Goldman Sachs Variable Insurance Trust

N-CSR 1 d816170dncsr.htm GOLDMAN SACHS VARIABLE INSURANCE TRUST Goldman Sachs Variable Insurance Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08361

Goldman Sachs Variable Insurance Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606-6303

(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: December 31, 2019

ITEM 1.

REPORTS TO STOCKHOLDERS.

The 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.

LOGO

Annual Report

December 31, 2019

GOLDMAN SACHS VARIABLE INSURANCE TRUST 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, Unhedged, USD). 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 12-month period ended December 31, 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 average annual total returns of 12.29% and 11.94%, respectively. These returns compare to the 19.64% average annual total return of the Fund’s blended benchmark, the Global Trends Allocation Composite Index (the “Index”), during the same time period. The components of the Fund’s blended benchmark, which is 60% the MSCI World Index (Net, USD, Hedged) and 40% the Bloomberg Barclays U.S. Treasury Composite Index (Total Return, Unhedged, USD), generated average annual total returns of 28.43% and 6.86%, respectively, during the same time period.

To compare, the Fund’s previous blended benchmark returned 20.01% during the Reporting Period. Its components, the MSCI World Index (Net, Hedged, USD) and the Bloomberg Barclays U.S. Aggregate Bond Index, generated average annual total returns of 28.43% and 8.72%, 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 4.25%, less than the S&P 500^® Index’s annualized volatility of 12.34% 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 were influenced most by economic growth expectations, central bank monetary policy and geopolitical events.

Global equity markets rallied during 2019, rebounding from weakness experienced in 2018. The gains were largely supported by the accommodative stance of the various central banks and by investors’ anticipation that the U.S. China trade war and Brexit negotiations would be resolved. (Brexit is the popular term for the U.K.’s path out of the European Union.)

In the U.S., stocks advanced at the start of the Reporting Period, almost completely recovering from a sell-off at the end of 2018. After four gradual interest rate hikes in 2018, the U.S. Federal Reserve (the “Fed”) cut interest rates three times in 2019 in an effort to keep the U.S. economic expansion intact amid trade uncertainties. The trade war between the U.S. and China pressured macroeconomic indicators throughout the first half of the calendar year but did little to suppress a resilient consumer, which ultimately outweighed manufacturing weakness. By the fourth quarter of 2019, U.S. stock returns accelerated with an uptick of U.S. manufacturing and service sector business surveys as well as a consistently strong labor market. The U.S. added more than 200,000 jobs in November 2019, double the break-even pace of long-term job growth. These developments helped restore market confidence, while fundamentals of low core inflation, contained financial imbalance and reduced drag of a trade war fended off imminent recession risk.

In Europe, equities witnessed their best annual performance since 2009, with the STOXX^®Europe 600 Index hitting a four-year high in November 2019 and then reaching a new high in late December 2019. During September 2019, the European Central Bank (“ECB”) restarted its quantitative easing measures. The ECB’s multi-dimensional monetary stimulus package is aimed at addressing slowing Eurozone economic growth through deposit rate cuts and the reinstitution of asset purchases. During October 2019, the European Union and the U.K. agreed to a “flextension” arrangement until January 2020 under which the U.K. would be able to leave the European Union earlier than the deadline if a withdrawal agreement was ratified by the European and British Parliaments in time. Brexit negotiations took a turn for the better when the Conservative party won a comfortable majority in the

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

mid-December 2019 U.K. Parliamentary elections, clearing the way for the U.K. Prime Minister’s Brexit deal to be ratified before the Article 50 deadline expires on January 31, 2020.

Japanese equities suffered collateral damage from the stand-off between the U.S. and China — two of Japan’s largest trade partners. Japanese equities were also sensitive to weaker global industrial demand during the Reporting Period. However, the Japanese equity market was supported by a recovering domestic economy, stronger capital spending and resilient domestic demand. In the second quarter of 2019, Japan’s nominal Gross Domestic Product hit a record 557.8 trillion yen. In an effort to achieve more fair and reciprocal trade, the U.S. and Japan signed a limited trade deal on agriculture and digital trade in October 2019, a deal that covers about $55 billion worth of commerce between the two economies.

As for emerging markets equities, they were pressured for most of the Reporting Period by continued weakness in Chinese macro data and persistent uncertainty regarding U.S.-China trade talks. They surged during the fourth quarter of 2019, posting a double-digit gain for the Reporting Period overall, as trade tensions declined. In October 2019, the U.S. and China settled on the framework of a “Phase One” deal, with the two sides reaching an agreement in principle on the details in mid-December. The timing of the agreement avoided a proposed tariff hike, scheduled for December 15^th, and included a 50% rollback of a September 2019 tariff increase. China also promised to address U.S. concerns about intellectual property practices.

Fixed income, spread, or non-government bond, sectors broadly advanced during the first quarter of 2019, when the Reporting Period began, 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 that its interest rates would remain unchanged through 2019. Other developed markets’ central banks—namely, those of Australia, New Zealand and Switzerland — 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 noted 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 (“BoE”) 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 also somewhat dovish, as they generally focused on risks arising from slower global economic growth. 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, weakness in U.S. economic data, continued global economic growth headwinds from unresolved U.S.-China trade negotiations and weakness in the manufacturing sector. During June 2019, spread sector performance improved on raised prospects of ongoing monetary policy accommodation by global central banks, particularly by the Fed. At its June meeting, the U.S. central bank left interest rates unchanged, but eight of the 12 members on the Federal Open Market Committee projected 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.

In the third quarter of 2019, spread sectors generally produced positive returns. Investment grade bonds ended the quarter relatively unchanged, but high yield corporate bonds, agency mortgage-backed securities, external emerging markets debt and local emerging markets debt all notched gains. The outlook for global economic growth appeared to hinge on the outcome of U.S.-China trade negotiations and whether the services sector and household consumption would remain resilient in the face of a continued slowdown in global trade, investment and manufacturing activity. Regarding monetary policy, global central bank easing gained momentum during the third calendar quarter. In July 2019, the Fed delivered its first short-term interest rate cut since 2008, though Fed Chair Jerome Powell described it as a “mid-cycle adjustment.” Policymakers implemented another rate cut in September and announced they would stop trimming the Fed’s balance sheet. Elsewhere, the ECB delivered a package that included a rate cut, resumption of asset purchases, strengthened forward guidance and a tiering mechanism for bank deposits subject to negative interest rates. Emerging markets monetary policy was also broadly dovish, most notably in Turkey where its central bank lowered interest rates in July 2019 and again in September.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

deal between the U.S. and China bolstered spread sector performance. High yield corporate bonds performed particularly well, logging one of their best quarters since 2016. Near the end of October, the Fed cut short-term interest rates for a third time in 2019 and replaced a comment in its statement to “act as appropriate” with a more neutral comment that indicated its policy path would be dependent on the evolution of data and trade developments. In Europe, new ECB president Christine Lagarde’s first public address pointed to policy continuity, as it called for “a new European policy mix” that includes fiscal policy, which she believes could enable monetary policy to achieve its goal “faster and with fewer side effects.”

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.

The Fund continued dynamically allocating across global asset classes during the Reporting Period, 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 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. For the same reason, the Fund’s allocation to fixed income diminished relative results. On the positive side, the Fund’s allocations to U.S. large-cap stocks and to European, U.K., Japanese and emerging markets 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 an allocation to 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 overall annualized volatility was 4.25%, less than the S&P 500^® Index’s annualized volatility of 12.34%.

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.

In 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

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.

In 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.

During 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.

During July 2019, the Fund’s equity allocations stayed relatively unchanged. Within fixed income, we increased the Fund’s allocation to German government bonds and reduced its allocation to U.S. Treasury securities.

In August 2019, we decreased the Fund’s allocation to U.K. equities and increased its allocation to U.S. Treasury securities.

In September 2019, we reduced the Fund’s allocation to U.S. Treasury securities and increased its allocation to European equities.

In October 2019, we increased the Fund’s allocation to Japanese and U.S. large-cap equities. Within fixed income, we significantly increased the Fund’s allocation to U.S. Treasury securities and reduced its allocations to Japanese and German government bonds.

In November 2019, we increased the Fund’s allocation to equities. Specifically, we increased its allocations to U.S. large-cap stocks, European stocks and Japanese stocks. We also added a small allocation to emerging markets equities. Within fixed income, we eliminated the Fund’s allocation to Japanese government bonds, reduced its allocation to U.S. Treasury securities and increased its allocation to German government bonds.

During December 2019, we further increased the Fund’s allocation to equities, boosting its allocation to U.S. large-cap stocks and, to a lesser extent, to Japanese equities. Within fixed income, we eliminated the Fund’s 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.

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 80.0% to equities, 20.0% 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 European, Japanese, U.K. and emerging markets equities. Within the fixed income allocation, the Fund had substantial exposure to U.S. Treasury securities. At the end of the Reporting Period, the Fund had no exposure to U.S. small-cap stocks, Japanese government bonds and German government bonds.

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, the Fund seeks 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.

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.

STOXX^® Europe 600 Index derived from the STOXX^® Europe Total Market Index and is a subset of the STOXX^® Global 1800 Index. With a fixed number of 600 components, the STOXX^® Europe 600 Index represents large, mid and small capitalization companies across 17 countries of the European region.

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

FUND BASICS

Global Trends Allocation Fund

as of December 31, 2019

FUND COMPOSITION¹

LOGO

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.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Portfolio’s investment strategies, holdings, and performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Performance Summary

December 31, 2019

The following graph shows the value, as of December 31, 2019, of a $10,000 investment made on April 16, 2012 (commencement of the Fund’s operations) in Service Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Global Trends Allocation Composite Index, (comprised of the Morgan Stanley Capital International (MSCI) World Index (Net, USD, Hedged) (60%) and the Bloomberg Barclays U.S. Treasury Composite Index (Total Return, USD, Unhedged) (40%)) is shown. The Fund’s former benchmark (comprised of the MSCI World Index (Net, USD, Unhedged) (60%) and the Bloomberg Barclays U.S. Aggregate Bond Composite Index (40%)) is also shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Global Trends Allocation Fund’s Lifetime Performance

Performance of a $10,000 investment, with distributions reinvested, from April 16, 2012 through December 31, 2019.

LOGO


Average Annual Total Return through December 31, 2019	One Year	Five Years	Since Inception
Institutional (Commenced October 16, 2013)	12.29%	3.81%	4.27%
Service (Commenced April 16, 2012)	11.94%	3.54%	5.01%

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments

December 31, 2019


Shares		Description	Value

Exchange Traded Funds – 28.6%
	227,100	iShares Core MSCI Emerging Markets ETF	$	12,208,896
	138,944	iShares Core S&P 500 ETF		44,912,259
	140,400	Vanguard S&P 500 ETF		41,530,320

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $72,452,635)		$	98,651,475


Shares		Dividend Rate	Value

Investment Companies^(a) – 54.7%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	103,730,960	1.638%	$	103,730,960
	Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Shares
	42,695,096	1.593		42,695,096
	Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Shares
	42,695,096	1.560		42,695,096

	TOTAL INVESTMENT COMPANIES
	(Cost $189,121,152)		$	189,121,152

	TOTAL INVESTMENTS – 83.3%
	(Cost $261,573,787)		$	287,772,627

	OTHER ASSETS IN EXCESS OF LIABILITIES – 16.7%			57,722,884

	NET ASSETS – 100.0%		$	345,495,511


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 December 31, 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		967		03/20/2020	$	40,447,862	$	(19,730	)
Euro-Bund		236		03/06/2020		45,224,970		(523,396	)
FTSE 100 Index		178		03/20/2020		17,681,052		102,399
S&P 500 E-Mini Index		295		03/20/2020		47,658,725		501,379
TOPIX Index		184		03/12/2020		29,143,988		32,215
U.S. Treasury 10 Year Note		526		03/20/2020		67,459,500		(687,443	)

Total Futures Contracts							$	(594,576	)


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

December 31, 2019



Assets:
Investments in affiliated issuers, at value (cost $189,121,152)	$	189,121,152
Investments in unaffiliated issuers, at value (cost $72,452,635)		98,651,475
Cash		47,223,631
Foreign currencies, at value (cost $3,058,354)		3,081,841
Receivables:
Collateral on certain derivative contracts		7,232,620
Fund shares sold		354,383
Dividends		247,998
Reimbursement from investment adviser		29,155

Total assets		345,942,255


Liabilities:
Variation margin on futures		30,336
Payables:
Management fees		168,273
Distribution and Service fees and Transfer Agency fees		78,655
Fund shares redeemed		71,577
Accrued expenses		97,903

Total liabilities		446,744


Net Assets:
Paid-in capital		318,311,605
Total distributable earnings (loss)		27,183,906

NET ASSETS	$	345,495,511
Net Assets:
Institutional	$	276,945
Service		345,218,566

Total Net Assets	$	345,495,511
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		22,481
Service		28,060,672
Net asset value, offering and redemption price per share:
Institutional		$12.32
Service		12.30


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 Fiscal Year Ended December 31, 2019



Investment income:
Dividends — affiliated issuers	$	3,999,515
Dividends — unaffiliated issuers		2,096,666

Total investment income		6,096,181


Expenses:
Management fees		2,749,622
Distribution and Service fees — Service Shares		869,476
Professional fees		103,261
Transfer Agency fees^(a)		69,605
Custody, accounting and administrative services		62,640
Printing and mailing costs		54,206
Trustee fees		16,370
Shareholder meeting expense		10,091
Other		19,795

Total expenses		3,955,066

Less — expense reductions		(1,031,350	)

Net expenses		2,923,716

NET INVESTMENT INCOME		3,172,465


Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		5,219,989
Futures contracts		17,273,643
Foreign currency transactions		(277,774	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		16,235,229
Futures contracts		(1,382,531	)
Foreign currency translation		140,397

Net realized and unrealized gain		37,208,953

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	40,381,418

(a) Institutional and Service Shares incurred Transfer Agency fees of $52 and $69,553, 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 Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018

From operations:
Net investment income	$	3,172,465		$	2,585,788
Net realized gain (loss)		22,215,858			(1,891,459	)
Net change in unrealized gain (loss)		14,993,095			(18,542,964	)

Net increase (decrease) in net assets resulting from operations		40,381,418			(17,848,635	)


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(16,100	)		(6,273	)
Service Shares		(19,290,888	)		(9,086,313	)

Total distributions to shareholders		(19,306,988	)		(9,092,586	)


From share transactions:
Proceeds from sales of shares		25,165,924			42,650,408
Reinvestment of distributions		19,306,988			9,092,586
Cost of shares redeemed		(116,140,276	)		(35,610,360	)

Net increase (decrease) in net assets resulting from share transactions		(71,667,364	)		16,132,634

TOTAL DECREASE		(50,592,934	)		(10,808,587	)


Net Assets:

Beginning of year		396,088,445			406,897,032
End of year	$	345,495,511			$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 Year


	Goldman Sachs Global Trends Allocation Fund
	Institutional Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	11.65		$	12.46		$	11.33		$	10.89		$	11.82

Net investment income (loss)^(a)		0.15			0.14			0.06			(0.03	)		0.01

Net realized and unrealized gain (loss)		1.28			(0.64	)		1.46			0.52			(0.67	)

Total from investment operations		1.43			(0.50	)		1.52			0.49			(0.66	)

Distributions to shareholders from net investment income		(0.22	)		(0.12	)		(0.07	)		(0.05	)		(0.03	)

Distributions to shareholders from net realized gains		(0.54	)		(0.19	)		(0.32	)		—			(0.24	)

Total distributions		(0.76	)		(0.31	)		(0.39	)		(0.05	)		(0.27	)

Net asset value, end of year	$	12.32		$	11.65		$	12.46		$	11.33		$	10.89

Total return^(b)		12.29	%		(4.08	)%		13.36	%		4.49	%		(5.52	)%

Net assets, end of year (in 000s)	$	277		$	247		$	30		$	27		$	1,008

Ratio of net expenses to average net assets		0.59	%		0.51	%		0.68	%		0.74	%		0.75	%

Ratio of total expenses to average net assets		0.89	%		0.86	%		0.86	%		0.89	%		0.92	%

Ratio of net investment income (loss) to average net assets		1.18	%		1.13	%		0.46	%		(0.25	)%		0.12	%

Portfolio turnover rate^(c)		61	%		60	%		64	%		260	%		504	%

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

(b)

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

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


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 Year


	Goldman Sachs Global Trends Allocation Fund
	Service Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	11.64		$	12.45		$	11.32		$	10.88		$	11.82

Net investment income (loss)^(a)		0.11			0.08			0.03			0.02			(0.02	)

Net realized and unrealized gain (loss)		1.28			(0.62	)		1.46			0.45			(0.67	)

Total from investment operations		1.39			(0.54	)		1.49			0.47			(0.69	)

Distributions to shareholders from net investment income		(0.19	)		(0.08	)		(0.04	)		(0.03	)		(0.01	)

Distributions to shareholders from net realized gains		(0.54	)		(0.19	)		(0.32	)		—			(0.24	)

Total distributions		(0.73	)		(0.27	)		(0.36	)		(0.03	)		(0.25	)

Net asset value, end of year	$	12.30		$	11.64		$	12.45		$	11.32		$	10.88

Total return^(b)		11.94	%		(4.34	)%		13.11	%		4.33	%		(5.82	)%

Net assets, end of year (in 000s)	$	345,219		$	395,842		$	406,867		$	353,615		$	354,706

Ratio of net expenses to average net assets		0.84	%		0.81	%		0.93	%		1.00	%		1.00	%

Ratio of total expenses to average net assets		1.14	%		1.11	%		1.11	%		1.13	%		1.17	%

Ratio of net investment income (loss) to average net assets		0.91	%		0.63	%		0.21	%		0.20	%		(0.16	)%

Portfolio turnover rate^(c)		61	%		60	%		64	%		260	%		504	%

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

(b)

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


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

December 31, 2019

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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 may be valued at the closing bid price for long positions and at the closing 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 for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements (continued)

December 31, 2019

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.

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 December 31, 2019:


Investment Type	Level 1			Level 2		Level 3

Assets
Exchange Traded Funds	$	98,651,475		$	—	$	—
Investment Companies		189,121,152			—		—

Total	$	287,772,627		$	—	$	—

Derivative Type

Assets^(a)
Futures Contracts	$	635,993		$	—	$	—

Liabilities^(a)
Futures Contracts	$	(1,230,569	)	$	—	$	—

(a)	Amount shown represents unrealized gain (loss) at fiscal year 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 December 31, 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	$	635,993	Variation margin on futures contracts	$	(19,730	)
Interest Rate	—		—	Variation margin on futures contracts		(1,210,839	)

Total		$	635,993		$	(1,230,569	)

(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 December 31, 2019 is reported within the Statement of Assets and Liabilities.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements (continued)

December 31, 2019

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	$	9,051,931	$	1,275,534			996
Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		8,221,712		(2,658,065	)		956

Total		$	17,273,643	$	(1,382,531	)		1,952

(a)	Average number of contracts is based on the average of month end balances for the fiscal year ended December 31, 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 fiscal year ended December 31, 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			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 fiscal year ended December 31, 2019, GSAM waived $417,668 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 fiscal year ended December 31, 2019, GSAM waived $324,731 of the Fund’s management fee.

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 fiscal year ended December 31, 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

	$742,399	$	46,603	$	242,348	$	1,031,350

E. Line of Credit Facility — As of December 31, 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 fiscal year ended December 31, 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 fiscal year ended December 31, 2019:


Investment Companies	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2019		Shares as of December 31, 2019		Dividend Income
Goldman Sachs Financial Square Government Fund	$	119,104,588	$	31,686,058	$	(47,059,686	)	$	103,730,960		103,730,960	$	2,199,096
Goldman Sachs Financial Square Treasury Obligations Fund		52,179,797		1,581,600		(11,066,301	)		42,695,096		42,695,096		903,169
Goldman Sachs Financial Square Treasury Solutions Fund		52,179,797		1,581,600		(11,066,301	)		42,695,096		42,695,096		897,250

Total	$	223,464,182	$	34,849,258	$	(69,192,288	)	$	189,121,152		189,121,152	$	3,999,515

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements (continued)

December 31, 2019

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of December 31, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 12% of the Institutional Shares of the Fund.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2019, were $76,683,526 and $51,933,865, respectively.

7. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2018 and December 31, 2019 was as follows:


	2018		2019
Distributions paid from:
Ordinary income	$	7,135,108	$	8,181,193
Net long-term capital gains		1,957,478		11,125,795
Total taxable distributions	$	9,092,586	$	19,306,988

As of December 31, 2019, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	4,049,091
Undistributed long-term capital gains		1,602,855
Total undistributed earnings	$	5,651,946
Timing differences (Post October Loss Deferral and straddle loss deferrals)		(693,022	)
Unrealized gains — net		22,224,982
Total accumulated earnings — net	$	27,183,906

As of December 31, 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	$	264,987,934
Gross unrealized gain		22,224,982
Gross unrealized loss		—
Net unrealized gain	$	22,224,982

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

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), confiscation of assets and property, 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.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements (continued)

December 31, 2019

8. OTHER RISKS (continued)

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.

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. OTHER MATTERS

On November 5, 2019, a definitive proxy statement (“proxy”) was filed with the SEC to elect certain Trustees to the Trust. The Fund will bear its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.

11. SUBSEQUENT EVENTS

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended December 31, 2019						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		—		$	—			18,378		$	229,900
Reinvestment of distributions		1,310			16,100			535			6,273
Shares redeemed		—			—			(157	)		(1,900	)
		1,310			16,100			18,756			234,273
Service Shares
Shares sold		2,045,866			25,165,924			3,407,784			42,420,508
Reinvestment of distributions		1,572,199			19,290,888			775,283			9,086,313
Shares redeemed		(9,571,002	)		(116,140,276	)		(2,858,297	)		(35,608,460	)
		(5,952,937	)		(71,683,464	)		1,324,770			15,898,361

NET INCREASE (DECREASE)		(5,951,627	)	$	(71,667,364	)		1,343,526		$	16,132,634

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs Global Trends Allocation Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Global Trends Allocation Fund (one of the funds constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2020

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Variable Insurance Trust (“VIT”) was held on January 23, 2020 to consider and act upon the proposal below. The Fund will amortize its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.

At the Meeting, Dwight L. Bush, Kathryn A. Cassidy, Joaquin Delgado and Gregory G. Weaver were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:



Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		745,493,677.130		0		17,848,840.639		0

Kathryn A. Cassidy		746,559,784.810		0		16,782,732.959		0

Joaquin Delgado		744,593,456.532		0		18,749,061.237		0

Gregory G. Weaver		746,707,039.321		0		16,635,478.448		0

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND


Fund Expenses — Six Month Period Ended December 31, 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 July 1, 2019 through December 31, 2019, which represents a period of 184 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 07/01/19		Ending Account Value 12/31/19			Expenses Paid for the 6 Months Ended 12/31/19*
Institutional

Actual	$	1,000	$	1,049.10		$	3.00
Hypothetical 5% return		1,000		1,022.28	+		2.96
Service

Actual		1,000		1,048.20			4.28
Hypothetical 5% return		1,000		1,021.02	+		4.23

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 December 31, 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 0.58% and 0.83% for Institutional and Service Shares, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Trustees and Officers (Unaudited)

Independent Trustees

Name,
Address and Age¹

Position(s) Held
with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

Jessica Palmer

Age: 70

Chair of the Board of Trustees

Since 2018 (Trustee since 2007)

Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009).

Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Kathryn A. Cassidy

Age: 65

Trustee

Since 2015

Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Diana M. Daniels

Age: 70

Trustee

Since 2007

Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007).

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Roy W. Templin

Age: 59

Trustee

Since 2013

Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013).

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver

Age: 68

Trustee

Since 2015

Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Verizon Communications Inc.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name,
Address and Age¹

Position(s) Held

with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

James A. McNamara

Age: 57

President and Trustee

Since 2007

Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).

President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

165

None

Advisory Board Members

Name, Address, Age¹

Position(s) Held
with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Advisory
Board Member³

Other

Directorships

Held by Advisory

Board Member⁴

Dwight L. Bush

Age: 62

Advisory Board Member

Since 2019

Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019).

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Joaquin Delgado

Age: 59

Advisory Board Member

Since 2019

Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016).

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Stepan Company (a specialty chemical manufacturer)

Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹	Each Trustee and Advisory Board Member may be contacted by writing to the Trustee or Advisory Board Member, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2019.

Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of December 31, 2019, Goldman Sachs Trust consisted of 89 portfolios; Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 40 portfolios (21 of which offered shares to the public).

⁴	This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384. Additional information about the Advisory Board Members will be available in the Fund’s Statement of Additional Information dated April 30, 2020, which will be available from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹	Information is provided as of December 31, 2019.

Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2019, 86.78% of the dividends paid from net investment company taxable income by the Global Trends Allocation Fund qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Global Trends Allocation Fund designates $11,125,795 or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2019.


TRUSTEES		OFFICERS
Jessica Palmer, Chair		James A. McNamara, President
Dwight L. Bush*		Joseph F. DiMaria, Principal Financial Officer,
Kathryn A. Cassidy		Principal Accounting Officer and Treasurer
Diana M. Daniels		Caroline L. Kraus, Secretary
Joaquin Delgado*
James A. McNamara
Roy W. Templin
Gregory G. Weaver
*Effective as of January 23, 2020

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 December 31, 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 December 31, 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.

VITNAVAR-20/192290-OTU-1133688

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Large Cap Value Fund

Annual Report

December 31, 2019

LOGO

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 12-month period ended December 31, 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 average annual total returns of 25.93% and 25.61%, respectively. These returns compare to the 26.54% average annual 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 31.49% during the Reporting Period, achieving a record high and its strongest annual gain since 2013.

The U.S. equity market rallied at the start of the Reporting Period, almost completely recovering from a sell-off at the end of 2018. After four gradual interest rate hikes in 2018, the U.S. Federal Reserve (“Fed”) cut interest rates three times in 2019 in an effort to keep the U.S. economic expansion intact amid trade uncertainties. The trade war between the U.S. and China pressured macroeconomic indicators throughout the first half of the calendar year but did little to suppress a resilient consumer, which ultimately outweighed manufacturing weakness. By the fourth quarter of 2019, U.S. stock returns accelerated with an uptick of U.S. manufacturing and service sector business surveys as well as a consistently strong labor market. The U.S. added more than 200,000 jobs in November 2019, double the break-even pace of long-term job growth. These developments helped restore market confidence, while fundamentals of low core inflation, contained financial imbalance and reduced drag of a trade war fended off imminent recession risk.

For the Reporting Period overall, all 11 sectors posted positive absolute returns, with all 11 generating double-digit gains. During the Report Period, information technology, communication services and financials 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 were energy, health care and materials.

Within the U.S. equity market, all capitalization segments posted double-digit positive returns, led by large-cap stocks, as measured by the Russell 1000^® Index, followed closely by mid-cap stocks, as measured by the Russell Midcap^® Index, and then by 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.)

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

The Fund posted robust 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 energy, industrials and financials sectors detracted most from the Fund’s relative results. Having a position in cash, albeit a modest one, during the Reporting Period when the Russell Index rallied, also dampened relative results. Offsetting these detractors was stock selection in the information technology, utilities and consumer discretionary 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 Dupont de Nemours, Concho Resources and Medtronic.

Dupont de Nemours is a specialty materials and chemicals company. Its stock trailed the broader U.S. equity market and the materials sector as a whole, with fears around U.S.-China trade tensions as one of the headwinds. In the first week of April 2019,

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

the company had spun off from its parent company and initiated a one-for-three reverse stock split. (A reverse stock split is a type of corporate action which consolidates the number of existing shares of stock into fewer, proportionally more valuable, shares.) Despite its early struggles as a stand-alone company, we believe its management is keen to deliver value for its shareholders. At the end of the Reporting Period, we also felt the company’s transportation and advanced polymers segment was well positioned to capture a significant opportunity from global growth in hybrid and electric vehicles.

Concho Resources is an oil and natural gas exploration and production company operating in the Permian Basin. Its stock fell through much of the Reporting Period due to a decline in natural gas prices and a disappointing third quarter 2019 earnings release. Given its lower oil production guidance and valuation premium to its peers, we decided to exit the position and allocate the capital to what we believe are more attractive opportunities.

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.

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, ITT and Zimmer Biomet Holdings.

Marvell Technology Group, an integrated circuit designer, developer and seller, saw its stock gain rather steadily to start 2019 and then rise even faster during the course of the calendar year as gains came on the back of U.S.-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 fifth-generation, or 5G, capabilities boosted the company’s share price as well. 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 positive performance going forward.

ITT is a manufacturer of engineered components for customized technologies. A strong earnings report in the second quarter of 2019 caused its stock to rise when its management gave positive commentary on self-help and end-market opportunities. Its shares rallied again in early November 2019 after the company reported above-consensus expectations earnings and revenue metrics, raised guidance and announced a share repurchase program. At the end of the Reporting Period, we believed ITT’s motion business may well continue to gain market share. We were also confident in its management’s commitment to returning shareholder value through buybacks.

Zimmer Biomet Holdings is a manufacturer of musculoskeletal health care products and solutions. A strong earnings report during the third quarter of 2019 caused its stock to rise when the company put to rest speculation it might pull back from its full-year guidance after former Chief Financial Officer (“CFO”) Dan Florin announced he was stepping down. Instead of lowering its guidance, the company expressed increasing optimism. Zimmer Biomet Holdings had previously projected it would achieve constant-currency revenue in line with its weighted-average market growth rate beginning in 2020. At the end of the Reporting Period, we remained positive on its management team and its ability to redeploy capital and shift the company’s business mix into faster growing end-markets. We also remained optimistic about the company’s growth outlook.

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, we initiated a Fund position in diversified financials institution Citigroup. We believe its new CFO has done a particularly good job of being transparent and setting reasonable expectations, which may be an important driver of the company’s stock price going forward. Overall, we feel Citigroup has appealing growth opportunities and find it an attractive opportunity in the financials sector.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

We established a Fund position in fast-food restaurant retailer McDonald’s during the Reporting Period. We are positive on many of the strategic initiatives McDonald’s has been rolling out. Namely, we feel modernized restaurants, a revamped value menu and a shift toward fresh beef hamburgers can drive market share gains moving forward. With what we see as McDonald’s strong balance sheet, robust free cash flow and healthy return on equity, we believe its shares were attractively valued at the end of the Reporting Period and poised for continued appreciation.

Conversely, in addition to those sales already mentioned, we eliminated the Fund’s position in pharmaceuticals company Merck. After a strong start to the calendar year, we decided to exit the position in late June 2019 to allocate the capital to what we viewed as more attractive opportunities.

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 in financials, industrials and materials increased. The Fund’s allocations compared to the Russell Index in health care, information technology and energy decreased. The Fund’s position in cash also decreased during the Reporting Period.

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

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

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

During the Reporting Period, Kevin Martens was added a co-lead Portfolio Manager for the Fund. Kevin is also a co-lead Portfolio Manager on the GSAM U.S. Equity Strategy as well as a portfolio manager on the U.S. Equity Team, where he has broad research responsibilities for the industrials sector across the U.S. Large- and Mid-Cap Equity Strategies. Before joining GSAM, Kevin was at Clearbridge Investments where he was a research analyst responsible for the materials sector. Prior to that, he was a research associate at Fred Alger Management covering industrials and was an investment banking associate at BMO Capital Markets. Kevin has 13 years of industry experience. He earned a BSBA in Finance and a BS in Accounting and Economics from Villanova University and an MBA from Columbia Business School.

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

The U.S. equity markets delivered robust performance in 2019. Economic growth remained near-trend, with a healthy consumer, both in balance sheet and confidence, continuing to support the U.S. economy. At the end of the Reporting Period, we remained constructive on U.S. equities and believed there could be further gains, buoyed by low interest rates and steady cash flow generation. Despite intervals of volatility, we believed fundamentals remained stable and did not indicate a downturn in global economic growth or corporate earnings. Within this more volatile backdrop, we believed a thorough understanding of both market and company-specific variables may well be crucial to navigating the environment. With that said, we continue to focus on what we consider to be high quality companies with strong market positions and experienced management teams.

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.

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.

FUND BASICS

Large Cap Value Fund

as of December 31, 2019

TOP TEN HOLDINGS AS OF 12/31/19¹



Holding	% of Net Assets		Line of Business
JPMorgan Chase & Co.		4.2%	Banks
Berkshire Hathaway, Inc. Class B		4.0	Diversified Financials
Johnson & Johnson		3.0	Pharmaceuticals, Biotechnology & Life Sciences
Wells Fargo & Co.		2.7	Banks
Verizon Communications, Inc.		2.6	Telecommunication Services
Chevron Corp.		2.5	Energy
Procter & Gamble Co. (The)		2.5	Household & Personal Products
Citigroup, Inc.		2.2	Banks
Walmart, Inc.		2.2	Food & Staples Retailing
Walt Disney Co. (The)		2.2	Media & Entertainment

¹	The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of December 31, 2019

LOGO

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.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Performance Summary

December 31, 2019

The following graph shows the value, as of December 31, 2019, of a $10,000 investment made on January 1, 2010 in Service Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000^® Value Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Large Cap Value Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2010 through December 31, 2019.

LOGO


Average Annual Total Return through December 31, 2019	One Year	Five Years	Ten Years
Institutional	25.93%	6.19%	9.60%
Service	25.61%	5.93%	9.32%

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

December 31, 2019


Shares		Description	Value

Common Stocks – 99.8%
Automobiles & Components – 0.7%
	32,776	Aptiv plc	$	3,112,737

Banks – 12.1%
	222,808	Bank of America Corp.		7,847,298
	129,837	Citigroup, Inc.		10,372,678
	141,742	JPMorgan Chase & Co.		19,758,835
	34,868	M&T Bank Corp.		5,918,843
	239,002	Wells Fargo & Co.		12,858,307

				56,755,961

Capital Goods – 7.5%
	8,059	Boeing Co. (The)		2,625,300
	30,781	Deere & Co.		5,333,116
	624,900	General Electric Co.		6,973,884
	30,699	Honeywell International, Inc.		5,433,723
	69,396	ITT, Inc.		5,129,058
	11,448	Northrop Grumman Corp.		3,937,768
	34,174	Stanley Black & Decker, Inc.		5,663,999

				35,096,848

Commercial & Professional Services – 0.5%
	26,395	Waste Connections, Inc.		2,396,402

Consumer Durables & Apparel – 1.0%
	45,624	PVH Corp.		4,797,364

Consumer Services – 3.1%
	33,589	Las Vegas Sands Corp.		2,318,985
	40,028	McDonald’s Corp.		7,909,933
	32,775	Royal Caribbean Cruises Ltd.		4,375,790

				14,604,708

Diversified Financials – 8.7%
	51,177	American Express Co.		6,371,025
	82,153	Berkshire Hathaway, Inc. Class B*		18,607,654
	9,263	BlackRock, Inc.		4,656,510
	45,012	Intercontinental Exchange, Inc.		4,165,861
	83,817	Morgan Stanley		4,284,725
	28,756	Northern Trust Corp.		3,055,037

				41,140,812

Energy – 6.6%
	95,179	Baker Hughes Co.		2,439,438
	52,703	Cheniere Energy, Inc.*		3,218,572
	96,141	Chevron Corp.		11,585,952
	50,256	EOG Resources, Inc.		4,209,442
	94,829	Exxon Mobil Corp.		6,617,168
	51,043	Marathon Petroleum Corp.		3,075,341

				31,145,913

Food & Staples Retailing – 2.9%
	75,356	US Foods Holding Corp.*		3,156,663
	87,050	Walmart, Inc.		10,345,022

				13,501,685

Food, Beverage & Tobacco – 2.9%
	17,041	Constellation Brands, Inc. Class A		3,233,530
	74,929	Mondelez International, Inc. Class A		4,127,089


Common Stocks – (continued)
Food, Beverage & Tobacco – (continued)
	76,388	Philip Morris International, Inc.		6,499,855

				13,860,474

Health Care Equipment & Services – 6.8%
	10,020	ABIOMED, Inc.*		1,709,312
	81,977	Boston Scientific Corp.*		3,707,000
	9,787	Cooper Cos., Inc. (The)		3,144,465
	92,381	CVS Health Corp.		6,862,984
	34,601	Danaher Corp.		5,310,561
	15,072	Envista Holdings Corp.*		446,734
	14,157	Humana, Inc.		5,188,824
	37,670	Zimmer Biomet Holdings, Inc.		5,638,446

				32,008,326

Household & Personal Products – 2.5%
	92,470	Procter & Gamble Co. (The)		11,549,503

Insurance – 4.8%
	47,720	Allstate Corp. (The)		5,366,114
	35,660	American Financial Group, Inc.		3,910,119
	67,997	American International Group, Inc.		3,490,286
	38,631	Chubb Ltd.		6,013,301
	18,199	Willis Towers Watson plc		3,675,106

				22,454,926

Materials – 4.3%
	9,382	Celanese Corp.		1,155,112
	85,477	DuPont de Nemours, Inc.		5,487,623
	32,883	Linde plc		7,000,791
	10,923	Martin Marietta Materials, Inc.		3,054,508
	29,745	Packaging Corp. of America		3,331,142

				20,029,176

Media & Entertainment – 6.4%
	97,450	Activision Blizzard, Inc.		5,790,479
	3,406	Alphabet, Inc. Class A*		4,561,962
	157,843	Comcast Corp. Class A		7,098,200
	11,973	Facebook, Inc. Class A*		2,457,458
	70,620	Walt Disney Co. (The)		10,213,771

				30,121,870

Pharmaceuticals, Biotechnology & Life Sciences – 7.1%
	32,950	Agilent Technologies, Inc.		2,810,964
	81,982	AstraZeneca plc ADR		4,087,623
	152,512	Elanco Animal Health, Inc.*		4,491,478
	40,904	Eli Lilly & Co.		5,376,013
	97,102	Johnson & Johnson		14,164,269
	61,705	Pfizer, Inc.		2,417,602

				33,347,949

Real Estate Investment Trusts – 4.1%
	27,563	Alexandria Real Estate Equities, Inc.		4,453,630
	28,414	AvalonBay Communities, Inc.		5,958,416
	33,507	Extra Space Storage, Inc.		3,539,009
	143,150	Hudson Pacific Properties, Inc.		5,389,597

				19,340,652


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments (continued)

December 31, 2019


Shares		Description	Value

Common Stocks – (continued)
Retailing – 0.6%
	25,658	Lowe’s Cos., Inc.	$	3,072,802

Semiconductors & Semiconductor Equipment – 2.5%
	78,921	Intel Corp.		4,723,422
	111,784	Marvell Technology Group Ltd.		2,968,983
	31,128	Texas Instruments, Inc.		3,993,411

				11,685,816

Software & Services – 2.9%
	35,136	Citrix Systems, Inc.		3,896,582
	52,878	Cognizant Technology Solutions Corp. Class A		3,279,494
	26,745	Fidelity National Information Services, Inc.		3,719,962
	17,744	Microsoft Corp.		2,798,229

				13,694,267

Technology Hardware & Equipment – 0.8%
	36,009	Cisco Systems, Inc.		1,726,992
	82,593	Juniper Networks, Inc.		2,034,265

				3,761,257

Telecommunication Services – 2.6%
	201,805	Verizon Communications, Inc.		12,390,827

Transportation – 2.1%
	24,557	Norfolk Southern Corp.		4,767,251
	28,580	Union Pacific Corp.		5,166,978

				9,934,229

Utilities – 6.3%
	64,677	Ameren Corp.		4,967,194
	31,815	American Water Works Co., Inc.		3,908,473
	34,087	Atmos Energy Corp.		3,812,972
	67,647	CMS Energy Corp.		4,250,937
	29,537	NextEra Energy, Inc.		7,152,680
	83,817	Xcel Energy, Inc.		5,321,541

				29,413,797

	TOTAL COMMON STOCKS
	(Cost $392,761,762)		$	469,218,301


Shares		Dividend Rate	Value

Investment Company^(a) – 0.2%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	771,927	1.638%	$	771,927
	(Cost $771,927)

	TOTAL INVESTMENTS – 100.0%
	(Cost $393,533,689)		$	469,990,228

	LIABILITIES IN EXCESS OF OTHER ASSETS – 0.0%			(117,964	)

	NET ASSETS – 100.0%		$	469,872,264


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


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement of Assets and Liabilities

December 31, 2019



Assets:
Investments in unaffiliated issuers, at value (cost $392,761,762)	$	469,218,301
Investments in affiliated issuers, at value (cost $771,927)		771,927
Cash		447,501
Due from Custodian		12,260
Receivables:
Dividends		533,066
Fund shares sold		122,107
Reimbursement from investment adviser		26,649

Total assets		471,131,811


Liabilities:
Payables:
Fund shares redeemed		700,381
Management fees		273,285
Distribution and Service fees and Transfer Agency fees		72,442
Accrued expenses		213,439

Total liabilities		1,259,547


Net Assets:
Paid-in capital		386,019,401
Total distributable earnings (loss)		83,852,863

NET ASSETS	$	469,872,264
Net Assets:
Institutional	$	163,814,284
Service		306,057,980

Total Net Assets	$	469,872,264
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		17,822,818
Service		33,290,424
Net asset value, offering and redemption price per share:
Institutional		$9.19
Service		9.19


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2019



Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $6,736)	$	10,082,554
Dividends — affiliated issuers		57,939
Securities lending income — unaffiliated issuer		19,664

Total investment income		10,160,157


Expenses:
Management fees		3,330,092
Distribution and Service fees — Service Shares		757,066
Shareholder meeting expense		107,155
Professional fees		97,614
Printing and mailing costs		96,475
Transfer Agency fees^(a)		92,495
Custody, accounting and administrative services		80,601
Trustee fees		16,557
Registration fees		542
Other		20,059

Total expenses		4,598,656

Less — expense reductions		(442,785	)

Net expenses		4,155,871

NET INVESTMENT INCOME		6,004,286


Realized and unrealized gain:
Net realized gain from investments — unaffiliated issuers		20,966,506

Net change in unrealized gain on investments — unaffiliated issuers		78,158,001

Net realized and unrealized gain		99,124,507

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	105,128,793

(a) Institutional and Service Shares incurred Transfer Agency fees of $31,935 and $60,560, respectively.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statements of Changes in Net Assets


	For the Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018

From operations:
Net investment income	$	6,004,286		$	5,902,274
Net realized gain		20,966,506			38,681,430
Net change in unrealized gain (loss)		78,158,001			(85,485,686	)

Net increase (decrease) in net assets resulting from operations		105,128,793			(40,901,982	)


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(7,943,415	)		(11,515,289	)
Service Shares		(14,094,598	)		(20,776,605	)

Total distributions to shareholders		(22,038,013	)		(32,291,894	)


From share transactions:
Proceeds from sales of shares		13,557,948			25,313,246
Reinvestment of distributions		22,038,013			32,291,894
Cost of shares redeemed		(82,668,632	)		(97,515,109	)

Net decrease in net assets resulting from share transactions		(47,072,671	)		(39,909,969	)

TOTAL INCREASE (DECREASE)		36,018,109			(113,103,845	)


Net Assets:

Beginning of year		433,854,155			546,958,000

End of year	$	469,872,264		$	433,854,155


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Large Cap Value Fund
	Institutional Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	7.67		$	9.06		$	10.16		$	9.39		$	11.39

Net investment income^(a)		0.13			0.12			0.16			0.18			0.15

Net realized and unrealized gain (loss)		1.86			(0.88	)		0.83			0.91			(0.67	)

Total from investment operations		1.99			(0.76	)		0.99			1.09			(0.52	)

Distributions to shareholders from net investment income		(0.14	)		(0.12	)		(0.18	)		(0.22	)		(0.16	)

Distributions to shareholders from net realized gains		(0.33	)		(0.51	)		(1.91	)		(0.10	)		(1.32	)

Total distributions		(0.47	)		(0.63	)		(2.09	)		(0.32	)		(1.48	)

Net asset value, end of year	$	9.19		$	7.67		$	9.06		$	10.16		$	9.39

Total return^(b)		25.93	%		(8.46	)%		9.85	%		11.55	%		(4.41	)%

Net assets, end of year (in 000s)	$	163,814		$	150,963		$	188,182		$	243,875		$	279,910

Ratio of net expenses to average net assets		0.73	%		0.71	%		0.72	%		0.74	%		0.74	%

Ratio of total expenses to average net assets		0.83	%		0.81	%		0.81	%		0.81	%		0.81	%

Ratio of net investment income to average net assets		1.46	%		1.32	%		1.50	%		1.91	%		1.38	%

Portfolio turnover rate^(c)		58	%		125	%		127	%		130	%		83	%

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

(b)

(c)	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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Large Cap Value Fund
	Service Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	7.67		$	9.06		$	10.16		$	9.39		$	11.38

Net investment income^(a)		0.11			0.10			0.13			0.16			0.13

Net realized and unrealized gain (loss)		1.85			(0.88	)		0.83			0.90			(0.67	)

Total from investment operations		1.96			(0.78	)		0.96			1.06			(0.54	)

Distributions to shareholders from net investment income		(0.11	)		(0.10	)		(0.15	)		(0.19	)		(0.13	)

Distributions to shareholders from net realized gains		(0.33	)		(0.51	)		(1.91	)		(0.10	)		(1.32	)

Total distributions		(0.44	)		(0.61	)		(2.06	)		(0.29	)		(1.45	)

Net asset value, end of year	$	9.19		$	7.67		$	9.06		$	10.16		$	9.39

Total return^(b)		25.61	%		(8.72	)%		9.56	%		11.25	%		(4.58	)%

Net assets, end of year (in 000s)	$	306,058		$	282,891		$	358,776		$	531,553		$	610,689

Ratio of net expenses to average net assets		0.98	%		0.96	%		0.97	%		0.99	%		0.99	%

Ratio of total expenses to average net assets		1.08	%		1.06	%		1.06	%		1.06	%		1.06	%

Ratio of net investment income to average net assets		1.21	%		1.07	%		1.26	%		1.66	%		1.13	%

Portfolio turnover rate^(c)		58	%		125	%		127	%		130	%		83	%

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

(b)

(c)	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

Notes to Financial Statements

December 31, 2019

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.

2. SIGNIFICANT ACCOUNTING POLICIES

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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The 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 and/or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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:

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2019

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 December 31, 2019:


Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	11,088,414	$	—	$	—
North America		458,129,887		—		—
Investment Company		771,927		—		—

Total	$	469,990,228	$	—	$	—

(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.

For the fiscal year ended December 31, 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.

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 fiscal year ended December 31, 2019, GSAM waived $4,423 of the Fund’s management fee.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended December 31, 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

	$143,174	$	6,273	$	293,338	$	442,785

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2019, Goldman Sachs earned $1,870 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 fiscal year ended December 31, 2019:


Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2019		Shares as of December 31, 2019		Dividend Income from Affiliated Investment Company

$	2,443,839	$	69,377,451	$	(71,049,363	)	$	771,927		771,927	$	57,939

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2019, were $265,124,519 and $318,984,259 respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2019

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’s master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s 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 December 31, 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 December 31, 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 fiscal year ended December 31, 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 fiscal year ended December 31, 2019:


Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2019

$	—	$	7,899,221	$	(7,899,221	)	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

7. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2018 and December 31, 2019 was as follows:


	2018		2019
Distributions paid from:
Ordinary income	$	6,015,014	$	5,962,422
Net long-term capital gains		26,276,880		16,075,591
Total taxable distributions	$	32,291,894	$	22,038,013

As of December 31, 2019, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	618,424
Undistributed long-term capital gains		7,835,269
Total undistributed earnings	$	8,453,693
Timing differences (Real Estate Investment Trusts)		28,390
Unrealized gains — net		75,370,780
Total accumulated earnings — net	$	83,852,863

As of December 31, 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	$	394,619,448
Gross unrealized gain		82,745,896
Gross unrealized loss		(7,375,116	)
Net unrealized gain	$	75,370,780

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

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2019

8. OTHER RISKS (continued)

9. INDEMNIFICATIONS

10. OTHER MATTERS

11. SUBSEQUENT EVENTS

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended December 31, 2019						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		624,452		$	5,567,317			854,945		$	7,399,623
Reinvestment of distributions		872,903			7,943,415			1,482,019			11,515,289
Shares redeemed		(3,356,752	)		(29,321,564	)		(3,417,525	)		(30,831,738	)
		(1,859,397	)		(15,810,832	)		(1,080,561	)		(11,916,826	)
Service Shares
Shares sold		940,302			7,990,631			2,024,327			17,913,623
Reinvestment of distributions		1,548,857			14,094,598			2,673,952			20,776,605
Shares redeemed		(6,071,122	)		(53,347,068	)		(7,416,119	)		(66,683,371	)
		(3,581,963	)		(31,261,839	)		(2,717,840	)		(27,993,143	)

NET DECREASE		(5,441,360	)	$	(47,072,671	)		(3,798,401	)	$	(39,909,969	)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs Large Cap Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Large Cap Value Fund (one of the funds constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2020

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Voting Results of Special Meeting of Shareholders (Unaudited)



Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		745,493,677.130		0		17,848,840.639		0

Kathryn A. Cassidy		746,559,784.810		0		16,782,732.959		0

Joaquin Delgado		744,593,456.532		0		18,749,061.237		0

Gregory G. Weaver		746,707,039.321		0		16,635,478.448		0

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND


Fund Expenses — Six Month Period Ended December 31, 2019 (Unaudited)

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.


Share Class	Beginning Account Value 07/01/19		Ending Account Value 12/31/19			Expenses Paid for the 6 Months Ended 12/31/19*
Institutional

Actual	$	1,000	$	1,085.20		$	3.84
Hypothetical 5% return		1,000		1,021.53	+		3.72
Service

Actual		1,000		1,083.80			5.15
Hypothetical 5% return		1,000		1,020.27	+		4.99

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 December 31, 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 0.73% and 0.98% for Institutional and Service Shares, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Trustees and Officers (Unaudited)

Independent Trustees

Name,
Address and Age¹

Position(s) Held
with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

Jessica Palmer

Age: 70

Chair of the Board of Trustees

Since 2018 (Trustee since 2007)

Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Kathryn A. Cassidy

Age: 65

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Diana M. Daniels

Age: 70

Trustee

Since 2007

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Roy W. Templin

Age: 59

Trustee

Since 2013

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver

Age: 68

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Verizon Communications Inc.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name,
Address and Age¹

Position(s) Held

with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

James A. McNamara

Age: 57

President and Trustee

Since 2007

165

None

Advisory Board Members

Name, Address, Age¹

Position(s)
Held with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Advisory
Board
Member³

Other

Directorships

Held by Advisory

Board Member⁴

Dwight L. Bush

Age: 62

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Joaquin Delgado

Age: 59

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Stepan Company (a specialty chemical manufacturer)

¹	Each Trustee and Advisory Board Member may be contacted by writing to the Trustee or Advisory Board Member, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2019.

⁴	This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹	Information is provided as of December 31, 2019.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2019, 100% of the dividends paid from net investment company taxable income by the Large Cap Value Fund qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Large Cap Value Fund designates $16,075,591 or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2019.


TRUSTEES		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
Jessica Palmer, Chair
Dwight L. Bush*
Kathryn A. Cassidy
Diana M. Daniels
Joaquin Delgado*
James A. McNamara
Roy W. Templin
Gregory G. Weaver
*Effective as of January 23, 2020

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.

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 December 31, 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 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.

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.

VITLCVAR-20/192291-OTU-1134415

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Mid Cap Value Fund

Annual Report

December 31, 2019

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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 12-month period ended December 31, 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 average annual total returns of 31.53% and 31.17%, respectively. These returns compare to the 27.06% average annual 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 31.49% during the Reporting Period, achieving a record high and its strongest annual gain since 2013.

For the Reporting Period overall, all 11 sectors posted positive absolute returns, with all 11 generating double-digit gains. During the Reporting Period, information technology, communication services and financials 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 were energy, health care and materials.

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 detracted, albeit modestly, from 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, health care and consumer discretionary sectors. Such positive contributors were only partially offset by stock selection in the energy and financials sectors, which detracted. Having a position in cash during the Reporting Period when the Russell Index rallied 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, Martin Marietta Materials and ITT.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

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 fifth-generation, or 5G, capabilities boosted the company’s share price as well. 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 positive performance going forward.

Martin Marietta Materials is a company engaged in the provision of aggregates, including crushed stone, sand and gravel. A positive surprise in its second quarter earnings report caused its stock to appreciate after its full year 2019 guidance was raised to reflect its strong first-half 2019 performance. At the end of the Reporting Period, industry trends led us to believe Martin Marietta Materials was poised for continued success in 2020 should infrastructure work and aggregates demand increase as we anticipate.

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 Viper Energy Partners LP, Fox and Marathon Petroleum.

Viper Energy Partners LP, a new purchase for the Fund during the Reporting Period, is a company engaged in the acquisition of oil and natural gas properties in the Permian Basin. Its stock suffered from a poor earnings report in the third quarter of 2019 and decreased expectations for the fourth quarter of the calendar year. Despite its underperformance, we continued to believe at the end of the Reporting Period in the company’s total return opportunities with what we consider to be its impressive margins, dividend yield and free cash flow.

Fox is a company that delivers news, sports and entertainment content and is the company that remains after much of 21^st Century Fox’s assets were acquired by Walt Disney & Co. in March 2019 The company faced headwinds during the Reporting Period, as consumers continued to cancel their cable subscriptions as “cord cutting” consumer trends intensified. Because of this consumer trend, along with inflating costs of sports broadcasting, we decided to sell the Fund’s position in Fox by the end of the Reporting Period.

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. 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?

In addition to the purchase already mentioned, we initiated a Fund position in L3Harris Technologies, a global aerospace and defense technology innovator. We believe the merger between L3 and Harris at the end of June 2019 will yield significant synergies that may lower costs and improve free cash flow moving forward. The company’s combined portfolio also, in our view, remains well aligned with the U.S. Department of Defense’s spending priorities and should continue to benefit as spending moves from readiness toward modernization.

We established a Fund position in Packaging Corp. of America, a producer of consumer products, during the Reporting Period. We believe the containerboard industry is nearing the bottom of a negative pricing cycle, as inventory began to improve during the

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Reporting Period. In our view, Packaging Corp. of America stands to benefit from this stabilization and potential improvement, as its recent mill conversion project is completed, freeing up capital for additional capital expenditures or capital distributions to shareholders.

Conversely, in addition to the sale already mentioned, we exited the Fund’s position in Laboratory Corp. of America Holdings, a company engaged in the provision of clinical laboratory and end-to-end drug development services. Due to a poor earnings report for the third quarter of 2019 and what we saw as an increased number of strategic headwinds for the company, we decided to sell the position.

We eliminated the Fund’s position in Ventas, a company engaged in the acquisition and ownership of senior housing and healthcare properties. During its third quarter 2019 earnings release, its management shared that its “Pivot to Growth” strategic plan would likely occur after 2020 rather than in 2020 as it had previously expected. This change was driven by ongoing weakness in the senior housing industry. Due to the industry weakness, we decided to exit the Fund’s position in Ventas.

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 materials, industrials, communication services and consumer staples increased and its exposure to information technology, consumer discretionary and real estate decreased compared to the Russell Index. The Fund’s position in cash increased during the Reporting Period.

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

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

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?

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.

It is not possible to invest directly in an index.

FUND BASICS

Mid Cap Value Fund

as of December 31, 2019

TOP TEN HOLDINGS AS OF 12/31/19^1,2



Holding	% of Net Assets		Line of Business
Zimmer Biomet Holdings, Inc.		2.3%	Health Care Equipment & Services
Sempra Energy		2.1	Utilities
Xcel Energy, Inc.		2.0	Utilities
M&T Bank Corp.		2.0	Banks
ITT, Inc.		1.8	Capital Goods
Stanley Black & Decker, Inc.		1.8	Capital Goods
CMS Energy Corp.		1.7	Utilities
AvalonBay Communities, Inc.		1.6	Real Estate Investment Trusts
Royal Caribbean Cruises Ltd.		1.5	Consumer Services
L3 Harris Technologies, Inc.		1.5	Capital Goods

¹	The top 10 holdings may not be representative of the Fund’s future investments.

²	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 short-term investment fund) which represents 2.6% of the Fund’s net assets as of December 31, 2019.

FUND vs. BENCHMARK SECTOR ALLOCATIONS³

As of December 31, 2019

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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 0.1% of the Fund’s net assets at December 31, 2019.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Performance Summary

December 31, 2019

The following graph shows the value, as of December 31, 2019, of a $10,000 investment made on January 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell Midcap Value^® Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Mid Cap Value Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2010 through December 31, 2019.

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Average Annual Total Return through December 31, 2019	One Year	Five Years	Ten Years
Institutional	31.53%	6.15%	10.92%
Service	31.17%	5.88%	10.64%

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

December 31, 2019


Shares		Description	Value

Common Stocks – 96.1%
Automobiles & Components – 0.9%
	47,130	Aptiv plc	$	4,475,936

Banks – 6.0%
	150,760	Citizens Financial Group, Inc.		6,122,363
	94,232	Fifth Third Bancorp		2,896,692
	35,535	First Republic Bank		4,173,586
	59,205	M&T Bank Corp.		10,050,049
	95,678	Synovus Financial Corp.		3,750,577
	64,028	Truist Financial Corp.		3,606,083

				30,599,350

Capital Goods – 9.5%
	22,568	AMETEK, Inc.		2,250,932
	24,164	Carlisle Cos., Inc.		3,910,702
	82,711	Flowserve Corp.		4,116,526
	62,924	Fortive Corp.		4,806,764
	20,905	Ingersoll-Rand plc		2,778,693
	126,269	ITT, Inc.		9,332,542
	38,508	L3Harris Technologies, Inc.		7,619,578
	23,350	Rockwell Automation, Inc.		4,732,345
	54,733	Stanley Black & Decker, Inc.		9,071,447

				48,619,529

Consumer Durables & Apparel – 1.5%
	66,746	Capri Holdings Ltd.*		2,546,360
	46,961	PVH Corp.		4,937,949

				7,484,309

Consumer Services – 3.5%
	177,301	MGM Resorts International		5,898,804
	18,840	Restaurant Brands International, Inc.		1,201,427
	57,887	Royal Caribbean Cruises Ltd.		7,728,493
	23,234	Wynn Resorts Ltd.		3,226,506

				18,055,230

Diversified Financials – 4.8%
	20,447	Cboe Global Markets, Inc.		2,453,640
	50,077	Discover Financial Services		4,247,531
	25,646	Evercore, Inc. Class A		1,917,295
	42,963	Northern Trust Corp.		4,564,389
	55,505	Raymond James Financial, Inc.		4,965,477
	116,658	Starwood Property Trust, Inc. (REIT)		2,900,118
	28,280	T. Rowe Price Group, Inc.		3,445,635

				24,494,085

Energy – 4.2%
	160,140	Baker Hughes Co.		4,104,388
	100,824	Cheniere Energy, Inc.*		6,157,322
	27,267	Diamondback Energy, Inc.		2,532,014
	24,785	Marathon Petroleum Corp.		1,493,296
	167,582	Parsley Energy, Inc. Class A		3,168,976
	175,796	TechnipFMC plc		3,769,066

				21,225,062


Common Stocks – (continued)
Food & Staples Retailing – 1.7%
	86,334	Grocery Outlet Holding Corp.*		2,801,538
	137,692	US Foods Holding Corp.*		5,767,918

				8,569,456

Food, Beverage & Tobacco – 3.4%
	71,744	Coca-Cola European Partners plc		3,650,335
	18,223	Constellation Brands, Inc. Class A		3,457,814
	41,838	Lamb Weston Holdings, Inc.		3,599,323
	94,610	Nomad Foods Ltd.*		2,116,426
	51,047	Tyson Foods, Inc. Class A		4,647,319

				17,471,217

Health Care Equipment & Services – 5.0%
	177,428	Change Healthcare, Inc.*^(a)		2,908,045
	18,013	Cooper Cos., Inc. (The)		5,787,397
	43,033	Dentsply Sirona, Inc.		2,435,237
	89,237	Envista Holdings Corp.*		2,644,985
	79,896	Zimmer Biomet Holdings, Inc.		11,958,833

				25,734,497

Insurance – 7.3%
	41,050	American Financial Group, Inc.		4,501,133
	87,705	Arch Capital Group Ltd.*		3,761,667
	40,025	Globe Life, Inc.		4,212,631
	15,947	Hanover Insurance Group, Inc. (The)		2,179,476
	74,291	Hartford Financial Services Group, Inc. (The)		4,514,664
	51,913	Lincoln National Corp.		3,063,386
	4,395	Markel Corp.*		5,024,232
	23,195	Reinsurance Group of America, Inc.		3,782,177
	30,572	Willis Towers Watson plc		6,173,710

				37,213,076

Materials – 8.3%
	75,036	Ball Corp.		4,852,578
	40,977	Celanese Corp.		5,045,088
	176,170	Corteva, Inc.		5,207,585
	323,153	Freeport-McMoRan, Inc.		4,239,767
	23,140	Martin Marietta Materials, Inc.		6,470,870
	67,647	Packaging Corp. of America		7,575,788
	156,513	Steel Dynamics, Inc.		5,327,703
	48,892	WR Grace & Co.		3,415,106

				42,134,485

Media & Entertainment – 3.4%
	36,330	Liberty Broadband Corp. Class C*		4,568,498
	103,636	Liberty Media Corp-Liberty SiriusXM Class A*		5,009,764
	19,147	Nexstar Media Group, Inc. Class A		2,244,986
	152,654	Snap, Inc. Class A*		2,492,840
	43,228	World Wrestling Entertainment, Inc. Class A		2,804,200

				17,120,288


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

December 31, 2019


Shares		Description	Value

Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – 3.0%
	79,429	Agilent Technologies, Inc.	$	6,776,088
	49,455	Agios Pharmaceuticals, Inc.*		2,361,476
	62,815	Catalent, Inc.*		3,536,485
	87,381	Elanco Animal Health, Inc.*		2,573,370

				15,247,419

Real Estate Investment Trusts – 11.1%
	41,493	Alexandria Real Estate Equities, Inc.		6,704,439
	38,299	AvalonBay Communities, Inc.		8,031,300
	34,982	Boston Properties, Inc.		4,822,619
	51,177	Camden Property Trust		5,429,880
	73,697	Equity LifeStyle Properties, Inc.		5,187,532
	17,184	Essex Property Trust, Inc.		5,169,978
	23,280	Extra Space Storage, Inc.		2,458,834
	184,905	Healthpeak Properties, Inc.		6,373,675
	77,275	Hudson Pacific Properties, Inc.		2,909,404
	113,322	Invitation Homes, Inc.		3,396,260
	39,816	Prologis, Inc.		3,549,198
	31,444	Ryman Hospitality Properties, Inc.		2,724,937

				56,758,056

Retailing – 1.1%
	13,011	Burlington Stores, Inc.*		2,966,899
	18,336	Dollar General Corp.		2,860,049

				5,826,948

Semiconductors & Semiconductor Equipment – 3.6%
	20,468	Analog Devices, Inc.		2,432,417
	277,513	Marvell Technology Group Ltd.		7,370,745
	29,329	MKS Instruments, Inc.		3,226,484
	43,784	Skyworks Solutions, Inc.		5,292,610

				18,322,256

Software & Services – 2.4%
	39,609	Citrix Systems, Inc.		4,392,638
	39,888	Fidelity National Information Services, Inc.		5,548,022
	26,332	InterXion Holding NV*		2,206,885

				12,147,545

Technology Hardware & Equipment – 3.4%
	104,541	Juniper Networks, Inc.		2,574,845
	27,599	Motorola Solutions, Inc.		4,447,303
	75,832	National Instruments Corp.		3,210,727
	251,871	Viavi Solutions, Inc.*		3,778,065
	54,291	Western Digital Corp.		3,445,849

				17,456,789

Transportation – 1.8%
	95,702	Knight-Swift Transportation Holdings, Inc.		3,429,960
	30,699	Old Dominion Freight Line, Inc.		5,826,056

				9,256,016


Common Stocks – (continued)
Utilities – 10.2%
	79,002	Ameren Corp.		6,067,354
	47,448	American Water Works Co., Inc.		5,828,987
	58,087	Atmos Energy Corp.		6,497,612
	135,967	CMS Energy Corp.		8,544,166
	76,902	Public Service Enterprise Group, Inc.		4,541,063
	70,462	Sempra Energy		10,673,583
	158,772	Xcel Energy, Inc.		10,080,434

				52,233,199

	TOTAL COMMON STOCKS
	(Cost $400,142,287)		$	490,444,748



Master Limited Partnership – 0.8%
Energy – 0.8%
	164,102	Viper Energy Partners LP	$	4,046,756
	(Cost $5,106,304)


Shares		Dividend Rate	Value

Investment Company^(b) – 2.5%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	12,703,956	1.638%	$	12,703,956
	(Cost $12,703,956)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $417,952,547)		$	507,195,460



Securities Lending Reinvestment Vehicle^(b) – 0.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	408,161	1.638%	$	408,161
	(Cost $408,161)

	TOTAL INVESTMENTS – 99.5%
	(Cost $418,360,708)		$	507,603,621

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%			2,521,422

	NET ASSETS – 100.0%		$	510,125,043


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND


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:
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

December 31, 2019



Assets:
Investments in unaffiliated issuers, at value (cost $405,248,591)^(a)	$	494,491,504
Investments in affiliated issuers, at value (cost $12,703,956)		12,703,956
Investments in affiliated securities lending reinvestment vehicle, at value (cost $408,161)		408,161
Cash		573,168
Receivables:
Investments sold		2,241,018
Dividends		846,436
Fund shares sold		54,478
Securities lending income		18,876
Reimbursement from investment adviser		15,590

Total assets		511,353,187


Liabilities:
Payables:
Payable upon return of securities loaned		408,161
Management fees		327,564
Fund shares redeemed		282,167
Distribution and Service fees and Transfer Agency fees		45,260
Accrued expenses		164,992

Total liabilities		1,228,144


Net Assets:
Paid-in capital		416,491,343
Total distributable earnings (loss)		93,633,700

NET ASSETS	$	510,125,043
Net Assets:
Institutional	$	335,229,245
Service		174,895,798

Total Net Assets	$	510,125,043
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		20,663,877
Service		10,680,690
Net asset value, offering and redemption price per share:
Institutional		$16.22
Service		16.37

(a) Includes loaned securities having a market value of $399,750.


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 Fiscal Year Ended December 31, 2019



Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $20,910)	$	8,232,140
Dividends — affiliated issuers		173,729
Securities lending income — unaffiliated issuer		46,220

Total investment income		8,452,089


Expenses:
Management fees		3,744,475
Distribution and Service fees — Service Shares		392,722
Printing and mailing costs		184,020
Shareholder meeting expense		147,653
Professional fees		97,299
Transfer Agency fees^(a)		97,251
Custody, accounting and administrative services		91,681
Trustee fees		16,530
Registration fees		542
Other		22,807

Total expenses		4,794,980

Less — expense reductions		(172,427	)

Net expenses		4,622,553

NET INVESTMENT INCOME		3,829,536


Realized and unrealized gain:
Net realized gain from investments — unaffiliated issuers		29,143,957
Net change in unrealized gain on investments — unaffiliated issuers		90,823,666

Net realized and unrealized gain		119,967,623

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	123,797,159

(a) Institutional and Service Shares incurred Transfer Agency fees of $65,836 and $31,415, 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 Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018

From operations:
Net investment income	$	3,829,536		$	3,835,266
Net realized gain		29,143,957			46,703,975
Net change in unrealized gain (loss)		90,823,666			(100,296,769	)

Net increase (decrease) in net assets resulting from operations		123,797,159			(49,757,528	)


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(14,329,359	)		(45,878,403	)
Service Shares		(7,060,194	)		(11,008,040	)

Total distributions to shareholders		(21,389,553	)		(56,886,443	)


From share transactions:
Proceeds from sales of shares		97,337,044			33,413,557
Proceeds paid in connection with in-kind transactions		—			(93,560,594	)
Reinvestment of distributions		21,389,553			56,886,443
Cost of shares redeemed		(87,900,619	)		(283,084,971	)

Net increase (decrease) in net assets resulting from share transactions		30,825,978			(286,345,565	)

TOTAL INCREASE (DECREASE)		133,233,584			(392,989,536	)


Net Assets:

Beginning of year		376,891,459			769,880,995

End of year	$	510,125,043		$	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 Year


	Goldman Sachs Mid Cap Value Fund
	Institutional Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	12.89		$	16.93		$	16.23		$	14.49		$	17.43

Net investment income^(a)		0.13			0.13			0.12			0.16			0.13

Net realized and unrealized gain (loss)		3.93			(1.86	)		1.68			1.80			(1.75	)

Total from investment operations		4.06			(1.73	)		1.80			1.96			(1.62	)

Distributions to shareholders from net investment income		(0.13	)		(0.23	)		(0.13	)		(0.21	)		(0.07	)

Distributions to shareholders from net realized gains		(0.60	)		(2.08	)		(0.97	)		(0.01	)		(1.25	)

Total distributions		(0.73	)		(2.31	)		(1.10	)		(0.22	)		(1.32	)

Net asset value, end of year	$	16.22		$	12.89		$	16.93		$	16.23		$	14.49

Total return^(b)		31.53	%		(10.46	)%		11.07	%		13.49	%		(9.24	)%

Net assets, end of year (in 000s)	$	335,229		$	300,056		$	388,709		$	437,085		$	535,459

Ratio of net expenses to average net assets		0.87	%		0.84	%		0.84	%		0.84	%		0.84	%

Ratio of total expenses to average net assets		0.90	%		0.86	%		0.87	%		0.87	%		0.87	%

Ratio of net investment income to average net assets		0.85	%		0.75	%		0.71	%		1.08	%		0.74	%

Portfolio turnover rate^(c)		89	%		109	%		134	%		149	%		94	%

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

(b)

(c)	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 Year


	Goldman Sachs Mid Cap Value Fund
	Service Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	13.01		$	16.95		$	16.25		$	14.51		$	17.45

Net investment income^(a)		0.10			0.07			0.08			0.12			0.08

Net realized and unrealized gain (loss)		3.95			(1.84	)		1.68			1.81			(1.75	)

Total from investment operations		4.05			(1.77	)		1.76			1.93			(1.67	)

Distributions to shareholders from net investment income		(0.09	)		(0.09	)		(0.09	)		(0.18	)		(0.02	)

Distributions to shareholders from net realized gains		(0.60	)		(2.08	)		(0.97	)		(0.01	)		(1.25	)

Total distributions		(0.69	)		(2.17	)		(1.06	)		(0.19	)		(1.27	)

Net asset value, end of year	$	16.37		$	13.01		$	16.95		$	16.25		$	14.51

Total return^(b)		31.17	%		(10.70	)%		10.85	%		13.24	%		(9.52	)%

Net assets, end of year (in 000s)	$	174,896		$	76,835		$	381,172		$	371,366		$	265,545

Ratio of net expenses to average net assets		1.12	%		1.09	%		1.09	%		1.09	%		1.09	%

Ratio of total expenses to average net assets		1.16	%		1.11	%		1.12	%		1.12	%		1.12	%

Ratio of net investment income to average net assets		0.66	%		0.42	%		0.47	%		0.78	%		0.48	%

Portfolio turnover rate^(c)		89	%		109	%		134	%		149	%		94	%

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

(b)

(c)	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

December 31, 2019

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.

2. SIGNIFICANT ACCOUNTING POLICIES

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2019

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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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:

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE 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 December 31, 2019:


Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	11,742,712	$	—	$	—
North America		478,702,036		—		—
Investment Company		12,703,956		—		—
Master Limited Partnership		4,046,756		—		—
Securities Lending Reinvestment Vehicle		408,161		—		—

Total	$	507,603,621	$	—	$	—

(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.

For the fiscal year ended December 31, 2019, contractual and effective net management fees with GSAM were at the following rates:


Contractual Management Rate														Effective Net 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2019

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 fiscal year ended December 31, 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

$	13,742	$	8,554	$	150,131	$	172,427

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2019, Goldman Sachs earned $888 in brokerage commissions from portfolio transactions.

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 fiscal year ended December 31, 2019:


Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2019		Shares as of December 31, 2019		Dividend Income from Affiliated Investment Company

	$1,868,218	$	196,572,980	$	(185,737,242	)	$	12,703,956		12,703,956	$	173,729

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2019, were $426,640,051 and $420,451,372 respectively.

6. SECURITIES LENDING

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2019

6. SECURITIES LENDING (continued)

The following table provides information about the Fund’s investment in the Government Money Market Fund for the fiscal year ended December 31, 2019:


Market Value December 31, 2018		Purchases at Cost		Proceeds from Sales			Market Value December 31, 2019

	$—	$	32,797,144	$	(32,388,983	)	$	408,161

7. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2018 and December 31, 2019 was as follows:


	2018		2019
Distributions paid from:
Ordinary income	$	18,508,506	$	10,465,638
Net long-term capital gains		38,377,937		10,923,915
Total taxable distributions	$	56,886,443	$	21,389,553

As of December 31, 2019, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	3,525,703
Undistributed long-term capital gains		3,733,049
Total undistributed earnings	$	7,258,752
Timing differences (Real Estate Investment Trusts)	$	160,161
Unrealized gains — net		86,214,787
Total accumulated gains — net	$	93,633,700

As of December 31, 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	$	421,388,834
Gross unrealized gain		91,120,236
Gross unrealized loss		(4,905,449	)
Net unrealized gain	$	86,214,787

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 and real estate investment trust investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

8. OTHER RISKS

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

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

10. OTHER MATTERS

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

December 31, 2019

11. SUBSEQUENT EVENTS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended December 31, 2019						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		556,218		$	8,465,749			447,011		$	7,502,741
Reinvestment of distributions		897,830			14,329,359			3,486,201			45,878,403
Shares redeemed		(4,061,392	)		(62,310,021	)		(3,628,101	)		(61,276,824	)
		(2,607,344	)		(39,514,913	)		305,111			(7,895,680	)
Service Shares
Shares sold		6,000,838			88,871,295			1,545,842			25,910,816
Reinvestment of distributions		438,249			7,060,194			828,918			11,008,040
Shares redeemed		(1,663,012	)		(25,590,598	)		(13,353,565	)		(221,808,147	)
Shares redeemed in connection with in-kind transactions		—			—			(5,605,787	)		(93,560,594	)
		4,776,075			70,340,891			(16,584,592	)		(278,449,885	)

NET INCREASE (DECREASE)		2,168,731		$	30,825,978			(16,279,481	)		$(286,345,565)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs Mid Cap Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Mid Cap Value Fund (one of the funds constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2020

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Voting Results of Special Meeting of Shareholders (Unaudited)



Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		745,493,677.130		0		17,848,840.639		0

Kathryn A. Cassidy		746,559,784.810		0		16,782,732.959		0

Joaquin Delgado		744,593,456.532		0		18,749,061.237		0

Gregory G. Weaver		746,707,039.321		0		16,635,478.448		0

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND


Fund Expenses — Six Month Period Ended December 31, 2019 (Unaudited)

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 07/01/19		Ending Account Value 12/31/19			Expenses Paid for the 6 Months Ended 12/31/19*
Institutional

Actual	$	1,000	$	1,089.60		$	4.58
Hypothetical 5% return		1,000		1,020.82	+		4.43
Service

Actual		1,000	$	1,087.70			5.89
Hypothetical 5% return		1,000		1,019.56	+		5.70

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 December 31, 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Trustees and Officers (Unaudited)

Independent Trustees

Name,
Address and Age¹

Position(s) Held
with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

Jessica Palmer

Age: 70

Chair of the Board of Trustees

Since 2018 (Trustee since 2007)

Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Kathryn A. Cassidy

Age: 65

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Diana M. Daniels

Age: 70

Trustee

Since 2007

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Roy W. Templin

Age: 59

Trustee

Since 2013

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver

Age: 68

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Verizon Communications Inc.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name,
Address and Age¹

Position(s) Held

with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

James A. McNamara

Age: 57

President and Trustee

Since 2007

165

None

Advisory Board Members

Name, Address, Age¹

Position(s) Held
with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Advisory
Board
Member³

Other

Directorships

Held by Advisory

Board Member⁴

Dwight L. Bush

Age: 62

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Joaquin Delgado

Age: 59

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Stepan Company (a specialty chemical manufacturer)

¹	Each Trustee and Advisory Board Member may be contacted by writing to the Trustee or Advisory Board Member, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2019.

⁴	This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹	Information is provided as of December 31, 2019.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2019, 59.31% of the dividends paid from net investment company taxable income by the Mid Cap Value Fund qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Mid Cap Value Fund designates $10,923,915 or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2019.


TRUSTEES		OFFICERS
Jessica Palmer, Chair Dwight L. Bush* Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado* 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
*Effective as of January 23, 2020

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.

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 December 31 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 risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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.

VITMCVAR-20/192293-OTU-1135504

Goldman

Sachs Variable Insurance Trust

Goldman Sachs Government

Money Market Fund

Annual Report

December 31, 2019

LOGO

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 12-month period ended December 31, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

The Fund’s Institutional Shares’ standardized 7-day current yield was 1.45% and their standardized 7-day effective yield was 1.46% as of December 31, 2019. The Institutional Shares’ one-month simple average yield was 1.55% as of December 31, 2019. The Institutional Shares’ 7-day distribution yield as of December 31, 2019 was 1.54%.

The Fund’s Service Shares’ standardized 7-day current yield was 1.20% and their standardized 7-day effective yield was 1.21% as of December 31, 2019. The Service Shares’ one-month simple average yield was 1.30% as of December 31, 2019. The Service Shares’ 7-day distribution yield as of December 31, 2019 was 1.29%.

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 moved lower. While the U.S. Federal Reserve (“Fed”) held interest rates steady during the first two quarters of 2019, it reduced interest rates three times during the last two quarters of the calendar year.

In a rather significant shift from their stance in 2018, both the Fed and the European Central Bank (“ECB”) kept their respective monetary policies unchanged during the first half of the Reporting Period but adopted an increasingly dovish bias as the months progressed both in an effort to maintain financial stability following the heightened market volatility of the fourth quarter of 2018 and as geopolitical risks and the downward drift in inflation expectations unnerved central bankers. (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 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 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.

During the third quarter of 2019, the Fed reduced interest rates in both July and September, citing the need for a “mid-cycle adjustment.” During the quarter, the U.S. Treasury yield curve inverted between two- and 10-year maturities for the first time during this cycle, sending jitters through the markets. The inversion of the U.S. Treasury yield curve, wherein shorter maturity rates were higher than longer maturity rates, combined with other factors, such as the U.S.-China trade war and Brexit, heightened uncertainty around the globe.

During the fourth quarter of 2019, the Fed reduced interest rates once again at the end of October. However, citing the resiliency of the economy, the Fed left the target range for its federal funds rate unchanged in December and signaled that interest rates were likely to stay on hold for “a time” as long as the economy stays on track. Such a consensus by Fed policymakers reflected a view

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

they had done enough to shield the economy from an imminent downturn. On the political and policy front, the agreement in principle of a “Phase One” U.S.-China trade deal and the victory of the Conservative Party in the U.K. reduced investor uncertainty and soothed financial markets.

Global interest rates also rallied during the Reporting Period overall in response to central banks putting balance sheet normalization on hold. (Balance sheet normalization refers to the steps the Fed is taking to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.) For example, the Fed said it expected to slow its balance sheet runoff plan beginning in May 2019 and stop it completely by September 2019. Instead, the Fed actually expanded its balance sheet by approximately $400 billion, sparked by the repurchase agreement crisis in September 2019. The Fed indicated this was not another round of quantitative easing but rather an attempt to keep money markets in check after an episode in which interest rates for repurchase agreements — essentially short-term loans between banks and other financial institutions — spiked in September. The run-up spilled over into money markets, pushing the Fed’s policy rate temporarily above the range that policymakers were targeting. Other significant events that influenced the money markets during the Reporting Period included corporate tax reform and the regulatory backdrop. 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. Further, 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, changed shape often. During the first quarter of 2019, the taxable money market yield curve was upward sloping, meaning yields on longer-term maturities were higher than those on shorter-term maturities. Toward the end of the second quarter, the money market yield curve actually inverted — meaning yields on shorter-term maturities were higher than those on longer-term maturities, as the market priced in an increasingly dovish Fed. The Fed then, as discussed earlier, reduced interest rates three times during the second half of the Reporting Period in an effort to soothe financial markets. By the end of the Reporting Period, the taxable money market yield curve had become relatively flat, with little difference in yields across the spectrum of maturities.

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

The Fund’s yields fell during the Reporting Period due primarily to the economic and market factors discussed above. As the money market yield curve inverted and then flattened, there remained little difference in yields between maturities. The Fund remained highly liquid throughout.

That said, while there was less clarity surrounding the direction of the Fed’s monetary policy during the first half of the Reporting Period, market expectations for interest rate cuts heightened during the second half of 2019. The two interest rate cuts during the third quarter of the calendar year led us to position the Fund accordingly. Duration management and duration positioning play a key role in our management philosophy. 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, and indeed, our duration management of the Fund, especially before the Fed’s interest rate cuts, was a significant positive contributor to its performance. Still, it should be noted that regardless of interest rate conditions, we 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.

During the third quarter of 2019, we targeted a weighted average maturity for the Fund in a 20 to 45 day range. During the fourth quarter of 2019, we maintained a weighted average maturity for the Fund in a 37 to 50 day range, moving down to a weighted average maturity of 37 days by the end of December 2019.

Throughout the Reporting Period, we focused on U.S. government repurchase agreements, U.S. Treasuries, U.S. government agency securities, and, to a lesser extent, U.S. Treasury repurchase agreement and variable rate demand notes when and where we saw what we considered to be attractive opportunities.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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 104 days as of December 31, 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 Rule 2a-7 under the Investment Company Act of 1940 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 repurchase agreements, U.S. Treasury securities, U.S. government agency securities, and, to a lesser extent, U.S. Treasury repurchase agreements and variable rate demand notes 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. The average weighted average maturity and weighted average life of the Fund during the Reporting Period were 30 and 100 days, respectively. Throughout the Reporting Period, we managed the Fund’s allocations to different sub-sectors of the money market depending on their relative value. We also adapted a flexible approach to our duration management and positioning so that we could take advantage of opportunities wherever they may arise.

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, weighted average life and 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 global economic growth to continue given somewhat tamed uncertainty surrounding major international trade disputes and the resolution of Brexit. The Fed has stated it intends to be guided by incoming data and further trade developments, the two being linked. More broadly, we believe we were heading in 2020 into a period of central bank inaction, in large part due to the degree of global monetary easing that was delivered in 2019 and limited room for central banks to maneuver in many advanced economies. That said, we expect central banks’ monetary policies to continue to be accommodative, with the bar for interest rate hikes being raised due to subdued inflation outcomes.

Looking ahead, our strategy continues to be flexibly guided by shifting market conditions, positioning the Fund and its duration to seek to take advantage of anticipated interest rate movements or lack thereof. 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.

FUND BASICS

FUND COMPOSITION†

Security Type

(Percentage of Net Assets)

LOGO

†

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.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments

December 31, 2019


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Government Agency Obligations – 15.6%
	Federal Farm Credit Discount Notes
$	300,000		1.627	%		01/23/20	$	299,703
	300,000		1.576			01/30/20		299,621
	200,000		1.642			05/18/20		198,773
	Federal Home Loan Bank Discount Notes
	400,000		1.717			01/03/20		399,962
	3,500,000		1.568			01/27/20		3,496,057
	3,400,000		1.669			01/30/20		3,395,453
	3,400,000		1.678			01/30/20		3,395,426
	300,000		1.750			01/30/20		299,580
	1,200,000		1.571			01/31/20		1,198,435
	3,000,000		1.617			02/04/20		2,995,495
	1,800,000		1.617			02/05/20		1,797,218
	5,600,000		1.570			02/06/20		5,591,236
	2,100,000		1.576			02/07/20		2,096,611
	1,300,000		1.607			02/10/20		1,297,718
	2,100,000		1.622			02/10/20		2,096,278
	100,000		1.580			02/11/20		99,821
	2,000,000		1.600			02/11/20		1,996,367
	1,000,000		1.585			02/13/20		998,113
	2,200,000		1.597			02/19/20		2,195,302
	2,000,000		1.580			02/20/20		1,995,625
	3,900,000		1.596			02/20/20		3,891,388
	2,000,000		1.601			02/20/20		1,995,569
	1,400,000		1.585			02/24/20		1,396,724
	700,000		1.586			02/25/20		698,332
	2,600,000		1.580			02/27/20		2,593,516
	5,400,000		1.591			02/27/20		5,386,448
	2,900,000		1.597			02/28/20		2,892,571
	4,600,000		1.597			03/03/20		4,587,602
	300,000		1.582			03/06/20		299,160
	4,700,000		1.607			03/09/20		4,686,018
	1,400,000		1.591			03/12/20		1,395,693
	1,200,000		1.589			03/18/20		1,196,009
	7,800,000		1.599			03/18/20		7,773,891
	1,300,000		1.614			03/23/20		1,295,321
	4,500,000		1.583			03/24/20		4,483,919
	6,000,000		1.620			03/25/20		5,977,782
	2,100,000		1.583			04/03/20		2,091,456
	3,400,000		1.614			04/08/20		3,385,376
	5,300,000		1.605			04/15/20		5,275,730
	5,400,000		1.590			04/17/20		5,375,042
	Federal Home Loan Mortgage Corp.
	500,000		1.803			01/09/20		499,803
	3,000,000		1.690			03/18/20		2,989,413
	4,500,000		1.604			04/17/20		4,479,001
	Overseas Private Investment Corp.
	500,000		–			11/17/20		501,147

	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	111,289,705


U.S. Treasury Obligations – 26.6%
	United States Treasury Bills
	100,000		1.567	%		02/13/20		99,816
	500,000		1.562			02/20/20		498,934
	200,000		1.555			02/25/20		199,533
	900,000		1.588			02/27/20		897,777
	500,000		1.593			02/27/20		498,761
	100,000		1.598			02/27/20		99,751
	1,600,000		1.554			03/05/20		1,595,669
	500,000		1.556			03/05/20		498,644
	900,000		1.587			03/05/20		897,512
	18,200,000		1.592			03/05/20		18,149,525
	500,000		1.862			03/05/20		498,387
	2,100,000		1.867			03/05/20		2,093,205
	1,400,000		1.868			03/05/20		1,395,470
	700,000		1.870			03/05/20		697,732
	900,000		1.907			03/05/20		897,024
	9,600,000		1.551			03/12/20		9,571,221
	600,000		1.567			03/12/20		598,184
	190,000		1.582			03/26/20		189,305
	1,300,000		1.587			03/26/20		1,295,218
	200,000		1.546			04/02/20		199,234
	25,200,000		1.551			04/02/20		25,103,176
	900,000		1.655			04/02/20		896,286
	700,000		1.738			04/02/20		696,968
	300,000		1.795			04/02/20		298,658
	3,250,000		1.836			04/02/20		3,235,133
	800,000		1.655			04/09/20		796,447
	2,100,000		1.666			04/09/20		2,090,616
	100,000		1.670			04/09/20		99,552
	1,500,000		1.671			04/09/20		1,493,276
	700,000		1.676			04/09/20		696,853
	100,000		1.570			04/16/20		99,548
	200,000		1.545			04/23/20		199,036
	1,000,000		1.557			05/07/20		994,638
	14,600,000		1.562			05/07/20		14,521,454
	250,000		1.563			05/07/20		248,654
	900,000		1.572			05/07/20		895,126
	1,200,000		1.568			06/04/20		1,192,095
	500,000		1.573			06/04/20		496,696
	700,000		1.599			06/04/20		695,298
	11,700,000		1.604			06/04/20		11,621,163
	500,000		1.578			06/18/20		496,385
	500,000		1.583			06/25/20		496,223
	400,000		1.593			06/25/20		396,959
	900,000		1.604			06/25/20		893,114
	2,200,000		1.609			06/25/20		2,183,114
	5,000,000		1.601	^(a)		12/31/20		4,921,639
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	3,000,000		1.569	^(b)		07/31/20		2,999,872
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.12%)
	8,500,000		1.641	^(b)		01/31/21		8,494,041
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.14%)
	8,075,000		1.665	^(b)		04/30/21		8,067,411


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)

December 31, 2019


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 + 0.22%)
$	20,500,000		1.746	% ^(b)		07/31/21	$	20,494,251
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.30%)
	2,700,000		1.826	^(b)		10/31/21		2,702,693
	United States Treasury Notes
	2,000,000		1.375			02/29/20		1,999,269
	200,000		1.125			03/31/20		199,769
	1,125,000		1.375			03/31/20		1,122,749
	2,700,000		2.250			03/31/20		2,701,484
	1,925,000		1.125			04/30/20		1,920,229
	3,400,000		1.375			04/30/20		3,396,121
	6,100,000		2.375			04/30/20		6,110,149
	5,450,000		3.500			05/15/20		5,478,953
	1,600,000		1.375			05/31/20		1,597,136
	2,000,000		1.500			05/31/20		1,997,382
	1,100,000		2.500			05/31/20		1,102,824
	1,700,000		1.500			06/15/20		1,697,780
	1,000,000		1.625			07/31/20		1,000,000

	TOTAL U.S. TREASURY OBLIGATIONS						$	189,711,122



Variable Rate Obligations^(b) – 15.7%
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.01%)
$	1,800,000		1.815	%		06/29/20	$	1,800,000
	600,000		1.864			11/05/21		600,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.1%)
	1,000,000		1.885			01/06/20		1,000,000
	1,100,000		1.810			09/09/21		1,100,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.9%)
	500,000		1.831			01/07/20		500,000
	1,100,000		1.790			12/13/21		1,099,894
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.07%)
	700,000		1.839			07/02/21		700,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.07%)
	650,000		1.596			02/18/20		650,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.13%)
	100,000		1.656			11/12/20		100,008
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.15%)
	200,000		1.671			04/23/21		200,000
	Federal Farm Credit Bank (FEDL01 + 0.1%)
	540,000		1.650			12/16/20		539,948
	Federal Farm Credit Bank (FEDL01 + 0.11%)
	800,000		1.660			08/13/20		799,951
	Federal Farm Credit Bank (FEDL01 + 0.12%)
	1,900,000		1.670			04/23/21		1,900,000
	Federal Farm Credit Bank (FEDL01 + 0.15%)
	1,600,000		1.695			01/21/21		1,599,966
	Federal Farm Credit Bank (FEDL01 + 0.2%)
	2,100,000		1.750			11/29/21		2,099,964
	Federal Farm Credit Bank (FEDL01 + 0.21%)
	1,300,000		1.760			01/07/20		1,299,799


Variable Rate Obligations^(b) – (continued)
	Federal Farm Credit Bank (Prime Rate – 2.88%)
	1,000,000		1.870			05/07/20		999,972
	Federal Farm Credit Bank (Prime Rate – 2.90%)
	600,000		1.850			01/30/20		600,000
	Federal Farm Credit Bank (Prime Rate – 2.93%)
	1,200,000		1.820			11/06/20		1,200,000
	Federal Farm Credit Bank (Prime Rate – 2.94%)
	1,500,000		1.815			10/30/20		1,500,000
	800,000		1.810			02/26/21		800,000
	800,000		1.810			11/08/21		800,000
	Federal Farm Credit Bank (Prime Rate – 2.95%)
	100,000		1.800			04/30/20		100,000
	2,700,000		1.800			03/15/21		2,700,000
	Federal Farm Credit Bank (Prime Rate – 2.96%)
	200,000		1.790			03/13/20		199,970
	2,200,000		1.790	^(a)		03/29/21		2,200,000
	Federal Farm Credit Bank (Prime Rate – 2.97%)
	1,700,000		1.785			04/08/21		1,700,000
	Federal Farm Credit Bank (Prime Rate – 2.98%)
	300,000		1.770			11/12/20		299,872
	1,300,000		1.775			02/26/21		1,300,000
	Federal Farm Credit Bank (Prime Rate – 3.01%)
	1,800,000		1.740			02/25/21		1,799,896
	Federal Farm Credit Bank (SOFR + 0.12%)
	800,000		1.660			03/18/21		800,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.03%)
	10,000,000		1.685			01/10/20		10,000,000
	4,100,000		1.755			01/21/20		4,100,000
	Federal Home Loan Bank (1 Mo. LIBOR – 0.07%)
	2,800,000		1.650			06/08/20		2,800,000
	2,800,000		1.653			06/15/20		2,800,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.02%)
	700,000		1.795			03/24/21		700,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.04%)
	700,000		1.820			06/24/21		700,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.05%)
	3,000,000		1.837			03/27/20		3,000,000
	5,000,000		1.779			04/06/20		5,000,000
	2,000,000		1.831			05/01/20		2,000,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.07%)
	17,800,000		1.775			10/07/20		17,800,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.07%)
	6,500,000		2.029			04/01/21		6,500,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.08%)
	3,300,000		1.828			03/19/21		3,300,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.16%)
	3,800,000		1.742			08/04/20		3,800,000
	Federal Home Loan Bank (3 Mo. U.S. T-Bill + 0.07%)
	10,700,000		1.657			01/30/20		10,700,128
	Federal National Mortgage Association (SOFR + 0.16%)
	750,000		1.700			01/30/20		750,000
	Overseas Private Investment Corp. (3 Mo. U.S. T-Bill + 0.00%)
	1,000,000		1.980			01/07/20		1,000,000
	1,713,750		1.980			01/07/20		1,713,750


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND


Principal Amount		Interest Rate			Maturity Date			Amortized Cost

Variable Rate Obligations^(b) – (continued)
	Overseas Private Investment Corp. (3 Mo. U.S. T-Bill + 0.00%) – (continued)
$	2,444,664		1.980	%		01/07/20		$	2,444,664

	TOTAL VARIABLE RATE OBLIGATIONS							$	112,097,782

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS							$	413,098,609



Repurchase Agreements^(c) – 46.3%
	BNP Paribus
$	25,000,000		1.830	% ^(d)		01/02/20		$	25,000,000
	Maturity Value: $25,116,917
	Settlement Date: 10/02/19
	Collateralized by Federal National Mortgage Association, 3.500% to 6.250%, due 05/15/29 to 03/01/49, Government National Mortgage Association, 3.000% to 4.500%, due 11/20/40 to 11/20/49, a U.S. Treasury Bond, 3.000%, due 02/15/48, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/23, U.S. Treasury Notes, 1.125% to 1.625%, due 07/31/21 to 08/31/22 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/43. The aggregate market value of the collateral, including accrued interest, was $25,688,090.
	2,000,000		1.730	^(d)		01/06/20			2,000,000
	Maturity Value: $2,008,650
	Settlement Date: 10/08/19
	Collateralized by Federal Farm Credit Bank, 1.875%, due 06/02/22, Federal Home Loan Mortgage Corp., 6.500%, due 09/01/39, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 03/15/28, Federal National Mortgage Association, 4.500% to 7.500%, due 02/01/23 to 08/01/48, Federal National Mortgage Association Stripped Security, 0.000%, due 11/15/30, Government National Mortgage Association, 4.500% to 5.000%, due 04/15/38 to 09/20/40, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 01/15/28, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/37 and U.S. Treasury Notes, 1.125% to 1.375%, due 08/31/20 to 07/31/21. The aggregate market value of the collateral, including accrued interest, was $2,040,202.
	2,500,000		1.630	^(d)		01/07/20	^(b)		2,500,000
	Maturity Value: $2,507,131
	Settlement Date: 12/02/19
	Collateralized by Federal National Mortgage Association, 3.500% to 4.000%, due 02/01/41 to 03/01/49, a U.S. Treasury Bond, 3.000%, due 02/15/47, a U.S. Treasury Inflation-Indexed Note, 1.125%, due 01/15/21, a U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/37, U.S. Treasury Notes, 1.125% to 2.750%, due 07/31/21 to 02/15/26 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/46. The aggregate market value of the collateral, including accrued interest, was $2,550,017.
Principal Amount		Interest Rate			Maturity Date			Amortized Cost

Repurchase Agreements^(c) – (continued)
	BNP Paribus – (continued)
	10,000,000		1.650	^(d)		01/07/20	^(b)		10,000,000
	Maturity Value: $10,028,417
	Settlement Date: 12/18/19
	Collateralized by Federal Farm Credit Bank, 3.040%, due 06/01/34, Federal Home Loan Mortgage Corp., 3.000% to 3.500%, due 03/01/45 to 09/01/49, Federal National Mortgage Association, 3.500% to 4.500%, due 04/01/42 to 03/01/49, Government National Mortgage Association, 3.500%, due 11/20/48, a U.S. Treasury Bond, 7.875%, due 02/15/21, U.S. Treasury Inflation-Indexed Bonds, 1.000% to 2.375%, due 01/15/25 to 02/15/49, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/21 to 08/15/41 and U.S. Treasury Notes, 1.125% to 3.125%, due 08/15/20 to 08/31/23. The aggregate market value of the collateral, including accrued interest, was $10,209,611.

	Joint Repurchase Agreement Account III
	291,400,000		1.574			01/02/20			291,400,000
	Maturity Value: $291,425,475

	TOTAL REPURCHASE AGREEMENTS							$	330,900,000

	TOTAL INVESTMENTS – 104.2%							$	743,998,609

	LIABILITIES IN EXCESS OF OTHER ASSETS – (4.2)%								(30,103,876	)

	NET ASSETS – 100.0%							$	713,894,733


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

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

(b)		Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2019.

(c)		Unless noted, all repurchase agreements were entered into on December 31, 2019. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.

(d)		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.


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)

December 31, 2019



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

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At December 31, 2019, the Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of January 2, 2020, as follows:


Principal Amount		Maturity Value			Collateral Value
	$291,400,000		$	291,425,475		$	300,136,406

REPURCHASE AGREEMENTS — At December 31, 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.		1.570	%	$	31,789,091
Bank of America, N.A.		1.570			26,490,909
Bank of Nova Scotia (The)		1.570			127,156,364
Wells Fargo Securities, LLC.		1.580			105,963,636

TOTAL				$	291,400,000

At December 31, 2019, the Joint Repurchase Agreement Account III was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.500 to 5.000	%		10/01/26 to 01/01/50
Federal National Mortgage Association		2.500 to 6.500			02/01/21 to 05/01/58
Government National Mortgage Association		3.000 to 4.000			09/20/41 to 12/20/42
U.S. Treasury Bond		3.000			11/15/45


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

December 31, 2019



Assets:
Investments based on amortized cost	$	413,098,609
Repurchase agreements based on amortized cost		330,900,000
Cash		38,590
Receivables:
Investments sold		1,419,242
Fund shares sold		1,395,911
Interest		571,006
Reimbursement from investment advisor		15,821
Other assets		8,867

Total assets		747,448,046


Liabilities:
Payables:
Investments purchased		30,924,049
Fund shares redeemed		2,372,643
Management fees		95,091
Distribution and Service fees and Transfer Agency fees		11,885
Accrued expenses		149,645

Total liabilities		33,553,313


Net Assets:
Paid-in capital		713,827,850
Total distributable earnings		66,883

NET ASSETS	$	713,894,733

Net asset value, offering and redemption price per share	$	1.00
Net Assets:
Institutional Shares	$	363,782,933
Service Shares		350,111,800

Total Net Assets	$	713,894,733
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		363,748,713
Service Shares		350,079,118


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 Fiscal Year Ended December 31, 2019



Investment Income:

Interest	$	15,804,578


Expenses:
Management fees		1,126,412
Distribution and Service fees — Service Shares		888,181
Transfer Agency fees^(a)		140,802
Professional fees		81,885
Custody, accounting and administrative services		55,550
Printing and mailing fees		55,319
Shareholder Meeting Expense		18,272
Trustee fees		16,741
Other		7,763

Total expenses		2,390,925

Less — expense reductions		(191,169	)

Net expenses		2,199,756

NET INVESTMENT INCOME		13,604,822

NET REALIZED GAIN FROM INVESTMENT TRANSACTIONS		327,167

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,931,989

(a) Institutional and Service Shares incurred Transfer Agency fees of $69,747 and $71,055, 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 Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018

From operations:
Net investment income	$	13,604,822		$	10,023,268
Net realized gain (loss) from investment transactions		327,167			(46,644	)

Net increase in net assets resulting from operations		13,931,989			9,976,624


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(7,303,914	)		(4,862,159	)
Service Shares		(6,545,777	)		(5,123,116	)

Total distributions to shareholders		(13,849,691	)		(9,985,275	)


From share transactions (at $1.00 per share):
Proceeds from sales of shares		736,413,904			791,066,132
Reinvestment of distributions		13,849,691			9,982,588
Cost of shares redeemed		(816,550,622	)		(677,694,987	)

Net increase (decrease) in net assets resulting from share transactions		(66,287,027	)		123,353,733

TOTAL INCREASE (DECREASE)		(66,204,729	)		123,345,082


Net assets:

Beginning of year		780,099,462			656,754,380

End of year	$	713,894,733		$	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 Year


	Goldman Sachs Government Money Market Fund
	Institutional Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.021			0.017			0.008			0.003			—	^(b)

Distributions to shareholders from net investment income^(c)		(0.021	)		(0.017	)		(0.008	)		(0.003	)		—	^(b)

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

Total return^(d)		2.11	%		1.74	%		0.76	%		0.29	%		0.02	%

Net assets, end of year (in 000’s)	$	363,783		$	411,447		$	302,507		$	206,987		$	1,143

Ratio of net expenses to average net assets		0.18	%		0.18	%		0.18	%		0.19	%		0.23	%

Ratio of total expenses to average net assets		0.21	%		0.23	%		0.27	%		0.30	%		0.31	%

Ratio of net investment income to average net assets		2.06	%		1.73	%		0.76	%		0.31	%		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.


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 Year


	Goldman Sachs Government Money Market Fund
	Service Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data:

Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Net investment income^(a)		0.018			0.015			0.005			—	^(b)		—	^(b)

Distributions to shareholders from net investment income^(c)		(0.018	)		(0.015	)		(0.005	)		—	^(b)		—	^(b)

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

Total return^(d)		1.86	%		1.48	%		0.51	%		0.04	%		0.01	%

Net assets, end of year (in 000’s)	$	350,112		$	368,652		$	354,248		$	375,580		$	328,202

Ratio of net expenses to average net assets		0.43	%		0.43	%		0.43	%		0.44	%		0.26	%

Ratio of total expenses to average net assets		0.46	%		0.48	%		0.52	%		0.55	%		0.56	%

Ratio of net investment income to average net assets		1.81	%		1.48	%		0.51	%		0.03	%		0.01	%

(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.


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

December 31, 2019

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.

2. SIGNIFICANT ACCOUNTING POLICIES

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 Fund on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 were as follows:


	2019		2018
Distributions paid from:
Ordinary income	$	13,849,636	$	9,985,275
Net long-term capital gains		55		—

Total taxable distributions	$	13,849,691	$	9,985,275

As of December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


Undistributed (Distributions in excess of) ordinary income — net	$	66,926
Unrealized gains (losses) — net		(43	)
Total accumulated earnings (losses) — net	$	66,883

During the fiscal year ended December 31, 2019, the Fund utilized $43,959 in capital loss carryforwards from prior years.

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.

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

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 a 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 a 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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

December 31, 2019

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

The 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 December 31, 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.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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 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 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 that such expenses exceed, on an annual basis, 0.004% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This Other Expense limitation will remain in place through at least April 30, 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 year ended December 31, 2019, these expense reductions, including any fee waiver and Other Expense reimbursements, were as follows:


Custody Fee Credits		Other Expense Reimbursements		Total Expense Reductions

$	2,061	$	189,108	$	191,169

E. Contractual and Net Fund Expenses — The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The following table outlines such fees (net of waivers) and Other Expenses (net of reimbursements and custodian and transfer agency fee credit reductions) in order to determine the Fund’s net annualized expenses for the fiscal year. The Fund is not obligated to reimburse 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 fiscal year ended December 31, 2019			Contractual rate, if any			Ratio of net expenses to average net assets for the fiscal year ended December 31, 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 includes non-recurring shareholder meeting expense.

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 fiscal year ended December 31, 2019, the sales at cost with an affiliated fund in compliance with Rule 17a-7 under the Act were $37,366,382.

G. Line of Credit Facility — As of December 31, 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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

December 31, 2019

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

fiscal year ended December 31, 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:

Floating and Variable Rate Obligations Risk — For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances.

Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as LIBOR. In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

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

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.

6. INDEMNIFICATIONS

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

7. OTHER MATTERS

On November 5, 2019, a definitive proxy statement (“proxy”) was filed with the SEC to elect certain Trustees to the Trust. The Funds will bear their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.

8. SUBSEQUENT EVENTS

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

9. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018
Institutional Shares*
Shares sold		559,032,693			576,263,982
Reinvestment of distributions		7,303,819			4,859,363
Shares redeemed		(614,043,249	)		(472,178,302	)
		(47,706,737	)		108,945,043
Service Shares*
Shares sold		177,381,211			214,802,150
Reinvestment of distributions		6,545,872			5,123,225
Shares redeemed		(202,507,373	)		(205,516,685	)
		(18,580,290	)		14,408,690

NET INCREASE (DECREASE) IN SHARES		(66,287,027	)		123,353,733

*	Valued at $1.00 per share.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs Government Money Market Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Government Money Market Fund (one of the funds constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2020

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Voting Results of Special Meeting of Shareholders (Unaudited)

At the Meeting, Dwight L. Bush, Kathryn A. Cassidy, Joaquin Delgado and Gregory G. Weaver were elected to the Trust’s Board of Trustees. In electing the trustees, the Trust’s shareholders voted as follows:



Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		745,493,677.130		0		17,848,840.639		0

Kathryn A. Cassidy		746,559,784.810		0		16,782,732.959		0

Joaquin Delgado		744,593,456.532		0		18,749,061.237		0

Gregory G. Weaver		746,707,039.321		0		16,635,478.448		0

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND


Fund Expenses — Six Month Period Ended December 31, 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.

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 7/1/19		Ending Account Value 12/31/19			Expenses Paid for the 6 Months Ended 12/31/19*
Institutional Shares

Actual	$	1,000.00	$	1,009.49		$	0.96
Hypothetical 5% return	$	1,000.00	$	1,024.25	+	$	0.97
Service Shares

Actual	$	1,000.00	$	1,008.22		$	2.23
Hypothetical 5% return	$	1,000.00	$	1,022.99	+	$	2.24

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.

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 December 31, 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 0.19% and 0.44% for Institutional Shares and Service Shares, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age¹

Position(s) Held
with the Trust

Term of
Office and
Length of
Time Served²

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other
Directorships
Held by Trustee⁴

Jessica Palmer

Age: 70

Chair of the

Board of Trustees

Since 2018 (Trustee since 2007)

Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/ Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009).

Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Kathryn A. Cassidy

Age: 65

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Diana M. Daniels

Age: 70

Trustee

Since 2007

Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006).

Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003- 2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007).

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Roy W. Templin

Age: 59

Trustee

Since 2013

Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013).

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver

Age: 68

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Verizon Communications Inc.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age¹

Position(s) Held
with the Trust

Term of
Office and
Length of
Time Served²

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other
Directorships
Held by Trustee⁴

James A. McNamara

Age: 57

President and Trustee

Since 2007

Advisory Director, Goldman Sachs (January 2018 — Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).

165

None

Advisory Board Members

Name, Address, Age¹

Position(s) Held
with the Trust

Term of
Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Advisory
Board
Member³

Other
Directorships
Held by Advisory
Board Member⁴

Dwight L. Bush

Age: 62

Advisory Board Member

Since 2019

Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002–2014 and 2017–present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014–2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018–2019).

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Joaquin Delgado

Age: 59

Advisory Board Member

Since 2019

Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019–present); and Director, Stepan Company (a specialty chemical manufacturer) (2011–present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016–July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012–July 2016).

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Stepan Company (a specialty chemical manufacturer)

¹	Each Trustee and Advisory Board Member may be contacted by writing to the Trustee or Advisory Board Member, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2019.

Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

⁴	This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee—Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer—Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹	Information is provided as of December 31, 2019.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

Pursuant to Section 852 of the Internal Revenue Code, the Government Money Market Fund designates $55 or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2019.

TRUSTEES

Jessica Palmer, Chair

Dwight L. Bush*

Kathryn A. Cassidy

Diana M. Daniels

Joaquin Delgado*

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

*Effective as of January 23, 2020

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.

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 December 31 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 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.

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

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.

VITMMAR-20/192296-OTU-1133684

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.

LOGO

Annual Report

December 31, 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 (“GPS”) Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Multi-Strategy Alternatives Portfolio’s (the “Portfolio”) performance and positioning for the 12-month period ended December 31, 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 average annual total returns of 9.11%, 8.82% and 8.60%, respectively. These returns compare to the 2.59% average annual 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 geopolitical events.

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.

During the third quarter of 2019, weak growth in cyclical sectors, such as manufacturing, and increased global trade uncertainty weighed on investors’ expectations for global economic growth, sparking concerns about a possible recession. U.S.-China trade

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

negotiations remained volatile throughout the third calendar quarter, with both sides sending mixed signals. Major central banks became more accommodative in their monetary policies, encouraged by muted inflation across developed economies. Both the Fed and the ECB, for example, cut interest rates. Global equities, as measured by the MSCI ACWI Investable Market Index, appreciated 1.03% during the third calendar quarter, with Japanese and European stocks outperforming U.S. stocks. Emerging markets equities produced negative returns, broadly underperforming developed markets stocks. Continued weakness in Chinese macroeconomic data, along with persistent uncertainty regarding U.S.-China trade talks, pressured emerging markets equities. In fixed income, the 10-year U.S. Treasury yield and the 10-year German government bond yield declined by 30 basis points and 25 basis points, respectively, during the third calendar quarter.

In the fourth quarter of 2019, global economic growth showed signs of stabilization, thanks in part to continuous central bank policy support that sought to manage economic and financial sector pressures. In October, the Fed cut interest rates again, signaling that easing had probably ended unless macroeconomic data deteriorated further. Meanwhile, there were positive developments in the U.S.-China trade dispute. Though a full-fledged trade deal remained uncertain, the U.S. and China settled on the framework of a “Phase One” deal during October, with the two sides reaching an agreement in principle on the details in mid-December. The timing of the agreement avoided a proposed tariff hike, scheduled for December 15^th, and included a 50% rollback of a September 2019 tariff increase. The U.S. President announced that the “Phase One” deal was scheduled to be signed on January 15, 2020. China also promised to address U.S. concerns about intellectual property practices. Collectively, the stabilization of global economic growth, mitigation of U.S.-China trade war risk and accommodative central bank monetary policy supported risk assets during the fourth calendar quarter. Global equities, as measured by the MSCI ACWI Investable Market Index, were up 8.37%. Developed markets equities, as measured by the MSCI World Index, rose 7.80%, while emerging markets equities, as measured by the MSCI Emerging Markets Index, climbed 11.93%. In fixed income, the 10-year U.S. Treasury yield and the 10-year German government bond yield rose by 23 basis points and 40 basis points, respectively, benefiting from improved global economic growth data and the announcement of the U.S.-China “Phase One” deal.

Looking at the Reporting Period as a whole, the vast majority of risk assets finished the year in positive territory. The S&P 500^® Index, up 31.49%, recorded its best annual return since 2013, while the Bloomberg Barclays U.S. Aggregate Bond Index ended the year up 8.72%. Global equities, as measured by the MSCI ACWI Investable Market Index, rose 27.73%, driven largely by the strong performance of U.S. large-cap stocks. Developed market equities generally outperformed their emerging markets counterparts. Although emerging markets equities advanced, they were pressured by slowing economic growth in China, weakness in emerging markets exports and intermittent escalations of U.S.-China trade tensions. In fixed income, 10-year U.S. Treasury yields and 10-year German government bond yields declined during the Reporting Period overall, as the Fed and ECB each eased monetary policy in response to soft economic growth and subdued inflation. These same factors, coupled with receding recession fears, caused credit spreads to tighten during the Reporting Period, resulting in strong performance for both investment grade and high yield corporate bonds. (Credit spreads are yield differentials between corporate bonds and U.S. Treasury securities of comparable maturity.)

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

The Portfolio’s performance is driven by three sources of return: long-term strategic asset allocation to market exposures, medium-term and short-term dynamic allocations, and excess returns from investments in Underlying Funds. Long-term 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 dynamic allocation is the process by which we adjust the portfolio for changes in the business or economic cycle, while short-term dynamic 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 measured by how much the Underlying Funds outperform or underperform their respective benchmark indices.

During the Reporting Period, the Portfolio generated positive absolute returns, largely because of strategic asset allocation. The short-term dynamic allocation also added to the Portfolio’s returns, though this was partially offset by the medium-term dynamic allocation, which diminished the Portfolio’s performance. Security selection within the Underlying Funds also detracted from the Portfolio’s results.

Strategic asset allocation added to the Portfolio’s performance during the Reporting Period. Within equities, the Portfolio benefited from our strategic allocation to emerging markets stocks, which posted positive returns amid easing recession fears and de-escalation of the U.S.-China trade dispute. A strategic allocation to U.S. real estate securities was also advantageous, as the U.S. economy remained strong and mortgage interest rates declined. In fixed income, all of the Portfolio’s strategic allocations generated positive returns, driven by falling interest rates and tighter credit spreads. The Portfolio was helped most by its strategic allocation

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

to emerging markets debt, which outperformed due to the rally in risk assets during the Reporting Period. A strategic allocation to U.S. high yield corporate bonds also added to performance as credit spreads narrowed. The Portfolio benefited further from 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.) Regarding liquid alternatives strategies, all of the Portfolio’s strategic allocations produced positive returns. A strategic allocation to the Goldman Sachs Long Short Credit Strategies Fund contributed most positively to the Portfolio’s performance. Its strategic allocation to the Goldman Sachs Absolute Tracker Fund also added to results. 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 dynamic allocation detracted from the Portfolio’s performance. During the Reporting Period, the Portfolio held two medium-term 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 long-maturity German government bonds detracted from 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 Portfolio’s short position in the two-year segment of the U.S. Treasury yield curve also hampered returns, as U.S. yields fell during the Reporting Period. The second medium-term dynamic view, which was to hold a long position in emerging markets debt versus high yield corporate bonds, detracted more modestly from the Portfolio’s performance. As for the short-term dynamic allocation, it had a positive impact on the Portfolio’s performance during the Reporting Period. During the first half of the Reporting Period, the GPS Team used the Goldman Sachs Tactical Exposure Fund to express its short-term dynamic views (the “Underlying Tactical Fund”). In the second half of the Reporting Period, the GPS team used the Goldman Sachs Tactical Tilt Overlay Fund as the Underlying Tactical Fund.

Overall, security selection within the Underlying Funds hurt the Portfolio’s performance during the Reporting Period. The primary detractor was the Goldman Sachs Long Short Credit Fund, followed by the Goldman Sachs Emerging Markets Equity Insights Fund, both of which underperformed their respective benchmark indices. The Goldman Sachs Strategic Income Fund and the Goldman Sachs Alternative Premia Fund also underperformed their respective benchmark indices. On the positive side, the Goldman Sachs Absolute Return Tracker Fund and the Goldman Sachs High Yield Floating Rate Fund outperformed 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 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. The above sector breakout is inclusive of derivative exposure across all asset classes.

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 dynamic 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 dynamic 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 data releases since late November 2018 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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

reduced the Portfolio’s short position in long-maturity German government bonds, as Germany’s long-term interest rates fell. We removed the position entirely in June 2019. In July 2019, we reduced the Portfolio’s short position in the two-year segment of the U.S. Treasury yield curve, ultimately removing it in December 2019, as it became less attractive due to the Fed’s continued dovish stance and investors’ greatly reduced expectations of a rate hike.

Finally, in a risk management move during June 2019, we reduced the Portfolio’s long exposure to U.S. large-cap stocks and international equities, and we increased its cash position. In our opinion, the U.S. economic cycle had matured substantially, and the increased uncertainty associated with this mature phase reduced our confidence level in risk assets.

In July 2019, we removed our medium-term view that the Portfolio hold a long position in emerging markets debt versus high yield corporate bonds.

On June 28, 2019, the Goldman Sachs Tactical Exposure Fund, which had served as the Portfolio’s Underlying Tactical Fund during the first half of the Reporting Period, was liquidated. The Goldman Sachs Tactical Tilt Overlay Fund became the Portfolio’s Underlying Tactical 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 64.5% in liquid alternative strategies, 28.1% in real assets/satellite asset classes and 7.4% in cash. The Portfolio had 6.4% of its total net assets invested in tactical exposures. The above sector breakout is inclusive of derivative exposure across all asset classes.

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. 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.

At the end of 2019, Neill Nuttall became sole Chief Investment Officer for GPS.

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

At the end of the Reporting Period, we expected a modest pickup in global economic activity in 2020. In our view, the global economy could continue to expand, particularly in the U.S. where we were encouraged by the ongoing strength of the labor market, the early signs of a turnaround in manufacturing, what we considered to be manageable weakness in the services sector, and the fading drag of trade tariffs. As for monetary policy, we believed the Fed, ECB and the Bank of Japan were likely to remain accommodative, though the Bank of England may be the only major central bank to ease interest rates during 2020, in our opinion. We also expected China, the Eurozone countries and Japan to provide additional fiscal stimulus in the near term. Regarding recessionary risk, we considered it low, though we expected it to be modestly higher in 2020 than it was in 2019. At the end of the Reporting Period, we saw no shortage of geopolitical concerns, including the potential of disruptions caused by a more adventurous or aggressive Iran and North Korea. We also thought ongoing U.S.-China trade negotiations, U.S. elections and the U.K.’s exit from the European Union could increase market volatility.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

At the asset class level at the end of the Reporting Period, we expected equities to offer modest returns in the near term, supported by moderate corporate earnings growth. Accordingly, equities remained our preferred asset class at the end of the Reporting Period. Although we considered U.S. valuations high, we thought they were justified given that inflation was low and stable. That said, we expected high valuations and moderate earnings growth to limit equity returns relative to what we might expect during a period of increasing economic growth momentum. As for fixed income, we thought modest global economic growth and the willingness of developed central banks to ease monetary policy more aggressively, rather than tighten it, were likely to keep interest rates and credit spreads range bound in 2020. In this environment, we believe it is critical to remain vigilant. The current U.S. economic expansion has exceeded all others in length, while the current U.S. equity bull market has similarly exceeded all others in length and all but one other in strength. In our view, neither will continue indefinitely. Therefore, we believe a dynamic investment approach is even more important than usual.

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.

MSCI Emerging Markets Index captures large-cap and mid-cap representation across 24 emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

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

FUND BASICS

Multi-Strategy Alternatives Portfolio

as of December 31, 2019

OVERALL UNDERLYING FUND AND ETF WEIGHTINGS¹

Percentage of Net Assets

LOGO

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 1.5% of the Portfolio’s net assets at December 31, 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.

²	The percentage as of December 31, 2018 represents investment in the Goldman Sachs Tactical Exposure Fund, which was transitioned to the Goldman Sachs Tactical Tilt Overlay Fund prior to December 31, 2019.

For more information about your Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about your Portfolio’s investment strategies, holdings, and performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Performance Summary

December 31, 2019

The following graph shows the value, as of December 31, 2019, of a $10,000 investment made on April 25, 2014 (commencement of the Portfolio’s operations) in Advisor Shares at NAV. For comparative purposes, the performance of the Portfolio’s benchmark, the ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Multi-Strategy Alternatives Portfolio’s Lifetime Performance

Performance of a $10,000 investment, with distributions reinvested, from April 25, 2014 through December 31, 2019.

LOGO


Average Annual Total Return through December 31, 2019	One Year	Five Years	Since Inception
Institutional (Commenced April 25, 2014)	9.11%	0.62%		0.43%
Service (Commenced April 25, 2014)	8.82%	0.38%		0.18%
Advisor (Commenced April 25, 2014)	8.60%	0.24%		0.04%

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

December 31, 2019


Shares		Description	Value

Underlying Funds (Class R6 Shares)^(a) – 90.0%
Equity – 29.4%
	303,179	Goldman Sachs Tactical Tilt Overlay Fund	$	2,925,679
	154,311	Goldman Sachs Absolute Return Tracker Fund		1,499,908
	73,808	Goldman Sachs Emerging Markets Equity Insights Fund		724,055
	44,153	Goldman Sachs Real Estate Securities Fund		610,642

				5,760,284

Fixed Income – 60.6%
	263,894	Goldman Sachs Managed Futures Strategy Fund		2,604,631
	261,948	Goldman Sachs Long Short Credit Strategies Fund		2,278,946
	201,252	Goldman Sachs Strategic Income Fund		1,863,593
	144,590	Goldman Sachs Emerging Markets Debt Fund		1,795,804
	144,011	Goldman Sachs High Yield Floating Rate Fund		1,362,346
	157,547	Goldman Sachs High Yield Fund		1,025,629
	112,720	Goldman Sachs Alternative Premia Fund		920,921

				11,851,870

	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
	(Cost $18,036,544)		$	17,612,154



Exchange Traded Fund^(b) – 1.8%
	5,295	ProShares Short VIX Short-Term Futures ETF	$	345,393
	(Cost $251,189)

Shares		Dividend Rate	Value

Investment Company^(a) – 6.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,173,715	1.638%	$	1,173,715
	(Cost $1,173,715)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $19,461,448)		$	19,131,262



Securities Lending Reinvestment Vehicle^(a) – 1.5%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	300,150	1.638%	$	300,150
	(Cost $300,150)

	TOTAL INVESTMENTS – 99.3%
	(Cost $19,761,598)		$	19,431,412

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%			144,262

	NET ASSETS – 100.0%		$	19,575,674


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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 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		11		03/20/2020	$	616,110	$	14,352
S&P 500 E-Mini Index		4		03/20/2020		646,220		10,181

Total Futures Contracts							$	24,533


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments (continued)

December 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At December 31, 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		98.50 USD	03/16/2020		8	$	2,000,000	$	150	$	2,718	$	(2,568	)
				98.50 USD	06/15/2020		5		1,250,000		406		2,512		(2,106	)
				97.50 USD	09/14/2020		5		1,250,000		10,813		3,881		6,932
				98.00 USD	09/14/2020		3		750,000		2,775		4,432		(1,657	)
				97.50 USD	12/14/2020		5		1,250,000		11,000		4,768		6,232
				98.00 USD	12/14/2020		2		500,000		2,012		3,030		(1,018	)
				97.00 USD	03/15/2021		2		500,000		7,200		3,580		3,620
				98.25 USD	03/15/2021		43		10,750,000		32,519		50,200		(17,681	)
				97.00 USD	06/14/2021		1		250,000		3,600		1,852		1,748
				98.00 USD	06/14/2021		10		2,500,000		12,813		8,146		4,667
				98.25 USD	06/14/2021		39		9,750,000		33,638		47,978		(14,340	)
				97.00 USD	09/13/2021		2		500,000		7,187		4,905		2,282
				98.25 USD	09/13/2021		37		9,250,000		35,150		44,973		(9,823	)
				98.13 USD	12/13/2021		1		250,000		1,169		1,665		(496	)
				98.50 USD	12/13/2021		22		5,500,000		15,262		21,426		(6,164	)

Total purchased options contracts							185			$	175,694	$	206,066	$	(30,372	)


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Statement of Assets and Liabilities

December 31, 2019



Assets:
Investments in affiliated Underlying Funds, at value (cost $19,210,259)	$	18,785,869
Investments in unaffiliated Funds, at value (cost $251,189)^(a)		345,393
Investments in affiliated securities lending reinvestment vehicle, at value (cost $300,150)		300,150
Purchased Options, at value (premiums paid $206,066)		175,694
Cash		293,126
Receivables:
Portfolio shares sold		40,880
Collateral on certain derivative contracts^(b)		31,460
Dividends		21,985
Reimbursement from investment adviser		20,186
Securities lending income		495
Variation margin on futures		3,046

Total assets		20,018,284


Liabilities:
Payables:
Payable upon return of securities loaned		300,150
Portfolio shares redeemed		55,303
Investments purchased		21,986
Distribution and Service fees and Transfer Agency fees		6,152
Accrued expenses		59,019

Total liabilities		442,610


Net Assets:
Paid-in capital		20,919,195
Total distributable earnings (loss)		(1,343,521	)

NET ASSETS	$	19,575,674
Net Assets:
Institutional	$	1,308,780
Service		2,856,538
Advisor		15,410,356

Total Net Assets	$	19,575,674
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		145,062
Service		316,692
Advisor		1,713,829
Net asset value, offering and redemption price per share:
Institutional		$9.02
Service		9.02
Advisor		8.99

(a)	Includes loaned securities having a market value of $294,078.

(b)	Includes amount segregated for initial margin on future transactions.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Statement of Operations

For the Fiscal Year Ended December 31, 2019



Investment income:
Dividends from affiliated Underlying Funds	$	570,299
Securities lending income — unaffiliated issuer		3,357
Dividends from unaffiliated Funds		1,755

Total investment income		575,411


Expenses:
Professional fees		73,578
Custody, accounting and administrative services		72,356
Printing and mailing costs		70,460
Distribution and Service fees^(a)		61,968
Management fees		25,725
Trustee fees		15,867
Shareholder meeting expense		5,408
Transfer Agency fees^(a)		3,430
Registration fees		141
Other		9,092

Total expenses		338,025

Less — expense reductions		(233,836	)

Net expenses		104,189

NET INVESTMENT INCOME		471,222


Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments in affiliated Underlying Funds		(176,026	)
Investments in unaffiliated Funds		(2,033	)
Futures contracts		55,798
Purchased options		144,218
Foreign currency transactions		3,054
Capital gain distributions from affiliated Underlying Funds		136,986
Net change in unrealized gain (loss) on:
Investments in affiliated Underlying Funds		620,257
Investments in unaffiliated Funds		130,810
Futures contracts		1,751
Purchased options		(32,716	)
Foreign currency translation		(2,457	)

Net realized and unrealized gain		879,642

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,350,864

(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
$	4,263	$	57,705	$	204	$	341	$	2,885


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Statements of Changes in Net Assets


	For the Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018

From operations:
Net investment income	$	471,222		$	330,087
Net realized gain (loss)		161,997			(556,892	)
Net change in unrealized gain (loss)		717,645			(1,017,669	)

Net increase (decrease) in net assets resulting from operations		1,350,864			(1,244,474	)


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(37,340	)		(20,403	)
Service Shares		(77,108	)		(20,381	)
Advisor Shares		(385,701	)		(318,314	)

Total distributions to shareholders		(500,149	)		(359,098	)


From share transactions:
Proceeds from sales of shares		5,866,621			6,168,668
Reinvestment of distributions		500,149			359,098
Cost of shares redeemed		(2,657,936	)		(5,978,711	)

Net increase in net assets resulting from share transactions		3,708,834			549,055

TOTAL INCREASE (DECREASE)		4,559,549			(1,054,517	)


Net Assets:

Beginning of year		15,016,125			16,070,642

End of year	$	19,575,674		$	15,016,125


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Multi-Strategy Alternatives Portfolio
	Institutional Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	8.51		$	9.39		$	9.10		$	9.15		$	9.81

Net investment income^(a)(b)		0.30			0.24			0.21			0.11			0.20

Net realized and unrealized gain (loss)		0.48			(0.87	)		0.30			(0.06	)		(0.65	)

Total from investment operations		0.78			(0.63	)		0.51			0.05			(0.45	)

Distributions to shareholders from net investment income		(0.27	)		(0.25	)		(0.22	)		(0.10	)		(0.20	)

Distributions to shareholders from net realized gains		—			—			—			—			(0.01	)

Total distributions		(0.27	)		(0.25	)		(0.22	)		(0.10	)		(0.21	)

Net asset value, end of year	$	9.02		$	8.51		$	9.39		$	9.10		$	9.15

Total return^(c)		9.11	%		(6.74	)%		5.60	%		0.52	%		(4.51	)%

Net assets, end of year (in 000s)	$	1,309		$	745		$	453		$	309		$	958

Ratio of net expenses to average net assets^(d)		0.25	%		0.22	%		0.21	%		0.24	%		0.22	%

Ratio of total expenses to average net assets^(d)		1.60	%		1.57	%		1.47	%		2.37	%		4.40	%

Ratio of net investment income to average net assets^(b)		3.30	%		2.62	%		2.20	%		1.17	%		2.02	%

Portfolio turnover rate^(e)		26	%		61	%		53	%		44	%		53	%

(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)

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

(d)	Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e)	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 Year


	Goldman Sachs Multi-Strategy Alternatives Portfolio
	Service Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	8.52		$	9.41		$	9.13		$	9.14		$	9.81

Net investment income^(a)(b)		0.32			0.28			0.27			0.08			0.24

Net realized and unrealized gain (loss)		0.43			(0.93	)		0.22			(0.05	)		(0.71	)

Total from investment operations		0.75			(0.65	)		0.49			0.03			(0.47	)

Distributions to shareholders from net investment income		(0.25	)		(0.24	)		(0.21	)		(0.04	)		(0.19	)

Distributions to shareholders from net realized gains		—			—			—			—			(0.01	)

Total distributions		(0.25	)		(0.24	)		(0.21	)		(0.04	)		(0.20	)

Net asset value, end of year	$	9.02		$	8.52		$	9.41		$	9.13		$	9.14

Total return^(c)		8.82	%		(6.93	)%		5.37	%		0.28	%		(4.76	)%

Net assets, end of year (in 000s)	$	2,857		$	811		$	105		$	34		$	22

Ratio of net expenses to average net assets^(d)		0.51	%		0.47	%		0.46	%		0.46	%		0.48	%

Ratio of total expenses to average net assets^(d)		1.86	%		1.95	%		1.73	%		1.97	%		3.33	%

Ratio of net investment income to average net assets^(b)		3.54	%		3.08	%		2.88	%		0.92	%		2.54	%

Portfolio turnover rate^(e)		26	%		61	%		53	%		44	%		53	%

(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)

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

(d)	Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e)	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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Multi-Strategy Alternatives Portfolio
	Advisor Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	8.49		$	9.36		$	9.08		$	9.12		$	9.79

Net investment income^(a)(b)		0.24			0.17			0.17			0.10			0.21

Net realized and unrealized gain (loss)		0.49			(0.83	)		0.30			(0.07	)		(0.69	)

Total from investment operations		0.73			(0.66	)		0.47			0.03			(0.48	)

Distributions to shareholders from net investment income		(0.23	)		(0.21	)		(0.19	)		(0.07	)		(0.18	)

Distributions to shareholders from net realized gains		—			—			—			—			(0.01	)

Total distributions		(0.23	)		(0.21	)		(0.19	)		(0.07	)		(0.19	)

Net asset value, end of year	$	8.99		$	8.49		$	9.36		$	9.08		$	9.12

Total return^(c)		8.60	%		(7.09	)%		5.14	%		0.27	%		(4.89	)%

Net assets, end of year (in 000s)	$	15,410		$	13,460		$	15,512		$	10,778		$	9,666

Ratio of net expenses to average net assets^(d)		0.64	%		0.62	%		0.61	%		0.61	%		0.62	%

Ratio of total expenses to average net assets^(d)		2.01	%		1.93	%		1.88	%		2.58	%		3.51	%

Ratio of net investment income to average net assets^(b)		2.61	%		1.92	%		1.78	%		1.06	%		2.16	%

Portfolio turnover rate^(e)		26	%		61	%		53	%		44	%		53	%

(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)

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

(d)	Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.

(e)	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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Notes to Financial Statements

December 31, 2019

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. The Portfolio is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The valuation policy of the 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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. 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 Portfolio’s investments in Goldman Sachs Real Estate Securities Fund (the “Underlying Fund invested in REITs”) may be characterized as ordinary income, net capital gain and/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 fees. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the 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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Notes to Financial Statements (continued)

December 31, 2019

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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.

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 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) — Investments in the Underlying Funds are valued at the NAV per share on the day of valuation. Because the Portfolio invests primarily in other mutual funds that fluctuate in value, the Portfolio’s shares will correspondingly fluctuate in value. These investments are generally classified as Level 1 of the fair value hierarchy. 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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 Portfolio, if any, is noted in the Schedule of Investments.

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 swap contracts 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Notes to Financial Statements (continued)

December 31, 2019

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 December 31, 2019:


Investment Type	Level 1		Level 2		Level 3

Assets
Equity Underlying Funds	$	5,760,284	$	—	$	—
Fixed Income Underlying Funds		11,851,870		—		—
Exchange Traded Fund		345,393		—		—
Investment Company		1,173,715		—		—
Securities Lending Reinvestment Vehicle		300,150		—		—

Total	$	19,431,412	$	—	$	—

Derivative Type

Assets
Futures Contracts^(a)	$	24,533	$	—	$	—
Purchased Options Contracts		175,694		—		—

Total	$	200,227	$	—	$	—

(a)	Amount shown represents unrealized gain (loss) at fiscal year 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 December 31, 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			Statement of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts	$	24,533	^(a)	—	$	—
Interest Rate	Purchased options contracts, at value		175,694		—		—

Total		$	200,227			$	—

(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 December 31, 2019 is reported within the Statement of Assets and Liabilities.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

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 fiscal year ended December 31, 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	$	151,934	$	18,033			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		48,082		(48,998	)		248

Total		$	200,016	$	(30,965	)		260

(a)	Average number of contracts is based on the average of month end balances for the fiscal year ended December 31, 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 fiscal year ended December 31, 2019, GSAM waived $25,725 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 fiscal year ended December 31, 2019, GSAM waived $1,008 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.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Notes to Financial Statements (continued)

December 31, 2019

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 fiscal year ended December 31, 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

$	26,733	$	600	$	206,503	$	233,836

F. Line of Credit Facility — As of December 31, 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 fiscal year ended December 31, 2019, the Portfolio did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

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 fiscal year ended December 31, 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 December 31, 2019		Shares as of December 31, 2019		Dividend Income from Affiliated Investment Company		Capital Gain Distributions from Affiliated Investment Company
Goldman Sachs Alternative Premia Fund	$	1,088,711	$	290,000	$	(465,000	)	$	(39,053	)	$	46,263		$	920,921		112,720	$	—	$	—
Goldman Sachs Absolute Return Tracker Fund		977,566		497,774		(40,000	)		580			63,988			1,499,908		154,311		19,345		33,428
Goldman Sachs Emerging Markets Debt Fund		1,354,777		393,935		(75,000	)		(6,100	)		128,192			1,795,804		144,590		62,649		—
Goldman Sachs Emerging Markets Equity Insights Fund		511,446		199,045		(60,000	)		(3,130	)		76,694			724,055		73,808		14,045		—
Goldman Sachs Financial Square Government Fund (Institutional Shares)		191,106		4,963,755		(3,981,146	)		—			—			1,173,715		1,173,715		12,078		—
Goldman Sachs High Yield Floating Rate Fund		1,048,669		303,241		(30,000	)		(1,255	)		41,691			1,362,346		144,011		63,178		—
Goldman Sachs High Yield Fund		763,723		220,211		(30,000	)		(1,836	)		73,531			1,025,629		157,547		50,146		—
Goldman Sachs Local Emerging Markets Debt Fund		448,457		43,395		(519,253	)		(1,358	)		28,759			—		—		8,766		—
Goldman Sachs Long Short Credit Strategies Fund		1,644,600		614,900		(30,000	)		(3,063	)		52,509			2,278,946		261,948		95,816		—
Goldman Sachs Managed Futures Strategy Fund		2,017,781		736,671		(30,000	)		(1,715	)		(118,106	)		2,604,631		263,894		156,288		18,383
Goldman Sachs Real Estate Securities Fund		479,541		135,342		(30,000	)		(9,303	)		35,062			610,642		44,153		10,167		85,175
Goldman Sachs Strategic Income Fund		1,428,213		440,545		(40,000	)		(327	)		35,162			1,863,593		201,252		43,455		—
Goldman Sachs Tactical Exposure Fund		2,247,480		218,000		(2,528,772	)		(109,466	)		172,758			—		—		—		—
Goldman Sachs Tactical Tilt Overlay Fund		—		2,966,366		—			—			(40,687	)		2,925,679		303,179		34,366		—

Total	$	14,202,070	$	12,023,180	$	(7,859,171	)	$	(176,026	)	$	595,816		$	18,785,869			$	570,299	$	136,986

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Notes to Financial Statements (continued)

December 31, 2019

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2019, were $7,404,052 and $4,311,693, respectively.

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’s master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s 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 December 31, 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 fiscal year ended December 31, 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 fiscal year ended December 31, 2019:


Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2019

$	191,250	$	1,962,798	$	(1,853,898	)	$	300,150

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2018 and December 31, 2019 was as follows:



	2018		2019
Distributions paid from ordinary income	$	359,098	$	500,149

As of December 31, 2019, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	67,185
Capital loss carryforwards:⁽¹⁾
Perpetual Short-term		(520,976	)
Perpetual Long-term		(428,144	)
Total capital loss carryforwards	$	(949,120	)
Unrealized losses — net		(461,586	)
Total accumulated losses — net	$	(1,343,521	)

(1)	The Fund utilized $18,220 of capital losses in the current year.

As of December 31, 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	$	19,887,635
Gross unrealized gain		285,015
Gross unrealized loss		(746,601	)
Net unrealized loss	$	(461,586	)

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 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 Portfolio’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

The Portfolio’s and Underlying Fund’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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Notes to Financial Statements (continued)

December 31, 2019

9. OTHER RISKS (continued)

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 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 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 Portfolio or Underlying 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 Portfolio or an Underlying 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 Portfolio or an Underlying Fund may be forced to sell investments at an unfavorable time and/ or under unfavorable conditions. If the Portfolio or an Underlying Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio’s or Underlying Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Portfolio’s or Underlying Fund’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 Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Portfolio and/or Underlying 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 Portfolio and the Underlying Fund have unsettled or open transactions defaults.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

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.

11. OTHER MATTERS

On November 5, 2019, a definitive proxy statement (“proxy”) was filed with the SEC to elect certain Trustees to the Trust. The Portfolio will bear its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Portfolio to the extent such expenses exceed a specified percentage of the Portfolio’s net assets.

12. SUBSEQUENT EVENTS

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended December 31, 2019						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		62,887		$	570,355			53,822		$	488,301
Reinvestment of distributions		4,140			37,340			2,400			20,403
Shares redeemed		(9,524	)		(86,531	)		(16,933	)		(153,669	)
		57,503			521,164			39,289			355,035
Service Shares
Shares sold		238,728			2,174,547			84,312			762,281
Reinvestment of distributions		8,549			77,108			2,398			20,381
Shares redeemed		(25,812	)		(233,897	)		(2,657	)		(23,809	)
		221,465			2,017,758			84,053			758,853
Advisor Shares
Shares sold		347,196			3,121,719			539,263			4,918,086
Reinvestment of distributions		42,903			385,701			37,581			318,314
Shares redeemed		(262,490	)		(2,337,508	)		(648,355	)		(5,801,233	)
		127,609			1,169,912			(71,511	)		(564,833	)

NET INCREASE		406,577		$	3,708,834			51,831		$	549,055

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs Multi-Strategy Alternatives Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Multi-Strategy Alternatives Portfolio (one of the portfolios constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the “Portfolio”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2020

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Voting Results of Special Meeting of Shareholders (Unaudited)



Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		745,493,677.130		0		17,848,840.639		0

Kathryn A. Cassidy		746,559,784.810		0		16,782,732.959		0

Joaquin Delgado		744,593,456.532		0		18,749,061.237		0

Gregory G. Weaver		746,707,039.321		0		16,635,478.448		0

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO


Portfolio Expenses — Six Month Period Ended December 31, 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.

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 07/01/19		Ending Account Value 12/31/19			Expenses Paid for the 6 Months Ended 12/31/19*
Institutional

Actual	$	1,000	$	1,017.00		$	1.22
Hypothetical 5% return		1,000		1,023.00	+		1.22
Service

Actual		1,000		1,015.50			2.49
Hypothetical 5% return		1,000		1,022.74	+		2.50
Advisor

Actual		1,000		1,014.40			3.25
Hypothetical 5% return		1,000		1,021.98	+		3.26

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 December 31, 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 0.24%, 0.49% and 0.64% for Institutional, Service and Advisor Shares, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Trustees and Officers (Unaudited)

Independent Trustees

Name,
Address and Age¹

Position(s) Held
with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

Jessica Palmer

Age: 70

Chair of the Board of Trustees

Since 2018 (Trustee since 2007)

Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Kathryn A. Cassidy

Age: 65

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Diana M. Daniels

Age: 70

Trustee

Since 2007

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Roy W. Templin

Age: 59

Trustee

Since 2013

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver

Age: 68

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Verizon Communications Inc.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name,
Address and Age¹

Position(s) Held

with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

James A. McNamara

Age: 57

President and Trustee

Since 2007

165

None

Advisory Board Members

Name, Address, Age¹

Position(s)
Held with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Advisory
Board
Member³

Other

Directorships

Held by Advisory

Board Member⁴

Dwight L. Bush

Age: 62

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Joaquin Delgado

Age: 59

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Stepan Company (a specialty chemical manufacturer)

¹	Each Trustee and Advisory Board Member may be contacted by writing to the Trustee or Advisory Board Member, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2019.

⁴	This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Portfolio’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384. Additional information about the Advisory Board Members will be available in the Portfolio’s Statement of Additional Information dated April 30, 2020, which will be available from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Portfolio’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹	Information is provided as of December 31, 2019.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2019, 0.21% of the dividends paid from net investment company taxable income by the Multi-Strategy Alternatives Portfolio qualify for the dividends received deduction available to corporations.

For the 2019 tax year, the Multi-Strategy Alternatives Portfolio has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the Multi-Strategy Alternatives Portfolio from sources within foreign countries and possessions of the United States was $0.0074 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the Portfolio during the year ended December 31, 2019 from foreign sources was 2.49%. The total amount of foreign taxes paid by the Portfolio was $0.0014 per share.


TRUSTEES		OFFICERS
Jessica Palmer, Chair Dwight L. Bush*		James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer,
Kathryn A. Cassidy		Principal Accounting Officer and Treasurer
Diana M. Daniels Joaquin Delgado*		Caroline L. Kraus, Secretary
James A. McNamara
Roy W. Templin
Gregory G. Weaver
* Effective as of January 23, 2020

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 December 31 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).

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.

Portfolio holdings and allocations shown are as of December 31, 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.

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.

VITMSAAR-20/192294-OTU-1134413

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.

Annual Report

December 31, 2019

LOGO

MARKET REVIEW

Goldman Sachs Variable Insurance Trust Funds

Market Review

During the 12 months ended December 31, 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 events.

Equity Markets

The U.S. equity market rallied at the start of the Reporting Period, almost completely recovering from a sell-off at the end of 2018. After four gradual interest rate hikes in 2018, the U.S. Federal Reserve (the “Fed”) cut interest rates three times in 2019 in an effort to keep the U.S. economic expansion intact amid trade uncertainties. The trade war between the U.S. and China pressured macroeconomic indicators throughout the first half of the calendar year but did little to suppress a resilient consumer, which ultimately outweighed manufacturing weakness. By the fourth quarter of 2019, U.S. stock returns accelerated with an uptick of U.S. manufacturing and service sector business surveys as well as a consistently strong labor market. The U.S. added more than 200,000 jobs in November 2019, double the break-even pace of long-term job growth. These developments helped restore market confidence, while fundamentals of low core inflation, contained financial imbalance and reduced drag of a trade war fended off imminent recession risk.

The S&P 500^® Index returned 31.49% during the Reporting Period overall. All 11 of its sectors posted positive absolute returns, with all 11 generating double-digit gains. Information technology, communication services and financials 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 energy, health care and materials.

Fixed Income Markets

In the first quarter of 2019, when the Reporting Period began, spread, or non-government bond, sectors broadly advanced, 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, New Zealand and Switzerland — 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 noted 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 (“BoE”) 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 also somewhat dovish, as they generally focused on risks arising from slower global economic growth. 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, weakness in U.S. economic data, continued global economic growth headwinds from unresolved U.S.-China trade negotiations and weakness in the manufacturing sector. During June 2019, spread sector performance improved on raised prospects of ongoing monetary policy accommodation by global central banks, particularly from the Fed. At its June meeting, the U.S. central bank left interest rates unchanged, but eight of the 12 members on the Federal Open Market Committee projected 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.

In the third quarter of 2019, spread sectors generally produced positive returns. Investment grade corporate bonds ended the quarter relatively unchanged, but high yield corporate bonds, agency mortgage-backed securities, external emerging markets debt and local

MARKET REVIEW

emerging markets debt all notched gains. The outlook for global economic growth appeared to hinge on the outcome of U.S.-China trade negotiations and whether the services sector and household consumption would remain resilient in the face of a continued slowdown in global trade, investment and manufacturing activity. Regarding monetary policy, global central bank easing gained momentum during the third calendar quarter. In July 2019, the Fed delivered its first short-term interest rate cut since 2008, though Fed Chair Jerome Powell described it as a “mid-cycle adjustment.” Policymakers implemented another interest rate cut in September and announced they would stop trimming the Fed’s balance sheet. Elsewhere, the ECB delivered a package that included a rate cut, resumption of asset purchases, strengthened forward guidance and a tiering mechanism for bank deposits subject to negative interest rates. Emerging markets monetary policy was also broadly dovish, most notably in Turkey where its central bank lowered interest rates in July 2019 and again in September.

During the fourth quarter of 2019, spread sectors posted gains. Accommodative central bank policy, improved investor sentiment toward risk assets, a general election victory for the Conservative Party in the U.K., and the announcement of an agreement in principle for a “Phase One” trade deal between the U.S. and China bolstered spread sector performance. High yield corporate bonds performed particularly well, logging one of their best quarters since 2016. Near the end of October, the Fed cut short-term interest rates for a third time in 2019 and replaced a comment in its statement to “act as appropriate” with a more neutral comment that indicated its policy path would be dependent on the evolution of data and trade developments. In Europe, new ECB president Christine Lagarde’s first public address pointed to policy continuity, as it called for “a new European policy mix” that includes fiscal policy, which she believes could enable monetary policy to achieve its goal “faster and with fewer side effects.”

For the Reporting Period overall, spread sector performance was positive. The U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Indes, generated a return of 8.72%. High yield corporate bonds, investment grade corporate bonds and sovereign emerging markets debt outpaced U.S. Treasury securities. Agency securities, commercial mortgage-backed securities, asset backed securities and mortgage-backed securities also outperformed U.S. Treasuries, albeit to a lesser extent. During the Reporting Period, U.S. Treasury yields fell along the curve, with those on maturities of two years and less dropping more than those on longer 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 77 basis points to end the Reporting Period at 1.92%. 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.) The partial inversion, which began in May, reverted back to an upward slope during October 2019.

Looking Ahead

Equity Markets

Fixed Income Markets

At the end of the Reporting Period, global economic growth appeared to be stabilizing, with manufacturing data bottoming. However, we thought any bounce in economic growth was likely to be reasonably modest. We generally expected trend-like growth in the near term, with some economies growing slightly above trend and others tracking slightly below it. The improved global economic growth outlook is likely to alleviate market fears about inflation, in our view. We saw no meaningful signs of upward momentum in inflation at the end of the Reporting Period, as companies’ pricing power and input prices had been hit by the U.S.-China trade war. As for monetary policy, we expect 2020 to be rather uneventful because of the amount of easing delivered by global central banks in 2019, the improvement in global economic growth prospects and the growing willingness of central banks to allow inflation to run above targets before unwinding policy accommodation. Overall, we do not anticipate any major central bank tightening in 2020, and large-scale fiscal easing is also unlikely, in our view, absent a severe economic downturn.

GOLDMAN SACHS VARIABLE INSURANCE TRUST 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 12-month period ended December 31, 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 average annual total returns of 9.28% and 9.00%, respectively. This compares to the 8.72% average annual 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, highlighted by long exposure to European interest rates versus short exposure to the interest rates of other developed markets countries. These gains were somewhat offset by the Fund’s long exposure to Canadian interest rates versus its short exposure to U.S. interest rates. Our top-down cross-sector strategy also enhanced 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 further bolstered relative returns.

The Fund’s combined tactical duration and yield curve positioning added to 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.)

Our top-down currency strategy did not have a material impact on the Fund’s relative returns during the Reporting Period. Positioning in the euro was advantageous but was offset by positioning in the Japanese yen and New Zealand dollar, which detracted.

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 position in longer-duration maturities. Positioning in mortgage-backed securities also added to relative performance. Conversely, an underweight in emerging markets corporate bonds detracted from results. The Fund’s use of index credit default swaps (CDX) versus cash bonds also limited relative returns, as cash bonds outperformed CDX during the Reporting Period.

As for individual issue selection, the Fund’s investments in corporate credit contributed most positively to relative performance. Specifically, the Fund benefited from its tactical positioning along the credit curve as well as our selection of investment grade industrial bonds. In the securitized sector, the Fund’s holdings in pass-through mortgage securities and adjustable-rate mortgage-backed securities bolstered relative results. (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.) Selection of Mexican and Indonesian external emerging markets debt also enhanced returns, though the gains were partially offset by selection of government bonds within the government/swaps sector, which detracted.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

During the Reporting Period, the Fund’s combined duration and yield curve positioning added to performance. The positive results were driven by the Fund’s exposure to the five-year and 20-year segments of the U.S. Treasury yield curve. Tactical positioning on the corporate credit yield curve was also advantageous. These gains were partially offset by the Fund’s exposure to the one-year segment of the U.S. Treasury yield curve, which detracted.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

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 negative 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 overall had a positive impact 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 CDX as well as individual credit default swaps to implement specific credit-related investment strategies, including management of the Fund’s exposure to credit spreads. Collectively, the use of these instruments 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.

FUND BASICS

FUND COMPOSITION¹

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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.

²	“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.

“U.S. Government Agency Securities” include agency securities offered by companies such as 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.

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Performance Summary

December 31, 2019

The following graph shows the value, as of December 31, 2019, of a $10,000 investment made on January 1, 2010 in Service Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Core Fixed Income Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2010 through December 31, 2019.

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Average Annual Total Return through December 31, 2019	One Year	Five Years	Ten Years	Since Inception
Institutional (Commenced April 30, 2013)	9.28%	3.08%	N/A	2.82%
Service	9.00%	2.80%	3.88%	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST 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 12-month period ended December 31, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Service Shares generated an average annual total return of 30.85%. This compares to the 31.49% average annual 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 generated 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, communication services and financials. 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 23.20%. The industries with the strongest performance in terms of total return were electronic production equipment, telecommunications equipment, aluminum, electronic/appliance stores and financial publishing/services.

On the basis of impact (which takes both total returns and weightings into account), the strongest performing sectors were information technology, financials and communication services. The strongest performing industries on the basis of impact were telecommunications equipment, packaged software, Internet software/services, major banks and semiconductors.

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 energy, health care and materials. The industries with the weakest performance in terms of total return were department stores; chemicals: major diversified; specialty telecommunications; movies/entertainment; and oil and gas production.

On the basis of impact, the sectors that made the weakest contributions to the S&P 500^® Index and to the Fund were energy, materials and utilities. The industries with the weakest performance on the basis of impact were department stores; broadcasting; oil and gas production; chemicals: major diversified; 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 Apple, Microsoft, Facebook, Amazon.com, and JPMorgan Chase. The weakest performers were Pfizer, Occidental Petroleum, PG&E, DuPont de Nemours and Abiomed.

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

What changes were made to the makeup of the S&P 500^® Index during the Reporting Period?

Sixteen stocks were removed from the S&P 500^® Index during the Reporting Period. They were Affiliated Managers Group, Anadarko Petroleum, Brighthouse Financial, Celgene, Fluor, Foot Locker, Jefferies Financial Group, Kontoor Brands, Macerich, Mattel, Nektar Therapeutics, Red Hat, SunTrust Banks, Total System Services, TripAdvisor and Viacom. There were 16 stocks added to the S&P 500^® Index during the Reporting Period. They were Bemis, CDW, Corteva, Dow, IDEX, Kontoor Brands, Las Vegas Sands, Leidos Holdings, Live Nation Entertainment, NVR, Old Dominion Freight Line, ServiceNow, Steris, T-Mobile US, WR Berkley and Zebra Technologies.

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 12/31/19.

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 December 31, 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.

FUND BASICS

TOP TEN HOLDINGS AS OF 12/31/19¹



Holding	% of Net Assets		Line of Business
Apple, Inc.		4.6%	Technology Hardware & Equipment
Microsoft Corp.		4.5	Software & Services
Amazon.com, Inc.		2.9	Retailing
Facebook, Inc. Class A		1.8	Media & Entertainment
Berkshire Hathaway, Inc. Class B		1.6	Diversified Financials
JPMorgan Chase & Co.		1.6	Banks
Alphabet, Inc. Class A		1.5	Media & Entertainment
Alphabet, Inc. Class C		1.5	Media & Entertainment
Johnson & Johnson		1.4	Pharmaceuticals, Biotechnology & Life Sciences
Visa, Inc. Class A		1.2	Software & Services

¹	The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of December 31, 2019

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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.

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Performance Summary

December 31, 2019

The following graph shows the value, as of December 31, 2019, of a $10,000 investment made in the Fund on January 1, 2010 at NAV. For comparative purposes, the performance of the Fund’s benchmark, the S&P 500 Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Equity Index Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2010 through December 31, 2019.

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Average Annual Total Return through December 31, 2019	One Year	Five Years	Ten Years
Equity Index Fund	30.85%	11.17%	13.09%

GOLDMAN SACHS VARIABLE INSURANCE TRUST 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 12-month period ended December 31, 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 average annual total returns of 34.35% and 34.06%, respectively. These returns compare to the 35.47% average annual 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?

During the Reporting Period, the Fund generated robust double-digit absolute gains but slightly underperformed the Russell Index, primarily because of sector positioning. These results were offset somewhat by security selection, which added to relative returns.

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. The Fund’s sector positioning is a result of our stock selection. That said, on a sector level, stock selection in the information technology and financial sectors detracted from relative performance during the Reporting Period. A slight underweight compared to the Russell Index in the energy sector also hurt returns. On the positive side, the Fund benefited from effective stock selection in the consumer discretionary, communication services and health care sectors during the Reporting Period.

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

Slack Technologies, GoDaddy and PTC detracted most from the Fund’s relative returns during the Reporting Period.

The Fund’s leading detractor was Slack Technologies, an operator of a real-time, cloud-based collaboration platform. Its stock price declined, primarily during September 2019 after its management’s weak earnings guidance overshadowed the company’s above-consensus revenue and earnings numbers for the second calendar quarter. At the end of the Reporting Period, we remained confident in the quality of Slack Technologies’ platform and user base. We also thought the company was poised for potential improvement in sales productivity and a broader fundamental rebound.

Shares of web hosting service company GoDaddy 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. Its stock declined further in August 2019 after the company missed consensus earnings expectations. We decided to eliminate the Fund’s position in GoDaddy and reallocate the capital to what we considered more attractive risk/reward opportunities.

PTC, which develops and provides software-based product management and development solutions, saw its shares fall during July 2019 in response to the company’s quarterly earnings release, which reported bookings growth that was below consensus expectations. These results were widely viewed as an execution miss, driven by the slower than market expected conversion of existing customers from maintenance to subscription plans. We believed PTC’s management had reset investor expectations through this earnings release. In addition, we thought the company stood to benefit from industry growth given its competitive advantage in the production of much of the software we expect to enable industrial automation and connectivity. Furthermore, the company was trading at a compelling valuation relative to its growth opportunity, in our view.

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, Marvell Technology Group and Centene.

Commercial gene therapy firm Spark Therapeutics added most to the Fund’s relative performance during the Reporting Period. Its shares spiked in late February 2019 following news that Swiss drug maker Roche Holding planned to acquire the company for

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

approximately $115 per share, representing a total equity value of approximately $5 billion. Its stock price, which had had a market value of slightly less than $2 billion at the market close before the announcement, more than doubled afterwards. As a result, we felt Spark Therapeutics’ valuation had become less attractive. We sold the Fund’s position, taking profits, and reallocated the capital to what we considered to be more appealing risk/reward opportunities.

Marvell Technology Group, an integrated circuit designer, developer and seller, saw its stock rise steadily to start 2019 and then rise 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 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.

The share price of managed care provider Centene benefited from the solid performance of the managed care industry as a whole. It also was boosted by an encouraging earnings report in October 2019 in which the company announced healthy revenue and earnings growth, forward guidance in line with market expectations and stabilizing cost trends. As the Reporting Period came to an end, we remained constructive on Centene’s footprint in the government-sponsored health care space and saw opportunities for continued top-line growth and margin expansion.

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 automation and information services company Rockwell Automation. In our opinion, cost cutting and a diverse customer base should help the company counter industrial sector weakness. We also believe Rockwell Automation could potentially benefit from the stabilization of the industrial short cycle as well as from its improved automation offerings. (The industrial short cycle refers to products that move through distribution channels, in contrast to the industrial long cycle that refers to the direct shipping to customers of larger products over multiple years.)

The Fund established a position in O’Reilly Automotive, a specialty retailer and supplier of automotive aftermarket parts, tools, supplies, equipment and accessories to both the “do-it-yourself” customer and professional installers. From our perspective, the company’s business model may benefit from delays in new automobile purchases and the resulting need to keep older vehicles running longer, which tends to accompany an economic slowdown.

In addition to the sale of GoDaddy, already mentioned, the Fund exited its position in Roper Technologies, which designs, manufactures and distributes energy systems and controls, scientific and industrial imaging products and software, industrial technology products and radio frequency products and services. After the company missed quarterly revenue estimates in a report released during July 2019, we reassessed the stock’s risk/reward profile and decided to reallocate the capital elsewhere.

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 an overweight position versus the Russell Index. It also shifted from a rather neutral position in the materials sector to an overweight position relative to the Russell Index.

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?

Effective July 17, 2019, Steven M. Barry became co-chief investment officer of Goldman Sachs Fundamental Equity U.S. Equity alongside Stephen E. Becker. He also continued to serve as a portfolio manager of the Fund. Also, on July 17, 2019, Jenny Chang 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 Steven M. Barry and Jenny Chang.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

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 health care, consumer staples, industrials and materials sectors. At the end of the Reporting Period, the Fund was relatively neutral compared to the Russell Index in the consumer discretionary, real estate, energy and financials sectors. At the end of the Reporting Period, the Fund was underweight compared to the Russell Index in the information technology and communication services sectors and had no exposure to the utilities sector.

FUND BASICS

TOP TEN HOLDINGS AS OF 12/31/19¹



Holding	% of Net Assets		Line of Business
Fiserv, Inc.		3.3%	Software & Services
Dollar General Corp.		2.6	Retailing
Ingersoll-Rand plc		2.2	Capital Goods
SBA Communications Corp.		2.1	Real Estate Investment Trusts
L3Harris Technologies, Inc.		2.0	Capital Goods
Rockwell Automation, Inc.		2.0	Capital Goods
O’Reilly Automotive, Inc.		2.0	Retailing
Global Payments, Inc.		1.8	Software & Services
Verisk Analytics, Inc.		1.8	Commercial & Professional Services
Splunk, Inc.		1.7	Software & Services

¹	The top 10 holdings may not be representative of the Fund’s future investments.

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of December 31, 2019

LOGO

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 1.1% of the Fund’s net assets at December 31, 2019.

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Performance Summary

December 31, 2019

The following graph shows the value, as of December 31, 2019, of a $10,000 investment made on January 1, 2010 in Service Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell Midcap Growth Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Growth Opportunities Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2010 through December 31, 2019.

LOGO


Average Annual Total Return through December 31, 2019	One Year	Five Years	Ten Years	Since Inception
Institutional (Commenced April 30, 2013)	34.35%	9.55%	N/A	11.78%
Service	34.06%	9.36%	12.14%	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST 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 12-month period ended December 31, 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 average annual total returns of 2.27%, 2.01% and 1.85%, respectively. These returns compare to the 2.28% average annual 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 top-down cross-sector strategy contributed positively to the Fund’s relative performance. 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. Individual issue selection also added to relative returns.

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?

The Fund benefited from our cross-sector strategy, specifically its exposure to collateralized loan obligations (“CLOs”), asset backed securities (“ABS”) and mortgage-backed securities. 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 also had a positive impact on the Fund’s relative performance during the Reporting Period. Selection in the securitized sector, led by investments in CLOs, was particularly strong. Within the government/swaps sector, individual issue selection of U.S. government securities added 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 decreased the Fund’s exposure to ABS, maintaining a focus on Federal Family Education Loan Program (“FFELP”) student loan ABS. We also decreased the Fund’s exposure to residential mortgage-backed securities and agency collateralized mortgage obligations. We increased the Fund’s exposure to U.S. Treasuries and increased its exposure to quasi-government securities during 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 fixed and floating interest rate swaps to manage interest risk, which collectively had a negative impact on 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST 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, residential mortgage-backed securities, agency collateralized mortgage obligations, quasi-government securities and agency mortgage-backed securities, none of which are represented in the ICE BofAML Index.

FUND BASICS

FUND COMPOSITION¹

LOGO

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.

²	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.

“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.

For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Performance Summary

December 31, 2019

The following graph shows the value, as of December 31, 2019, of a $10,000 investment made on January 1, 2010 in Service Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the ICE BofAML^® Three-Month U.S. Treasury Bill Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

High Quality Floating Rate Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2010 through December 31, 2019.

LOGO


Average Annual Total Return through December 31, 2019	One Year	Five Years	Ten Years	Since Inception
Institutional (Commenced April 30, 2013)	2.27%	1.36%	N/A	1.12%
Service	2.01%	1.11%	2.00%	—
Advisor (Commenced October 15, 2014)	1.85%	0.97%	N/A	0.91%

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Index Definitions

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 unmanaged index.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

December 31, 2019


Principal Amount		Interest Rate	Maturity Date		Value

Corporate Bonds – 35.9%
Automobiles & Components – 0.0%
	General Motors Co.
$	25,000	4.000%		04/01/2025	$	26,208

Banks – 9.3%
	American Express Co.^(a)
	25,000	3.625		12/05/2024		26,486
	Bank of America Corp.
	75,000	4.125		01/22/2024		80,627
	75,000	(3 Mo. LIBOR + 0.94%), 3.864^(a)(b)		07/23/2024		78,913
	50,000	4.200		08/26/2024		53,693
	45,000	3.248^(a)		10/21/2027		46,945
	75,000	(3 Mo. LIBOR + 1.58%), 3.824^(a)(b)		01/20/2028		80,533
	25,000	(3 Mo. LIBOR + 1.37%), 3.593^(a)(b)		07/21/2028		26,520
	85,000	(3 Mo. LIBOR + 1.04%), 3.419^(a)(b)		12/20/2028		89,173
	50,000	(3 Mo. LIBOR + 1.31%), 4.271^(a)(b)		07/23/2029		55,537
	50,000	(3 Mo. LIBOR + 0.01%), 2.884^(a)(b)		10/22/2030		50,525
	Bank of America Corp. Series L^(a)
	25,000	4.183		11/25/2027		27,122
	BNP Paribas SA^(c)
	200,000	3.375		01/09/2025		207,645
	BPCE SA
	300,000	2.650		02/03/2021		302,138
	Citigroup, Inc.
	220,000	3.400		05/01/2026		231,046
	25,000	4.125		07/25/2028		27,171
	75,000	(SOFR + 1.42%), 2.976^(a)(b)		11/05/2030		76,057
	Credit Suisse Group Funding Guernsey Ltd.
	250,000	4.550		04/17/2026		277,381
	Deutsche Bank AG
	115,000	2.700		07/13/2020		115,085
	Discover Financial Services^(a)
	75,000	3.750		03/04/2025		79,387
	Gazprom PJSC
	240,000	4.950		03/23/2027		267,512
	GE Capital International Funding Co. Unlimited Co.
	200,000	3.373		11/15/2025		208,179
	General Motors Financial Co., Inc.^(a)
	25,000	4.300		07/13/2025		26,680
	Huntington Bancshares, Inc.^(a)
	50,000	4.000		05/15/2025		54,058
	JPMorgan Chase & Co.^(a)
	200,000	(3 Mo. LIBOR + 1.00%), 4.023^(b)		12/05/2024		213,233
	200,000	(SOFR + 1.16%), 2.301^(b)		10/15/2025		199,772
	100,000	(3 Mo. LIBOR + 1.25%), 3.960^(b)		01/29/2027		108,533
	15,000	3.625		12/01/2027		15,827


Corporate Bonds – (continued)
Banks – (continued)
	JPMorgan Chase & Co.^(a) – (continued)
	75,000	(3 Mo. LIBOR + 1.34%), 3.782%^(b)		02/01/2028		80,668
	45,000	(3 Mo. LIBOR + 0.95%), 3.509^(b)		01/23/2029		47,727
	JPMorgan Chase & Co. Series Z^(a)(b)
	85,000	(3 Mo. LIBOR + 3.80%), 5.300		12/31/2049		85,784
	Mizuho Financial Group, Inc.
	250,000	2.601		09/11/2022		253,106
	Morgan Stanley
	50,000	(3 Mo. LIBOR + 1.40%), 3.336^(a)(b)		10/24/2023		51,075
	50,000	(3 Mo. LIBOR + 0.85%), 3.737^(a)(b)		04/24/2024		52,225
	225,000	3.700		10/23/2024		238,848
	75,000	(SOFR + 1.15%), 2.720^(a)(b)		07/22/2025		76,062
	25,000	3.625		01/20/2027		26,611
	50,000	3.950		04/23/2027		53,504
	100,000	(3 Mo. LIBOR + 1.63%), 4.431^(a)(b)		01/23/2030		112,990
	Nuveen LLC^(a)(c)
	25,000	4.000		11/01/2028		27,806
	Royal Bank of Canada^(b)
	50,000	(3 Mo. LIBOR + 0.39%), 2.325		04/30/2021		50,152
	Royal Bank of Scotland Group plc
	200,000	3.875		09/12/2023		209,313
	Santander UK plc
	200,000	2.875		06/18/2024		204,298
	Standard Chartered plc^(a)(b)(c)
	200,000	(3 Mo. LIBOR + 1.15%), 4.247		01/20/2023		207,100
	Wells Fargo & Co.
	175,000	3.000		10/23/2026		179,405
	50,000	4.300		07/22/2027		54,713
	Westpac Banking Corp.^(a)(b)
	25,000	(5 Yr. Swap Rate + 2.24%), 4.322		11/23/2031		26,433
	50,000	(US Treasury Yield Curve Rate T-Note Constant Maturity 5 Yr. + 2.00%), 4.110		07/24/2034		52,465

						5,116,063

Capital Goods – 1.6%
	Air Lease Corp.^(a)
	75,000	3.750		06/01/2026		78,444
	Boeing Co. (The)^(a)
	50,000	3.450		11/01/2028		53,005
	Northrop Grumman Corp.
	75,000	2.930^(a)		01/15/2025		77,269
	75,000	3.250^(a)		01/15/2028		78,174
	25,000	4.750		06/01/2043		30,103


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)
Capital Goods – (continued)
	Roper Technologies, Inc.^(a)
$	50,000		4.200%		09/15/2028	$	54,732
	Stanley Black & Decker, Inc.^(a)
	50,000		4.250		11/15/2028		56,312
	United Technologies Corp.^(a)
	25,000		(3 Mo. LIBOR + 0.65%), 2.554^(b)		08/16/2021		25,021
	25,000		3.350		08/16/2021		25,596
	50,000		3.950		08/16/2025		54,546
	225,000		2.650		11/01/2026		230,528
	50,000		4.125		11/16/2028		56,255
	25,000		4.050		05/04/2047		28,295
	25,000		4.625		11/16/2048		31,210

							879,490

Commercial & Professional Services^(a) – 0.3%
	IHS Markit Ltd.
	75,000		4.250		05/01/2029		81,097
	Republic Services, Inc.
	75,000		2.500		08/15/2024		75,865

							156,962

Consumer Services^(a) – 0.3%
	Marriott International, Inc.
	85,000		2.300		01/15/2022		85,290
	Starbucks Corp.
	75,000		3.800		08/15/2025		80,918

							166,208

Electric – 2.0%
	Alliant Energy Finance LLC^(a)(c)
	25,000		3.750		06/15/2023		26,139
	Arizona Public Service Co.^(a)
	45,000		2.950		09/15/2027		45,997
	Berkshire Hathaway Energy Co.^(a)
	25,000		3.250		04/15/2028		26,341
	Dominion Energy, Inc.
	50,000		3.071		08/15/2024		51,144
	Emera US Finance LP^(a)
	45,000		2.700		06/15/2021		45,389
	Entergy Corp.^(a)
	45,000		2.950		09/01/2026		45,697
	Exelon Corp.^(a)
	45,000		3.497		06/01/2022		46,171
	Florida Power & Light Co.^(a)
	68,000		4.125		02/01/2042		77,650
	MidAmerican Energy Co.^(a)
	25,000		3.650		04/15/2029		27,316
	NiSource, Inc.^(a)
	50,000		3.650		06/15/2023		52,005
	95,000		3.490		05/15/2027		99,799
	NRG Energy, Inc.^(a)(c)
	75,000		3.750		06/15/2024		77,518
	Progress Energy, Inc.
	120,000		7.000		10/30/2031		163,837


Corporate Bonds – (continued)
Electric – (continued)
	Sempra Energy^(a)(b)
	70,000		(3 Mo. LIBOR + 0.50%), 2.501		01/15/2021		70,011
	Southern California Edison Co. Series A^(a)
	50,000		4.200		03/01/2029		54,995
	Southern Co. (The)^(a)
	60,000		3.250		07/01/2026		62,243
	Vistra Operations Co. LLC^(a)(c)
	125,000		3.550		07/15/2024		127,097

							1,099,349

Energy – 3.3%
	BP Capital Markets America, Inc.^(a)
	75,000		3.224		04/14/2024		78,187
	25,000		4.234		11/06/2028		28,261
	Cenovus Energy, Inc.^(a)
	25,000		4.250		04/15/2027		26,444
	Continental Resources, Inc.^(a)
	150,000		4.500		04/15/2023		157,186
	Devon Energy Corp.^(a)
	29,000		5.850		12/15/2025		34,374
	25,000		5.600		07/15/2041		30,436
	5,000		4.750		05/15/2042		5,572
	Energy Transfer Operating LP^(a)
	25,000		4.650		06/01/2021		25,682
	75,000		4.200		09/15/2023		78,777
	25,000		5.250		04/15/2029		28,110
	25,000		5.300		04/15/2047		26,662
	25,000		6.000		06/15/2048		29,099
	Enterprise Products Operating LLC^(a)(b)
	40,000		(3 Mo. LIBOR + 2.78%), 4.684		06/01/2067		37,907
	EQM Midstream Partners LP^(a)
	100,000		4.750		07/15/2023		100,322
	25,000		5.500		07/15/2028		24,560
	Kinder Morgan Energy Partners LP^(a)
	25,000		5.400		09/01/2044		28,614
	Marathon Oil Corp.^(a)
	25,000		4.400		07/15/2027		27,183
	Marathon Petroleum Corp.^(a)
	25,000		3.625		09/15/2024		26,223
	25,000		3.800		04/01/2028		26,249
	MPLX LP^(a)
	25,000		4.800		02/15/2029		27,425
	35,000		4.500		04/15/2038		35,615
	25,000		5.500		02/15/2049		28,281
	Newfield Exploration Co.
	50,000		5.625		07/01/2024		55,000
	Noble Energy, Inc.^(a)
	50,000		3.250		10/15/2029		50,539
	Occidental Petroleum Corp.
	225,000		2.900^(a)		08/15/2024		228,453
	15,000		5.550^(a)		03/15/2026		17,021
	25,000		3.200^(a)		08/15/2026		25,273
	30,000		6.450		09/15/2036		36,747


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)

December 31, 2019


Principal Amount		Interest Rate		Maturity Date		Value

Corporate Bonds – (continued)
Energy – (continued)
	Petroleos Mexicanos
$	20,000		4.500%		01/23/2026	$	19,878
	20,000		6.490^(a)(c)		01/23/2027		21,300
	10,000		6.500		03/13/2027		10,595
	20,000		6.750		09/21/2047		20,175
	30,000		7.690^(a)(c)		01/23/2050		32,871
	Phillips 66^(a)
	60,000		3.900		03/15/2028		65,420
	Pioneer Natural Resources Co.^(a)
	25,000		3.950		07/15/2022		25,975
	Plains All American Pipeline LP^(a)
	15,000		3.650		06/01/2022		15,401
	35,000		3.850		10/15/2023		36,232
	Sabine Pass Liquefaction LLC^(a)
	75,000		5.625		03/01/2025		84,215
	75,000		5.000		03/15/2027		82,593
	Total Capital International SA^(a)
	25,000		3.461		07/12/2049		26,356
	Western Midstream Operating LP^(a)
	25,000		5.450		04/01/2044		22,018
	25,000		5.300		03/01/2048		21,689

							1,808,920

Food & Beverage^(a) – 2.0%
	Anheuser-Busch Cos. LLC
	35,000		4.700		02/01/2036		40,378
	210,000		4.900		02/01/2046		249,307
	Anheuser-Busch InBev Worldwide, Inc.
	350,000		4.750		01/23/2029		405,743
	25,000		5.550		01/23/2049		32,414
	Constellation Brands, Inc.
	75,000		(3 Mo. LIBOR + 0.70%), 2.610^(b)		11/15/2021		75,110
	50,000		4.400		11/15/2025		54,616
	25,000		3.700		12/06/2026		26,537
	50,000		3.600		02/15/2028		52,594
	25,000		3.150		08/01/2029		25,311
	Keurig Dr Pepper, Inc.
	50,000		4.057		05/25/2023		52,800
	Mars, Inc.^(c)
	25,000		2.700		04/01/2025		25,577
	25,000		3.200		04/01/2030		26,458
	Tyson Foods, Inc.
	50,000		3.900		09/28/2023		52,917

							1,119,762

Health Care Equipment & Services – 1.6%
	Becton Dickinson and Co.^(a)
	93,000		(3 Mo. LIBOR + 0.88%), 2.836^(b)		12/29/2020		93,032
	45,000		2.894		06/06/2022		45,717
	25,000		3.363		06/06/2024		26,021
	40,000		3.700		06/06/2027		42,573
	Centene Corp.^(a)(c)
	150,000		4.250		12/15/2027		154,450


Corporate Bonds – (continued)
Health Care Equipment & Services – (continued)
	Cigna Corp.^(a)
	150,000		3.750%		07/15/2023		157,381
	50,000		4.900		12/15/2048		59,656
	CVS Health Corp.^(a)
	75,000		3.500		07/20/2022		77,409
	50,000		3.700		03/09/2023		52,058
	50,000		3.875		07/20/2025		53,290
	50,000		5.050		03/25/2048		59,180
	UnitedHealth Group, Inc.
	35,000		4.625		07/15/2035		42,423

							863,190

Life Insurance^(a) – 0.5%
	American International Group, Inc.
	125,000		3.900		04/01/2026		133,893
	25,000		4.200		04/01/2028		27,523
	Marsh & McLennan Cos., Inc.
	50,000		4.375		03/15/2029		56,983
	Principal Financial Group, Inc.
	50,000		3.100		11/15/2026		51,686

							270,085

Materials – 0.4%
	DuPont de Nemours, Inc.^(a)
	50,000		4.205		11/15/2023		53,457
	50,000		4.493		11/15/2025		55,020
	Ecolab, Inc.
	4,000		5.500		12/08/2041		5,220
	Huntsman International LLC^(a)
	25,000		4.500		05/01/2029		26,581
	Sherwin-Williams Co. (The)^(a)
	25,000		3.450		06/01/2027		26,439
	50,000		2.950		08/15/2029		50,681

							217,398

Media & Entertainment – 1.9%
	Charter Communications Operating LLC^(a)
	92,000		4.500		02/01/2024		98,955
	220,000		4.908		07/23/2025		242,414
	Comcast Corp.^(a)
	50,000		3.700		04/15/2024		53,280
	45,000		3.375		08/15/2025		47,762
	50,000		3.950		10/15/2025		54,555
	25,000		3.300		02/01/2027		26,429
	225,000		3.150		02/15/2028		235,798
	125,000		4.150		10/15/2028		140,622
	25,000		4.250		10/15/2030		28,611
	Fox Corp.^(a)(c)
	25,000		4.030		01/25/2024		26,630
	25,000		4.709		01/25/2029		28,498
	Time Warner Cable LLC
	15,000		5.000		02/01/2020		15,028
	Walt Disney Co. (The)^(a)
	25,000		3.700		09/15/2024		26,717

							1,025,299


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)
Metals and Mining^(c) – 0.2%
	Glencore Funding LLC
$	75,000		4.125%^(a)		03/12/2024	$	78,562
	25,000		4.625		04/29/2024		26,688

							105,250

Pharmaceuticals, Biotechnology & Life Sciences – 2.6%
	AbbVie, Inc.
	75,000		3.375		11/14/2021		76,900
	50,000		3.750^(a)		11/14/2023		52,614
	125,000		4.050^(a)(c)		11/21/2039		131,004
	175,000		4.250^(a)(c)		11/21/2049		185,178
	Amgen, Inc.^(a)
	70,000		3.125		05/01/2025		73,001
	Bayer US Finance II LLC^(a)(c)
	200,000		3.875		12/15/2023		209,971
	Bayer US Finance LLC^(c)
	200,000		3.000		10/08/2021		202,728
	Bristol-Myers Squibb Co.^(a)(c)
	150,000		3.875		08/15/2025		162,157
	DH Europe Finance II Sarl^(a)
	75,000		2.200		11/15/2024		75,107
	25,000		2.600		11/15/2029		24,928
	Elanco Animal Health, Inc.
	50,000		3.912		08/27/2021		51,239
	25,000		4.272^(a)		08/28/2023		26,406
	Pfizer, Inc.^(a)
	75,000		3.450		03/15/2029		80,652
	Thermo Fisher Scientific, Inc.^(a)
	35,000		3.000		04/15/2023		35,932
	15,000		3.650		12/15/2025		16,115
	Zoetis, Inc.^(a)
	45,000		3.000		09/12/2027		46,105

							1,450,037

Pipelines^(a) – 0.3%
	Columbia Pipeline Group, Inc.
	35,000		3.300		06/01/2020		35,103
	Sunoco Logistics Partners Operations LP
	15,000		4.250		04/01/2024		15,742
	Williams Cos., Inc. (The)
	25,000		3.600		03/15/2022		25,677
	25,000		3.900		01/15/2025		26,272
	35,000		4.000		09/15/2025		37,098

							139,892

Property/Casualty Insurance – 0.2%
	Arch Capital Group US, Inc.
	36,000		5.144		11/01/2043		44,014
	XLIT Ltd.
	45,000		4.450		03/31/2025		49,038

							93,052


Corporate Bonds – (continued)
Real Estate Investment Trusts^(a) – 1.8%
	Alexandria Real Estate Equities, Inc.
	25,000		3.800%		04/15/2026		26,704
	25,000		3.375		08/15/2031		26,034
	American Campus Communities Operating Partnership LP
	95,000		4.125		07/01/2024		101,456
	American Homes 4 Rent LP
	50,000		4.900		02/15/2029		55,911
	American Tower Corp.
	75,000		3.375		05/15/2024		77,874
	Crown Castle International Corp.
	25,000		2.250		09/01/2021		25,077
	85,000		3.150		07/15/2023		87,344
	60,000		3.650		09/01/2027		63,509
	CubeSmart LP
	45,000		4.000		11/15/2025		47,990
	Essex Portfolio LP
	50,000		3.000		01/15/2030		50,450
	Kilroy Realty LP
	25,000		4.750		12/15/2028		28,325
	National Retail Properties, Inc.
	45,000		4.000		11/15/2025		48,298
	Office Properties Income Trust
	25,000		3.600		02/01/2020		25,000
	Regency Centers LP
	100,000		2.950		09/15/2029		99,787
	Spirit Realty LP
	75,000		3.400		01/15/2030		75,255
	Ventas Realty LP
	45,000		3.500		02/01/2025		46,987
	VEREIT Operating Partnership LP
	50,000		4.625		11/01/2025		54,754
	25,000		3.950		08/15/2027		26,280
	WP Carey, Inc.
	25,000		3.850		07/15/2029		26,385

							993,420

Retailing^(a) – 1.3%
	Alimentation Couche-Tard, Inc.^(c)
	45,000		2.700		07/26/2022		45,497
	Amazon.com, Inc.
	335,000		5.200		12/03/2025		390,790
	45,000		4.800		12/05/2034		56,610
	15,000		3.875		08/22/2037		16,975
	Dollar Tree, Inc.
	50,000		4.000		05/15/2025		53,423
	50,000		4.200		05/15/2028		53,652
	Expedia Group, Inc.
	35,000		3.800		02/15/2028		35,687
	Home Depot, Inc. (The)
	25,000		3.900		12/06/2028		28,002
	25,000		4.250		04/01/2046		29,398

							710,034


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)

December 31, 2019


Principal Amount		Interest Rate		Maturity Date		Value

Corporate Bonds – (continued)
Software & Services^(a) – 0.7%
	Fiserv, Inc.
$	25,000		3.800%		10/01/2023	$	26,401
	100,000		2.750		07/01/2024		101,886
	50,000		3.200		07/01/2026		51,848
	25,000		4.200		10/01/2028		27,628
	Global Payments, Inc.
	50,000		2.650		02/15/2025		50,271
	25,000		3.200		08/15/2029		25,460
	PayPal Holdings, Inc.
	125,000		2.650		10/01/2026		126,649

							410,143

Technology – 2.3%
	Apple, Inc.^(a)
	325,000		2.450		08/04/2026		329,631
	Broadcom Corp.^(a)
	125,000		3.625		01/15/2024		129,451
	50,000		3.125		01/15/2025		50,679
	Broadcom, Inc.^(c)
	100,000		3.125		10/15/2022		101,949
	75,000		3.625^(a)		10/15/2024		77,863
	150,000		4.250^(a)		04/15/2026		159,614
	Dell International LLC^(a)(c)
	70,000		5.450		06/15/2023		75,897
	100,000		6.020		06/15/2026		115,378
	Hewlett Packard Enterprise Co.^(a)
	45,000		4.900		10/15/2025		50,044
	25,000		6.350		10/15/2045		30,168
	Microchip Technology, Inc.
	25,000		3.922		06/01/2021		25,543
	Oracle Corp.^(a)
	70,000		2.500		05/15/2022		71,026
	QUALCOMM, Inc.^(a)
	25,000		2.600		01/30/2023		25,433

							1,242,676

Tobacco^(a) – 0.2%
	Altria Group, Inc.
	75,000		3.800		02/14/2024		78,915
	BAT Capital Corp.
	25,000		3.222		08/15/2024		25,554
	25,000		4.540		08/15/2047		25,066

							129,535

Transportation – 0.6%
	Avolon Holdings Funding Ltd.^(a)(c)
	25,000		3.950		07/01/2024		26,083
	Burlington Northern Santa Fe LLC^(a)
	25,000		4.050		06/15/2048		28,350
	Delta Air Lines, Inc.
	150,000		3.400		04/19/2021		151,801
	FedEx Corp.^(a)
	45,000		3.400		02/15/2028		45,912
	Penske Truck Leasing Co. LP^(a)(c)
	70,000		3.375		02/01/2022		71,461

							323,607


Corporate Bonds – (continued)
Wireless Telecommunications – 2.5%
	American Tower Corp.
	45,000		4.700		03/15/2022		47,452
	AT&T, Inc.
	60,000		3.200^(a)		03/01/2022		61,422
	80,000		3.800		03/15/2022		83,008
	50,000		3.000^(a)		06/30/2022		51,075
	195,000		3.400^(a)		05/15/2025		204,346
	25,000		3.600^(a)		07/15/2025		26,442
	110,000		4.250^(a)		03/01/2027		120,672
	25,000		4.900^(a)		08/15/2037		28,849
	25,000		4.750^(a)		05/15/2046		28,213
	25,000		5.150^(a)		11/15/2046		29,879
	50,000		4.500^(a)		03/09/2048		55,260
	Verizon Communications, Inc.
	25,000		3.376		02/15/2025		26,443
	25,000		2.625		08/15/2026		25,390
	145,000		4.329		09/21/2028		164,285
	200,000		3.875^(a)		02/08/2029		220,601
	62,000		5.012		04/15/2049		79,196
	Vodafone Group plc
	100,000		3.750		01/16/2024		105,585

							1,358,118

	TOTAL CORPORATE BONDS
	(Cost $18,865,554)					$	19,704,698



Mortgage-Backed Securities – 48.0%
FHLMC – 0.8%
$	2,783		4.500%		07/01/2024	$	2,902
	17,231		4.500		11/01/2024		17,975
	3,828		4.500		12/01/2024		3,996
	6,765		7.500		12/01/2029		7,873
	1,880		5.000		10/01/2033		2,067
	3,080		5.000		07/01/2035		3,414
	4,214		5.000		12/01/2035		4,647
	867		5.000		03/01/2038		959
	2,360		5.000		06/01/2041		2,588
	373,849		4.000		10/01/2048		397,155

							443,576

GNMA – 15.5%
	1,278		7.000		10/15/2025		1,289
	5,405		7.000		11/15/2025		5,689
	743		7.000		02/15/2026		752
	2,553		7.000		04/15/2026		2,673
	2,562		7.000		03/15/2027		2,698
	15,878		7.000		11/15/2027		16,245
	6,682		7.000		02/15/2028		7,159
	1,506		7.000		03/15/2028		1,516
	840		7.000		04/15/2028		845
	111		7.000		05/15/2028		120
	2,512		7.000		06/15/2028		2,696
	4,009		7.000		07/15/2028		4,306
	9,656		7.000		09/15/2028		10,226


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)
GNMA – (continued)
$	1,876		7.000 %		11/15/2028		$	1,966
	924		7.500		11/15/2030			925
	99,141		6.000		08/20/2034			112,462
	94,074		5.000		06/15/2040			102,805
	446,074		4.000		08/20/2043			473,093
	208,781		4.000		10/20/2045			219,992
	633,317		4.500		09/20/2048			666,335
	726,264		5.000		10/20/2048			769,454
	2,906,625		4.500		01/20/2049			3,045,900
	3,000,000		3.000		TBA-30yr	^(d)		3,081,630

								8,530,776

UMBS – 22.4%
	261		5.000		06/01/2023			270
	20,340		5.500		09/01/2023			21,064
	6,018		5.500		10/01/2023			6,233
	1,253		4.500		07/01/2024			1,302
	40,023		4.500		11/01/2024			41,691
	18,975		4.500		12/01/2024			19,785
	6,098		9.000		11/01/2025			6,762
	27,354		7.000		08/01/2026			30,099
	12,124		8.000		10/01/2029			14,060
	1,118		8.500		04/01/2030			1,310
	2,081		8.000		05/01/2030			2,182
	6,164		8.000		08/01/2032			7,225
	8,461		4.500		08/01/2039			9,227
	37,891		3.000		01/01/2043			39,253
	158,409		3.000		03/01/2043			164,106
	220,422		3.000		04/01/2043			228,349
	165,252		3.000		05/01/2043			171,195
	516,249		4.500		04/01/2045			567,840
	58,858		4.500		05/01/2045			64,740
	362,096		4.000		02/01/2048			384,998
	481,461		4.000		03/01/2048			511,913
	116,758		4.000		06/01/2048			121,605
	40,537		4.000		07/01/2048			43,205
	640,098		4.000		08/01/2048			679,583
	565,804		4.000		11/01/2048			589,909
	456,270		5.000		11/01/2048			499,889
	318,928		4.000		01/01/2049			332,169
	2,500,708		5.000		10/01/2049			2,675,082
	3,999,999		3.000		12/01/2049			4,057,529
	1,000,000		2.500		01/01/2050			989,038

								12,281,613

UMBS, 30 Year, Single Family^(d) – 9.3%
	1,000,000		2.500		TBA-30yr			988,451
	2,000,000		3.000		TBA-30yr			2,028,140
	1,000,000		3.500		TBA-30yr			1,028,710
	1,000,000		4.500		TBA-30yr			1,052,969

								5,098,270

	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $26,223,037)						$	26,354,235


Collateralized Mortgage Obligations – 1.3%
Adjustable Rate Non-Agency^(a)(b) – 1.2%
	Alternative Loan Trust Series 2005-38, Class A1
$	77,408		3.739%		09/25/2035		$	76,420
	Harben Finance plc Series 2017-1X, Class A
GBP	73,145		1.602		08/20/2056			96,919
	Lehman XS Trust Series 2005-7N, Class 1A1A
$	131,137		2.332		12/25/2035			127,413
	London Wall Mortgage Capital plc Series 2017-FL1, Class A
GBP	50,711		1.639		11/15/2049			67,118
	MASTR Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
$	87,430		3.089		12/25/2046			128,951
	Ripon Mortgages plc Series 1X, Class A2
GBP	131,341		1.602		08/20/2056			173,967

								670,788

Sequential Fixed Rate – 0.1%
	FNMA REMIC Series 2012-111, Class B
$	10,651		7.000		10/25/2042			12,412
	FNMA REMIC Series 2012-153, Class B
	30,215		7.000		07/25/2042			35,995

								48,407

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $644,452)						$	719,195



Commercial Mortgage-Backed Securities^(a) – 0.3%
Adjustable Rate Non-Agency^(b)(c) – 0.0%
	Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A
$	36,245		2.567%		06/15/2035		$	36,216

Sequential Fixed Rate – 0.3%
	BANK Series 2019-BN21, Class A5
	50,000		2.851		10/17/2052			50,736
	Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
	100,000		3.006		01/15/2053			102,509

								153,245

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $190,743)						$	189,461



U.S. Government Agency Securities – 1.9%
	FHLB
$	100,000		3.375%		12/08/2023		$	106,471
	FNMA
	400,000		1.875		09/24/2026			399,052
	400,000		6.250		05/15/2029			540,220

	TOTAL U.S. GOVERNMENT AGENCY SECURITIES
	(Cost $1,007,735)						$	1,045,743


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)

December 31, 2019


Principal Amount		Interest Rate		Maturity Date		Value

Asset-Backed Securities^(a) – 3.8%
Automobile – 0.2%
	Ally Master Owner Trust Series 2018-1, Class A2
$	100,000		2.700%		01/17/2023	$	100,708

Collateralized Debt Obligations^(b)(c) – 1.2%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A
	200,000		2.890		06/15/2028		200,125
	KREF Ltd. Series 2018-FL1, Class A
	150,000		2.837		06/15/2036		150,234
	Orix Credit Alliance Owner Trust Ltd. Series 2018-CRE1, Class A
	125,000		2.920		06/15/2036		124,922
	TPG Real Estate Finance Issuer Ltd. Series 2018-FL2, Class A
	175,000		2.867		11/15/2037		174,891

							650,172

Collateralized Loan Obligations^(b)(c) – 1.4%
	CBAM Ltd. Series 2018-5A, Class A
	525,000		3.022		04/17/2031		520,831
	Cutwater Ltd. Series 2014-1A, Class A1AR
	269,534		3.251		07/15/2026		269,735

							790,566

Home Equity^(b) – 0.1%
	GMACM Home Equity Loan Trust Series 2007-HE3, Class 1A1
	2,600		7.000		09/25/2037		2,596
	GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1
	50,164		7.000		09/25/2037		51,852

							54,448

Student Loans^(b) – 0.9%
	Academic Loan Funding Trust Series 2012-1A, Class A2^(c)
	96,243		2.892		12/27/2044		96,815
	Northstar Education Finance, Inc. Series 2007-1, Class A1
	25,389		2.040		04/28/2030		25,344
	Scholar Funding Trust Series 2010-A, Class A^(c)
	100,610		2.686		10/28/2041		98,715
	SLM Student Loan Trust Series 2003-7A, Class A5A^(c)
	306,406		3.094		12/15/2033		303,688

							524,562

	TOTAL ASSET-BACKED SECURITIES
	(Cost $2,122,696)					$	2,120,456



Foreign Government Securities – 2.1%
	Israel Government AID Bond^(e)
$	400,000		5.500%		09/18/2023	$	453,256
	200,000		5.500		12/04/2023		227,566
	100,000		5.500		04/26/2024		115,008
	Mexico Government Bond
EUR	100,000		1.625		04/08/2026		117,078
	Romania Government Bond^(c)
	10,000		2.124		07/16/2031		11,455
	10,000		4.625		04/03/2049		13,839


Foreign Government Securities – (continued)
	United Arab Emirates Government International Bond^(c)
$	220,000		3.125		10/11/2027		230,340

	TOTAL FOREIGN GOVERNMENT SECURITIES
	(Cost $1,137,793)					$	1,168,542



Municipal Bonds – 1.3%
California – 0.3%
	California State Various Purpose GO Bonds Series 2010
$	105,000		7.625%		03/01/2040	$	168,129

Illinois – 0.7%
	Illinois State GO Bonds for Build America Bonds Series 2010-5
	100,000		7.350		07/01/2035		121,380
	Illinois State GO Bonds Pension Funding Series 2003
	25,000		5.100		06/01/2033		26,951
	Illinois State GO Bonds Series 2015-B^(f)
	199,000		7.750		01/01/2025		249,631

							397,962

Ohio – 0.3%
	American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	100,000		6.270		02/15/2050		133,589

	TOTAL MUNICIPAL BONDS
	(Cost $577,770)					$	699,680



U.S. Treasury Obligations – 0.4%
	U.S. Treasury Bonds
$	160,000		2.250%		08/15/2049	$	155,200
	U.S. Treasury Notes
	40,000		2.875		08/15/2028		43,113

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $205,537)					$	198,313


Shares	Dividend Rate	Value

Investment Company^(g) – 3.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
$ 1,647,077	1.638%	$	1,647,077
(Cost $1,647,077)


28		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

Short-Term Investment – 17.7%
U.S. Treasury Obligation – 17.7%
	U.S. Treasury Bills
$	9,753,000	1.833%		03/05/2020	$	9,727,643
	(Cost $9,721,496)

	TOTAL INVESTMENTS – 115.7%
	(Cost $62,343,890)				$	63,575,043

	LIABILITIES IN EXCESS OF OTHER ASSETS – (15.7)%					(8,630,241	)

	NET ASSETS – 100.0%				$	54,944,802


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 December 31, 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 $8,179,900 which represents approximately 14.9% of net assets as of December 31, 2019.

(e)		Guaranteed by the United States Government. Total market value of these securities amounts to $795,830, which represents 1.4% of net assets as of December 31, 2019.

(f)		Pre-refunded security. Maturity date disclosed is pre-refunding date.

(g)		Represents an Affiliated Issuer.



Investment Abbreviations:
BA		—Banker Acceptance Rate
BBR		—Bank Bill Reference Rate
EURIBOR		—Euro Interbank Offered 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
SOFR		—Secured Overnight Financing Rate
STIBOR		—Stockholm Interbank Offered Rate
T-Note		—Treasury Note
UMBS		—Uniform Mortgage-Backed Securities
Yr.		—Year

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 December 31, 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	61,008	EUR	38,016		03/18/2020	$	48
	AUD	243,188	USD	167,352		01/29/2020		3,420
	AUD	271,209	USD	188,170		03/18/2020		2,507
	CAD	55,003	CHF	40,730		03/18/2020		58
	CAD	167,370	EUR	114,004		03/18/2020		442
	CAD	258,925	USD	195,848		01/30/2020		3,577


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)

December 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc. (continued)	CAD	442,637	USD	337,000		03/18/2020	$	3,959
	CHF	216,480	EUR	198,093		03/18/2020		1,630
	CHF	168,236	GBP	131,464		03/18/2020		267
	CHF	40,983	JPY	4,572,403		03/18/2020		312
	CHF	82,087	USD	84,011		03/18/2020		1,262
	EUR	16,152	CAD	23,619		03/18/2020		9
	EUR	782,295	USD	866,509		02/20/2020		13,637
	EUR	1,518,905	USD	1,698,585		03/18/2020		13,222
	GBP	291,000	USD	376,397		02/12/2020		9,503
	GBP	32,009	USD	42,353		03/18/2020		134
	JPY	11,613,101	USD	106,981		02/05/2020		99
	JPY	4,566,249	USD	41,974		03/18/2020		231
	NOK	3,945,863	EUR	388,225		03/18/2020		12,024
	NOK	5,111,675	USD	559,110		03/18/2020		23,262
	NZD	64,026	CAD	55,654		03/18/2020		280
	NZD	358,240	USD	237,085		03/18/2020		4,346
	SEK	1,653,000	USD	174,059		02/14/2020		2,787
	SEK	398,391	USD	42,013		03/18/2020		676

TOTAL							$	97,692

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	AUD	61,007	CAD	55,858		03/18/2020	$	(135	)
	AUD	46,773	NOK	289,964		03/18/2020		(151	)
	CAD	55,020	NOK	376,979		03/18/2020		(568	)
	EUR	114,024	GBP	97,272		03/18/2020		(608	)
	EUR	152,009	NOK	1,543,730		03/18/2020		(4,562	)
	GBP	32,018	CAD	56,352		03/18/2020		(909	)
	GBP	32,010	CHF	42,183		03/18/2020		(1,332	)
	GBP	63,772	EUR	75,987		03/18/2020		(989	)
	GBP	64,567	USD	87,284		03/18/2020		(1,580	)
	JPY	4,562,402	AUD	60,989		03/18/2020		(709	)
	JPY	4,573,709	EUR	38,009		03/18/2020		(561	)
	JPY	38,205,675	USD	353,861		03/18/2020		(729	)
	SEK	1,919,265	EUR	183,192		03/18/2020		(801	)
	SEK	794,229	NOK	772,006		03/18/2020		(2,851	)
	USD	112,497	AUD	163,475		01/29/2020		(2,299	)
	USD	292,355	AUD	425,762		03/18/2020		(6,980	)
	USD	226,966	CAD	300,065		01/30/2020		(4,146	)
	USD	733,343	CAD	970,518		03/18/2020		(14,242	)


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)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc. (continued)	USD	1,266,793	CHF	1,243,748		03/18/2020	$	(25,230	)
	USD	976,715	EUR	881,790		02/20/2020		(15,370	)
	USD	410,395	EUR	366,334		03/18/2020		(2,464	)
	USD	696,908	GBP	538,793		02/12/2020		(17,596	)
	USD	243,006	GBP	185,339		03/18/2020		(3,004	)
	USD	83,403	JPY	9,053,632		02/05/2020		(77	)
	USD	541,020	NZD	824,399		03/18/2020		(14,570	)
	USD	200,348	SEK	1,902,659		02/14/2020		(3,208	)
	USD	713,509	SEK	6,759,202		03/18/2020		(10,760	)

TOTAL							$	(136,431	)

FORWARD SALES CONTRACTS — At December 31, 2019, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)		Principal Amount		Settlement Date		Value
GNMA		4.500	%		TBA-30yr	$	1,000,000		01/21/2020	$	(1,045,625	)
UMBS		5.000			TBA-30yr		1,000,000		01/14/2020		(1,069,062	)

TOTAL (Proceeds Received: $2,113,516)										$	(2,114,687	)

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

FUTURES CONTRACTS — At December 31, 2019, the Fund had the following futures contracts:


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

Long position contracts:
3 Month Eurodollar		2		06/15/2020	$	491,500	$	194
3 Month SOFR		1		03/17/2020		246,100		1
Australia 10 Year Bond		3		03/16/2020		300,963		(3,061	)
U.S. Treasury 2 Year Note		12		03/31/2020		2,584,969		(887	)
U.S. Treasury 5 Year Note		23		03/31/2020		2,725,680		(8,708	)
U.S. Treasury 10 Year Note		3		03/20/2020		384,750		(237	)
U.S. Treasury Long Bond		14		03/20/2020		2,177,437		(53,439	)
U.S. Treasury Ultra Bond		25		03/20/2020		4,529,687		(130,987	)

Total							$	(197,124	)


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)

December 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At December 31, 2019, the Fund had the following futures contracts: (continued)


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

Short position contracts:
30 Day Federal Funds		(1)		01/31/2020	$	(410,230	)	$	(27	)
Australia 3 Year Bond		(1)		03/16/2020		(80,711	)		(13	)
U.S. Treasury 10 Year Ultra Note		(14)		03/20/2020		(1,966,344	)		30,738

Total								$	30,698

Total Futures Contracts								$	(166,426	)

SWAP CONTRACTS — At December 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index^(a)	Financing Rate Received (Paid) by the Fund			Credit Spread at December 31, 2019^(b)			Termination Date	Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Sold:
General Electric Co.		1.000	%		0.850	%	06/20/2024	USD	125	$	864	$	(1,906	)	$	2,770
General Electric Co.		1.000			0.870		12/20/2024		50		320		(798	)		1,118
Markit CDX North America Investment Grade Index		1.000			0.390		06/20/2024		2,550		67,296		43,476			23,820
Markit CDX North America Investment Grade Index		1.000			0.450		12/20/2024		2,350		61,725		49,968			11,757
Prudential Financial, Inc.		1.000			0.460		06/20/2024		75		1,755		1,133			622
Republic of Chile		1.000			0.370		06/20/2024		20		552		552			—
Republic of Colombia		1.000			0.630		06/20/2024		210		3,396		775			2,621
Republic of Indonesia		1.000			0.560		06/20/2024		160		3,061		584			2,477
Republic of Peru		1.000			0.370		06/20/2024		40		1,109		834			275
Russian Federation		1.000			0.550		12/20/2024		30		654		(261	)		915
State of Qatar		1.000			0.310		06/20/2024		20		603		378			225
State of Qatar		1.000			0.370		12/20/2024		10		308		215			93
United Mexican States		1.000			0.690		06/20/2024		20		278		(266	)		544

TOTAL										$	141,921	$	94,684		$	47,237

(a)	Payments received quarterly.

(b)

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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

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)^(a)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3 Month BA^(b)		1.750%		03/18/2022	CAD	1,880	$	(7,042	)	$	(6,248	)	$	(794	)
1.750%^(b)		3 Month LIBOR		03/18/2022	USD	1,410		(2,403	)		(5,662	)		3,259
6 Month BBR^(b)		1.500		03/18/2025	AUD	780		7,912			11,082			(3,170	)
3 Month BA^(b)		1.750		03/18/2025	CAD	460		(5,220	)		(3,506	)		(1,714	)
6 Month EURIBOR^(b)		0.000		03/18/2025	EUR	400		2,086			3,454			(1,368	)
2.000^(c)		6 Month NIBOR		03/18/2025	NOK	5,740		181			(1,614	)		1,795
3 Month BBR^(d)		1.500		03/18/2025	NZD	230		258			760			(502	)
1.750^(b)		3 Month LIBOR		03/18/2025	USD	580		(715	)		(2,512	)		1,797
6 Month BBR^(b)		1.750		03/18/2030	AUD	60		812			1,724			(912	)
3 Month BA^(b)		2.000		03/18/2030	CAD	230		(2,814	)		(724	)		(2,090	)
6 Month EURIBOR^(b)		0.500		03/18/2030	EUR	230		7,036			9,421			(2,385	)
2.000^(c)		6 Month NIBOR		03/18/2030	NOK	2,090		1,525			(1,028	)		2,553
0.500^(c)		3 Month STIBOR		03/18/2030	SEK	2,770		6,180			2,466			3,714
0.002^(c)		6 Month EURIBOR		09/16/2030	EUR	280		9,078			6,645			2,433
0.330^(c)		6 Month EURIBOR		05/12/2031	EUR	10		42			52			(10	)

TOTAL							$	16,916		$	14,310		$	2,606

(a)	Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2019.

(b)	Payments made semi-annually.

(c)	Payments made annually.

(d)	Payments made quarterly.

PURCHASED & WRITTEN OPTIONS CONTRACTS — At December 31, 2019, the Fund had the following purchased & written options contracts:

OVER THE COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)

Purchased option contracts

Calls
3M IRS	UBS AG		1.270%			08/27/2020		150,000		$	150,000		$	500		$	3,025		$	(2,525	)

Written option contracts

Calls
6M IRS	Bank of America NA		0.065	%		09/14/2020		(230,000	)	$	(230,000	)	$	(1,725	)	$	(6,092	)	$	4,367
6M IRS			0.330			05/10/2021		(120,000	)		(120,000	)		(2,655	)		(3,068	)		413
6M IRS	Deutsche Bank AG		0.065			09/14/2020		(100,000	)		(100,000	)		(750	)		(2,148	)		1,398
6M IRS	JPMorgan Chase Bank NA		(0.350	)		05/27/2020		(350,000	)		(350,000	)		(243	)		(445	)		202
6M IRS			0.065			09/14/2020		(140,000	)		(140,000	)		(1,050	)		(2,970	)		1,920
6M IRS	UBS AG		(0.350	)		05/27/2020		(710,000	)		(710,000	)		(494	)		(787	)		293
6M IRS			(0.256	)		08/27/2020		(180,000	)		(180,000	)		(378	)		(2,901	)		2,523
6M IRS			0.065			09/14/2020		(90,000	)		(90,000	)		(675	)		(2,585	)		1,910
6M IRS			0.330			05/10/2021		(70,000	)		(70,000	)		(1,549	)		(1,988	)		439

Total calls								(1,990,000	)				$	(9,519	)	$	(22,984	)	$	13,465


The accompanying notes are an integral part of these financial statements.		33

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAPTIONS (continued)


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts (continued)

Puts
6M IRS	Bank of America NA		0.065	%		09/14/2020		(230,000	)	$	(230,000	)	$	(7,549	)	$	(3,935	)	$	(3,614	)
6M IRS			0.330			05/10/2021		(120,000	)		(120,000	)		(3,178	)		(2,976	)		(202	)
6M IRS	Deutsche Bank AG		0.065			09/14/2020		(100,000	)		(100,000	)		(3,279	)		(2,148	)		(1,131	)
6M IRS	JPMorgan Chase Bank NA		(0.100	)		05/27/2020		(350,000	)		(350,000	)		(1,998	)		(1,259	)		(739	)
6M IRS			0.065			09/14/2020		(140,000	)		(140,000	)		(4,591	)		(2,969	)		(1,622	)
6M IRS	UBS AG		(0.100	)		05/27/2020		(710,000	)		(710,000	)		(4,051	)		(2,439	)		(1,612	)
6M IRS			0.065			09/14/2020		(90,000	)		(90,000	)		(2,955	)		(1,389	)		(1,566	)
6M IRS			0.330			05/10/2021		(70,000	)		(70,000	)		(1,852	)		(1,516	)		(336	)

Total puts								(1,810,000	)				$	(29,453	)	$	(18,631	)	$	(10,822	)

Total Written option contracts								(3,800,000	)				$	(38,972	)	$	(41,615	)	$	2,643


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

December 31, 2019


Shares		Description	Value

Common Stocks – 99.4%
Automobiles & Components – 0.4%
	1,690	Aptiv plc	$	160,499
	1,437	BorgWarner, Inc.		62,337
	26,421	Ford Motor Co.		245,716
	8,295	General Motors Co.		303,597
	1,096	Harley-Davidson, Inc.		40,760

				812,909

Banks – 5.6%
	54,120	Bank of America Corp.		1,906,106
	14,595	Citigroup, Inc.		1,165,995
	2,969	Citizens Financial Group, Inc.		120,571
	924	Comerica, Inc.		66,297
	4,647	Fifth Third Bancorp		142,849
	1,133	First Republic Bank		133,071
	7,113	Huntington Bancshares, Inc.		107,264
	20,902	JPMorgan Chase & Co.		2,913,739
	6,741	KeyCorp		136,438
	892	M&T Bank Corp.		151,417
	2,606	People’s United Financial, Inc.		44,041
	2,906	PNC Financial Services Group, Inc. (The)		463,885
	6,589	Regions Financial Corp.		113,067
	336	SVB Financial Group*		84,349
	8,990	Truist Financial Corp.		506,311
	9,540	US Bancorp		565,627
	25,729	Wells Fargo & Co.		1,384,220
	1,140	Zions Bancorp NA		59,189

				10,064,436

Capital Goods – 6.4%
	3,829	3M Co.		675,512
	607	Allegion plc		75,596
	1,511	AMETEK, Inc.		150,707
	982	AO Smith Corp.		46,782
	2,514	Arconic, Inc.		77,356
	3,565	Boeing Co. (The)		1,161,334
	3,668	Caterpillar, Inc.		541,690
	998	Cummins, Inc.		178,602
	2,109	Deere & Co.		365,405
	966	Dover Corp.		111,341
	2,787	Eaton Corp. plc		263,985
	4,063	Emerson Electric Co.		309,844
	3,805	Fastenal Co.		140,595
	906	Flowserve Corp.		45,092
	1,944	Fortive Corp.		148,502
	926	Fortune Brands Home & Security, Inc.		60,505
	1,561	General Dynamics Corp.		275,282
	57,896	General Electric Co.		646,119
	4,751	Honeywell International, Inc.		840,927
	286	Huntington Ingalls Industries, Inc.		71,752
	522	IDEX Corp.		89,784
	1,936	Illinois Tool Works, Inc.		347,764
	1,601	Ingersoll-Rand plc		212,805
	807	Jacobs Engineering Group, Inc.		72,493
	5,080	Johnson Controls International plc		206,807
	1,488	L3Harris Technologies, Inc.		294,431


Common Stocks – (continued)
Capital Goods – (continued)
	1,654	Lockheed Martin Corp.		644,035
	1,903	Masco Corp.		91,325
	1,058	Northrop Grumman Corp.		363,920
	2,299	PACCAR, Inc.		181,851
	850	Parker-Hannifin Corp.		174,947
	1,073	Pentair plc		49,219
	1,029	Quanta Services, Inc.		41,891
	1,849	Raytheon Co.		406,299
	772	Rockwell Automation, Inc.		156,461
	688	Roper Technologies, Inc.		243,710
	355	Snap-on, Inc.		60,137
	1,034	Stanley Black & Decker, Inc.		171,375
	1,581	Textron, Inc.		70,513
	330	TransDigm Group, Inc.		184,800
	502	United Rentals, Inc.*		83,719
	5,425	United Technologies Corp.		812,448
	1,245	Westinghouse Air Brake Technologies Corp.		96,861
	304	WW Grainger, Inc.		102,910
	1,169	Xylem, Inc.		92,105

				11,439,538

Commercial & Professional Services – 0.7%
	543	Cintas Corp.		146,110
	1,323	Copart, Inc.*		120,314
	794	Equifax, Inc.		111,255
	2,503	IHS Markit Ltd.*		188,601
	2,557	Nielsen Holdings plc		51,907
	1,406	Republic Services, Inc.		126,020
	814	Robert Half International, Inc.		51,404
	882	Rollins, Inc.		29,247
	1,091	Verisk Analytics, Inc.		162,930
	2,610	Waste Management, Inc.		297,436

				1,285,224

Consumer Durables & Apparel – 1.2%
	1,057	Capri Holdings Ltd.*		40,325
	2,238	DR Horton, Inc.		118,055
	839	Garmin Ltd.		81,853
	2,220	Hanesbrands, Inc.		32,967
	815	Hasbro, Inc.		86,072
	931	Leggett & Platt, Inc.		47,323
	1,931	Lennar Corp. Class A		107,730
	421	Mohawk Industries, Inc.*		57,416
	2,664	Newell Brands, Inc.		51,202
	8,312	NIKE, Inc. Class B		842,089
	23	NVR, Inc.*		87,593
	1,728	PulteGroup, Inc.		67,046
	525	PVH Corp.		55,204
	358	Ralph Lauren Corp.		41,965
	1,933	Tapestry, Inc.		52,133
	1,254	Under Armour, Inc. Class A*		27,086
	1,232	Under Armour, Inc. Class C*		23,630
	2,190	VF Corp.		218,255
	423	Whirlpool Corp.		62,405

				2,100,349


The accompanying notes are an integral part of these financial statements.		35

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

December 31, 2019


Shares		Description	Value

Common Stocks – (continued)
Consumer Services – 1.9%
	2,610	Carnival Corp.	$	132,666
	168	Chipotle Mexican Grill, Inc.*		140,635
	816	Darden Restaurants, Inc.		88,952
	1,374	H&R Block, Inc.		32,262
	1,921	Hilton Worldwide Holdings, Inc.		213,058
	2,302	Las Vegas Sands Corp.		158,930
	1,818	Marriott International, Inc. Class A		275,300
	5,045	McDonald’s Corp.		996,942
	3,516	MGM Resorts International		116,977
	1,502	Norwegian Cruise Line Holdings Ltd.*		87,732
	1,158	Royal Caribbean Cruises Ltd.		154,605
	7,847	Starbucks Corp.		689,908
	632	Wynn Resorts Ltd.		87,766
	2,062	Yum! Brands, Inc.		207,705

				3,383,438

Diversified Financials – 5.0%
	4,454	American Express Co.		554,479
	859	Ameriprise Financial, Inc.		143,092
	5,544	Bank of New York Mellon Corp. (The)		279,030
	13,034	Berkshire Hathaway, Inc. Class B*		2,952,201
	789	BlackRock, Inc.		396,630
	3,129	Capital One Financial Corp.		322,005
	737	Cboe Global Markets, Inc.		88,440
	7,697	Charles Schwab Corp. (The)		366,069
	2,380	CME Group, Inc.		477,714
	2,134	Discover Financial Services		181,006
	1,468	E*TRADE Financial Corp.		66,603
	1,923	Franklin Resources, Inc.		49,960
	2,144	Goldman Sachs Group, Inc. (The)^(a)		492,970
	3,761	Intercontinental Exchange, Inc.		348,081
	2,721	Invesco Ltd.		48,924
	247	MarketAxess Holdings, Inc.		93,640
	1,083	Moody’s Corp.		257,115
	8,153	Morgan Stanley		416,781
	568	MSCI, Inc.		146,646
	799	Nasdaq, Inc.		85,573
	1,460	Northern Trust Corp.		155,110
	851	Raymond James Financial, Inc.		76,130
	1,645	S&P Global, Inc.		449,167
	2,472	State Street Corp.		195,535
	4,076	Synchrony Financial		146,777
	1,562	T. Rowe Price Group, Inc.		190,314

				8,979,992

Energy – 4.3%
	2,555	Apache Corp.		65,382
	4,344	Baker Hughes Co.		111,337
	2,916	Cabot Oil & Gas Corp.		50,768
	12,591	Chevron Corp.		1,517,341
	696	Cimarex Energy Co.		36,533
	1,365	Concho Resources, Inc.		119,533
	7,376	ConocoPhillips		479,661
	2,477	Devon Energy Corp.		64,328
	1,051	Diamondback Energy, Inc.		97,596
	3,831	EOG Resources, Inc.		320,885


Common Stocks – (continued)
Energy – (continued)
	28,238	Exxon Mobil Corp.		1,970,448
	5,723	Halliburton Co.		140,042
	800	Helmerich & Payne, Inc.		36,344
	1,701	Hess Corp.		113,644
	1,023	HollyFrontier Corp.		51,876
	13,165	Kinder Morgan, Inc.		278,703
	5,156	Marathon Oil Corp.		70,018
	4,287	Marathon Petroleum Corp.		258,292
	2,489	National Oilwell Varco, Inc.		62,349
	3,360	Noble Energy, Inc.		83,462
	6,005	Occidental Petroleum Corp.		247,466
	2,787	ONEOK, Inc.		210,892
	3,003	Phillips 66		334,564
	1,133	Pioneer Natural Resources Co.		171,502
	9,208	Schlumberger Ltd.		370,162
	2,968	TechnipFMC plc		63,634
	2,732	Valero Energy Corp.		255,852
	8,066	Williams Cos., Inc. (The)		191,326

				7,773,940

Food & Staples Retailing – 1.5%
	2,921	Costco Wholesale Corp.		858,540
	5,388	Kroger Co. (The)		156,198
	3,423	Sysco Corp.		292,803
	4,956	Walgreens Boots Alliance, Inc.		292,206
	9,440	Walmart, Inc.		1,121,850

				2,721,597

Food, Beverage & Tobacco – 3.8%
	12,433	Altria Group, Inc.		620,531
	3,785	Archer-Daniels-Midland Co.		175,435
	1,128	Brown-Forman Corp. Class B		76,253
	1,096	Campbell Soup Co.		54,164
	25,557	Coca-Cola Co. (The)		1,414,580
	3,173	Conagra Brands, Inc.		108,644
	1,113	Constellation Brands, Inc. Class A		211,192
	4,033	General Mills, Inc.		216,007
	936	Hershey Co. (The)		137,573
	1,837	Hormel Foods Corp.		82,867
	750	JM Smucker Co. (The)		78,098
	1,695	Kellogg Co.		117,226
	4,259	Kraft Heinz Co. (The)		136,842
	982	Lamb Weston Holdings, Inc.		84,481
	836	McCormick & Co., Inc. (Non-Voting)		141,894
	1,300	Molson Coors Brewing Co. Class B		70,070
	9,660	Mondelez International, Inc. Class A		532,073
	2,578	Monster Beverage Corp.*		163,832
	9,325	PepsiCo, Inc.		1,274,448
	10,333	Philip Morris International, Inc.		879,235
	1,951	Tyson Foods, Inc. Class A		177,619

				6,753,064

Health Care Equipment & Services – 6.5%
	11,780	Abbott Laboratories		1,023,211
	319	ABIOMED, Inc.*		54,418
	479	Align Technology, Inc.*		133,660


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)
Health Care Equipment & Services – (continued)
	1,002	AmerisourceBergen Corp.	$	85,190
	1,695	Anthem, Inc.		511,941
	3,404	Baxter International, Inc.		284,643
	1,788	Becton Dickinson and Co.		486,282
	9,276	Boston Scientific Corp.*		419,461
	1,982	Cardinal Health, Inc.		100,250
	2,742	Centene Corp.*		172,390
	2,129	Cerner Corp.		156,247
	2,478	Cigna Corp.		506,726
	322	Cooper Cos., Inc. (The)		103,455
	8,627	CVS Health Corp.		640,900
	4,290	Danaher Corp.		658,429
	573	DaVita, Inc.*		42,992
	1,552	Dentsply Sirona, Inc.		87,828
	1,379	Edwards Lifesciences Corp.*		321,707
	1,799	HCA Healthcare, Inc.		265,910
	1,038	Henry Schein, Inc.*		69,255
	1,847	Hologic, Inc.*		96,432
	876	Humana, Inc.		321,072
	568	IDEXX Laboratories, Inc.*		148,322
	775	Intuitive Surgical, Inc.*		458,141
	645	Laboratory Corp. of America Holdings*		109,115
	1,240	McKesson Corp.		171,517
	8,943	Medtronic plc		1,014,583
	893	Quest Diagnostics, Inc.		95,363
	960	ResMed, Inc.		148,771
	567	STERIS plc		86,422
	2,124	Stryker Corp.		445,913
	315	Teleflex, Inc.		118,579
	6,296	UnitedHealth Group, Inc.		1,850,898
	570	Universal Health Services, Inc. Class B		81,772
	627	Varian Medical Systems, Inc.*		89,040
	347	WellCare Health Plans, Inc.*		114,583
	1,366	Zimmer Biomet Holdings, Inc.		204,463

				11,679,881

Household & Personal Products – 1.9%
	1,696	Church & Dwight Co., Inc.		119,297
	855	Clorox Co. (The)		131,277
	5,738	Colgate-Palmolive Co.		395,004
	1,935	Coty, Inc. Class A		21,769
	1,476	Estee Lauder Cos., Inc. (The) Class A		304,853
	2,281	Kimberly-Clark Corp.		313,751
	16,614	Procter & Gamble Co. (The)		2,075,088

				3,361,039

Insurance – 2.3%
	4,956	Aflac, Inc.		262,172
	2,189	Allstate Corp. (The)		246,153
	5,743	American International Group, Inc.		294,788
	1,549	Aon plc		322,641
	1,281	Arthur J Gallagher & Co.		121,990
	411	Assurant, Inc.		53,874
	3,028	Chubb Ltd.		471,338
	1,010	Cincinnati Financial Corp.		106,202


Common Stocks – (continued)
Insurance – (continued)
	279	Everest Re Group Ltd.		77,238
	679	Globe Life, Inc.		71,465
	2,392	Hartford Financial Services Group, Inc. (The)		145,362
	1,297	Lincoln National Corp.		76,536
	1,704	Loews Corp.		89,443
	3,401	Marsh & McLennan Cos., Inc.		378,905
	5,297	MetLife, Inc.		269,988
	1,754	Principal Financial Group, Inc.		96,470
	3,931	Progressive Corp. (The)		284,565
	2,701	Prudential Financial, Inc.		253,192
	1,721	Travelers Cos., Inc. (The)		235,691
	1,503	Unum Group		43,828
	868	Willis Towers Watson plc		175,284
	966	WR Berkley Corp.		66,751

				4,143,876

Materials – 2.6%
	1,461	Air Products & Chemicals, Inc.		343,320
	738	Albemarle Corp.		53,904
	10,834	Amcor plc		117,441
	573	Avery Dennison Corp.		74,960
	2,258	Ball Corp.		146,025
	844	Celanese Corp.		103,913
	1,406	CF Industries Holdings, Inc.		67,123
	5,131	Corteva, Inc.		151,672
	4,993	Dow, Inc.		273,267
	4,982	DuPont de Nemours, Inc.		319,844
	909	Eastman Chemical Co.		72,047
	1,679	Ecolab, Inc.		324,030
	842	FMC Corp.		84,048
	9,649	Freeport-McMoRan, Inc.		126,595
	695	International Flavors & Fragrances, Inc.		89,669
	2,606	International Paper Co.		120,006
	3,571	Linde plc		760,266
	1,732	LyondellBasell Industries NV Class A		163,639
	423	Martin Marietta Materials, Inc.		118,288
	2,307	Mosaic Co. (The)		49,924
	5,493	Newmont Goldcorp Corp.		238,671
	2,000	Nucor Corp.		112,560
	644	Packaging Corp. of America		72,122
	1,564	PPG Industries, Inc.		208,778
	1,071	Sealed Air Corp.		42,658
	550	Sherwin-Williams Co. (The)		320,947
	884	Vulcan Materials Co.		127,287
	1,664	WestRock Co.		71,402

				4,754,406

Media & Entertainment – 8.2%
	5,093	Activision Blizzard, Inc.		302,626
	1,991	Alphabet, Inc. Class A*		2,666,725
	1,992	Alphabet, Inc. Class C*		2,663,344
	1,040	Charter Communications, Inc. Class A*		504,483


The accompanying notes are an integral part of these financial statements.		37

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

December 31, 2019


Shares		Description	Value

Common Stocks – (continued)
Media & Entertainment – (continued)
	30,251	Comcast Corp. Class A	$	1,360,387
	981	Discovery, Inc. Class A*		32,118
	2,248	Discovery, Inc. Class C*		68,541
	1,702	DISH Network Corp. Class A*		60,370
	1,961	Electronic Arts, Inc.*		210,827
	15,993	Facebook, Inc. Class A*		3,282,563
	2,439	Fox Corp. Class A		90,414
	1,119	Fox Corp. Class B		40,732
	2,670	Interpublic Group of Cos., Inc. (The)		61,677
	942	Live Nation Entertainment, Inc.*		67,325
	2,929	Netflix, Inc.*		947,737
	2,809	News Corp. Class A		39,719
	1,017	News Corp. Class B		14,757
	1,426	Omnicom Group, Inc.		115,535
	776	Take-Two Interactive Software, Inc.*		95,006
	5,004	Twitter, Inc.*		160,378
	3,610	ViacomCBS, Inc.		151,491
	11,967	Walt Disney Co. (The)		1,730,787

				14,667,542

Pharmaceuticals, Biotechnology & Life Sciences – 7.6%
	9,890	AbbVie, Inc.		875,661
	2,072	Agilent Technologies, Inc.		176,762
	1,483	Alexion Pharmaceuticals, Inc.*		160,387
	2,202	Allergan plc		420,956
	3,952	Amgen, Inc.		952,709
	1,195	Biogen, Inc.*		354,592
	15,623	Bristol-Myers Squibb Co.		1,002,840
	5,638	Eli Lilly & Co.		741,002
	8,424	Gilead Sciences, Inc.		547,392
	971	Illumina, Inc.*		322,120
	1,170	Incyte Corp.*		102,164
	1,195	IQVIA Holdings, Inc.*		184,639
	17,540	Johnson & Johnson		2,558,560
	17,006	Merck & Co., Inc.		1,546,696
	169	Mettler-Toledo International, Inc.*		134,064
	3,648	Mylan NV*		73,325
	783	PerkinElmer, Inc.		76,029
	823	Perrigo Co. plc		42,516
	36,895	Pfizer, Inc.		1,445,546
	529	Regeneron Pharmaceuticals, Inc.*		198,629
	2,668	Thermo Fisher Scientific, Inc.		866,753
	1,730	Vertex Pharmaceuticals, Inc.*		378,784
	442	Waters Corp.*		103,273
	3,160	Zoetis, Inc.		418,226

				13,683,625

Real Estate – 2.9%
	739	Alexandria Real Estate Equities, Inc. (REIT)		119,408
	2,946	American Tower Corp. (REIT)		677,050
	990	Apartment Investment & Management Co. Class A (REIT)		51,133
	944	AvalonBay Communities, Inc. (REIT)		197,957
	961	Boston Properties, Inc. (REIT)		132,483


Common Stocks – (continued)
Real Estate – (continued)
	2,126	CBRE Group, Inc. Class A*		130,303
	2,770	Crown Castle International Corp. (REIT)		393,756
	1,405	Digital Realty Trust, Inc. (REIT)		168,235
	2,429	Duke Realty Corp. (REIT)		84,213
	560	Equinix, Inc. (REIT)		326,872
	2,348	Equity Residential (REIT)		190,000
	441	Essex Property Trust, Inc. (REIT)		132,679
	877	Extra Space Storage, Inc. (REIT)		92,629
	456	Federal Realty Investment Trust (REIT)		58,701
	3,244	Healthpeak Properties, Inc. (REIT)		111,821
	4,881	Host Hotels & Resorts, Inc. (REIT)		90,543
	1,947	Iron Mountain, Inc. (REIT)		62,051
	2,698	Kimco Realty Corp. (REIT)		55,876
	754	Mid-America Apartment Communities, Inc. (REIT)		99,422
	4,229	Prologis, Inc. (REIT)		376,973
	988	Public Storage (REIT)		210,404
	2,120	Realty Income Corp. (REIT)		156,096
	1,101	Regency Centers Corp. (REIT)		69,462
	761	SBA Communications Corp. (REIT)		183,393
	2,041	Simon Property Group, Inc. (REIT)		304,027
	531	SL Green Realty Corp. (REIT)		48,788
	1,934	UDR, Inc. (REIT)		90,318
	2,465	Ventas, Inc. (REIT)		142,329
	1,036	Vornado Realty Trust (REIT)		68,894
	2,721	Welltower, Inc. (REIT)		222,523
	4,987	Weyerhaeuser Co. (REIT)		150,607

				5,198,946

Retailing – 6.2%
	474	Advance Auto Parts, Inc.		75,916
	2,777	Amazon.com, Inc.*		5,131,452
	157	AutoZone, Inc.*		187,036
	1,583	Best Buy Co., Inc.		138,987
	278	Booking Holdings, Inc.*		570,937
	1,145	CarMax, Inc.*		100,382
	1,709	Dollar General Corp.		266,570
	1,596	Dollar Tree, Inc.*		150,104
	5,027	eBay, Inc.		181,525
	956	Expedia Group, Inc.		103,382
	1,458	Gap, Inc. (The)		25,777
	1,009	Genuine Parts Co.		107,186
	7,274	Home Depot, Inc. (The)		1,588,496
	1,057	Kohl’s Corp.		53,854
	1,575	L Brands, Inc.		28,539
	1,999	LKQ Corp.*		71,364
	5,090	Lowe’s Cos., Inc.		609,578
	2,233	Macy’s, Inc.		37,961
	696	Nordstrom, Inc.		28,487
	514	O’Reilly Automotive, Inc.*		225,266
	2,428	Ross Stores, Inc.		282,668
	3,359	Target Corp.		430,657
	710	Tiffany & Co.		94,892


38		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)
	8,111	TJX Cos., Inc. (The)	$	495,258
	773	Tractor Supply Co.		72,229
	381	Ulta Beauty, Inc.*		96,446

				11,154,949

Semiconductors & Semiconductor Equipment – 4.2%
	7,236	Advanced Micro Devices, Inc.*		331,843
	2,482	Analog Devices, Inc.		294,961
	6,213	Applied Materials, Inc.		379,241
	2,640	Broadcom, Inc.		834,293
	29,080	Intel Corp.		1,740,438
	1,064	KLA Corp.		189,573
	973	Lam Research Corp.		284,505
	1,812	Maxim Integrated Products, Inc.		111,456
	1,568	Microchip Technology, Inc.		164,201
	7,364	Micron Technology, Inc.*		396,036
	4,057	NVIDIA Corp.		954,612
	764	Qorvo, Inc.*		88,800
	7,599	QUALCOMM, Inc.		670,460
	1,174	Skyworks Solutions, Inc.		141,913
	6,217	Texas Instruments, Inc.		797,579
	1,686	Xilinx, Inc.		164,840

				7,544,751

Software & Services – 12.4%
	4,226	Accenture plc Class A		889,869
	3,236	Adobe, Inc.*		1,067,265
	1,047	Akamai Technologies, Inc.*		90,440
	250	Alliance Data Systems Corp.		28,050
	553	ANSYS, Inc.*		142,348
	1,464	Autodesk, Inc.*		268,586
	2,885	Automatic Data Processing, Inc.		491,893
	745	Broadridge Financial Solutions, Inc.		92,037
	1,895	Cadence Design Systems, Inc.*		131,437
	803	Citrix Systems, Inc.		89,053
	3,714	Cognizant Technology Solutions Corp. Class A		230,342
	1,690	DXC Technology Co.		63,527
	4,067	Fidelity National Information Services, Inc.		565,679
	3,807	Fiserv, Inc.*		440,203
	572	FleetCor Technologies, Inc.*		164,576
	928	Fortinet, Inc.*		99,073
	613	Gartner, Inc.*		94,463
	1,988	Global Payments, Inc.		362,929
	5,882	International Business Machines Corp.		788,423
	1,738	Intuit, Inc.		455,234
	524	Jack Henry & Associates, Inc.		76,331
	890	Leidos Holdings, Inc.		87,122
	5,931	Mastercard, Inc. Class A		1,770,937
	50,871	Microsoft Corp.		8,022,357
	3,772	NortonLifeLock, Inc.		96,261
	14,401	Oracle Corp.		762,965
	2,127	Paychex, Inc.		180,923
	7,869	PayPal Holdings, Inc.*		851,190


Common Stocks – (continued)
Software & Services – (continued)
	5,845	salesforce.com, Inc.*		950,631
	1,255	ServiceNow, Inc.*		354,312
	1,002	Synopsys, Inc.*		139,478
	694	VeriSign, Inc.*		133,720
	11,405	Visa, Inc. Class A		2,143,000
	2,781	Western Union Co. (The)		74,475

				22,199,129

Technology Hardware & Equipment – 6.5%
	2,008	Amphenol Corp. Class A		217,326
	27,851	Apple, Inc.		8,178,446
	366	Arista Networks, Inc.*		74,444
	989	CDW Corp.		141,269
	28,185	Cisco Systems, Inc.		1,351,753
	5,184	Corning, Inc.		150,906
	399	F5 Networks, Inc.*		55,720
	933	FLIR Systems, Inc.		48,581
	8,696	Hewlett Packard Enterprise Co.		137,919
	9,929	HP, Inc.		204,041
	242	IPG Photonics Corp.*		35,071
	2,372	Juniper Networks, Inc.		58,422
	1,287	Keysight Technologies, Inc.*		132,085
	1,087	Motorola Solutions, Inc.		175,159
	1,571	NetApp, Inc.		97,795
	1,561	Seagate Technology plc		92,879
	2,243	TE Connectivity Ltd.		214,969
	2,010	Western Digital Corp.		127,575
	1,356	Xerox Holdings Corp.		49,996
	360	Zebra Technologies Corp. Class A*		91,958

				11,636,314

Telecommunication Services – 2.1%
	48,762	AT&T, Inc.		1,905,619
	6,771	CenturyLink, Inc.		89,445
	2,141	T-Mobile US, Inc.*		167,897
	27,475	Verizon Communications, Inc.		1,686,965

				3,849,926

Transportation – 1.9%
	861	Alaska Air Group, Inc.		58,333
	2,591	American Airlines Group, Inc.		74,310
	930	CH Robinson Worldwide, Inc.		72,726
	5,212	CSX Corp.		377,140
	3,893	Delta Air Lines, Inc.		227,663
	1,121	Expeditors International of Washington, Inc.		87,460
	1,605	FedEx Corp.		242,692
	560	JB Hunt Transport Services, Inc.		65,397
	662	Kansas City Southern		101,392
	1,763	Norfolk Southern Corp.		342,251
	426	Old Dominion Freight Line, Inc.		80,846
	3,232	Southwest Airlines Co.		174,463
	4,616	Union Pacific Corp.		834,527
	1,448	United Airlines Holdings, Inc.*		127,554
	4,680	United Parcel Service, Inc. Class B		547,841

				3,414,595


The accompanying notes are an integral part of these financial statements.		39

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

December 31, 2019


Shares		Description	Value

Common Stocks – (continued)
Utilities – 3.3%
	4,573	AES Corp.	$	91,003
	1,551	Alliant Energy Corp.		84,871
	1,618	Ameren Corp.		124,262
	3,271	American Electric Power Co., Inc.		309,142
	1,214	American Water Works Co., Inc.		149,140
	790	Atmos Energy Corp.		88,369
	3,331	CenterPoint Energy, Inc.		90,836
	1,893	CMS Energy Corp.		118,956
	2,254	Consolidated Edison, Inc.		203,919
	5,500	Dominion Energy, Inc.		455,510
	1,209	DTE Energy Co.		157,013
	4,878	Duke Energy Corp.		444,922
	2,224	Edison International		167,712
	1,320	Entergy Corp.		158,136
	1,561	Evergy, Inc.		101,605
	2,168	Eversource Energy		184,432
	6,413	Exelon Corp.		292,369
	3,393	FirstEnergy Corp.		164,900
	3,264	NextEra Energy, Inc.		790,410
	2,594	NiSource, Inc.		72,217
	1,628	NRG Energy, Inc.		64,713
	731	Pinnacle West Capital Corp.		65,739
	4,854	PPL Corp.		174,162
	3,409	Public Service Enterprise Group, Inc.		201,301


Common Stocks – (continued)
Utilities – (continued)
	1,824	Sempra Energy		276,300
	7,023	Southern Co. (The)		447,365
	2,112	WEC Energy Group, Inc.		194,790
	3,546	Xcel Energy, Inc.		225,136

				5,899,230

	TOTAL INVESTMENTS – 99.4%
	(Cost $57,235,140)		$	178,502,696

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%			1,039,316

	NET ASSETS – 100.0%		$	179,542,012


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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 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

03/20/2020

1,292,440

21,172


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

December 31, 2019


Shares		Description	Value

Common Stocks – 98.4%
Banks – 0.5%
	3,282	First Republic Bank	$	385,471

Capital Goods – 12.7%
	10,615	AMETEK, Inc.		1,058,740
	13,104	Fortive Corp.		1,001,015
	4,417	Graco, Inc.		229,684
	3,730	HEICO Corp.		425,779
	6,740	IDEX Corp.		1,159,280
	12,219	Ingersoll-Rand plc		1,624,149
	7,570	L3Harris Technologies, Inc.		1,497,876
	7,285	Rockwell Automation, Inc.		1,476,451
	11,121	Xylem, Inc.		876,224

				9,349,198

Commercial & Professional Services – 4.3%
	4,339	Cintas Corp.		1,167,538
	8,634	TransUnion		739,157
	8,625	Verisk Analytics, Inc.		1,288,057

				3,194,752

Consumer Durables & Apparel – 2.4%
	5,510	Lululemon Athletica, Inc.*		1,276,502
	4,932	PVH Corp.		518,600

				1,795,102

Consumer Services – 4.2%
	8,122	Bright Horizons Family Solutions, Inc.*		1,220,655
	7,081	Choice Hotels International, Inc.		732,388
	742	Domino’s Pizza, Inc.		217,985
	4,596	Wingstop, Inc.		396,313
	3,771	Wynn Resorts Ltd.		523,679

				3,091,020

Diversified Financials – 3.8%
	5,089	Discover Financial Services		431,649
	2,070	MarketAxess Holdings, Inc.		784,758
	1,898	MSCI, Inc.		490,026
	6,294	Northern Trust Corp.		668,674
	3,129	T. Rowe Price Group, Inc.		381,237

				2,756,344

Energy – 1.3%
	15,764	Cheniere Energy, Inc.*		962,708

Food & Staples Retailing – 0.9%
	19,555	Grocery Outlet Holding Corp.*		634,560

Food, Beverage & Tobacco – 2.3%
	6,862	Lamb Weston Holdings, Inc.		590,338
	6,315	McCormick & Co., Inc. (Non-Voting)		1,071,845

				1,662,183

Health Care Equipment & Services – 10.0%
	1,952	ABIOMED, Inc.*		332,992
	18,108	Centene Corp.*		1,138,450
	2,013	Cooper Cos., Inc. (The)		646,757
	1,490	Edwards Lifesciences Corp.*		347,602


Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	13,025	Envista Holdings Corp.*		386,061
	3,949	Guardant Health, Inc.*		308,575
	4,615	IDEXX Laboratories, Inc.*		1,205,115
	3,406	Teleflex, Inc.		1,282,155
	1,175	Veeva Systems, Inc. Class A*		165,275
	3,271	West Pharmaceutical Services, Inc.		491,729
	6,781	Zimmer Biomet Holdings, Inc.		1,014,980

				7,319,691

Household & Personal Products – 1.5%
	13,181	BellRing Brands, Inc. Class A*		280,623
	11,814	Church & Dwight Co., Inc.		830,997

				1,111,620

Materials – 3.8%
	19,792	Ball Corp.		1,279,949
	3,601	Celanese Corp.		443,355
	3,790	Martin Marietta Materials, Inc.		1,059,835

				2,783,139

Media & Entertainment – 3.6%
	3,633	IAC/InterActiveCorp*		905,016
	26,127	Snap, Inc. Class A*		426,654
	2,691	Spotify Technology SA*		402,439
	8,516	Twitter, Inc.*		272,938
	9,647	World Wrestling Entertainment, Inc. Class A		625,801

				2,632,848

Pharmaceuticals, Biotechnology & Life Sciences – 8.8%
	10,113	Adaptive Biotechnologies Corp.*^(a)		302,581
	4,648	Agilent Technologies, Inc.		396,521
	11,997	Agios Pharmaceuticals, Inc.*		572,857
	6,688	BioMarin Pharmaceutical, Inc.*		565,470
	14,334	Catalent, Inc.*		807,004
	27,463	Elanco Animal Health, Inc.*		808,785
	4,981	Exact Sciences Corp.*		460,643
	1,816	Illumina, Inc.*		602,440
	4,101	Incyte Corp.*		358,099
	736	Mettler-Toledo International, Inc.*		583,854
	10,483	Moderna, Inc.*		205,048
	2,193	Neurocrine Biosciences, Inc.*		235,726
	4,158	Sarepta Therapeutics, Inc.*		536,548

				6,435,576

Real Estate Investment Trusts – 2.9%
	9,139	Equity LifeStyle Properties, Inc.		643,294
	6,262	SBA Communications Corp.		1,509,080

				2,152,374

Retailing – 8.6%
	4,124	Burlington Stores, Inc.*		940,396
	12,361	Dollar General Corp.		1,928,069
	1,201	Five Below, Inc.*		153,560
	723	MercadoLibre, Inc.*		413,512
	3,330	O’Reilly Automotive, Inc.*		1,459,406


The accompanying notes are an integral part of these financial statements.		41

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

December 31, 2019


Shares				Description	Value

Common Stocks – (continued)
Retailing – (continued)
	5,110			Ross Stores, Inc.	$	594,906
	3,371			Ulta Beauty, Inc.*		853,335

						6,343,184

Semiconductors & Semiconductor Equipment – 5.5%
	21,221			Advanced Micro Devices, Inc.*		973,195
	3,245			Analog Devices, Inc.		385,636
	38,307			Marvell Technology Group Ltd.		1,017,434
	8,624			MKS Instruments, Inc.		948,726
	1,611			Monolithic Power Systems, Inc.		286,790
	4,757			Xilinx, Inc.		465,092

						4,076,873

Software & Services – 17.3%
	5,429			Anaplan, Inc.*		284,480
	7,943			Atlassian Corp. plc Class A*		955,861
	9,293			Black Knight, Inc.*		599,213
	13,704			Cadence Design Systems, Inc.*		950,509
	2,713			Citrix Systems, Inc.		300,872
	3,745			Coupa Software, Inc.^*		547,706
	8,063			Fidelity National Information Services, Inc.		1,121,483
	20,799			Fiserv, Inc.*		2,404,988
	7,060			Global Payments, Inc.		1,288,874
	4,747			HubSpot, Inc.*		752,399
	5,143			Palo Alto Networks, Inc.*		1,189,319
	22,744			Slack Technologies, Inc. Class A*^(a)		511,285
	8,573			Splunk, Inc.*		1,283,978
	3,401			Twilio, Inc. Class A*		334,250
	1,701			Wix.com Ltd.*		208,168

						12,733,385

Technology Hardware & Equipment – 2.9%
	9,221			Amphenol Corp. Class A		997,989
	1,549			F5 Networks, Inc.*		216,318
	2,648			Motorola Solutions, Inc.		426,698
	12,100			National Instruments Corp.		512,314

						2,153,319

Transportation – 1.1%
	4,279			Old Dominion Freight Line, Inc.		812,069

	TOTAL COMMON STOCKS
	(Cost $54,552,378)				$	72,385,416

Shares		Dividend Rate			Value

Investment Company^(b) – 1.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
998,484			1.638	%	$	998,484
(Cost $998,484)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $55,550,862)					$	73,383,900



Securities Lending Reinvestment Vehicle^(b) – 1.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
809,324			1.638	%	$	809,324
(Cost $809,324)

TOTAL INVESTMENTS – 100.9%
(Cost $56,360,186)					$	74,193,224

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%						(693,365	)

NET ASSETS – 100.0%					$	73,499,859


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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

December 31, 2019


Principal Amount		Interest Rate	Maturity Date		Value

Mortgage-Backed Securities – 2.7%
Adjustable Rate FHLMC^(a) – 0.9%
$	92,187	4.625%		05/01/2035	$	96,329
	17,072	4.250		09/01/2035		17,999
	102,792	4.375		12/01/2036		107,594
	112,699	5.180		04/01/2037		118,029
	215,338	4.338		01/01/2038		226,823
	138,617	4.565		01/01/2038		144,861

						711,635

	Adjustable Rate FNMA^(a) – 1.2%
	37,816	4.138		05/01/2033		39,146
	71,222	4.708		05/01/2035		74,762
	263,911	4.612		06/01/2035		276,465
	369,220	3.778		11/01/2035		384,177
	49,852	3.766		12/01/2035		52,068
	147,587	4.286		03/01/2037		154,572

						981,190

	Adjustable Rate GNMA^(a) – 0.2%
	165,710	3.875		04/20/2033		170,204

	Agency Multi-Family – 0.4%
	FNMA
	25,480	3.416		10/01/2020		25,515
	27,429	3.619		12/01/2020		27,648
	205,946	3.771		12/01/2020		207,066
	85,762	4.381		06/01/2021		87,503

						347,732

	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $2,236,800)				$	2,210,761



Collateralized Mortgage Obligations^(a) – 21.1%
Adjustable Rate Non-Agency^(b)(c) – 0.2%
	Holmes Master Issuer plc Series 2018-1A, Class A2
$	131,429	2.361%		10/15/2054	$	131,362

	Agency Multi-Family – 1.5%
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series J15L, Class AFL^(c)
	200,249	2.047		08/25/2025		199,245
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF03, Class A
	11,456	2.037		01/25/2021		11,453
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF32, Class A^(c)
	517,993	2.067		05/25/2024		516,985
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF42, Class A^(c)
	301,232	1.947		12/25/2024		300,035
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KS02, Class A^(c)
	202,449	2.077		08/25/2023		202,367

						1,230,085


Collateralized Mortgage Obligations^(a) – (continued)
	Regular Floater – 19.4%
	FHLMC REMIC Series 3049, Class FP
	161,535	2.090		10/15/2035		161,091
	FHLMC REMIC Series 3208, Class FB^(c)
	91,518	2.140		08/15/2036		91,483
	FHLMC REMIC Series 3208, Class FD^(c)
	136,363	2.140		08/15/2036		136,311
	FHLMC REMIC Series 3208, Class FG^(c)
	549,111	2.140		08/15/2036		548,900
	FHLMC REMIC Series 3307, Class FT
	862,372	1.980		07/15/2034		857,131
	FHLMC REMIC Series 3311, Class KF
	1,533,354	2.080		05/15/2037		1,526,543
	FHLMC REMIC Series 3371, Class FA^(c)
	353,469	2.340		09/15/2037		356,170
	FHLMC REMIC Series 4174, Class FB^(c)
	575,122	2.040		05/15/2039		573,404
	FHLMC REMIC Series 4320, Class FD
	304,481	2.140		07/15/2039		304,128
	FHLMC REMIC Series 4477, Class FG
	348,227	2.081		10/15/2040		347,121
	FHLMC REMIC Series 4508, Class CF
	289,529	2.140		09/15/2045		289,760
	FHLMC REMIC Series 4631, Class GF
	1,853,687	2.240		11/15/2046		1,853,685
	FHLMC REMIC Series 4637, Class QF
	1,818,874	2.691		04/15/2044		1,821,002
	FNMA REMIC Series 2006-82, Class F
	126,490	2.362		09/25/2036		126,966
	FNMA REMIC Series 2006-96, Class FA
	453,504	2.092		10/25/2036		451,207
	FNMA REMIC Series 2007-33, Class HF
	80,727	2.142		04/25/2037		80,510
	FNMA REMIC Series 2007-36, Class F
	130,566	2.022		04/25/2037		129,610
	FNMA REMIC Series 2007-85, Class FC
	356,795	2.332		09/25/2037		358,016
	FNMA REMIC Series 2008-8, Class FB
	270,770	2.612		02/25/2038		273,255
	FNMA REMIC Series 2011-63, Class FG
	305,570	2.242		07/25/2041		306,738
	FNMA REMIC Series 2012-35, Class QF
	982,081	2.192		04/25/2042		980,168
	FNMA REMIC Series 2016-1, Class FT
	935,653	2.142		02/25/2046		932,076
	FNMA REMIC Series 2017-45, Class FA
	510,978	2.101		06/25/2047		510,424
	FNMA REMIC Series 2017-96, Class FC
	1,047,852	2.192		12/25/2057		1,043,374
	GNMA REMIC Series 2005-48, Class AF
	461,131	1.965		06/20/2035		457,385
	GNMA REMIC Series 2012-98, Class FA
	426,185	2.165		08/20/2042		425,778
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A^(c)
	78,378	2.163		10/07/2020		78,391


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)

December 31, 2019


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)
$	230,220	2.183 %		11/05/2020	$	230,327
	NCUA Guaranteed Notes Trust Series 2011-R1, Class 1A^(c)
	537,302	2.163		01/08/2020		537,769

						15,788,723

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $17,177,644)				$	17,150,170



Commercial Mortgage-Backed Security^(a) – 0.3%
Agency Multi-Family – 0.3%
	FNMA ACES REMIC Series 2017-M13, Class FA
$	223,751	2.246%		10/25/2024	$	221,593
	(Cost $223,507)



U.S. Government Agency Security^(a) – 2.5%
	FNMA
$	2,000,000	(SOFR + 0.16%), 1.700%		01/30/2020	$	2,000,205
	(Cost $2,000,000)



Asset-Backed Securities – 35.4%
Automobile^(c) – 8.8%
	Ally Master Owner Trust Series 2017-3, Class A1^(a)
$	1,350,000	2.170%		06/15/2022	$	1,351,371
	Ally Master Owner Trust Series 2018-1, Class A2
	800,000	2.700		01/17/2023		805,667
	Chesapeake Funding II LLC Series 2017-3A, Class A2^(a)(b)
	209,548	2.080		08/15/2029		209,390
	Ford Credit Floorplan Master Owner Trust A Series 2015-2, Class A2^(a)
	1,210,000	2.310		01/15/2022		1,210,109
	GMF Floorplan Owner Revolving Trust Series 2017-2, Class A2^(a)(b)
	900,000	2.170		07/15/2022		900,749
	Mercedes-Benz Master Owner Trust Series 2018-AA, Class A^(a)(b)
	1,500,000	2.000		05/16/2022		1,500,167
	Nissan Master Owner Trust Receivables Series 2017-C, Class A^(a)
	300,000	2.060		10/17/2022		300,015
	Nissan Master Owner Trust Receivables Series 2019-A, Class A^(a)
	850,000	2.300		02/15/2024		852,887

						7,130,355

	Collateralized Loan Obligations^(a)(b)(c) – 7.0%
	Benefit Street Partners CLO VII Ltd. Series 2015-VIIA, Class A1AR
	960,745	2.783		07/18/2027		960,759
	Bowman Park CLO Ltd. Series 2014-1A, Class AR
	151,916	3.089		11/23/2025		151,940


Asset-Backed Securities – (continued)
Collateralized Loan Obligations^(a)(b)(c) – (continued)
	California Street CLO XII Ltd. Series 2013-12A, Class AR
	145,516	3.031		10/15/2025		145,531
	CBAM Ltd. Series 2018-5A, Class A
	1,100,000	3.022		04/17/2031		1,091,265
	Cutwater Ltd. Series 2014-1A, Class A1AR
	171,521	3.251		07/15/2026		171,649
	Dryden 64 CLO Ltd. Series 2018-64A, Class A
	600,000	2.973		04/18/2031		594,032
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R
	55,415	3.133		04/18/2026		55,399
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A
	1,100,000	2.751		04/15/2029		1,091,842
	Parallel Ltd. Series 2015-1A, Class AR
	300,000	2.816		07/20/2027		299,706
	Pikes Peak CLO 2 Series 2018-2A, Class A
	800,000	3.293		01/18/2032		797,242
	Trinitas CLO II Ltd. Series 2014-2A, Class A1R
	148,858	3.181		07/15/2026		149,069
	WhiteHorse IX Ltd. Series 2014-9A, Class AR
	193,915	3.162		07/17/2026		194,115

						5,702,549

	Credit Card^(a)(c) – 7.8%
	CARDS II Trust Series 2018-1A, Class A^(b)
	2,200,000	2.090		04/17/2023		2,200,945
	Citibank Credit Card Issuance Trust Series 2017-A5, Class A5
	1,400,000	2.405		04/22/2026		1,409,947
	Citibank Credit Card Issuance Trust Series 2017-A7, Class A7
	500,000	2.080		08/08/2024		501,110
	Evergreen Credit Card Trust Series 2019-1, Class A^(b)
	1,000,000	2.220		01/15/2023		1,002,481
	Golden Credit Card Trust Series 2019-1A, Class A^(b)
	350,000	2.190		12/15/2022		350,636
	Trillium Credit Card Trust II Series 2018-1A, Class A^(b)
	900,000	2.042		02/27/2023		900,026

						6,365,145

	Student Loans^(a) – 11.8%
	Academic Loan Funding Trust Series 2013-1A, Class A^(b)(c)
	376,343	2.592		12/26/2044		371,068
	Access Group, Inc. Series 2015-1, Class A^(b)(c)
	147,764	2.492		07/25/2056		145,435
	Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A^(c)
	371,051	2.592		02/25/2041		364,830
	Brazos Higher Education Authority, Inc. Series 2011-1, Class A2^(c)
	716,787	2.710		02/25/2030		716,568
	ECMC Group Student Loan Trust Series 2018-1A, Class A^(b)(c)
	540,027	2.542		02/27/2068		531,252
	Edsouth Indenture No. 4 LLC Series 2013-1, Class A^(b)(c)
	99,091	2.362		02/26/2029		98,540
	Edsouth Indenture No. 5 LLC Series 2014-1, Class A^(b)(c)
	173,533	2.492		02/25/2039		171,240


44		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)
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(b)(c)
$	73,695	2.592 %		06/25/2026	$	73,723
	Educational Funding of the South, Inc. Series 2011-1, Class A2^(c)
	331,441	2.590		04/25/2035		328,610
	Educational Funding of the South, Inc. Series 2012-1, Class A
	241,913	2.842		03/25/2036		243,810
	Higher Education Funding I Series 2014-1, Class A^(b)(c)
	268,700	2.959		05/25/2034		268,699
	Illinois Student Assistance Commission Series 2010-1, Class A3
	170,383	2.840		07/25/2045		168,585
	Kentucky Higher Education Student Loan Corp. Series 2013-2, Class A1^(c)
	515,016	2.309		09/01/2028		509,546
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1
	490,618	2.458		12/01/2031		485,939
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2^(c)
	440,566	2.765		05/20/2030		440,878
	Navient Student Loan Trust Series 2016-7A, Class A^(b)(c)
	118,232	2.955		03/25/2066		118,276
	Nelnet Student Loan Trust Series 2006-1, Class A5^(c)
	287,321	2.019		08/23/2027		286,845
	Nelnet Student Loan Trust Series 2013-5A, Class A^(b)(c)
	67,027	2.422		01/25/2037		65,989
	Nelnet Student Loan Trust Series 2014-3A, Class A^(b)(c)
	547,892	2.372		06/25/2041		536,391
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3^(c)
	181,023	2.790		10/25/2037		180,058
	Pennsylvania Higher Education Assistance Agency Series 2006-1, Class A3^(c)
	406,088	2.080		10/25/2035		395,792
	Scholar Funding Trust Series 2010-A, Class A^(b)(c)
	206,809	2.686		10/28/2041		202,914
	Scholar Funding Trust Series 2011-A, Class A^(b)(c)
	177,317	2.836		10/28/2043		175,472
	SLM Student Loan Trust Series 2005-5, Class A4^(c)
	776,740	2.080		10/25/2028		767,176
	SLM Student Loan Trust Series 2007-1, Class A5^(c)
	563,313	2.030		01/26/2026		561,696
	SLM Student Loan Trust Series 2008-5, Class A4^(c)
	60,602	3.640		07/25/2023		61,106
	SLM Student Loan Trust Series 2012-3, Class A^(c)
	722,929	2.442		12/27/2038		712,080
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2
	41,432	2.949		10/01/2024		41,499
	Utah State Board of Regents Series 2015-1, Class A^(c)
	265,394	2.308		02/25/2043		262,406
	Utah State Board of Regents Series 2016-1, Class A
	314,099	2.542		09/25/2056		313,313

						9,599,736

	TOTAL ASSET-BACKED SECURITIES
	(Cost $28,815,589)				$	28,797,785


	Supranational^(a) – 3.1%
	European Investment Bank^(b)
$	1,530,000	(SOFR + 0.29%), 1.830%		06/10/2022	$	1,531,561
	International Bank for Reconstruction & Development
	1,000,000	(SOFR + 0.22%), 1.760		08/21/2020		1,000,285

	TOTAL SUPRANATIONAL
	(Cost $2,530,000)				$	2,531,846



	Municipal Bond^(a)(b)(c) – 0.1%
	New York – 0.1%
	Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017
$	95,813	(1 Mo. LIBOR + 0.50%), 2.299%		01/25/2033	$	94,673
	(Cost $95,813)



	U.S. Treasury Obligations – 28.3%
	U.S. Treasury Bonds
$	220,000	3.750%		11/15/2043	$	275,206
	170,000	3.375		05/15/2044		201,291
	U.S. Treasury Inflation Linked Notes
	1,309,324	0.125		07/15/2022		1,315,211
	U.S. Treasury Notes
	1,500,000	(3 Mo. U.S. T-Bill MMY + 0.03%), 1.559^(a)		04/30/2020		1,499,796
	2,300,000	(3 Mo. U.S. T-Bill MMY + 0.04%), 1.569^(a)		07/31/2020		2,299,236
	4,900,000	(3 Mo. U.S. T-Bill MMY + 0.05%), 1.571^(a)		10/31/2020		4,897,273
	10,000,000	(3 Mo. U.S. T-Bill MMY + 0.22%), 1.746^(a)		07/31/2021		10,001,570
	310,000	2.875		10/15/2021		316,902
	920,000	2.875		10/31/2023		961,256
	140,000	2.875		05/31/2025		148,214
	250,000	2.125		05/31/2026		254,844
	810,000	2.875		08/15/2028		873,028

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $23,001,734)				$	23,043,827


Shares		Dividend Rate			Value

Investment Company^(d) – 3.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,128,385		1.638	%	$	3,128,385
	(Cost $3,128,385)


The accompanying notes are an integral part of these financial statements.		45

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2019


Principal Amount		Interest Rate			Maturity Date		Value

Short-Term Investment – 0.9%
Commercial Paper – 0.9%
	VW Credit, Inc.
$	700,000		2.601	%		03/30/2020	$	696,237
	(Cost $695,587)

	TOTAL INVESTMENTS – 98.2%
	(Cost $79,905,059)						$	79,875,482

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%							1,429,391

	NET ASSETS – 100.0%						$	81,304,873


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 December 31, 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

Currency Abbreviation:
USD		—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2019, the Fund had the following futures contracts:


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

Short position contracts:
U.S. Treasury 2 Year Note		(7	)		03/31/2020	$	(1,507,898	)	$	2,192
U.S. Treasury 5 Year Note		(13	)		03/31/2020		(1,540,602	)		7,501
U.S. Treasury 10 Year Note		(4	)		03/20/2020		(513,000	)		5,307
U.S. Treasury 10 Year Ultra Note		(4	)		03/20/2020		(561,812	)		9,177
U.S. Treasury Long Bond		(7	)		03/20/2020		(1,088,719	)		26,146

Total Futures Contracts									$	50,323

SWAP CONTRACTS — At December 31, 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 Month LIBOR

3 Month LIBOR

07/25/2024

USD

1,300

)

(a)	Payments made quarterly.

(b)	Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2019.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Assets and Liabilities

December 31, 2019


	Core Fixed Income Fund			Equity Index Fund		Growth Opportunities Fund		High Quality Floating Rate Fund

Assets:
Investments in unaffiliated issuers, at value (cost $60,696,813, $57,007,987, $54,552,378 and $76,776,674)^(a)	$	61,927,966		$	178,009,726	$	72,385,416	$	76,747,097
Investments in affiliated issuers, at value (cost $1,647,077, $227,153, $998,484 and $3,128,385)		1,647,077			492,970		998,484		3,128,385
Investments in affiliated securities lending reinvestment vehicle, at value (cost $0, $0, $809,324 and $0)		—			—		809,324		—
Purchased Options, at value (premiums paid $3,025, $0, $0 and $0)		500			—		—		—
Cash		890,666			639,893		22,483		1,271,713
Foreign currencies, at value (cost $61,946, $0, $0 and $0)		63,010			—		—		—
Receivables:
Investments sold on an extended-settlement basis		11,318,945			—		—		33,860
Collateral on certain derivative contracts^(b)		678,223			50,400		—		47,320
Interest and dividends		294,831			181,485		24,354		183,377
Fund shares sold		27,297			—		21,168		—
Reimbursement from investment adviser		26,363			55,810		19,547		21,105
Investments sold		—			419,543		204,200		—
Securities lending income		—			5		2,629		—
Unrealized gain on forward foreign currency exchange contracts		97,692			—		—		—
Variation margin on futures		—			3,077		—		9,973

Total assets		76,972,570			179,852,909		74,487,605		81,442,830


Liabilities:
Forward sale contracts, at value (proceeds received $2,113,516, $0, $0 and $0)		2,114,687			—		—		—
Unrealized loss on forward foreign currency exchange contracts		136,431			—		—		—
Written options, at value (premiums received $41,615, $0, $0 and $0)		38,972			—		—		—
Variation margin on futures		36,776			—		—		—
Variation margin on swaps		7,461			—		—		102
Payables:
Investments purchased on an extended-settlement basis		19,493,360			—		—		—
Fund shares redeemed		54,229			143,211		21,568		7,104
Management fees		18,161			31,631		51,195		21,074
Distribution and Service fees and Transfer Agency fees		8,881			40,668		11,140		18,527
Payable upon return of securities loaned		—			—		809,324		—
Accrued expenses and other liabilities		118,810			95,387		94,519		91,150

Total liabilities		22,027,768			310,897		987,746		137,957


Net Assets:
Paid-in capital		55,015,533			61,343,664		55,081,972		82,517,887
Total distributable earnings (loss)		(70,731	)		118,198,348		18,417,887		(1,213,014	)

NET ASSETS	$	54,944,802		$	179,542,012	$	73,499,859	$	81,304,873
Net Assets:
Institutional	$	17,420,903		$	—	$	94,080	$	4,876,985
Service		37,523,899			179,542,012		73,405,779		69,963,915
Advisor		—			—		—		6,463,973

Total Net Assets	$	54,944,802		$	179,542,012	$	73,499,859	$	81,304,873
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		1,605,751			—		8,179		470,161
Service		3,457,401			10,258,204		6,670,848		6,757,905
Advisor		—			—		—		623,675
Net asset value, offering and redemption price per share:
Institutional		$10.85			—		$11.50		$10.37
Service		10.85			17.50		11.00		10.35
Advisor		—			—		—		10.36

(a) Includes loaned securities having a market value of $789,899 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	$	178,865	$	289,358
Equity Index		—		50,400		—
High Quality Floating Rate		—		47,278		42


The accompanying notes are an integral part of these financial statements.		47

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Operations

For the Fiscal Year Ended December 31, 2019


	Core Fixed Income Fund			Equity Index Fund			Growth Opportunities Fund			High Quality Floating Rate Fund

Investment income:
Interest	$	1,216,459		$	1,758		$	203		$	2,008,596
Dividends — affiliated issuers		88,791			9,700			31,876			139,606
Dividends — unaffiliated issuers		—			3,374,076			475,372			—
Securities lending income — affiliated issuer		—			22			—			—
Securities lending income — unaffiliated issuer		—			—			39,513			—

Total investment income		1,305,250			3,385,556			546,964			2,148,202


Expenses:
Management fees		174,659			511,674			624,144			254,944
Professional fees		118,283			97,549			97,614			105,182
Distribution and Service fees^(a)		92,522			426,393			179,158			206,978
Custody, accounting and administrative services		75,277			73,234			73,433			73,414
Printing and mailing costs		59,797			103,797			43,620			44,598
Trustee fees		15,909			16,108			15,949			15,973
Shareholder meeting expense		13,628			30,535			21,233			15,209
Transfer Agency fees^(a)		8,732			34,109			14,346			16,447
Other		13,033			43,571			10,515			8,667

Total expenses		571,840			1,336,970			1,080,012			741,412

Less — expense reductions		(289,429	)		(483,268	)		(334,908	)		(233,717	)

Net expenses		282,411			853,702			745,104			507,695

NET INVESTMENT INCOME (LOSS)		1,022,839			2,531,854			(198,140	)		1,640,507


Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers (including commissions recaptured of $0, $0, $331 and $0)		735,866			11,357,530			12,665,789			23,562
Investments — affiliated issuers		—			33,245			—			—
Futures contracts		351,675			213,797			—			(162,726	)
Purchased options		(8,570	)		—			—			—
Swap contracts		112,938			—			—			(17,131	)
Forward foreign currency exchange contracts		10,742			—			—			—
Foreign currency transactions		(18,729	)		—			—			—
Written options		10,584			—			—			—
Net change in unrealized gain (loss) on:
Investments — affiliated issuers		—			116,327			—			—
Investments — unaffiliated issuers		1,502,307			30,970,704			7,849,468			45,130
Futures contracts		(155,739	)		70,365			—			118,920
Purchased options		(2,525	)		—			—			—
Swap contracts		55,567			—			—			(9	)
Forward foreign currency exchange contracts		(29,414	)		—			—			—
Foreign currency translation		1,310			—			—			—
Written options		2,643			—			—			—

Net realized and unrealized gain (loss)		2,568,655			42,761,968			20,515,257			7,746

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,591,494		$	45,293,822		$	20,317,117		$	1,648,253

^(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	$	92,522		N/A	$	1,331	$	7,401		N/A
Equity Index		426,393		N/A		N/A		34,109		N/A
Growth Opportunities		179,158		N/A		15		14,331		N/A
High Quality Floating Rate		179,779	$	27,199		706		14,381	$	1,360


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Changes in Net Assets


	Core Fixed Income Fund						Equity Index Fund
	For the Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018			For the Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018

From operations:
Net investment income	$	1,022,839		$	1,225,144		$	2,531,854		$	2,596,973
Net realized gain (loss)		1,194,506			(1,538,377	)		11,604,572			11,623,359
Net change in unrealized gain (loss)		1,374,149			(1,585,058	)		31,157,396			(21,598,071	)

Net increase (decrease) in net assets resulting from operations		3,591,494			(1,898,291	)		45,293,822			(7,377,739	)


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(194,059	)		(14,101	)		—			—
Service Shares		(941,156	)		(1,241,765	)		(13,028,301	)		(13,646,931	)

Total distributions to shareholders		(1,135,215	)		(1,255,866	)		(13,028,301	)		(13,646,931	)


From share transactions:
Proceeds from sales of shares		16,196,196			5,175,072			2,326,474			4,433,966
Reinvestment of distributions		1,135,215			1,255,866			13,028,301			13,646,931
Cost of shares redeemed		(3,916,341	)		(73,392,129	)		(23,176,553	)		(20,993,560	)

Net increase (decrease) in net assets resulting from share transactions		13,415,070			(66,961,191	)		(7,821,778	)		(2,912,663	)

TOTAL INCREASE (DECREASE)		15,871,349			(70,115,348	)		24,443,743			(23,937,333	)


Net Assets:

Beginning of year		39,073,453			109,188,801			155,098,269			179,035,602

End of year	$	54,944,802		$	39,073,453		$	179,542,012		$	155,098,269


The accompanying notes are an integral part of these financial statements.		49

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Changes in Net Assets (continued)


	Growth Opportunities Fund						High Quality Floating Rate Fund
	For the Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018			For the Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018

From operations:
Net investment income (loss)	$	(198,140	)	$	(222,316	)	$	1,640,507		$	1,379,037
Net realized gain (loss)		12,665,789			38,998,411			(156,295	)		78,835
Net change in unrealized gain (loss)		7,849,468			(38,082,096	)		164,041			(331,356	)

Net increase in net assets resulting from operations		20,317,117			693,999			1,648,253			1,126,516


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(16,254	)		(37,921	)		(76,241	)		(12,809	)
Service Shares		(14,062,222	)		(39,325,197	)		(1,495,755	)		(1,323,812	)
Advisor Shares		—			—			(131,008	)		(107,740	)

Total distributions to shareholders		(14,078,476	)		(39,363,118	)		(1,703,004	)		(1,444,361	)


From share transactions:
Proceeds from sales of shares		8,229,475			2,826,810			10,613,133			21,196,717
Reinvestment of distributions		14,078,476			39,363,118			1,703,004			1,444,361
Cost of shares redeemed		(15,016,361	)		(114,387,857	)		(13,250,898	)		(11,359,427	)

Net increase (decrease) in net assets resulting from share transactions		7,291,590			(72,197,929	)		(934,761	)		11,281,651

TOTAL INCREASE (DECREASE)		13,530,231			(110,867,048	)		(989,512	)		10,963,806


Net Assets:

Beginning of year		59,969,628			170,836,676			82,294,385			71,330,579

End of year	$	73,499,859		$	59,969,628		$	81,304,873		$	82,294,385


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Institutional Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	10.20		$	10.66		$	10.61		$	10.53		$	10.75

Net investment income^(a)		0.26			0.29			0.23			0.24			0.27

Net realized and unrealized gain (loss)		0.69			(0.37	)		0.13			0.08			(0.20	)

Total from investment operations		0.95			(0.08	)		0.36			0.32			0.07

Distributions to shareholders from net investment income		(0.30	)		(0.38	)		(0.31	)		(0.24	)		(0.29	)

Net asset value, end of year	$	10.85		$	10.20		$	10.66		$	10.61		$	10.53

Total return^(b)		9.28	%		(0.58	)%		3.40	%		2.98	%		0.60	%

Net assets, end of year (in 000s)	$	17,421		$	2,657		$	241		$	90		$	26

Ratio of net expenses to average net assets		0.44	%		0.42	%		0.42	%		0.43	%		0.42	%

Ratio of total expenses to average net assets		1.08	%		1.06	%		0.65	%		0.65	%		0.74	%

Ratio of net investment income to average net assets		2.41	%		2.88	%		2.18	%		2.28	%		2.53	%

Portfolio turnover rate^(c)		556	%		406	%		229	%		329	%		376	%

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

(b)

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


The accompanying notes are an integral part of these financial statements.		51

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Service Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	10.21		$	10.65		$	10.60		$	10.53		$	10.76

Net investment income^(a)		0.25			0.25			0.21			0.22			0.24

Net realized and unrealized gain (loss)		0.66			(0.34	)		0.12			0.07			(0.21	)

Total from investment operations		0.91			(0.09	)		0.33			0.29			0.03

Distributions to shareholders from net investment income		(0.27	)		(0.35	)		(0.28	)		(0.22	)		(0.26	)

Net asset value, end of year	$	10.85		$	10.21		$	10.65		$	10.60		$	10.53

Total return^(b)		9.00	%		(0.83	)%		3.14	%		2.70	%		0.27	%

Net assets, end of year (in 000s)	$	37,524		$	36,416		$	108,948		$	110,476		$	104,924

Ratio of net expenses to average net assets		0.68	%		0.67	%		0.67	%		0.67	%		0.67	%

Ratio of total expenses to average net assets		1.35	%		1.18	%		0.90	%		0.91	%		0.99	%

Ratio of net investment income to average net assets		2.33	%		2.46	%		1.95	%		2.05	%		2.27	%

Portfolio turnover rate^(c)		556	%		406	%		229	%		329	%		376	%

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

(b)

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


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Equity Index Fund
	Service Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	14.43		$	16.60		$	14.49		$	13.91		$	14.91

Net investment income^(a)		0.25			0.25			0.24			0.25			0.32

Net realized and unrealized gain (loss)		4.18			(1.04	)		2.85			1.35			(0.18	)

Total from investment operations		4.43			(0.79	)		3.09			1.60			0.14

Distributions to shareholders from net investment income		(0.26	)		(0.27	)		(0.26	)		(0.33	)		(0.28	)

Distributions to shareholders from net realized gains		(1.10	)		(1.11	)		(0.72	)		(0.69	)		(0.86	)

Total distributions		(1.36	)		(1.38	)		(0.98	)		(1.02	)		(1.14	)

Net asset value, end of year	$	17.50		$	14.43		$	16.60		$	14.49		$	13.91

Total return^(b)		30.85	%		(4.87	)%		21.29	%		11.41	%		0.94	%

Net assets, end of year (in 000s)	$	179,542		$	155,098		$	179,036		$	165,551		$	169,295

Ratio of net expenses to average net assets		0.50	%		0.48	%		0.48	%		0.48	%		0.48	%

Ratio of total expenses to average net assets		0.78	%		0.72	%		0.71	%		0.73	%		0.70	%

Ratio of net investment income to average net assets		1.48	%		1.48	%		1.53	%		1.73	%		2.15	%

Portfolio turnover rate^(c)		3	%		4	%		2	%		3	%		4	%

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

(b)

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


The accompanying notes are an integral part of these financial statements.		53

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Growth Opportunities Fund
	Institutional Shares
	Year Ended December 31,^*
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	10.51		$	31.13		$	27.13		$	26.86		$	30.89

Net investment loss^(a)		(0.01	)		(0.02	)		(0.04	)		(0.07	)		(0.06	)

Net realized and unrealized gain (loss)		3.59			(1.30	)		7.40			0.52			(1.55	)

Total from investment operations		3.58			(1.32	)		7.36			0.45			(1.61	)

Distributions to shareholders from net realized gains		(2.59	)		(19.30	)		(3.36	)		(0.18	)		(2.42	)

Net asset value, end of year	$	11.50		$	10.51		$	31.13		$	27.13		$	26.86

Total return^(b)		34.35	%		(4.17	)%		27.14	%		1.71	%		(5.20	)%

Net assets, end of year (in 000s)	$	94		$	59		$	52		$	3,518		$	32

Ratio of net expenses to average net assets		0.88	%		0.85	%		0.87	%		0.89	%		0.93	%

Ratio of total expenses to average net assets		1.26	%		1.20	%		1.14	%		1.16	%		1.14	%

Ratio of net investment loss to average net assets		(0.12	)%		(0.08	)%		(0.13	)%		(0.26	)%		(0.19	)%

Portfolio turnover rate^(c)		75	%		59	%		57	%		63	%		57	%

*	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)

(c)	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 GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Growth Opportunities Fund
	Service Shares
	Year Ended December 31,^*
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	10.15		$	30.80		$	26.92		$	26.71		$	30.78

Net investment loss^(a)		(0.02	)		(0.07	)		(0.08	)		(0.10	)		(0.11	)

Net realized and unrealized gain (loss)		3.46			(1.28	)		7.32			0.49			(1.54	)

Total from investment operations		3.44			(1.35	)		7.24			0.39			(1.65	)

Distributions to shareholders from net realized gains		(2.59	)		(19.30	)		(3.36	)		(0.18	)		(2.42	)

Net asset value, end of year	$	11.00		$	10.15		$	30.80		$	26.92		$	26.71

Total return^(b)		34.06	%		(4.34	)%		26.92	%		1.42	%		(5.20	)%

Net assets, end of year (in 000s)	$	73,406		$	59,910		$	170,785		$	155,924		$	168,653

Ratio of net expenses to average net assets		1.04	%		1.01	%		1.02	%		1.05	%		1.09	%

Ratio of total expenses to average net assets		1.51	%		1.44	%		1.39	%		1.40	%		1.40	%

Ratio of net investment loss to average net assets		(0.28	)%		(0.24	)%		(0.26	)%		(0.37	)%		(0.36	)%

Portfolio turnover rate^(c)		75	%		59	%		57	%		63	%		57	%

*	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)

(c)	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.		55

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Quality Floating Rate Fund
	Institutional Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	10.38		$	10.42		$	10.41		$	10.40		$	10.49

Net investment income^(a)		0.22			0.24			0.14			0.11			0.06

Net realized and unrealized gain (loss)		0.01			(0.06	)		0.03			0.03			(0.08	)

Total from investment operations		0.23			0.18			0.17			0.14			(0.02	)

Distributions to shareholders from net investment income		(0.24	)		(0.22	)		(0.16	)		(0.13	)		(0.07	)

Net asset value, end of year	$	10.37		$	10.38		$	10.42		$	10.41		$	10.40

Total return^(b)		2.27	%		1.75	%		1.62	%		1.35	%		(0.16	)%

Net assets, end of year (in 000s)	$	4,877		$	2,326		$	57		$	25		$	25

Ratio of net expenses to average net assets		0.37	%		0.34	%		0.36	%		0.39	%		0.38	%

Ratio of total expenses to average net assets		0.66	%		0.63	%		0.72	%		0.78	%		0.81	%

Ratio of net investment income to average net assets		2.15	%		2.28	%		1.33	%		1.03	%		0.54	%

Portfolio turnover rate^(c)		20	%		36	%		38	%		47	%		14	%

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

(b)

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


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Quality Floating Rate Fund
	Service Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	10.36		$	10.40		$	10.38		$	10.38		$	10.47

Net investment income^(a)		0.21			0.19			0.11			0.08			0.03

Net realized and unrealized gain (loss)		—	^(b)		(0.03	)		0.04			0.02			(0.07	)

Total from investment operations		0.21			0.16			0.15			0.10			(0.04	)

Distributions to shareholders from net investment income		(0.22	)		(0.20	)		(0.13	)		(0.10	)		(0.05	)

Net asset value, end of year	$	10.35		$	10.36		$	10.40		$	10.38		$	10.38

Total return^(c)		2.01	%		1.50	%		1.47	%		1.00	%		(0.42	)%

Net assets, end of year (in 000s)	$	69,964		$	72,784		$	66,548		$	66,710		$	69,625

Ratio of net expenses to average net assets		0.62	%		0.60	%		0.61	%		0.65	%		0.64	%

Ratio of total expenses to average net assets		0.90	%		0.91	%		0.97	%		1.04	%		1.05	%

Ratio of net investment income to average net assets		2.00	%		1.82	%		1.08	%		0.77	%		0.28	%

Portfolio turnover rate^(d)		20	%		36	%		38	%		47	%		14	%

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

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

(c)

(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.		57

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Quality Floating Rate Fund
	Advisor Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	10.37		$	10.41		$	10.40		$	10.40		$	10.49

Net investment income^(a)		0.19			0.18			0.10			0.06			0.01

Net realized and unrealized gain (loss)		—	^(b)		(0.04	)		0.03			0.03			(0.06	)

Total from investment operations		0.19			0.14			0.13			0.09			(0.05	)

Distributions to shareholders from net investment income		(0.20	)		(0.18	)		(0.12	)		(0.09	)		(0.04	)

Net asset value, end of year	$	10.36		$	10.37		$	10.41		$	10.40		$	10.40

Total return^(c)		1.85	%		1.37	%		1.26	%		0.96	%		(0.57	)%

Net assets, end of year (in 000s)	$	6,464		$	7,184		$	4,726		$	1,658		$	1,315

Ratio of net expenses to average net assets		0.76	%		0.75	%		0.76	%		0.80	%		0.78	%

Ratio of total expenses to average net assets		1.05	%		1.05	%		1.12	%		1.18	%		1.25	%

Ratio of net investment income to average net assets		1.86	%		1.69	%		0.96	%		0.62	%		0.12	%

Portfolio turnover rate^(d)		20	%		36	%		38	%		47	%		14	%

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

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

(c)

(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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements

December 31, 2019

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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

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 applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class-specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2019

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. 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:

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 G7 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2019

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 swap contracts 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 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of December 31, 2019:



CORE FIXED INCOME
Investment Type	Level 1		Level 2		Level 3

Assets
Fixed Income
Corporate Bonds	$	—	$	19,704,698	$	—
Mortgage-Backed Securities		—		26,354,235		—
Collateralized Mortgage Obligations		—		719,195		—
Commercial Mortgage-Backed Securities		—		189,461		—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		9,925,956		1,045,743		—
Asset-Backed Securities		—		2,120,456		—
Foreign Government Securities		—		1,168,542		—
Municipal Bonds		—		699,680		—
Investment Company		1,647,077		—		—

Total	$	11,573,033	$	52,002,010	$	—

Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(2,114,687)	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



CORE FIXED INCOME (continued)
Derivative Type	Level 1		Level 2		Level 3

Assets
Forward Foreign Currency Exchange Contracts^(a)	$	—	$	97,692	$	—
Futures Contracts^(a)		30,933		—		—
Credit Default Swap Contracts^(a)		—		47,237		—
Interest Rate Swap Contracts^(a)		—		15,551		—
Purchased Options Contracts		—		500		—

Total	$	30,933	$	160,980	$	—

Liabilities
Forward Foreign Currency Exchange Contracts^(a)	$	—	$	(136,431)	$	—
Futures Contracts^(a)		(197,359)		—		—
Interest Rate Swap Contracts^(a)		—		(12,945)		—
Written Options Contracts		—		(38,972)		—

Total	$	(197,359)	$	(188,348)	$	—

EQUITY INDEX
Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(b)
Europe	$	823,900	$	—	$	—
North America		177,678,796		—		—

Total	$	178,502,696	$	—	$	—

Derivative Type

Assets^(a)
Futures Contracts	$	21,172	$	—	$	—

GROWTH OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(b)
Asia	$	208,168	$	—	$	—
North America		71,763,736		—		—
South America		413,512		—		—
Investment Company		998,484		—		—
Securities Lending Reinvestment Vehicle		809,324		—		—

Total	$	74,193,224	$	—	$	—

(a)	Amount shown represents unrealized gain (loss) at fiscal year 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2019

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	$	23,043,827	$	2,000,205	$	—
Mortgage-Backed Securities		—		2,210,761		—
Collateralized Mortgage Obligations		—		17,150,170		—
Commercial Mortgage-Backed Security		—		221,593		—
Asset-Backed Securities		—		28,797,785		—
Municipal Bond		—		94,673		—
Supranational		—		2,531,846		—
Investment Company		3,128,385		—		—
Short Term Investment		—		696,237		—

Total	$	26,172,212	$	53,703,270	$	—

Derivative Type

Assets^(a)
Futures Contracts	$	50,323	$	—	$	—

Liabilities^(a)
Interest Rate Swap Contract	$	—	$	(9)	$	—

(a)	Amount shown represents unrealized gain (loss) at fiscal year 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 December 31, 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	Purchased options at value, variation margin on futures and swaps contracts	$	46,984	^(a)	Written options at value, variation margin on futures and swaps contracts	$	(249,276)	^(a)
Credit	Variation margin on Swap contracts		47,237	^(a)	—		—
Currency	Receivables for unrealized gain on forward foreign currency exchange contracts		97,692		Payable for unrealized loss on forward foreign currency exchange contracts		(136,431)

Total		$	191,913			$	(385,707)

(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 December 31, 2019 is reported within the Statements of Assets and Liabilities.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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

21,172

—

High Quality Floating Rate

Interest Rate

Variation margin on futures
contracts

50,323

Variation margin on swap contracts

)

(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 December 31, 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 fiscal year ended December 31, 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, purchased options, written options and swap contracts	$	432,366	$	(171,120	)		173
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		34,261		71,066			8
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		10,742		(29,414	)		237

Total		$	477,369	$	(129,468	)		418

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	$	213,797	$	70,365		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	$	(179,857	)	$	118,911		37

(a)	Average number of contracts is based on the average of month end balances for the fiscal yaer ended December 31, 2019.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2019

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 fiscal year ended December 31, 2019, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate^{^}
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^{^}
Core Fixed Income		0.40	%		0.36	%		0.34	%		0.33	%		0.32	%		0.40	%		0.38	%
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			0.30

^	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 fiscal year ended December 31, 2019, GSAM waived $6,726, $2,533 and $10,083 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 fiscal year ended December 31, 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 fiscal year ended December 31, 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 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 fiscal year ended December 31, 2019 for the

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 the High Quality Floating Rate 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 the High Quality Floating Rate 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 Plan provides 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 fiscal year ended December 31, 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	$	6,726	$	—	$	2,151	$	280,552	$	289,429
Equity Index		153,505		—		2,331		327,432		483,268
Growth Opportunities		31,230		64,498		920		238,260		334,908
High Quality Floating Rate		10,083		—		3,761		219,873		233,717

F. Line of Credit Facility — As of December 31, 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. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2019

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

utilized. For the fiscal year ended December 31, 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 fiscal year ended December 31, 2019, Goldman Sachs earned $538 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 fiscal year ended December 31, 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 December 31, 2019		Shares as of December 31, 2019		Dividend Income from Affiliated Issuer

	Equity Index	Goldman Sachs Group, Inc. (The)	$	421,300	$	—	$	(77,902	)	$	33,245	$	116,327	$	492,970		2,144	$	9,700

The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended December 31, 2019:


Fund	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2019		Shares as of December 31, 2019		Dividend Income from Affiliated Investment Company
Core Fixed Income	$	275,823	$	39,910,308	$	(38,539,054	)	$	1,647,077		1,647,077	$	88,791
Growth Opportunities		1,640,990		31,543,134		(32,185,640	)		998,484		998,484		31,876
High Quality Floating Rate		9,734,004		22,753,595		(29,359,214	)		3,128,385		3,128,385		139,606

As of December 31, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 56% 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 fiscal year ended December 31, 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	$	283,117,003	$	10,893,773	$	286,862,188	$	9,021,430
Equity Index		—		4,582,587		—		22,759,896
Growth Opportunities		—		52,362,565		—		57,983,655
High Quality Floating Rate		14,180,289		6,361,436		6,211,450		8,604,770

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of December 31, 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 December 31, 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 fiscal year ended December 31, 2019, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:


	For the Fiscal Year ended December 31, 2019
Fund	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 December 31, 2019
Equity Index	$	3	$	8	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2019

7. SECURITIES LENDING (continued)

The following table provides information about the Fund’s investment in the Government Money Market Fund for the fiscal year ended December 31, 2019:


Fund	Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2019
Equity Index	$	—	$	379,475	$	(379,475	)	$	—
Growth Opportunities		193,706		15,616,961		(15,001,343	)		809,324

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended December 31, 2019 was as follows:


	Core Fixed Income		Equity Index		Growth Opportunities		High Quality Floating Rate
Distributions paid from:
Ordinary income	$	1,135,215	$	2,490,452	$	1,337,526	$	1,703,004
Net long-term capital gains		—		10,537,849		12,740,950		—
Total taxable distributions	$	1,135,215	$	13,028,301	$	14,078,476	$	1,703,004

The tax character of distributions paid during the fiscal year ended December 31, 2018 was as follows:


	Core Fixed Income		Equity Index		Growth Opportunities		High Quality Floating Rate
Distributions paid from:
Ordinary income	$	1,255,866	$	2,726,622	$	5,004,305	$	1,444,361
Net long-term capital gains		—		10,920,309		34,358,813		—
Total taxable distributions	$	1,255,866	$	13,646,931	$	39,363,118	$	1,444,361

As of December 31, 2019, the components of accumulated earnings (losses) on a tax-basis were as follows:


	Core Fixed Income			Equity Index		Growth Opportunities			High Quality Floating Rate
Undistributed ordinary income — net	$	128,707		$	179,918	$	54,692		$	161,125
Undistributed long-term capital gains		—			2,129,419		1,121,066			—
Total undistributed earnings	$	128,707		$	2,309,337	$	1,175,758		$	161,125
Capital loss carryforwards:⁽¹⁾
Perpetual short-term	$	(217,758	)	$	—	$	—		$	(207,284	)
Perpetual long-term		(952,197	)		—		—			(1,077,184	)
Total capital loss carryforwards	$	(1,169,955	)	$	—	$	—		$	(1,284,468	)
Timing differences (Real Estate Investment Trusts, late year ordinary loss deferral, post October loss deferral, and straddle loss deferrals)	$	(298,115	)	$	3,196	$	(393,155	)	$	(60,087	)
Unrealized gains (losses) — net		1,268,632			115,885,815		17,635,284			(29,584	)
Total accumulated earnings (losses) — net	$	(70,731	)	$	118,198,348	$	18,417,887		$	(1,213,014	)

(1)	The Core Fixed Income Fund utilized $1,038,021 of capital losses in the current year.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

8. TAX INFORMATION (continued)

As of December 31, 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	$	62,154,121		$	62,577,272		$	56,557,940		$	79,955,380
Gross unrealized gain		1,695,932			118,385,679			18,731,461			176,565
Gross unrealized loss		(427,300	)		(2,499,864	)		(1,096,177	)		(206,149	)
Net unrealized security gain (loss)	$	1,268,632		$	115,885,815		$	17,635,284		$	(29,584	)

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.

The Equity Index Fund reclassified $39,012 from paid in capital to distributable earnings for the year ending December 31, 2019. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from differences in the tax treatment of underlying fund investments.

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

9. OTHER RISKS

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

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, 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.

Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specific level as compared to a reference interest rate (the “reference rate”), such as LIBOR. In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2019

9. OTHER RISKS (continued)

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 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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

11. OTHER MATTERS (continued)

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 December 31, 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 other than above 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 Fiscal Year Ended December 31, 2019						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		1,350,662		$	14,627,404			239,264		$	2,398,042
Reinvestment of distributions		18,000			194,059			1,385			14,101
Shares redeemed		(23,271	)		(251,188	)		(2,860	)		(29,294	)
		1,345,391			14,570,275			237,789			2,382,849
Service Shares
Shares sold		146,021			1,568,792			269,492			2,777,030
Reinvestment of distributions		88,008			941,156			121,784			1,241,765
Shares redeemed		(344,474	)		(3,665,153	)		(7,052,075	)		(73,362,835	)
		(110,445	)		(1,155,205	)		(6,660,799	)		(69,344,040	)

NET INCREASE (DECREASE)		1,234,946		$	13,415,070			(6,423,010	)	$	(66,961,191	)


	Equity Index Fund
	For the Fiscal Year Ended December 31, 2019				For the Fiscal Year Ended December 31, 2018
	Shares		Dollars		Shares		Dollars
Service Shares
Shares sold		139,050	$	2,326,474		255,683	$	4,433,966
Reinvestment of distributions		753,952		13,028,301		931,531		13,646,931
Shares redeemed		(1,382,180)		(23,176,553)		(1,225,406)		(20,993,560)

NET DECREASE		(489,178)	$	(7,821,778)		(38,192)	$	(2,912,663)

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

December 31, 2019

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	Growth Opportunities Fund
	For the Fiscal Year Ended December 31, 2019						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		2,251		$	13,422			1,452		$	10,553
Reinvestment of distributions		1,428			16,254			14,418			37,921
Shares redeemed		—			—			—			(6	)
Stock split share adjustment		(18,018	)		—			—			—
		(14,339	)		29,676			15,870			48,468
Service Shares
Shares sold		2,525,028			8,216,053			400,481			2,816,257
Reinvestment of distributions		1,291,297			14,062,222			15,482,361			39,325,197
Shares redeemed		(2,980,276	)		(15,016,361	)		(14,466,620	)		(114,387,851	)
Stock split share adjustment		(17,764,276	)		—			—			—
		(16,928,227	)		7,261,914			1,416,222			(72,246,397	)

NET INCREASE (DECREASE)		(16,942,566	)	$	7,291,590			1,432,092		$	(72,197,929	)


	High Quality Floating Rate Fund
	For the Fiscal Year Ended December 31, 2019						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		260,218		$	2,698,458			220,421		$	2,298,983
Reinvestment of distributions		7,359			76,241			1,234			12,809
Shares redeemed		(21,509	)		(223,698	)		(2,992	)		(31,202	)
		246,068			2,551,001			218,663			2,280,590
Service Shares
Shares sold		528,956			5,487,026			1,428,964			14,877,058
Reinvestment of distributions		144,657			1,495,755			127,506			1,323,812
Shares redeemed		(940,217	)		(9,752,642	)		(930,951	)		(9,686,886	)
		(266,604	)		(2,769,861	)		625,519			6,513,984
Advisor Shares
Shares sold		233,654			2,427,649			385,926			4,020,676
Reinvestment of distributions		12,653			131,008			10,367			107,740
Shares redeemed		(315,266	)		(3,274,558	)		(157,560	)		(1,641,339	)
		(68,959	)		(715,901	)		238,733			2,487,077

NET INCREASE (DECREASE)		(89,495	)	$	(934,761	)		1,082,915		$	11,281,651

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of the Goldman Sachs Core Fixed Income Fund, Goldman Sachs Equity Index Fund, Goldman Sachs Growth Opportunities Fund and Goldman Sachs High Quality Floating Rate Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Core Fixed Income Fund, Goldman Sachs Equity Index Fund, Goldman Sachs Growth Opportunities Fund and Goldman Sachs High Quality Floating Rate Fund (four of the funds constituting Goldman Sachs Variable Insurance Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2019, the related statements of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2020

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Variable Insurance Trust (“VIT”) was held on January 23, 2020 to consider and act upon the proposals below. The Funds will amortize their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.



Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		745,493,677.130		0		17,848,840.639		0

Kathryn A. Cassidy		746,559,784.810		0		16,782,732.959		0

Joaquin Delgado		744,593,456.532		0		18,749,061.237		0

Gregory G. Weaver		746,707,039.321		0		16,635,478.448		0

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS


Fund Expenses — Six Month Period Ended December 31, 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 the 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.

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 07/01/19		Ending Account Value 12/31/19			Expenses Paid for the 6 Months Ended 12/31/19*		Beginning Account Value 07/01/19		Ending Account Value 12/31/19			Expenses Paid for the 6 Months Ended 12/31/19*		Beginning Account Value 07/01/19		Ending Account Value 12/31/19			Expenses Paid for the 6 Months Ended 12/31/19*		Beginning Account Value 07/01/19		Ending Account Value 12/31/19			Expenses Paid for the 6 Months Ended 12/31/19*
Institutional

Actual	$	1,000	$	1,023.50		$	2.14		N/A		N/A			N/A	$	1,000	$	1,065.80		$	4.58	$	1,000	$	1,009.40		$	1.87
Hypothetical 5% return		1,000		1,022.09	+		2.14		N/A		N/A			N/A		1,000		1,020.77	+		4.48		1,000		1,023.34	+		1.89
Service

Actual		1,000		1,022.20			3.47	$	1,000	$	1,106.10		$	2.65		1,000		1,065.00			5.41		1,000		1,008.00			3.14
Hypothetical 5% return		1,000		1,021.78	+		3.47		1,000		1,022.68	+		2.55		1,000		1,019.96	+		5.30		1,000		1,022.08	+		3.16
Advisor

Actual		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,007.20			3.90
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,021.32	+		3.92

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 December 31, 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		0.42	%		0.68	%		N/A
Equity Index		N/A			0.50			N/A
Growth Opportunities		0.88			1.04			N/A
High Quality Floating Rate		0.37			0.62			0.77	%

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name,
Address and Age¹

Position(s) Held
with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

Jessica Palmer

Age: 70

Chair of the Board of Trustees

Since 2018 (Trustee since 2007)

Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Kathryn A. Cassidy

Age: 65

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Diana M. Daniels

Age: 70

Trustee

Since 2007

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Roy W. Templin

Age: 59

Trustee

Since 2013

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver

Age: 68

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Verizon Communications Inc.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name,
Address and Age¹

Position(s) Held

with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

James A. McNamara

Age: 57

President and Trustee

Since 2007

165

None

Advisory Board Members

Name, Address, Age¹

Position(s)
Held with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Advisory
Board
Member³

Other

Directorships

Held by Advisory

Board Member⁴

Dwight L. Bush

Age: 62

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Joaquin Delgado

Age: 59

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Stepan Company (a specialty chemical manufacturer)

¹	Each Trustee and Advisory Board Member may be contacted by writing to the Trustee or Advisory Board Member, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2019.

⁴	This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384. Additional information about the Advisory Board Members will be available in the Funds’ Statement of Additional Information dated April 30, 2020, which will be available from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹	Information is provided as of December 31, 2019.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2019, 100% and 34.20% of the dividends paid from net investment company taxable income by the Equity Index and Growth Opportunities Funds qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Equity Index and Growth Opportunities Funds designate $10,537,849 and $12,740,950 respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended December 31, 2019.


TRUSTEES		OFFICERS
Jessica Palmer, Chair		James A. McNamara, President
Dwight L. Bush*		Joseph F. DiMaria, Principal Financial Officer,
Kathryn A. Cassidy		Principal Accounting Officer and Treasurer
Diana M. Daniels		Caroline L. Kraus, Secretary
Joaquin Delgado*
James A. McNamara
Roy W. Templin
Gregory G. Weaver
*Effective as of January 23, 2020

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 December 31 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).

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 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.

VITMLTIAR-20/192295-OTU-1133686

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Small Cap Equity Insights Fund

Annual Report

December 31, 2019

LOGO

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 12-month period ended December 31, 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 average annual total returns of 24.84% and 24.53%, respectively. These returns compare to the 25.52% average annual 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 31.49% during the Reporting Period, achieving a record high and its strongest annual gain since 2013.

For the Reporting Period overall, all 11 sectors posted positive absolute returns, with all 11 generating double-digit gains. Information technology, communication services and financials 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 energy, health care and materials.

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 robust 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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

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 — Market Themes & Trends and Sentiment Analysis — 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 Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. 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?

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 industrials, health care and financials sectors detracting most from results relative to the Russell Index. Holdings in the real estate, utilities and consumer staples 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 an overweight position in biofuels and renewable chemicals producer Renewable Energy Group and underweight positions in biotechnology and pharmaceuticals firm The Medicines Company and oncology company Novocure. 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 Sentiment Analysis and Fundamental Mispricings investment themes, the Fund was underweight The Medicines Company. The Fund’s underweight in Novocure was driven primarily by our Sentiment Analysis 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 television broadcasting company Sinclair Broadcast Group, biotechnology and pharmaceuticals company Array BioPharma and oncology-focused molecular test developer Veracyte. The overweight in Sinclair Broadcast Group was established predominantly due to our High Quality Business Models investment theme. The overweight in Array BioPharma was driven by our Sentiment Analysis investment theme. The Fund was overweight Veracyte largely because of our Market Themes & Trends and High Quality Business Models investment themes.

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, during the first half of the Reporting Period, 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

During the second half of the Reporting Period, within our High-Quality Business Models investment theme, we added a number of new metrics. The first metric identifies companies with longer executive management tenure, as we believe this is indicative of a sustainable, high quality, business model. We now leverage data from a large web search engine provider to help quantify changes in consumer attention. We also introduced a signal that uses import and export data to help quantify demand growth for a company’s products complementing our suite of consumer-demand signals. Finally, we added a signal focused on health care companies that helps us measure the value of a pharmaceutical company’s drug pipeline. Within our Themes and Trends investment theme, we introduced a signal that helps us find connections between companies based upon import and export data.

What was the Fund’s sector positioning relative to its benchmark index at the end of the Reporting Period?

As of December 31, 2019, the Fund was overweight the consumer discretionary, materials and energy sectors relative to the Russell Index. The Fund was underweight utilities, health care and financials and was rather neutrally weighted in consumer staples, communication services, real estate, industrials and information technology 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.

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.

FUND BASICS

Small Cap Equity Insights Fund

as of December 31, 2019

TOP TEN HOLDINGS AS OF 12/31/19¹



Holding	% of Net Assets		Line of Business
Darling Ingredients, Inc.		0.9%	Food, Beverage & Tobacco
First Industrial Realty Trust, Inc. (REIT)		0.9	Real Estate
Rexford Industrial Realty, Inc. (REIT)		0.8	Real Estate
Simpson Manufacturing Co., Inc.		0.8	Capital Goods
American Equity Investment Life Holding Co.		0.8	Insurance
Cogent Communications Holdings, Inc.		0.8	Telecommunication Services
Terreno Realty Corp. (REIT)		0.8	Real Estate
Haemonetics Corp.		0.7	Health Care Equipment & Services
Perspecta, Inc.		0.7	Software & Services
International Bancshares Corp.		0.7	Banks

¹	The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of December 31, 2019

LOGO

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 0.1% of the Fund’s net assets at December 31, 2019.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Portfolio’s investment strategies, holdings, and performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Performance Summary

December 31, 2019

The following graph shows the value, as of December 31, 2019, of a $10,000 investment made on January 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000^® Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Small Cap Equity Insights Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2010 through December 31, 2019.

LOGO


Average Annual Total Return through December 31, 2019	One Year	Five Years		Ten Years
Institutional	24.84%		8.94%	12.64%
Service	24.53%		8.65%	12.36%

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

December 31, 2019


Shares		Description	Value

Common Stocks – 98.8%
Automobiles & Components – 0.5%
	21,424	American Axle & Manufacturing Holdings, Inc.*	$	230,522
	1,638	Cooper-Standard Holdings, Inc.*		54,316
	1,060	Gentherm, Inc.*		47,054
	1,950	Standard Motor Products, Inc.		103,779

				435,671

Banks – 10.9%
	10,149	1st Source Corp.		526,530
	410	ACNB Corp.		15,506
	6,734	Amalgamated Bank Class A		130,976
	13,865	Atlantic Capital Bancshares, Inc.*		254,423
	8,919	Bancorp, Inc. (The)*		115,679
	748	BancorpSouth Bank		23,495
	637	Banner Corp.		36,048
	12,962	Boston Private Financial Holdings, Inc.		155,933
	7,243	Cathay General Bancorp		275,596
	600	CBTX, Inc.		18,672
	4,433	CenterState Bank Corp.		110,736
	20,596	Central Pacific Financial Corp.		609,230
	378	Century Bancorp, Inc. Class A		34,005
	1,025	Civista Bancshares, Inc.		24,600
	14,820	Columbia Banking System, Inc.		602,952
	28,907	CVB Financial Corp.		623,813
	650	Enterprise Bancorp, Inc.		22,016
	13,920	First Bancorp/NC		555,547
	20,418	First Bancorp/PR		216,227
	33,634	First Commonwealth Financial Corp.		488,029
	1,397	First Financial Corp.		63,871
	17,684	First Foundation, Inc.		307,702
	4,749	First Internet Bancorp		112,599
	476	First Mid Bancshares, Inc.		16,779
	11,536	Heartland Financial USA, Inc.		573,801
	25,343	Hilltop Holdings, Inc.		631,801
	2,398	Hope Bancorp, Inc.		35,634
	973	Horizon Bancorp, Inc.		18,487
	1,354	IBERIABANK Corp.		101,320
	1,576	Independent Bank Corp./MI		35,696
	3,470	Independent Bank Group, Inc.		192,377
	16,087	International Bancshares Corp.		692,867
	52,731	Investors Bancorp, Inc.		628,290
	1,931	Lakeland Bancorp, Inc.		33,561
	1,468	Luther Burbank Corp.		16,926
	3,901	Macatawa Bank Corp.		43,418
	1,372	Meridian Bancorp, Inc.		27,563
	583	Metropolitan Bank Holding Corp.*		28,118
	4,335	National Bank Holdings Corp. Class A		152,679
	2,910	NMI Holdings, Inc. Class A*		96,554
	645	OFG Bancorp		15,228
	5,048	Pacific Premier Bancorp, Inc.		164,590
	1,516	Parke Bancorp, Inc.		38,491
	909	PennyMac Financial Services, Inc.		30,942
	1,193	Preferred Bank		71,687
	1,756	Riverview Bancorp, Inc.		14,417
	12,785	Seacoast Banking Corp. of Florida*		390,837


Common Stocks – (continued)
Banks – (continued)
	3,977	Sierra Bancorp		115,810
	6,535	Southern National Bancorp of Virginia, Inc.		106,847
	800	Territorial Bancorp, Inc.		24,752
	12,532	TriCo Bancshares		511,431
	3,148	Walker & Dunlop, Inc.		203,613
	497	Westamerica Bancorp		33,682
	1,598	WSFS Financial Corp.		70,296

				10,442,679

Capital Goods – 9.1%
	7,751	Aegion Corp.*		173,390
	8,002	Aerojet Rocketdyne Holdings, Inc.*		365,371
	7,746	Albany International Corp. Class A		588,076
	1,004	Applied Industrial Technologies, Inc.		66,957
	7,887	Astronics Corp.*		220,442
	10,182	Atkore International Group, Inc.*		411,964
	1,609	Barnes Group, Inc.		99,694
	15,462	BMC Stock Holdings, Inc.*		443,605
	23,360	Builders FirstSource, Inc.*		593,578
	3,825	Columbus McKinnon Corp.		153,115
	3,219	CSW Industrials, Inc.		247,863
	898	Ducommun, Inc.*		45,376
	1,586	Encore Wire Corp.		91,036
	3,847	EnPro Industries, Inc.		257,287
	712	Federal Signal Corp.		22,962
	8,780	Foundation Building Materials, Inc.*		169,893
	1,180	Franklin Electric Co., Inc.		67,638
	10,324	Gibraltar Industries, Inc.*		520,743
	10,101	GMS, Inc.*		273,535
	15,681	Great Lakes Dredge & Dock Corp.*		177,666
	6,330	Griffon Corp.		128,689
	5,264	H&E Equipment Services, Inc.		175,975
	614	Hurco Cos., Inc.		23,553
	9,145	JELD-WEN Holding, Inc.*		214,084
	5,279	Kennametal, Inc.		194,742
	4,149	Miller Industries, Inc.		154,052
	15,599	MRC Global, Inc.*		212,770
	4,280	Mueller Industries, Inc.		135,890
	7,715	Navistar International Corp.*		223,272
	8,061	NOW, Inc.*		90,606
	2,746	Powell Industries, Inc.		134,527
	7,460	Quanex Building Products Corp.		127,417
	322	Raven Industries, Inc.		11,096
	4,552	Rexnord Corp.*		148,486
	595	Rush Enterprises, Inc. Class A		27,667
	9,504	Simpson Manufacturing Co., Inc.		762,506
	8,650	SPX Corp.*		440,112
	11,420	TriMas Corp.*		358,702
	906	Universal Forest Products, Inc.		43,216
	7,694	Wabash National Corp.		113,025

				8,710,578

Commercial & Professional Services – 3.9%
	1,877	Barrett Business Services, Inc.		169,793
	7,144	Brady Corp. Class A		409,066


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)

December 31, 2019


Shares		Description	Value

Common Stocks – (continued)
Commercial & Professional Services – (continued)
	1,118	Brink’s Co. (The)	$	101,380
	1,775	CRA International, Inc.		96,684
	1,738	Heidrick & Struggles International, Inc.		56,485
	12,929	HNI Corp.		484,320
	4,202	Insperity, Inc.		361,540
	3,160	Interface, Inc.		52,424
	12,498	Kforce, Inc.		496,171
	3,279	Kimball International, Inc. Class B		67,777
	15,677	Knoll, Inc.		396,001
	6,619	McGrath RentCorp		506,618
	350	Mobile Mini, Inc.		13,269
	3,671	Resources Connection, Inc.		59,947
	4,550	TriNet Group, Inc.*		257,576
	7,239	TrueBlue, Inc.*		174,170
	274	UniFirst Corp.		55,343

				3,758,564

Consumer Durables & Apparel – 5.8%
	15,325	American Outdoor Brands Corp.*		142,216
	1,017	Bassett Furniture Industries, Inc.		16,964
	14,795	Crocs, Inc.*		619,763
	3,537	Deckers Outdoor Corp.*		597,258
	4,944	Installed Building Products, Inc.*		340,493
	832	Johnson Outdoors, Inc. Class A		63,814
	13,870	KB Home		475,325
	4,803	M/I Homes, Inc.*		188,998
	434	Malibu Boats, Inc. Class A*		17,772
	5,360	MasterCraft Boat Holdings, Inc.*		84,420
	16,313	Sonos, Inc.*		254,809
	12,869	Steven Madden Ltd.		553,496
	5,325	Taylor Morrison Home Corp. Class A*		116,404
	6,269	TopBuild Corp.*		646,208
	36,279	TRI Pointe Group, Inc.*		565,227
	1,759	Universal Electronics, Inc.*		91,925
	19,770	Vista Outdoor, Inc.*		147,880
	18,263	Wolverine World Wide, Inc.		616,194

				5,539,166

Consumer Services – 3.8%
	4,416	American Public Education, Inc.*		120,954
	1,725	Boyd Gaming Corp.		51,647
	1,175	Carriage Services, Inc.		30,080
	2,555	Collectors Universe, Inc.		58,893
	24,513	Denny’s Corp.*		487,319
	10,997	Everi Holdings, Inc.*		147,690
	5,775	K12, Inc.*		117,521
	30,979	Laureate Education, Inc. Class A*		545,540
	3,059	Marriott Vacations Worldwide Corp.		393,877
	3,708	Penn National Gaming, Inc.*		94,777
	4,555	PlayAGS, Inc.*		55,252
	24,172	Red Rock Resorts, Inc. Class A		578,919
	7,368	Scientific Games Corp. Class A*		197,315
	7,771	Wingstop, Inc.		670,093
	2,673	WW International, Inc.*		102,135

				3,652,012


Common Stocks – (continued)
Diversified Financials – 1.9%
	44,810	Anworth Mortgage Asset Corp. (REIT)		157,731
	973	Banco Latinoamericano de Comercio Exterior SA Class E		20,803
	3,737	Cannae Holdings, Inc.*		138,979
	16,236	Enova International, Inc.*		390,638
	49,654	FGL Holdings		528,815
	1,410	Moelis & Co. Class A		45,007
	353	Nelnet, Inc. Class A		20,559
	13,657	On Deck Capital, Inc.*		56,540
	9,147	Oppenheimer Holdings, Inc. Class A		251,360
	1,477	Piper Jaffray Cos.		118,071
	3,731	Westwood Holdings Group, Inc.		110,512

				1,839,015

Energy – 4.8%
	2,359	Ardmore Shipping Corp.*		21,349
	5,597	Clean Energy Fuels Corp.*		13,097
	10,627	CVR Energy, Inc.		429,650
	8,231	Delek US Holdings, Inc.		275,985
	33,746	Denbury Resources, Inc.*		47,582
	58,324	DHT Holdings, Inc.		482,923
	1,330	Dorian LPG Ltd.*		20,588
	13,414	FTS International, Inc.*		13,950
	19,710	GasLog Ltd.		192,961
	13,535	Golar LNG Ltd.		192,468
	11,813	International Seaways, Inc.*		351,555
	1,464	Matador Resources Co.*		26,308
	15,525	Matrix Service Co.*		355,212
	23,473	Nabors Industries Ltd.		67,602
	14,222	Oceaneering International, Inc.*		212,050
	17,482	PDC Energy, Inc.*		457,504
	8,194	Scorpio Tankers, Inc.		322,352
	11,481	SEACOR Holdings, Inc.*		495,405
	13,990	World Fuel Services Corp.		607,446

				4,585,987

Food & Staples Retailing – 0.2%
	3,088	Ingles Markets, Inc. Class A		146,711
	3,685	Village Super Market, Inc. Class A		85,492

				232,203

Food, Beverage & Tobacco – 3.3%
	401	Boston Beer Co., Inc. (The) Class A*		151,518
	551	Calavo Growers, Inc.		49,915
	1,806	Coca-Cola Consolidated, Inc.		512,994
	30,391	Darling Ingredients, Inc.*		853,379
	3,071	J&J Snack Foods Corp.		565,893
	3,764	John B Sanfilippo & Son, Inc.		343,578
	811	Lancaster Colony Corp.		129,841
	2,453	Sanderson Farms, Inc.		432,268
	1,063	Universal Corp.		60,655

				3,100,041

Health Care Equipment & Services – 6.1%
	4,156	AngioDynamics, Inc.*		66,538
	1,788	Cardiovascular Systems, Inc.*		86,879


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)
Health Care Equipment & Services – (continued)
	17,275	Community Health Systems, Inc.*	$	50,097
	2,228	Computer Programs & Systems, Inc.		58,819
	4,715	Ensign Group, Inc. (The)		213,919
	8,607	GenMark Diagnostics, Inc.*		41,400
	6,220	Haemonetics Corp.*		714,678
	10,074	HMS Holdings Corp.*		298,190
	1,366	Inogen, Inc.*		93,339
	6,720	Integer Holdings Corp.*		540,490
	2,371	Invacare Corp.		21,386
	1,530	Lantheus Holdings, Inc.*		31,380
	331	LHC Group, Inc.*		45,599
	6,398	Magellan Health, Inc.*		500,643
	13,296	Natus Medical, Inc.*		438,635
	5,070	Novocure Ltd.*		427,249
	6,665	NuVasive, Inc.*		515,471
	6,692	Omnicell, Inc.*		546,870
	229	Providence Service Corp. (The)*		13,552
	5,427	Surmodics, Inc.*		224,841
	5,442	Tandem Diabetes Care, Inc.*		324,398
	10,308	Tenet Healthcare Corp.*		392,013
	9,326	Triple-S Management Corp. Class B*		172,438
	1,144	Varex Imaging Corp.*		34,103

				5,852,927

Household & Personal Products – 0.2%
	1,422	elf Beauty, Inc.*		22,937
	2,348	Inter Parfums, Inc.		170,723

				193,660

Insurance – 3.2%
	24,660	American Equity Investment Life Holding Co.		738,074
	5,127	AMERISAFE, Inc.		338,536
	9,639	Argo Group International Holdings Ltd.		633,764
	533	Employers Holdings, Inc.		22,253
	5,564	FBL Financial Group, Inc. Class A		327,886
	68,934	Genworth Financial, Inc. Class A*		303,310
	2,799	Goosehead Insurance, Inc. Class A		118,678
	8,265	MBIA, Inc.*		76,864
	103	National Western Life Group, Inc. Class A		29,961
	12,266	Stewart Information Services Corp.		500,330

				3,089,656

Materials – 5.9%
	14,481	Boise Cascade Co.		528,991
	8,687	Carpenter Technology Corp.		432,439
	3,376	Chase Corp.		399,988
	45,994	Ferro Corp.*		682,091
	6,747	Haynes International, Inc.		241,408
	848	Ingevity Corp.*		74,098
	4,570	Innophos Holdings, Inc.		146,149
	2,227	Innospec, Inc.		230,361
	2,573	Kaiser Aluminum Corp.		285,320
	1,898	Koppers Holdings, Inc.*		72,542


Common Stocks – (continued)
Materials – (continued)
	3,925	Kraton Corp.*		99,381
	6,653	Materion Corp.		395,521
	10,186	Minerals Technologies, Inc.		587,019
	8,767	Myers Industries, Inc.		146,234
	833	Neenah, Inc.		58,668
	10,446	PH Glatfelter Co.		191,162
	17,286	PolyOne Corp.		635,952
	2,739	Summit Materials, Inc. Class A*		65,462
	5,177	Trinseo SA		192,636
	2,914	Worthington Industries, Inc.		122,912

				5,588,334

Media & Entertainment – 1.1%
	1,208	Cardlytics, Inc.*		75,935
	38,038	Cars.com, Inc.*		464,824
	6,389	IMAX Corp.*		130,527
	1,590	Liberty Latin America Ltd. Class A*		30,687
	360	Loral Space & Communications, Inc.*		11,635
	12,249	MSG Networks, Inc. Class A*		213,133
	5,072	TechTarget, Inc.*		132,379
	2,873	WideOpenWest, Inc.*		21,318

				1,080,438

Pharmaceuticals, Biotechnology & Life Sciences – 9.9%
	12,013	ACADIA Pharmaceuticals, Inc.*		513,916
	1,497	Acceleron Pharma, Inc.*		79,371
	6,645	Amicus Therapeutics, Inc.*		64,722
	9,574	Amphastar Pharmaceuticals, Inc.*		184,682
	6,183	ANI Pharmaceuticals, Inc.*		381,306
	7,186	Anika Therapeutics, Inc.*		372,594
	5,409	Apellis Pharmaceuticals, Inc.*		165,624
	5,052	Ardelyx, Inc.*		37,915
	2,633	Arena Pharmaceuticals, Inc.*		119,591
	6,066	Arrowhead Pharmaceuticals, Inc.*		384,766
	990	Axsome Therapeutics, Inc.*		102,326
	22,712	BioDelivery Sciences International, Inc.*		143,540
	4,350	Biohaven Pharmaceutical Holding Co. Ltd.*		236,814
	881	Blueprint Medicines Corp.*		70,577
	30,669	Catalyst Pharmaceuticals, Inc.*		115,009
	1,773	ChemoCentryx, Inc.*		70,122
	22,036	Coherus Biosciences, Inc.*		396,758
	3,913	Collegium Pharmaceutical, Inc.*		80,530
	2,951	Corcept Therapeutics, Inc.*		35,707
	3,045	Dicerna Pharmaceuticals, Inc.*		67,081
	5,589	Editas Medicine, Inc.*		165,490
	6,217	Enanta Pharmaceuticals, Inc.*		384,086
	16,096	Endo International plc*		75,490
	1,305	Epizyme, Inc.*		32,103
	2,721	Esperion Therapeutics, Inc.*		162,253
	7,321	FibroGen, Inc.*		313,998
	1,496	Forty Seven, Inc.*		58,898
	5,795	Global Blood Therapeutics, Inc.*		460,645
	3,460	Heron Therapeutics, Inc.*		81,310
	7,612	Immunomedics, Inc.*		161,070


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)

December 31, 2019


Shares		Description	Value

Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	12,255	Innoviva, Inc.*	$	173,531
	2,349	Intercept Pharmaceuticals, Inc.*		291,088
	4,418	Intersect ENT, Inc.*		110,008
	12,648	Ironwood Pharmaceuticals, Inc.*		168,345
	2,598	Karyopharm Therapeutics, Inc.*		49,804
	5,252	Medpace Holdings, Inc.*		441,483
	2,324	Mirati Therapeutics, Inc.*		299,471
	2,085	Pacira BioSciences, Inc.*		94,450
	6,102	Phibro Animal Health Corp. Class A		151,513
	5,028	Portola Pharmaceuticals, Inc.*		120,069
	10,637	Prestige Consumer Healthcare, Inc.*		430,798
	7,854	Prothena Corp. plc*		124,329
	3,519	PTC Therapeutics, Inc.*		169,018
	17,962	Radius Health, Inc.*		362,114
	157	Reata Pharmaceuticals, Inc. Class A*		32,096
	1,941	Rhythm Pharmaceuticals, Inc.*		44,565
	11,128	Supernus Pharmaceuticals, Inc.*		263,956
	6,400	Veracyte, Inc.*		178,688
	8,554	Voyager Therapeutics, Inc.*		119,328
	7,090	Xencor, Inc.*		243,825
	1,321	Y-mAbs Therapeutics, Inc.*		41,281

				9,428,054

Real Estate – 7.2%
	3,704	American Assets Trust, Inc. (REIT)		170,014
	13,221	Cedar Realty Trust, Inc. (REIT)		39,002
	410	EastGroup Properties, Inc. (REIT)		54,395
	20,004	First Industrial Realty Trust, Inc. (REIT)		830,366
	11,857	Gladstone Commercial Corp. (REIT)		259,194
	11,183	Independence Realty Trust, Inc. (REIT)		157,457
	5,368	Investors Real Estate Trust (REIT)		389,180
	60,085	Lexington Realty Trust (REIT)		638,103
	39,454	Newmark Group, Inc. Class A		530,854
	9,799	NexPoint Residential Trust, Inc. (REIT)		440,955
	19,434	Piedmont Office Realty Trust, Inc. Class A (REIT)		432,212
	3,277	PS Business Parks, Inc. (REIT)		540,279
	6,410	Retail Value, Inc. (REIT)		235,888
	17,760	Rexford Industrial Realty, Inc. (REIT)		811,099
	17,411	RPT Realty (REIT)		261,861
	4,681	Sabra Health Care REIT, Inc. (REIT)		99,892
	4,081	STAG Industrial, Inc. (REIT)		128,837
	1,735	Sunstone Hotel Investors, Inc. (REIT)		24,151
	13,436	Terreno Realty Corp. (REIT)		727,425
	3,330	Urban Edge Properties (REIT)		63,869

				6,835,033

Retailing – 3.8%
	3,165	Abercrombie & Fitch Co. Class A		54,723
	1,345	American Eagle Outfitters, Inc.		19,772
	826	America’s Car-Mart, Inc.*		90,579
	5,703	Asbury Automotive Group, Inc.*		637,538
	12,281	Cato Corp. (The) Class A		213,690
	2,635	Children’s Place, Inc. (The)		164,740
	10,103	Citi Trends, Inc.		233,581
	536	Dillard’s, Inc. Class A^(a)		39,385


Common Stocks – (continued)
Retailing – (continued)
	7,552	Genesco, Inc.*		361,892
	1,641	Group 1 Automotive, Inc.		164,100
	4,122	Lands’ End, Inc.*		69,250
	3,418	Murphy USA, Inc.*		399,906
	1,386	Shutterstock, Inc.*		59,432
	1,123	Signet Jewelers Ltd.		24,414
	6,651	Sleep Number Corp.*		327,495
	16,538	Sonic Automotive, Inc. Class A		512,678
	619	Stamps.com, Inc.*		51,699
	855	Stitch Fix, Inc. Class A*^(a)		21,939
	5,853	Tilly’s, Inc. Class A		71,699
	1,833	Zumiez, Inc.*		63,312

				3,581,824

Semiconductors & Semiconductor Equipment – 3.5%
	3,939	Ambarella, Inc.*		238,546
	26,052	Amkor Technology, Inc.*		338,676
	3,686	Cirrus Logic, Inc.*		303,763
	2,907	Diodes, Inc.*		163,868
	1,457	FormFactor, Inc.*		37,838
	1,534	Ichor Holdings Ltd.*		51,036
	8,111	Inphi Corp.*		600,376
	16,282	Lattice Semiconductor Corp.*		311,637
	6,237	MaxLinear, Inc. Class A*		132,349
	10,906	NeoPhotonics Corp.*		96,191
	41,886	Rambus, Inc.*		576,980
	2,352	Synaptics, Inc.*		154,691
	3,876	Ultra Clean Holdings, Inc.*		90,970
	3,418	Veeco Instruments, Inc.*		50,193
	11,593	Xperi Corp.		214,471

				3,361,585

Software & Services – 3.9%
	3,951	A10 Networks, Inc.*		27,143
	1,822	ACI Worldwide, Inc.*		69,027
	11,895	Bottomline Technologies DE, Inc.*		637,572
	3,283	Box, Inc. Class A*		55,089
	1,634	Cardtronics plc Class A*		72,958
	5,619	Cass Information Systems, Inc.		324,441
	3,958	CommVault Systems, Inc.*		176,685
	7,924	Conduent, Inc.*		49,129
	1,084	CSG Systems International, Inc.		56,130
	5,401	Digital Turbine, Inc.*		38,509
	2,738	Five9, Inc.*		179,558
	503	I3 Verticals, Inc. Class A*		14,210
	284	MicroStrategy, Inc. Class A*		40,507
	1,649	Model N, Inc.*		57,830
	2,487	OneSpan, Inc.*		42,577
	26,651	Perspecta, Inc.		704,652
	3,017	Progress Software Corp.		125,356
	3,649	Qualys, Inc.*		304,217
	7,780	SPS Commerce, Inc.*		431,168
	1,486	Sykes Enterprises, Inc.*		54,967
	4,645	Telenav, Inc.*		22,575


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 – (continued)
	2,350	Unisys Corp.*	$	27,871
	4,510	Verint Systems, Inc.*		249,674

				3,761,845

Technology Hardware & Equipment – 5.6%
	3,669	AVX Corp.		75,104
	4,783	Badger Meter, Inc.		310,560
	6,316	Belden, Inc.		347,380
	16,943	Benchmark Electronics, Inc.		582,162
	6,551	Comtech Telecommunications Corp.		232,495
	4,250	CTS Corp.		127,543
	3,871	Diebold Nixdorf, Inc.*		40,878
	3,984	Harmonic, Inc.*		31,075
	3,891	Itron, Inc.*		326,650
	2,523	Knowles Corp.*		53,361
	8,129	Lumentum Holdings, Inc.*		644,630
	510	Methode Electronics, Inc.		20,069
	3,174	PC Connection, Inc.		157,621
	293	Plexus Corp.*		22,543
	1,554	Rogers Corp.*		193,830
	17,547	Sanmina Corp.*		600,809
	2,585	TTM Technologies, Inc.*		38,904
	42,004	Viavi Solutions, Inc.*		630,060
	31,537	Vishay Intertechnology, Inc.		671,423
	7,269	Vishay Precision Group, Inc.*		247,146

				5,354,243

Telecommunication Services – 1.2%
	6,053	Boingo Wireless, Inc.*		66,280
	11,152	Cogent Communications Holdings, Inc.		733,913
	60,799	ORBCOMM, Inc.*		255,964
	8,105	Spok Holdings, Inc.		99,124

				1,155,281

Transportation – 2.2%
	3,123	Allegiant Travel Co.		543,527
	11,050	Atlas Air Worldwide Holdings, Inc.*		304,648
	7,740	Costamare, Inc.		73,762
	13,555	Echo Global Logistics, Inc.*		280,589
	13,267	Marten Transport Ltd.		285,108
	3,903	Matson, Inc.		159,242
	6,444	SkyWest, Inc.		416,476

				2,063,352

Utilities – 0.8%
	4,023	Ormat Technologies, Inc.		299,794
	7,533	Unitil Corp.		465,690

				765,484

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $84,842,272)		$	94,407,632

Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(b) – 0.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	58,750	1.638%	$	58,750
	(Cost $58,750)

	TOTAL INVESTMENTS – 98.9%
	(Cost $84,901,022)		$	94,466,382

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%			1,067,270

	NET ASSETS – 100.0%		$	95,533,652


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:
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Statement of Assets and Liabilities

December 31, 2019



Assets:
Investments in unaffiliated issuers, at value (cost $84,842,272)^(a)	$	94,407,632
Investments in affiliated securities lending reinvestment vehicle, at value (cost $58,750)		58,750
Cash		1,164,657
Receivables:
Dividends		88,181
Fund shares sold		27,003
Investments sold		23,495
Reimbursement from investment adviser		17,828
Securities lending income		270

Total assets		95,787,816


Liabilities:
Payables:
Payable upon return of securities loaned		58,750
Management fees		56,477
Fund shares redeemed		25,586
Distribution and Service fees and Transfer Agency fees		4,956
Accrued expenses		108,395

Total liabilities		254,164


Net Assets:
Paid-in capital		84,847,753
Total distributable earnings (loss)		10,685,899

NET ASSETS	$	95,533,652
Net Assets:
Institutional	$	79,791,318
Service		15,742,334

Total Net Assets	$	95,533,652
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		6,323,424
Service		1,258,237
Net asset value, offering and redemption price per share:
Institutional		$12.62
Service		12.51

(a) Includes loaned securities having a market value of $57,268.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2019



Investment income:
Dividends — unaffiliated issuers	$	1,253,246
Securities lending income — affiliated issuer		16,337
Dividends — affiliated issuers		3,701

Total investment income		1,273,284


Expenses:
Management fees		649,394
Professional fees		100,265
Custody, accounting and administrative services		84,635
Printing and mailing costs		51,181
Shareholder meeting expense		43,767
Distribution and Service fees — Service Shares		41,989
Transfer Agency fees^(a)		18,553
Trustee fees		15,980
Registration fees		555
Other		12,948

Total expenses		1,019,267

Less — expense reductions		(182,145	)

Net expenses		837,122

NET INVESTMENT INCOME		436,162


Realized and unrealized gain:
Net realized gain from:
Investments — unaffiliated issuers		2,819,651
Futures contracts		121,690
Net change in unrealized gain on investments — unaffiliated issuers		16,880,731

Net realized and unrealized gain		19,822,072

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,258,234

(a) Institutional and Service Shares incurred Transfer Agency fees of $15,194 and $3,359, respectively.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Statements of Changes in Net Assets


	For the Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018

From operations:
Net investment income	$	436,162		$	408,340
Net realized gain		2,941,341			12,769,646
Net change in unrealized gain (loss)		16,880,731			(20,846,496	)

Net increase (decrease) in net assets resulting from operations		20,258,234			(7,668,510	)


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(1,999,868	)		(11,874,335	)
Service Shares		(360,700	)		(2,807,539	)

Total distributions to shareholders		(2,360,568	)		(14,681,874	)


From share transactions:
Proceeds from sales of shares		10,139,106			12,578,607
Reinvestment of distributions		2,360,567			14,681,874
Cost of shares redeemed		(20,351,399	)		(17,743,096	)

Net increase (decrease) in net assets resulting from share transactions		(7,851,726	)		9,517,385

TOTAL INCREASE (DECREASE)		10,045,940			(12,832,999	)


Net Assets:

Beginning of year		85,487,712			98,320,711

End of year	$	95,533,652		$	85,487,712


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small Cap Equity Insights Fund
	Institutional Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	10.37		$	13.66		$	13.79		$	11.60		$	13.67

Net investment income^(a)		0.06			0.07	^(b)		0.08			0.11			0.08	^(c)

Net realized and unrealized gain (loss)		2.51			(1.21	)		1.53			2.59			(0.37	)

Total from investment operations		2.57			(1.14	)		1.61			2.70			(0.29	)

Distributions to shareholders from net investment income		(0.06	)		(0.07	)		(0.08	)		(0.15	)		(0.04	)

Distributions to shareholders from net realized gains		(0.26	)		(2.08	)		(1.66	)		(0.36	)		(1.74	)

Total distributions		(0.32	)		(2.15	)		(1.74	)		(0.51	)		(1.78	)

Net asset value, end of year	$	12.62		$	10.37		$	13.66		$	13.79		$	11.60

Total return^(d)		24.84	%		(8.62	)%		11.57	%		23.13	%		(2.13	)%

Net assets, end of year (in 000s)	$	79,791		$	68,951		$	77,815		$	77,421		$	73,270

Ratio of net expenses to average net assets		0.86	%		0.81	%		0.81	%		0.81	%		0.81	%

Ratio of total expenses to average net assets		1.05	%		0.98	%		1.00	%		1.04	%		0.99	%

Ratio of net investment income to average net assets		0.51	%		0.46	%^(b)		0.53	%		0.95	%		0.59	%^(c)

Portfolio turnover rate^(e)		125	%		116	%		110	%		119	%		124	%

(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)

(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.		15

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Small Cap Equity Insights Fund
	Service Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	10.28		$	13.55		$	13.70		$	11.52		$	13.60

Net investment income^(a)		0.03			0.03	^(b)		0.04			0.08			0.05	^(c)

Net realized and unrealized gain (loss)		2.49			(1.19	)		1.51			2.58			(0.39	)

Total from investment operations		2.52			(1.16	)		1.55			2.66			(0.34	)

Distributions to shareholders from net investment income		(0.03	)		(0.03	)		(0.04	)		(0.12	)		—	^(d)

Distributions to shareholders from net realized gains		(0.26	)		(2.08	)		(1.66	)		(0.36	)		(1.74	)

Total distributions		(0.29	)		(2.11	)		(1.70	)		(0.48	)		(1.74	)

Net asset value, end of year	$	12.51		$	10.28		$	13.55		$	13.70		$	11.52

Total return^(e)		24.53	%		(8.82	)%		11.22	%		22.92	%		(2.49	)%

Net assets, end of year (in 000s)	$	15,742		$	16,537		$	20,505		$	20,437		$	19,488

Ratio of net expenses to average net assets		1.10	%		1.06	%		1.06	%		1.06	%		1.06	%

Ratio of total expenses to average net assets		1.30	%		1.23	%		1.25	%		1.29	%		1.24	%

Ratio of net investment income to average net assets		0.27	%		0.19	%^(b)		0.28	%		0.70	%		0.34	%^(c)

Portfolio turnover rate^(f)		125	%		116	%		110	%		119	%		124	%

(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)

(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

Notes to Financial Statements

December 31, 2019

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.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

December 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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:

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

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.

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of December 31, 2019:


Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	734,753	$	—	$	—
North America		93,642,192		—		—
South America		30,687		—		—
Securities Lending Reinvestment Vehicle		58,750		—		—

Total	$	94,466,382	$	—	$	—

(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.

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

4. INVESTMENTS IN DERIVATIVES

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

December 31, 2019

4. INVESTMENTS IN DERIVATIVES (continued)


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	$	121,690	$	—		6

(a)	Average number of contracts is based on the average of month end balances for the fiscal year ended December 31, 2019.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the fiscal year ended December 31, 2019, contractual and effective net management fees with GSAM were at the following rates:


Contractual Management Rate														Effective Net 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 fiscal year ended December 31, 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

	$311	$	3,519	$	178,315	$	182,145

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2019, Goldman Sachs earned $259 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 fiscal year ended December 31, 2019:


Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2019		Shares as of December 31, 2019		Dividend Income from Affiliated Investment Company

	$—	$	7,120,234	$	(7,120,234	)	$	—		—	$	3,701

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2019, were $113,867,883 and $123,456,602, respectively.

7. SECURITIES LENDING

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

December 31, 2019

7. SECURITIES LENDING (continued)

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.

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’s master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s 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 December 31, 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 fiscal year ended December 31, 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 Fiscal Year Ended December 31, 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 December 31, 2019

$1,811	$699	$—

The following table provides information about the Fund’s investment in the Government Money Market Fund for the fiscal year ended December 31, 2019:


Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales	Ending Value as of December 31, 2019

	$993,085	$	10,384,588	$(11,318,923)	$	58,750

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

8. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal years ended December 31, 2018 and December 31, 2019 was as follows:


	2018		2019
Distributions paid from:
Ordinary income	$	6,368,697	$	425,753
Net long-term capital gains		8,313,177		1,934,815
Total taxable distributions	$	14,681,874	$	2,360,568

As of December 31, 2019, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	49,807
Undistributed long-term capital gains		1,199,722
Total undistributed earnings	$	1,249,529
Timing differences (Real Estate Trust Investments)	$	18,349
Unrealized gains — net		9,418,021
Total accumulated earnings — net	$	10,685,899

As of December 31, 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	$	85,048,361
Gross unrealized gain		13,243,913
Gross unrealized loss		(3,825,892	)
Net unrealized gain	$	9,418,021

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

9. OTHER RISKS

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

December 31, 2019

9. OTHER RISKS (continued)

10. INDEMNIFICATIONS

11. OTHER MATTERS

12. SUBSEQUENT EVENTS

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	For the Fiscal Year Ended December 31, 2019						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		757,715		$	9,168,973			746,343		$	10,751,346
Reinvestment of distributions		159,352			1,999,867			1,125,530			11,874,335
Shares redeemed		(1,241,504	)		(14,923,018	)		(921,549	)		(13,354,939	)
		(324,437	)		(3,754,178	)		950,324			9,270,742
Service Shares
Shares sold		82,662			970,133			128,444			1,827,261
Reinvestment of distributions		28,972			360,700			268,407			2,807,539
Shares redeemed		(461,347	)		(5,428,381	)		(301,678	)		(4,388,157	)
		(349,713	)		(4,097,548	)		95,173			246,643

NET INCREASE (DECREASE)		(674,150	)	$	(7,851,726)			1,045,497		$	9,517,385

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs Small Cap Equity Insights Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Small Cap Equity Insights Fund (one of the funds constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2020

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Voting Results of Special Meeting of Shareholders (Unaudited)



Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		745,493,677.130		0		17,848,840.639		0

Kathryn A. Cassidy		746,559,784.810		0		16,782,732.959		0

Joaquin Delgado		744,593,456.532		0		18,749,061.237		0

Gregory G. Weaver		746,707,039.321		0		16,635,478.448		0

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND


Fund Expenses — Six Month Period Ended December 31, 2019 (Unaudited)


Share Class	Beginning Account Value 07/01/19		Ending Account Value 12/31/19			Expenses Paid for the 6 Months Ended 12/31/19*
Institutional

Actual	$	1,000	$	1,073.50		$	4.55
Hypothetical 5% return		1,000		1,020.82	+		4.43
Service

Actual		1,000		1,072.20			5.80
Hypothetical 5% return		1,000		1,019.61	+		5.65

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 December 31, 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 1.11% for Institutional and Service Shares, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Trustees and Officers (Unaudited)

Independent Trustees

Name,
Address and Age¹

Position(s) Held
with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

Jessica Palmer

Age: 70

Chair of the Board of Trustees

Since 2018 (Trustee since 2007)

Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Kathryn A. Cassidy

Age: 65

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Diana M. Daniels

Age: 70

Trustee

Since 2007

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Roy W. Templin

Age: 59

Trustee

Since 2013

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver

Age: 68

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Verizon Communications Inc.

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name,
Address and Age¹

Position(s) Held

with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

James A. McNamara

Age: 57

President and Trustee

Since 2007

165

None

Advisory Board Members

Name, Address, Age¹

Position(s)
Held with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Advisory
Board
Member³

Other

Directorships

Held by Advisory

Board Member⁴

Dwight L. Bush

Age: 62

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Joaquin Delgado

Age: 59

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Stepan Company (a specialty chemical manufacturer)

¹	Each Trustee and Advisory Board Member may be contacted by writing to the Trustee or Advisory Board Member, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2019.

⁴	This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹	Information is provided as of December 31, 2019.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2019, 91.47% of the dividends paid from net investment company taxable income by the Small Cap Equity Insights Fund qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Small Cap Equity Insights Fund designates $1,934,815 or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2019.


TRUSTEES		OFFICERS
Jessica Palmer, Chair Dwight L. Bush* Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado* 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
*Effective as of January 23, 2020

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.

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 December 31 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 risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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.

VITSCAR-20/192787-OTU-1134411

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Strategic Growth Fund

Annual Report

December 31, 2019

LOGO

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 12-month period ended December 31, 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 average annual total returns of 35.53% and 35.32%, respectively. These returns compare to the 36.39% average annual 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 31.49% during the Reporting Period, achieving a record high and its strongest annual gain since 2013.

For the Reporting Period overall, all 10 sectors of the Russell Index posted positive absolute returns, with nine of the 10 generating double-digit gains. Information technology, financials and communication services were the best performing sectors in the Russell Index, as measured by total return, while the weakest performing sectors in the Russell Index during the Reporting Period were energy, health care and industrials.

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

The Fund generated robust double-digit absolute gains but modestly underperformed the Russell Index on a relative basis during the Reporting Period. Stock selection overall contributed positively to the Fund’s relative results. Sector allocation as a whole detracted.

Which equity market sectors most significantly affected Fund performance?

Detracting most from the Fund’s relative results during the Reporting Period was weak stock selection within the industrials and financials sectors. Having an overweight position in energy, which posted positive returns but was the weakest sector in the Russell Index during the Reporting Period, also hurt results. Having a position in cash, albeit modest, during the Reporting Period when the Russell Index rallied further dampened the Fund’s relative results. On the other hand, contributing most positively to the Fund’s relative results during the Reporting Period was effective stock selection in the health care, consumer discretionary and real estate sectors.

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 information technology giant Apple, specialty materials and chemicals company Dupont de Nemours and online social rideshare platform Lyft.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

The Fund’s underweight position in Apple detracted most from relative results, as its stock appreciated significantly during the Reporting Period. In early November 2019, a strong earnings report featuring growth in iPhone sales, wearables and services as well as stabilizing sales in China caused its stock to rise. Overall, at the end of the Reporting Period, we continued to monitor Apple and its latest developments for 2020.

Dupont de Nemours’ stock trailed the broader U.S. equity market and the materials sector as a whole, with fears around U.S.-China trade tensions causing one of the headwinds. In the first week of April 2019, the company had spun off from its parent company and initiated a one-for-three reverse stock split. (A reverse stock split is a type of corporate action which consolidates the number of existing shares of stock into fewer, proportionally more valuable, shares.) Despite its early struggles as a stand-alone company, we believe its management is keen to deliver value for its shareholders. At the end of the Reporting Period, we also felt the company’s transportation and advanced polymers segment was well positioned to capture a significant opportunity from global growth in hybrid and electric vehicles.

Shares of Lyft, a new position for the Fund during the Reporting Period, fell following its disappointing first quarter 2019 earnings release revealing greater than market expected losses. This trend continued for the rest of the Reporting Period, which was its first year as a public company. At the end of the Reporting Period, we believed Lyft may benefit from strategic partnerships and margin expansion as the ridesharing industry is showing, in our view, competitive rationality.

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 an underweight position in research-based biopharmaceutical company AbbVie and overweight positions in integrated circuit designer, developer and seller NXP Semiconductors and gene therapy firm Sarepta Therapeutics.

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 sell-off. 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 middle 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 remained cautious, as we maintained an underweight position in AbbVie and planned to monitor potential headwinds and developments going forward.

Following a challenging end of 2018 with trade war concerns, NXP Semiconductors’ stock increased rather steadily through the first half of 2019 along with the broader semiconductor industry. Its stock price also increased in late October 2019 and early November when the company beat consensus expectations for earnings per share and top-line revenues by a wide margin. At the end of the Reporting Period, we continued to view NXP Semiconductors positively given its relatively steady free cash flows and what we see as its potential moving forward for margin expansion and fifth-generation, or 5G, growth acceleration.

Sarepta Therapeutics, a new purchase for the Fund during the Reporting Period, saw its shares rally in mid-December 2019 after it was announced the U.S. Food and Drug Administration approved the company’s muscular dystrophy drug. At the end of the Reporting Period, we were confident in Sarepta Therapeutics’ ability to commercialize this opportunity going forward.

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?

In addition to those already-mentioned purchases initiated during the Reporting Period, we established a Fund position in Paypal Holdings. The company engages in the creation of digital payment platforms. We believe the company is well positioned in a highly fragmented and highly competitive digital payments industry due to the partnerships it has signed, the acceleration of the monetization of Venmo, which Paypal Holdings owns, and the enhancement of its core business from recent merger and acquisition activity.

We established a Fund position in Accenture during the Reporting Period. 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 (“SaaS”), analytics and security. 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, in our view, balanced capital allocation to thoughtful acquisitions and capital returns have enabled the company to invest in growth initiatives.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Conversely, we eliminated the Fund’s position in media streaming platform Netflix. We felt the landscape was becoming increasingly competitive for Netflix, and we were less positive on its risk/reward profile. We therefore decided to exit the position and allocate the capital elsewhere.

We sold the Fund’s position in Zoetis, an animal health medicine and vaccine company, during the Reporting Period. We exited the position to allocate capital to what we viewed as more attractive opportunities.

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 materials increased compared to the Russell Index. The Fund’s allocations compared to the Russell Index in information technology 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 December 2019, the Fund had overweighted positions relative to the Russell Index in the health care and materials sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in information technology and consumer discretionary and was rather neutrally weighted to the Russell Index in communication services, consumer staples, real estate, energy, financials and industrials. 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.

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

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.

It is not possible to invest directly in an index.

FUND BASICS

Strategic Growth Fund

as of December 31, 2019

TOP TEN HOLDINGS AS OF 12/31/19¹



Holding	% of Net Assets		Line of Business
Apple, Inc.		7.3%	Technology Hardware & Equipment
Microsoft Corp.		6.9	Software & Services
Facebook, Inc. Class A		4.2	Media & Entertainment
Alphabet, Inc. Class A		4.1	Media & Entertainment
Amazon.com, Inc.		3.9	Retailing
Visa, Inc. Class A		3.0	Software & Services
Mastercard, Inc. Class A		2.8	Software & Services
Alphabet, Inc. Class C		2.5	Media & Entertainment
NVIDIA Corp.		2.1	Semiconductors & Semiconductor Equipment
Adobe, Inc.		2.0	Software & Services

¹	The top 10 holdings may not be representative of the Fund’s future investments.

FUND vs. BENCHMARK SECTOR ALLOCATIONS²

As of December 31, 2019

LOGO

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 December 31, 2019.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Performance Summary

December 31, 2019

The following graph shows the value, as of December 31, 2019, of a $10,000 investment made on January 1, 2010 in Service Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000^® Growth Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Strategic Growth Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2010 through December 31, 2019.

LOGO


Average Annual Total Return through December 31, 2019	One Year	Five Years	Ten Years
Institutional	35.53%	13.06%	13.64%
Service	35.32%	12.79%	13.37%

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

December 31, 2019


Shares		Description	Value

Common Stocks – 99.7%
Automobiles & Components – 0.6%
	24,218	Aptiv plc	$	2,299,983

Banks – 0.5%
	16,079	First Republic Bank		1,888,479

Capital Goods – 4.8%
	12,909	Boeing Co. (The)		4,205,236
	16,767	Deere & Co.		2,905,050
	27,344	Honeywell International, Inc.		4,839,888
	13,138	Northrop Grumman Corp.		4,519,078
	7,234	Stanley Black & Decker, Inc.		1,198,963

				17,668,215

Commercial & Professional Services – 0.7%
	17,817	Verisk Analytics, Inc.		2,660,791

Consumer Durables & Apparel – 3.1%
	70,526	NIKE, Inc. Class B		7,144,989
	39,815	PVH Corp.		4,186,547

				11,331,536

Consumer Services – 2.1%
	31,672	Dunkin’ Brands Group, Inc.		2,392,503
	26,715	McDonald’s Corp.		5,279,151

				7,671,654

Diversified Financials – 1.7%
	18,152	Cboe Global Markets, Inc.		2,178,240
	29,673	Intercontinental Exchange, Inc.		2,746,236
	13,660	Northern Trust Corp.		1,451,239

				6,375,715

Energy – 0.8%
	51,826	Cheniere Energy, Inc.*		3,165,014

Food & Staples Retailing – 1.0%
	30,670	Walmart, Inc.		3,644,823

Food, Beverage & Tobacco – 3.6%
	96,891	Coca-Cola Co. (The)		5,362,917
	12,563	McCormick & Co., Inc. (Non-Voting)		2,132,318
	27,097	Mondelez International, Inc. Class A		1,492,502
	69,938	Monster Beverage Corp.*		4,444,560

				13,432,297

Health Care Equipment & Services – 8.1%
	10,121	ABIOMED, Inc.*		1,726,541
	144,158	Boston Scientific Corp.*		6,518,825
	20,984	Danaher Corp.		3,220,624
	9,108	Edwards Lifesciences Corp.*		2,124,805
	9,142	Envista Holdings Corp.*		270,969
	11,318	Guardant Health, Inc.*		884,389
	16,370	Humana, Inc.		5,999,932
	7,692	Intuitive Surgical, Inc.*		4,547,126
	8,906	UnitedHealth Group, Inc.		2,618,186
	14,263	West Pharmaceutical Services, Inc.		2,144,157

				30,055,554


Common Stocks – (continued)
Household & Personal Products – 0.3%
	15,790	Colgate-Palmolive Co.		1,086,984

Insurance – 0.3%
	878	Markel Corp.*		1,003,703

Materials – 3.4%
	18,397	Corteva, Inc.		543,815
	24,123	DuPont de Nemours, Inc.		1,548,697
	17,236	Ecolab, Inc.		3,326,376
	14,391	Linde plc		3,063,844
	6,552	Martin Marietta Materials, Inc.		1,832,201
	4,208	Sherwin-Williams Co. (The)		2,455,536

				12,770,469

Media & Entertainment – 12.6%
	11,472	Alphabet, Inc. Class A*		15,365,482
	7,026	Alphabet, Inc. Class C*		9,393,903
	63,460	Comcast Corp. Class A		2,853,796
	33,371	Electronic Arts, Inc.*		3,587,716
	75,042	Facebook, Inc. Class A*		15,402,370

				46,603,267

Pharmaceuticals, Biotechnology & Life Sciences – 9.2%
	77,719	AbbVie, Inc.		6,881,240
	25,969	Adaptive Biotechnologies Corp.*^(a)		776,993
	34,836	Agios Pharmaceuticals, Inc.*		1,663,419
	13,919	Alexion Pharmaceuticals, Inc.*		1,505,340
	80,577	AstraZeneca plc ADR		4,017,569
	25,264	BioMarin Pharmaceutical, Inc.*		2,136,071
	96,038	Elanco Animal Health, Inc.*		2,828,319
	37,315	Eli Lilly & Co.		4,904,310
	15,235	Illumina, Inc.*		5,054,059
	17,818	Incyte Corp.*		1,555,868
	21,268	Sarepta Therapeutics, Inc.*		2,744,423

				34,067,611

Real Estate Investment Trusts – 1.9%
	18,375	American Tower Corp.		4,222,943
	5,143	Equinix, Inc.		3,001,969

				7,224,912

Retailing – 5.7%
	7,842	Amazon.com, Inc.*		14,490,761
	35,028	Ross Stores, Inc.		4,077,960
	9,804	Ulta Beauty, Inc.*		2,481,785

				21,050,506

Semiconductors & Semiconductor Equipment – 4.4%
	15,715	Analog Devices, Inc.		1,867,571
	78,206	Marvell Technology Group Ltd.		2,077,151
	32,355	NVIDIA Corp.		7,613,132
	31,436	NXP Semiconductors NV		4,000,545
	5,463	Texas Instruments, Inc.		700,848

				16,259,247

Software & Services – 23.3%
	24,425	Accenture plc Class A		5,143,172
	22,724	Adobe, Inc.*		7,494,603


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments (continued)

December 31, 2019


Shares		Description	Value

Common Stocks – (continued)
Software & Services – (continued)
	11,451	Atlassian Corp. plc Class A*	$	1,378,013
	33,552	Fidelity National Information Services, Inc.		4,666,748
	15,088	Intuit, Inc.		3,952,000
	34,251	Mastercard, Inc. Class A		10,227,006
	162,494	Microsoft Corp.		25,625,304
	51,482	PayPal Holdings, Inc.*		5,568,808
	29,858	salesforce.com, Inc.*		4,856,105
	7,430	ServiceNow, Inc.*		2,097,638
	65,686	Slack Technologies, Inc. Class A*^(a)		1,476,621
	60,066	Visa, Inc. Class A		11,286,401
	17,064	Workday, Inc. Class A*		2,806,175

				86,578,594

Technology Hardware & Equipment – 8.5%
	40,924	Amphenol Corp. Class A		4,429,205
	91,859	Apple, Inc.		26,974,394

				31,403,599

Transportation – 3.1%
	52,157	CSX Corp.		3,774,080
	21,965	Lyft, Inc. Class A*		944,934
	37,145	Union Pacific Corp.		6,715,445

				11,434,459

	TOTAL COMMON STOCKS
	(Cost $215,445,269)		$	369,677,412


Shares		Dividend Rate	Value

Investment Company^(b) – 0.4%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,563,204	1.638%	$	1,563,204
	(Cost $1,563,204)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $217,008,473)		$	371,240,616



Securities Lending Reinvestment Vehicle^(b) – 0.4%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,651,105	1.638%	$	1,651,105
	(Cost $1,651,105)

	TOTAL INVESTMENTS – 100.5%
	(Cost $218,659,578)		$	372,891,721

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%			(1,831,047	)

	NET ASSETS – 100.0%		$	371,060,674


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


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statement of Assets and Liabilities

December 31, 2019



Assets:
Investments in unaffiliated issuers, at value (cost $215,445,269)^(a)	$	369,677,412
Investments in affiliated issuers, at value (cost $1,563,204)		1,563,204
Investments in affiliated securities lending reinvestment vehicle, at value (cost $1,651,105)		1,651,105
Cash		216,853
Receivables:
Dividends		137,697
Reimbursement from investment adviser		20,678
Fund shares sold		13,961
Other assets		371

Total assets		373,281,281


Liabilities:
Payables:
Payable upon return of securities loaned		1,651,105
Management fees		220,829
Fund shares redeemed		93,909
Distribution and Service fees and Transfer Agency fees		56,946
Accrued expenses		197,818

Total liabilities		2,220,607


Net Assets:
Paid-in capital		216,351,335
Total distributable earnings (loss)		154,709,339

NET ASSETS	$	371,060,674
Net Assets:
Institutional	$	129,685,782
Service		241,374,892

Total Net Assets	$	371,060,674
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		10,894,712
Service		20,267,508
Net asset value, offering and redemption price per share:
Institutional		$11.90
Service		11.91

(a) Includes loaned securities having a market value of $1,612,465.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2019



Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $5,967)	$	3,431,500
Dividends — affiliated issuers		85,800
Securities lending income — unaffiliated issuer		76,765

Total investment income		3,594,065


Expenses:
Management fees		2,407,661
Distribution and Service fees — Service Shares		552,180
Professional fees		97,614
Custody, accounting and administrative services		96,111
Shareholder meeting expense		94,314
Printing and mailing costs		91,703
Transfer Agency fees^(a)		67,816
Trustee fees		16,348
Registration fees		542
Other		17,057

Total expenses		3,441,346

Less — expense reductions		(283,263	)

Net expenses		3,158,083

NET INVESTMENT INCOME		435,982


Realized and unrealized gain:
Net realized gain from investments — unaffiliated issuers (including commissions recaptured of $347)		18,838,812

Net change in unrealized gain on investments — unaffiliated issuers		74,794,292

Net realized and unrealized gain		93,633,104

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	94,069,086

(a)	Institutional and Service Shares incurred Transfer Agency fees of $23,645 and $44,171, respectively.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statements of Changes in Net Assets


	For the Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018

From operations:
Net investment income	$	435,982		$	471,254
Net realized gain		18,838,812			130,943,811
Net change in unrealized gain (loss)		74,794,292			(119,739,252	)

Net increase in net assets resulting from operations		94,069,086			11,675,813


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(13,128,250	)		(51,500,129	)
Service Shares		(24,038,886	)		(70,247,289	)

Total distributions to shareholders		(37,167,136	)		(121,747,418	)


From share transactions:
Proceeds from sales of shares		99,931,813			30,210,299
Reinvestment of distributions		37,167,136			121,747,418
Cost of shares redeemed		(64,553,057	)		(341,645,863	)

Net increase (decrease) in net assets resulting from share transactions		72,545,892			(189,688,146	)

TOTAL INCREASE (DECREASE)		129,447,842			(299,759,751	)


Net Assets:

Beginning of year		241,612,832			541,372,583

End of year	$	371,060,674		$	241,612,832


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Growth Fund
	Institutional Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	9.78		$	19.73		$	15.83		$	15.62		$	16.16

Net investment income^(a)		0.03			0.06			0.09			0.07			0.09	^(b)

Net realized and unrealized gain (loss)		3.43			(0.18	)		4.77			0.24			0.46

Total from investment operations		3.46			(0.12	)		4.86			0.31			0.55

Distributions to shareholders from net investment income		(0.04	)		(0.10	)		(0.10	)		(0.10	)		(0.06	)

Distributions to shareholders from net realized gains		(1.30	)		(9.73	)		(0.86	)		—	^(c)		(1.03	)

Total distributions		(1.34	)		(9.83	)		(0.96	)		(0.10	)		(1.09	)

Net asset value, end of year	$	11.90		$	9.78		$	19.73		$	15.83		$	15.62

Total return^(d)		35.53	%		(1.04	)%		30.66	%		1.98	%		3.40	%

Net assets, end of year (in 000s)	$	129,686		$	102,199		$	115,693		$	98,090		$	109,801

Ratio of net expenses to average net assets		0.77	%		0.74	%		0.76	%		0.79	%		0.79	%

Ratio of total expenses to average net assets		0.85	%		0.82	%		0.82	%		0.84	%		0.83	%

Ratio of net investment income to average net assets		0.29	%		0.30	%		0.48	%		0.48	%		0.55	%^(b)

Portfolio turnover rate^(e)		44	%		41	%		37	%		72	%		56	%

(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)

(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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Growth Fund
	Service Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	9.78		$	19.68		$	15.79		$	15.59		$	16.13

Net investment income^(a)		0.01			0.01			0.04			0.03			0.05	^(b)

Net realized and unrealized gain (loss)		3.43			(0.18	)		4.76			0.23			0.46

Total from investment operations		3.44			(0.17	)		4.80			0.26			0.51

Distributions to shareholders from net investment income		(0.01	)		—			(0.05	)		(0.06	)		(0.02	)

Distributions to shareholders from net realized gains		(1.30	)		(9.73	)		(0.86	)		—	^(c)		(1.03	)

Total distributions		(1.31	)		(9.73	)		(0.91	)		(0.06	)		(1.05	)

Net asset value, end of year	$	11.91		$	9.78		$	19.68		$	15.79		$	15.59

Total return^(d)		35.32	%		(1.32	)%		30.36	%		1.69	%		3.14	%

Net assets, end of year (in 000s)	$	241,375		$	139,414		$	425,679		$	368,242		$	360,966

Ratio of net expenses to average net assets		1.02	%		0.99	%		1.01	%		1.04	%		1.04	%

Ratio of total expenses to average net assets		1.10	%		1.07	%		1.07	%		1.08	%		1.08	%

Ratio of net investment income to average net assets		0.04	%		0.04	%		0.23	%		0.22	%		0.29	%^(b)

Portfolio turnover rate^(e)		44	%		41	%		37	%		72	%		56	%

(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)

(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.		13

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements

December 31, 2019

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.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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:

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements (continued)

December 31, 2019

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 December 31, 2019:


Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	11,081,958	$	—	$	—
North America		358,595,454		—		—
Investment Company		1,563,204		—		—
Securities Lending Reinvestment Vehicle		1,651,105		—		—

Total	$	372,891,721	$	—	$	—

(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.

For the fiscal year ended December 31, 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^{^}

0.71%		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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 fiscal year ended December 31, 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
$6,549	$	4,834	$	271,880	$	283,263

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2019, Goldman Sachs earned $442 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 fiscal year ended December 31, 2019:


Beginning Value as of December 31, 2018	Purchases at Cost		Proceeds from Sales		Ending Value as of December 31, 2019		Shares as of December 31, 2019		Dividend Income from Affiliated Investment Company
$—	$	111,813,260	$	(110,250,056)	$	1,563,204		1,563,204	$	85,800

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2019, were $181,850,794 and $145,582,393, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements (continued)

December 31, 2019

6. SECURITIES LENDING

The following table provides information about the Fund’s investment in the Government Money Market Fund for the fiscal year ended December 31, 2019:


Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2019

$	—	$	27,745,000	$	(26,093,895	)	$	1,651,105

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

7. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2018 and December 31, 2019 was as follows:


	2018		2019
Distributions paid from:
Ordinary income	$	7,594,847	$	658,803
Net long-term capital gains		114,152,571		36,508,333
Total taxable distributions	$	121,747,418	$	37,167,136

As of December 31, 2019, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	128,043
Undistributed long-term capital gains		771,682
Total undistributed earnings	$	899,725
Timing Differences (Post October Loss Deferral)		(28,908	)
Unrealized gains — net		153,838,522
Total accumulated gains — net	$	154,709,339

As of December 31, 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	$	219,053,199
Gross unrealized gain		157,008,572
Gross unrealized loss		(3,170,050	)
Net unrealized gain	$	153,838,522

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.

8. OTHER RISKS

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements (continued)

December 31, 2019

8. OTHER RISKS (continued)

9. INDEMNIFICATIONS

10. OTHER MATTERS

11. SUBSEQUENT EVENTS

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended December 31, 2019						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		583,898		$	7,062,304			707,283		$	15,560,038
Reinvestment of distributions		1,118,249			13,128,250			5,223,137			51,500,129
Shares redeemed		(1,261,183	)		(14,783,803	)		(1,339,125	)		(28,892,999	)
		440,964			5,406,751			4,591,295			38,167,168
Service Shares
Shares sold		8,337,088			92,869,509			700,489			14,650,261
Reinvestment of distributions		2,045,863			24,038,886			7,117,253			70,247,289
Shares redeemed		(4,367,583	)		(49,769,254	)		(15,191,101	)		(312,752,864	)
		6,015,368			67,139,141			(7,373,359	)		(227,855,314	)

NET INCREASE (DECREASE)		6,456,332		$	72,545,892			(2,782,064	)	$	(189,688,146	)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs Strategic Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Strategic Growth Fund (one of the funds constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2020

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Voting Results of Special Meeting of Shareholders (Unaudited)



Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		745,493,677.130		0		17,848,840.639		0

Kathryn A. Cassidy		746,559,784.810		0		16,782,732.959		0

Joaquin Delgado		744,593,456.532		0		18,749,061.237		0

Gregory G. Weaver		746,707,039.321		0		16,635,478.448		0

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND


Fund Expenses — Six Month Period Ended December 31, 2019 (Unaudited)


Share Class	Beginning Account Value 07/01/19		Ending Account Value 12/31/19			Expenses Paid for the 6 Months Ended 12/31/19*
Institutional

Actual	$	1,000	$	1,108.20		$	4.09
Hypothetical 5% return		1,000		1,021.32	+		3.92
Service

Actual		1,000		1,107.50			5.42
Hypothetical 5% return		1,000		1,020.06	+		5.19

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 December 31, 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 0.77%, and 1.02% for Institutional and Service Shares, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Trustees and Officers (Unaudited)

Independent Trustees

Name,
Address and Age¹

Position(s) Held
with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

Jessica Palmer

Age: 70

Chair of the Board of Trustees

Since 2018 (Trustee since 2007)

Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Kathryn A. Cassidy

Age: 65

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Diana M. Daniels

Age: 70

Trustee

Since 2007

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Roy W. Templin

Age: 59

Trustee

Since 2013

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver

Age: 68

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Verizon Communications Inc.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name,
Address and Age¹

Position(s) Held

with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

James A. McNamara

Age: 57

President and Trustee

Since 2007

165

None

Advisory Board Members

Name, Address, Age¹

Position(s)
Held with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Advisory
Board
Member³

Other

Directorships

Held by Advisory

Board Member⁴

Dwight L. Bush

Age: 62

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Joaquin Delgado

Age: 59

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Stepan Company (a specialty chemical manufacturer)

¹	Each Trustee and Advisory Board Member may be contacted by writing to the Trustee or Advisory Board Member, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2019.

⁴	This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹	Information is provided as of December 31, 2019.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2019, 82.66% of the dividends paid from net investment company taxable income by the Strategic Growth Fund qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Strategic Growth Fund designates $36,508,333 or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2019.


TRUSTEES		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
Jessica Palmer, Chair
Dwight L. Bush*
Kathryn A. Cassidy
Diana M. Daniels
Joaquin Delgado*
James A. McNamara
Roy W. Templin
Gregory G. Weaver
* Effective as of January 23, 2020

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.

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 December 31 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 risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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.

VITGRWAR-20/192297-OTU-1135501

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

International Equity Insights Fund

Annual Report

December 31, 2019

LOGO

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 12-month period ended December 31, 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 average annual total returns of 18.45% and 18.23%, respectively. These returns compare to the 22.01% average annual total return of the Fund’s benchmark, the MSCI Europe, Australasia, Far East (EAFE) 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 8.17% for the fourth quarter of 2019, bringing total returns to 22.01% in U.S. dollar terms for the Reporting Period as a whole. Equity markets rebounded across the globe, recovering from weakness in 2018, though U.S. equities outpaced international equity markets during the Reporting Period. The international equity markets were primarily supported by the accommodative stance of the various central banks and by the anticipation of resolution to trade war and Brexit negotiations, with the rally in equities during the Reporting Period driven by valuation gains amid weak earnings growth. (Brexit is the popular term for the U.K.’s path out of the European Union.)

European equities witnessed their best year since 2009, with the STOXX 600* hitting a four-year high early in November 2019. The domestic Eurozone economy generally remained strong, boasting the lowest unemployment rate since the 2008-2009 global financial crisis as well as accelerated wage growth. In September 2019, the European Central Bank announced a multi-dimensional monetary stimulus package aimed at addressing slowing Eurozone economic growth through deposit rate cuts and reinstitution of asset purchases. In October 2019, the European Union and the U.K. agreed to a “flextension” arrangement until January 2020 under which the U.K. would be able to leave the European Union earlier than the deadline if a withdrawal agreement was ratified by the European and British Parliaments in time. Brexit negotiations took a turn for the better when the Conservative party won a comfortable majority in the mid-December 2019 U.K. Parliamentary elections, clearing the way for Prime Minister Johnson’s Brexit deal to be ratified before the Article 50 deadline expires on January 31, 2020.

Japanese equities suffered collateral damage through the ongoing stand-off between the U.S. and China — two of Japan’s largest trade partners. Japanese equities were also sensitive to weaker global industrial demand during the Reporting Period. However, the Japanese equity market was supported by a recovering domestic economy, stronger capital spending and an improvement in domestic demand resilience. In the second quarter of 2019, Japan’s nominal Gross Domestic Product hit a record 557.8 trillion yen. In an effort to achieve more fair and reciprocal trade, the U.S. and Japan signed a limited trade deal on agriculture and digital trade in October 2019, a deal that covers about $55 billion worth of commerce between the two economies.

For the Reporting Period overall, all 11 sectors of the MSCI EAFE gained, with information technology leading the way, followed by health care and industrials. Energy, communication services and real estate 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. New Zealand, Ireland and Switzerland were the strongest individual country constituents in the MSCI EAFE Index on a relative basis during the Reporting Period. Israel, Hong Kong and Finland posted positive absolute returns but most significantly lagged the MSCI EAFE Index on a relative basis during the Reporting Period.

The STOXX 600 is an index tracking 600 publicly-traded companies based in one of 18 European Union countries. The index includes small cap, medium cap, and large cap companies. The countries represented in the index are Austria, Belgium, Denmark, Finland, France, Germany, Greece, Holland, Iceland, Ireland, Italy, Luxembourg, Norway, Portugal, Spain, Sweden, Switzerland and the U.K.

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

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

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?

During the Reporting Period, three of our four investment themes — Market Themes & Trends, Fundamental Mispricings and High Quality Business Models — detracted from the Fund’s relative performance. The other investment theme — Sentiment Analysis — contributed positively. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. Fundamental Mispricings 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.

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 health care, industrials and communication services sectors detracting most from results relative to the MSCI EAFE Index. Holdings in the information technology, consumer discretionary and financials 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 underweight positions in U.K.-based tobacco company British American Tobacco and France-based diversified luxury goods producer LVMH Moet Hennessy Louis Vuitton and an overweight position in Japan-based telecommunication services provider SoftBank Group. The underweight in British American Tobacco was implemented primarily because of our Market Themes & Trends investment theme, and the underweight in LVMH Moet Hennessy Louis Vuitton was established due mainly to our Fundamental Mispricings investment theme. The overweight in Softbank Group was based primarily on our Market Themes & Trends and Fundamental Mispricings investment themes.

Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period?

The Fund benefited most from an underweight position in BP, a U.K.-based integrated energy company, and from overweight positions in adidas, a Germany-based sports shoes, apparel and equipment manufacturer, and in Schneider Electric, a France-based electrical power products manufacturer. The underweight in BP and the overweight in adidas were each fueled mainly by our

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Market Themes & Trends and High Quality Business Models investment themes. Driven by our High Quality Business Models and Sentiment Analysis investment themes, the Fund benefited from its overweight in Schneider Electric.

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?

During the second half of the Reporting Period, within our High-Quality Business Models investment theme, we added a metric, introduced in most regions, that identifies companies with longer executive management tenure, as we believe this is indicative of sustainable, high quality, business model. Within our Sentiment Analysis investment theme, we extended a signal from the U.S. to Japan. The signal uses natural language processing and machine learning techniques to help capture sell-side research analyst sentiment in Japanese language reports. Also within our Sentiment Analysis investment theme, we added a contrarian signal in the European, U.K. and emerging market investment regions that uses market microstructure data to help predict short-term stock reversals.

How did the Fund use derivatives during the Reporting Period?

What were the Fund’s sector and country weightings at the end of the Reporting Period?

As of December 31, 2019, the Fund was overweight the health care, industrials, information technology and materials sectors relative to the MSCI EAFE Index. The Fund was underweight utilities, communication services, consumer staples, real estate and consumer discretionary and rather neutral to the MSCI EAFE Index in energy and financials on the same date.

In terms of countries, the Fund was overweight relative to the MSCI EAFE Index in Japan, Switzerland and Australia. Compared to the MSCI EAFE Index, the Fund was underweight in the U.K. and Germany 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?

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.

FUND BASICS

International Equity Insights Fund

as of December 31, 2019

TOP TEN HOLDINGS AS OF 12/31/19¹



Holding	% of Net Assets		Line of Business	Country
Roche Holding AG		2.4%	Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Novartis AG (Registered)		1.9	Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
AIA Group Ltd.		1.5	Insurance	Hong Kong
Diageo plc		1.3	Food, Beverage & Tobacco	United Kingdom
Schneider Electric SE		1.2	Capital Goods	France
BNP Paribas SA		1.1	Banks	France
Safran SA		1.1	Capital Goods	France
Sony Corp.		1.1	Consumer Durables & Apparel	Japan
Nestle SA (Registered)		1.1	Food, Beverage & Tobacco	Switzerland
Kering SA		1.0	Consumer Durables & Apparel	France

¹	The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of December 31, 2019

LOGO

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. 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.

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Portfolio’s investment strategies, holdings, and performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Performance Summary

December 31, 2019

The following graph shows the value, as of December 31, 2019, of a $10,000 investment made on January 1, 2010 in Service Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI EAFE Standard Index (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

International Equity Insights Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2010 through December 31, 2019.

LOGO


Average Annual Total Return through December 31, 2019	One Year	Five Years	Ten Years
Institutional	18.45%	4.29%	4.88%
Service	18.23%	4.04%	4.62%

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

December 31, 2019


Shares		Description	Value

Common Stocks – 97.8%
Australia – 8.9%
	6,652	Altium Ltd. (Software & Services)	$	162,084
	10,951	ASX Ltd. (Diversified Financials)		602,964
	14,872	BHP Group Ltd. (Materials)		407,230
	2,506	BHP Group plc (Materials)		58,725
	7,664	Charter Hall Group (REIT)		59,690
	39,379	Coles Group Ltd. (Food & Staples Retailing)		409,926
	4,038	Commonwealth Bank of Australia (Banks)		226,523
	19,551	Fortescue Metals Group Ltd. (Materials)		147,382
	37,378	Goodman Group (REIT)		351,248
	16,400	Magellan Financial Group Ltd. (Diversified Financials)		657,065
	8,958	Newcrest Mining Ltd. (Materials)		189,184
	8,599	Orica Ltd. (Materials)		132,601
	82,742	Qantas Airways Ltd. (Transportation)		412,428
	10,785	Regis Resources Ltd. (Materials)		32,633
	10,180	Rio Tinto Ltd. (Materials)		720,235
	8,683	Rio Tinto plc ADR (Materials)		515,423
	93,458	Santos Ltd. (Energy)		537,660
	14,199	Sonic Healthcare Ltd. (Health Care Equipment & Services)		286,293
	31,547	Telstra Corp. Ltd. (Telecommunication Services)		78,362
	26,184	Wesfarmers Ltd. (Retailing)		760,952
	28,896	Woodside Petroleum Ltd. (Energy)		698,665
	29,498	Woolworths Group Ltd. (Food & Staples Retailing)		748,172

				8,195,445

Austria – 0.1%
	698	ams AG (Semiconductors & Semiconductor Equipment)*		28,337
	521	BAWAG Group AG (Banks)^(a)		23,548

				51,885

Belgium – 1.0%
	488	Ageas (Insurance)		28,857
	2,860	Galapagos NV (Pharmaceuticals, Biotechnology & Life Sciences)*		595,588
	3,804	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)		302,702

				927,147

Cambodia – 0.2%
	86,000	NagaCorp Ltd. (Consumer Services)		150,198

China – 0.5%
	29,000	CITIC Telecom International Holdings Ltd. (Telecommunication Services)		10,570
	84,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)		143,366
	483,000	Towngas China Co. Ltd. (Utilities)*		334,584

				488,520


Common Stocks – (continued)
Denmark – 1.9%
	175	Carlsberg A/S Class B (Food, Beverage & Tobacco)		26,116
	9,283	GN Store Nord A/S (Health Care Equipment & Services)		436,679
	14,957	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		866,741
	1,034	Orsted A/S (Utilities)^(a)		106,941
	3,406	Vestas Wind Systems A/S (Capital Goods)		344,028

				1,780,505

Finland – 0.8%
	4,444	Neste OYJ (Energy)		154,630
	14,753	UPM-Kymmene OYJ (Materials)		511,848
	2,390	Valmet OYJ (Capital Goods)		57,312

				723,790

France – 11.1%
	6,106	Air Liquide SA (Materials)		865,653
	4,381	Airbus SE (Capital Goods)		642,979
	2,241	Alstom SA (Capital Goods)		106,490
	3,458	Arkema SA (Materials)		369,755
	17,898	BNP Paribas SA (Banks)		1,063,823
	5,628	Capgemini SE (Software & Services)		688,332
	628	Christian Dior SE (Consumer Durables & Apparel)		322,787
	8,385	Coface SA (Insurance)		103,178
	5,937	Eiffage SA (Capital Goods)		681,133
	1,442	Kering SA (Consumer Durables & Apparel)		950,156
	8,545	Legrand SA (Capital Goods)		697,818
	3,665	Publicis Groupe SA (Media & Entertainment)		166,176
	6,619	Safran SA (Capital Goods)		1,022,367
	1,186	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		196,861
	10,941	Schneider Electric SE (Capital Goods)		1,124,075
	13,206	SCOR SE (Insurance)		555,918
	12,094	TOTAL SA (Energy)		671,102

				10,228,603

Germany – 6.0%
	723	Brenntag AG (Capital Goods)		39,228
	3,190	CANCOM SE (Software & Services)		187,454
	11,026	Covestro AG (Materials)^(a)		513,041
	2,319	Deutsche Boerse AG (Diversified Financials)		363,648
	28,423	Deutsche Lufthansa AG (Registered) (Transportation)		523,185
	10,387	Deutsche Post AG (Registered) (Transportation)		394,957
	3,914	Fresenius Medical Care AG & Co. KGaA (Health Care Equipment & Services)		288,179


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)

December 31, 2019


Shares		Description	Value

Common Stocks – (continued)
Germany – (continued)
	8,067	HeidelbergCement AG (Materials)	$	586,188
	3,378	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)		398,245
	1,660	MTU Aero Engines AG (Capital Goods)		472,977
	2,858	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) (Insurance)		843,376
	3,648	Nemetschek SE (Software & Services)		240,325
	688	Porsche Automobil Holding SE (Preference) (Automobiles & Components)^(b)		51,048
	360	Siemens AG (Registered) (Capital Goods)		47,013
	5,182	Siltronic AG (Semiconductors & Semiconductor Equipment)		520,650
	1,466	Software AG (Software & Services)		51,042

				5,520,556

Hong Kong – 2.7%
	130,000	AIA Group Ltd. (Insurance)		1,367,336
	44,000	CK Asset Holdings Ltd. (Real Estate)		317,514
	1,000	CLP Holdings Ltd. (Utilities)		10,497
	70,000	Swire Pacific Ltd. Class B (Real Estate)		104,798
	567,500	WH Group Ltd. (Food, Beverage & Tobacco)^(a)		586,780
	41,000	Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)		121,003

				2,507,928

Italy – 2.4%
	13,773	Azimut Holding SpA (Diversified Financials)		329,090
	1,742	Banca Generali SpA (Diversified Financials)		56,630
	5,394	Banca Mediolanum SpA (Diversified Financials)		53,601
	28,323	Enel SpA (Utilities)		224,993
	307,786	Intesa Sanpaolo SpA (Banks)		810,767
	40,704	Iren SpA (Utilities)		126,107
	51,174	Mediobanca Banca di Credito Finanziario SpA (Banks)		563,453
	2,045	Poste Italiane SpA (Insurance)^(a)		23,237

				2,187,878

Japan – 26.8%
	4,200	AGC, Inc. (Capital Goods)		150,183
	1,500	Aisin Seiki Co. Ltd. (Automobiles & Components)		55,560
	43,200	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		737,423
	2,200	Benesse Holdings, Inc. (Consumer Services)		57,826
	13,000	Chubu Electric Power Co., Inc. (Utilities)		183,766


Common Stocks – (continued)
Japan – (continued)
	4,300	Cleanup Corp. (Consumer Durables & Apparel)		28,095
	20,900	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		565,294
	20,500	Daiwa House Industry Co. Ltd. (Real Estate)		634,616
	28,500	DeNA Co. Ltd. (Media & Entertainment)		459,341
	2,900	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		216,995
	2,100	ESCRIT, Inc. (Consumer Services)		15,025
	4,000	FamilyMart Co. Ltd. (Food & Staples Retailing)		95,799
	2,700	FJ Next Co. Ltd. (Consumer Durables & Apparel)		28,430
	11,400	FUJIFILM Holdings Corp. (Technology Hardware & Equipment)		544,417
	8,800	Fujitsu Ltd. (Software & Services)		827,691
	2,200	Furyu Corp. (Consumer Durables & Apparel)		21,652
	1,200	Hitachi High-Technologies Corp. (Technology Hardware & Equipment)		84,983
	7,400	Hoya Corp. (Health Care Equipment & Services)		706,419
	11,900	Ibiden Co. Ltd. (Technology Hardware & Equipment)		283,312
	2,400	IDEA Consultants, Inc. (Commercial & Professional Services)		66,894
	16,800	Idemitsu Kosan Co. Ltd. (Energy)		464,213
	1,000	ISB Corp. (Software & Services)		18,406
	4,200	Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment)		84,734
	32,900	JXTG Holdings, Inc. (Energy)		149,319
	8,600	Kao Corp. (Household & Personal Products)		709,286
	2,800	KDDI Corp. (Telecommunication Services)		83,542
	700	Kirindo Holdings Co. Ltd. (Food & Staples Retailing)		13,788
	500	Kobayashi Pharmaceutical Co. Ltd. (Household & Personal Products)		42,351
	12,300	Konami Holdings Corp. (Media & Entertainment)		505,438
	5,500	K’s Holdings Corp. (Retailing)		71,907
	400	Kureha Corp. (Materials)		24,019
	32,300	LIXIL Group Corp. (Capital Goods)		557,397
	4,600	Mamezou Holdings Co. Ltd. (Software & Services)		62,142
	4,600	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		178,089
	51,400	Mazda Motor Corp. (Automobiles & Components)		438,002
	13,700	Mitsubishi Materials Corp. (Materials)		371,814


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)
	130,700	Mitsubishi UFJ Financial Group, Inc. (Banks)	$	706,608
	507,000	Mizuho Financial Group, Inc. (Banks)		780,993
	4,300	NEC Networks & System Integration Corp. (Software & Services)		152,298
	3,900	NET One Systems Co. Ltd. (Software & Services)		99,575
	3,900	Nexon Co. Ltd. (Media & Entertainment)*		51,735
	15,200	NGK Insulators Ltd. (Capital Goods)		264,420
	1,500	Nihon Unisys Ltd. (Software & Services)		47,054
	34,700	Nikon Corp. (Consumer Durables & Apparel)		424,369
	14,400	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		363,941
	31,900	Nippon Yusen KK (Transportation)		574,955
	1,700	Nitto Denko Corp. (Materials)		95,587
	25,800	Nomura Research Institute Ltd. (Software & Services)		551,760
	1,000	NS Solutions Corp. (Software & Services)		32,859
	44,500	NTT Data Corp. (Software & Services)		595,142
	500	OBIC Business Consultants Co. Ltd. (Software & Services)		23,507
	4,100	Okinawa Electric Power Co., Inc. (The) (Utilities)		76,937
	39,300	Olympus Corp. (Health Care Equipment & Services)		605,719
	7,600	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		173,510
	7,900	ORIX Corp. (Diversified Financials)		130,914
	11,200	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		499,232
	2,700	PC Depot Corp. (Retailing)		13,697
	500	PCA Corp. (Software & Services)		23,396
	1,400	Sankyo Co. Ltd. (Consumer Durables & Apparel)		46,498
	2,000	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		38,086
	2,100	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)		143,218
	7,500	Secom Co. Ltd. (Commercial & Professional Services)		669,321
	44,200	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		640,000
	29,100	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		504,882
	27,900	Sekisui House Ltd. (Consumer Durables & Apparel)		595,801


Common Stocks – (continued)
Japan – (continued)
	11,100	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		686,663
	4,700	Softbank Corp. (Telecommunication Services)		63,025
	4,600	SoftBank Group Corp. (Telecommunication Services)		199,718
	14,900	Sony Corp. (Consumer Durables & Apparel)		1,011,676
	9,900	Subaru Corp. (Automobiles & Components)		245,221
	1,200	Sugi Holdings Co. Ltd. (Food & Staples Retailing)		63,306
	13,200	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		255,752
	300	Sumitomo Realty & Development Co. Ltd. (Real Estate)		10,467
	14,200	Sundrug Co. Ltd. (Food & Staples Retailing)		513,784
	4,600	Taiyo Yuden Co. Ltd. (Technology Hardware & Equipment)		140,311
	1,600	Take And Give Needs Co. Ltd. (Consumer Services)		18,238
	6,300	TDK Corp. (Technology Hardware & Equipment)		707,989
	11,700	TIS, Inc. (Software & Services)		691,623
	900	TKC Corp. (Software & Services)		42,838
	800	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		174,664
	30,000	Toppan Printing Co. Ltd. (Commercial & Professional Services)		619,747
	9,700	Toshiba Corp. (Capital Goods)		329,235
	800	Toyota Motor Corp. (Automobiles & Components)		56,369
	2,300	Vision, Inc. (Telecommunication Services)*		38,146
	1,500	Welcia Holdings Co. Ltd. (Food & Staples Retailing)		95,294
	53,500	Yamada Denki Co. Ltd. (Retailing)		283,873
	8,600	Z Holdings Corp. (Media & Entertainment)		36,310
	3,200	Zuken, Inc. (Software & Services)		72,826

				24,821,257

Netherlands – 5.6%
	7,300	Akzo Nobel NV (Materials)		745,505
	1,251	ASM International NV (Semiconductors & Semiconductor Equipment)		141,203
	8,145	ASR Nederland NV (Insurance)		305,238
	4,132	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		160,417
	1,757	Euronext NV (Diversified Financials)^(a)		143,617


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)

December 31, 2019


Shares		Description	Value

Common Stocks – (continued)
Netherlands – (continued)
	5,419	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)	$	135,867
	15,696	NN Group NV (Insurance)		596,806
	2,398	NXP Semiconductors NV (Semiconductors & Semiconductor Equipment)		305,170
	2,054	Randstad NV (Commercial & Professional Services)		125,859
	25,109	Royal Dutch Shell plc Class A (Energy)		740,337
	8,720	Royal Dutch Shell plc Class B (Energy)		258,842
	6,494	Royal Dutch Shell plc Class B ADR (Energy)		389,445
	11,862	Signify NV (Capital Goods)^(a)		371,266
	10,601	Wolters Kluwer NV (Commercial & Professional Services)		774,038

				5,193,610

Norway – 1.2%
	37,640	DNB ASA (Banks)		704,354
	8,234	Orkla ASA (Food, Beverage & Tobacco)		83,499
	6,631	Salmar ASA (Food, Beverage & Tobacco)		339,814
	977	Schibsted ASA Class A (Media & Entertainment)		29,559

				1,157,226

Singapore – 0.5%
	7,200	DBS Group Holdings Ltd. (Banks)		138,825
	92,500	Wilmar International Ltd. (Food, Beverage & Tobacco)		283,392

				422,217

Spain – 2.0%
	8,242	ACS Actividades de Construccion y Servicios SA (Capital Goods)		330,621
	43,760	Banco Santander SA (Banks)		183,475
	20,530	Iberdrola SA (Utilities)		211,573
	38,265	Merlin Properties Socimi SA (REIT)		549,996
	88,180	Telefonica SA (Telecommunication Services)		616,652

				1,892,317

Sweden – 2.8%
	22,932	Boliden AB (Materials)*		609,044
	13,297	Essity AB Class B (Household & Personal Products)		428,246
	19,190	Sandvik AB (Capital Goods)		373,771
	3,649	SKF AB Class B (Capital Goods)		73,879
	13,171	Swedish Match AB (Food, Beverage & Tobacco)		678,527
	27,656	Volvo AB Class B (Capital Goods)		462,994

				2,626,461

Switzerland – 11.2%
	9,809	Adecco Group AG (Registered) (Commercial & Professional Services)		620,147


Common Stocks – (continued)
Switzerland – (continued)
	2,902	Baloise Holding AG (Registered) (Insurance)		525,220
	409	Flughafen Zurich AG (Registered) (Transportation)		74,655
	14,301	LafargeHolcim Ltd. (Registered) (Materials)*		793,383
	1,522	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		555,237
	9,274	Nestle SA (Registered) (Food, Beverage & Tobacco)		1,004,052
	18,899	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,789,539
	6,705	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		2,179,144
	2,849	Sonova Holding AG (Registered) (Health Care Equipment & Services)		651,306
	1,279	Swiss Life Holding AG (Registered) (Insurance)		641,636
	6,842	Swiss Re AG (Insurance)		768,648
	150	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		42,142
	57,475	UBS Group AG (Registered) (Diversified Financials)*		725,299

				10,370,408

United Kingdom – 11.3%
	50,984	3i Group plc (Diversified Financials)		741,905
	128,122	Aviva plc (Insurance)		711,147
	46,769	Barratt Developments plc (Consumer Durables & Apparel)		463,080
	82,041	BT Group plc (Telecommunication Services)		209,056
	3,000	CK Hutchison Holdings Ltd. (Capital Goods)		28,606
	27,593	Diageo plc (Food, Beverage & Tobacco)		1,162,678
	131,915	Direct Line Insurance Group plc (Insurance)		545,805
	27,034	Experian plc (Commercial & Professional Services)		916,439
	48,045	Fiat Chrysler Automobiles NV (Automobiles & Components)		712,341
	7,184	Great Portland Estates plc (REIT)		81,837
	11,697	HSBC Holdings plc (Banks)		91,569
	19,739	Imperial Brands plc (Food, Beverage & Tobacco)		488,349
	9,641	Inchcape plc (Retailing)		90,160
	64,772	International Consolidated Airlines Group SA (Transportation)		535,935
	161,216	Legal & General Group plc (Insurance)		647,614
	79,282	Lloyds Banking Group plc (Banks)		65,679


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)
	431	London Stock Exchange Group plc (Diversified Financials)	$	44,295
	12,352	National Grid plc (Utilities)		154,365
	13,834	Persimmon plc (Consumer Durables & Apparel)		494,138
	33,462	Prudential plc (Insurance)		641,153
	27,818	Smith & Nephew plc (Health Care Equipment & Services)		670,434
	7,323	SSE plc (Utilities)		139,666
	195,783	Taylor Wimpey plc (Consumer Durables & Apparel)		502,002
	6,199	Unilever plc ADR (Household & Personal Products)		354,397

				10,492,650

United States – 0.8%
	5,652	Carnival plc ADR (Consumer Services)		272,200
	5,620	Ferguson plc (Capital Goods)		511,459

				783,659

	TOTAL INVESTMENTS – 97.8%
	(Cost $84,498,311)		$	90,522,260

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.2%			1,994,283

	NET ASSETS – 100.0%		$	92,516,543


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.



Investment Abbreviations:
ADR		—American Depositary Receipt
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 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	20		03/20/2020	$	836,564	$	(7,478	)
FTSE 100 Index	3		03/20/2020		297,995		375
MSCI Singapore Index	1		01/30/2020		27,622		(151	)
SPI 200 Index	1		03/19/2020		115,841		(2,630	)
TOPIX Index	3		03/12/2020		475,174		1,034

Total Futures Contracts						$	(8,850	)


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Statement of Assets and Liabilities

December 31, 2019



Assets:
Investments in unaffiliated issuers, at value (cost $84,498,311)	$	90,522,260
Cash		818,435
Foreign currencies, at value (cost $872,655)		900,004
Receivables:
Foreign tax reclaims		428,921
Collateral on certain derivative contracts		91,360
Dividends		37,236
Securities lending income		2,571
Fund shares sold		1,781

Total assets		92,802,568


Liabilities:
Variation margin on futures		3,802
Payables:
Management fees		72,776
Distribution and Service fees and Transfer Agency fees		11,863
Fund shares redeemed		5,640
Accrued expenses		191,944

Total liabilities		286,025


Net Assets:
Paid-in capital		94,025,339
Total distributable earnings (loss)		(1,508,796	)

NET ASSETS	$	92,516,543
Net Assets:
Institutional	$	43,632,265
Service		48,884,278

Total Net Assets	$	92,516,543
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		5,325,402
Service		5,940,148
Net asset value, offering and redemption price per share:
Institutional		$8.19
Service		8.23


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2019



Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $266,661)	$	2,656,494
Securities lending income — affiliated issuer		11,897
Dividends — affiliated issuers		876

Total investment income		2,669,267


Expenses:
Management fees		710,254
Professional fees		129,732
Custody, accounting and administrative services		135,917
Distribution and Service fees — Service Shares		116,609
Printing and mailing costs		88,063
Shareholder meeting expense		25,516
Transfer Agency fees^(a)		17,536
Trustee fees		15,973
Registration fees		555
Other		20,858

Total expenses		1,261,013

Less — expense reductions		(353,996	)

Net expenses		907,017

NET INVESTMENT INCOME		1,762,250


Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(5,423,910	)
Futures contracts		307,651
Foreign currency transactions		(41,810	)
Net change in unrealized gain on:
Investments — unaffiliated issuers		17,651,914
Futures contracts		27,684
Foreign currency translation		46,461

Net realized and unrealized gain		12,567,990

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,330,240

^(a) Institutional and Service Shares incurred Transfer Agency fees of $8,208 and $9,328, respectively.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Statements of Changes in Net Assets


	For the Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018

From operations:
Net investment income	$	1,762,250		$	1,622,663
Net realized gain (loss)		(5,158,069	)		19,596,686
Net change in unrealized gain (loss)		17,726,059			(37,795,771	)

Net increase (decrease) in net assets resulting from operations		14,330,240			(16,576,422	)


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(1,025,867	)		(8,500,382	)
Service Shares		(1,031,832	)		(9,678,544	)

Total distributions to shareholders		(2,057,699	)		(18,178,926	)


From share transactions:
Proceeds from sales of shares		16,601,906			12,142,507
Reinvestment of distributions		2,057,699			18,178,926
Cost of shares redeemed		(20,167,663	)		(79,104,015	)

Net decrease in net assets resulting from share transactions		(1,508,058	)		(48,782,582	)

TOTAL INCREASE (DECREASE)		10,764,483			(83,537,930	)


Net Assets:

Beginning of year		81,752,060			165,289,990

End of year	$	92,516,543		$	81,752,060


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs International Equity Insights Fund
	Institutional Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	7.08		$	10.88		$	8.75		$	9.19		$	9.26

Net investment income^(a)		0.17			0.19			0.17			0.17	^(b)		0.14	^(c)

Net realized and unrealized gain (loss)		1.14			(1.94	)		2.16			(0.42	)		(0.04	)

Total from investment operations		1.31			(1.75	)		2.33			(0.25	)		0.10

Distributions to shareholders from net investment income		(0.20	)		(0.21	)		(0.20	)		(0.19	)		(0.17	)

Distributions to shareholders from net realized gains		—	^(d)		(1.84	)		—			—			—

Total distributions		(0.20	)		(2.05	)		(0.20	)		(0.19	)		(0.17	)

Net asset value, end of year	$	8.19		$	7.08		$	10.88		$	8.75		$	9.19

Total return^(e)		18.45	%		(16.28	)%		26.60	%		(2.72	)%		1.05	%

Net assets, end of year (in 000s)	$	43,632		$	37,829		$	41,512		$	37,061		$	41,737

Ratio of net expenses to average net assets		0.90	%		0.87	%		0.87	%		0.89	%		0.89	%

Ratio of total expenses to average net assets		1.31	%		1.23	%		1.02	%		1.06	%		1.06	%

Ratio of net investment income to average net assets		2.14	%		1.79	%		1.69	%		1.94	%^(b)		1.42	%^(c)

Portfolio turnover rate^(f)		146	%		156	%		23	%		39	%		58	%

(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)	Amount is less than $0.005 per share.

(e)

(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.		15

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs International Equity Insights Fund
	Service Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	7.11		$	10.91		$	8.78		$	9.21		$	9.28

Net investment income^(a)		0.15			0.14			0.14			0.15	^(b)		0.12	^(c)

Net realized and unrealized gain (loss)		1.15			(1.93	)		2.16			(0.42	)		(0.05	)

Total from investment operations		1.30			(1.79	)		2.30			(0.27	)		0.07

Distributions to shareholders from net investment income		(0.18	)		(0.17	)		(0.17	)		(0.16	)		(0.14	)

Distributions to shareholders from net realized gains		—	^(d)		(1.84	)		—			—			—

Total distributions		(0.18	)		(2.01	)		(0.17	)		(0.16	)		(0.14	)

Net asset value, end of year	$	8.23		$	7.11		$	10.91		$	8.78		$	9.21

Total return^(e)		18.23	%		(16.55	)%		26.21	%		(2.86	)%		0.77	%

Net assets, end of year (in 000s)	$	48,884		$	43,923		$	123,778		$	105,362		$	116,811

Ratio of net expenses to average net assets		1.15	%		1.12	%		1.12	%		1.14	%		1.14	%

Ratio of total expenses to average net assets		1.55	%		1.43	%		1.27	%		1.31	%		1.31	%

Ratio of net investment income to average net assets		1.89	%		1.30	%		1.44	%		1.68	%^(b)		1.18	%^(c)

Portfolio turnover rate^(f)		146	%		156	%		23	%		39	%		58	%

(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)	Amount is less than $0.005 per share.

(e)

(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 INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements

December 31, 2019

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.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

December 31, 2019

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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:

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

December 31, 2019

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 December 31, 2019:


Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	—		$	28,390,120	$	—
Australia and Oceania		515,423			7,680,022		—
Europe		1,049,012			52,104,024		—
North America		272,200			511,459		—

Total	$	1,836,635		$	88,685,625	$	—

Derivative Type

Assets^(b)
Futures Contracts	$	1,409		$	—	$	—

Liabilities^(b)
Futures Contracts	$	(10,259	)	$	—	$	—

(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 fiscal year end.

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

4. INVESTMENTS IN DERIVATIVES

Risk

Statement of Assets and Liabilities

Assets^(a)

Statement of Assets and Liabilities

Liabilities^(a)

Equity

Variation margin on futures contracts

1,409

Variation margin on futures contracts

(10,259

)

(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 December 31, 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 fiscal year ended December 31, 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	$	307,651	$	27,684		23

(a)	Average number of contracts is based on the average of month end balances for the fiscal year ended December 31, 2019.

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the fiscal year ended December 31, 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			Effective Net Management 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.

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 fiscal year ended December 31, 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	$	1,425	$	352,500	$	353,996

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

December 31, 2019

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2019, Goldman Sachs earned $6 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 fiscal year ended December 31, 2019:


Beginning Value as of December 31, 2018	Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2019		Shares as of December 31, 2019		Dividend Income from Affiliated Investment Company
$—	$	4,915,549	$	(4,915,549	)	$	—		—	$	876

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2019, were $123,949,703 and $124,408,637, 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.

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

7. SECURITIES LENDING (continued)

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’s master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s 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 December 31, 2019, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

The table below details securities lending activity with affiliates of Goldman Sachs:


For the Fiscal Year ended December 31, 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 December 31, 2019

$1,315	$546	$—

The following table provides information about the Fund’s investment in the Government Money Market Fund for the fiscal year ended December 31, 2019:


Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2019

$	431,989	$	4,993,556	$	(5,425,545	)	$	—

8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2018 and December 31, 2019 was as follows:


	2018		2019
Distributions paid from:
Ordinary income	$	1,681,091	$	2,054,816
Net long-term capital gains		16,497,835		2,883
Total taxable distributions	$	18,178,926	$	2,057,699

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

December 31, 2019

8. TAX INFORMATION (continued)

As of December 31, 2019, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	146,395
Capital loss carryforwards:
Perpetual long-term	$	(1,372,409	)
Perpetual short-term		(5,825,984	)
Total capital loss carryforwards		(7,198,393	)
Timing differences (Post October Loss Deferral)		(104,307	)
Unrealized gains — net		5,647,509
Total accumulated losses — net	$	(1,508,796	)

As of December 31, 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	$	84,890,208
Gross unrealized gain		8,181,111
Gross unrealized loss		(2,533,602	)
Net unrealized gain	$	5,647,509

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts and differences in the tax treatment of passive foreign investment company investments.

9. OTHER RISKS

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

9. OTHER RISKS (continued)

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.

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.

10. INDEMNIFICATIONS

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

December 31, 2019

11. OTHER MATTERS

12. SUBSEQUENT EVENTS

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended December 31, 2019						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		558,464		$	4,460,851			745,548		$	7,784,495
Reinvestment of distributions		125,411			1,025,867			1,192,199			8,500,382
Shares redeemed		(703,402	)		(5,506,238	)		(407,538	)		(4,306,214	)
		(19,527	)		(19,520	)		1,530,209			11,978,663
Service Shares
Shares sold		1,537,107			12,141,055			420,689			4,358,012
Reinvestment of distributions		125,527			1,031,832			1,351,752			9,678,544
Shares redeemed		(1,901,273	)		(14,661,425	)		(6,939,757	)		(74,797,801	)
		(238,639	)		(1,488,538	)		(5,167,316	)		(60,761,245	)

NET DECREASE		(258,166	)	$	(1,508,058	)		(3,637,107	)	$	(48,782,582	)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs International Equity Insights Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs International Equity Insights Fund (one of the funds constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2020

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Voting Results of Special Meeting of Shareholders (Unaudited)



Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		745,493,677.130		0		17,848,840.639		0

Kathryn A. Cassidy		746,559,784.810		0		16,782,732.959		0

Joaquin Delgado		744,593,456.532		0		18,749,061.237		0

Gregory G. Weaver		746,707,039.321		0		16,635,478.448		0

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND


Fund Expenses — Six Month Period Ended December 31, 2019 (Unaudited)

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.


Share Class	Beginning Account Value 07/01/19		Ending Account Value 12/31/19			Expenses Paid for the 6 Months Ended 12/31/19*
Institutional

Actual	$	1,000	$	1,054.90		$	4.66
Hypothetical 5% return		1,000		1,020.67	+		4.58
Service

Actual		1,000		1,054.80			5.96
Hypothetical 5% return		1,000		1,019.41	+		5.85

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 December 31, 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 0.90% and 1.15% for Institutional and Service Shares, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Trustees and Officers (Unaudited)

Independent Trustees

Name,
Address and Age¹

Position(s) Held
with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

Jessica Palmer

Age: 70

Chair of the Board of Trustees

Since 2018 (Trustee since 2007)

Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Kathryn A. Cassidy

Age: 65

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Diana M. Daniels

Age: 70

Trustee

Since 2007

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Roy W. Templin

Age: 59

Trustee

Since 2013

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver

Age: 68

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Verizon Communications Inc.

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 57	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	165	None

Advisory Board Members



Name, Address, Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Advisory Board Member³	Other Directorships Held by Advisory Board Member⁴

Dwight L. Bush Age: 62	Advisory Board Member	Since 2019	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	102	None

Joaquin Delgado Age: 59	Advisory Board Member	Since 2019	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	102	Stepan Company (a specialty chemical manufacturer)

¹	Each Trustee and Advisory Board Member may be contacted by writing to the Trustee or Advisory Board Member, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2019.

⁴	This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹	Information is provided as of December 31, 2019.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the 2019 tax year, the International Equity Insights Fund has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the International Equity Insights Fund from sources within foreign countries and possessions of the United States was $0.1890 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the Fund during the year ended December 31, 2019 from foreign sources was 78.68%. The total amount of foreign taxes paid by the Fund was $0.0221 per share.

Pursuant to Section 852 of the Internal Revenue Code, the International Equity Insights Fund designates $2,883 or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2019.


TRUSTEES		OFFICERS
Jessica Palmer, Chair		James A. McNamara, President
Dwight L. Bush*		Joseph F. DiMaria, Principal Financial Officer,
Kathryn A. Cassidy		Principal Accounting Officer and Treasurer
Diana M. Daniels		Caroline L. Kraus, Secretary
Joaquin Delgado*
James A. McNamara
Roy W. Templin
Gregory G. Weaver
*Effective as of January 23, 2020

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.

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 December 31 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.

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.

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

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.

VITINTLAR-20/192782-OTU-1133682

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

U.S. Equity Insights Fund

Annual Report

December 31, 2019

LOGO

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 12-month period ended December 31, 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 average annual total returns of 25.21% and 24.93%, respectively. These returns compare to the 31.49% average annual 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 31.49% during the Reporting Period, achieving a record high and its strongest annual gain since 2013.

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

During the Reporting Period, the Fund posted robust 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?

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

During the Reporting Period, all four of our investment themes — High Quality Business Models, Sentiment Analysis, Market Themes & Trends and Fundamental Mispricings — detracted from the Fund’s relative performance. 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. 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.

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, information technology, consumer discretionary and industrials sectors detracting most from results relative to the S&P 500^® Index. There were no sectors in which stock selection contributed positively during the Reporting Period.

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 specialty pharmaceuticals company Mylan, quick-service restaurant owner and franchiser Yum! Brands and energy company ConocoPhillips. The Fund had an overweight position in Mylan driven primarily by our Sentiment Analysis and Fundamental Mispricings investment themes. The Fund’s overweights in Yum! Brands and ConocoPhillips were each largely due to 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 discount retailer Target and information technology giant Apple and from an underweight position in integrated energy company Exxon Mobil. The overweight in Target was established primarily because of our High Quality Business Models and Sentiment Analysis investment themes. The Fund was overweight Apple due mostly to our High Quality Business Models investment theme. The Fund’s underweight in Exxon Mobil was driven mainly by our Sentiment Analysis investment theme.

How did the Fund use derivatives during the Reporting Period?

Did you make any enhancements to your quantitative models during the Reporting Period?

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

What was the Fund’s sector positioning relative to its benchmark index at the end of the Reporting Period?

As of December 31, 2019, the Fund was overweight the health care, financials, real estate and consumer discretionary sectors relative to the S&P 500^® Index. The Fund was underweight in information technology, communication services, consumer staples, energy and utilities and was rather neutrally weighted in industrials and materials 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?

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.

FUND BASICS

U.S. Equity Insights Fund

as of December 31, 2019

TOP TEN HOLDINGS AS OF 12/31/19¹



Holding	% of Net Assets		Line of Business
Microsoft Corp.		5.5%	Software & Services
Apple, Inc.		5.0	Technology Hardware & Equipment
Amazon.com, Inc.		3.9	Retailing
Facebook, Inc. Class A		2.9	Media & Entertainment
Visa, Inc. Class A		2.2	Software & Services
Johnson & Johnson		2.1	Pharmaceuticals, Biotechnology & Life Sciences
Alphabet, Inc. Class C		2.0	Media & Entertainment
Alphabet, Inc. Class A		2.0	Media & Entertainment
Union Pacific Corp.		1.5	Transportation
Philip Morris International, Inc.		1.5	Food, Beverage & Tobacco

¹	The top 10 holdings may not be representative of the Fund’s future investments.

FUND vs. BENCHMARK SECTOR ALLOCATIONS²

As of December 31, 2019

LOGO

For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Portfolio’s investment strategies, holdings, and performance.

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Performance Summary

December 31, 2019

The following graph shows the value, as of December 31, 2019, of a $10,000 investment made on January 1, 2010 in the Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the S&P 500^® Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

U.S. Equity Insights Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2010 through December 31, 2019.

LOGO


Average Annual Total Return through December 31, 2019	One Year	Five Years	Ten Years
Institutional	25.21%	9.99%	13.22%
Service	24.93%	9.76%	12.98%

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments

December 31, 2019


Shares		Description	Value

Common Stocks – 99.5%
Automobiles & Components – 1.2%
	99,054	General Motors Co.	$	3,625,376

Banks – 3.7%
	9,379	Bank of America Corp.		330,328
	36,891	Citizens Financial Group, Inc.		1,498,144
	14,951	JPMorgan Chase & Co.		2,084,169
	50,256	Popular, Inc.		2,952,540
	8,843	Signature Bank		1,208,042
	7,736	Western Alliance Bancorp		440,952
	59,425	Zions Bancorp NA		3,085,346

				11,599,521

Capital Goods – 4.8%
	1,383	Allegion plc		172,239
	2,205	Allison Transmission Holdings, Inc.		106,546
	15,509	Eaton Corp. plc		1,469,012
	6,302	HEICO Corp.		719,373
	2,101	Ingersoll-Rand plc		279,265
	85,787	Johnson Controls International plc		3,492,389
	10,880	Lockheed Martin Corp.		4,236,454
	10,359	PACCAR, Inc.		819,397
	16,663	Raytheon Co.		3,661,528

				14,956,203

Commercial & Professional Services – 1.7%
	12,939	Cintas Corp.		3,481,626
	17,847	IHS Markit Ltd.*		1,344,772
	5,792	TransUnion		495,853

				5,322,251

Consumer Durables & Apparel – 1.0%
	58,599	DR Horton, Inc.		3,091,097

Consumer Services – 2.0%
	25,935	Las Vegas Sands Corp.		1,790,552
	100,140	MGM Resorts International		3,331,658
	12,654	Yum! Brands, Inc.		1,274,638

				6,396,848

Diversified Financials – 9.1%
	97,577	Ally Financial, Inc.		2,981,953
	40,804	AXA Equitable Holdings, Inc.		1,011,123
	70,707	Bank of New York Mellon Corp. (The)		3,558,683
	9,402	Berkshire Hathaway, Inc. Class B*		2,129,553
	76,483	Charles Schwab Corp. (The)		3,637,532
	51,879	Morgan Stanley		2,652,055
	14,340	S&P Global, Inc.		3,915,537
	24,221	State Street Corp.		1,915,881
	91,425	Synchrony Financial		3,292,214
	52,992	Voya Financial, Inc.		3,231,452

				28,325,983

Energy – 3.0%
	7,730	Baker Hughes Co.		198,120
	2,859	ConocoPhillips		185,921
	5,247	Exxon Mobil Corp.		366,136


Common Stocks – (continued)
Energy – (continued)
	14,530	HollyFrontier Corp.		736,816
	26,314	Marathon Petroleum Corp.		1,585,418
	8,588	Phillips 66		956,789
	86,516	TechnipFMC plc		1,854,903
	37,639	Valero Energy Corp.		3,524,892

				9,408,995

Food & Staples Retailing – 2.2%
	15,468	Costco Wholesale Corp.		4,546,354
	39,606	Walgreens Boots Alliance, Inc.		2,335,170

				6,881,524

Food, Beverage & Tobacco – 2.2%
	36,621	Monster Beverage Corp.*		2,327,265
	54,983	Philip Morris International, Inc.		4,678,503

				7,005,768

Health Care Equipment & Services – 7.9%
	3,057	Align Technology, Inc.*		853,025
	13,696	Anthem, Inc.		4,136,603
	13,918	Becton Dickinson and Co.		3,785,278
	7,032	Cigna Corp.		1,437,974
	24,603	Dentsply Sirona, Inc.		1,392,284
	8,608	Edwards Lifesciences Corp.*		2,008,160
	24,853	HCA Healthcare, Inc.		3,673,522
	7,867	Humana, Inc.		2,883,413
	1,044	Molina Healthcare, Inc.*		141,660
	1,476	STERIS plc		224,972
	2,874	Teleflex, Inc.		1,081,889
	265	UnitedHealth Group, Inc.		77,905
	21,172	Universal Health Services, Inc. Class B		3,037,335

				24,734,020

Household & Personal Products – 1.0%
	11,053	Estee Lauder Cos., Inc. (The) Class A		2,282,887
	5,579	Procter & Gamble Co. (The)		696,817

				2,979,704

Insurance – 2.1%
	15,186	Aon plc		3,163,092
	1,609	Athene Holding Ltd. Class A*		75,671
	2,731	MetLife, Inc.		139,199
	32,694	Progressive Corp. (The)		2,366,719
	2,323	Reinsurance Group of America, Inc.		378,788
	12,838	Unum Group		374,356

				6,497,825

Materials – 2.2%
	66,968	Alcoa Corp.*		1,440,482
	6,462	Axalta Coating Systems Ltd.*		196,445
	4,106	Corteva, Inc.		121,373
	7,162	Dow, Inc.		391,976
	14,112	DuPont de Nemours, Inc.		905,990
	6,323	Sherwin-Williams Co. (The)		3,689,724

				6,745,990


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)

December 31, 2019


Shares		Description	Value

Common Stocks – (continued)
Media & Entertainment – 8.2%
	4,679	Alphabet, Inc. Class A*	$	6,267,006
	4,697	Alphabet, Inc. Class C*		6,279,983
	2,541	Charter Communications, Inc. Class A*		1,232,588
	43,920	Facebook, Inc. Class A*		9,014,580
	64,272	Liberty Global plc Class C*		1,400,808
	4,129	Match Group, Inc.*		339,032
	51,738	News Corp. Class A		731,575
	1,685	Take-Two Interactive Software, Inc.*		206,295

				25,471,867

Pharmaceuticals, Biotechnology & Life Sciences – 9.3%
	26,530	AbbVie, Inc.		2,348,966
	15,457	Alexion Pharmaceuticals, Inc.*		1,671,675
	4,921	Biogen, Inc.*		1,460,208
	29,145	Bristol-Myers Squibb Co.		1,870,818
	55,109	Gilead Sciences, Inc.		3,580,983
	23,704	Incyte Corp.*		2,069,833
	11,873	IQVIA Holdings, Inc.*		1,834,497
	44,294	Johnson & Johnson		6,461,166
	32,596	Merck & Co., Inc.		2,964,606
	2,096	Mettler-Toledo International, Inc.*		1,662,715
	47,726	Pfizer, Inc.		1,869,905
	5,654	Vertex Pharmaceuticals, Inc.*		1,237,943

				29,033,315

Real Estate Investment Trusts – 4.8%
	89,581	Duke Realty Corp.		3,105,773
	44,169	Equity LifeStyle Properties, Inc.		3,109,056
	9,969	Extra Space Storage, Inc.		1,052,926
	108,420	Invitation Homes, Inc.		3,249,347
	43,021	Prologis, Inc.		3,834,892
	7,772	STORE Capital Corp.		289,429
	2,375	Sun Communities, Inc.		356,488

				14,997,911

Retailing – 6.5%
	6,637	Amazon.com, Inc.*		12,264,114
	66,817	eBay, Inc.		2,412,762
	7,559	Home Depot, Inc. (The)		1,650,734
	61,099	Macy’s, Inc.		1,038,683
	23,451	Target Corp.		3,006,653

				20,372,946

Semiconductors & Semiconductor Equipment – 2.3%
	14,852	Analog Devices, Inc.		1,765,012
	4,517	Lam Research Corp.		1,320,771
	17,231	Micron Technology, Inc.*		926,683
	7,064	NVIDIA Corp.		1,662,159
	10,844	Texas Instruments, Inc.		1,391,177

				7,065,802

Software & Services – 11.8%
	5,537	Automatic Data Processing, Inc.		944,058
	7,847	Cadence Design Systems, Inc.*		544,268
	8,118	Intuit, Inc.		2,126,348


Common Stocks – (continued)
Software & Services – (continued)
	109,565	Microsoft Corp.		17,278,400
	20,713	Oracle Corp.		1,097,375
	42,599	PayPal Holdings, Inc.*		4,607,934
	17,176	VeriSign, Inc.*		3,309,472
	37,000	Visa, Inc. Class A		6,952,300

				36,860,155

Technology Hardware & Equipment – 7.0%
	52,975	Apple, Inc.		15,556,109
	2,524	Ciena Corp.*		107,750
	61,396	Cisco Systems, Inc.		2,944,552
	31,748	Keysight Technologies, Inc.*		3,258,297

				21,866,708

Telecommunication Services – 0.2%
	8,743	AT&T, Inc.		341,677
	4,503	T-Mobile US, Inc.*		353,125

				694,802

Transportation – 3.3%
	1,059	Copa Holdings SA Class A		114,457
	59,780	Delta Air Lines, Inc.		3,495,934
	6,402	JetBlue Airways Corp.*		119,845
	31,350	Southwest Airlines Co.		1,692,273
	25,891	Union Pacific Corp.		4,680,834
	1,355	United Airlines Holdings, Inc.*		119,362

				10,222,705

Utilities – 2.0%
	168,944	AES Corp.		3,361,986
	66,268	Exelon Corp.		3,021,158

				6,383,144

	TOTAL INVESTMENTS – 99.5%
	(Cost $251,510,716)		$	310,540,460

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%			1,590,374

	NET ASSETS – 100.0%		$	312,130,834


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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Statement of Assets and Liabilities

December 31, 2019



Assets:
Investments in unaffiliated issuers, at value (cost $251,510,716)	$	310,540,460
Cash		2,406,587
Receivables:
Dividends		236,099
Reimbursement from investment adviser		24,997
Fund shares sold		22,487
Securities lending income		271

Total assets		313,230,901


Liabilities:
Payables:
Fund shares redeemed		767,489
Management fees		142,093
Distribution and Service fees and Transfer Agency fees		15,063
Accrued expenses		175,422

Total liabilities		1,100,067


Net Assets:
Paid-in capital		251,656,082
Total distributable earnings (loss)		60,474,752

NET ASSETS	$	312,130,834
Net Assets:
Institutional	$	256,930,145
Service		55,200,689

Total Net Assets	$	312,130,834
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		14,329,280
Service		3,059,623
Net asset value, offering and redemption price per share:
Institutional		$17.93
Service		18.04


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Statement of Operations

For the Fiscal Year Ended December 31, 2019



Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $5,317)	$	5,592,355
Securities lending income — unaffiliated issuer		492
Dividends — affiliated issuers		45

Total investment income		5,592,892


Expenses:
Management fees		1,904,549
Distribution and Service fees — Service Shares		139,256
Professional fees		101,372
Printing and mailing costs		90,631
Shareholder meeting expense		61,691
Custody, accounting and administrative services		85,149
Transfer Agency fees^(a)		61,432
Trustee fees		16,313
Registration fees		453
Other		16,816

Total expenses		2,477,662

Less — expense reductions		(573,711	)

Net expenses		1,903,951

NET INVESTMENT INCOME		3,688,941


Realized and unrealized gain:
Net realized gain from investments — unaffiliated issuers		13,673,416

Net change in unrealized gain on investments — unaffiliated issuers		50,991,594

Net realized and unrealized gain		64,665,010

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	68,353,951

(a)	Institutional and Service Shares incurred Transfer Agency fees of $50,292 and $11,140, respectively.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Statements of Changes in Net Assets


	For the Fiscal Year Ended December 31, 2019			For the Fiscal Year Ended December 31, 2018

From operations:
Net investment income	$	3,688,941		$	3,755,838
Net realized gain		13,673,416			37,947,854
Net change in unrealized gain (loss)		50,991,594			(58,964,079	)

Net increase (decrease) in net assets resulting from operations		68,353,951			(17,260,387	)


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(12,098,854	)		(41,717,467	)
Service Shares		(2,482,764	)		(9,387,391	)

Total distributions to shareholders		(14,581,618	)		(51,104,858	)


From share transactions:
Proceeds from sales of shares		11,649,993			23,858,438
Reinvestment of distributions		14,581,618			51,104,858
Cost of shares redeemed		(56,634,042	)		(137,999,297	)

Net decrease in net assets resulting from share transactions		(30,402,431	)		(63,036,001	)

TOTAL INCREASE (DECREASE)		23,369,902			(131,401,246	)


Net Assets:

Beginning of year		288,760,932			420,162,178

End of year	$	312,130,834		$	288,760,932


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Equity Insights Fund
	Institutional Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	15.03		$	19.41		$	17.65		$	16.71		$	18.12

Net investment income^(a)		0.21			0.22			0.28			0.22			0.23

Net realized and unrealized gain (loss)		3.57			(1.38	)		3.98			1.58			(0.27	)

Total from investment operations		3.78			(1.16	)		4.26			1.80			(0.04	)

Distributions to shareholders from net investment income		(0.23	)		(0.25	)		(0.28	)		(0.23	)		(0.25	)

Distributions to shareholders from net realized gains		(0.65	)		(2.97	)		(2.22	)		(0.63	)		(1.12	)

Total distributions		(0.88	)		(3.22	)		(2.50	)		(0.86	)		(1.37	)

Net asset value, end of year	$	17.93		$	15.03		$	19.41		$	17.65		$	16.71

Total return^(b)		25.21	%		(6.19	)%		24.07	%		10.70	%		(0.20	)%

Net assets, end of year (in 000s)	$	256,930		$	235,553		$	277,952		$	255,565		$	269,238

Ratio of net expenses to average net assets		0.58	%		0.58	%		0.62	%		0.64	%		0.64	%

Ratio of total expenses to average net assets		0.76	%		0.73	%		0.70	%		0.70	%		0.71	%

Ratio of net investment income to average net assets		1.24	%		1.12	%		1.42	%		1.25	%		1.29	%

Portfolio turnover rate^(c)		187	%		160	%		184	%		204	%		200	%

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

(b)

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


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Equity Insights Fund
	Service Shares
	Year Ended December 31,
	2019			2018			2017			2016			2015

Per Share Data

Net asset value, beginning of year	$	15.12		$	19.48		$	17.71		$	16.77		$	18.17

Net investment income^(a)		0.18			0.18			0.24			0.18			0.20

Net realized and unrealized gain (loss)		3.58			(1.37	)		3.99			1.59			(0.28	)

Total from investment operations		3.76			(1.19	)		4.23			1.77			(0.08	)

Distributions to shareholders from net investment income		(0.19	)		(0.20	)		(0.24	)		(0.20	)		(0.20	)

Distributions to shareholders from net realized gains		(0.65	)		(2.97	)		(2.22	)		(0.63	)		(1.12	)

Total distributions		(0.84	)		(3.17	)		(2.46	)		(0.83	)		(1.32	)

Net asset value, end of year	$	18.04		$	15.12		$	19.48		$	17.71		$	16.77

Total return^(b)		24.93	%		(6.36	)%		23.80	%		10.44	%		(0.41	)%

Net assets, end of year (in 000s)	$	55,201		$	53,208		$	142,210		$	120,387		$	122,531

Ratio of net expenses to average net assets		0.79	%		0.79	%		0.82	%		0.85	%		0.85	%

Ratio of total expenses to average net assets		1.01	%		0.97	%		0.95	%		0.95	%		0.96	%

Ratio of net investment income to average net assets		1.03	%		0.88	%		1.21	%		1.04	%		1.08	%

Portfolio turnover rate^(c)		187	%		160	%		184	%		204	%		200	%

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

(b)

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


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Notes to Financial Statements

December 31, 2019

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.

2. SIGNIFICANT ACCOUNTING POLICIES

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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:

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

December 31, 2019

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 December 31, 2019:


Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock^(a)
Europe	$	3,255,711	$	—	$	—
North America		307,284,749		—		—

Total	$	310,540,460	$	—	$	—

(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.

For the fiscal year ended December 31, 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			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.

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. 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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

without the approval of the Trustees. For the fiscal year ended December 31, 2019, Goldman Sachs waived $22,281 in distribution and service fees for the Fund’s Service Shares.

For the fiscal year ended December 31, 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

$	245,754	$	22,281	$	7,235	$	298,441	$	573,711

F. Other Transactions with Affiliates — For the fiscal year ended December 31, 2019, Goldman Sachs earned $889 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 fiscal year ended December 31, 2019:


Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2019		Shares as of December 31, 2019		Dividend Income from Affiliated Investment Company

	$—	$	722,341	$	(722,341	)	$	—		—	$	45

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2019, were $568,432,323 and $609,520,625, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

December 31, 2019

6. SECURITIES LENDING

The table below details securities lending activity with affiliates of Goldman Sachs:


For the fiscal year Ended December 31, 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 December 31, 2019
$55	$	56	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

6. SECURITIES LENDING (continued)

The following table provides information about the Fund’s investment in the Government Money Market Fund for the fiscal year ended December 31, 2019:


Beginning Value as of December 31, 2018		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2019

$	—	$	6,179,000	$	(6,179,000	)	$	—

7. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended December 31, 2018 and December 31, 2019 was as follows:


	2018		2019
Distributions paid from:
Ordinary income	$	27,075,755	$	3,670,173
Net long-term capital gains		24,029,103		10,911,445
Total taxable distributions	$	51,104,858	$	14,581,618

As of December 31, 2019, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed ordinary income — net	$	538,849
Undistributed long-term capital gains		2,104,149
Total undistributed earnings	$	2,642,998
Timing differences (Real Estate Trust Investments)		5,184
Unrealized gains — net		57,826,570
Total accumulated gains — net	$	60,474,752

As of December 31, 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	$	252,713,890
Gross unrealized gain		59,044,031
Gross unrealized loss		(1,217,461	)
Net unrealized gain	$	57,826,570

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

December 31, 2019

8. OTHER RISKS

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

9. INDEMNIFICATIONS

10. OTHER MATTERS

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

11. SUBSEQUENT EVENTS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended December 31, 2019						For the Fiscal Year Ended December 31, 2018
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		441,372		$	7,774,633			416,442		$	8,122,674
Reinvestment of distributions		681,626			12,098,854			2,739,164			41,717,467
Shares redeemed		(2,468,062	)		(42,483,665	)		(1,798,863	)		(36,105,931	)
		(1,345,064	)		(22,610,178	)		1,356,743			13,734,210
Service Shares
Shares sold		228,384			3,875,360			774,115			15,735,764
Reinvestment of distributions		139,012			2,482,764			612,754			9,387,391
Shares redeemed		(827,588	)		(14,150,377	)		(5,165,531	)		(101,893,366	)
		(460,192	)		(7,792,253	)		(3,778,662	)		(76,770,211	)

NET DECREASE		(1,805,256)			$ (30,402,431)			(2,421,919	)		$ (63,036,001)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs U.S. Equity Insights Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs U.S. Equity Insights Fund (one of the funds constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2020

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Voting Results of Special Meeting of Shareholders (Unaudited)



Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		745,493,677.130		0		17,848,840.639		0

Kathryn A. Cassidy		746,559,784.810		0		16,782,732.959		0

Joaquin Delgado		744,593,456.532		0		18,749,061.237		0

Gregory G. Weaver		746,707,039.321		0		16,635,478.448		0

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND


Fund Expenses — Six Month Period Ended December 31, 2019 (Unaudited)


Share Class	Beginning Account Value 07/01/19		Ending Account Value 12/31/19			Expenses Paid for the 6 Months Ended 12/31/19*
Institutional

Actual	$	1,000	$	1,085.30		$	3.05
Hypothetical 5% return		1,000		1,022.28	+		2.96
Service

Actual		1,000		1,084.30			4.15
Hypothetical 5% return		1,000		1,021.22	+		4.02

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 December 31, 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 0.58% and 0.79% for Institutional and Service Shares, respectively.

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Trustees and Officers (Unaudited)

Independent Trustees

Name,
Address and Age¹

Position(s) Held
with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

Jessica Palmer

Age: 70

Chair of the Board of Trustees

Since 2018 (Trustee since 2007)

Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Kathryn A. Cassidy

Age: 65

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Diana M. Daniels

Age: 70

Trustee

Since 2007

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Roy W. Templin

Age: 59

Trustee

Since 2013

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver

Age: 68

Trustee

Since 2015

Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Verizon Communications Inc.

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name,
Address and Age¹

Position(s) Held

with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee³

Other

Directorships

Held by Trustee⁴

James A. McNamara

Age: 57

President and Trustee

Since 2007

165

None

Advisory Board Members

Name, Address, Age¹

Position(s) Held
with the Trust

Term of

Office and
Length of
Time Served²

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Advisory
Board
Member³

Other

Directorships

Held by Advisory

Board Member⁴

Dwight L. Bush

Age: 62

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

None

Joaquin Delgado

Age: 59

Advisory Board Member

Since 2019

Advisory Board Member — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.

102

Stepan Company (a specialty chemical manufacturer)

¹	Each Trustee and Advisory Board Member may be contacted by writing to the Trustee or Advisory Board Member, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2019.

⁴	This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹	Information is provided as of December 31, 2019.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2019, 93.85% of the dividends paid from net investment company taxable income by the U.S. Equity Insights Fund qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the U.S. Equity Insights Fund designates $10,911,445, or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended December 31, 2019.


TRUSTEES		OFFICERS
Jessica Palmer, Chair		James A. McNamara, President
Dwight L. Bush*		Joseph F. DiMaria, Principal Financial Officer,
Kathryn A. Cassidy		Principal Accounting Officer and Treasurer
Diana M. Daniels		Caroline L. Kraus, Secretary
Joaquin Delgado*
James A. McNamara
Roy W. Templin
Gregory G. Weaver
*Effective as of January 23, 2020

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.

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 December 31 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 risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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.

VITUSAR-20/192788-OTU-1133679

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.

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

Table 1 – Items 4(a) - 4(d)


	2019		2018		Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers (“PwC”)	$	437,130	$	476,700	Financial statement audits.
Audit-Related Fees
PwC	$	34,240	$	18,142	Other attest services.
Tax Fees
PwC	$	113,470	$	116,270	Tax compliance services provided in connection with the preparation and review of the Registrant’s tax returns.

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


	2019		2018		Description of Services Rendered
Audit-Related Fees
PwC	$	2,000,617	$	1,845,098	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and Semi-Annual Updates related to withholding tax accrual for non-US Jurisdictions. These fees are borne by the Funds’ adviser.

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

Item 4(e)(1) — Audit Committee Pre Approval Policies and Procedures

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

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

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

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

Item 4(f) — Not applicable.

Items 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GSVIT for the twelve months ended December 31, 2019 and December 31, 2018 by PwC were approximately $147,710 and $134,412, respectively.

The aggregate non-audit fees billed to GSVIT’s adviser and service affiliates for non-audit services for the twelve months ended December 31, 2018 and December 31, 2017 by PwC were approximately $12.3 million and $9.4 million, respectively. The figures for these entities are not yet available for the twelve months ended December 31, 2019. With regard to the aggregate non-audit fees billed to GSVIT’s adviser and service affiliates, the 2018 and 2017 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GSVIT’s operations or financial reporting.

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

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)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith

(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.

(b)	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
Chief Executive Officer of
Goldman Sachs Variable Insurance Trust

Date: February 24, 2020

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
Chief Executive Officer of
Goldman Sachs Variable Insurance Trust

Date: February 24, 2020

/s/ Joseph F. DiMaria
By: Joseph F. DiMaria
Principal Financial Officer of
Goldman Sachs Variable Insurance Trust

Date: February 24, 2020