(113,457	)
Net expenses		126,540			404,374			355,687			243,375
NET INVESTMENT INCOME (LOSS)		542,094			1,302,422			(68,137	)		899,549
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers (including commissions recaptured of $0, $0, $331 and $0)		144,512			4,360,911			7,872,967			778
Investments — affiliated issuers		—			8,002			—			—
Futures contracts		47,681			102,620			—			(111,799	)
Purchased options		(1,157	)		—			—			—
Swap contracts		56,974			—			—			(16,156	)
Forward foreign currency exchange contracts		982			—			—			—
Foreign currency transactions		13,248			—			—			—
Net change in unrealized gain on:
Investments — unaffiliated issuers		1,657,961			21,865,791			7,960,784			97,005
Investments — affiliated issuers		—			85,882			—			—
Futures contracts		62,082			69,150			—			60,598
Swap contracts		46,730			—			—			148
Forward foreign currency exchange contracts		40,974			—			—			—
Foreign currency translation		197			—			—			—
Net realized and unrealized gain		2,070,184			26,492,356			15,833,751			30,574
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,612,278		$	27,794,778		$	15,765,614		$	930,123

(a) Class specific Distribution and/or Service, and Transfer Agency fees were as follows:

	Distribution and/or Service Fees				Transfer Agency Fees
Fund	Service		Advisor		Institutional		Service		Advisor
Core Fixed Income	$	45,318		N/A	$	317	$	3,625		N/A
Equity Index		209,372		N/A		N/A		16,748		N/A
Growth Opportunities		87,919		N/A		7		7,033		N/A
High Quality Floating Rate		89,827	$	13,963		227		7,186	$	698

The accompanying notes are an integral part of these financial statements. 47

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Changes in Net Assets

	Core Fixed Income Fund						Equity Index Fund
	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	542,094		$	1,225,144		$	1,302,422		$	2,596,973
Net realized gain (loss)		262,240			(1,538,377	)		4,471,533			11,623,359
Net change in unrealized gain (loss)		1,807,944			(1,585,058	)		22,020,823			(21,598,071	)
Net increase (decrease) in net assets resulting from operations		2,612,278			(1,898,291	)		27,794,778			(7,377,739	)
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(64,608	)		(14,101	)		—			—
Service Shares		(573,419	)		(1,241,765	)		—			(13,646,931	)
Total distributions to shareholders		(638,027	)		(1,255,866	)		—			(13,646,931	)
From share transactions:
Proceeds from sales of shares		3,128,660			5,175,072			1,730,047			4,433,966
Reinvestment of distributions		638,027			1,255,866			—			13,646,931
Cost of shares redeemed		(1,899,961	)		(73,392,129	)		(11,653,377	)		(20,993,560	)
Net increase (decrease) in net assets resulting from share transactions		1,866,726			(66,961,191	)		(9,923,330	)		(2,912,663	)
TOTAL INCREASE (DECREASE)		3,840,977			(70,115,348	)		17,871,448			(23,937,333	)
Net assets:
Beginning of period		39,073,453			109,188,801			155,098,269			179,035,602
End of period	$	42,914,430		$	39,073,453		$	172,969,717		$	155,098,269

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

	Growth Opportunities Fund						High Quality Floating Rate Fund
	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income (loss)	$	(68,137	)	$	(222,316	)	$	899,549		$	1,379,037
Net realized gain (loss)		7,872,967			38,998,411			(127,177	)		78,835
Net change in unrealized gain (loss)		7,960,784			(38,082,096	)		157,751			(331,356	)
Net increase in net assets resulting from operations		15,765,614			693,999			930,123			1,126,516
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(37,921	)		(31,894	)		(12,809	)
Service Shares		—			(39,325,197	)		(931,287	)		(1,323,812	)
Advisor Shares		—			—			(83,655	)		(107,740	)
Total distributions to shareholders		—			(39,363,118	)		(1,046,836	)		(1,444,361	)
From share transactions:
Proceeds from sales of shares		7,213,575			2,826,810			5,671,214			21,196,717
Reinvestment of distributions		—			39,363,118			1,046,836			1,444,361
Cost of shares redeemed		(8,470,410	)		(114,387,857	)		(7,244,854	)		(11,359,427	)
Net increase (decrease) in net assets resulting from share transactions		(1,256,835	)		(72,197,929	)		(526,804	)		11,281,651
TOTAL INCREASE (DECREASE)		14,508,779			(110,867,048	)		(643,517	)		10,963,806
Net Assets:
Beginning of period		59,969,628			170,836,676			82,294,385			71,330,579
End of period	$	74,478,407		$	59,969,628		$	81,650,868		$	82,294,385

The accompanying notes are an integral part of these financial statements. 49

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Core Fixed Income Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.20		$	10.66		$	10.61		$	10.53		$	10.75		$	10.48
Net investment income(a)		0.15			0.29			0.23			0.24			0.27			0.25
Net realized and unrealized gain (loss)		0.55			(0.37	)		0.13			0.08			(0.20	)		0.34
Total from investment operations		0.70			(0.08	)		0.36			0.32			0.07			0.59
Distributions to shareholders from net investment income		(0.18	)		(0.38	)		(0.31	)		(0.24	)		(0.29	)		(0.32	)
Net asset value, end of period	$	10.72		$	10.20		$	10.66		$	10.61		$	10.53		$	10.75
Total return(b)		6.76	%		(0.58	)%		3.40	%		2.98	%		0.60	%		5.68	%
Net assets, end of period (in 000s)	$	5,405		$	2,657		$	241		$	90		$	26		$	26
Ratio of net expenses to average net assets		0.41	%(c)		0.42	%		0.42	%		0.43	%		0.42	%		0.44	%
Ratio of total expenses to average net assets		1.09	%(c)		1.06	%		0.65	%		0.65	%		0.74	%		0.65	%
Ratio of net investment income to average net assets		2.95	%(c)		2.88	%		2.18	%		2.28	%		2.53	%		2.31	%
Portfolio turnover rate(d)		156	%		406	%		229	%		329	%		376	%		353	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

	Goldman Sachs Core Fixed Income Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.21		$	10.65		$	10.60		$	10.53		$	10.76		$	10.47
Net investment income(a)		0.14			0.25			0.21			0.22			0.24			0.22
Net realized and unrealized gain (loss)		0.54			(0.34	)		0.12			0.07			(0.21	)		0.36
Total from investment operations		0.68			(0.09	)		0.33			0.29			0.03			0.58
Distributions to shareholders from net investment income		(0.17	)		(0.35	)		(0.28	)		(0.22	)		(0.26	)		(0.29	)
Net asset value, end of period	$	10.72		$	10.21		$	10.65		$	10.60		$	10.53		$	10.76
Total return(b)		6.64	%		(0.83	)%		3.14	%		2.70	%		0.27	%		5.61	%
Net assets, end of period (in 000s)	$	37,510		$	36,416		$	108,948		$	110,476		$	104,924		$	107,063
Ratio of net expenses to average net assets		0.66	%(c)		0 .67	%		0 .67	%		0 .67	%		0 .67	%		0 .68	%
Ratio of total expenses to average net assets		1.35	%(c)		1 .18	%		0 .90	%		0 .91	%		0 .99	%		0 .91	%
Ratio of net investment income to average net assets		2.74	%(c)		2 .46	%		1 .95	%		2 .05	%		2 .27	%		2 .06	%
Portfolio turnover rate(d)		156	%		406	%		229	%		329	%		376	%		353	%

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

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

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 51

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Index Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	14.43		$	16.60		$	14.49		$	13.91		$	14.91		$	13.68
Net investment income(a)		0.13			0.25			0.24			0.25			0.32			0.22
Net realized and unrealized gain (loss)		2.51			(1.04	)		2.85			1.35			(0.18	)		1.58
Total from investment operations		2.64			(0.79	)		3.09			1.60			0.14			1.80
Distributions to shareholders from net investment income		—			(0.27	)		(0.26	)		(0.33	)		(0.28	)		(0.25	)
Distributions to shareholders from net realized gains		—			(1.11	)		(0.72	)		(0.69	)		(0.86	)		(0.32	)
Total distributions		—			(1.38	)		(0.98	)		(1.02	)		(1.14	)		(0.57	)
Net asset value, end of period	$	17.07		$	14.43		$	16.60		$	14.49		$	13.91		$	14.91
Total return(b)		18.30	%		(4.87	)%		21.29	%		11.41	%		0.94	%		13.22	%
Net assets, end of period (in 000s)	$	172,970		$	155,098		$	179,036		$	165,551		$	169,295		$	190,009
Ratio of net expenses to average net assets		0.48	%(c)		0.48	%		0.48	%		0.48	%		0.48	%		0.49	%
Ratio of total expenses to average net assets		0.73	%(c)		0.72	%		0.71	%		0.73	%		0.70	%		0.71	%
Ratio of net investment income to average net assets		1.58	%(c)		1.48	%		1.53	%		1.73	%		2.15	%		1.55	%
Portfolio turnover rate(d)		1	%		4	%		2	%		3	%		4	%		2	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

	Goldman Sachs Growth Opportunities Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)*			Year Ended December 31,*
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.51		$	31.13		$	27.13		$	26.86		$	30.89		$	34.35
Net investment loss(a)		—	(b)		(0.02	)		(0.04	)		(0.07	)		(0.06	)		(0.08	)
Net realized and unrealized gain (loss)		2.74			(1.30	)		7.40			0.52			(1.55	)		3.80
Total from investment operations		2.74			(1.32	)		7.36			0.45			(1.61	)		3.72
Distributions to shareholders from net realized gains		—			(19.30	)		(3.36	)		(0.18	)		(2.42	)		(7.18	)
Net asset value, end of period	$	13.25		$	10.51		$	31.13		$	27.13		$	26.86		$	30.89
Total return(c)		26.05	%		(4.17	)%		27.14	%		1.71	%		(5.20	)%		11.32	%
Net assets, end of period (in 000s)	$	80		$	59		$	52		$	3,518		$	32		$	33
Ratio of net expenses to average net assets		0.85	%(d)		0.85	%		0.87	%		0.89	%		0.93	%		1.01	%
Ratio of total expenses to average net assets		1.22	%(d)		1 .20	%		1.14	%		1.16	%		1.14	%		1.15	%
Ratio of net investment loss to average net assets		(0.03	)%(d)		(0.08	)%		(0.13	)%		(0.26	)%		(0.19	)%		(0.24	)%
Portfolio turnover rate(e)		45	%		59	%		57	%		63	%		57	%		62	%

* All per share amounts representing data prior to May 17, 2019 have been restated to reflect a 4 to 1 reverse stock split which occurred on that date.

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 53

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)*			Year Ended December 31,*
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.15		$	30.80		$	26.92		$	26.71		$	30.78		$	34.31
Net investment loss(a)		—	(b)		(0.07	)		(0.08	)		(0.10	)		(0.11	)		(0.14	)
Net realized and unrealized gain (loss)		2.64			(1.28	)		7.32			0.49			(1.54	)		3.79
Total from investment operations		2.64			(1.35	)		7.24			0.39			(1.65	)		3.65
Distributions to shareholders from net realized gains		—			(19.30	)		(3.36	)		(0.18	)		(2.42	)		(7.18	)
Net asset value, end of period	$	12.79		$	10.15		$	30.80		$	26.92		$	26.71		$	30.78
Total return(c)		25.89	%		(4.34	)%		26.92	%		1.42	%		(5.20	)%		11.10	%
Net assets, end of period (in 000s)	$	74,399		$	59,910		$	170,785		$	155,924		$	168,653		$	201,519
Ratio of net expenses to average net assets		1.01	%(d)		1.01	%		1.02	%		1.05	%		1.09	%		1.17	%
Ratio of total expenses to average net assets		1.47	%(d)		1.44	%		1.39	%		1.40	%		1.40	%		1.39	%
Ratio of net investment loss to average net assets		(0.19	)%(d)		(0.24	)%		(0.26	)%		(0.37	)%		(0.36	)%		(0.39	)%
Portfolio turnover rate(e)		45	%		59	%		57	%		63	%		57	%		62	%

* All per share amounts representing data prior to May 17, 2019 have been restated to reflect a 4 to 1 reverse stock split which occurred on that date.

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

(b) Amount is less than $0.005 per share.

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

(d) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

	Goldman Sachs High Quality Floating Rate Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.38		$	10.42		$	10.41		$	10.40		$	10.49		$	10.51
Net investment income(a)		0.13			0.24			0.14			0.11			0.06			0.05
Net realized and unrealized gain (loss)		0.01			(0.06	)		0.03			0.03			(0.08	)		(0.03	)
Total from investment operations		0.14			0.18			0.17			0.14			(0.02	)		0.02
Distributions to shareholders from net investment income		(0.15	)		(0.22	)		(0.16	)		(0.13	)		(0.07	)		(0.04	)
Net asset value, end of period	$	10.37		$	10.38		$	10.42		$	10.41		$	10.40		$	10.49
Total return(b)		1.32	%		1.75	%		1.62	%		1.35	%		(0.16	)%		0.17	%
Net assets, end of period (in 000s)	$	2,283		$	2,326		$	57		$	25		$	25		$	25
Ratio of net expenses to average net assets		0.34	%(c)		0.34	%		0.36	%		0.39	%		0.38	%		0.40	%
Ratio of total expenses to average net assets		0.62	%(c)		0.63	%		0.72	%		0.78	%		0.81	%		0.70	%
Ratio of net investment income to average net assets		2.50	%(c)		2.28	%		1.33	%		1.03	%		0.54	%		0.51	%
Portfolio turnover rate(d)		9	%		36	%		38	%		47	%		14	%		17	%

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

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

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 55

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Quality Floating Rate Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.36		$	10.40		$	10.38		$	10.38		$	10.47		$	10.51
Net investment income(a)		0.11			0.19			0.11			0.08			0.03			0.03
Net realized and unrealized gain (loss)		0.01			(0.03	)		0.04			0.02			(0.07	)		(0.04	)
Total from investment operations		0.12			0.16			0.15			0.10			(0.04	)		(0.01	)
Distributions to shareholders from net investment income		(0.13	)		(0.20	)		(0.13	)		(0.10	)		(0.05	)		(0.03	)
Net asset value, end of period	$	10.35		$	10.36		$	10.40		$	10.38		$	10.38		$	10.47
Total return(b)		1.20	%		1.50	%		1.47	%		1.00	%		(0.42	)%		(0.09	)%
Net assets, end of period (in 000s)	$	72,542		$	72,784		$	66,548		$	66,710		$	69,625		$	74,892
Ratio of net expenses to average net assets		0.59	%(c)		0 .60	%		0 .61	%		0 .65	%		0 .64	%		0 .66	%
Ratio of total expenses to average net assets		0.87	%(c)		0 .91	%		0 .97	%		1 .04	%		1 .05	%		0 .96	%
Ratio of net investment income to average net assets		2.25	%(c)		1 .82	%		1 .08	%		0 .77	%		0 .28	%		0 .25	%
Portfolio turnover rate(d)		9	%		36	%		38	%		47	%		14	%		17	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

	Goldman Sachs High Quality Floating Rate Fund
	Advisor Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,												For the Period October 15, 2014* to December 31, 2014
				2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	10.37		$	10.41		$	10.40		$	10.40		$	10.49		$	10.51
Net investment income(a)		0.11			0.18			0.10			0.06			0.01			—	(b)
Net realized and unrealized gain (loss)		0.01			(0.04	)		0.03			0.03			(0.06	)		(0.02	)
Total from investment operations		0.12			0.14			0.13			0.09			(0.05	)		(0.02	)
Distributions to shareholders from net investment income		(0.13	)		(0.18	)		(0.12	)		(0.09	)		(0.04	)		—
Net asset value, end of period	$	10.36		$	10.37		$	10.41		$	10.40		$	10.40		$	10.49
Total return(c)		1.12	%		1.37	%		1.26	%		0.96	%		(0.57	)%		(0.10	)%(d)
Net assets, end of period (in 000s)	$	6,826		$	7,184		$	4,726		$	1,658		$	1,315		$	10
Ratio of net expenses to average net assets		0.74	%(e)		0.75	%		0.76	%		0.80	%		0.78	%		0.77	%(e)
Ratio of total expenses to average net assets		1.02	%(e)		1.05	%		1.12	%		1.18	%		1.25	%		1.13	%(e)
Ratio of net investment income to average net assets		2.10	%(e)		1.69	%		0.96	%		0.62	%		0.12	%		0.15	%(e)
Portfolio turnover rate(f)		9	%		36	%		38	%		47	%		14	%		17	%

* Commencement of Operations.

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

(b) Amount is less than $0.005 per share.

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

(d) Represents cumulative total returns.

(e) Annualized.

(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.

The accompanying notes are an integral part of these financial statements. 57

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements

June 30, 2019 (Unaudited)

1.    ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-diversified
High Quality Floating Rate	Institutional, Service and Advisor	Diversified
Core Fixed Income and Growth Opportunities	Institutional and Service	Diversified
Equity Index	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 management agreements (the “Agreements”) with the Trust.

The Growth Opportunities Fund processed a 4-for-1 reverse stock split effective at the close of business on May 17, 2019. The stock split had no impact on the overall value of a shareholder’s investment in the Fund.

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.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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. 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 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, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicableFunds 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.

58

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

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:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Core Fixed Income and High Quality Floating Rate	Quarterly	Annually
Equity Index and Growth Opportunities	Annually	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

F.  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.

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 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;

59

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

The Board of Trustees (“Trustees”) have approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV 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 Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. 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 G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

ii. 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.

60

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

iii. Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

iv. 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.

v. 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 a 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, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. 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 receivables/payables for collateral on certain derivatives 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

61

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a 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 at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by 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.

iii. Options — When a 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 interest rate and or credit default, swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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

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, a Fund, as a buyer of credit protection, is entitled to receive an

62

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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, a 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, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

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

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. 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. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2019:

CORE FIXED INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Bonds	$	—	$	15,225,951	$	—
Mortgage-Backed Securities		—		13,918,358		—
Collateralized Mortgage Obligations		—		917,112		—
Commercial Mortgage-Backed Security		—		150,099		—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		5,319,761		1,042,443		—
Asset-Backed Securities		—		3,614,221		—
Foreign Government Securities		—		1,929,534		—
Municipal Bonds		—		700,559		—
Investment Company		7,501,840		—		—
Total	$	12,821,601	$	37,498,277	$	—

63

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

CORE FIXED INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	71,505		$	—
Futures Contracts		140,971			—			—
Credit Default Swap Contracts		—			17,083			—
Interest Rate Swap Contracts		—			71,081			—
Total	$	140,971		$	159,669		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(39,856	)	$	—
Futures Contracts		(89,576	)		—			—
Interest Rate Swap Contracts		—			(47,158	)		—
Total	$	(89,576	)	$	(87,014	)	$	—
EQUITY INDEX
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	971,480		$	—		$	—
North America		170,807,068			—			—
Short-Term Investment		74,350			—			—
Total	$	171,852,898		$	—		$	—
Derivative Type
Assets(a)
Futures Contracts	$	19,957		$	—		$	—
GROWTH OPPORTUNITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
North America	$	70,873,934		$	—		$	—
Investment Company		1,092,324			—			—
Securities Lending Reinvestment Vehicle		352,707			—			—
Total	$	72,318,965		$	—		$	—

(a) Amount shown represents unrealized gain (loss) at period end.

(b) 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.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Obligations and/or Other U.S. Government Agencies	$	8,960,072		$	2,001,760	$	—
Mortgage-Backed Securities		—			2,496,967		—
Collateralized Mortgage Obligations		—			20,955,030		—
Commercial Mortgage-Backed Security		—			324,379		—
Asset-Backed Securities		—			32,902,512		—
Municipal Bond		—			95,778		—
Supranational		—			2,531,775		—
Investment Company		9,130,382			—		—
Short Term Investments		—			981,748		—
Total	$	18,090,454		$	62,289,949	$	—
Derivative Type
Assets(a)
Futures Contracts	$	52,739		$	—	$	—
Interest Rate Swap Contract		—			148		—
Total	$	52,739		$	148	$	—
Liabilities(a)
Futures Contracts	$	(60,738	)	$	—	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

4.    INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2019. 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.

Core Fixed Income

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest Rate	Variation margin on futures and swaps contracts	$	212,052	(a)	Variation margin on futures and swaps contracts	$	(136,734	)(a)
Credit	Variation margin on Swap contracts		17,083	(a)	—		—
Currency	Receivables for unrealized gain on forward foreign currency exchange contracts		71,505		Payable for unrealized loss on forward foreign currency exchange contracts		(39,856	)
Total		$	300,640			$	(176,590	)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of June 30, 2019 is reported within the Statements of Assets and Liabilities.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

4.    INVESTMENTS IN DERIVATIVES (continued)

Fund	Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities(a)
Equity Index	Equity	Variation margin on futures contracts	$	19,957	—	$	—
High Quality Floating Rate	Interest Rate	Variation margin on futures and swap contracts		52,887	Variation margin on futures contracts		(60,738	)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of June 30, 2019 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2019. 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

Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest Rate	Net realized gain (loss) from futures contracts, purchased options and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	91,681	$	67,900		170
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		11,817		40,912		4
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		982		40,974		241
Total		$	104,480	$	149,786		415

Equity Index

Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	102,620	$	69,150		8

High Quality Floating Rate

Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest Rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	(127,955	)	$	60,746		45

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2019.

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5.    AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreements, 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.

For the six months ended June 30, 2019, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Core Fixed Income		0.40	%		0.36	%		0.34	%		0.33	%		0.32	%		0.40	%		0.39	%
Growth Opportunities		0.87			0.87			0.78			0.74			0.73			0.87			0.83	*
High Quality Floating Rate		0.31			0.28			0.27			0.26			0.25			0.31			0.29

^ 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 agreed to waive a portion of its management fee in order to achieve net management rate, as defined in the Fund’s most recent prospectuses. This waiver will be effective through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

The Core Fixed Income, Growth Opportunities and High Quality Floating Rate 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 Growth Opportunities Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2019, GSAM waived $1,618, $909, and $6,594 of the Core Fixed Income, Growth Opportunities and High Quality Floating Rate Funds’ management fees, respectively.

The Agreement for the Equity Index Fund provides for a contractual management fee at an annual rate equal to 0.30% of the Fund’s average daily net assets. For the six months ended June 30, 2019, GSAM agreed to waive a portion of its management fee in order to achieve the following effective annual rates which will remain in effect through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees:

Net Management Rate
Fund	$0-$400 million	Over $400 million	Effective Rate
Equity Index	0.21%	0.20%	0.21%

As authorized by the Agreement for the Equity Index Fund, GSAM has entered into a Sub-advisory Agreement with SSgA Funds Management, Inc. (“SSgA”) which serves as the sub-adviser to the Fund and provides the day-to-day advice regarding the Fund’s portfolio transactions. As compensation for its services, SSgA is entitled to a fee, accrued daily and paid monthly by GSAM, at the following annual rates of the Fund’s average daily net assets: 0.03% on the first $50 million, 0.02% on the next $200 million, 0.01% on the next $750 million and 0.008% over $1 billion. The effective Sub-advisory fee was 0.02% for the six months ended June 30, 2019.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Service Shares of each applicable 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

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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. For the six months ended June 30, 2019 for the Growth Opportunities Fund, Goldman Sachs agreed to waive distribution and services fees so as not to exceed an annual rate of 0.16% of average daily net assets of the Fund. This distribution and service fee waiver will remain in place through at least April 30, 2020, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

The Trust, on behalf of Advisor Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.15% of the Fund’s average daily net assets attributable to Advisor Shares.

C.  Service Plans — The Trust, on behalf of Advisor Shares of each applicable Fund, has adopted a Service Plan to allow Advisor Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance and administration services to their customers who are beneficial owners of such shares. The Service Plans each provide for compensation to the service organizations equal to 0.25% of the average daily net assets attributable to Advisor Shares of the Fund.

D.  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, Service and Advisor Shares.

E.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Core Fixed Income, Equity Index, Growth Opportunities and High Quality Floating Rate Funds are 0.004%, 0.004%, 0.004% and 0.034%, respectively. These Other Expense limitations will remain in place through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Distribution and Service Fee Waiver		Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
Core Fixed Income	$	1,618	$	—	$	737	$	132,368	$	134,723
Equity Index		75,375		—		971		129,547		205,893
Growth Opportunities		14,991		31,651		311		115,497		162,450
High Quality Floating Rate		6,594		—		1,450		105,413		113,457

F.  Line of Credit Facility — As of June 30, 2019, the Funds participated in a $580,000,000 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.

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5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2019, the Funds did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

G.  Other Transactions with Affiliates — For the six months ended June 30, 2019, Goldman Sachs earned $319 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Growth Opportunities Fund.

The following table provides information about the investment in shares of issuers of which a Fund is an affiliate as of and for the six months ended June 30, 2019:

Fund		Name of Affiliated Issuer	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending Value as of June 30, 2019		Shares as of June 30, 2019		Dividend Income from Affiliated Issuer
	Equity Index	Goldman Sachs Group, Inc. (The)	$	421,300	$	—	$	(20,052	)	$	8,002	$	85,882	$	495,132		2,420	$	4,047

The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2019:

Fund	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019		Shares as of June 30, 2019		Dividend Income from Affiliated Investment Company
Core Fixed Income	$	275,823	$	12,434,472		$(5,208,455)		$	7,501,840		7,501,840	$	24,290
Growth Opportunities		1,640,990		17,444,670		(17,993,336	)		1,092,324		1,092,324		13,287
High Quality Floating Rate		9,734,004		11,212,942		(11,816,564	)		9,130,382		9,130,382		96,853

As of June 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 62% of the Institutional Shares of the Growth Opportunities Fund.

6.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2019, were as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Core Fixed Income	$	82,852,311	$	4,475,028	$	79,327,277	$	4,059,891
Equity Index		—		1,828,932		—		10,574,127
Growth Opportunities		—		31,150,676		—		33,601,917
High Quality Floating Rate		—		6,361,437		2,257,069		4,204,164

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

7.    SECURITIES LENDING

The Growth Opportunities Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Equity Index Fund may lend its 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 Equity Index and Growth Opportunities Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will and BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds may enter into master netting agreements with borrowers, which 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 bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2019 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Equity Index Fund did not have securities on loan as of June 30, 2019.

Each of the Equity Index and Growth Opportunities Funds and GSAL and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds’ for the six months ended June 30, 2019, are reported under Investment Income on the Statements of Operations.

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7.    SECURITIES LENDING (continued)

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2019:

Fund	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019
Equity Index	$	—	$	177,050	$	(177,050	)	$	—
Growth Opportunities		193,706		5,820,807		(5,661,806	)		352,707

8.    TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2018, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	Core Fixed Income		Equity Index		Growth Opportunities		High Quality Floating Rate
Capital loss carryforwards:
Perpetual short-term	$	(1,042,210)	$	—	$	—	$	(166,128)
Perpetual long-term		(1,165,002)		—		—		(969,533)
Total capital loss carryforwards	$	(2,207,212)	$	—	$	—	$	(1,135,661)
Timing differences (§ 857 (b)(9) deferred dividend, post October loss deferral, and straddle loss deferrals)	$	(143,546)	$	(129,576)	$	(239,899)	$	(106,038)

As of June 30, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Core Fixed Income			Equity Index			Growth Opportunities			High Quality Floating Rate
Tax cost	$	48,911,447		$	64,688,959		$	55,132,525		$	80,289,506
Gross unrealized gain		1,831,526			114,919,660			18,439,694			350,717
Gross unrealized loss		(423,095	)		(7,755,721	)		(1,253,254	)		(259,820	)
Net unrealized security gain	$	1,408,431		$	107,163,939		$	17,186,440		$	90,897

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 underlying fund investments, real estate investment trust investments, partnership investments and swap transactions.

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

9.    OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid,

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

9.    OTHER RISKS (continued)

volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. 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 a 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. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a 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 — 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 the 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.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a 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.

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

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10.    INDEMNIFICATIONS (continued)

course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11.     OTHER MATTERS

The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended June 30, 2019. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Funds. Upon evaluation, GSAM has concluded that the change in accounting principle does not materially impact the financial statement amounts.

12.     SUBSEQUENT EVENTS

Subsequent events after the Statements 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.

13.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Core Fixed Income Fund
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		245,443		$	2,597,245			239,264		$	2,398,042
Reinvestment of distributions		6,086			64,608			1,385			14,101
Shares redeemed		(7,787	)		(80,952	)		(2,860	)		(29,294	)
		243,742			2,580,901			237,789			2,382,849
Service Shares
Shares sold		50,724			531,415			269,492			2,777,030
Reinvestment of distributions		54,215			573,419			121,784			1,241,765
Shares redeemed		(174,916	)		(1,819,009	)		(7,052,075	)		(73,362,835	)
		(69,977	)		(714,175	)		(6,660,799	)		(69,344,040	)
NET INCREASE (DECREASE)		173,765		$	1,866,726			(6,423,010	)	$	(66,961,191	)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

13.    SUMMARY OF SHARE TRANSACTIONS (continued)

	Equity Index Fund
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Service Shares
Shares sold		108,048		$	1,730,047			255,683		$	4,433,966
Reinvestment of distributions		—			—			931,531			13,646,931
Shares redeemed		(720,415	)		(11,653,377	)		(1,225,406	)		(20,993,560	)
NET DECREASE		(612,367	)	$	(9,923,330	)		(38,192	)	$	(2,912,663	)
	Growth Opportunities Fund
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		1,506		$	4,361			1,452		$	10,553
Reinvestment of distributions		—			—			14,418			37,921
Shares redeemed		—			—			—			(6	)
Stock split share adjustment		(18,018	)		—			—			—
		(16,512	)		4,361			15,870			48,468
Service Shares
Shares sold		2,446,760			7,209,214			400,481			2,816,257
Reinvestment of distributions		—			—			15,482,361			39,325,197
Shares redeemed		(2,466,230	)		(8,470,410	)		(14,466,620	)		(114,387,851	)
Stock split share adjustment		(17,764,276	)		—			—			—
		(17,783,746	)		(1,261,196	)		1,416,222			(72,246,397	)
NET INCREASE (DECREASE)		(17,800,258	)	$	(1,256,835	)		1,432,092		$	(72,197,929	)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

13.    SUMMARY OF SHARE TRANSACTIONS (continued)

	High Quality Floating Rate Fund
	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		(1	)	$	—			220,421		$	2,298,983
Reinvestment of distributions		3,079			31,894			1,234			12,809
Shares redeemed		(6,906	)		(71,886	)		(2,992	)		(31,202	)
		(3,828	)		(39,992	)		218,663			2,280,590
Service Shares
Shares sold		357,512			3,710,070			1,428,964			14,877,058
Reinvestment of distributions		90,066			931,287			127,506			1,323,812
Shares redeemed		(460,369	)		(4,778,454	)		(930,951	)		(9,686,886	)
		(12,791	)		(137,097	)		625,519			6,513,984
Advisor Shares
Shares sold		188,682			1,961,144			385,926			4,020,676
Reinvestment of distributions		8,079			83,655			10,367			107,740
Shares redeemed		(230,353	)		(2,394,514	)		(157,560	)		(1,641,339	)
		(33,592	)		(349,715	)		238,733			2,487,077
NET INCREASE (DECREASE)		(50,211	)	$	(526,804	)		1,082,915		$	11,281,651

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Fund Expenses — Six Month Period Ended June 30, 2019 (Unaudited) 

As a shareholder of Institutional, Service or Advisor Shares of the Funds, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees (with respect to Service and Advisor Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares, Service Shares and Advisor Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes— The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Funds you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

	Core Fixed Income Fund							Equity Index Fund							Growth Opportunities Fund							High Quality Floating Rate Fund
Share Class	Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*		Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*		Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*		Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*
Institutional
Actual	$	1,000	$	1,067.60		$	2.10		N/A		N/A			N/A	$	1,000	$	1,260.50		$	4.76	$	1,000	$	1,013.20		$	1.70
Hypothetical 5% return		1,000		1,022.76	+		2.06		N/A		N/A			N/A		1,000		1,020.58	+		4.26		1,000		1,023.11	+		1.71
Service
Actual		1,000		1,066.40			3.38	$	1,000	$	1,183.00		$	2.60		1,000		1,258.90			5.66		1,000		1,012.00			2.94
Hypothetical 5% return		1,000		1,021.52	+		3.31		1,000		1,022.41	+		2.41		1,000		1,019.79	+		5.06		1,000		1,021.87	+		2.96
Advisor
Actual		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,011.20			3.69
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,021.12	+		3.71

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.    

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Institutional			Service			Advisor
Core Fixed Income		0.41	%		0.66	%		N/A
Equity Index		N/A			0.48			N/A
Growth Opportunities		0.85			1.01			N/A
High Quality Floating Rate		0.34			0.59			0.74	%

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Core Fixed Income, Goldman Sachs Equity Index, Goldman Sachs Growth Opportunities and Goldman Sachs High Quality Floating Rate Funds (the “Funds”) are investment portfolios of Goldman Sachs Variable Insurance Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreements (the “Management Agreements”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds and the sub-advisory agreement (the “Sub-Advisory Agreement,” and together with the Management Agreements, the “Agreements”) between the Investment Adviser and SSgA Funds Management, Inc. (the “Sub-Adviser”) on behalf of the Equity Index Fund.

The Agreements were most recently approved for continuation until June 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Agreements or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2019 (the “Annual Meeting”).

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

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

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

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Core Fixed Income Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Agreements and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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

(h) information relating to the profitability of the Management Agreements and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending (in the case of the Equity Index Fund), portfolio trading, distribution and other services;

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

(l) information regarding commissions paid by the Equity Index and Growth Opportunities Funds (the “Equity Funds”) and broker oversight, an update on the Investment Adviser’s soft dollars practices (with respect to the Growth Opportunities Fund), other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers (including the Sub-Adviser for the Equity Index Fund), and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreements; and

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreements

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services (including, with respect to the Equity Index Fund, the Investment Adviser’s oversight of the Sub-Adviser) that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Funds and their service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Core Fixed Income Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

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

The Trustees observed that the Core Fixed Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, five-, and ten-year periods and in the third quartile for the three-year period, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed for the five-year period ended March 31, 2019. The Trustees noted that the Core Fixed Income Fund had experienced certain portfolio management changes in 2018 and the first half of 2019. The Trustees observed that the Equity Index Fund’s Service Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had underperformed the Fund’s benchmark index by an amount approximately equal to Fund fees and expenses for the one-, three-, five-, and ten-year periods ended March 31, 2019. The Trustees noted that the Growth Opportunities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the ten-year period and in the third quartile for the one-, three-, and five-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2019. They also noted that the Growth Opportunities Fund had experienced certain portfolio management changes in 2018. The Trustees observed that the High Quality Floating Rate Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three- and ten-year periods, the third quartile for the five-year period, and the fourth quartile for the one-year period, and had outperformed the Fund’s benchmark index for the three- and five-year periods and underperformed for the one-year period ended March 31, 2019.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Agreements and the fee rates payable by each Fund under the Management Agreements and, with respect to the Equity Index Fund, payable by the Investment Adviser under the Sub-Advisory Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints (as applicable) to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Core Fixed Income, High Quality Floating Rate and Growth Opportunities Funds at the following annual percentage rates of the average daily net assets of the Funds:

	Core Fixed Income Fund			High Quality Floating Rate Fund
First $1 billion		0.40	%		0.31	%
Next $1 billion		0.36			0.28
Next $3 billion		0.34			0.27
Next $3 billion		0.33			0.26
Over $8 billion		0.32			0.25

	Growth Opportunities Fund
First $2 billion		0.87	%
Next $3 billion		0.78
Next $3 billion		0.74
Over $8 billion		0.73

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee (with respect to the Equity Index and Growth Opportunities Funds) and to limit certain expenses of the Funds that exceed specified levels as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the distribution and service fees paid by the Growth Opportunities Fund’s Service Shares.. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

With respect to the Equity Index Fund, the Trustees noted that, while its Management Agreement did not have breakpoints, the Investment Adviser had agreed to waive a portion of its management fee in order to achieve the following effective annual rates: 0.21% on the first $400 million of average daily net assets and 0.20% of average daily net assets in excess of $400 million. The Trustees noted that, in addition to the Investment Adviser’s management fee waiver mentioned above, the Fund’s total expenses were further reduced by the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level.

80

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities transactions on behalf of the Equity Funds and futures transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Growth Opportunities Fund; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for the Equity Index Fund (and fees earned by the Investment Adviser for managing the fund in which the Equity Index and Growth Opportunities Funds’ securities lending cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (j) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Equity Index Fund’s ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Fund in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Agreements, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreements should be approved and continued with respect to each Fund until June 30, 2020.

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

Sub-Advisory Agreement for the Equity Index Fund

Nature, Extent, and Quality of the Services Provided Under the Sub-Advisory Agreement and Investment Performance. In evaluating the Sub-Advisory Agreement, the Trustees relied upon materials furnished and presentations made by the Investment Adviser and the Sub-Adviser. In evaluating the nature, extent, and quality of services provided by the Sub-Adviser, the Trustees considered information on the services provided to the Equity Index Fund by the Sub-Adviser, including information about the Sub-Adviser’s (a) personnel and organizational structure; (b) experience in index investing and track record in tracking the performance of the Fund’s benchmark in line with the investment objective of the Fund; (c) policies and procedures in place to address potential conflicts of interest; and (d) compliance program and code of ethics. The Trustees reviewed the services provided to the Fund under the Sub-Advisory Agreement. They noted that the Fund’s Service Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index by an amount approximately equal to Fund fees and expenses for the one-, three-, five-, and ten-year periods ended March 31, 2019.

Costs of Services Provided. The Trustees reviewed the terms of the Sub-Advisory Agreement, including the schedule of fees payable to the Sub-Adviser. They considered the breakpoints in the sub-advisory fee rate payable under the Sub-Advisory Agreement at the following annual percentage rates of the average daily net assets of the Fund:

Average Daily Net Assets	Sub-Advisory Fee Annual Rate
First $50 Million		0.030	%
Next $200 Million		0.020	%
Next $750 Million		0.010	%
Over $1 Billion		0.008	%

The Trustees noted that the Sub-Adviser’s compensation is paid by the Investment Adviser, not by the Fund, and that the retention of the Sub-Adviser does not increase the fees incurred by the Fund for advisory services. They considered the Investment Adviser’s belief that the relationship between the management fees paid by the Fund and the sub-advisory fees paid by the Investment Adviser is appropriate given the level of services the Investment Adviser provides to the Fund and the significant differences in cost drivers and risks associated with the respective services offered by the Investment Adviser and the Sub-Adviser, as well as the management fee waivers and expense limitations that substantially reduce the fees retained by the Investment Adviser.

Conclusion. After deliberation and consideration of the information provided, the Trustees concluded that the sub-advisory fee to be paid by the Investment Adviser to the Sub-Adviser with respect to the Equity Index Fund is reasonable in light of the services to be provided by the Sub-Adviser and the Fund’s reasonably foreseeable asset levels, and that the Sub-Advisory Agreement should be approved and continued until June 30, 2020.

82

TRUSTEES	OFFICERS
Jessica Palmer, Chair	James A. McNamara, President
Kathryn A. Cassidy	Joseph F. DiMaria, Principal Financial Officer,
Diana M. Daniels	Principal Accounting Officer and Treasurer
James A. McNamara	Caroline L. Kraus, Secretary
Roy W. Templin
Gregory G. Weaver

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York,

New York 10282

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transactions or matters addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Fund holdings and allocations shown are as of June 30, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Funds are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Funds.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Funds’ objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Funds and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust Funds.

© 2019 Goldman Sachs. All rights reserved.

VITMLTISAR-19/175371-OTU-1025432

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Small Cap Equity Insights Fund

Beginning on or after January 1, 2021, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company that offers your variable insurance contract or your financial intermediary, unless you specifically request paper copies of the reports from the insurance company or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the insurance company electronically by contacting your insurance company or your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform the insurance company or your financial intermediary that you wish to receive paper copies of reports. Your election to receive reports in paper will apply to all Goldman Sachs Funds available under your contract and may apply to all funds held with your financial intermediary.

Semi-Annual Report

June 30, 2019

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Small Cap Equity Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated cumulative total returns of 16.30% and 16.15%, respectively. These returns compare to the 16.98% cumulative total return of the Fund’s benchmark, the Russell 2000^® Index (with dividends reinvested) (the “Russell Index”) during the same time period.

What economic and market factors most influenced the equity markets as a whole during the Reporting Period?

Representing the U.S. equity market, the S&P 500^® Index returned 18.54% during the Reporting Period, rallying strongly following negative absolute returns posted in 2018. While 2018 was the worst calendar year since 2008, the first half of 2019 was the strongest first half for the S&P 500^® Index since 1997.

During the first quarter of 2019, the S&P 500^® Index rose 13.65%. After a volatile end to 2018, the rally to begin 2019 marked the best first quarter performance for the S&P 500^® Index since 1998. Federal Reserve (“Fed”) commentary provided a supportive background for U.S. equities, as Fed Chair Jerome Powell reiterated a “patient” approach to monetary policy that included a pause in interest rate hikes and a nearing end to the Fed’s balance sheet runoff. The U.S. unemployment rate remained well below trend at 3.8% in February 2019, and wages grew 3.4% year over year. Housing data showed strength in the first calendar quarter, with new home sales reaching 667,000 in February, bringing the three-month average up to 630,000. Strength in housing data could be partially attributed to a steep decline in mortgage rates resulting from a more cautious Fed. The University of Michigan Consumer Sentiment Index was also a point of significant strength in the U.S. economy, steadily climbing in each month of the first quarter of 2019 and eventually reaching 98.4 in March, its highest level in six months. Economic growth concerns that had dominated the fourth quarter of 2018 failed to completely disappear, however, as fourth quarter 2018 Gross Domestic Product (“GDP”) growth was revised down 0.4% in March 2019 to 2.2%. While the revision was further evidence of a slowing U.S. economy, the result was largely priced in by equity markets and thus had a limited effect on stock prices outside of the financials sector, which historically tends to be more rate sensitive.

The S&P 500^® Index rose a solid but more moderate 4.30% during the second quarter of 2019. Trade tensions between the U.S. and China dominated headlines and broadly added noise to the markets. (Noise refers to market activity that can confuse or misrepresent genuine underlying trends.) In April 2019, there was an optimistic consensus outlook on a possible trade deal, but this optimism faded in May when the U.S. President threatened to raise current tariffs and impose new duties on $300 billion of additional Chinese imports. Also, sanctions were temporarily placed on a Chinese telecommunications giant, until they were lifted in June 2019, when any additional tariffs or compromise were postponed. Also during the second quarter of 2019, the markets kept a close eye on the Fed. After steadily raising short-term interest rates since 2015 to a range of 2.25% to 2.50%, the Fed alluded to a more accommodative approach. Following the Fed’s statement, the market consensus actually priced in at least one interest rate cut by the end of 2019, if not sooner. Economic indicators were mixed during the second quarter of 2019, with consumer sentiment remaining elevated, while nonfarm payrolls and manufacturing indices across the board fell short.

For the Reporting Period overall, all 11 sectors posted positive absolute returns, with 10 of the 11 generating double-digit gains. Information technology, consumer discretionary and industrials were the best performing sectors in the S&P 500^® Index, as measured by total return, while the weakest performing sectors in the S&P 500^® Index during the Reporting Period were health care, energy and utilities.

Within the U.S. equity market, all capitalization segments posted double-digit positive returns, led by mid-cap stocks, as measured by the Russell Midcap^® Index, followed by large-cap stocks, as measured by the Russell 1000^® Index, and then small-cap stocks, as measured by the Russell 2000^® Index. From a style perspective, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

1

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, namely Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends.

During the Reporting Period, the Fund posted double-digit absolute gains but modestly underperformed the Russell Index on a relative basis. Two of our quantitative model’s four investment themes detracted from performance, while two contributed positively. Stock selection overall, driven by these investment themes, dampened relative returns.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by the Fund’s different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, two of our four investment themes — High Quality Business Models and Fundamental Mispricings — detracted from the Fund’s relative performance. The other two investment themes — Sentiment Analysis and Market Themes & Trends — contributed positively. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Fundamental Mispricing seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

How did the Fund’s sector and industry allocations affect relative performance?

In constructing the Fund’s portfolio, we focus on picking stocks rather than making sector or industry bets. Consequently, the Fund is similar to its benchmark, the Russell Index, in terms of its sector and industry allocations and style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

Did stock selection help or hurt Fund performance during the Reporting Period?

We seek to outpace the Russell Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. At the same time, we strive to maintain a risk profile similar to the Russell Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the benchmark index.

During the Reporting Period, stock selection overall hampered the Fund’s performance, with investments in the information technology, consumer discretionary and financials sectors detracting most from results relative to the Russell Index. Holdings in the health care, communication services and real estate sectors added to the Fund’s relative returns.

Which individual positions detracted from the Fund’s results during the Reporting Period?

Detracting most from the Fund’s results relative to the Russell Index were overweight positions in biofuels and renewable chemicals producer Renewable Energy Group, shoe designer and manufacturer Crocs and institutional financial services provider Moelis & Co. The overweight in Renewable Energy Group was established primarily as a result of our Fundamental Mispricings and Market Themes & Trends investment themes. Largely because of our High Quality Business Models and Market Themes & Trends investment themes, the Fund was overweight Crocs. The Fund’s overweight in Moelis & Co. was driven primarily by our High Quality Business Models investment theme.

Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period?

The Fund benefited most from overweight positions in oncology-focused molecular test developer Veracyte, television broadcasting company Sinclair Broadcast Group and biotechnology and pharmaceuticals company Array BioPharma. The overweight in Veracyte was established predominantly due to our Market Themes & Trends and High Quality Business Models

2

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

investment themes. The overweight in Sinclair Broadcast Group was driven by our High Quality Business Models and Market Themes & Trends investment themes. The Fund was overweight Array BioPharma largely because of our Sentiment Analysis investment theme.

How did the Fund use derivatives during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy to add value to the Fund’s results. However, we used equity index futures contracts, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of stock futures. The use of these futures contracts did not have a material impact on the Fund’s performance during the Reporting Period.

Did you make any enhancements to your quantitative models during the Reporting Period?

We continuously look for ways to improve our investment process. During the Reporting Period, we made numerous enhancements to our models. As example, in the second quarter of 2019, we introduced a number of new signals.

First, within our Sentiment Analysis investment theme, we added a suite of signals that utilizes data from the short selling market as an indicator of the market sentiment surrounding individual names.

Second, within our Market Themes & Trends investment theme, we added a signal that examines the cross-holdings of pooled vehicles to identify thematic trends in the market. Also within our Market Themes & Trends investment theme, we added a signal that examines internet linkages between companies to identify thematic trends.

Finally, within our Fundamental Mispricings investment theme, we added a signal that we believe to be predictive of industry rotations.

What was the Fund’s sector positioning relative to its benchmark index at the end of the Reporting Period?

As of June 30, 2019, the Fund was overweight the energy, materials, industrials and consumer staples sectors relative to the Russell Index. The Fund was underweight information technology, health care and utilities and was rather neutrally weighted in consumer discretionary, communication services, financials and real estate compared to the Russell Index on the same date.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

What is your strategy going forward for the Fund?

Looking ahead, we continue to believe that less expensive stocks should outpace more expensive stocks, and stocks with good momentum are likely to outperform those with poor momentum. We intend to maintain our focus on seeking companies about which fundamental research analysts are becoming more positive as well as profitable companies with sustainable earnings and a track record of using their capital to enhance shareholder value. As such, we anticipate remaining fully invested with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide strong, uncorrelated returns over the long term. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals and improve our trading execution as we seek to provide the most value to our shareholders.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Index Definitions

The Russell 2000^® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The figures for the index do not include any deduction for fees, expenses or taxes.

The S&P 500^® Index is the Standard & Poor’s composite index of 500 stocks, an unmanaged index of common stock prices. The figures for the index do not include any deduction for fees, expenses or taxes.

The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index.

The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

It is not possible to invest directly in an index.

4

FUND BASICS

Small Cap Equity Insights Fund

as of June 30, 2019

STANDARDIZED TOTAL RETURNS¹

For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Institutional		-4.18	%		8.02	%		14.57	%		6.94	%	2/13/98
Service		-4.47			7.74			14.28			7.51		8/31/07

¹  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional Shares and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above chart represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above chart. Please visit www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced.

EXPENSE RATIOS²

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.81	%		0.96	%
Service		1.06			1.21

²  The expense ratios of the Fund, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of any fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s fee waivers and/or expense limitations will remain in place through at least April 30, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 6/30/19^3,4

Holding	% of Net Assets		Line of Business
Portland General Electric Co.		0.9%	Utilities
Repligen Corp.		0.9	Pharmaceuticals, Biotechnology & Life Sciences
Rexford Industrial Realty, Inc. (REIT)		0.8	Real Estate
First Industrial Realty Trust, Inc. (REIT)		0.8	Real Estate
Terreno Realty Corp. (REIT)		0.8	Real Estate
Delek US Holdings, Inc.		0.8	Energy
Wingstop, Inc.		0.8	Consumer Services
Insperity, Inc.		0.8	Commercial & Professional Services
Argo Group International Holdings Ltd.		0.8	Insurance
Cogent Communications Holdings, Inc.		0.8	Telecommunication Services

³  The top 10 holdings may not be representative of the Fund’s future investments.

⁴  The Fund’s overall top ten holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a securities lending reinvestment vehicle) which represents 0.8% of the Fund’s net assets as of 06/30/2019.

5

FUND BASICS

Small Cap Equity Insights Fund (continued)

as of June 30, 2019

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of June 30, 2019

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.8% of the Fund’s net assets at June 30, 2019. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

6

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 97.8%
Automobiles & Components – 0.2%
	971	Gentherm, Inc.*	$	40,617
	1,164	Modine Manufacturing Co.*		16,657
	1,950	Standard Motor Products, Inc.		88,413
				145,687
Banks – 11.3%
	5,747	1st Source Corp.		266,661
	410	ACNB Corp.		16,224
	1,353	Allegiance Bancshares, Inc.*		45,109
	6,734	Amalgamated Bank Class A		117,508
	6,704	Bancorp, Inc. (The)*		59,800
	637	Banner Corp.		34,494
	3,313	Boston Private Financial Holdings, Inc.		39,988
	24,917	Cadence Bancorp		518,274
	7,243	Cathay General Bancorp		260,096
	20,596	Central Pacific Financial Corp.		617,056
	378	Century Bancorp, Inc. Class A		33,226
	1,991	Columbia Banking System, Inc.		72,034
	27,967	CVB Financial Corp.		588,146
	650	Enterprise Bancorp, Inc.		20,611
	5,191	Equity Bancshares, Inc. Class A*		138,392
	4,753	Federal Agricultural Mortgage Corp. Class C		345,353
	921	Financial Institutions, Inc.		26,847
	11,139	First Bancorp		405,682
	38,879	First Commonwealth Financial Corp.		523,700
	4,373	First Financial Corp.		175,620
	13,102	First Foundation, Inc.		176,091
	6,418	First Internet Bancorp		138,244
	9,403	Heartland Financial USA, Inc.		420,596
	25,343	Hilltop Holdings, Inc.		539,046
	622	Independent Bank Group, Inc.		34,185
	16,087	International Bancshares Corp.		606,641
	52,731	Investors Bancorp, Inc.		587,951
	738	Lakeland Bancorp, Inc.		11,919
	2,006	Macatawa Bank Corp.		20,582
	4,969	Mercantile Bank Corp.		161,890
	583	Metropolitan Bank Holding Corp.*		25,652
	11,717	National Bank Holdings Corp. Class A		425,327
	420	NBT Bancorp, Inc.		15,754
	16,954	NMI Holdings, Inc. Class A*		481,324
	4,167	Pacific Premier Bancorp, Inc.		128,677
	1,516	Parke Bancorp, Inc.		36,308
	770	Peapack Gladstone Financial Corp.		21,652
	660	Preferred Bank		31,185
	723	Provident Financial Services, Inc.		17,533
	24,852	Radian Group, Inc.		567,868
	1,756	Riverview Bancorp, Inc.		14,996
	3,828	Sandy Spring Bancorp, Inc.		133,521
	541	Seacoast Banking Corp. of Florida*		13,763
	3,977	Sierra Bancorp		107,856
	6,535	Southern National Bancorp of Virginia, Inc.		100,051
	800	Territorial Bancorp, Inc.		24,720
	1,182	Towne Bank		32,245
Common Stocks – (continued)
Banks – (continued)
	12,532	TriCo Bancshares		473,710
	518	Triumph Bancorp, Inc.*		15,048
	20,737	TrustCo Bank Corp.		164,237
	2,916	UMB Financial Corp.		191,931
	3,909	United Community Financial Corp.		37,409
	1,697	Univest Financial Corp.		44,563
	248	Washington Trust Bancorp, Inc.		12,941
	1,899	WesBanco, Inc.		73,206
	7,948	WSFS Financial Corp.		328,252
				10,521,695
Capital Goods – 10.4%
	7,751	Aegion Corp.*		142,618
	12,521	Aerojet Rocketdyne Holdings, Inc.*		560,565
	7,746	Albany International Corp. Class A		642,221
	3,802	Astronics Corp.*		152,916
	3,520	Barnes Group, Inc.		198,317
	12,515	BMC Stock Holdings, Inc.*		265,318
	19,637	Builders FirstSource, Inc.*		331,080
	1,341	Columbus McKinnon Corp.		56,282
	9,224	Comfort Systems USA, Inc.		470,332
	21,021	Continental Building Products, Inc.*		558,528
	2,907	CSW Industrials, Inc.		198,112
	1,476	Ducommun, Inc.*		66,523
	1,377	DXP Enterprises, Inc.*		52,175
	5,205	Enphase Energy, Inc.*		94,887
	3,847	EnPro Industries, Inc.		245,593
	805	ESCO Technologies, Inc.		66,509
	1,665	Franklin Electric Co., Inc.		79,088
	1,193	GMS, Inc.*		26,246
	7,425	Great Lakes Dredge & Dock Corp.*		81,972
	2,939	Harsco Corp.*		80,646
	1,126	Herc Holdings, Inc.*		51,605
	721	Hillenbrand, Inc.		28,530
	614	Hurco Cos., Inc.		21,834
	14,262	JELD-WEN Holding, Inc.*		302,782
	4,589	Kaman Corp.		292,273
	6,176	Kennametal, Inc.		228,450
	9,424	Kratos Defense & Security Solutions, Inc.*		215,715
	1,686	Mercury Systems, Inc.*		118,610
	642	Meritor, Inc.*		15,569
	26,805	Milacron Holdings Corp.*		369,909
	4,149	Miller Industries, Inc.		127,582
	3,402	Moog, Inc. Class A		318,461
	2,846	MRC Global, Inc.*		48,724
	343	Powell Industries, Inc.		13,034
	607	Proto Labs, Inc.*		70,424
	2,332	Quanex Building Products Corp.		44,052
	322	Raven Industries, Inc.		11,553
	1,245	RBC Bearings, Inc.*		207,679
	4,552	Rexnord Corp.*		137,561
	2,756	Rush Enterprises, Inc. Class A		100,649
	9,859	Simpson Manufacturing Co., Inc.		655,229
	9,389	SPX FLOW, Inc.*		393,024

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Capital Goods – (continued)
	2,392	Tennant Co.	$	146,390
	8,033	Titan Machinery, Inc.*		165,319
	13,521	TriMas Corp.*		418,745
	2,090	Vectrus, Inc.*		84,770
	7,061	Watts Water Technologies, Inc. Class A		657,944
	6,873	Wesco Aircraft Holdings, Inc.*		76,290
				9,692,635
Commercial & Professional Services – 5.0%
	1,877	Barrett Business Services, Inc.		155,040
	14,353	CBIZ, Inc.*		281,175
	2,261	Covanta Holding Corp.		40,495
	4,052	CRA International, Inc.		155,313
	819	Franklin Covey Co.*		27,846
	3,491	Heidrick & Struggles International, Inc.		104,625
	2,795	Huron Consulting Group, Inc.*		140,812
	5,954	Insperity, Inc.		727,222
	895	Kelly Services, Inc. Class A		23,440
	16,480	Kforce, Inc.		578,283
	13,568	Korn Ferry		543,670
	853	Matthews International Corp. Class A		29,727
	7,765	McGrath RentCorp		482,595
	10,304	Navigant Consulting, Inc.		238,950
	1,588	PICO Holdings, Inc.*		18,453
	6,953	Tetra Tech, Inc.		546,158
	5,951	TriNet Group, Inc.*		403,478
	7,239	TrueBlue, Inc.*		159,692
				4,656,974
Consumer Durables & Apparel – 2.8%
	20,111	American Outdoor Brands Corp.*		181,200
	1,017	Bassett Furniture Industries, Inc.		15,509
	16,852	Callaway Golf Co.		289,180
	12,455	Crocs, Inc.*		245,986
	1,365	Deckers Outdoor Corp.*		240,199
	1,675	Ethan Allen Interiors, Inc.		35,276
	612	Helen of Troy Ltd.*		79,921
	2,832	Installed Building Products, Inc.*		167,711
	832	Johnson Outdoors, Inc. Class A		62,042
	13,870	KB Home		356,875
	434	Malibu Boats, Inc. Class A*		16,861
	6,917	MasterCraft Boat Holdings, Inc.*		135,504
	9,299	Meritage Homes Corp.*		477,411
	5,325	Taylor Morrison Home Corp. Class A*		111,612
	1,467	Universal Electronics, Inc.*		60,176
	19,770	Vista Outdoor, Inc.*		175,558
				2,651,021
Consumer Services – 3.4%
	1,504	American Public Education, Inc.*		44,488
	10,588	Chegg, Inc.*		408,591
	279	Cracker Barrel Old Country Store, Inc.		47,634
	8,239	Dave & Buster’s Entertainment, Inc.		333,432
	5,790	Denny’s Corp.*		118,869
	7,587	Everi Holdings, Inc.*		90,513
	7,779	Fiesta Restaurant Group, Inc.*		102,216
Common Stocks – (continued)
Consumer Services – (continued)
	16,417	K12, Inc.*		499,241
	12,930	Laureate Education, Inc. Class A*		203,130
	15,012	Scientific Games Corp. Class A*		297,538
	8,225	SeaWorld Entertainment, Inc.*		254,975
	763	Twin River Worldwide Holdings, Inc.*		22,699
	7,680	Wingstop, Inc.		727,680
				3,151,006
Diversified Financials – 3.2%
	53,326	Anworth Mortgage Asset Corp. (REIT)		202,106
	19,666	Artisan Partners Asset Management, Inc. Class A		541,208
	40,878	BrightSphere Investment Group plc		466,418
	7,451	Cannae Holdings, Inc.*		215,930
	17,376	Enova International, Inc.*		400,517
	4,468	FGL Holdings		37,531
	3,244	Great Ajax Corp. (REIT)		45,416
	2,212	Green Dot Corp. Class A*		108,167
	1,712	Greenhill & Co., Inc.		23,266
	1,861	Houlihan Lokey, Inc.		82,870
	13,657	On Deck Capital, Inc.*		56,677
	9,147	Oppenheimer Holdings, Inc. Class A		248,981
	4,371	Piper Jaffray Cos.		324,634
	2,264	Regional Management Corp.*		59,702
	3,731	Westwood Holdings Group, Inc.		131,331
				2,944,754
Energy – 5.4%
	4,228	Arch Coal, Inc. Class A		398,320
	1,227	Brigham Minerals, Inc. Class A*		26,331
	5,597	Clean Energy Fuels Corp.*		14,944
	8,266	CONSOL Energy, Inc.*		219,958
	5,198	CVR Energy, Inc.		259,848
	18,596	Delek US Holdings, Inc.		753,510
	56,218	Denbury Resources, Inc.*		69,710
	19,439	DHT Holdings, Inc.		114,885
	1,164	Exterran Corp.*		16,552
	4,749	Forum Energy Technologies, Inc.*		16,242
	13,414	FTS International, Inc.*		74,850
	7,460	GasLog Ltd.		107,424
	18,294	Golar LNG Ltd.		338,073
	10,885	Green Plains, Inc.		117,340
	30,417	Helix Energy Solutions Group, Inc.*		262,499
	1,296	International Seaways, Inc.*		24,624
	15,525	Matrix Service Co.*		314,537
	22,791	Newpark Resources, Inc.*		169,109
	4,933	Oceaneering International, Inc.*		100,584
	513	PDC Energy, Inc.*		18,499
	8,189	Peabody Energy Corp.		197,355
	12,646	Renewable Energy Group, Inc.*		200,566
	7,353	Scorpio Tankers, Inc.		217,061
	11,481	SEACOR Holdings, Inc.*		545,462
	23,828	Superior Energy Services, Inc.*		30,976
	4,014	Teekay Corp.		13,808
	10,294	World Fuel Services Corp.		370,172
				4,993,239

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Food & Staples Retailing – 0.4%
	5,747	Ingles Markets, Inc. Class A	$	178,904
	3,685	Village Super Market, Inc. Class A		97,689
	1,655	Weis Markets, Inc.		60,259
				336,852
Food, Beverage & Tobacco – 3.1%
	172	Boston Beer Co., Inc. (The) Class A*		64,975
	1,208	Coca-Cola Consolidated, Inc.		361,494
	30,409	Darling Ingredients, Inc.*		604,835
	10,816	Dean Foods Co.		9,992
	2,413	Fresh Del Monte Produce, Inc.		65,030
	10,773	Freshpet, Inc.*		490,279
	2,657	Hostess Brands, Inc.*		38,367
	4,278	J&J Snack Foods Corp.		688,544
	1,005	John B Sanfilippo & Son, Inc.		80,089
	3,224	National Beverage Corp.(a)		143,887
	1,719	Universal Corp.		104,464
	28,247	Vector Group Ltd.		275,408
				2,927,364
Health Care Equipment & Services – 4.6%
	30,064	Allscripts Healthcare Solutions, Inc.*		349,644
	683	BioTelemetry, Inc.*		32,887
	2,228	Computer Programs & Systems, Inc.		61,916
	6,513	Ensign Group, Inc. (The)		370,720
	8,607	GenMark Diagnostics, Inc.*		55,860
	1,491	Glaukos Corp.*		112,421
	930	Haemonetics Corp.*		111,916
	5,446	HealthEquity, Inc.*		356,168
	8,804	HMS Holdings Corp.*		285,162
	877	Integer Holdings Corp.*		73,598
	1,348	LivaNova plc*		97,002
	537	Mesa Laboratories, Inc.		131,211
	3,388	NextGen Healthcare, Inc.*		67,421
	1,619	Novocure Ltd.*		102,369
	7,688	Omnicell, Inc.*		661,399
	3,624	Orthofix Medical, Inc.*		191,637
	229	Providence Service Corp. (The)*		13,131
	8,833	STAAR Surgical Co.*		259,514
	285	Surmodics, Inc.*		12,304
	5,395	Tandem Diabetes Care, Inc.*		348,085
	17,282	Tenet Healthcare Corp.*		357,046
	8,873	Triple-S Management Corp. Class B*		211,621
	976	Varex Imaging Corp.*		29,914
				4,292,946
Household & Personal Products – 0.0%
	1,971	Central Garden & Pet Co. Class A*		48,565
Insurance – 2.9%
	22,887	American Equity Investment Life Holding Co.		621,611
	5,180	AMERISAFE, Inc.		330,329
	9,639	Argo Group International Holdings Ltd.		713,768
	4,036	Employers Holdings, Inc.		170,602
	5,564	FBL Financial Group, Inc. Class A		354,983
	10,804	Genworth Financial, Inc. Class A*		40,083
Common Stocks – (continued)
Insurance – (continued)
	563	James River Group Holdings Ltd.		26,405
	2,775	National General Holdings Corp.		63,658
	103	National Western Life Group, Inc. Class A		26,471
	1,015	Safety Insurance Group, Inc.		96,557
	6,942	Trupanion, Inc.*(a)		250,814
				2,695,281
Materials – 5.6%
	28,265	AK Steel Holding Corp.*		66,988
	12,600	Boise Cascade Co.		354,186
	11,284	Carpenter Technology Corp.		541,406
	3,376	Chase Corp.		363,393
	33,399	Ferro Corp.*		527,704
	504	Haynes International, Inc.		16,032
	1,180	HB Fuller Co.		54,752
	4,570	Innophos Holdings, Inc.		133,033
	2,227	Innospec, Inc.		203,191
	1,313	Kaiser Aluminum Corp.		128,162
	3,925	Kraton Corp.*		121,950
	20,223	Louisiana-Pacific Corp.		530,247
	5,853	Materion Corp.		396,892
	6,202	Minerals Technologies, Inc.		331,869
	6,158	OMNOVA Solutions, Inc.*		38,364
	3,554	PH Glatfelter Co.		59,991
	9,060	PolyOne Corp.		284,393
	122	Quaker Chemical Corp.		24,751
	6,787	Schnitzer Steel Industries, Inc. Class A		177,616
	4,428	SunCoke Energy, Inc.*		39,321
	9,584	Trinseo SA		405,787
	2,915	Tronox Holdings plc Class A		37,254
	13,172	Warrior Met Coal, Inc.		344,053
	1,352	Worthington Industries, Inc.		54,432
				5,235,767
Media & Entertainment – 1.8%
	10,410	Cars.com, Inc.*		205,285
	4,163	Central European Media Enterprises Ltd. Class A*		18,151
	4,023	Entravision Communications Corp. Class A		12,552
	17,096	EW Scripps Co. (The) Class A		261,398
	24,226	Glu Mobile, Inc.*		173,943
	2,456	IMAX Corp.*		49,611
	1,590	Liberty Latin America Ltd. Class A*		27,396
	11,729	Liberty TripAdvisor Holdings, Inc. Class A*		145,439
	1,622	Loral Space & Communications, Inc.*		55,975
	9,113	Meet Group, Inc. (The)*		31,713
	1,297	Meredith Corp.		71,413
	11,974	MSG Networks, Inc. Class A*		248,341
	20,238	New Media Investment Group, Inc.		191,047
	617	Scholastic Corp.		20,509
	1,942	TechTarget, Inc.*		41,267
	3,485	Yelp, Inc.*		119,117
				1,673,157

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – 9.5%
	4,559	ACADIA Pharmaceuticals, Inc.*	$	121,862
	4,421	Acceleron Pharma, Inc.*		181,615
	6,332	Amicus Therapeutics, Inc.*		79,023
	5,052	Anika Therapeutics, Inc.*		205,212
	2,633	Arena Pharmaceuticals, Inc.*		154,373
	10,419	Array BioPharma, Inc.*		482,712
	11,239	Arrowhead Pharmaceuticals, Inc.*(a)		297,833
	2,760	Assertio Therapeutics, Inc.*		9,522
	2,378	Audentes Therapeutics, Inc.*		90,031
	5,450	Blueprint Medicines Corp.*		514,099
	10,030	CareDx, Inc.*		360,980
	2,341	Coherus Biosciences, Inc.*		51,736
	1,227	Cyclerion Therapeutics, Inc.*		14,049
	1,242	Dicerna Pharmaceuticals, Inc.*		19,561
	4,667	Editas Medicine, Inc.*		115,462
	712	Enanta Pharmaceuticals, Inc.*		60,079
	4,546	Esperion Therapeutics, Inc.*		211,480
	3,546	FibroGen, Inc.*		160,208
	3,289	Fluidigm Corp.*		40,520
	787	G1 Therapeutics, Inc.*		24,129
	9,436	Genomic Health, Inc.*		548,892
	5,206	Global Blood Therapeutics, Inc.*		273,836
	31,229	Halozyme Therapeutics, Inc.*		536,514
	1,287	Intercept Pharmaceuticals, Inc.*		102,407
	8,378	Invitae Corp.*		196,883
	7,956	Mallinckrodt plc*		73,036
	1,490	Mirati Therapeutics, Inc.*		153,470
	382	MyoKardia, Inc.*		19,153
	5,196	Myriad Genetics, Inc.*		144,345
	14,799	Natera, Inc.*		408,156
	4,236	Pacira BioSciences, Inc.*		184,224
	5,712	PDL BioPharma, Inc.*		17,936
	8,847	Phibro Animal Health Corp. Class A		281,069
	38,611	Pieris Pharmaceuticals, Inc.*		181,472
	10,748	Prestige Consumer Healthcare, Inc.*		340,497
	7,854	Prothena Corp. plc*		83,017
	3,230	PTC Therapeutics, Inc.*		145,350
	2,254	Puma Biotechnology, Inc.*		28,648
	1,933	Radius Health, Inc.*		47,088
	9,359	Repligen Corp.*		804,406
	3,162	Ultragenyx Pharmaceutical, Inc.*		200,787
	4,487	Vanda Pharmaceuticals, Inc.*		63,222
	22,031	Veracyte, Inc.*		628,104
	7,806	Voyager Therapeutics, Inc.*		212,479
				8,869,477
Real Estate – 6.5%
	4,765	Alexander & Baldwin, Inc. (REIT)		110,071
	13,221	Cedar Realty Trust, Inc. (REIT)		35,036
	1,374	CorePoint Lodging, Inc. (REIT)		17,024
	962	EastGroup Properties, Inc. (REIT)		111,573
	798	Essential Properties Realty Trust, Inc. (REIT)		15,992
	20,668	First Industrial Realty Trust, Inc. (REIT)		759,342
	10,101	Gladstone Commercial Corp. (REIT)		214,343
	8,381	Hersha Hospitality Trust (REIT)		138,622
Common Stocks – (continued)
Real Estate – (continued)
	6,024	Independence Realty Trust, Inc. (REIT)		69,698
	10,107	Kennedy-Wilson Holdings, Inc.		207,901
	60,085	Lexington Realty Trust (REIT)		565,400
	16,040	National Storage Affiliates Trust (REIT)		464,198
	1,653	Newmark Group, Inc. Class A		14,844
	9,211	NexPoint Residential Trust, Inc. (REIT)		381,335
	21,034	Physicians Realty Trust (REIT)		366,833
	19,434	Piedmont Office Realty Trust, Inc. Class A (REIT)		387,320
	468	Retail Value, Inc. (REIT)		16,286
	19,535	Rexford Industrial Realty, Inc. (REIT)		788,628
	34,787	RLJ Lodging Trust (REIT)		617,121
	15,402	Terreno Realty Corp. (REIT)		755,314
				6,036,881
Retailing – 5.4%
	2,294	Aaron’s, Inc.		140,874
	14,401	Abercrombie & Fitch Co. Class A		230,992
	15,246	American Eagle Outfitters, Inc.		257,657
	2,979	America’s Car-Mart, Inc.*		256,432
	1,259	Asbury Automotive Group, Inc.*		106,184
	2,500	Boot Barn Holdings, Inc.*		89,100
	2,695	Cato Corp. (The) Class A		33,202
	10,103	Citi Trends, Inc.		147,706
	6,530	Conn’s, Inc.*		116,365
	1,825	Container Store Group, Inc. (The)*		13,359
	10,203	Core-Mark Holding Co., Inc.		405,263
	2,995	Genesco, Inc.*		126,659
	6,548	Group 1 Automotive, Inc.		536,216
	11,649	Groupon, Inc.*		41,703
	4,984	Hudson Ltd. Class A*		68,729
	9,224	Liberty Expedia Holdings, Inc. Class A*		440,815
	6,933	Monro, Inc.		591,385
	6,922	Murphy USA, Inc.*		581,656
	12,532	Office Depot, Inc.		25,816
	1,736	PetMed Express, Inc.		27,203
	6,516	Rent-A-Center, Inc.*		173,521
	8,664	Sally Beauty Holdings, Inc.*		115,578
	3,493	Shutterstock, Inc.		136,891
	3,310	Sleep Number Corp.*		133,691
	3,168	Sonic Automotive, Inc. Class A		73,973
	1,488	Stitch Fix, Inc. Class A*		47,601
	11,120	Tilly’s, Inc. Class A		84,846
				5,003,417
Semiconductors & Semiconductor Equipment – 2.8%
	2,004	Ambarella, Inc.*		88,437
	5,494	Amkor Technology, Inc.*		40,985
	5,169	Cirrus Logic, Inc.*		225,885
	13,230	Diodes, Inc.*		481,175
	13,368	Inphi Corp.*		669,737
	2,824	Lattice Semiconductor Corp.*		41,202
	7,692	MaxLinear, Inc. Class A*		180,301
	28,849	Rambus, Inc.*		347,342
	6,867	Semtech Corp.*		329,959
	8,010	Xperi Corp.		164,926
				2,569,949

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Software & Services – 4.2%
	819	ACI Worldwide, Inc.*	$	28,124
	4,566	Avaya Holdings Corp.*		54,381
	12,451	Bottomline Technologies DE, Inc.*		550,832
	15,914	Box, Inc. Class A*		280,246
	1,482	Cardtronics plc Class A*		40,488
	2,007	CommVault Systems, Inc.*		99,587
	8,201	Conduent, Inc.*		78,648
	11,374	Cornerstone OnDemand, Inc.*		658,896
	1,610	Everbridge, Inc.*		143,966
	764	Five9, Inc.*		39,186
	503	I3 Verticals, Inc. Class A*		14,813
	1,072	KBR, Inc.		26,736
	128	MicroStrategy, Inc. Class A*		18,344
	1,386	Mitek Systems, Inc.*		13,777
	6,597	MobileIron, Inc.*		40,901
	841	Paysign, Inc.*		11,244
	25,320	Perspecta, Inc.		592,741
	1,424	Presidio, Inc.		19,466
	9,729	Progress Software Corp.		424,379
	328	PROS Holdings, Inc.*		20,749
	786	SPS Commerce, Inc.*		80,337
	8,143	SVMK, Inc.*		134,441
	6,800	Sykes Enterprises, Inc.*		186,728
	651	Upland Software, Inc.*		29,640
	1,303	Varonis Systems, Inc.*		80,708
	3,550	Workiva, Inc.*		206,220
	2,526	Zuora, Inc. Class A*		38,698
				3,914,276
Technology Hardware & Equipment – 4.4%
	8,167	Acacia Communications, Inc.*		385,156
	3,669	AVX Corp.		60,905
	7,846	Belden, Inc.		467,386
	1,128	Benchmark Electronics, Inc.		28,335
	821	Comtech Telecommunications Corp.		23,078
	1,085	CTS Corp.		29,924
	1,639	ePlus, Inc.*		112,993
	18,170	Extreme Networks, Inc.*		117,560
	7,799	Fabrinet*		387,376
	5,474	Fitbit, Inc. Class A*		24,086
	8,005	Harmonic, Inc.*		44,428
	10,034	Insight Enterprises, Inc.*		583,979
	1,413	Itron, Inc.*		88,411
	2,413	Knowles Corp.*		44,182
	3,850	NetScout Systems, Inc.*		97,752
	2,595	Novanta, Inc.*		244,709
	1,909	OSI Systems, Inc.*		215,011
	5,653	PC Connection, Inc.		197,742
	138	Rogers Corp.*		23,816
	590	Sanmina Corp.*		17,865
	937	Tech Data Corp.*		98,010
	2,376	Viavi Solutions, Inc.*		31,577
	26,871	Vishay Intertechnology, Inc.		443,909
	7,269	Vishay Precision Group, Inc.*		295,339
				4,063,529
Common Stocks – (continued)
Telecommunication Services – 1.3%
	11,801	Cogent Communications Holdings, Inc.		700,508
	6,541	Iridium Communications, Inc.*		152,144
	3,838	Ooma, Inc.*		40,222
	8,872	ORBCOMM, Inc.*		64,322
	2,164	Shenandoah Telecommunications Co.		83,357
	8,105	Spok Holdings, Inc.		121,899
	6,531	Vonage Holdings Corp.*		73,996
				1,236,448
Transportation – 1.0%
	735	Atlas Air Worldwide Holdings, Inc.*		32,811
	3,433	Avis Budget Group, Inc.*		120,704
	2,989	Covenant Transportation Group, Inc. Class A*		43,968
	13,555	Echo Global Logistics, Inc.*		282,893
	7,587	Heartland Express, Inc.		137,097
	10,552	Marten Transport Ltd.		191,519
	2,676	SkyWest, Inc.		162,353
				971,345
Utilities – 2.6%
	7,191	Avista Corp.		320,718
	1,421	El Paso Electric Co.		92,933
	730	Northwest Natural Holding Co.		50,735
	6,935	NorthWestern Corp.		500,360
	5,900	Pattern Energy Group, Inc. Class A		136,231
	14,935	Portland General Electric Co.(b)		809,029
	572	Southwest Gas Holdings, Inc.		51,263
	7,012	Unitil Corp.		419,949
	962	York Water Co. (The)		34,363
				2,415,581
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $85,436,757)		$	91,047,846

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(c) – 0.8%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	716,500	2.308%	$	716,500
	(Cost $716,500)
	TOTAL INVESTMENTS – 98.6%
	(Cost $86,153,257)		$	91,764,346
	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%			1,338,932
	NET ASSETS – 100.0%		$	93,103,278

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Represents an Affiliated Issuer.

Investment Abbreviation:
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Russell 2000 E-Mini Index		9		09/20/2019	$	705,195	$	17,350

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $85,436,757)(a)	$	91,047,846
Investments in affiliated securities lending reinvestment vehicle, at value (cost $716,500)		716,500
Cash		854,145
Receivables:
Investments sold		12,094,032
Dividends		73,924
Reimbursement from investment adviser		14,140
Fund shares sold		4,538
Securities lending income		1,310
Variation margin on futures		7,785
Other assets		366
Total assets		104,814,586
Liabilities:
Payables:
Investments purchased		10,663,883
Payable upon return of securities loaned		716,500
Fund shares redeemed		192,833
Management fees		52,586
Distribution and Service fees and Transfer Agency fees		5,126
Accrued expenses		80,380
Total liabilities		11,711,308
Net Assets:
Paid-in capital		86,638,002
Total distributable earnings (loss)		6,465,276
NET ASSETS	$	93,103,278
Net Assets:
Institutional	$	75,502,804
Service		17,600,474
Total Net Assets	$	93,103,278
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		6,260,353
Service		1,473,584
Net asset value, offering and redemption price per share:
Institutional		$12.06
Service		11.94

(a) Includes loaned securities having a market value of $685,657.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

Investment income:
Dividends — unaffiliated issuers	$	679,706
Securities lending income — affiliated issuer		10,699
Dividends — affiliated issuers		1,095
Total investment income		691,500
Expenses:
Management fees		326,627
Professional fees		46,106
Custody, accounting and administrative services		45,281
Printing and mailing costs		24,104
Distribution and Service fees — Service Shares		22,466
Transfer Agency fees(a)		9,331
Trustee fees		8,012
Registration fees		635
Other		5,083
Total expenses		487,645
Less — expense reductions		(86,699	)
Net expenses		400,946
NET INVESTMENT INCOME		290,554
Realized and unrealized gain:
Net realized gain from:
Investments — unaffiliated issuers		409,190
Futures contracts		33,489
Net change in unrealized gain on:
Investments — unaffiliated issuers		12,926,460
Futures contracts		17,350
Net realized and unrealized gain		13,386,489
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,677,043

(a) Institutional and Service Shares incurred Transfer Agency fees of $7,534 and $1,797, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	290,554		$	408,340
Net realized gain		442,679			12,769,646
Net change in unrealized gain (loss)		12,943,810			(20,846,496	)
Net increase (decrease) in net assets resulting from operations		13,677,043			(7,668,510	)
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(11,874,335	)
Service Shares		—			(2,807,539	)
Total distributions to shareholders		—			(14,681,874	)
From share transactions:
Proceeds from sales of shares		2,959,747			12,578,607
Reinvestment of distributions		—			14,681,874
Cost of shares redeemed		(9,021,224	)		(17,743,096	)
Net increase (decrease) in net assets resulting from share transactions		(6,061,477	)		9,517,385
TOTAL INCREASE (DECREASE)		7,615,566			(12,832,999	)
Net assets:
Beginning of period		85,487,712			98,320,711
End of period	$	93,103,278		$	85,487,712

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.37		$	13.66		$	13.79		$	11.60		$	13.67		$	15.07
Net investment income(a)		0.04			0.07	(b)		0.08			0.11			0.08	(c)		0.08
Net realized and unrealized gain (loss)		1.65			(1.21	)		1.53			2.59			(0.37	)		0.90
Total from investment operations		1.69			(1.14	)		1.61			2.70			(0.29	)		0.98
Distributions to shareholders from net investment income		—			(0.07	)		(0.08	)		(0.15	)		(0.04	)		(0.12	)
Distributions to shareholders from net realized gains		—			(2.08	)		(1.66	)		(0.36	)		(1.74	)		(2.26	)
Total distributions		—			(2.15	)		(1.74	)		(0.51	)		(1.78	)		(2.38	)
Net asset value, end of period	$	12.06		$	10.37		$	13.66		$	13.79		$	11.60		$	13.67
Total return(d)		16.30	%		(8.62	)%		11.57	%		23.13	%		(2.13	)%		6.93	%
Net assets, end of period (in 000s)	$	75,503		$	68,951		$	77,815		$	77,421		$	73,270		$	89,043
Ratio of net expenses to average net assets		0.81	%(e)		0.81	%		0.81	%		0.81	%		0.81	%		0.83	%
Ratio of total expenses to average net assets		1.00	%(e)		0.98	%		1.00	%		1.04	%		0.99	%		1.04	%
Ratio of net investment income to average net assets		0.67	%(e)		0.46	%(b)		0.53	%		0.95	%		0.59	%(c)		0.53	%
Portfolio turnover rate(f)		60	%		116	%		110	%		119	%		124	%		119	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.17% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.15% of average net assets.

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

(e) Annualized.

(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.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

	Goldman Sachs Small Cap Equity Insights Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	10.28		$	13.55		$	13.70		$	11.52		$	13.60		$	15.00
Net investment income(a)		0.02			0.03	(b)		0.04			0.08			0.05	(c)		0.04
Net realized and unrealized gain (loss)		1.64			(1.19	)		1.51			2.58			(0.39	)		0.90
Total from investment operations		1.66			(1.16	)		1.55			2.66			(0.34	)		0.94
Distributions to shareholders from net investment income		—			(0.03	)		(0.04	)		(0.12	)		—	(d)		(0.08	)
Distributions to shareholders from net realized gains		—			(2.08	)		(1.66	)		(0.36	)		(1.74	)		(2.26	)
Total distributions		—			(2.11	)		(1.70	)		(0.48	)		(1.74	)		(2.34	)
Net asset value, end of period	$	11.94		$	10.28		$	13.55		$	13.70		$	11.52		$	13.60
Total return(e)		16.15	%		(8.82	)%		11.22	%		22.92	%		(2.49	)%		6.69	%
Net assets, end of period (in 000s)	$	17,600		$	16,537		$	20,505		$	20,437		$	19,488		$	23,744
Ratio of net expenses to average net assets		1.06	%(f)		1.06	%		1.06	%		1.06	%		1.06	%		1.08	%
Ratio of total expenses to average net assets		1.25	%(f)		1.23	%		1.25	%		1.29	%		1.24	%		1.29	%
Ratio of net investment income to average net assets		0.42	%(f)		0.19	%(b)		0.28	%		0.70	%		0.34	%(c)		0.28	%
Portfolio turnover rate(g)		60	%		116	%		110	%		119	%		124	%		119	%

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

(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.17% of average net assets.

(c) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.15% of average net assets.

(d) Amount is less than $0.005 per share.

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

(f) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements

June 30, 2019 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B.  Investment Income and Investments— Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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 Fund 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 Fund’s investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

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. 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. Class-specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees.

D.  Federal Taxes and Distributions to Shareholders— It is 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 and to distribute each year substantially all of its investment company taxable 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 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 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.

18

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities— Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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, and are generally classified as Level 2.

Money Market Funds— Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV 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 Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts— A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. 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 Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule 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

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. 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, the 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.

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 Valuation Procedures approved by the Trustees. 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. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

C.  Fair Value Hierarchy— The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2019:

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	387,376	$	—	$	—
Europe		425,653		—		—
North America		90,207,421		—		—
South America		27,396
Securities Lending Reinvestment Vehicle		716,500		—		—
Total	$	91,764,346	$	—	$	—
Derivative Type
Assets(b)
Futures Contracts	$	17,350	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

(b) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedule of Investments.

20

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

4.    INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2019. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Risk	Statement of Assets and Liabilities	Assets(a)		Statement of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts	$	17,350	—	$	—

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information section of the Schedule of Investments. Only the variation margin as of June 30, 2019 is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2019. 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 Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	33,489	$	17,350		2

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2019.

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement— Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the six months ended June 30, 2019, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate
First $2 billion		Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
	0.70%		0.63	%		0.60	%		0.59	%		0.70	%		0.70	%

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

The Fund invests 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 Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2019, GSAM waived $76 of the Fund’s management fee.

B.  Distribution and Service (12b-1) Plan — The Trust, on behalf of 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, is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.

C.  Transfer Agency Agreement— Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to 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.

D.  Other Expense Agreements and Affiliated Transactions— GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (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 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. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.094%. The Other Expense limitation will remain in place through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
	$76	$	1,299	$	85,324	$	86,699

E.  Line of Credit Facility— As of June 30, 2019, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2019, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

F.  Other Transactions with Affiliates— The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2019:

Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019		Shares as of June 30, 2019		Dividend Income from Affiliated Investment Company
	$—	$	2,012,696	$	(2,012,696	)	$	—		—	$	1,095

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

6.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2019, were $55,172,504 and $61,851,534 respectively.

7.    SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Fund may lend its 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 Fund’s securities lending procedures, the Fund receives 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund 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 Statement 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 Fund invests 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 exercise any and all remedies provided under the applicable borrower agreement to make the Fund 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 is unable to purchase replacement securities, GSAL will indemnify the Fund by paying the Fund 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 Fund may enter into master netting agreements with borrowers, which 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 bankruptcy or insolvency laws. The Fund’s 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 Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2019, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

Both the Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2019, are reported under Investment Income on the Statement of Operations.

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

7.    SECURITIES LENDING (continued)

The table below details securities lending activity with affiliates of Goldman Sachs:

For the Six Months ended June 30, 2019
Earnings of GSAL Relating to Securities Loaned		Amount Received by the Fund from Lending to Goldman Sachs		Amount Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2019
$	1,204	$	508	$	169,912

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2019:

Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales	Ending Value as of June 30, 2019
	$993,085	$	5,518,509	$(5,795,094)	$	716,500

8.    TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2018, the Fund’s certain timing differences, on a tax-basis were as follows:

Timing differences (§ 857(b)(9) Deferred Dividend/ Post October Loss Deferral) $ (667,178)

As of June 30, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	86,296,308
Gross unrealized gain		10,720,698
Gross unrealized loss		(5,252,660	)
Net unrealized gain	$	5,468,038

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

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

9.    OTHER RISKS

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

Derivatives Risk— The Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. 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

24

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

9.    OTHER RISKS (continued)

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.

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, 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.

Liquidity Risk— The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

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). 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.

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 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.

11.  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.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

12.  SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		205,351		$	2,416,355			746,343		$	10,751,346
Reinvestment of distributions		—			—			1,125,530			11,874,335
Shares redeemed		(592,859	)		(6,955,275	)		(921,549	)		(13,354,939	)
		(387,508	)		(4,538,920	)		950,324			9,270,742
Service Shares
Shares sold		47,245			543,392			128,444			1,827,261
Reinvestment of distributions		—			—			268,407			2,807,539
Shares redeemed		(181,611	)		(2,065,949	)		(301,678	)		(4,388,157	)
		(134,366	)		(1,522,557	)		95,173			246,643
NET INCREASE (DECREASE)		(521,874	)	$	(6,061,477)			1,045,497		$	9,517,385

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Fund Expenses — Six Month Period Ended June 30, 2019 (Unaudited)

As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Share Class	Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6  Months Ended 06/30/19*
Institutional
Actual	$	1,000	$	1,163.00		$	4.34
Hypothetical 5% return		1,000		1,020.78	+		4.06
Service
Actual		1,000		1,161.50			5.68
Hypothetical 5% return		1,000		1,019.54	+		5.31

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.81% and 1.06% for Institutional and Service Shares, respectively.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Small Cap Equity Insights Fund (the “Fund”) is an investment portfolio of Goldman Sachs Variable Insurance Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2019 (the “Annual Meeting”).

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

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

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

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

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

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

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

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

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

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

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

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

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

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its

29

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

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

performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Fund’s portfolio management team to continue to enhance the investment model used in managing the Fund.

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, five-, and ten-year periods and underperformed for the three-year period ended March 31, 2019.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:

First $2 billion	0.70	%
Next $3 billion	0.63
Next $3 billion	0.60
Over $8 billion	0.59

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

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

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Fund’s cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (i) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund’s access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Fund’s ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Fund in connection with the program; and (i) the Fund’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2020.

31

TRUSTEES	OFFICERS
Jessica Palmer, Chair Kathryn A. Cassidy Diana M. Daniels James A. McNamara Roy W. Templin Gregory G. Weaver	James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Fund holdings and allocations shown are as of June 30, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Funds’ objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Funds and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs Small Cap Equity Insights Fund.

© 2019 Goldman Sachs. All rights reserved.

VITSCSAR-19/175375-OTU-1025428

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Strategic Growth Fund

Beginning on or after January 1, 2021, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company that offers your variable insurance contract or your financial intermediary, unless you specifically request paper copies of the reports from the insurance company or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the insurance company electronically by contacting your insurance company or your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform the insurance company or your financial intermediary that you wish to receive paper copies of reports. Your election to receive reports in paper will apply to all Goldman Sachs Funds available under your contract and may apply to all funds held with your financial intermediary.

Semi-Annual Report

June 30, 2019

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Strategic Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated cumulative total returns of 22.29% and 22.19%, respectively. These returns compare to the 21.49% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same time period.

What economic and market factors most influenced the equity markets as a whole during the Reporting Period?

Representing the U.S. equity market, the S&P 500^® Index returned 18.54% during the Reporting Period, rallying strongly following negative absolute returns posted in 2018. While 2018 was the worst calendar year since 2008, the first half of 2019 was the strongest first half for the S&P 500^® Index since 1997.

During the first quarter of 2019, the S&P 500^® Index rose 13.65%. After a volatile end to 2018, the rally to begin 2019 marked the best first quarter performance for the S&P 500^® Index since 1998. Federal Reserve (“Fed”) commentary provided a supportive background for U.S. equities, as Fed Chair Jerome Powell reiterated a “patient” approach to monetary policy that included a pause in interest rate hikes and a nearing end to the Fed’s balance sheet runoff. The U.S. unemployment rate remained well below trend at 3.8% in February 2019, and wages grew 3.4% year over year. Housing data showed strength in the first calendar quarter, with new home sales reaching 667,000 in February, bringing the three-month average up to 630,000. Strength in housing data could be partially attributed to a steep decline in mortgage rates resulting from a more cautious Fed. The University of Michigan Consumer Sentiment Index was also a point of significant strength in the U.S. economy, steadily climbing in each month of the first quarter of 2019 and eventually reaching 98.4 in March, its highest level in six months. Economic growth concerns that had dominated the fourth quarter of 2018 failed to completely disappear, however, as fourth quarter 2018 Gross Domestic Product (“GDP”) growth was revised down 0.4% in March 2019 to 2.2%. While the revision was further evidence of a slowing U.S. economy, the result was largely priced in by equity markets and thus had a limited effect on stock prices outside of the financials sector, which historically tends to be more rate sensitive.

The S&P 500^® Index rose a solid but more moderate 4.30% during the second quarter of 2019. Trade tensions between the U.S. and China dominated headlines and broadly added noise to the markets. (Noise refers to market activity that can confuse or misrepresent genuine underlying trends.) In April 2019, there was an optimistic consensus outlook on a possible trade deal, but this

optimism faded in May when the U.S. President threatened to raise current tariffs and impose new duties on $300 billion of additional Chinese imports. Also, sanctions were temporarily placed on a Chinese telecommunications giant, until they were lifted in June 2019, when any additional tariffs or compromise were postponed. Also during the second quarter of 2019, the markets kept a close eye on the Fed. After steadily raising short-term interest rates since 2015 to a range of 2.25% to 2.50%, the Fed alluded to a more accommodative approach. Following the Fed’s statement, the market consensus actually priced in at least one interest rate cut by the end of 2019, if not sooner. Economic indicators were mixed during the second quarter of 2019, with consumer sentiment remaining elevated, while nonfarm payrolls and manufacturing indices across the board fell short.

For the Reporting Period overall, all 11 sectors posted positive absolute returns, with 10 of the 11 generating double-digit gains. Information technology, consumer discretionary and industrials were the best performing sectors in the S&P 500^® Index, as measured by total return, while the weakest performing sectors in the S&P 500^® Index during the Reporting Period were health care, energy and utilities.

Within the U.S. equity market, all capitalization segments posted double-digit positive returns, led by mid-cap stocks, as measured by the Russell Midcap^® Index, followed by large-cap stocks, as measured by the Russell 1000^® Index, and then small-cap stocks, as measured by the Russell 2000^® Index. From a style perspective, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund outperformed the Russell Index during the Reporting Period attributable primarily to stock selection overall. Sector allocation as a whole detracted from performance, albeit modestly.

Which equity market sectors most significantly affected Fund performance?

Contributing most positively to the Fund’s relative results during the Reporting Period was effective stock selection in the health care, consumer staples and communication services sectors. The sector that detracted most from the Fund’s relative results during the Reporting Period was financials, wherein stock selection hurt most. Having an overweighted allocation to energy, which was the second-weakest sector in the Russell Index during the Reporting Period, and having an underweighted allocation to information technology, which was the best performing sector in the Russell Index during the Reporting Period, also dampened relative results.

What were some of the Fund’s best-performing individual stocks?

Among those stocks the Fund benefited most from relative to the Russell Index were underweight positions in research-based biopharmaceutical company AbbVie and diversified health care company UnitedHealth Group and an overweight position in social media giant Facebook.

In late January 2019, AbbVie’s stock fell sharply after the company reported its fourth quarter 2018 results, in which several negative headlines provoked a selloff. First, AbbVie missed revenue and earnings consensus estimates. Second, Humira, an immunology drug that constitutes the majority of the company’s revenues, saw biosimilar competition in Europe significantly erode its international revenues. Finally, AbbVie announced relatively weak 2019 guidance, highlighting concerns that Humira may face heightened pressures in the U.S. ahead of its patent expiration in 2023. Toward the end of the Reporting Period, the company also announced it would be acquiring pharmaceutical company Allergan, which caused AbbVie’s stock to drop, as investors digested the news and its potential implications. At the end of the Reporting Period, we maintained an underweight position in AbbVie and planned to monitor potential headwinds and developments going forward.

While posting a rather flat return for the Reporting Period overall, shares of UnitedHealth Group dropped in February 2019, along with other managed care stocks, when pharmaceutical company executives testified before the U.S. Congress to address criticism over excessive drug pricing. During the hearings, the executives deflected the blame to insurance companies and pharmacy benefit managers (“PBMs”), such as UnitedHealth Group, arguing that the rebates PBMs collect from drug makers should be eliminated. Its stock also declined in April 2019 despite reporting solid earnings that beat consensus estimates on most metrics. The weakness was caused, in our view, by persistent concerns around the Medicare for All proposals and the impact such a plan might have. At the end of the Reporting Period, we continued to believe UnitedHealth Group is a well-run health care company that provides a wide range of services, including health benefit plans, health management services and pharmacy care services. However, given that UnitedHealth Group derives a portion of its revenue from rebates and given the uncertainty around health care ahead of the U.S. elections, we remained somewhat cautious and maintained an underweight position in the company, intending to monitor the landscape ahead for the company.

Facebook’s shares spiked at the end of January 2019 after the company released a strong earnings report for the fourth quarter of 2018. Facebook beat consensus expectations for revenues and earnings per share and posted solid active user figures, underscoring that consumers and advertisers may not be fazed by recent scrutiny from policymakers and privacy advocates. Additionally, its management’s dialogue marked a shift in tone from focusing on defensive areas, like data security, to more offensive initiatives pertaining to product development. Its stock continued to rise and then jumped again in April 2019 following a better than consensus expected earnings release in which the company reported solid revenue growth and improved expense guidance in the first quarter of 2019. The results appeared to be driven by ongoing advertising success and healthy user growth and engagement across platforms, two bright spots that tie directly to our investment thesis on the company. At the end of the Reporting Period, we continued to monitor any potential headline or political risks going forward, but we remained confident in Facebook’s advertising platform, with Instagram stories and the monetization of messaging apps as particular points of strength. Overall, we continued to view Facebook as one of the more intriguing risk/reward opportunities within the online industry.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting from the Fund’s results relative to the Russell Index were positions in health insurance company Humana, pharmaceutical company Eli Lilly and crude oil refining company Marathon Petroleum.

Shares of Humana fell late in February 2019, along with other managed care stocks, as pharmaceutical company executives testified before the U.S. Congress to address criticism over excessive drug pricing. During the hearings, the executives deflected

2

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

part of the blame to insurance companies, such as Humana, arguing that the rebates insurance companies collect from drug makers should be eliminated. Humana’s stock also declined in April 2019, as concerns around the Medicare for All proposals and the impact such a program might have weighed on its stock. At the end of the Reporting Period, we believed the company still had opportunities for growth ahead, as we see it as a potential beneficiary from Medicare patient growth and the aging of our population. However, given that Humana derives a portion of its revenue from rebates, we remained somewhat cautious and intended to monitor developments on this front going forward.

Shares of Eli Lilly slumped in April 2019 along with other biopharmaceutical stocks, as investors seemed to intensify their profit-taking after a first quarter 2019 rally in the industry. Weighing on sentiment was the generally negative view held by the U.S. Congress on elevated drug prices and the U.S. Administration’s stated priority to address the situation. In our opinion, the mid-April 2019 selloff was likely partially a product of heightened investor fear and other emotional factors. For the rest of the second calendar quarter, Eli Lilly’s shares were largely range-bound, with little fundamental data driving its performance. At the end of the Reporting Period, we maintained our belief that Eli Lilly has strong risk/reward prospects versus its peers, and we saw upside potential to its diabetes franchise. We were optimistic about its management’s commitment to creating shareholder value through increased dividends and share repurchases. Overall, we viewed Eli Lilly as a high quality pharmaceutical business with leading franchises, a robust drug pipeline and an improving financial profile.

Nearly all of Marathon Petroleum’s stock price decline came in May 2019. Early in the month, the company reported quarterly results that missed on earnings per share market expectations, driven primarily by weakness in refining and retail margins. On the positive side, Marathon Petroleum continued to buy back shares and also reported strong operating cash flow and capital expenditures. Despite the mixed reports, we remained positive on the company at the end of the Reporting Period and felt its acquisition of fellow petroleum refiner Andeavor seemed to be going well and on track to unlock further synergies for the combined company, now the largest U.S. refiner by capacity. Furthermore, we were positive on the outlook for both the industry and the business and on the company management’s ability to achieve synergy targets and focus on returning capital to shareholders. We maintained our belief that Marathon Petroleum is a high quality company with what we consider to be a strong balance sheet, stable free cash flow and robust return on equity, and we were positive on its prospects ahead.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

Did the Fund make any significant purchases or sales during the Reporting Period?

Among the purchases initiated during the Reporting Period, we established a Fund position in Accenture. We feel that in recent years Accenture has repositioned itself as a leading information technology implementation company in digital and new age technologies, including cloud, software-as-a-service, analytics and securities. In our opinion, the company’s existing client relationships and strong consulting practice have facilitated its early involvement in deals, a key competitive advantage versus its peers. Further, balanced capital allocation to thoughtful acquisitions and capital returns have enabled the company to invest in growth initiatives, in our view.

We initiated a Fund position in pharmaceutical company AstraZeneca. We are encouraged by AstraZeneca’s momentum in product sales growth and strong operating leverage. At the time of purchase, we liked the company and felt it had best-in-class top and bottom line growth potential over the next several years. Additionally, AstraZeneca has multiple phase 3 readouts across different drugs scheduled throughout 2019, which we believe could continue to drive growth. (The main focus of phase 3 drug trials is to demonstrate and confirm the preliminary evidence gathered in the previous trials that the drug is, a safe, beneficial and effective treatment for the intended indication. Phase 3 is the last phase of testing to be completed before the drug’s details and clinical trial results are submitted to the regulatory authorities for approval of the drug’s release on the open market.)

Conversely, we eliminated the Fund’s position in specialty finance company Global Payments. Following an extended period of strong performance, we decided to realize gains and allocate capital to what we considered to be other high quality growth names in the payments industry. We felt that, as we get deeper in the economic cycle, there may be other names in the industry that could provide high quality characteristics in the event of a downturn.

We sold the Fund’s position in semiconductor company NVIDIA. Its stock experienced volatility during the Reporting Period due to continued trade uncertainties and concerns around data centers, gaming and crypto demand, which are all key end-markets for the company. The company also reported disappointing earnings during the Reporting Period, which further pressured its stock. While we believe NVIDIA is a high quality advanced chip designer, we decided to exit the position in favor of companies we saw as having more favorable near-term risk/reward profiles.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Were there any notable changes in the Fund’s weightings during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to health care and information technology increased compared to the Russell Index. The Fund’s allocation compared to the Russell Index in industrials and consumer discretionary decreased.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of June 2019, the Fund had overweighted positions relative to the Russell Index in the health care, energy and information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in consumer discretionary, industrials and financials and was rather neutrally weighted to the Russell Index in communication services, materials, consumer staples and real estate. The Fund had no exposure to the utilities sector at the end of the Reporting Period.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period. However, effective July 17, 2019, after the close of the Reporting Period, portfolio managers Steven M. Barry, Managing Director, Chief Investment Officer, Fundamental Equity U.S. Equity, and Stephen E. Becker, CFA, Managing Director, each became Managing Director, Co-Chief Investment Officer of Fundamental Equity U.S. Equity, continuing as portfolio managers of the Fund. Steven M. Barry has managed the Fund since 2000, and Stephen E. Becker has managed the Fund since 2013.

What is the Fund’s tactical view and strategy for the months ahead?

Following a strong start for the U.S. equity markets during the first half of 2019, we continued to view U.S. equities as the most favorable asset class at the end of the Reporting Period, offering what we saw as reasonable valuations relative to solid macroeconomic and corporate fundamentals. After a significant repricing of assets and market expectations in the fourth quarter of 2018, the U.S. equity markets rebounded with the strongest first half of a calendar year since 1997 despite geopolitical tensions and trade relations oscillating between positive and negative developments. U.S. equities were buoyed by declining 10-year U.S. Treasury rates, as investors expected potential interest rate cuts, a dramatic shift from the Fed’s actions at this point in 2018. While we were encouraged by the strong start to 2019, we also expected to see more signals of an aging economic cycle moving forward, which may be challenging to navigate and require even more selectivity by stock pickers. Yet without clearer indications of deteriorating fundamentals, we believed it too early to position for a downturn in global economic growth or corporate earnings.

That said, at the end of the Reporting Period, we expected choppier conditions for the remainder of 2019. Within this more volatile backdrop, we believed a thorough understanding of both market and company-specific variables may well be crucial to navigating the evolving landscape. Still, our investment philosophy does not and will not change based on short-term fluctuations in markets. We intend to maintain our focus on high quality companies with what we consider to be strong market positions and experienced management teams. In our opinion, emphasizing these durable businesses can potentially set the Fund up to perform well amidst heightened volatility.

Indeed, regardless of market direction, we remain committed to our core philosophy and process. We intend to maintain a long-term time horizon, rather than forecast the next quarter. As always, we maintain our focus on seeking companies that we believe will generate long-term growth in today’s ever-changing market conditions.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Index Definitions

The Russell 1000^® Growth Index is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with higher price-to-book ratios and higher forecasted growth values. The figures for the index do not include any deduction for fees, expenses or taxes.

The Russell 2000^® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The figures for the index do not include any deduction for fees, expenses or taxes.

The S&P 500^® Index is the Standard & Poor’s composite index of 500 stocks, an unmanaged index of common stock prices. The figures for the index do not include any deduction for fees, expenses or taxes.

The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which represent approximately 25% of the total market capitalization of the Russell 1000^® Index.

The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represent approximately 92% of the total market capitalization of the Russell 3000^® Index.

The University of Michigan Consumer Sentiment Index is a monthly survey of U.S. consumer confidence levels conducted by the University of Michigan. It is based on telephone surveys that gather information on consumer expectations regarding the overall economy.

It is not possible to invest directly in an index.

5

FUND BASICS

Strategic Growth Fund

as of June 30, 2019

STANDARDIZED TOTAL RETURNS¹

For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Institutional		10.96	%		12.60	%		14.69	%		6.74	%	4/30/98
Service		10.67			12.33			14.40			8.84		1/09/06

¹  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional Shares and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above chart represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above chart. Please visit www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced.

EXPENSE RATIOS²

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.74	%		0.80	%
Service		0.99			1.05

²  The expense ratios of the Fund, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of any fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s fee waivers and/or expense limitations will remain in place through at least April 30, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 6/30/19³

Holding	% of Net Assets		Line of Business
Microsoft Corp.		7.7%	Software & Services
Apple, Inc.		6.1	Technology Hardware & Equipment
Amazon.com, Inc.		5.2	Retailing
Facebook, Inc. Class A		4.2	Media & Entertainment
Visa, Inc. Class A		3.4	Software & Services
Alphabet, Inc. Class A		2.9	Media & Entertainment
Mastercard, Inc. Class A		2.4	Software & Services
Cisco Systems, Inc.		2.3	Technology Hardware & Equipment
Alphabet, Inc. Class C		2.2	Media & Entertainment
Boeing Co. (The)		2.0	Capital Goods

³  The top 10 holdings may not be representative of the Fund’s future investments.

6

FUND BASICS

FUND vs. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2019

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.4% of the Fund’s net assets at June 30, 2019.

7

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 99.6%
Automobiles & Components – 0.6%
	24,469	Aptiv plc	$	1,977,829
Banks – 0.9%
	31,252	First Republic Bank		3,051,758
Capital Goods – 6.5%
	18,951	Boeing Co. (The)		6,898,353
	11,162	Deere & Co.		1,849,655
	31,252	Fortive Corp.		2,547,663
	31,552	Honeywell International, Inc.		5,508,664
	14,851	Northrop Grumman Corp.		4,798,507
	7,315	Stanley Black & Decker, Inc.		1,057,822
				22,660,664
Consumer Durables & Apparel – 2.3%
	71,365	NIKE, Inc. Class B		5,991,092
	21,362	PVH Corp.		2,021,699
				8,012,791
Consumer Services – 2.2%
	1,263	Chipotle Mexican Grill, Inc.*		925,627
	32,019	Dunkin’ Brands Group, Inc.		2,550,634
	20,725	McDonald’s Corp.		4,303,754
				7,780,015
Diversified Financials – 1.9%
	18,432	Cboe Global Markets, Inc.		1,910,108
	30,009	Intercontinental Exchange, Inc.		2,578,974
	22,962	Northern Trust Corp.		2,066,580
				6,555,662
Energy – 2.3%
	41,128	Cheniere Energy, Inc.*		2,815,211
	15,940	Diamondback Energy, Inc.		1,736,982
	15,308	EOG Resources, Inc.		1,426,093
	39,553	Marathon Petroleum Corp.		2,210,222
				8,188,508
Food & Staples Retailing – 1.0%
	31,025	Walmart, Inc.		3,427,952
Food, Beverage & Tobacco – 4.2%
	35,492	Brown-Forman Corp. Class B		1,967,321
	97,890	Coca-Cola Co. (The)		4,984,559
	12,677	McCormick & Co., Inc. (Non-Voting)		1,965,062
	39,630	Mondelez International, Inc. Class A		2,136,057
	54,601	Monster Beverage Corp.*		3,485,182
				14,538,181
Health Care Equipment & Services – 6.9%
	6,451	Align Technology, Inc.*		1,765,639
	112,393	Boston Scientific Corp.*		4,830,651
	22,623	Danaher Corp.		3,233,279
	11,465	Guardant Health, Inc.*		989,774
	16,140	Humana, Inc.		4,281,942
Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	6,426	Intuitive Surgical, Inc.*		3,370,758
	13,243	UnitedHealth Group, Inc.		3,231,425
	19,469	West Pharmaceutical Services, Inc.		2,436,545
				24,140,013
Household & Personal Products – 0.7%
	32,398	Colgate-Palmolive Co.		2,321,965
Insurance – 0.3%
	892	Markel Corp.*		971,923
Materials – 2.6%
	18,931	Corteva, Inc.*		559,790
	18,931	DuPont de Nemours, Inc.		1,421,150
	17,434	Ecolab, Inc.		3,442,169
	6,619	Martin Marietta Materials, Inc.		1,523,098
	4,263	Sherwin-Williams Co. (The)		1,953,690
				8,899,897
Media & Entertainment – 12.8%
	9,390	Alphabet, Inc. Class A*		10,167,492
	7,103	Alphabet, Inc. Class C*		7,677,704
	80,048	Comcast Corp. Class A		3,384,429
	33,739	Electronic Arts, Inc.*		3,416,411
	75,940	Facebook, Inc. Class A*		14,656,420
	14,737	Netflix, Inc.*		5,413,195
				44,715,651
Pharmaceuticals, Biotechnology & Life Sciences – 8.0%
	10,419	AbbVie, Inc.		757,670
	21,992	Agilent Technologies, Inc.		1,642,143
	16,520	Agios Pharmaceuticals, Inc.*		824,018
	81,468	AstraZeneca plc ADR		3,362,999
	25,533	BioMarin Pharmaceutical, Inc.*		2,186,901
	43,491	Elanco Animal Health, Inc.*		1,469,996
	37,315	Eli Lilly & Co.		4,134,129
	13,454	Illumina, Inc.*		4,953,090
	26,892	Incyte Corp.*		2,284,744
	16,991	Vertex Pharmaceuticals, Inc.*		3,115,809
	27,632	Zoetis, Inc.		3,135,956
				27,867,455
Real Estate Investment Trusts – 2.0%
	20,095	American Tower Corp.		4,108,423
	6,001	Equinix, Inc.		3,026,244
				7,134,667
Retailing – 6.9%
	7,828	Alibaba Group Holding Ltd. ADR*		1,326,454
	9,577	Amazon.com, Inc.*		18,135,294
	45,885	Ross Stores, Inc.		4,548,121
				24,009,870

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Shares		Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – 3.6%
	15,900	Analog Devices, Inc.	$	1,794,633
	79,219	Marvell Technology Group Ltd.		1,890,958
	31,745	NXP Semiconductors NV		3,098,629
	50,684	Texas Instruments, Inc.		5,816,496
				12,600,716
Software & Services – 21.5%
	27,885	Accenture plc Class A		5,152,311
	20,388	Adobe, Inc.*		6,007,324
	11,620	Atlassian Corp. plc Class A*		1,520,361
	22,826	Fidelity National Information Services, Inc.		2,800,294
	17,827	Intuit, Inc.		4,658,730
	32,029	Mastercard, Inc. Class A		8,472,631
	201,076	Microsoft Corp.		26,936,141
	38,339	salesforce.com, Inc.*		5,817,177
	7,513	ServiceNow, Inc.*		2,062,844
	67,650	Visa, Inc. Class A		11,740,658
				75,168,471
Technology Hardware & Equipment – 9.4%
	38,255	Amphenol Corp. Class A		3,670,184
	107,338	Apple, Inc.		21,244,337
	144,238	Cisco Systems, Inc.		7,894,146
				32,808,667
Transportation – 3.0%
	52,728	CSX Corp.		4,079,565
	22,181	Lyft, Inc. Class A*(a)		1,457,514
	28,615	Union Pacific Corp.		4,839,083
				10,376,162
	TOTAL COMMON STOCKS
	(Cost $218,110,313)		$	347,208,816

Shares	Dividend Rate			Value
Investment Company(b) – 0.3%
Goldman Sachs Financial Square Government Fund — Institutional Shares
1,080,055		2.308	%	$	1,080,055
(Cost $1,080,055)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $219,190,368)				$	348,288,871
Securities Lending Reinvestment Vehicle(b) – 0.4%
Goldman Sachs Financial Square Government Fund — Institutional Shares
1,465,763		2.308	%	$	1,465,763
(Cost $1,465,763)
TOTAL INVESTMENTS – 100.3%
(Cost $220,656,131)				$	349,754,634
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%					(959,807	)
NET ASSETS – 100.0%				$	348,794,827

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an Affiliated Issuer.

Investment Abbreviation:
ADR	— American Depositary Receipt

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $218,110,313)(a)	$	347,208,816
Investments in affiliated issuers, at value (cost $1,080,055)		1,080,055
Investments in affiliated securities lending reinvestment vehicle, at value (cost $1,465,763)		1,465,763
Cash		350,960
Receivables:
Investments sold		9,114,792
Dividends		171,890
Fund shares sold		70,744
Reimbursement from investment adviser		19,089
Securities lending income		12,732
Other assets		747
Total assets		359,495,588
Liabilities:
Payables:
Investments purchased		8,831,637
Payable upon return of securities loaned		1,465,763
Management fees		200,057
Fund shares redeemed		60,063
Distribution and Service fees and Transfer Agency fees		52,243
Accrued expenses		90,998
Total liabilities		10,700,761
Net Assets:
Paid-in capital		193,624,823
Total distributable earnings (loss)		155,170,004
NET ASSETS	$	348,794,827
Net Assets:
Institutional	$	118,801,171
Service		229,993,656
Total Net Assets	$	348,794,827
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		9,935,608
Service		19,247,215
Net asset value, offering and redemption price per share:
Institutional		$11.96
Service		11.95

(a) Includes loaned securities having a market value of $1,433,264.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $2,407)	$	1,668,325
Securities lending income — unaffiliated issuer		57,641
Dividends — affiliated issuers		42,594
Total investment income		1,768,560
Expenses:
Management fees		1,132,845
Distribution and Service fees — Service Shares		256,750
Professional fees		44,770
Custody, accounting and administrative services		40,909
Printing and mailing costs		38,489
Transfer Agency fees(a)		31,908
Trustee fees		8,188
Registration fees		620
Other		7,272
Total expenses		1,561,751
Less — expense reductions		(121,769	)
Net expenses		1,439,982
NET INVESTMENT INCOME		328,578
Realized and unrealized gain:
Net realized gain from investments — unaffiliated issuers (including commissions recaptured of $347)		7,373,385
Net change in unrealized gain on investments — unaffiliated issuers		49,660,652
Net realized and unrealized gain		57,034,037
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	57,362,615

(a) Institutional and Service Shares incurred Transfer Agency fees of $11,370 and $20,538, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	328,578		$	471,254
Net realized gain		7,373,385			130,943,811
Net change in unrealized gain (loss)		49,660,652			(119,739,252	)
Net increase in net assets resulting from operations		57,362,615			11,675,813
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(51,500,129	)
Service Shares		—			(70,247,289	)
Total distributions to shareholders		—			(121,747,418	)
From share transactions:
Proceeds from sales of shares		86,789,136			30,210,299
Reinvestment of distributions		—			121,747,418
Cost of shares redeemed		(36,969,756	)		(341,645,863	)
Net increase (decrease) in net assets resulting from share transactions		49,819,380			(189,688,146	)
TOTAL INCREASE (DECREASE)		107,181,995			(299,759,751	)
Net Assets:
Beginning of period		241,612,832			541,372,583
End of period	$	348,794,827		$	241,612,832

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	9.78		$	19.73		$	15.83		$	15.62		$	16.16		$	17.64
Net investment income(a)		0.02			0.06			0.09			0.07			0.09	(b)		0.07
Net realized and unrealized gain (loss)		2.16			(0.18	)		4.77			0.24			0.46			2.24
Total from investment operations		2.18			(0.12	)		4.86			0.31			0.55			2.31
Distributions to shareholders from net investment income		—			(0.10	)		(0.10	)		(0.10	)		(0.06	)		(0.07	)
Distributions to shareholders from net realized gains		—			(9.73	)		(0.86	)		—	(c)		(1.03	)		(3.72	)
Total distributions		—			(9.83	)		(0.96	)		(0.10	)		(1.09	)		(3.79	)
Net asset value, end of period	$	11.96		$	9.78		$	19.73		$	15.83		$	15.62		$	16.16
Total return(d)		22.29	%		(1.04	)%		30.66	%		1.98	%		3.40	%		13.64	%
Net assets, end of period (in 000s)	$	118,801		$	102,199		$	115,693		$	98,090		$	109,801		$	119,934
Ratio of net expenses to average net assets		0.74	%(e)		0.74	%		0.76	%		0.79	%		0.79	%		0.79	%
Ratio of total expenses to average net assets		0.82	%(e)		0.82	%		0.82	%		0.84	%		0.83	%		0.81	%
Ratio of net investment income to average net assets		0.35	%(e)		0.30	%		0.48	%		0.48	%		0.55	%(b)		0.37	%
Portfolio turnover rate(f)		22	%		41	%		37	%		72	%		56	%		48	%

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

(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.20% of average net assets.

(c) Amount is less than $0.005 per share.

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

(e) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	9.78		$	19.68		$	15.79		$	15.59		$	16.13		$	17.61
Net investment income(a)		0.01			0.01			0.04			0.03			0.05	(b)		0.02
Net realized and unrealized gain (loss)		2.16			(0.18	)		4.76			0.23			0.46			2.24
Total from investment operations		2.17			(0.17	)		4.80			0.26			0.51			2.26
Distributions to shareholders from net investment income		—			—			(0.05	)		(0.06	)		(0.02	)		(0.02	)
Distributions to shareholders from net realized gains		—			(9.73	)		(0.86	)		—	(c)		(1.03	)		(3.72	)
Total distributions		—			(9.73	)		(0.91	)		(0.06	)		(1.05	)		(3.74	)
Net asset value, end of period	$	11.95		$	9.78		$	19.68		$	15.79		$	15.59		$	16.13
Total return(d)		22.19	%		(1.32	)%		30.36	%		1.69	%		3.14	%		13.38	%
Net assets, end of period (in 000s)	$	229,994		$	139,414		$	425,679		$	368,242		$	360,966		$	394,747
Ratio of net expenses to average net assets		0.99	%(e)		0.99	%		1.01	%		1.04	%		1.04	%		1.04	%
Ratio of total expenses to average net assets		1.07	%(e)		1.07	%		1.07	%		1.08	%		1.08	%		1.08	%
Ratio of net investment income to average net assets		0.13	%(e)		0.04	%		0.23	%		0.22	%		0.29	%(b)		0.12	%
Portfolio turnover rate(f)		22	%		41	%		37	%		72	%		56	%		48	%

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

(b) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.20% of average net assets.

(c) Amount is less than $0.005 per share.

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

(e) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements

June 30, 2019 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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. Distributions received from the Fund’s investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

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. 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. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees.

D.  Federal Taxes and Distributions to Shareholders — It is 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 and to distribute each year substantially all of its investment company taxable 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 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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  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 the Fund as cash payments and are included in net realized gain (loss) from investments on the Statement of Operations.

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV 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 Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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 Valuation Procedures approved by the Trustees. 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. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of June 30, 2019:

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,326,454	$	—	$	—
Europe		6,461,628		—		—
North America		339,420,734		—		—
Investment Company		1,080,055		—		—
Securities Lending Reinvestment Vehicle		1,465,763		—		—
Total	$	349,754,634	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

For further information regarding security characteristics, see the Schedule of Investments.

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the six months ended June 30, 2019, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate																	Effective Net Management Rate^
First $1 billion		Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
	0.71%		0.64	%		0.61	%		0.59	%		0.58	%		0.71	%		0.71	%

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

The Fund invests 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 Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2019, GSAM waived $3,015 of the Fund’s management fee.

B.  Distribution and Service (12b-1) Plan — The Trust, on behalf of 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, 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.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund 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.

D.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (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 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. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.014%. The Other Expense limitation will remain in place through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver	Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
$3,015	$	866	$	117,888	$	121,769

E.  Line of Credit Facility — As of June 30, 2019, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2019, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

F.  Other Transactions with Affiliates — The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2019:

Beginning Value as of December 31, 2018	Purchases at Cost		Proceeds from Sales		Ending Value as of June 30, 2019		Shares as of June 30, 2019		Dividend Income from Affiliated Investment Company
$—	$	81,799,525	$	(80,719,470)	$	1,080,055		1,080,055	$	42,594

5.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2019, were $119,271,976 and $68,893,508, respectively.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

6.    SECURITIES LENDING

The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund 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 Statement 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 Fund invests 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, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund 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 BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund 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 Fund may enter into master netting agreements with borrowers, which 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 bankruptcy or insolvency laws. The Fund’s 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 Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2019 are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2019, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2019:

Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019
$	—	$	13,617,515	$	(12,151,752	)	$	1,465,763

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

7.    TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2018, the Fund’s certain timing differences, on a tax-basis were as follows:

Timing Differences (Post October Loss Deferral) $ (1,577,639 ) 

As of June 30, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	222,064,153
Gross unrealized gain		131,226,236
Gross unrealized loss		(3,535,755	)
Net unrealized gain	$	127,690,481

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of underlying fund investments.

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.

8.    OTHER RISKS

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

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, 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.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

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). 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.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

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.

10.    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.

11.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		129,354		$	1,450,346			707,283		$	15,560,038
Reinvestment of distributions		—			—			5,223,137			51,500,129
Shares redeemed		(647,494	)		(7,321,853	)		(1,339,125	)		(28,892,999	)
		(518,140	)		(5,871,507	)		4,591,295			38,167,168
Service Shares
Shares sold		7,716,159			85,338,790			700,489			14,650,261
Reinvestment of distributions		—			—			7,117,253			70,247,289
Shares redeemed		(2,721,084	)		(29,647,903	)		(15,191,101	)		(312,752,864	)
		4,995,075			55,690,887			(7,373,359	)		(227,855,314	)
NET INCREASE (DECREASE)		4,476,935		$	49,819,380			(2,782,064	)	$	(189,688,146)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Fund Expenses — Six Month Period Ended June 30, 2019 (Unaudited) 

As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Share Class	Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*
Institutional
Actual	$	1,000	$	1,222.90		$	4.08
Hypothetical 5% return		1,000		1,021.12	+		3.71
Service
Actual		1,000		1,221.90			5.45
Hypothetical 5% return		1,000		1,019.89	+		4.96

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.74%, and 0.99% for Institutional and Service Shares, respectively.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2019 (the “Annual Meeting”).

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

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

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

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

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

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

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

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, portfolio trading, distribution and other services;

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

(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on the Fund’s investment performance was provided for the one-, three-, five-, and

24

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

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

ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

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

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. They also noted that the Fund had experienced certain portfolio management changes in 2018.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

25

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

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

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:

First $1 billion	0.71	%
Next $1 billion	0.64
Next $3 billion	0.61
Next $3 billion	0.59
Over $8 billion	0.58

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Fund; (d) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by the Investment Adviser for managing the fund in which the Fund’s securities lending cash collateral is invested; (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (j) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

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

26

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2020.

27

TRUSTEES	OFFICERS
Jessica Palmer, Chair	James A. McNamara, President
Kathryn A. Cassidy	Joseph F. DiMaria, Principal Financial Officer,
Diana M. Daniels	Principal Accounting Officer and Treasurer
James A. McNamara	Caroline L. Kraus, Secretary
Roy W. Templin
Gregory G. Weaver

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Fund holdings and allocations shown are as of June 30, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs Strategic Growth Fund.

© 2019 Goldman Sachs. All rights reserved.

VITGRWSAR-19/175376-OTU-1025573

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

International Equity Insights Fund

Beginning on or after January 1, 2021, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company that offers your variable insurance contract or your financial intermediary, unless you specifically request paper copies of the reports from the insurance company or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the insurance company electronically by contacting your insurance company or your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform the insurance company or your financial intermediary that you wish to receive paper copies of reports. Your election to receive reports in paper will apply to all Goldman Sachs Funds available under your contract and may apply to all funds held with your financial intermediary.

Semi-Annual Report

June 30, 2019

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discuss the Goldman Sachs Variable Insurance Trust — Goldman Sachs International Equity Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated cumulative total returns of 12.29% and 12.10%, respectively. These returns compare to the 14.03% cumulative total return of the Fund’s benchmark, the MSCI Europe, Australasia, Far East (EAFE) Standard Index (net, USD, unhedged) (the “MSCI EAFE Index”), during the same time period.

What economic and market factors most influenced the international equity markets as a whole during the Reporting Period?

International equities, as measured by the MSCI EAFE Index, posted a return of 14.03% in U.S. dollar terms for the Reporting Period as a whole.

During the first quarter of 2019, international developed equity markets rebounded across all regions, recovering from weakness in 2018. The U.S. Federal Reserve (the “Fed”) shifted to a dovish stance amidst slower economic growth. (Dovish tends to suggest lower interest rates; opposite of hawkish.) In addition, there was seemingly significant progress made in the trade talks between China and the U.S., paving the way for a potential resolution. European equities remained resilient despite the overhang of Brexit and slowing economic data in the region. (Brexit is the popular term for the U.K.’s path out of the European Union.) Japanese equities gained during the first quarter of 2019, as fears around the extent of the global economic growth slowdown eased and the yen gradually weakened.

International developed equity markets continued to advance during the second quarter of 2019, albeit more modestly so than in the prior quarter. International developed equity markets were supported by the U.S. Fed’s signals of its dovish outlook for the remainder of the calendar year. Equities also performed well in April 2019 while awaiting U.S.-China trade talks to reconvene at the G20 Summit scheduled for the end of June 2019. (Also known as Group of 20 nations, the G20 is a forum attended by finance ministers and central bank governors from the world’s highly developed economies consisting of 19 countries and the European Union.) However, negotiations were halted in May 2019 following the increase of tariffs from 10% to 25% on $200 billion of Chinese goods by the U.S. This degradation of trade talks contributed to a volatile May, and the MSCI EAFE Index declined 4.80% for the month. On June 18, 2019, the U.S. President announced that he and President Xi of China would be meeting on the sidelines of the G20 Summit in Osaka, Japan on June 29^th to discuss the ongoing trade impasse, resulting in an immediate positive market reaction. The result was both sides agreeing to restart negotiations, and the U.S. agreeing to put plans for the additional tariffs of 25% on all remaining imports from China on an indefinite hold. In an additional positive surprise, the U.S. agreed to lift restrictions it had put in place on Chinese technology firm Huawei, allowing it to purchase equipment non-threatening to U.S. national security from U.S. firms. The outcome of the G20 Summit was similar to the previous one held in Buenos Aires in 2018, i.e. it led to a temporary truce in trade tensions, a delay in raising tariffs, but no firm resolution.

For the Reporting Period overall, all 11 sectors of the MSCI EAFE Index gained, with information technology leading the way, followed by materials and industrials. Communication services, utilities and energy were the weakest performers on the basis of total return during the Reporting Period.

From a country perspective, all equity markets in the MSCI EAFE Index posted a positive absolute return during the Reporting Period. Switzerland, New Zealand and the Netherlands were the strongest individual country constituents in the MSCI EAFE Index on a relative basis during the Reporting Period. Israel, Japan and Finland posted positive absolute returns but most significantly lagged the MSCI EAFE Index on a relative basis during the Reporting Period.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, namely Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends.

During the Reporting Period, the Fund posted double-digit absolute gains but underperformed the MSCI EAFE Index, with three of our quantitative model’s four investment themes detracting from results. Stock selection driven by these investment themes diminished relative performance.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by the Fund’s different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, three of our four investment themes — Fundamental Mispricings, High Quality Business Models and Market Themes & Trends — detracted from the Fund’s relative performance. The other investment theme — Sentiment Analysis — contributed positively. Fundamental Mispricing seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

How did the Fund’s sector and industry allocations affect relative performance during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than making sector or industry bets. Consequently, the Fund is similar to its benchmark, the MSCI EAFE Index, in terms of its sector and industry allocations and style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

Did stock selection help or hurt Fund performance during the Reporting Period?

We seek to outpace the MSCI EAFE Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. At the same time, we strive to maintain a risk profile similar to the MSCI EAFE Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the benchmark index.

During the Reporting Period, stock selection hampered the Fund’s performance, with investments in the consumer staples, industrials and utilities sectors detracting most from results relative to the MSCI EAFE Index. Holdings in the information technology, financials and health care sectors added to the Fund’s relative returns.

Which individual positions detracted from the Fund’s results during the Reporting Period?

Detracting most from the Fund’s results relative to the MSCI EAFE Index were overweight positions in U.K.-based transportation services provider International Consolidated Airlines Group and U.K.-based tobacco company Imperial Brands and an underweight position in France-based diversified luxury goods producer LVMH Moet Hennessy Louis Vuitton. The overweights in International Consolidated Airlines Group and Imperial Brands were each implemented primarily because of our High Quality Business Models and Sentiment Analysis investment themes. An underweight in LVMH Moet Hennessy Louis Vuitton was established due mainly to our Fundamental Mispricings and High Quality Business Models investment themes.

Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period?

The Fund benefited most from overweight positions in adidas, a Germany-based sports shoes, apparel and equipment manufacturer; 3i Group, a U.K.-based asset management company; and Koninklijke DSM, a Netherlands-based life sciences and materials sciences company. The overweight in adidas was fueled mainly by our Market Themes & Trends and High Quality Business Models investment themes. Driven by our Sentiment Analysis, Fundamental Mispricings and High Quality Business Models

2

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

investment themes, the Fund benefited from its overweight in 3i Group. An overweight in Koninklijke DSM was established primarily because of our Sentiment Analysis and Market Themes & Trends investment themes.

What impact did country selection have on the Fund’s relative performance during the Reporting Period?

To construct the Fund’s portfolio, we focus on security selection rather than on making country bets. As a result, the Fund is similar to the MSCI EAFE Index in terms of its country allocation. Changes in the Fund’s country weightings are generally the result of our stock picking.

Did you make any enhancements to your quantitative models during the Reporting Period?

We continuously look for ways to improve our investment process. During the Reporting Period, we made numerous enhancements to our models. As example, in the second quarter of 2019, we introduced a number of new signals.

First, within our Sentiment Analysis investment theme, we added a suite of signals that utilizes data from the short selling market as an indicator of the market sentiment surrounding individual names.

Second, within our Market Themes & Trends investment theme, we added a signal that examines the cross-holdings of pooled vehicles to identify thematic trends in the market. Also within our Market Themes & Trends investment theme, we added a signal that examines internet linkages between companies to identify thematic trends.

Finally, within our Fundamental Mispricings investment theme, we added a signal that we believe to be predictive of industry rotations.

How did the Fund use derivatives during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy to add value to the Fund’s results. However, we used equity index futures contracts, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of stock futures. The use of these futures contracts did not have a material impact on the Fund’s performance during the second part of the Reporting Period.

What were the Fund’s sector and country weightings at the end of the Reporting Period?

As of June 30, 2019, the Fund was overweight the industrials, information technology, real estate and health care sectors relative to the MSCI EAFE Index. The Fund was underweight consumer staples, energy, financials, consumer discretionary and materials and rather neutral to the MSCI EAFE Index in utilities and communication services on the same date.

In terms of countries, the Fund was overweight relative to the MSCI EAFE Index in Norway, Japan and Sweden. Compared to the MSCI EAFE Index, the Fund was underweight in Germany, the U.K. and Australia and was relatively neutral compared to the MSCI EAFE Index in the remaining constituents of the MSCI EAFE Index at the end of the Reporting Period.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

What is your strategy going forward for the Fund?

Looking ahead, we continue to believe that less expensive stocks should outpace more expensive stocks, and stocks with good momentum are likely to outperform those with poor momentum. We intend to maintain our focus on seeking companies about which fundamental research analysts are becoming more positive as well as profitable companies with sustainable earnings and a track record of using their capital to enhance shareholder value. As such, we anticipate remaining fully invested with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide strong, uncorrelated returns over the long term. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals and improve our trading execution as we seek to provide the most value to our shareholders.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Index Definitions

The MSCI EAFE Standard Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI EAFE Standard Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI EAFE Standard Index is unmanaged and the figures for the Index do not include any deduction for fees or expenses.

It is not possible to invest directly in an index.

4

FUND BASICS

International Equity Insights Fund

as of June 30, 2019

STANDARDIZED TOTAL RETURNS¹

For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Institutional		-3.42	%		0.99	%		6.25	%		3.59	%	1/12/98
Service		-3.72			0.71			5.98			1.89		1/09/06

¹  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional Shares and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above chart represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above chart. Please visit www.GSAMFUNDS.com to obtain the most recent month-end returns.

Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced.

EXPENSE RATIOS²

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.87	%		1.19	%
Service		1.12			1.44

²  The expense ratios of the Fund, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of any fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s fee waivers and/or expense limitations will remain in place through at least April 30, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 6/30/19³

Holding	% of Net Assets		Line of Business	Country
Roche Holding AG		2.3%	Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
AIA Group Ltd.		1.6	Insurance	Hong Kong
Novo Nordisk A/S Class B		1.4	Pharmaceuticals, Biotechnology & Life Sciences	Denmark
Diageo plc		1.3	Food, Beverage & Tobacco	United Kingdom
adidas AG		1.2	Consumer Durables & Apparel	Germany
Safran SA		1.2	Capital Goods	France
Air Liquide SA		1.1	Materials	France
Schneider Electric SE		1.1	Capital Goods	France
Nestle SA (Registered)		1.1	Food, Beverage & Tobacco	Switzerland
Wolters Kluwer NV		1.0	Commercial & Professional Services	Netherlands

³  The top 10 holdings may not be representative of the Fund’s future investments.

5

FUND BASICS

International Equity Insights Fund (continued)

as of June 30, 2019

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2019

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.4% of the Fund’s net assets at June 30, 2019. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

6

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 96.8%
Australia – 6.9%
	10,050	Altium Ltd. (Software & Services)	$	242,599
	10,951	ASX Ltd. (Diversified Financials)		634,468
	2,927	Aurizon Holdings Ltd. (Transportation)		11,111
	33,352	Australia & New Zealand Banking Group Ltd. (Banks)		662,015
	29,742	BHP Group plc (Materials)		760,633
	80,910	Boral Ltd. (Materials)		291,795
	7,006	CIMIC Group Ltd. (Capital Goods)		220,307
	89,317	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)		641,209
	3,966	Commonwealth Bank of Australia (Banks)		230,776
	34,772	Evolution Mining Ltd. (Materials)		106,569
	18,785	Fortescue Metals Group Ltd. (Materials)		119,465
	43,035	Goodman Group (REIT)		454,871
	46,719	Insurance Australia Group Ltd. (Insurance)		271,249
	1,796	Magellan Financial Group Ltd. (Diversified Financials)		64,477
	10,198	QBE Insurance Group Ltd. (Insurance)		84,839
	1,169	Rio Tinto Ltd. (Materials)		85,600
	10,103	Rio Tinto plc ADR (Materials)		629,821
	12,894	Vicinity Centres (REIT)		22,200
	26,745	Woodside Petroleum Ltd. (Energy)		685,971
				6,219,975
Austria – 0.4%
	8,139	OMV AG (Energy)		396,733
Belgium – 1.1%
	360	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)		31,857
	6,116	KBC Group NV (Banks)		401,365
	6,316	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)		524,162
	66	Warehouses De Pauw CVA (REIT)		11,107
				968,491
China – 0.6%
	1,400	ENN Energy Holdings Ltd. (Utilities)		13,624
	483,000	Towngas China Co. Ltd. (Utilities)*		347,936
	174,200	Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)		197,363
				558,923
Denmark – 2.6%
	4,887	Carlsberg A/S Class B (Food, Beverage & Tobacco)		648,492
	9,283	GN Store Nord A/S (Health Care Equipment & Services)		433,957
	23,878	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,219,621
Common Stocks – (continued)
Denmark – (continued)
	462	Vestas Wind Systems A/S (Capital Goods)		40,025
				2,342,095
Finland – 0.1%
	2,512	Valmet OYJ (Capital Goods)		62,668
France – 10.8%
	7,206	Air Liquide SA (Materials)		1,007,892
	2,453	Arkema SA (Materials)		228,042
	17,441	BNP Paribas SA (Banks)		826,796
	1,277	Christian Dior SE (Consumer Durables & Apparel)		669,679
	2,319	Dassault Systemes SE (Software & Services)		369,893
	5,937	Eiffage SA (Capital Goods)		586,751
	919	Gecina SA (REIT)		137,521
	252	Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences)		34,372
	1,442	Kering SA (Consumer Durables & Apparel)		851,101
	8,057	Lagardere SCA (Media & Entertainment)		209,908
	6,070	Legrand SA (Capital Goods)		443,770
	873	Pernod Ricard SA (Food, Beverage & Tobacco)		160,786
	20,169	Peugeot SA (Automobiles & Components)		496,409
	7,281	Publicis Groupe SA (Media & Entertainment)		384,297
	7,446	Safran SA (Capital Goods)		1,089,289
	10,941	Schneider Electric SE (Capital Goods)		989,973
	6,796	SCOR SE (Insurance)		297,929
	1,587	Societe Generale SA (Banks)		40,055
	2,965	Teleperformance (Commercial & Professional Services)		594,058
	5,122	TOTAL SA (Energy)		287,312
				9,705,833
Germany – 5.9%
	3,542	adidas AG (Consumer Durables & Apparel)		1,095,789
	543	Allianz SE (Registered) (Insurance)		130,959
	7,310	CANCOM SE (Software & Services)		388,005
	7,491	Covestro AG (Materials)(a)		381,364
	307	Deutsche Boerse AG (Diversified Financials)		43,339
	1,470	Deutsche Post AG (Registered) (Transportation)		48,358
	52,781	E.ON SE (Utilities)		572,680
	20,035	Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)*		560,934
	1,582	GEA Group AG (Capital Goods)		44,898
	16,219	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		288,206

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	3,756	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)	$	392,319
	3,648	Nemetschek SE (Software & Services)		219,766
	21,657	ProSiebenSat.1 Media SE (Media & Entertainment)		339,269
	4,154	RWE AG (Utilities)		102,502
	2,013	RWE AG (Preference) (Non-Voting) (Utilities)(b)		49,820
	279	SAP SE (Software & Services)		38,249
	3,327	Wirecard AG (Software & Services)		561,652
				5,258,109
Hong Kong – 4.4%
	132,000	AIA Group Ltd. (Insurance)		1,425,455
	44,000	CK Asset Holdings Ltd. (Real Estate)		344,699
	26,000	CK Hutchison Holdings Ltd. (Capital Goods)		256,458
	55,500	CLP Holdings Ltd. (Utilities)		611,599
	18,827	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		665,348
	50,500	Kerry Properties Ltd. (Real Estate)		212,126
	114,000	NWS Holdings Ltd. (Capital Goods)		234,472
	70,000	Swire Pacific Ltd. Class B (Real Estate)		132,781
	10,500	Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)		28,800
				3,911,738
Italy – 2.3%
	1,850	Avio SpA (Capital Goods)		30,545
	732	DiaSorin SpA (Health Care Equipment & Services)		85,038
	17,609	Eni SpA (Energy)		292,790
	27,625	Iren SpA (Utilities)		71,809
	21,246	Leonardo SpA (Capital Goods)		269,538
	49,139	Mediobanca Banca di Credito Finanziario SpA (Banks)		506,711
	5,137	Moncler SpA (Consumer Durables & Apparel)		220,179
	55,599	Terna Rete Elettrica Nazionale SpA (Utilities)		354,256
	21,046	UniCredit SpA (Banks)		259,052
				2,089,918
Japan – 24.5%
	3,100	AEON Financial Service Co. Ltd. (Diversified Financials)		50,034
	32,500	Ajinomoto Co., Inc. (Food, Beverage & Tobacco)		563,834
	2,900	Asahi Group Holdings Ltd. (Food, Beverage & Tobacco)		130,554
	900	Asahi Kasei Corp. (Materials)		9,621
	46,800	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		666,936
Common Stocks – (continued)
Japan – (continued)
	13,400	Benesse Holdings, Inc. (Consumer Services)		312,721
	3,500	Central Japan Railway Co. (Transportation)		701,778
	14,700	Chubu Electric Power Co., Inc. (Utilities)		206,496
	2,300	Computer Institute of Japan Ltd. (Software & Services)		21,474
	22,900	Daiwa House Industry Co. Ltd. (Real Estate)		669,154
	36	Daiwa House REIT Investment Corp. (REIT)		86,898
	9,900	DeNA Co. Ltd. (Media & Entertainment)		189,809
	7,600	East Japan Railway Co. (Transportation)		711,693
	2,200	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		124,688
	2,100	ESCRIT, Inc. (Consumer Services)		14,715
	1,700	Fuji Electric Co. Ltd. (Capital Goods)		58,916
	700	Fujimori Kogyo Co. Ltd. (Materials)		18,826
	8,800	Fujitsu Ltd. (Software & Services)		614,999
	900	Heiwa Corp. (Consumer Durables & Apparel)		18,515
	24,200	Hitachi Ltd. (Technology Hardware & Equipment)		890,384
	7,100	Hulic Co. Ltd. (Real Estate)		57,160
	1,500	IBJ, Inc. (Consumer Services)		12,560
	3,400	ISB Corp. (Software & Services)		52,632
	9,300	Japan Airlines Co. Ltd. (Transportation)		296,816
	72	Japan Retail Fund Investment Corp. (REIT)		145,628
	3,000	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		66,131
	20,900	JXTG Holdings, Inc. (Energy)		104,164
	10,400	Kao Corp. (Household & Personal Products)		793,565
	19,100	KDDI Corp. (Telecommunication Services)		486,032
	10,200	Konami Holdings Corp. (Media & Entertainment)		479,795
	2,500	Kyocera Corp. (Technology Hardware & Equipment)		163,809
	7,200	LIXIL Group Corp. (Capital Goods)		114,214
	800	Mandom Corp. (Household & Personal Products)		19,399
	2,600	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		76,369
	500	Media Do Holdings Co. Ltd. (Retailing)		14,083
	14,100	Mitsubishi Heavy Industries Ltd. (Capital Goods)		614,930
	1,500	Mitsubishi Materials Corp. (Materials)		42,733
	24,000	Mitsui & Co. Ltd. (Capital Goods)		391,750
	26,900	Mitsui Fudosan Co. Ltd. (Real Estate)		653,783

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	3,100	MS&AD Insurance Group Holdings, Inc. (Insurance)	$	98,538
	4,300	NEC Networks & System Integration Corp. (Software & Services)		109,761
	5,800	Nexon Co. Ltd. (Media & Entertainment)*		84,736
	2,100	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		97,838
	600	Nissin Foods Holdings Co. Ltd. (Food, Beverage & Tobacco)		38,701
	7,400	Nomura Real Estate Holdings, Inc. (Real Estate)		159,389
	12,900	Nomura Research Institute Ltd. (Software & Services)		207,448
	1,000	NS Solutions Corp. (Software & Services)		31,819
	38,300	NTT Data Corp. (Software & Services)		511,384
	6,900	NTT DOCOMO, Inc. (Telecommunication Services)		160,990
	4,100	Obayashi Corp. (Capital Goods)		40,503
	500	OBIC Business Consultants Co. Ltd. (Software & Services)		22,725
	1,600	Obic Co. Ltd. (Software & Services)		181,832
	45,000	ORIX Corp. (Diversified Financials)		672,520
	28,900	Osaka Gas Co. Ltd. (Utilities)		504,362
	8,700	PC Depot Corp. (Retailing)		34,580
	2,900	Pola Orbis Holdings, Inc. (Household & Personal Products)		81,264
	6,200	Rohto Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		168,804
	2,600	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		43,225
	46,500	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		566,123
	700	Seibu Holdings, Inc. (Transportation)		11,686
	1,600	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		24,092
	4,100	Shin Nippon Biomedical Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		26,642
	13,500	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		780,068
	15,600	SoftBank Group Corp. (Telecommunication Services)		751,379
	16,200	Sony Corp. (Consumer Durables & Apparel)		851,310
	19,700	Subaru Corp. (Automobiles & Components)		479,639
	5,200	Sumitomo Corp. (Capital Goods)		78,978
	16,100	Sumitomo Heavy Industries Ltd. (Capital Goods)		556,221
Common Stocks – (continued)
Japan – (continued)
	1,500	Sumitomo Mitsui Financial Group, Inc. (Banks)		53,169
	17,500	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		635,803
	4,600	Sumitomo Realty & Development Co. Ltd. (Real Estate)		164,564
	2,400	Sundrug Co. Ltd. (Food & Staples Retailing)		65,090
	2,300	System Integrator Corp. (Software & Services)		14,292
	12,900	Taisei Corp. (Capital Goods)		469,902
	3,900	TDK Corp. (Technology Hardware & Equipment)		303,786
	11,700	TIS, Inc. (Software & Services)		597,914
	1,300	Tokio Marine Holdings, Inc. (Insurance)		65,228
	1,900	Toshiba Corp. (Capital Goods)		59,232
	9,900	Toyota Motor Corp. (Automobiles & Components)		614,432
	161	United Urban Investment Corp. (REIT)		269,859
	192,800	Yahoo Japan Corp. (Media & Entertainment)		567,130
	10,500	Yamada Denki Co. Ltd. (Retailing)		46,470
	1,200	Yamatane Corp. (Food & Staples Retailing)		15,307
	3,200	Zuken, Inc. (Software & Services)		53,628
				22,019,961
Netherlands – 5.4%
	23,086	ABN AMRO Bank NV CVA (Banks)(a)		493,983
	7,300	Akzo Nobel NV (Materials)		685,983
	3,440	ASML Holding NV (Semiconductors & Semiconductor Equipment)		715,829
	10,804	ASR Nederland NV (Insurance)		438,981
	1,977	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		50,730
	1,142	Euronext NV (Diversified Financials)(a)		86,403
	2,428	Koninklijke Philips NV (Health Care Equipment & Services)		105,559
	2,398	NXP Semiconductors NV (Semiconductors & Semiconductor Equipment)		234,069
	4,083	Randstad NV (Commercial & Professional Services)		224,086
	14,905	Royal Dutch Shell plc Class A (Energy)		485,355
	10,605	Royal Dutch Shell plc Class B (Energy)		347,491
	246	Sligro Food Group NV (Food & Staples Retailing)		9,161
	12,623	Wolters Kluwer NV (Commercial & Professional Services)		918,340
				4,795,970

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
New Zealand – 0.0%
	3,151	Trustpower Ltd. (Utilities)	$	15,679
Norway – 2.2%
	4,614	Aker BP ASA (Energy)		133,073
	3,782	Austevoll Seafood ASA (Food, Beverage & Tobacco)		39,752
	33,863	DNB ASA (Banks)		630,991
	7,494	Kongsberg Gruppen ASA (Capital Goods)		104,751
	37,445	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		248,070
	4,654	Mowi ASA (Food, Beverage & Tobacco)		108,899
	9,264	Orkla ASA (Food, Beverage & Tobacco)		82,217
	8,165	Salmar ASA (Food, Beverage & Tobacco)		355,445
	23,882	SpareBank 1 SR-Bank ASA (Banks)		291,149
				1,994,347
Portugal – 0.6%
	136,841	EDP - Energias de Portugal SA (Utilities)		520,056
Singapore – 0.6%
	84,900	Singapore Exchange Ltd. (Diversified Financials)		497,389
Spain – 3.8%
	8,242	ACS Actividades de Construccion y Servicios SA (Capital Goods)		329,754
	139,011	Banco Bilbao Vizcaya Argentaria SA (Banks)		775,359
	98,509	Banco Santander SA (Banks)		456,555
	8,153	Enagas SA (Energy)		217,576
	5,982	Iberdrola SA (Utilities)		59,558
	38,265	Merlin Properties Socimi SA (REIT)		530,410
	22,966	Repsol SA (Energy)		360,402
	82,550	Telefonica SA (Telecommunication Services)		678,834
				3,408,448
Sweden – 4.1%
	18,388	Atlas Copco AB Class A (Capital Goods)		589,255
	1,235	Atlas Copco AB Class B (Capital Goods)		35,507
	12,662	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)		148,663
	20,218	Boliden AB (Materials)		518,065
	21,927	Electrolux ABSeries B (Consumer Durables & Apparel)		562,067
	28,371	Sandvik AB (Capital Goods)		521,347
	11,040	Swedish Match AB (Food, Beverage & Tobacco)		466,752
Common Stocks – (continued)
Sweden – (continued)
	32,528	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)		308,747
	31,180	Volvo AB Class B (Capital Goods)		495,440
				3,645,843
Switzerland – 9.0%
	10,798	Adecco Group AG (Registered) (Commercial & Professional Services)		648,932
	66	Baloise Holding AG (Registered) (Insurance)		11,689
	1,904	BKW AG (Utilities)		127,225
	3,056	Coca-Cola HBC AG (Food, Beverage & Tobacco)*		115,441
	1,818	Galenica AG (Health Care Equipment & Services)(a)		91,353
	10,326	LafargeHolcim Ltd. (Registered) (Materials)*		504,906
	2,350	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		793,343
	9,274	Nestle SA (Registered) (Food, Beverage & Tobacco)		960,065
	4,877	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		445,230
	112	Partners Group Holding AG (Diversified Financials)		88,079
	7,315	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		2,056,889
	966	Siegfried Holding AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		336,593
	2,709	Sonova Holding AG (Registered) (Health Care Equipment & Services)(c)		616,565
	2,697	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		700,429
	3,161	Temenos AG (Registered) (Software & Services)*		565,990
				8,062,729
United Kingdom – 11.3%
	50,984	3i Group plc (Diversified Financials)		721,319
	12,792	Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences)		239,454
	4,249	Ashtead Group plc (Capital Goods)		121,740
	115,855	Aviva plc (Insurance)		613,633
	28,184	Barratt Developments plc (Consumer Durables & Apparel)		205,095
	421	BP plc ADR (Energy)		17,556
	18,303	British American Tobacco plc (Food, Beverage & Tobacco)		639,067

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	34,650	BT Group plc (Telecommunication Services)	$	86,636
	27,762	Diageo plc (Food, Beverage & Tobacco)		1,194,884
	131,915	Direct Line Insurance Group plc (Insurance)		556,059
	28,396	Experian plc (Commercial & Professional Services)		860,103
	16,252	Fiat Chrysler Automobiles NV (Automobiles & Components)		225,552
	26,740	Great Portland Estates plc (REIT)		232,401
	22,193	HSBC Holdings plc (Banks)		185,229
	22,800	Imperial Brands plc (Food, Beverage & Tobacco)		535,006
	64,772	International Consolidated Airlines Group SA (Transportation)		392,691
	5,457	Intertek Group plc (Commercial & Professional Services)		381,499
	208,202	Legal & General Group plc (Insurance)		713,303
	554,203	Lloyds Banking Group plc (Banks)		398,040
	11,882	National Grid plc (Utilities)		126,363
	9,292	Next plc (Retailing)		650,690
	2,801	Pearson plc (Media & Entertainment)		29,142
	12,781	Persimmon plc (Consumer Durables & Apparel)		324,701
	8,063	Smith & Nephew plc (Health Care Equipment & Services)		175,085
	478	Unilever NV CVA (Household & Personal Products)		29,042
	7,892	Unilever plc ADR (Household & Personal Products)		489,067
				10,143,357
United States – 0.2%
	4,457	Carnival plc ADR (Consumer Services)		201,768
	TOTAL COMMON STOCKS
	(Cost $86,205,776)		$	86,820,030

Units		Description	Expiration Month		Value
Right* – 0.0%
Spain – 0.0%
	13,553	ACS Actividades de Construccion y Servicios SA (Capital Goods)		07/2019	$	21,267
	(Cost $22,612)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $86,228,388)				$	86,841,297

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(d) – 0.4%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	375,643	2.308%	$	375,643
(Cost $375,643)
	TOTAL INVESTMENTS – 97.2%
	(Cost $86,604,031)		$	87,216,940
	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.8%			2,530,428
	NET ASSETS – 100.0%		$	89,747,368

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(c)	All or a portion of security is on loan.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
CVA	—Dutch Certification
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		9	09/20/2019	$	354,707	$	9,631
FTSE 100 Index		2	09/20/2019		187,165		2,326
SPI 200 Index		1	09/19/2019		115,119		1,454
TOPIX Index		1	09/12/2019		143,857		916
Total Futures Contracts						$	14,327

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $86,228,388)(a)	$	86,841,297
Investments in affiliated securities lending reinvestment vehicle, at value (cost $375,643)		375,643
Cash		1,239,173
Foreign currencies, at value (cost $1,361,560)		1,359,440
Receivables:
Investments sold		2,912,983
Foreign tax reclaims		435,389
Dividends		132,304
Collateral on certain derivative contracts		42,225
Reimbursement from investment adviser		32,144
Fund shares sold		17,344
Securities lending income		2,465
Variation margin on futures		3,395
Other assets		357
Total assets		93,394,159

Liabilities:
Payables:
Investments purchased	2,821,144
Payable upon return of securities loaned	375,643
Fund shares redeemed	225,603
Management fees	58,536
Distribution and Service fees and Transfer Agency fees	11,083
Accrued expenses	154,782
Total liabilities	3,646,791

Net Assets:
Paid-in capital		93,671,030
Total distributable earnings (loss)		(3,923,662	)
NET ASSETS	$	89,747,368
Net Assets:
Institutional	$	41,836,729
Service		47,910,639
Total Net Assets	$	89,747,368
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		5,265,843
Service		6,011,273
Net asset value, offering and redemption price per share:
Institutional		$7.94
Service		7.97

(a) Includes loaned securities having a market value of $361,049.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $200,429)	$	1,846,042
Securities lending income — affiliated issuer		9,085
Total investment income		1,855,127

Expenses:
Management fees	352,899
Professional fees	81,171
Custody, accounting and administrative services	64,401
Distribution and Service fees — Service Shares	58,394
Printing and mailing costs	37,766
Transfer Agency fees(a)	8,713
Trustee fees	8,007
Registration fees	635
Other	6,567
Total expenses	618,553
Less — expense reductions	(179,956	)
Net expenses	438,597
NET INVESTMENT INCOME	1,416,530

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(4,009,068	)
Futures contracts		165,581
Foreign currency transactions		(27,613	)
Net change in unrealized gain on:
Investments — unaffiliated issuers		12,240,874
Futures contracts		50,861
Foreign currency translation		20,510
Net realized and unrealized gain		8,441,145
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,857,675

(a) Institutional and Service Shares incurred Transfer Agency fees of $4,042 and $4,671, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	1,416,530		$	1,622,663
Net realized gain (loss)		(3,871,100	)		19,596,686
Net change in unrealized gain (loss)		12,312,245			(37,795,771	)
Net increase (decrease) in net assets resulting from operations		9,857,675			(16,576,422	)
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(8,500,382	)
Service Shares		—			(9,678,544	)
Total distributions to shareholders		—			(18,178,926	)
From share transactions:
Proceeds from sales of shares		3,466,987			12,142,507
Reinvestment of distributions		—			18,178,926
Cost of shares redeemed		(5,329,354	)		(79,104,015	)
Net decrease in net assets resulting from share transactions		(1,862,367	)		(48,782,582	)
TOTAL INCREASE (DECREASE)		7,995,308			(83,537,930	)
Net Assets:
Beginning of period		81,752,060			165,289,990
End of period	$	89,747,368		$	81,752,060

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	7.08		$	10.88		$	8.75		$	9.19		$	9.26		$	10.43
Net investment income(a)		0.13			0.19			0.17			0.17	(b)		0.14	(c)		0.39	(d)
Net realized and unrealized gain (loss)		0.73			(1.94	)		2.16			(0.42	)		(0.04	)		(1.18	)
Total from investment operations		0.86			(1.75	)		2.33			(0.25	)		0.10			(0.79	)
Distributions to shareholders from net investment income		—			(0.21	)		(0.20	)		(0.19	)		(0.17	)		(0.38	)
Distributions to shareholders from net realized gains		—			(1.84	)		—			—			—			—
Total distributions		—			(2.05	)		(0.20	)		(0.19	)		(0.17	)		(0.38	)
Net asset value, end of period	$	7.94		$	7.08		$	10.88		$	8.75		$	9.19		$	9.26
Total return(e)		12.29	%		(16.28	)%		26.60	%		(2.72	)%		1.05	%		(7.54	)%
Net assets, end of period (in 000s)	$	41,837		$	37,829		$	41,512		$	37,061		$	41,737		$	46,871
Ratio of net expenses to average net assets		0.87	%(f)		0.87	%		0.87	%		0.89	%		0.89	%		0.99	%
Ratio of total expenses to average net assets		1.29	%(f)		1.23	%		1.02	%		1.06	%		1.06	%		1.04	%
Ratio of net investment income to average net assets		3.38	%(f)		1.79	%		1.69	%		1.94	%(b)		1.42	%(c)		3.75	%(d)
Portfolio turnover rate(g)		61	%		156	%		23	%		39	%		58	%		74	%

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

(b) Reflects income recognized from corporate actions which amounted to $0.03 per share and 0.36% of average net assets.

(c) Reflects income recognized from a corporate action which amounted to $0.02 per share and 0.17% of average net assets.

(d) Reflects income recognized from a corporate action which amounted to $0.22 per share and 2.10% of average net assets.

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

(f) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

	Goldman Sachs International Equity Insights Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	7.11		$	10.91		$	8.78		$	9.21		$	9.28		$	10.44
Net investment income(a)		0.12			0.14			0.14			0.15	(b)		0.12	(c)		0.36	(d)
Net realized and unrealized gain (loss)		0.74			(1.93	)		2.16			(0.42	)		(0.05	)		(1.17	)
Total from investment operations		0.86			(1.79	)		2.30			(0.27	)		0.07			(0.81	)
Distributions to shareholders from net investment income		—			(0.17	)		(0.17	)		(0.16	)		(0.14	)		(0.35	)
Distributions to shareholders from net realized gains		—			(1.84	)		—			—			—			—
Total distributions		—			(2.01	)		(0.17	)		(0.16	)		(0.14	)		(0.35	)
Net asset value, end of period	$	7.97		$	7.11		$	10.91		$	8.78		$	9.21		$	9.28
Total return(e)		12.10	%		(16.55	)%		26.21	%		(2.86	)%		0.77	%		(7.70	)%
Net assets, end of period (in 000s)	$	47,911		$	43,923		$	123,778		$	105,362		$	116,811		$	126,230
Ratio of net expenses to average net assets		1.12	%(f)		1.12	%		1.12	%		1.14	%		1.14	%		1.24	%
Ratio of total expenses to average net assets		1.53	%(f)		1.43	%		1.27	%		1.31	%		1.31	%		1.29	%
Ratio of net investment income to average net assets		3.13	%(f)		1.30	%		1.44	%		1.68	%(b)		1.18	%(c)		3.47	%(d)
Portfolio turnover rate(g)		61	%		156	%		23	%		39	%		58	%		74	%

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

(b) Reflects income recognized from corporate actions which amounted to $0.03 per share and 0.36% of average net assets.

(c) Reflects income recognized from a corporate action which amounted to $0.02 per share and 0.17% of average net assets.

(d) Reflects income recognized from a corporate action which amounted to $0.22 per share and 2.10% of average net assets.

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

(f) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements

June 30, 2019 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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 Fund 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.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

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. 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. Class-specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees.

D.  Federal Taxes and Distributions to Shareholders — It is 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 and to distribute each year substantially all of its investment company taxable 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 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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in United States (“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

18

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Statement 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.

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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, 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 Valuation Procedures approved by the Trustees 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.

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV 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 Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. 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 Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments.

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

i. 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, the 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.

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 Valuation Procedures approved by the Trustees. 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. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

20

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2019:

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	26,988,011	$	—
Australia and Oceania		629,821		5,605,833		—
Europe		740,692		52,675,172		—
North America		201,768		—		—
Securities Lending Reinvestment Vehicle		375,643		—		—
Total	$	1,947,924	$	85,269,016	$	—
Derivative Type
Assets(b)
Futures Contracts	$	14,327	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedule of Investments.

4.    INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2019. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Risk	Statement of Assets and Liabilities	Assets(a)		Statement of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts	$	14,327	—	$	—

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information section of the Schedule of Investments. Only the variation margin as of June 30, 2019 is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2019. 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 Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	165,581	$	50,861		26

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2019.

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the six months ended June 30, 2019, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate																		Effective Net Management Rate^
First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
	0.81	%		0.73	%		0.69	%		0.68	%		0.67	%		0.81	%		0.81	%

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

B.  Distribution and Service (12b-1) Plan — The Trust, on behalf of 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, is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.

C.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to 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.

D.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (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 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. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.044%. The Other Expense limitation will remain in place through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
$	591	$	179,365	$	179,956

E.  Line of Credit Facility — As of June 30, 2019, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2019, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

6.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2019, were $52,017,973 and $52,183,961, respectively.

7.    SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Fund may lend its 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 Fund’s securities lending procedures, the Fund receives 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund 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 Statement 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 Fund invests 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 exercise any and all remedies provided under the applicable borrower agreement to make the Fund 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 is unable to purchase replacement securities, GSAL will indemnify the Fund by paying the Fund 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 Fund may enter into master netting agreements with borrowers, which 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 bankruptcy or insolvency laws. The Fund’s 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 Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2019, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

Both the Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2019, are reported under Investment Income on the Statement of Operations.

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

7.    SECURITIES LENDING (continued)

The table below details securities lending activity with affiliates of Goldman Sachs:

For the Six months ended June 30, 2019
Earnings of GSAL Relating to Securities Loaned	Amount Received by the Fund from Lending to Goldman Sachs	Amount Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2019
$1,003	$546	$—

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2019:

Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019
$	431,989	$	3,919,243	$	(3,975,589	)	$	375,643

8.    TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2018, the Fund’s certain timing differences, on a tax-basis were as follows:

Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral) $ (2,120,967 ) 

As of June 30, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	86,625,792
Gross unrealized gain		5,577,873
Gross unrealized loss		(4,986,725	)
Net unrealized gain	$	591,148

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 passive foreign investment company investments.

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.

9.    OTHER RISKS

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

Derivatives Risk — The Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment

24

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

9.    OTHER RISKS (continued)

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.

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 and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the 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 the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If the Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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, 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.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

25

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

9.    OTHER RISKS (continued)

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). 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.

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 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.

11.    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.

12.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		179,572		$	1,391,498			745,548		$	7,784,495
Reinvestment of distributions		—			—			1,192,199			8,500,382
Shares redeemed		(258,658	)		(1,988,086	)		(407,538	)		(4,306,214	)
		(79,086	)		(596,588	)		1,530,209			11,978,663
Service Shares
Shares sold		264,813			2,075,489			420,689			4,358,012
Reinvestment of distributions		—			—			1,351,752			9,678,544
Shares redeemed		(432,327	)		(3,341,268	)		(6,939,757	)		(74,797,801	)
		(167,514	)		(1,265,779	)		(5,167,316	)		(60,761,245	)
NET DECREASE		(246,600	)	$	(1,862,367	)		(3,637,107	)	$	(48,782,582	)

26

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Fund Expenses — Six Month Period Ended June 30, 2019 (Unaudited)

As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Share Class	Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*
Institutional
Actual	$	1,000	$	1,122.90		$	4.58
Hypothetical 5% return		1,000		1,020.48	+		4.36
Service
Actual		1,000		1,121.00			5.89
Hypothetical 5% return		1,000		1,019.24	+		5.61

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.87% and 1.12% for Institutional and Service Shares, respectively.

27

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2019 (the “Annual Meeting”).

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

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

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

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

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

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

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

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

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

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

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

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

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

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its

29

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

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

performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Fund’s portfolio management team to continue to enhance the investment model used in managing the Fund.

The Trustees observed that the Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the ten-year period and in the fourth quartile for the one-, three-, and five-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. They also noted that in April 2018 the Fund had been repositioned from the VIT Strategic International Equity Fund, which involved changes to the Fund’s investment strategy and portfolio management. The Trustees considered that the Fund had experienced certain portfolio management changes in 2018.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

30

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

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

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:

First $1 billion	0.81	%
Next $1 billion	0.73
Next $3 billion	0.69
Next $3 billion	0.68
Over $8 billion	0.67

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Fund’s cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (i) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund’s access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Fund’s ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Fund in connection with the program; and (i) the Fund’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

31

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2020.

32

TRUSTEES	OFFICERS
Jessica Palmer, Chair	James A. McNamara, President
Kathryn A. Cassidy	Joseph F. DiMaria, Principal Financial Officer,
Diana M. Daniels	Principal Accounting Officer and Treasurer
James A. McNamara	Caroline L. Kraus, Secretary
Roy W. Templin
Gregory G. Weaver

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Fund holdings and allocations shown are as of June 30, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs International Equity Insights Fund.

© 2019 Goldman Sachs. All rights reserved.

VITINTLSAR-19/175367-OTU-1025442

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

U.S. Equity Insights Fund

Beginning on or after January 1, 2021, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company that offers your variable insurance contract or your financial intermediary, unless you specifically request paper copies of the reports from the insurance company or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the insurance company electronically by contacting your insurance company or your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform the insurance company or your financial intermediary that you wish to receive paper copies of reports. Your election to receive reports in paper will apply to all Goldman Sachs Funds available under your contract and may apply to all funds held with your financial intermediary.

Semi-Annual Report

June 30, 2019

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital and dividend income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs U.S. Equity Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated cumulative total returns of 15.37% and 15.21%, respectively. These returns compare to the 18.54% cumulative total return of the Fund’s benchmark, the Standard & Poor’s 500^® Index (with dividends reinvested) (the “S&P 500^® Index”) during the same time period.

What economic and market factors most influenced the equity markets as a whole during the Reporting Period?

Representing the U.S. equity market, the S&P 500^® Index returned 18.54% during the Reporting Period, rallying strongly following negative absolute returns posted in 2018. While 2018 was the worst calendar year since 2008, the first half of 2019 was the strongest first half for the S&P 500^® Index since 1997.

During the first quarter of 2019, the S&P 500^® Index rose 13.65%. After a volatile end to 2018, the rally to begin 2019 marked the best first quarter performance for the S&P 500^® Index since 1998. Federal Reserve (“Fed”) commentary provided a supportive background for U.S. equities, as Fed Chair Jerome Powell reiterated a “patient” approach to monetary policy that included a pause in interest rate hikes and a nearing end to the Fed’s balance sheet runoff. The U.S. unemployment rate remained well below trend at 3.8% in February 2019, and wages grew 3.4% year over year. Housing data showed strength in the first calendar quarter, with new home sales reaching 667,000 in February, bringing the three-month average up to 630,000. Strength in housing data could be partially attributed to a steep decline in mortgage rates resulting from a more cautious Fed. The University of Michigan Consumer Sentiment Index was also a point of significant strength in the U.S. economy, steadily climbing in each month of the first quarter of 2019 and eventually reaching 98.4 in March, its highest level in six months. Economic growth concerns that had dominated the fourth quarter of 2018 failed to completely disappear, however, as fourth quarter 2018 Gross Domestic Product (“GDP”) growth was revised down 0.4% in March 2019 to 2.2%. While the revision was further evidence of a slowing U.S. economy, the result was largely priced in by equity markets and thus had a limited effect on stock prices outside of the financials sector, which historically tends to be more rate sensitive.

The S&P 500^® Index rose a solid but more moderate 4.30% during the second quarter of 2019. Trade tensions between the U.S. and China dominated headlines and broadly added noise to the markets. (Noise refers to market activity that can confuse or misrepresent genuine underlying trends.) In April 2019, there was an optimistic consensus outlook on a possible trade deal, but this optimism faded in May when the U.S. President threatened to raise current tariffs and impose new duties on $300 billion of additional Chinese imports. Also, sanctions were temporarily placed on a Chinese telecommunications giant, until they were lifted in June 2019, when any additional tariffs or compromise were postponed. Also during the second quarter, the markets kept a close eye on the Fed. After steadily raising short-term interest rates since 2015 to a range of 2.25% to 2.50%, the Fed alluded to a more accommodative approach. Following the Fed’s statement, the market consensus actually priced in at least one interest rate cut by the end of 2019, if not sooner. Economic indicators were mixed during the second quarter, with consumer sentiment remaining elevated, while nonfarm payrolls and manufacturing indices across the board fell short.

For the Reporting Period overall, all 11 sectors posted positive absolute returns, with 10 of the 11 generating double-digit gains. Information technology, consumer discretionary and industrials were the best performing sectors in the S&P 500^® Index, as measured by total return, while the weakest performing sectors in the S&P 500^® Index during the Reporting Period were health care, energy and utilities.

Within the U.S. equity market, all capitalization segments posted double-digit positive returns, led by mid-cap stocks, as measured by the Russell Midcap^® Index, followed by large-cap stocks, as measured by the Russell 1000^® Index, and then small-cap stocks, as measured by the Russell 2000^® Index. From a style perspective, growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, namely Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends.

During the Reporting Period, the Fund posted double-digit absolute gains but underperformed the S&P 500^® Index, with all four of our quantitative model’s investment themes detracting from results. Stock selection driven by these investment themes diminished relative performance.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by the Fund’s different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, all four of our investment themes — Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends — detracted from the Fund’s relative performance. Fundamental Mispricing seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

How did the Fund’s sector and industry allocations affect relative performance?

In constructing the Fund’s portfolio, we focus on picking stocks rather than making sector or industry bets. Consequently, the Fund is similar to its benchmark, the S&P 500^® Index, in terms of its sector and industry allocations and style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

Did stock selection help or hurt Fund performance during the Reporting Period?

We seek to outpace the S&P 500^® Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. At the same time, we strive to maintain a risk profile similar to the S&P 500^® Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the benchmark index.

During the Reporting Period, stock selection hampered the Fund’s performance, with investments in the health care, energy and utilities sectors detracting most from results relative to the S&P 500^® Index. On the positive side, the Fund benefited from stock selection in financials and, to a lesser extent, real estate.

Which individual positions detracted from the Fund’s results during the Reporting Period?

Detracting most from the Fund’s results relative to the S&P 500^® Index were overweight positions in institutional financial services provider State Street, specialty pharmaceuticals company Mylan and energy company ConocoPhillips. The Fund had an overweight position in State Street driven primarily by our Fundamental Mispricings investment theme. The Fund’s overweight in Mylan was largely due to our Sentiment Analysis and Fundamental Mispricings investment themes. Mainly because of our High Quality Business Models and Sentiment Analysis investment themes, the Fund was overweight ConocoPhillips.

Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period?

The Fund benefited most from overweight positions in discount retailer Target, insurance company Progressive and diversified financials institution Citigroup. The overweight in Target was established primarily because of our Sentiment Analysis and High Quality Business Models theme. The Fund was overweight Progressive due to our High Quality Business Models and Sentiment Analysis themes. The Fund’s overweight in Citigroup was driven mainly by our Fundamental Mispricings theme.

2

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

How did the Fund use derivatives during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy to add value to the Fund’s results. However, we used equity index futures contracts, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of stock futures. The use of these futures contracts did not have an impact on the Fund’s performance during the Reporting Period.

Did you make any enhancements to your quantitative models during the Reporting Period?

We continuously look for ways to improve our investment process. During the Reporting Period, we made numerous enhancements to our models. As example, in the second quarter of 2019, we introduced a number of new signals.

First, within our Sentiment Analysis investment theme, we added a suite of signals that utilizes data from the short selling market as an indicator of the market sentiment surrounding individual names.

Second, within our Market Themes & Trends investment theme, we added a signal that examines the cross-holdings of pooled vehicles to identify thematic trends in the market. Also within our Market Themes & Trends investment theme, we added a signal that examines internet linkages between companies to identify thematic trends.

Finally, within our Fundamental Mispricings investment theme, we added a signal that we believe to be predictive of industry rotations.

What was the Fund’s sector positioning relative to its benchmark index at the end of the Reporting Period?

As of June 30, 2019, the Fund was overweight the consumer discretionary and utilities sectors relative to the S&P 500^® Index. The Fund was underweight communication services, consumer staples and health care and was rather neutrally weighted in financials, energy, industrials, real estate, materials and information technology compared to the benchmark index on the same date.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

What is your strategy going forward for the Fund?

Looking ahead, we continue to believe that less expensive stocks should outpace more expensive stocks, and stocks with good momentum are likely to outperform those with poor momentum. We intend to maintain our focus on seeking companies about which fundamental research analysts are becoming more positive as well as profitable companies with sustainable earnings and a track record of using their capital to enhance shareholder value. As such, we anticipate remaining fully invested with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide strong, uncorrelated returns over the long term. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals and improve our trading execution as we seek to provide the most value to our shareholders.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Index Definitions

S&P 500^® Index is the Standard & Poor’s composite index of 500 stocks, an unmanaged index of common stock prices. The figures for the index do not include any deduction for fees, expenses or taxes.

Russell 2000^® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The figures for the index do not include any deduction for fees, expenses or taxes.

Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which represents approximately 25% of the total market capitalization of the Russell 1000^® Index.

Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index.

It is not possible to invest directly in an index.

4

FUND BASICS

U.S. Equity Insights Fund

as of June 30, 2019

STANDARDIZED TOTAL RETURNS¹

For the period ended 6/30/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Institutional		4.15	%		9.79	%		14.40	%		6.44	%	02/13/98
Service		3.89			9.55			14.16			7.21		01/09/06

¹  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value (“NAV”). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above chart represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above chart. Please visit www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced.

EXPENSE RATIOS²

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Institutional		0.56	%		0.72	%
Service		0.77			0.97

²  The expense ratios of the Fund, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of any fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s fee waivers and/or expense limitations will remain in place through at least April 30, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 6/30/19³

Holding	% of Net Assets		Line of Business
Apple, Inc.		4.4%	Technology Hardware & Equipment
Amazon.com, Inc.		3.3	Retailing
Microsoft Corp.		3.2	Software & Services
Visa, Inc. Class A		2.2	Software & Services
Facebook, Inc. Class A		1.9	Media & Entertainment
PayPal Holdings, Inc.		1.5	Software & Services
Union Pacific Corp.		1.5	Transportation
McDonald’s Corp.		1.5	Consumer Services
Alphabet, Inc. Class C		1.5	Media & Entertainment
Starbucks Corp.		1.4	Consumer Services

³  The top 10 holdings may not be representative of the Fund’s future investments.

5

FUND BASICS

U.S. Equity Insights Fund (continued)

as of June 30, 2019

FUND vs. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2019

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

6

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – 99.3%
Automobiles & Components – 1.2%
	96,771	General Motors Co.	$	3,728,587
Banks – 5.9%
	11,454	Bank of America Corp.		332,166
	3,908	CIT Group, Inc.		205,326
	63,129	Citigroup, Inc.		4,420,924
	19,534	Citizens Financial Group, Inc.		690,722
	38,598	Comerica, Inc.		2,803,759
	113,441	Fifth Third Bancorp		3,165,004
	13,566	JPMorgan Chase & Co.		1,516,679
	15,272	Popular, Inc.		828,353
	4,999	Signature Bank		604,079
	11,084	Western Alliance Bancorp*		495,676
	66,724	Zions Bancorp NA		3,067,970
				18,130,658
Capital Goods – 5.8%
	1,111	Allegion plc		122,821
	11,954	Allison Transmission Holdings, Inc.		554,068
	7,483	AMETEK, Inc.		679,756
	6,494	Boeing Co. (The)		2,363,881
	22,267	Caterpillar, Inc.		3,034,769
	2,143	Cummins, Inc.		367,182
	2,958	Eaton Corp. plc		246,342
	17,544	Harris Corp.		3,318,097
	6,635	HEICO Corp.		887,829
	2,863	Ingersoll-Rand plc		362,656
	38,764	Johnson Controls International plc		1,601,341
	12,081	Masco Corp.		474,058
	15,546	Parker-Hannifin Corp.		2,642,976
	11,433	Spirit AeroSystems Holdings, Inc. Class A		930,303
	724	Teledyne Technologies, Inc.*		198,282
				17,784,361
Commercial & Professional Services – 0.6%
	1,109	CoStar Group, Inc.*		614,453
	4,435	IHS Markit Ltd.*		282,598
	8,877	Waste Management, Inc.		1,024,139
				1,921,190
Consumer Durables & Apparel – 0.2%
	5,491	Ralph Lauren Corp.		623,723
Consumer Services – 4.8%
	49,784	Carnival Corp.		2,317,445
	1,187	Chipotle Mexican Grill, Inc.*		869,929
	5,336	Hilton Worldwide Holdings, Inc.		521,541
	22,715	Las Vegas Sands Corp.		1,342,229
	21,913	McDonald’s Corp.		4,550,454
	52,889	Starbucks Corp.		4,433,685
	6,429	Yum! Brands, Inc.		711,497
				14,746,780
Diversified Financials – 5.2%
	102,417	Ally Financial, Inc.		3,173,903
	18,410	Berkshire Hathaway, Inc. Class B*		3,924,460
Common Stocks – (continued)
Diversified Financials – (continued)
	6,606	MSCI, Inc.		1,577,447
	19,469	State Street Corp.		1,091,432
	97,250	Synchrony Financial		3,371,657
	51,402	Voya Financial, Inc.		2,842,530
				15,981,429
Energy – 5.4%
	63,071	ConocoPhillips		3,847,331
	13,955	Exxon Mobil Corp.		1,069,372
	3,943	Helmerich & Payne, Inc.		199,595
	26,531	Kinder Morgan, Inc.		553,967
	48,206	Marathon Oil Corp.		685,007
	16,297	Occidental Petroleum Corp.		819,413
	38,238	Phillips 66		3,576,782
	93,718	TechnipFMC plc		2,431,045
	40,867	Valero Energy Corp.		3,498,624
				16,681,136
Food & Staples Retailing – 0.3%
	39,245	Kroger Co. (The)		852,009
Food, Beverage & Tobacco – 3.0%
	8,339	Lamb Weston Holdings, Inc.		528,359
	45,902	Mondelez International, Inc. Class A		2,474,118
	41,792	Monster Beverage Corp.*		2,667,584
	45,227	Philip Morris International, Inc.		3,551,676
				9,221,737
Health Care Equipment & Services – 4.4%
	9,043	Align Technology, Inc.*		2,475,069
	14,120	Anthem, Inc.		3,984,805
	2,431	Cigna Corp.		383,004
	19,287	HCA Healthcare, Inc.		2,607,024
	13,999	McKesson Corp.		1,881,326
	837	Molina Healthcare, Inc.*		119,808
	14,789	Universal Health Services, Inc. Class B		1,928,338
	804	Varian Medical Systems, Inc.*		109,448
				13,488,822
Household & Personal Products – 1.0%
	38,450	Colgate-Palmolive Co.		2,755,711
	3,546	Procter & Gamble Co. (The)		388,819
				3,144,530
Insurance – 2.5%
	907	Allstate Corp. (The)		92,233
	939	Aon plc		181,208
	48,137	Athene Holding Ltd. Class A*		2,072,779
	12,539	Brighthouse Financial, Inc.*		460,056
	46,244	Progressive Corp. (The)		3,696,283
	33,772	Unum Group		1,133,051
				7,635,610
Materials – 2.0%
	8,069	Air Products & Chemicals, Inc.		1,826,580
	11,104	Alcoa Corp.*		259,945

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	2,403	Ball Corp.	$	168,186
	5,339	Eastman Chemical Co.		415,534
	5,527	Sealed Air Corp.		236,445
	7,488	Sherwin-Williams Co. (The)		3,431,675
				6,338,365
Media & Entertainment – 6.0%
	4,059	Alphabet, Inc. Class A*		4,395,085
	4,182	Alphabet, Inc. Class C*		4,520,366
	30,094	Facebook, Inc. Class A*		5,808,142
	974	Madison Square Garden Co. (The) Class A*		272,662
	2,198	Match Group, Inc.		147,860
	5,417	Netflix, Inc.*		1,989,772
	98,374	News Corp. Class A		1,327,065
	2,057	Twitter, Inc.*		71,789
				18,532,741
Pharmaceuticals, Biotechnology & Life Sciences – 8.6%
	38,193	AbbVie, Inc.		2,777,395
	13,001	Agilent Technologies, Inc.		970,785
	8,667	Alexion Pharmaceuticals, Inc.*		1,135,204
	4,799	Amgen, Inc.		884,360
	4,921	Biogen, Inc.*		1,150,874
	51,655	Bristol-Myers Squibb Co.		2,342,554
	30,600	Eli Lilly & Co.		3,390,174
	62,365	Gilead Sciences, Inc.		4,213,379
	19,927	Incyte Corp.*		1,692,998
	12,542	Johnson & Johnson		1,746,850
	37,188	Merck & Co., Inc.		3,118,214
	21,969	Pfizer, Inc.		951,697
	2,702	Thermo Fisher Scientific, Inc.		793,523
	6,765	Vertex Pharmaceuticals, Inc.*		1,240,566
				26,408,573
Real Estate Investment Trusts – 3.8%
	17,958	American Homes 4 Rent Class A		436,559
	15,027	American Tower Corp.		3,072,270
	28,960	Camden Property Trust		3,023,134
	72,392	Duke Realty Corp.		2,288,311
	793	Equity LifeStyle Properties, Inc.		96,223
	473	Lamar Advertising Co. Class A		38,176
	18,143	Prologis, Inc.		1,453,254
	16,647	STORE Capital Corp.		552,514
	4,894	Sun Communities, Inc.		627,362
				11,587,803
Retailing – 7.0%
	5,424	Amazon.com, Inc.*		10,271,049
	1,537	AutoZone, Inc.*		1,689,885
	539	Booking Holdings, Inc.*		1,010,469
	89,007	eBay, Inc.		3,515,776
	1,185	Expedia Group, Inc.		157,641
	14,795	Lowe’s Cos., Inc.		1,492,963
	41,216	Target Corp.		3,569,718
				21,707,501
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – 1.7%
	20,441	Intel Corp.		978,511
	32,268	NXP Semiconductors NV		3,149,679
	10,228	Xilinx, Inc.		1,206,086
				5,334,276
Software & Services – 12.9%
	27,211	Citrix Systems, Inc.		2,670,488
	2,342	Fidelity National Information Services, Inc.		287,317
	18,495	International Business Machines Corp.		2,550,461
	686	Intuit, Inc.		179,272
	7,097	Mastercard, Inc. Class A		1,877,369
	74,127	Microsoft Corp.		9,930,053
	44,299	Oracle Corp.		2,523,714
	7,078	Palo Alto Networks, Inc.*		1,442,213
	41,173	PayPal Holdings, Inc.*		4,712,662
	8,009	salesforce.com, Inc.*		1,215,206
	11,197	ServiceNow, Inc.*		3,074,360
	12,133	VeriSign, Inc.*		2,537,738
	39,966	Visa, Inc. Class A		6,936,099
				39,936,952
Technology Hardware & Equipment – 6.4%
	68,295	Apple, Inc.		13,516,946
	258	Arista Networks, Inc.*		66,982
	1,088	CDW Corp.		120,768
	2,250	Cisco Systems, Inc.		123,143
	4,164	Jabil, Inc.		131,582
	37,396	Keysight Technologies, Inc.*		3,358,535
	13,786	Motorola Solutions, Inc.		2,298,540
				19,616,496
Telecommunication Services – 1.1%
	5,129	Telephone & Data Systems, Inc.		155,921
	4,299	T-Mobile US, Inc.*		318,728
	53,677	Verizon Communications, Inc.		3,066,567
				3,541,216
Transportation – 3.7%
	30,254	CSX Corp.		2,340,752
	2,333	Delta Air Lines, Inc.		132,398
	16,533	Norfolk Southern Corp.		3,295,523
	18,418	Southwest Airlines Co.		935,266
	27,368	Union Pacific Corp.		4,628,202
				11,332,141
Utilities – 5.8%
	124,102	AES Corp.		2,079,950
	25,412	Ameren Corp.		1,908,695
	23,165	DTE Energy Co.		2,962,340
	74,376	Exelon Corp.		3,565,586
	45,009	FirstEnergy Corp.		1,926,835

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Utilities – (continued)
	58,907	NRG Energy, Inc.	$	2,068,814
	108,311	PPL Corp.		3,358,724
				17,870,944
	TOTAL INVESTMENTS – 99.3%
	(Cost $258,239,691)		$	306,147,580
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%			2,154,919
	NET ASSETS – 100.0%		$	308,302,499

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.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $258,239,691)	$	306,147,580
Cash		1,240,391
Receivables:
Investments sold		15,955,421
Dividends		313,434
Fund shares sold		26,531
Reimbursement from investment adviser		23,345
Other assets		876
Total assets		323,707,578
Liabilities:
Payables:
Investments purchased		14,956,945
Fund shares redeemed		188,726
Management fees		134,748
Distribution and Service fees and Transfer Agency fees		14,607
Accrued expenses		110,053
Total liabilities		15,405,079
Net Assets:
Paid-in capital		258,062,639
Total distributable earnings (loss)		50,239,860
NET ASSETS	$	308,302,499
Net Assets:
Institutional	$	251,486,681
Service		56,815,818
Total Net Assets	$	308,302,499
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		14,505,087
Service		3,261,143
Net asset value, offering and redemption price per share:
Institutional		$17.34
Service		17.42

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Statement of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $2,268)	$	2,987,955
Dividends — affiliated issuers		91
Securities lending income — affiliated issuer		33
Total investment income		2,988,079
Expenses:
Management fees		952,896
Distribution and Service fees — Service Shares		70,107
Professional fees		46,437
Custody, accounting and administrative services		44,825
Printing and mailing costs		39,653
Transfer Agency fees(a)		30,736
Trustee fees		8,211
Registration fees		635
Other		7,014
Total expenses		1,200,514
Less — expense reductions		(278,260	)
Net expenses		922,254
NET INVESTMENT INCOME		2,065,825
Realized and unrealized gain:
Net realized gain from investments — unaffiliated issuers		1,601,877
Net change in unrealized gain on investments — unaffiliated issuers		39,869,739
Net realized and unrealized gain		41,471,616
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	43,537,441

(a) Institutional and Service Shares incurred Transfer Agency fees of $25,128 and $5,608, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2019 (Unaudited)			For the Fiscal Year Ended December 31, 2018
From operations:
Net investment income	$	2,065,825		$	3,755,838
Net realized gain		1,601,877			37,947,854
Net change in unrealized gain (loss)		39,869,739			(58,964,079	)
Net increase (decrease) in net assets resulting from operations		43,537,441			(17,260,387	)
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(41,717,467	)
Service Shares		—			(9,387,391	)
Total distributions to shareholders		—			(51,104,858	)
From share transactions:
Proceeds from sales of shares		4,489,469			23,858,438
Reinvestment of distributions		—			51,104,858
Cost of shares redeemed		(28,485,343	)		(137,999,297	)
Net decrease in net assets resulting from share transactions		(23,995,874	)		(63,036,001	)
TOTAL INCREASE (DECREASE)		19,541,567			(131,401,246	)
Net Assets:
Beginning of period		288,760,932			420,162,178
End of period	$	308,302,499		$	288,760,932

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Institutional Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	15.03		$	19.41		$	17.65		$	16.71		$	18.12		$	16.52
Net investment income(a)		0.12			0.22			0.28			0.22			0.23			0.21
Net realized and unrealized gain (loss)		2.19			(1.38	)		3.98			1.58			(0.27	)		2.47
Total from investment operations		2.31			(1.16	)		4.26			1.80			(0.04	)		2.68
Distributions to shareholders from net investment income		—			(0.25	)		(0.28	)		(0.23	)		(0.25	)		(0.26	)
Distributions to shareholders from net realized gains		—			(2.97	)		(2.22	)		(0.63	)		(1.12	)		(0.82	)
Total distributions		—			(3.22	)		(2.50	)		(0.86	)		(1.37	)		(1.08	)
Net asset value, end of period	$	17.34		$	15.03		$	19.41		$	17.65		$	16.71		$	18.12
Total return(b)		15.37	%		(6.19	)%		24.07	%		10.70	%		(0.20	)%		16.37	%
Net assets, end of period (in 000s)	$	251,487		$	235,553		$	277,952		$	255,565		$	269,238		$	312,370
Ratio of net expenses to average net assets		0.56	%(c)		0.58	%		0.62	%		0.64	%		0.64	%		0.65	%
Ratio of total expenses to average net assets		0.73	%(c)		0.73	%		0.70	%		0.70	%		0.71	%		0.71	%
Ratio of net investment income to average net assets		1.38	%(c)		1.12	%		1.42	%		1.25	%		1.29	%		1.21	%
Portfolio turnover rate(d)		91	%		160	%		184	%		204	%		200	%		214	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Service Shares
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Per Share Data
Net asset value, beginning of period	$	15.12		$	19.48		$	17.71		$	16.77		$	18.17		$	16.55
Net investment income(a)		0.10			0.18			0.24			0.18			0.20			0.18
Net realized and unrealized gain (loss)		2.20			(1.37	)		3.99			1.59			(0.28	)		2.47
Total from investment operations		2.30			(1.19	)		4.23			1.77			(0.08	)		2.65
Distributions to shareholders from net investment income		—			(0.20	)		(0.24	)		(0.20	)		(0.20	)		(0.21	)
Distributions to shareholders from net realized gains		—			(2.97	)		(2.22	)		(0.63	)		(1.12	)		(0.82	)
Total distributions		—			(3.17	)		(2.46	)		(0.83	)		(1.32	)		(1.03	)
Net asset value, end of period	$	17.42		$	15.12		$	19.48		$	17.71		$	16.77		$	18.17
Total return(b)		15.21	%		(6.36	)%		23.80	%		10.44	%		(0.41	)%		16.18	%
Net assets, end of period (in 000s)	$	56,816		$	53,208		$	142,210		$	120,387		$	122,531		$	138,725
Ratio of net expenses to average net assets		0.77	%(c)		0.79	%		0.82	%		0.85	%		0.85	%		0.86	%
Ratio of total expenses to average net assets		0.98	%(c)		0.97	%		0.95	%		0.95	%		0.96	%		0.96	%
Ratio of net investment income to average net assets		1.17	%(c)		0.88	%		1.21	%		1.04	%		1.08	%		1.01	%
Portfolio turnover rate(d)		91	%		160	%		184	%		204	%		200	%		214	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Notes to Financial Statements

June 30, 2019 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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 Fund 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 Fund’s investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

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. 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. Class-specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees.

D.  Federal Taxes and Distributions to Shareholders — It is 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 and to distribute each year substantially all of its investment company taxable 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 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 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.

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV 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 Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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 Valuation Procedures approved by the Trustees. 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. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

16

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2019:

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock(a)
Europe	$	5,580,724	$	—	$	—
North America		300,566,856		—		—
Total	$	306,147,580	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

For further information regarding security characteristics, see the Schedule of Investments.

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the six months ended June 30, 2019, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate
First $1 billion	Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
0.62%		0.59	%		0.56	%		0.55	%		0.54	%		0.62	%		0.54	%*

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

* GSAM agreed to waive a portion of its management fee in order to achieve a net management rate, as defined in the Fund’s most recent prospectus. This waiver will be effective through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. For the six months ended June 30, 2019, GSAM waived $122,955 of its management fee.

The Fund invests 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 Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2019, GSAM waived $4 of the Fund’s management fee.

B.  Distribution and/or Service (12b-1) Plan — The Trust, on behalf of 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, 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. Goldman Sachs has agreed to waive distribution and service fees so as not to exceed an annual rate of 0.21% of average daily net assets attributable to Service Shares. This distribution and service fee waiver will remain in place through at least April 30, 2020, and prior to such date Goldman Sachs may not terminate the arrangement

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

without the approval of the Trustees. For the six months ended June 30, 2019, Goldman Sachs waived $11,217 in distribution and service fees for the Fund’s Service Shares.

C.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund 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.

D.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (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 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. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.004%. The Other Expense limitation will remain in place through at least April 30, 2020, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver	Distribution and Service Fee Waiver		Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
$122,959	$	11,217	$	3,461	$	140,623	$	278,260

E.  Line of Credit Facility — As of June 30, 2019, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2019, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

F.  Other Transactions with Affiliates — The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2019:

Beginning Value as of December 31, 2018	Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019		Shares as of June 30, 2019		Dividend Income from Affiliated Investment Company
$—	$	722,341	$	(722,341	)	$	—		—	$	91

5.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2019, were $276,448,584 and $298,774,361, respectively.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

6.    SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Fund may lend its 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 Fund’s securities lending procedures, the Fund receives 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund 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 Statement 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 Fund invests 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 exercise any and all remedies provided under the applicable borrower agreement to make the Fund 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 is unable to purchase replacement securities, GSAL will indemnify the Fund by paying the Fund 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 Fund may enter into master netting agreements with borrowers, which 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 bankruptcy or insolvency laws. The Fund’s 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 Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2019, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable. The Fund did not have securities on loan as of June 30, 2019.

Both the Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2019, are reported under Investment Income on the Statement of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

For the Six Months ended June 30, 2019
Earnings of GSAL Relating to Securities Loaned		Amount Received by the Fund from Lending to Goldman Sachs		Amount Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2019
$	4	$	7	$	—

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

6.    SECURITIES LENDING (continued)

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2019:

Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2019
$	—	$	265,125	$	(265,125	)	$	—

7.    TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2018, the Fund’s certain timing differences, on a tax-basis were as follows:

Timing differences (§857 (b)(9) Deferred Dividend/Post October Loss Deferral) $ (658,536 ) 

As of June 30, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	259,214,916
Gross unrealized gain		51,863,131
Gross unrealized loss		(4,930,467	)
Net unrealized gain	$	46,932,664

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

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

8.    OTHER RISKS

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

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, 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.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

8.    OTHER RISKS (continued)

the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

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). 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.

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.

10.    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.

11.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2019 (Unaudited)						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		89,807		$	1,509,747			416,442		$	8,122,674
Reinvestment of distributions		—			—			2,739,164			41,717,467
Shares redeemed		(1,259,064	)		(21,196,025	)		(1,798,863	)		(36,105,931	)
		(1,169,257	)		(19,686,278	)		1,356,743			13,734,210
Service Shares
Shares sold		177,445			2,979,722			774,115			15,735,764
Reinvestment of distributions		—			—			612,754			9,387,391
Shares redeemed		(436,117	)		(7,289,318	)		(5,165,531	)		(101,893,366	)
		(258,672	)		(4,309,596	)		(3,778,662	)		(76,770,211	)
NET DECREASE		(1,427,929	)	$	(23,995,874	)		(2,421,919	)	$	(63,036,001	)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Fund Expenses — Six Month Period Ended June 30, 2019 (Unaudited) 

As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2019 through June 30, 2019, which represents a period of 181 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Share Class	Beginning Account Value 01/01/19		Ending Account Value 06/30/19			Expenses Paid for the 6 Months Ended 06/30/19*
Institutional
Actual	$	1,000	$	1,153.70		$	2.99
Hypothetical 5% return		1,000		1,022.02	+		2.81
Service
Actual		1,000		1,152.10			4.11
Hypothetical 5% return		1,000		1,020.98	+		3.86

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.56% and 0.77% for Institutional and Service Shares, respectively.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs U.S. Equity Insights Fund (the “Fund”) is an investment portfolio of Goldman Sachs Variable Insurance Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2019 (the “Annual Meeting”).

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

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

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

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index, and a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

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

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

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

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

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

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

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

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

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

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

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

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

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its

24

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

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

performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Fund’s portfolio management team to continue to enhance the investment model used in managing the Fund.

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five-, and ten-year periods and in the third quartile for the one-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

25

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

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

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:

First $1 billion	0.62	%
Next $1 billion	0.59
Next $3 billion	0.56
Next $3 billion	0.55
Over $8 billion	0.54

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertakings to waive a portion of its management fee and to limit certain expenses of the Fund that exceed a specified level as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the distribution and service fees paid by the Fund’s Service Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Fund’s cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (i) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund’s access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Fund’s ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Fund in connection with the program; and (i) the Fund’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

26

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2020.

27

TRUSTEES	OFFICERS
Jessica Palmer, Chair	James A. McNamara, President
Kathryn A. Cassidy	Joseph F. DiMaria, Principal Financial Officer,
Diana M. Daniels	Principal Accounting Officer and Treasurer
James A. McNamara	Caroline L. Kraus, Secretary
Roy W. Templin
Gregory G. Weaver

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Fund holdings and allocations shown are as of June 30, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs U.S. Equity Insights Fund.

© 2019 Goldman Sachs. All rights reserved.

VITUSSAR-19/175377-OTU-1025575

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) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) 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.

(d) A copy of the Code of Ethics is available as provided in Item 13(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. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Schedule of Investments is included as part of the Reports to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. 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 11. 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 date 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. 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 12(a)(1) of the registrant’s Form N-CSR filed on February 27, 2015.
(a)(3)		Not applicable to open-end investment companies.
(a)(4)		There was no change in the registrant’s independent public accountant for the period covered by this report.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith
	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith

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

/s/ James A. McNamara

By: James A. McNamara

President/Chief Executive Officer of

Goldman Sachs Variable Insurance Trust

Date: August 23, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ James A. McNamara

By: James A. McNamara

President/Chief Executive Officer of

Goldman Sachs Variable Insurance Trust

Date: August 23, 2019

/s/ Joseph F. DiMaria

By: Joseph F. DiMaria

Principal Financial Officer of

Goldman Sachs Variable Insurance Trust

Date: August 23, 2019

EX-99.CERT

CERTIFICATIONS

(Section 302)

I, James A. McNamara, certify that:

1. I have reviewed this report on Form N-CSR of Goldman Sachs Variable Insurance Trust;

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;

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;

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:

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;

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;

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

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

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);

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

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 23, 2019

/s/ James A. McNamara

James A. McNamara

President/Chief Executive Officer

CERTIFICATIONS

(Section 302)

I, Joseph F. DiMaria, certify that:

1. I have reviewed this report on Form N-CSR of Goldman Sachs Variable Insurance Trust;

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;

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;

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:

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;

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;

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

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

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);

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

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 23, 2019

/s/ Joseph F. DiMaria

Joseph F. DiMaria

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Certification Under Section 906

of the Sarbanes-Oxley Act of 2002

James A. McNamara, President/Chief Executive Officer, and Joseph F. DiMaria, Principal Financial Officer of Goldman Sachs Variable Insurance Trust (the “Registrant”), each certify to the best of their knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended June 30, 2019 (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.

President/Chief Executive Officer	Principal Financial Officer
Goldman Sachs Variable Insurance Trust	Goldman Sachs Variable Insurance Trust
/s/ James A. McNamara	/s/ Joseph F. DiMaria
James A. McNamara	Joseph F. DiMaria
Date: August 23, 2019	Date: August 23, 2019

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.