UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08361

Goldman Sachs Variable Insurance Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606-6303

(Address of principal executive offices) (Zip code)

Caroline Kraus

Goldman Sachs & Co. LLC

200 West Street

New York, NY 10282

Copies to:

Geoffrey R.T. Kenyon, Esq.

Dechert LLP

One International Place, 40th Floor

100 Oliver Street

Boston, MA 02110-2605

(Name and address of agents for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Reports to Shareholders are filed herewith.

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Global Trends

Allocation Fund

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

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

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

Semi-Annual Report

June 30, 2020

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Goldman Sachs Variable Insurance Trust Global Trends Allocation Fund

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

1

FUND BASICS

Global Trends Allocation Fund

as of June 30, 2020

PERFORMANCE REVIEW

January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			60% MSCI World / 40% Bloomberg Barclays U.S. Treasury Index2			MSCI World Index (Net, USD, Hedged)3			Bloomberg Barclays U.S. Treasury Index (Total Return, USD, Unhedged)4
Institutional		-5.19	%		0.94	%		-5.48	%	8.71%
Service		-5.28			0.94			-5.48		8.71

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Fund’s blended benchmark index is comprised of 60% the MSCI World Index and 40% the Bloomberg Barclays U.S. Treasury Index. It is not possible to invest directly in an unmanaged index.

³  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. It is not possible to invest directly in an unmanaged index.

⁴  Bloomberg Barclays U.S. Treasury Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. Treasury bills are excluded by the maturity constraint. It is not possible to invest directly in an unmanaged index.

The returns set forth in the table above 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 above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

2

FUND BASICS

FUND COMPOSITION⁵

⁵  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 Fund’s investment strategies, holdings, and performance.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Exchange Traded Funds – 14.0%
	133,365	iShares Core S&P 500 ETF	$	41,301,807
	10,800	Vanguard S&P 500 ETF		3,061,044
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $29,981,988)		$	44,362,851
Shares		Dividend Rate	Value
Investment Companies(a) – 55.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	94,359,629	0.155%	$	94,359,629
	Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares
	15,735,406	0.069		15,735,406
	Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Shares
	31,470,812	0.132		31,470,812
	Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Shares
	31,470,812	0.064		31,470,812
	TOTAL INVESTMENT COMPANIES
	(Cost $173,036,659)		$	173,036,659
	TOTAL INVESTMENTS – 69.0%
	(Cost $203,018,647)		$	217,399,510
	OTHER ASSETS IN EXCESS OF LIABILITIES – 31.0%			97,445,459
	NET ASSETS – 100.0%		$	314,844,969

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2020, 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		231		09/18/2020	$	8,364,604	$	(28,594	)
FTSE 100 Index		132		09/18/2020		10,054,925		(89,385	)
TOPIX Index		69		09/10/2020		9,959,389		(356,000	)
U.S. Treasury 10 Year Note		1,351		09/21/2020		187,978,984		591,569
Total Futures Contracts							$	117,590

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)

Assets:
Investments in affiliated issuers, at value (cost $173,036,659)	$	173,036,659
Investments in unaffiliated issuers, at value (cost $29,981,988)		44,362,851
Cash		91,692,743
Foreign currencies, at value (cost $1,425)		1,462
Receivables:
Collateral on certain derivative contracts		5,482,660
Fund shares sold		907,839
Dividends		33,375
Reimbursement from investment adviser		24,197
Other assets		824
Total assets		315,542,610
Liabilities:
Variation margin on futures		295,766
Payables:
Management fees		148,449
Fund shares redeemed		108,102
Distribution and Service fees and Transfer Agency fees		69,357
Accrued expenses		75,967
Total liabilities		697,641
Net Assets:
Paid-in capital		305,886,106
Total distributable earnings (loss)		8,958,863
NET ASSETS	$	314,844,969
Net Assets:
Institutional	$	262,642
Service		314,582,327
Total Net Assets	$	314,844,969
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		22,481
Service		26,996,547
Net asset value, offering and redemption price per share:
Institutional		$11.68
Service		11.65

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

Investment income:
Dividends — affiliated issuers	$	680,071
Dividends — unaffiliated issuers		515,431
Securities lending income — affiliated issuer		34
Total investment income		1,195,536
Expenses:
Management fees		1,277,663
Distribution and Service fees — Service Shares		403,992
Professional fees		55,869
Printing and mailing costs		34,129
Transfer Agency fees(a)		32,343
Custody, accounting and administrative services		28,551
Trustee fees		9,692
Other		6,008
Total expenses		1,848,247
Less — expense reductions		(510,724	)
Net expenses		1,337,523
NET INVESTMENT LOSS		(141,987	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		5,377,199
Futures contracts		(12,758,873	)
Foreign currency transactions		446,771
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(11,817,977	)
Futures contracts		712,166
Foreign currency translation		(42,342	)
Net realized and unrealized loss		(18,083,056	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(18,225,043	)

(a) Institutional and Service Shares incurred Transfer Agency fees of $26 and $32,317, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income (loss)	$	(141,987	)	$	3,172,465
Net realized gain (loss)		(6,934,903	)		22,215,858
Net change in unrealized gain (loss)		(11,148,153	)		14,993,095
Net increase (decrease) in net assets resulting from operations		(18,225,043	)		40,381,418
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(16,100	)
Service Shares		—			(19,290,888	)
Total distributions to shareholders		—			(19,306,988	)
From share transactions:
Proceeds from sales of shares		9,164,034			25,165,924
Reinvestment of distributions		—			19,306,988
Cost of shares redeemed		(21,589,533	)		(116,140,276	)
Net decrease in net assets resulting from share transactions		(12,425,499	)		(71,667,364	)
TOTAL DECREASE		(30,650,542	)		(50,592,934	)
Net Assets:
Beginning of period		345,495,511			396,088,445
End of period	$	314,844,969		$	345,495,511

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Trends Allocation Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	12.32		$	11.65		$	12.46		$	11.33		$	10.89		$	11.82
Net investment income (loss)(a)		0.01			0.15			0.14			0.06			(0.03	)		0.01
Net realized and unrealized gain (loss)		(0.65	)		1.28			(0.64	)		1.46			0.52			(0.67	)
Total from investment operations		(0.64	)		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 period	$	11.68		$	12.32		$	11.65		$	12.46		$	11.33		$	10.89
Total return(b)		(5.19	)%		12.29	%		(4.08	)%		13.36	%		4.49	%		(5.52	)%
Net assets, end of period (in 000s)	$	263		$	277		$	247		$	30		$	27		$	1,008
Ratio of net expenses to average net assets		0.58	%(c)		0.59	%		0.51	%		0.68	%		0.74	%		0.75	%
Ratio of total expenses to average net assets		0.89	%(c)		0.89	%		0.86	%		0.86	%		0.89	%		0.92	%
Ratio of net investment income (loss) to average net assets		0.16	%(c)		1.18	%		1.13	%		0.46	%		(0.25	)%		0.12	%
Portfolio turnover rate(d)		99	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Trends Allocation Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	12.30		$	11.64		$	12.45		$	11.32		$	10.88		$	11.82
Net investment income (loss)(a)		(0.01	)		0.11			0.08			0.03			0.02			(0.02	)
Net realized and unrealized gain (loss)		(0.64	)		1.28			(0.62	)		1.46			0.45			(0.67	)
Total from investment operations		(0.65	)		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 period	$	11.65		$	12.30		$	11.64		$	12.45		$	11.32		$	10.88
Total return(b)		(5.28	)%		11.94	%		(4.34	)%		13.11	%		4.33	%		(5.82	)%
Net assets, end of period (in 000s)	$	314,582		$	345,219		$	395,842		$	406,867		$	353,615		$	354,706
Ratio of net expenses to average net assets		0.83	%(c)		0.84	%		0.81	%		0.93	%		1.00	%		1.00	%
Ratio of total expenses to average net assets		1.14	%(c)		1.14	%		1.11	%		1.11	%		1.13	%		1.17	%
Ratio of net investment income (loss) to average net assets		(0.09	)%(c)		0.91	%		0.63	%		0.21	%		0.20	%		(0.16	)%
Portfolio turnover rate(d)		99	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements

June 30, 2020 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

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

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.

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.

10

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

E.  Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in United States (“U.S.”) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within 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. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under 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.

11

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the 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.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2020:

Investment Type	Level 1			Level 2		Level 3
Assets
Exchange Traded Funds	$	44,362,851		$	—	$	—
Investment Companies		173,036,659			—		—
Total	$	217,399,510		$	—	$	—
Derivative Type
Assets(a)
Futures Contracts	$	591,569		$	—	$	—
Liabilities(a)
Futures Contracts	$	(473,979	)	$	—	$	—

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

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2020. 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		$(473,979)
Interest Rate	Variation margin on futures contracts		591,569	—		—
Total		$	591,569		$	(473,979	)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information section of the Schedule of Investments. Only the variation margin as of June 30, 2020 is reported within the Statement of Assets and Liabilities.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

4.    INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2020. 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	$	(20,968,563	)	$	(1,090,242	)		769
Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		8,209,690			1,802,408			982
Total		$	(12,758,873	)	$	712,166			1,751

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended June 30, 2020, contractual and effective net management fees with GSAM were at the following rates:

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

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

* GSAM agreed to waive a portion of its management fee in order to achieve a net management rate, as defined in the Fund’s most recent prospectus. This waiver will be effective through at least April 29, 2021, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. For the six months ended June 30, 2020, GSAM waived $194,076 of its management fee.

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government, Goldman Sachs Financial Square Treasury Instruments, Goldman Sachs Financial Square Treasury Obligations, and Goldman Sachs Financial Square Treasury Solutions Funds, 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 Fund. For the six months ended June 30, 2020, GSAM waived $143,003 of the Fund’s management fee.

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST 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 29, 2021, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2020, 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
	$337,079	$	45,862	$	127,783	$	510,724

E.  Line of Credit Facility — As of June 30, 2020, the Fund participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2020, the Fund did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

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 Instruments, Goldman Sachs Financial Square Treasury Obligations, and Goldman Sachs Financial Square Treasury Solutions Funds as of and for the six months ended June 30, 2020:

Investment Companies	Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income
Goldman Sachs Financial Square Government Fund	$	103,730,960	$	13,275,976	$	(22,647,307	)	$	94,359,629		94,359,629	$	377,574
Goldman Sachs Financial Square Treasury Instruments Fund		—		15,735,406		—			15,735,406		15,735,406		7,391
Goldman Sachs Financial Square Treasury Obligations Fund		42,695,096		—		(11,224,284	)		31,470,812		31,470,812		141,565
Goldman Sachs Financial Square Treasury Solutions Fund		42,695,096		—		(11,224,284	)		31,470,812		31,470,812		153,541
Total	$	189,121,152	$	29,011,382	$	(45,095,875	)	$	173,036,659		173,036,659	$	680,071

As of June 30, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 12% of the Institutional Shares of the Fund.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

6.     PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, were $62,271,546 and $110,119,392, respectively.

7.     SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’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 June 30, 2020, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable. The Fund did not have securities on loan as of June 30, 2020.

Both the Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2020, are reported under Investment Income on the Statement of Operations.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

7.     SECURITIES LENDING (continued)

The table below details securities lending activity with affiliates of Goldman Sachs:

For the Six months ended June 30, 2020
Earnings of GSAL Relating to Securities Loaned		Amount Received by the Fund from Lending to Goldman Sachs		Amount Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2020
$	4	$	—	$	—

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2020:

Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020
$	—	$	1,038,050	$	(1,038,050	)	$	—

8.     TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2019, the Fund’s certain timing differences, on a tax-basis were as follows:

Timing differences (Post October Loss Deferral and straddle loss deferrals) $ (693,022 ) 

As of June 30, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	206,432,794
Gross unrealized gain		11,002,270
Gross unrealized loss		(35,554	)
Net unrealized gain	$	10,966,716

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.

9.     OTHER RISKS

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

Derivatives Risk — The Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

9.     OTHER RISKS (continued)

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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

9.     OTHER RISKS (continued)

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). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

10.    INDEMNIFICATIONS

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

11.    SUBSEQUENT EVENTS

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

12.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Institutional Shares
Reinvestment of distributions		—			—			1,310			16,100
		—			—			1,310			16,100
Service Shares
Shares sold		775,669		$	9,164,034			2,045,866		$	25,165,924
Reinvestment of distributions		—			—			1,572,199			19,290,888
Shares redeemed		(1,839,794	)		(21,589,533	)		(9,571,002	)		(116,140,276	)
		(1,064,125	)		(12,425,499	)		(5,952,937	)		(71,683,464	)
NET DECREASE		(1,064,125	)	$	(12,425,499	)		(5,951,627	)	$	(71,667,364	)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Liquidity Risk Management Program

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that the Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Fund Expenses —Six Month Period Ended June 30, 2020  (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 day year.

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

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

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

Share Class	Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*
Institutional
Actual	$	1,000	$	948.10		$	2.81
Hypothetical 5% return		1,000		1,021.98	+		2.92
Service
Actual		1,000		947.20			4.02
Hypothetical 5% return		1,000		1,020.74	+		4.17

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

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2020. 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.

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

22

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

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

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

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

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

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

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

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

Provider as of March 31, 2020. The information on the Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

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

The Trustees noted that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods; had underperformed the Fund’s benchmark index for the one-, three , and five-year periods; and had outperformed the average performance of a group of competitor funds, as determined by the Investment Adviser, for the for the one- and three-year periods and underperformed for the five-year period ended March 31, 2020.

Costs of Services Provided and Competitive Information

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

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

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

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

24

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

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

Economies of Scale

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

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

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

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

25

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2021.

26

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

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

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

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

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

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

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

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

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

Fund holdings and allocations shown are as of June 30, 2020 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 the 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.

© 2020 Goldman Sachs. All rights reserved.

VITNAVSAR-20/211774-OTU-1242627

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Large Cap Value Fund

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

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

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

Semi-Annual Report

June 30, 2020

Goldman Sachs Variable Insurance Trust Large Cap Value Fund

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

1

FUND BASICS

Large Cap Value Fund

as of June 30, 2020

PERFORMANCE REVIEW

January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			Russell 1000 Value Index2
Institutional		-15.23	%		-16.26	%
Service		-15.34			-16.26

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 1000^® Value Index (with dividends reinvested) 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 Russell 1000^® Value Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

The returns set forth in the table above 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 above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

2

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/20³

Holding	% of Net Assets		Line of Business
Johnson & Johnson		3.6%	Pharmaceuticals, Biotechnology & Life Sciences
Verizon Communications, Inc.		2.7	Telecommunication Services
JPMorgan Chase & Co.		2.7	Banks
Walt Disney Co. (The)		2.7	Media & Entertainment
Chevron Corp.		2.1	Energy
NextEra Energy, Inc.		2.1	Utilities
Citigroup, Inc.		2.0	Banks
Wells Fargo & Co.		2.0	Banks
McDonald’s Corp.		1.8	Consumer Services
Linde plc		1.8	Materials

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2020

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

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.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 98.3%
Automobiles & Components – 2.1%
	69,291	Aptiv plc	$	5,399,155
	117,120	General Motors Co.		2,963,136
				8,362,291
Banks – 7.5%
	154,067	Citigroup, Inc.		7,872,824
	114,224	JPMorgan Chase & Co.		10,743,909
	31,540	M&T Bank Corp.		3,279,214
	303,735	Wells Fargo & Co.		7,775,616
				29,671,563
Capital Goods – 7.7%
	22,529	Boeing Co. (The)		4,129,566
	39,793	Deere & Co.		6,253,470
	684,178	General Electric Co.		4,672,936
	39,620	Honeywell International, Inc.		5,728,656
	25,350	Illinois Tool Works, Inc.		4,432,447
	38,107	Stanley Black & Decker, Inc.		5,311,353
				30,528,428
Commercial & Professional Services – 0.8%
	33,629	Waste Connections, Inc.		3,154,064
Consumer Services – 3.5%
	54,336	Hilton Worldwide Holdings, Inc.		3,990,979
	53,345	Las Vegas Sands Corp.		2,429,331
	39,534	McDonald’s Corp.		7,292,837
				13,713,147
Diversified Financials – 6.5%
	62,008	American Express Co.		5,903,162
	28,197	Berkshire Hathaway, Inc. Class B*		5,033,447
	12,515	BlackRock, Inc.		6,809,286
	38,198	Intercontinental Exchange, Inc.		3,498,937
	97,711	Morgan Stanley		4,719,441
				25,964,273
Energy – 4.6%
	52,051	Cheniere Energy, Inc.*		2,515,104
	94,952	Chevron Corp.		8,472,567
	123,282	ConocoPhillips		5,180,310
	49,718	Exxon Mobil Corp.		2,223,389
				18,391,370
Food & Staples Retailing – 1.8%
	60,308	Walmart, Inc.		7,223,692
Food, Beverage & Tobacco – 3.5%
	117,697	Coca-Cola Co. (The)		5,258,702
	25,205	Constellation Brands, Inc. Class A		4,409,615
	85,263	Mondelez International, Inc. Class A		4,359,497
				14,027,814
Health Care Equipment & Services – 4.7%
	100,882	Boston Scientific Corp.*		3,541,967
	79,389	CVS Health Corp.		5,157,904
	11,103	Humana, Inc.		4,305,188
Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	46,664	Zimmer Biomet Holdings, Inc.	$	5,569,815
				18,574,874
Household & Personal Products – 1.5%
	50,130	Procter & Gamble Co. (The)		5,994,044
Insurance – 3.3%
	47,130	Allstate Corp. (The)		4,571,139
	57,916	American Financial Group, Inc.		3,675,349
	38,153	Chubb Ltd.		4,830,933
				13,077,421
Materials – 4.5%
	18,089	Ecolab, Inc.		3,598,806
	34,302	Linde plc		7,275,797
	15,866	Martin Marietta Materials, Inc.		3,277,440
	37,241	Packaging Corp. of America		3,716,652
				17,868,695
Media & Entertainment – 6.6%
	3,609	Alphabet, Inc. Class A*		5,117,742
	185,913	Comcast Corp. Class A		7,246,889
	22,602	Electronic Arts, Inc.*		2,984,594
	95,623	Walt Disney Co. (The)		10,662,921
				26,012,146
Pharmaceuticals, Biotechnology & Life Sciences – 8.5%
	31,155	Agilent Technologies, Inc.		2,753,167
	23,189	Agios Pharmaceuticals, Inc.*		1,240,148
	11,101	BioMarin Pharmaceutical, Inc.*		1,369,197
	113,031	Bristol-Myers Squibb Co.		6,646,223
	30,573	Eli Lilly and Co.		5,019,475
	100,423	Johnson & Johnson		14,122,486
	2,224	Regeneron Pharmaceuticals, Inc.*		1,386,998
	7,597	Sarepta Therapeutics, Inc.*		1,218,103
				33,755,797
Real Estate Investment Trusts – 4.0%
	21,511	Alexandria Real Estate Equities, Inc.		3,490,160
	27,967	AvalonBay Communities, Inc.		4,324,817
	44,678	Extra Space Storage, Inc.		4,126,907
	43,073	Prologis, Inc.		4,020,003
				15,961,887
Retailing – 2.1%
	29,900	Lowe’s Cos., Inc.		4,040,088
	5,618	O’Reilly Automotive, Inc.*		2,368,942
	22,979	Ross Stores, Inc.		1,958,730
				8,367,760
Semiconductors & Semiconductor Equipment – 5.0%
	49,830	Intel Corp.		2,981,329
	89,188	Marvell Technology Group Ltd.		3,126,931
	44,541	Micron Technology, Inc.*		2,294,752
	22,011	NXP Semiconductors NV		2,510,135
	44,289	QUALCOMM, Inc.		4,039,600

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
	37,722	Texas Instruments, Inc.	$	4,789,562
				19,742,309
Software & Services – 4.4%
	67,848	Cognizant Technology Solutions Corp. Class A		3,855,123
	39,612	Fidelity National Information Services, Inc.		5,311,573
	8,169	Intuit, Inc.		2,419,576
	14,437	Microsoft Corp.		2,938,074
	14,159	Visa, Inc. Class A		2,735,094
				17,259,440
Technology Hardware & Equipment – 3.3%
	9,071	Apple, Inc.		3,309,101
	87,128	Cisco Systems, Inc.		4,063,650
	100,887	Juniper Networks, Inc.		2,306,277
	88,908	National Instruments Corp.		3,441,628
				13,120,656
Telecommunication Services – 2.7%
	197,263	Verizon Communications, Inc.		10,875,109
Transportation – 2.5%
	24,255	Norfolk Southern Corp.		4,258,451
	34,205	Union Pacific Corp.		5,783,039
				10,041,490
Utilities – 7.2%
	57,460	Ameren Corp.		4,042,885
	31,421	American Water Works Co., Inc.		4,042,626
	29,765	Atmos Energy Corp.		2,963,999
	66,812	CMS Energy Corp.		3,903,157
	35,045	NextEra Energy, Inc.		8,416,758
	82,780	Xcel Energy, Inc.		5,173,750
				28,543,175
	TOTAL COMMON STOCKS
	(Cost $377,543,214)		$	390,231,445

Shares	Dividend Rate			Value
Investment Company(a) – 1.2%
Goldman Sachs Financial Square Government Fund —  Institutional Shares
4,847,894		0.155	%	$	4,847,894
(Cost $4,847,894)
TOTAL INVESTMENTS – 99.5%
(Cost $382,391,108)				$	395,079,339
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%					2,025,290
NET ASSETS – 100.0%				$	397,104,629

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.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $377,543,214)	$	390,231,445
Investments in affiliated issuers, at value (cost $4,847,894)		4,847,894
Cash		732,272
Receivables:
Fund shares sold		1,410,808
Dividends		477,728
Reimbursement from investment adviser		26,613
Total assets		397,726,760
Liabilities:
Payables:
Management fees		220,983
Fund shares redeemed		133,885
Distribution and Service fees and Transfer Agency fees		51,999
Accrued expenses		215,264
Total liabilities		622,131
Net Assets:
Paid-in capital		382,240,928
Total distributable earnings (loss)		14,863,701
NET ASSETS	$	397,104,629
Net Assets:
Institutional	$	138,314,074
Service		258,790,555
Total Net Assets	$	397,104,629
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		17,755,471
Service		33,251,969
Net asset value, offering and redemption price per share:
Institutional		$7.79
Service		7.78

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $2,154)	$	4,753,048
Dividends — affiliated issuers		13,889
Securities lending income — unaffiliated issuer		5,572
Total investment income		4,772,509
Expenses:
Management fees		1,458,004
Distribution and Service fees — Service Shares		328,981
Printing and mailing costs		56,153
Professional fees		45,232
Transfer Agency fees(a)		40,497
Custody, accounting and administrative services		35,787
Trustee fees		9,804
Other		6,547
Total expenses		1,981,005
Less — expense reductions		(227,267	)
Net expenses		1,753,738
NET INVESTMENT INCOME		3,018,771
Realized and unrealized loss:
Net realized loss from investments — unaffiliated issuers		(8,239,625	)
Net change in unrealized loss on investments — unaffiliated issuers		(63,768,308	)
Net realized and unrealized loss		(72,007,933	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(68,989,162	)

(a) Institutional and Service Shares incurred Transfer Agency fees of $14,181 and $26,316, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	3,018,771		$	6,004,286
Net realized gain (loss)		(8,239,625	)		20,966,506
Net change in unrealized gain (loss)		(63,768,308	)		78,158,001
Net increase (decrease) in net assets resulting from operations		(68,989,162	)		105,128,793
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(7,943,415	)
Service Shares		—			(14,094,598	)
Total distributions to shareholders		—			(22,038,013	)
From share transactions:
Proceeds from sales of shares		23,927,075			13,557,948
Reinvestment of distributions		—			22,038,013
Cost of shares redeemed		(27,705,548	)		(82,668,632	)
Net decrease in net assets resulting from share transactions		(3,778,473	)		(47,072,671	)
TOTAL INCREASE (DECREASE)		(72,767,635	)		36,018,109
Net Assets:
Beginning of period		469,872,264			433,854,155
End of period	$	397,104,629		$	469,872,264

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.19		$	7.67		$	9.06		$	10.16		$	9.39		$	11.39
Net investment income(a)		0.07			0.13			0.12			0.16			0.18			0.15
Net realized and unrealized gain (loss)		(1.47	)		1.86			(0.88	)		0.83			0.91			(0.67	)
Total from investment operations		(1.40	)		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 period	$	7.79		$	9.19		$	7.67		$	9.06		$	10.16		$	9.39
Total return(b)		(15.23	)%		25.93	%		(8.46	)%		9.85	%		11.55	%		(4.41	)%
Net assets, end of period (in 000s)	$	138,314		$	163,814		$	150,963		$	188,182		$	243,875		$	279,910
Ratio of net expenses to average net assets		0.71	%(c)		0.73	%		0.71	%		0.72	%		0.74	%		0.74	%
Ratio of total expenses to average net assets		0.82	%(c)		0.83	%		0.81	%		0.81	%		0.81	%		0.81	%
Ratio of net investment income to average net assets		1.65	%(c)		1.46	%		1.32	%		1.50	%		1.91	%		1.38	%
Portfolio turnover rate(d)		45	%		58	%		125	%		127	%		130	%		83	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Large Cap Value Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.19		$	7.67		$	9.06		$	10.16		$	9.39		$	11.38
Net investment income(a)		0.06			0.11			0.10			0.13			0.16			0.13
Net realized and unrealized gain (loss)		(1.47	)		1.85			(0.88	)		0.83			0.90			(0.67	)
Total from investment operations		(1.41	)		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 period	$	7.78		$	9.19		$	7.67		$	9.06		$	10.16		$	9.39
Total return(b)		(15.34	)%		25.61	%		(8.72	)%		9.56	%		11.25	%		(4.58	)%
Net assets, end of period (in 000s)	$	258,791		$	306,058		$	282,891		$	358,776		$	531,553		$	610,689
Ratio of net expenses to average net assets		0.95	%(c)		0.98	%		0.96	%		0.97	%		0.99	%		0.99	%
Ratio of total expenses to average net assets		1.07	%(c)		1.08	%		1.06	%		1.06	%		1.06	%		1.06	%
Ratio of net investment income to average net assets		1.41	%(c)		1.21	%		1.07	%		1.26	%		1.66	%		1.13	%
Portfolio turnover rate(d)		45	%		58	%		125	%		127	%		130	%		83	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements

June 30, 2020 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

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

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.

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.

11

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

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.

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.

12

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE 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 June 30, 2020:

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	9,785,932	$	—	$	—
North America		380,445,513		—		—
Investment Company		4,847,894		—		—
Total	$	395,079,339	$	—	$	—

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

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

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended June 30, 2020, 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	%		0.68	%*

^ 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 was effective on April 29, 2020 and will continue to be effective through at least April 29, 2021, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. For the six months ended June 30, 2020, GSAM waived $67,519 of its management fee.

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2020, GSAM waived $4,700 of the Fund’s management fee.

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

13

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at an annual rate of 0.02% of the average daily net assets of Institutional and Service Shares. Effective April 29, 2020 Goldman Sachs has agreed to waive its transfer agent fee attributable to the Service Shares. This arrangement will remain in place through at least April 29, 2021, and prior to such date Goldman Sachs may not terminate the arrangement without approval of the Board of Trustees.

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 29, 2021, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Custody Fee Credits		Transfer Agency Fees		Other Expense Reimbursement		Total Expense Reductions
	$72,219	$	793	$	8,824	$	145,431	$	227,267

E.  Line of Credit Facility — As of June 30, 2020, the Fund participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2020, the Fund did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

F.  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 June 30, 2020:

Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income from Affiliated Investment Company
	$771,927	$	51,982,403	$	(47,906,436	)	$	4,847,894		4,847,894	$	13,889

5.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, were $181,692,318 and $188,673,165, respectively.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

6.    SECURITIES LENDING

The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’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 June 30, 2020, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable. The Fund did not have securities on loan as of June 30, 2020.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2020, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2020:

Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020
$	—	$	761,831	$	(761,831	)	$	—

7.    TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2019, the Fund’s certain timing differences, on a tax-basis were as follows:

Timing differences (Real Estate Investment Trusts) $ 28,390

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

7.    TAX INFORMATION (continued)

As of June 30, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	383,476,867
Gross unrealized gain		42,366,153
Gross unrealized loss		(30,763,681	)
Net unrealized gain	$	11,602,472

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.

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

8.    OTHER RISKS

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

Investments in Other Investment Companies Risk — As a shareholder of another investment company, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

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

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. 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). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

9.    INDEMNIFICATIONS

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

10.    SUBSEQUENT EVENTS

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

11.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		1,290,712		$	9,349,788			624,452		$	5,567,317
Reinvestment of distributions		—			—			872,903			7,943,415
Shares redeemed		(1,358,059	)		(10,869,488	)		(3,356,752	)		(29,321,564	)
		(67,347	)		(1,519,700	)		(1,859,397	)		(15,810,832	)
Service Shares
Shares sold		2,028,874			14,577,287			940,302			7,990,631
Reinvestment of distributions		—			—			1,548,857			14,094,598
Shares redeemed		(2,067,329	)		(16,836,060	)		(6,071,122	)		(53,347,068	)
		(38,455	)		(2,258,773	)		(3,581,963	)		(31,261,839	)
NET DECREASE		(105,802	)		$ (3,778,473	)		(5,441,360	)	$	(47,072,671	)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Liquidity Risk Management Program

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that the Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Fund Expenses — Six Month Period Ended June 30, 2020  (Unaudited) 

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 day year.

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

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

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

Share Class	Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6  Months Ended 06/30/20*
Institutional
Actual	$	1,000	$	847.70		$	3.26
Hypothetical 5% return		1,000		1,021.33	+		3.57
Service
Actual		1,000		846.60			4.36
Hypothetical 5% return		1,000		1,020.14	+		4.77

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

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.71% and 0.95% for Institutional and Service Shares, respectively.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

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

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

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

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

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

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019,

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

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

and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

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

The Trustees noted that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period, in the third quartile for the three- and five-year periods and in the fourth quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2020. They noted that the Fund had experienced certain portfolio management changes in 2019.

Costs of Services Provided and Competitive Information

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

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

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

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

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

Economies of Scale

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

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

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

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

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2021.

24

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

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

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

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

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

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

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

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

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

Fund holdings and allocations shown are as of June 30, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

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

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

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

© 2020 Goldman Sachs. All rights reserved.

VITLCVSAR-20/211770-OTU-1244922

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Mid Cap Value Fund

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

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

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

Semi-Annual Report

June 30, 2020

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Goldman Sachs Variable Insurance Trust Mid Cap Value Fund

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

1

FUND BASICS

Goldman Sachs Variable Insurance Trust Mid Cap Value Fund

as of June 30, 2020

PERFORMANCE REVIEW

January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			Russell Midcap® Value Index2
Institutional		-16.46	%		-18.09	%
Service		-16.55			-18.09

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  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 Russell Midcap Value Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

The returns set forth in the table above 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 above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

2

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/20³

Holding	% of Net Assets		Line of Business
Zimmer Biomet Holdings, Inc.		2.0%	Health Care Equipment & Services
Stanley Black & Decker, Inc.		1.8	Capital Goods
AMETEK, Inc.		1.8	Capital Goods
Marvell Technology Group Ltd.		1.7	Semiconductors & Semiconductor Equipment
M&T Bank Corp.		1.6	Banks
ITT, Inc.		1.6	Capital Goods
Agilent Technologies, Inc.		1.5	Pharmaceuticals, Biotechnology & Life Sciences
Packaging Corp. of America		1.5	Materials
Catalent, Inc.		1.5	Pharmaceuticals, Biotechnology & Life Sciences
Rockwell Automation, Inc.		1.5	Capital Goods

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

FUND vs. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2020

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 1.1% of the Fund’s net assets at June 30, 2020.

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.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 98.8%
Automobiles & Components – 1.2%
	51,537	Aptiv plc	$	4,015,763
Banks – 5.4%
	61,203	Citizens Financial Group, Inc.		1,544,764
	71,336	East West Bancorp, Inc.		2,585,217
	17,467	First Republic Bank		1,851,327
	54,050	M&T Bank Corp.		5,619,578
	77,325	Pinnacle Financial Partners, Inc.		3,246,877
	18,020	SVB Financial Group*		3,883,850
				18,731,613
Capital Goods – 12.0%
	68,968	AMETEK, Inc.		6,163,670
	64,298	Fortive Corp.		4,350,403
	73,066	Graco, Inc.		3,506,437
	22,663	IDEX Corp.		3,581,661
	92,906	ITT, Inc.		5,457,298
	13,786	L3Harris Technologies, Inc.		2,339,071
	23,760	Rockwell Automation, Inc.		5,060,880
	44,975	Stanley Black & Decker, Inc.		6,268,615
	29,895	Trane Technologies plc		2,660,057
	5,024	TransDigm Group, Inc.		2,220,859
				41,608,951
Consumer Durables & Apparel – 1.2%
	65,595	Lennar Corp. Class A		4,041,964
Consumer Services – 4.1%
	123,657	Aramark		2,790,939
	22,653	Dunkin’ Brands Group, Inc.		1,477,655
	27,478	Eldorado Resorts, Inc.*(a)		1,100,769
	69,753	Wyndham Hotels & Resorts, Inc.		2,972,873
	30,511	Wynn Resorts Ltd.		2,272,764
	42,431	Yum! Brands, Inc.		3,687,678
				14,302,678
Diversified Financials – 5.7%
	56,518	Ally Financial, Inc.		1,120,752
	77,939	Bank of New York Mellon Corp. (The)		3,012,342
	17,297	Cboe Global Markets, Inc.		1,613,464
	89,454	Discover Financial Services		4,480,751
	56,706	E*TRADE Financial Corp.		2,819,989
	21,707	Evercore, Inc. Class A		1,278,977
	33,095	Raymond James Financial, Inc.		2,277,929
	12,286	T. Rowe Price Group, Inc.		1,517,321
	37,504	Voya Financial, Inc.		1,749,562
				19,871,087
Energy – 3.4%
	87,881	Cheniere Energy, Inc.*		4,246,410
	57,360	Hess Corp.		2,971,821
	122,058	Noble Energy, Inc.		1,093,640
	48,322	ONEOK, Inc.		1,605,257
	174,822	Parsley Energy, Inc. Class A		1,867,099
				11,784,227
Common Stocks – (continued)
Food & Staples Retailing – 0.8%
	68,827	Grocery Outlet Holding Corp.*		2,808,142
Food, Beverage & Tobacco – 3.8%
	47,953	Coca-Cola European Partners plc		1,810,705
	46,159	Conagra Brands, Inc.		1,623,412
	17,357	Constellation Brands, Inc. Class A		3,036,607
	15,324	McCormick & Co., Inc. (Non-Voting)		2,749,279
	178,802	Nomad Foods Ltd.*		3,835,303
				13,055,306
Health Care Equipment & Services – 4.7%
	32,183	Centene Corp.*		2,045,230
	188,467	Change Healthcare, Inc.*		2,110,830
	11,340	Cooper Cos., Inc. (The)		3,216,478
	17,116	Quest Diagnostics, Inc.		1,950,539
	56,850	Zimmer Biomet Holdings, Inc.		6,785,616
				16,108,693
Insurance – 4.7%
	3,679	Alleghany Corp.		1,799,546
	34,458	American Financial Group, Inc.		2,186,705
	23,781	Arthur J Gallagher & Co.		2,318,410
	54,024	Brown & Brown, Inc.		2,202,018
	15,753	Cincinnati Financial Corp.		1,008,664
	22,889	Globe Life, Inc.		1,699,050
	3,705	Markel Corp.*		3,420,345
	22,502	Reinsurance Group of America, Inc.		1,765,057
				16,399,795
Materials – 6.3%
	32,401	Ashland Global Holdings, Inc.		2,238,909
	62,556	Ball Corp.		4,347,016
	148,637	Corteva, Inc.		3,981,985
	182,493	Freeport-McMoRan, Inc.		2,111,444
	19,094	Martin Marietta Materials, Inc.		3,944,248
	51,086	Packaging Corp. of America		5,098,383
				21,721,985
Media & Entertainment – 5.3%
	32,887	Liberty Broadband Corp. Class C*		4,076,672
	97,871	Liberty Media Corp.-Liberty Formula One Class C*		3,103,489
	68,819	Liberty Media Corp.-Liberty SiriusXM Class A*		2,375,632
	6,768	Liberty Media Corp.-Liberty SiriusXM Class C*		233,158
	41,824	Live Nation Entertainment, Inc.*		1,854,058
	27,322	Match Group, Inc.*(a)		2,924,820
	16,995	Nexstar Media Group, Inc. Class A		1,422,312
	94,955	Snap, Inc. Class A*		2,230,493
				18,220,634
Pharmaceuticals, Biotechnology & Life Sciences – 4.7%
	60,404	Agilent Technologies, Inc.		5,337,902
	29,961	Agios Pharmaceuticals, Inc.*		1,602,314
	69,531	Catalent, Inc.*		5,096,622

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Shares		Description	Value
Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	36,010	Immunomedics, Inc.*	$	1,276,194
	16,117	PRA Health Sciences, Inc.*		1,568,023
	7,582	Sarepta Therapeutics, Inc.*		1,215,698
				16,096,753
Real Estate Investment Trusts – 10.4%
	25,831	Alexandria Real Estate Equities, Inc.		4,191,080
	22,317	AvalonBay Communities, Inc.		3,451,101
	36,677	Camden Property Trust		3,345,676
	25,017	CyrusOne, Inc.		1,819,987
	45,555	Duke Realty Corp.		1,612,191
	49,197	Equity LifeStyle Properties, Inc.		3,073,829
	11,169	Essex Property Trust, Inc.		2,559,600
	154,208	Healthpeak Properties, Inc.		4,249,973
	65,409	Hudson Pacific Properties, Inc.		1,645,690
	94,512	Invitation Homes, Inc.		2,601,915
	54,318	MGM Growth Properties LLC Class A		1,477,993
	24,692	Prologis, Inc.		2,304,504
	45,889	Ryman Hospitality Properties, Inc.		1,587,759
	38,501	Welltower, Inc.		1,992,427
				35,913,725
Retailing – 3.2%
	11,951	Advance Auto Parts, Inc.		1,702,420
	78,961	National Vision Holdings, Inc.*		2,409,890
	6,923	O’Reilly Automotive, Inc.*		2,919,221
	9,939	RH*		2,473,817
	19,053	Ross Stores, Inc.		1,624,078
				11,129,426
Semiconductors & Semiconductor Equipment – 4.3%
	16,468	Analog Devices, Inc.		2,019,636
	165,297	Marvell Technology Group Ltd.		5,795,313
	16,301	MKS Instruments, Inc.		1,845,925
	16,852	NXP Semiconductors NV		1,921,802
	13,399	Skyworks Solutions, Inc.		1,713,196
	14,552	Xilinx, Inc.		1,431,771
				14,727,643
Software & Services – 1.2%
	10,518	Palo Alto Networks, Inc.*		2,415,669
	9,674	WEX, Inc.*		1,596,307
				4,011,976
Technology Hardware & Equipment – 4.2%
	84,176	Juniper Networks, Inc.		1,924,263
	24,364	Motorola Solutions, Inc.		3,414,127
	80,269	National Instruments Corp.		3,107,213
	310,520	Viavi Solutions, Inc.*		3,956,025
	48,552	Western Digital Corp.		2,143,571
				14,545,199
Transportation – 3.3%
	92,993	Knight-Swift Transportation Holdings, Inc.		3,878,738
Common Stocks – (continued)
Transportation – (continued)
	28,097	Old Dominion Freight Line, Inc.		4,764,970
	75,985	United Airlines Holdings, Inc.*		2,629,841
				11,273,549
Utilities – 8.9%
	65,024	Ameren Corp.		4,575,089
	36,212	American Water Works Co., Inc.		4,659,036
	36,990	Atmos Energy Corp.		3,683,464
	72,428	CMS Energy Corp.		4,231,244
	23,674	Eversource Energy		1,971,334
	40,208	NextEra Energy Partners LP		2,061,866
	60,738	Public Service Enterprise Group, Inc.		2,985,880
	21,760	Sempra Energy		2,550,925
	62,168	Xcel Energy, Inc.		3,885,500
				30,604,338
	TOTAL COMMON STOCKS
	(Cost $315,516,778)		$	340,973,447

Shares	Dividend Rate			Value
Investment Company(b) – 1.1%
Goldman Sachs Financial Square Government Fund — Institutional Shares
3,911,478		0.155	%	$	3,911,478
(Cost $3,911,478)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $319,428,256)				$	344,884,925
Securities Lending Reinvestment Vehicle(b) – 1.1%
Goldman Sachs Financial Square Government Fund — Institutional Shares
3,850,739		0.155	%	$	3,850,739
(Cost $3,850,739)
TOTAL INVESTMENTS – 101.0%
(Cost $323,278,995)				$	348,735,664
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.0)%					(3,430,374	)
NET ASSETS – 100.0%				$	345,305,290

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.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $315,516,778)(a)	$	340,973,447
Investments in affiliated issuers, at value (cost $3,911,478)		3,911,478
Investments in affiliated securities lending reinvestment vehicle, at value (cost $3,850,739)		3,850,739
Cash		645,517
Receivables:
Dividends		394,545
Reimbursement from investment adviser		37,513
Fund shares sold		36,293
Securities lending income		29,939
Total assets		349,879,471
Liabilities:
Payables:
Payable upon return of securities loaned		3,850,739
Management fees		220,898
Fund shares redeemed		207,032
Distribution and Service fees and Transfer Agency fees		21,295
Accrued expenses		274,217
Total liabilities		4,574,181
Net Assets:
Paid-in capital		339,893,055
Total distributable earnings (loss)		5,412,235
NET ASSETS	$	345,305,290
Net Assets:
Institutional	$	270,368,552
Service		74,936,738
Total Net Assets	$	345,305,290
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		19,959,098
Service		5,487,225
Net asset value, offering and redemption price per share:
Institutional		$13.55
Service		13.66

(a) Includes loaned securities having a market value of $3,769,146.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $948)	$	3,363,059
Securities lending income — unaffiliated issuer		149,773
Dividends — affiliated issuers		33,434
Total investment income		3,546,266
Expenses:
Management fees		1,481,972
Printing and mailing costs		154,250
Distribution and Service fees — Service Shares		132,943
Professional fees		45,180
Transfer Agency fees(a)		38,489
Custody, accounting and administrative services		35,268
Trustee fees		9,835
Other		7,748
Total expenses		1,905,685
Less — expense reductions		(154,973	)
Net expenses		1,750,712
NET INVESTMENT INCOME		1,795,554
Realized and unrealized loss:
Net realized loss from investments — unaffiliated issuers		(26,230,775	)
Net change in unrealized loss on investments — unaffiliated issuers		(63,786,244	)
Net realized and unrealized loss		(90,017,019	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(88,221,465	)

(a) Institutional and Service Shares incurred Transfer Agency fees of $27,855 and $10,634, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	(1,795,554	)	$	3,829,536
Net realized gain (loss)		(26,230,775	)		29,143,957
Net change in unrealized gain (loss)		(63,786,244	)		90,823,666
Net increase (decrease) in net assets resulting from operations		(88,221,465	)		123,797,159
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(14,329,359	)
Service Shares		—			(7,060,194	)
Total distributions to shareholders		—			(21,389,553	)
From share transactions:
Proceeds from sales of shares		16,743,337			97,337,044
Reinvestment of distributions		—			21,389,553
Cost of shares redeemed		(93,341,625	)		(87,900,619	)
Net increase (decrease) in net assets resulting from share transactions		(76,598,288	)		30,825,978
TOTAL INCREASE (DECREASE)		(164,819,753	)		133,233,584
Net Assets:
Beginning of period		510,125,043			376,891,459
End of period	$	345,305,290		$	510,125,043

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	16.22		$	12.89		$	16.93		$	16.23		$	14.49		$	17.43
Net investment income(a)		0.07			0.13			0.13			0.12			0.16			0.13
Net realized and unrealized gain (loss)		(2.74	)		3.93			(1.86	)		1.68			1.80			(1.75	)
Total from investment operations		(2.67	)		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 period	$	13.55		$	16.22		$	12.89		$	16.93		$	16.23		$	14.49
Total return(b)		(16.46	)%		31.53	%		(10.46	)%		11.07	%		13.49	%		(9.24	)%
Net assets, end of period (in 000s)	$	270,369		$	335,229		$	300,056		$	388,709		$	437,085		$	535,459
Ratio of net expenses to average net assets		0.84	%(c)		0.87	%		0.84	%		0.84	%		0.84	%		0.84	%
Ratio of total expenses to average net assets		0.93	%(c)		0.90	%		0.86	%		0.87	%		0.87	%		0.87	%
Ratio of net investment income to average net assets		1.04	%(c)		0.85	%		0.75	%		0.71	%		1.08	%		0.74	%
Portfolio turnover rate(d)		67	%		89	%		109	%		134	%		149	%		94	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Mid Cap Value Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	16.37		$	13.01		$	16.95		$	16.25		$	14.51		$	17.45
Net investment income(a)		0.05			0.10			0.07			0.08			0.12			0.08
Net realized and unrealized gain (loss)		(2.76	)		3.95			(1.84	)		1.68			1.81			(1.75	)
Total from investment operations		(2.71	)		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 period	$	13.66		$	16.37		$	13.01		$	16.95		$	16.25		$	14.51
Total return(b)		(16.55	)%		31.17	%		(10.70	)%		10.85	%		13.24	%		(9.52	)%
Net assets, end of period (in 000s)	$	74,937		$	174,896		$	76,835		$	381,172		$	371,366		$	265,545
Ratio of net expenses to average net assets		1.09	%(c)		1.12	%		1.09	%		1.09	%		1.09	%		1.09	%
Ratio of total expenses to average net assets		1.16	%(c)		1.16	%		1.11	%		1.12	%		1.12	%		1.12	%
Ratio of net investment income to average net assets		0.66	%(c)		0.66	%		0.42	%		0.47	%		0.78	%		0.48	%
Portfolio turnover rate(d)		67	%		89	%		109	%		134	%		149	%		94	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements

June 30, 2020 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

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

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. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly.

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

D.  Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

11

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

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.

12

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of June 30, 2020:

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	7,567,810	$	—	$	—
North America		333,405,637		—		—
Investment Company		3,911,478		—		—
Securities Lending Reinvestment Vehicle		3,850,739		—		—
Total	$	348,735,664	$	—	$	—

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

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

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended June 30, 2020, 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
	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.

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2020, GSAM waived $5,750 of the Fund’s management fee.

13

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

D.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.054%. The Other Expense limitation will remain in place through at least April 29, 2021, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2020, 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
$	5,750	$	735	$	148,488	$	154,973

E.  Line of Credit Facility — As of June 30, 2020, the Fund participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2020, the Fund did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

F.  Other Transactions with Affiliates — For the six months ended June 30, 2020, Goldman Sachs earned $268 in brokerage commissions from portfolio transactions.

The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2020:

Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income from Affiliated Investment Company
	$12,703,956	$	67,492,499	$	(76,284,977	)	$	3,911,478		3,911,478	$	33,434

14

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

5.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, were $257,880,499 and $321,373,192, respectively.

6.    SECURITIES LENDING

The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’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 June 30, 2020, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2020, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2020:

Market Value December 31, 2019		Purchases at Cost		Proceeds from Sales			Market Value June 30, 2020
	$408,161	$	13,196,760	$	(9,754,182	)	$	3,850,739

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

7.    TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2019, the Fund’s certain timing differences, on a tax-basis were as follows:

Timing differences (Real Estate Investment Trusts) $ 160,161

As of June 30, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	326,307,121
Gross unrealized gain		46,939,687
Gross unrealized loss		(24,511,144	)
Net unrealized gain	$	22,428,543

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.

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

8.    OTHER RISKS

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

Investments in Other Investment Companies Risk — As a shareholder of another investment company, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

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

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

8.    OTHER RISKS (continued)

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

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

9.    INDEMNIFICATIONS

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

10.    SUBSEQUENT EVENTS

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

11.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		892,855		$	11,361,769			556,218		$	8,465,749
Reinvestment of distributions		—			—			897,830			14,329,359
Shares redeemed		(1,597,634	)		(22,351,206	)		(4,061,392	)		(62,310,021	)
		(704,779	)		(10,989,437	)		(2,607,344	)		(39,514,913	)
Service Shares
Shares sold		402,921			5,381,568			6,000,838			88,871,295
Reinvestment of distributions		—			—			438,249			7,060,194
Shares redeemed		(5,596,386	)		(70,990,419	)		(1,663,012	)		(25,590,598	)
		(5,193,465	)		(65,608,851	)		4,776,075			70,340,891
NET INCREASE (DECREASE)		(5,898,244	)	$	(76,598,288	)		2,168,731			$30,825,978

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Liquidity Risk Management Program

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that the Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Fund Expenses — Six Month Period Ended June 30, 2020 (Unaudited) 

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 day year.

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

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

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

Share Class	Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6  Months Ended 06/30/20*
Institutional
Actual	$	1,000	$	835.40		$	3.83
Hypothetical 5% return		1,000		1,020.69	+		4.22
Service
Actual		1,000		834.50			4.97
Hypothetical 5% return		1,000		1,019.44	+		5.47

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

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.84% and 1.09% for Institutional and Service Shares, respectively.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

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

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

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

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

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

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019,

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

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

and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

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

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period and in the third quartile for the three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed for the five- and ten-year periods ended March 31, 2020.

Costs of Services Provided and Competitive Information

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

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

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

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

22

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

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

Economies of Scale

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

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

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

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

the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2021.

24

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

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

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

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

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

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

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

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

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

Fund holdings and allocations shown are as of June 30, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

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

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

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

© 2020 Goldman Sachs. All rights reserved.

VITMCVSAR-20/211769-OTU-1244924

Goldman

Sachs Variable Insurance Trust

Goldman Sachs Government

Money Market Fund

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

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

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

Semi-Annual Report

June 30, 2020

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

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

On March 15, 2020, the Federal Reserve of the United States (Fed) announced an emergency 1.00% rate cut. This cut was their second intermeeting move in less than two weeks, having cut 0.50% on March 3rd. Since these rate cuts, and in response to further market disruption due to COVID-19, the Fed has announced various programs in an effort to stabilize the short-term credit markets and liquidity in the money market fund industry.

i

FUND BASICS

Government Money Market Fund

as of June 30, 2020

PERFORMANCE REVIEW^1,2

January 1, 2020 - June 30, 2020	Fund Total Return (based on NAV)3			SEC 7-Day Current Yield3			iMoneyNet Institutional Average4
Institutional Shares		0.39	%		0.26	%		0.49	%
Service Shares		0.26			0.02			0.49

The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment returns will fluctuate. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

¹  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 performance shown above reflects any waivers or reimbursements that were in effect for all or a portion of the periods shown. When waivers or reimbursements are in place, the Fund’s operating expenses are reduced and the Fund’s yield and total returns to the shareholder are increased.

²  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s total return reflects the reinvestment of dividends and other distributions.

³  The SEC 7-Day Current Yield is calculated in accordance with securities industry regulations and does not include net capital gains. SEC 7-Day Current Yield may differ slightly from the actual distribution rate of the Fund because of the exclusion of distributed capital gains, which are non-recurring. The SEC 7-Day Current Yield more closely reflects the Fund’s current earnings than do the Fund Total Return figures.

⁴  Source: iMoneyNet, Inc. June 2020. The iMoneyNet Institutional Average represents total return.

YIELD SUMMARY AS OF JUNE 30, 2020

Funds	7-Day Dist. Yield5			SEC 7-Day Effective Yield6			30-Day Average Yield7			Weighted Avg. Maturity (days)8		Weighted Avg. Life (days)9
Institutional Shares		0.27	%		0.26	%		0.27	%		48		109
Service Shares		0.03			0.02			0.03			48		109

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 reflect fee waivers and expense limitations in effect and will fluctuate as market conditions change. Please visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end performance.

⁵  The 7-Day Distribution Yield is an annualized measure of the Fund’s dividends per share, divided by the price per share. This yield includes capital gain/loss distribution, if any. This is not an SEC Yield.

⁶  The SEC 7-Day Effective Yield is calculated in accordance with securities industry regulations and does not include net capital gains. The SEC 7-Day Effective Yield assumes reinvestment of dividends for one year.

⁷  The 30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distribution. This is not an SEC Yield.

⁸  The Fund’s weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 60 days as calculated under SEC Rule 2a-7.

⁹  The Fund’s weighted average life (WAL) is an average of the final maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 120 days as calculated under SEC Rule 2a-7.

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.

2

FUND BASICS

FUND COMPOSITION†

Security Type

(Percentage of Net Assets)

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

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.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations – 3.9%
	Federal Home Loan Bank
$	300,000		1.361	%		08/19/20	$	299,457
	3,600,000		0.610			09/01/20		3,599,976
	Federal Home Loan Bank Discount Notes
	4,000,000		0.509			07/06/20		3,999,722
	4,900,000		1.586			07/17/20		4,896,625
	1,700,000		1.587			07/20/20		1,698,609
	3,600,000		1.351			08/28/20		3,592,344
	1,200,000		0.295			09/15/20		1,199,265
	15,000,000		0.377			09/21/20		14,987,358
	7,500,000		0.530			03/15/21		7,472,158
	Overseas Private Investment Corp.
	500,000		1.900			11/17/20		505,894
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	42,251,408
U.S. Treasury Obligations – 55.1%
	United States Cash Management Bills
$	100,000		0.137	%		09/08/20	$	99,974
	800,000		0.142			09/15/20		799,764
	700,000		0.153			09/15/20		699,778
	200,000		0.158			09/15/20		199,935
	600,000		0.163			09/15/20		599,797
	12,700,000		0.168			09/15/20		12,695,576
	1,400,000		0.178			09/22/20		1,399,435
	200,000		0.173			09/29/20		199,915
	1,500,000		0.178			09/29/20		1,499,344
	1,600,000		0.183			09/29/20		1,599,280
	5,400,000		0.142			10/06/20		5,397,963
	25,000,000		0.173			10/06/20		24,988,549
	500,000		0.178			10/06/20		499,764
	600,000		0.137			10/13/20		599,766
	200,000		0.147			10/13/20		199,916
	5,300,000		0.153			10/13/20		5,297,703
	100,000		0.148			10/20/20		99,955
	5,100,000		0.158	(a)		10/29/20		5,097,387
	500,000		0.168			11/03/20		499,714
	17,000,000		0.173			11/03/20		16,989,965
	300,000		0.168			11/24/20		299,799
	22,500,000		0.188			11/24/20		22,483,119
	5,000,000		0.168			12/01/20		4,996,494
	United States Treasury Bills
	15,200,000		0.107			07/02/20		15,199,956
	100,000		0.122			07/02/20		100,000
	900,000		0.132			07/02/20		899,997
	3,100,000		0.112			07/07/20		3,099,943
	200,000		0.122			07/07/20		199,996
	14,000,000		0.127			07/07/20		13,999,708
	200,000		0.102			07/09/20		199,996
	40,400,000		0.122			07/09/20		40,398,923
	400,000		0.107			07/14/20		399,985
	16,200,000		0.112			07/14/20		16,199,356
	2,000,000		0.147			07/14/20		1,999,895
U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
	2,400,000		0.132			07/16/20		2,399,870
	100,000		0.137			07/16/20		99,994
	4,800,000		0.107			07/21/20		4,799,720
	1,400,000		0.112			07/21/20		1,399,914
	100,000		0.153			07/23/20		99,991
	600,000		0.158			07/23/20		599,943
	2,100,000		0.163			07/23/20		2,099,795
	100,000		0.132			07/28/20		99,990
	13,300,000		0.137			07/28/20		13,298,653
	800,000		0.132			07/30/20		799,916
	1,000,000		0.137			07/30/20		999,891
	1,700,000		0.142			07/30/20		1,699,808
	7,200,000		0.153			07/30/20		7,199,130
	6,500,000		0.147			08/04/20		6,499,110
	700,000		0.153			08/04/20		699,901
	300,000		0.117			08/06/20		299,966
	2,600,000		0.122			08/06/20		2,599,688
	6,700,000		0.127			08/06/20		6,699,163
	5,600,000		0.183			08/06/20		5,598,992
	200,000		0.163			08/11/20		199,964
	15,600,000		0.132	(a)		08/13/20		15,597,634
	44,300,000		1.547			08/13/20		44,220,100
	400,000		0.561			08/20/20		399,694
	34,300,000		1.547			08/20/20		34,228,065
	37,500,000		1.475			08/27/20		37,414,500
	1,800,000		0.132			09/03/20		1,799,584
	59,200,000		1.032			09/03/20		59,093,703
	300,000		0.132			09/17/20		299,915
	200,000		0.150			09/24/20		199,930
	500,000		0.153			09/24/20		499,823
	1,100,000		0.173			09/24/20		1,099,558
	100,000		0.178			09/24/20		99,959
	3,300,000		0.163			10/08/20		3,298,548
	100,000		0.173			10/08/20		99,953
	300,000		0.178			10/08/20		299,856
	20,100,000		0.188			10/08/20		20,089,774
	100,000		0.153			10/15/20		99,956
	300,000		0.163			10/15/20		299,859
	20,100,000		0.183			10/15/20		20,089,347
	600,000		0.188			10/15/20		599,673
	3,800,000		0.132			11/05/20		3,798,257
	25,000,000		0.188			12/17/20		24,978,288
	20,000,000		0.178			12/24/20		19,982,889
	17,500,000		0.168	(a)		12/31/20		17,485,402
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	3,000,000		0.193	(b)		07/31/20		2,999,982
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	600,000		0.195	(b)		10/31/20		600,081
	United States Treasury Notes
	1,600,000		1.625			07/31/20		1,600,040
	900,000		1.500			08/15/20		900,453
	2,100,000		2.750			09/30/20		2,108,818
	800,000		1.750			11/15/20		802,175

4 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
U.S. Treasury Obligations – (continued)
	United States Treasury Notes – (continued)
$	5,900,000		2.625	%		11/15/20	$	5,933,491
	900,000		2.750			11/30/20		904,961
	2,000,000		1.875			12/15/20		2,010,942
	2,900,000		2.500			12/31/20		2,919,893
	600,000		1.375			01/31/21		600,006
	200,000		2.125			01/31/21		201,692
	900,000		2.250			02/15/21		907,552
	900,000		3.625			02/15/21		915,225
	7,900,000		2.500			02/28/21		7,970,761
	1,700,000		2.375			03/15/21		1,711,858
	TOTAL U.S. TREASURY OBLIGATIONS						$	597,296,243
Variable Rate Obligations(b) – 17.1%
	Federal Farm Credit Bank (1 Mo. LIBOR – 0.05%)
$	1,300,000		0.140	%		01/13/21	$	1,299,972
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.01%)
	600,000		0.304			11/05/21		600,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.03%)
	3,100,000		0.215			09/15/21		3,099,925
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.09%)
	500,000		0.275			09/13/21		500,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.1%)
	1,100,000		0.280			09/09/21		1,100,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.10%)
	1,000,000		0.290			12/23/21		1,000,000
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.07%)
	700,000		1.381			07/02/21		700,000
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.13%)
	100,000		0.280			11/12/20		100,004
	Federal Farm Credit Bank (3 Mo. U.S. T-Bill MMY + 0.15%)
	200,000		0.295			04/23/21		200,000
	Federal Farm Credit Bank (FEDL01 + 0.10%)
	540,000		0.180			12/16/20		539,975
	Federal Farm Credit Bank (FEDL01 + 0.11%)
	800,000		0.190			08/13/20		799,991
	Federal Farm Credit Bank (FEDL01 + 0.12%)
	1,200,000		0.195			02/14/22		1,200,000
	Federal Farm Credit Bank (FEDL01 + 0.15%)
	1,600,000		0.225			01/21/21		1,599,982
	Federal Farm Credit Bank (FEDL01 + 0.17%)
	1,900,000		0.250			01/13/22		1,899,780
	Federal Farm Credit Bank (FEDL01 + 0.20%)
	2,100,000		0.280			11/29/21		2,099,974
	Federal Farm Credit Bank (FEDL01 + 0.21%)
	1,300,000		0.290			12/13/21		1,299,850
	Federal Farm Credit Bank (Prime Rate – 2.87%)
	500,000		0.380			02/07/22		499,919
	Federal Farm Credit Bank (Prime Rate – 2.93%)
	1,200,000		0.320			11/06/20		1,200,000
	Federal Farm Credit Bank (Prime Rate – 2.94%)
	1,500,000		0.315			10/30/20		1,500,000
	800,000		0.310			02/26/21		800,000
	800,000		0.310			11/08/21		800,000
Variable Rate Obligations(b) – (continued)
	Federal Farm Credit Bank (Prime Rate – 2.95%)
	2,700,000		0.300			03/15/21		2,700,000
	Federal Farm Credit Bank (Prime Rate – 2.96%)
	2,200,000		0.290			03/29/21		2,200,000
	1,100,000		0.290			12/13/21		1,099,921
	Federal Farm Credit Bank (Prime Rate – 2.97%)
	1,700,000		0.285			04/08/21		1,700,000
	Federal Farm Credit Bank (Prime Rate – 2.98%)
	300,000		0.270			11/12/20		299,946
	1,300,000		0.275			02/26/21		1,300,000
	Federal Farm Credit Bank (Prime Rate – 3.01%)
	1,800,000		0.240			02/25/21		1,799,941
	Federal Farm Credit Bank (Prime Rate – 3.02%)
	1,800,000		0.234			01/13/22		1,800,000
	Federal Farm Credit Bank (SOFR + 0.12%)
	800,000		0.200			03/18/21		800,000
	Federal Farm Credit Bank (SOFR + 0.13%)
	500,000		0.210			02/11/22		500,000
	Federal Farm Credit Bank (SOFR + 0.18%)
	2,800,000		0.260			01/14/22		2,796,041
	Federal Home Loan Bank
	1,000,000		0.090			07/09/20		1,000,000
	400,000		0.130			08/19/20		399,984
	200,000		0.150			08/25/20		199,997
	4,000,000		0.320			09/25/20		4,000,570
	10,000,000		0.460			09/23/21		10,000,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.02%)
	700,000		0.200			03/24/21		700,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.04%)
	700,000		0.225			06/24/21		700,000
	Federal Home Loan Bank (1 Mo. LIBOR + 0.07%)
	17,800,000		0.240			10/07/20		17,800,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.07%)
	6,500,000		1.363			04/01/21		6,500,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.08%)
	3,300,000		0.241			03/19/21		3,300,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.09%)
	2,700,000		1.288			07/06/21		2,700,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.11%)
	1,400,000		1.242			04/08/21		1,400,000
	500,000		1.210			04/09/21		500,000
	Federal Home Loan Bank (3 Mo. LIBOR – 0.16%)
	3,800,000		0.396			08/04/20		3,800,000
	Federal Home Loan Bank (SOFR + 0.03%)
	5,700,000		0.110			08/05/20		5,699,992
	Federal Home Loan Mortgage Corp. (SOFR + 0.29%)
	10,000,000		0.400			10/01/21		10,000,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.30%)
	21,400,000		0.410			09/24/21		21,400,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.31%)
	2,000,000		0.420			01/03/22		2,000,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.32%)
	5,000,000		0.430			09/27/21		5,000,000
	3,500,000		0.430			09/30/21		3,500,000

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Obligations(b) – (continued)
	Federal National Mortgage Association (SOFR + 0.10%)
$	700,000		0.210	%		12/03/21	$	697,481
	Federal National Mortgage Association (SOFR + 0.29%)
	3,300,000		0.400			10/04/21		3,300,000
	Federal National Mortgage Association (SOFR + 0.30%)
	6,500,000		0.410			09/24/21		6,500,000
	Federal National Mortgage Association (SOFR + 0.34%)
	10,500,000		0.450			10/20/21		10,500,000
	9,275,000		0.450			12/30/21		9,275,000
	7,000,000		0.450			01/21/22		7,000,000
	Federal National Mortgage Association (SOFR + 0.35%)
	2,000,000		0.460			10/15/21		2,000,000
	Federal National Mortgage Association (SOFR + 0.36%)
	1,000,000		0.470			01/20/22		1,000,000
	Overseas Private Investment Corp. (3 Mo. U.S. T-Bill + 0.00%)
	1,000,000		0.380			07/07/20		1,000,000
	1,640,313		0.380			07/07/20		1,640,313
	2,339,906		0.380			07/07/20		2,339,906
	TOTAL VARIABLE RATE OBLIGATIONS						$	185,688,464
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	825,236,115
Repurchase Agreements(c) – 26.6%
	BNP Paribas
$	6,500,000		0.630	% (d)		07/07/20	$	6,500,000
	Maturity Value: $6,520,361
	Settlement Date: 03/06/20
	Collateralized by a U.S. Treasury Floating Rate Note, 0.450%, due 10/31/21, a U.S. Treasury Inflation-Indexed Bond, 3.875%, due 04/15/29, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.375%, due 10/15/24 to 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/23 to 08/15/47, U.S. Treasury Notes, 0.125% to 2.875%, due 10/15/21 to 08/31/23 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/40 to 02/15/49. The aggregate market value of the collateral, including accrued interest, was $6,630,073.
	6,500,000		0.630	(d)		07/07/20		6,500,000
	Maturity Value: $6,520,020
	Settlement Date: 03/09/20
	Collateralized by a U.S. Treasury Bond, 8.750%, due 08/15/20, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 07/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/31 to 08/15/47, U.S. Treasury Notes, 0.125% to 2.250%, due 03/31/21 to 08/31/24 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/28 to 02/15/48. The aggregate market value of the collateral, including accrued interest, was $6,630,045.
Repurchase Agreements(c) – (continued)
	BNP Paribas – (continued)
	20,000,000		0.920	(d)		07/07/20		20,000,000
	Maturity Value: $20,093,533
	Settlement Date: 03/03/20
	Collateralized by Federal Farm Credit Bank, 3.980%, due 04/05/38, Federal Home Loan Mortgage Corp., 3.500% to 4.500%, due 08/01/46 to 12/01/49, Federal Home Loan Mortgage Corp. Stripped Security, 0.000%, due 09/15/29, Federal National Mortgage Association, 3.000% to 4.500%, due 07/01/48 to 12/01/49, Government National Mortgage Association, 3.000% to 4.000%, due 11/20/40 to 07/20/49, U.S. Treasury Bonds, 2.500% to 2.750%, due 11/15/42 to 02/15/45, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.500%, due 07/15/24 to 01/15/28, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/20 to 05/15/48, U.S. Treasury Notes, 0.625% to 1.875%, due 08/31/24 to 05/15/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/24 to 08/15/47. The aggregate market value of the collateral, including accrued interest, was $20,445,921.
	10,000,000		1.580	% (d)		07/07/20		10,000,000
	Maturity Value: $10,079,878
	Settlement Date: 02/18/20
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.500%, due 01/01/44 to 09/01/49, Federal National Mortgage Association, 3.500% to 5.500%, due 03/01/41 to 10/01/49, Government National Mortgage Association, 3.500%, due 11/20/48 to 06/20/49, a U.S. Treasury Inflation-Indexed Bond, 0.625%, due 02/15/43, a U.S. Treasury Inflation-Indexed Note, 0.375%, due 01/15/27, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/21 to 08/15/49, a U.S. Treasury Note, 0.625%, due 05/15/30 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/42. The aggregate market value of the collateral, including accrued interest, was $10,219,240.
	Joint Repurchase Agreement Account III
	209,900,000		0.090			07/01/20		209,900,000
	Maturity Value: $209,900,525
	Royal Bank of Canada
	35,000,000		0.100	(d)		07/01/20		35,000,000
	Maturity Value: $35,005,931
	Settlement Date: 05/01/20
	Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 4.500%, due 07/01/44 to 08/01/47, Federal National Mortgage Association, 3.000% to 6.000%, due 01/01/28 to 06/01/51 and Government National Mortgage Association, 3.500% to 5.500%, due 12/15/40 to 06/20/50. The aggregate market value of the collateral, including accrued interest, was $35,700,002.
	TOTAL REPURCHASE AGREEMENTS						$	287,900,000
	TOTAL INVESTMENTS – 102.7%						$	1,113,136,115
	LIABILITIES IN EXCESS OF OTHER ASSETS – (2.7)%							(29,779,772	)
	NET ASSETS – 100.0%						$	1,083,356,343

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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 June 30, 2020.
(c)	Unless noted, all repurchase agreements were entered into on June 30, 2020. 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.

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 June 30, 2020, the Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of July 1, 2020, as follows:

Principal Amount		Maturity Value			Collateral Value
	$209,900,000		$	209,900,525		$	216,178,728

REPURCHASE AGREEMENTS — At June 30, 2020, 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.		0.900	%	$	30,785,870
Bank of America, N.A.		0.900			22,815,217
Bank of Nova Scotia (The)		0.900			68,445,652
BofA Securities, Inc.		0.900			79,853,261
TOTAL				$	209,900,000

At June 30, 2020, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.000 to 5.000	%		10/01/26 to 07/01/50
Federal National Mortgage Association		2.000 to 5.500			09/01/24 to 05/01/58
Government National Mortgage Association		3.000 to 3.500			09/20/45 to 03/20/47
U.S. Treasury Note		0.500			06/30/27

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)

Assets:
Investments based on amortized cost	$	825,236,115
Repurchase agreements based on amortized cost		287,900,000
Cash		11,844
Receivables:
Fund shares sold		7,937,259
Investments sold		599,934
Interest		409,928
Reimbursement from investment advisor		14,549
Total assets		1,122,109,629
Liabilities:
Payables:
Investments purchased		38,080,474
Fund shares redeemed		352,745
Management fees		151,276
Distribution and Service fees and Transfer Agency fees		121,827
Dividend distribution		1,496
Accrued expenses		45,468
Total liabilities		38,753,286
Net Assets:
Paid-in capital		1,083,288,735
Total distributable earnings (loss)		67,608
NET ASSETS	$	1,083,356,343
Net asset value, offering and redemption price per share	$	1.00
Net Assets:
Institutional Shares	$	552,347,980
Service Shares		531,008,363
Total Net Assets	$	1,083,356,343
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		552,313,360
Service Shares		530,975,356

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

Investment Income:
Interest income	$	4,163,072
Expenses:
Management fees		778,848
Distribution and Service fees — Service Shares		609,817
Transfer Agency fees(a)		97,356
Professional fees		47,782
Custody, accounting and administrative services		30,256
Printing and mailing fees		20,222
Trustee fees		8,168
Other		11,662
Total expenses		1,604,111
Less — expense reductions		(95,117	)
Net expenses		1,508,994
NET INVESTMENT INCOME	$	2,654,078
NET REALIZED GAIN FROM INVESTMENT TRANSACTIONS		141,702
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,795,780

(a) Institutional and Service Shares incurred Transfer Agency fees of $48,571 and $48,785, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	2,654,078		$	13,604,822
Net realized gain from investment transactions		141,702			327,167
Net increase in net assets resulting from operations		2,795,780			13,931,989
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(1,728,652	)		(7,303,914	)
Service Shares		(1,066,403	)		(6,545,777	)
Total distributions to shareholders		(2,795,055	)		(13,849,691	)
From share transactions (at $1.00 per shared):
Proceeds from sales of shares		1,087,420,563			736,413,904
Reinvestment of distributions		2,792,081			13,849,691
Cost of shares redeemed		(720,751,759	)		(816,550,622	)
Net increase (decrease) in net assets resulting from share transactions		369,460,885			(66,287,027	)
TOTAL INCREASE (DECREASE)		369,461,610			(66,204,729	)
Net assets:
Beginning of period		713,894,733			780,099,462
End of period	$	1,083,356,343		$	713,894,733

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Government Money Market Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.004			0.021			0.017			0.008			0.003			—	(b)
Distributions to shareholders from net investment income(c)		(0.004	)		(0.021	)		(0.017	)		(0.008	)		(0.003	)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.39	%		2.11	%		1.74	%		0.76	%		0.29	%		0.02	%
Net assets, end of period (in 000’s)	$	552,348		$	363,783		$	411,447		$	302,507		$	206,987		$	1,143
Ratio of net expenses to average net assets		0.18	%(e)		0.19	%		0.18	%		0.18	%		0.19	%		0.23	%
Ratio of total expenses to average net assets		0.20	%(e)		0.21	%		0.23	%		0.27	%		0.30	%		0.31	%
Ratio of net investment income to average net assets		0.68	%(e)		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. Total returns for periods less than one full year are not annualized.

(e) Annualized.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Government Money Market Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income(a)		0.003			0.018			0.015			0.005			—	(b)		—	(b)
Distributions to shareholders from net investment income(c)		(0.003	)		(0.018	)		(0.015	)		(0.005	)		—	(b)		—	(b)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(d)		0.26	%		1.86	%		1.48	%		0.51	%		0.04	%		0.01	%
Net assets, end of period (in 000’s)	$	531,008		$	350,112		$	368,652		$	354,248		$	375,580		$	328,202
Ratio of net expenses to average net assets		0.43	%(e)		0.44	%		0.43	%		0.43	%		0.44	%		0.26	%
Ratio of total expenses to average net assets		0.45	%(e)		0.46	%		0.48	%		0.52	%		0.55	%		0.56	%
Ratio of net investment income to average net assets		0.41	%(e)		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. Total returns for periods less than one full year are not annualized.

(e) Annualized.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements

June 30, 2020 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

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

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

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

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the 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 distribution of short-term capital gains (or any portion thereof).

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

13

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

As of June 30, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Fund	Tax Cost	Tax Unrealized Gain/Loss
VIT Government Money Market Fund	1,113,136,158	(43)

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

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

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

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

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

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

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

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

14

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

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

As of June 30, 2020, all investments and repurchase agreements are classified as Level 2 of the fair value hierarchy. Please refer to the Schedule of Investments for further detail.

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

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 29, 2021, 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

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

above. For the six months ended June 30, 2020, these expense reductions, including any fee waiver and Other Expense reimbursements, were as follows:

Custody Fee Credits		Distribution and Service Fees Waivers		Other Expense Reimbursements		Total Expense Reductions
$	979	$	4,391	$	89,747	$	95,117

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 six months ended June 30, 2020			Contractual rate, if any			Ratio of net expenses to average net assets for the six months ended June 30, 2020
Management Fee		0.16	%		0.16	%		0.16	%		0.16	%
Distribution and Service Fees		N/A			N/A			0.25			0.25
Transfer Agency Fees		0.02			0.02			0.02			0.02
Other Expenses		—			0.00	(a)		—			0.00	(a)
Net Expenses					0.18	%					0.43	%

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

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

F.  Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees. For the six months ended June 30, 2020, the Fund did not have such transactions.

G.  Line of Credit Facility — As of June 30, 2020, the Fund participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2020, the Fund did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

5.    OTHER RISKS

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

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily. monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. 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 the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund

16

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

5.    OTHER RISKS (continued)

from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

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 the Fund’s investment resulting from a substitute reference rate may also adversely affect the 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. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

6.    INDEMNIFICATIONS

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

7.    SUBSEQUENT EVENTS

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

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

8.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
Institutional Shares*
Shares sold		736,708,196			559,032,693
Reinvestment of distributions		1,727,327			7,303,819
Shares redeemed		(549,870,876	)		(614,043,249	)
		188,564,647			(47,706,737	)
Service Shares*
Shares sold		350,712,367			177,381,211
Reinvestment of distributions		1,064,754			6,545,872
Shares redeemed		(170,880,883	)		(202,507,373	)
		180,896,238			(18,580,290	)
NET INCREASE (DECREASE) IN SHARES		369,460,885			(66,287,027	)

* Valued at $1.00 per share.

18

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Fund Expenses — Six Month Period Ended June 30, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 day year.

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

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

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

Share Class	Beginning Account Value 1/1/20		Ending Account Value 6/30/20			Expenses Paid for the 6 Months Ended 6/30/20*
Institutional Shares
Actual	$	1,000.00	$	1,003.88		$	0.90
Hypothetical 5% return	$	1,000.00	$	1,023.97	+	$	0.91
Service Shares
Actual	$	1,000.00	$	1,002.64		$	2.14
Hypothetical 5% return	$	1,000.00	$	1,022.73	+	$	2.16

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year (or, since inception, if shorter); and then dividing that result by the number of days in the period. The annualized net expense ratios for the period were 0.18% and 0.43% for Institutional Shares and Service Shares, respectively.

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

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

20

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

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

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

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2019. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates.

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

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

The Trustees considered the performance of the Fund in light of its investment policies and strategy. They noted that, although the Fund has operated in a generally challenging yield environment since 2009, yields had improved through early 2020 (prior to market disruptions related to the COVID-19 pandemic) partly as a result of actions by the Federal Reserve, including a series of interest rate increases in 2019, which enabled reductions of the amount of fees waived and/or reimbursed by the Investment Adviser in recent periods. They also acknowledged the uncertainty of the future interest rate environment, including the Federal Reserve’s recent indications that, after lowering interest rates twice in March 2020, it will likely not raise interest rates through 2022 in response to the economic impacts of the COVID-19 pandemic. The Trustees considered that, during the relevant period, the Investment Adviser had voluntarily waived fees in order to maintain a competitive yield. They observed that the Investment Adviser had reduced its voluntary management fee waiver throughout 2019 with the rise in interest rates. The Trustees also considered that the Fund had maintained a stable net asset value per share. In light of these considerations, the Trustees believed that the Fund was providing investment performance within a competitive range for investors.

Costs of Services Provided and Competitive Information

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

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

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

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

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

22

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2021.

23

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

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

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

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

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

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

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

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

Fund holdings and allocations shown are as of June 30, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

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

© 2020 Goldman Sachs. All rights reserved.

VITMMSAR-20/211764-OTU-1243144

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Multi-Strategy

Alternatives Portfolio

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

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

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

Semi-Annual Report

June 30, 2020

Goldman Sachs Variable Insurance Trust Multi-Strategy Alternatives Portfolio

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Portfolio could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on the Portfolio’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Portfolio shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

i

FUND BASICS

Multi-Strategy Alternatives Portfolio

as of June 30, 2020

PERFORMANCE REVIEW

January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index2
Institutional		-1.33	%		0.95	%
Service		-1.44			0.95
Advisor		-1.56			0.95

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  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. It is not possible to invest directly in an unmanaged index.

The returns set forth in the table above 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 above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

2

FUND BASICS

OVERALL UNDERLYING FUND AND ETF WEIGHTINGS³

Percentage of Net Assets

³  The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund and exchange traded fund (“ETF”) reflects the value of that Underlying Fund or ETF as a percentage of net assets of the Portfolio. Figures in the graph above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. Underlying sector allocations of exchange traded funds and investment companies held by the Portfolio are not reflected in the graph above. 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.

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.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

June 30, 2020 (Unaudited)

Shares				Description	Value
Underlying Funds (Class R6 Shares)(a) – 85.3%
Equity – 28.4%
	332,664			Goldman Sachs Tactical Tilt Overlay Fund	$	3,310,012
	190,377			Goldman Sachs Absolute Return Tracker Fund		1,743,854
	75,379			Goldman Sachs Emerging Markets Equity Insights Fund		675,394
	44,714			Goldman Sachs Real Estate Securities Fund		505,269
						6,234,529
Fixed Income – 56.9%
	281,376			Goldman Sachs Managed Futures Strategy Fund		2,740,604
	280,959			Goldman Sachs Long Short Credit Strategies Fund		2,413,440
	219,032			Goldman Sachs Strategic Income Fund		2,015,099
	167,829			Goldman Sachs Emerging Markets Debt Fund		1,975,345
	174,828			Goldman Sachs High Yield Floating Rate Fund		1,529,746
	162,387			Goldman Sachs High Yield Fund		969,452
	112,720			Goldman Sachs Alternative Premia Fund		878,088
						12,521,774
	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
	(Cost $19,736,842)				$	18,756,303
Exchange Traded Fund* – 0.7%
	5,295			ProShares Short VIX Short-Term Futures ETF	$	166,792
	(Cost $251,912)
Shares		Dividend Rate			Value
Investment Company(a) – 12.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
2,642,151			0.155	%	$	2,642,151
(Cost $2,642,151)
TOTAL INVESTMENTS – 98.0%
(Cost $22,630,905)					$	21,565,246
OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%						430,285
NET ASSETS – 100.0%					$	21,995,531

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.

Currency Abbreviation:
USD	—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2020, the Portfolio 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		4		09/18/2020	$	618,040	$	18,178
U.S. Treasury 10 Year Note		15		09/21/2020		2,087,109		4,019
Total Futures Contracts							$	22,197

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At June 30, 2020, 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		98.25 USD	03/15/2021		7	$	1,750,000	$	27,125	$	7,804	$	19,321
				98.25 USD	06/14/2021		7		1,750,000		27,475		7,891		19,584
				98.25 USD	09/13/2021		6		1,500,000		23,663		7,064		16,599
Total purchased options contracts							20			$	78,263	$	22,759	$	55,504

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)

Assets:
Investments in affiliated Underlying Funds, at value (cost $22,378,993)	$	21,398,454
Investments in unaffiliated Funds, at value (cost $251,912)		166,792
Purchased Options, at value (premiums paid $22,759)		78,263
Cash		325,951
Receivables:
Portfolio shares sold		35,472
Dividends		30,756
Reimbursement from investment adviser		19,288
Variation margin on futures		5,525
Total assets		22,060,501
Liabilities:
Payables:
Investments purchased		21,224
Distribution and Service fees and Transfer Agency fees		6,532
Portfolio shares redeemed		1,107
Accrued expenses		36,107
Total liabilities		64,970
Net Assets:
Paid-in capital		23,595,154
Total distributable earnings (loss)		(1,599,623	)
NET ASSETS	$	21,995,531
Net Assets:
Institutional	$	1,306,758
Service		3,200,016
Advisor		17,488,757
Total Net Assets	$	21,995,531
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		146,794
Service		360,006
Advisor		1,975,013
Net asset value, offering and redemption price per share:
Institutional		$8.90
Service		8.89
Advisor		8.86

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

Investment income:
Dividends from affiliated Underlying Funds	$	184,218
Securities lending income — unaffiliated issuer		743
Interest income		240
Total investment income		185,201
Expenses:
Printing and mailing costs		42,948
Professional fees		36,752
Distribution and Service fees(a)		35,075
Custody, accounting and administrative services		30,676
Management fees		14,952
Trustee fees		9,405
Transfer Agency fees(a)		1,993
Other		1,979
Total expenses		173,780
Less — expense reductions		(118,543	)
Net expenses		55,237
NET INVESTMENT INCOME		129,964
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments in affiliated Underlying Funds		(40,874	)
Investments in unaffiliated Funds		723
Futures contracts		(86,481	)
Purchased options		391,974
Net change in unrealized gain (loss) on:
Investments in affiliated Underlying Funds		(556,149	)
Investments in unaffiliated Funds		(179,324	)
Futures contracts		(2,336	)
Purchased options		85,876
Foreign currency translation		525
Net realized and unrealized loss		(386,066	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(256,102	)

(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
$3,700	$31,375	$129	$	296	$	1,568

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	129,964		$	471,222
Net realized gain		265,342			161,997
Net change in unrealized gain (loss)		(651,408	)		717,645
Net increase (decrease) in net assets resulting from operations		(256,102	)		1,350,864
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(37,340	)
Service Shares		—			(77,108	)
Advisor Shares		—			(385,701	)
Total distributions to shareholders		—			(500,149	)
From share transactions:
Proceeds from sales of shares		4,946,241			5,866,621
Reinvestment of distributions		—			500,149
Cost of shares redeemed		(2,270,282	)		(2,657,936	)
Net increase in net assets resulting from share transactions		2,675,959			3,708,834
TOTAL INCREASE		2,419,857			4,559,549
Net Assets:
Beginning of period		19,575,674			15,016,125
End of period	$	21,995,531		$	19,575,674

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Multi-Strategy Alternatives Portfolio
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.02		$	8.51		$	9.39		$	9.10		$	9.15		$	9.81
Net investment income(a)(b)		0.07			0.30			0.24			0.21			0.11			0.20
Net realized and unrealized gain (loss)		(0.19	)		0.48			(0.87	)		0.30			(0.06	)		(0.65	)
Total from investment operations		(0.12	)		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 period	$	8.90		$	9.02		$	8.51		$	9.39		$	9.10		$	9.15
Total return(c)		(1.33	)%		9.11	%		(6.74	)%		5.60	%		0.52	%		(4.51	)%
Net assets, end of period (in 000s)	$	1,307		$	1,309		$	745		$	453		$	309		$	958
Ratio of net expenses to average net assets(d)		0.20	%(e)		0.25	%		0.22	%		0.21	%		0.24	%		0.22	%
Ratio of total expenses to average net assets(d)		1.39	%(e)		1.60	%		1.57	%		1.47	%		2.37	%		4.40	%
Ratio of net investment income to average net assets(b)		1.65	%(e)		3.30	%		2.62	%		2.20	%		1.17	%		2.02	%
Portfolio turnover rate(f)		3	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) 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. 9

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Multi-Strategy Alternatives Portfolio
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.02		$	8.52		$	9.41		$	9.13		$	9.14		$	9.81
Net investment income(a)(b)		0.06			0.32			0.28			0.27			0.08			0.24
Net realized and unrealized gain (loss)		(0.19	)		0.43			(0.93	)		0.22			(0.05	)		(0.71	)
Total from investment operations		(0.13	)		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 period	$	8.89		$	9.02		$	8.52		$	9.41		$	9.13		$	9.14
Total return(c)		(1.44	)%		8.82	%		(6.93	)%		5.37	%		0.28	%		(4.76	)%
Net assets, end of period (in 000s)	$	3,200		$	2,857		$	811		$	105		$	34		$	22
Ratio of net expenses to average net assets(d)		0.45	%(e)		0.51	%		0.47	%		0.46	%		0.46	%		0.48	%
Ratio of total expenses to average net assets(d)		1.64	%(e)		1.86	%		1.95	%		1.73	%		1.97	%		3.33	%
Ratio of net investment income to average net assets(b)		1.41	%(e)		3.54	%		3.08	%		2.88	%		0.92	%		2.54	%
Portfolio turnover rate(f)		3	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) 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.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Multi-Strategy Alternatives Portfolio
	Advisor Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.99		$	8.49		$	9.36		$	9.08		$	9.12		$	9.79
Net investment income(a)(b)		0.05			0.24			0.17			0.17			0.10			0.21
Net realized and unrealized gain (loss)		(0.18	)		0.49			(0.83	)		0.30			(0.07	)		(0.69	)
Total from investment operations		(0.13	)		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 period	$	8.86		$	8.99		$	8.49		$	9.36		$	9.08		$	9.12
Total return(c)		(1.56	)%		8.60	%		(7.09	)%		5.14	%		0.27	%		(4.89	)%
Net assets, end of period (in 000s)	$	17,489		$	15,410		$	13,460		$	15,512		$	10,778		$	9,666
Ratio of net expenses to average net assets(d)		0.60	%(e)		0.64	%		0.62	%		0.61	%		0.61	%		0.62	%
Ratio of total expenses to average net assets(d)		1.79	%(e)		2.01	%		1.93	%		1.88	%		2.58	%		3.51	%
Ratio of net investment income to average net assets(b)		1.26	%(e)		2.61	%		1.92	%		1.78	%		1.06	%		2.16	%
Portfolio turnover rate(f)		3	%		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 period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) 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. 11

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Notes to Financial Statements

June 30, 2020 (Unaudited)

1.    ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Multi-Strategy Alternatives Portfolio (the “Portfolio”). The Portfolio is a diversified portfolio under the Act offering three classes of shares — Institutional, Service and 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 the 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 Underlying Fund invested in REITs.

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 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 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.

12

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Portfolio, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Portfolio’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Underlying Funds (including Money Market Funds) — Underlying funds include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Portfolio invests 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 the Portfolio 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 Portfolio, if any, is noted in the Schedule of Investments.

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

i.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, the Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

ii.  Options — When the Portfolio writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate 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.

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3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Portfolio’s investments and derivatives classified in the fair value hierarchy as of June 30, 2020:

Investment Type	Level 1		Level 2		Level 3
Assets
Equity Underlying Funds	$	6,234,529	$	—	$	—
Fixed Income Underlying Funds		12,521,774		—		—
Exchange Traded Fund		166,792		—		—
Investment Company		2,642,151		—		—
Total	$	21,565,246	$	—	$	—
Derivative Type
Assets
Futures Contracts(a)	$	22,197	$	—	$	—
Purchased Options Contracts		78,263		—		—
Total	$	100,460	$	—	$	—

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

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

4.    INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2020. These instruments were used as part of the Portfolio’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolio’s net exposure.

Risk	Statement of Assets and Liabilities	Assets(a)		Statement of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts	$	18,178	—	$	—
Interest Rate	Purchased options contracts, at value and variation margin on futures contracts		82,282	—		—
Total		$	100,460		$	—

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information section of the Schedule of Investments. Only the variation margin as of June 30, 2020 is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Portfolio’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2020. 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

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

4.    INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations.

Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(101,786	)	$	(6,355	)		9
Interest Rate	Net realized gain (loss) from futures contracts and purchased options/Net change in unrealized gain (loss) on futures contracts and purchased options		407,279			89,895			102
Total		$	305,493		$	83,540			111

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2020.

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 29, 2021, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees. For the six months ended June 30, 2020, GSAM waived $14,952 of its management fee.

The Portfolio invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Portfolio invests, except those management fees it earns from the Portfolio’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2020, GSAM waived $1,519 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 compensation to the service organizations equal to 0.25% of the average daily net assets attributable to Advisor Shares of the Portfolio.

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5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 29, 2021, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Portfolio has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Portfolio’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2020, 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
$	16,471	$	644	$	101,428	$	118,543

F.  Line of Credit Facility — As of June 30, 2020, the Portfolio participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolio based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2020, the Portfolio did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Other Transactions with Affiliates — The Portfolio invests primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2020:

Underlying Funds	Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss) from Affiliated Investment Company			Change in Unrealized Appreciation (Depreciation)			Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income from Affiliated Investment Company
Goldman Sachs Alternative Premia Fund	$	920,921	$	—	$	—		$	—		$	(42,833	)	$	878,088		112,720	$	—
Goldman Sachs Absolute Return Tracker Fund		1,499,908		330,000		—			—			(86,054	)		1,743,854		190,377		—
Goldman Sachs Emerging Markets Debt Fund		1,795,804		277,591		—			—			(98,050	)		1,975,345		167,829		37,628
Goldman Sachs Emerging Markets Equity Insights Fund		724,055		220,001		(180,000	)		(40,874	)		(47,788	)		675,394		75,379		—
Goldman Sachs Financial Square Government Fund (Institutional Shares)		1,173,715		5,437,331		(3,968,895	)		—			—			2,642,151		2,642,151		4,956
Goldman Sachs High Yield Floating Rate Fund		1,362,346		271,058		—			—			(103,658	)		1,529,746		174,828		31,051
Goldman Sachs High Yield Fund		1,025,629		28,817		—			—			(84,994	)		969,452		162,387		28,824
Goldman Sachs Long Short Credit Strategies Fund		2,278,946		162,324		—			—			(27,830	)		2,413,440		280,959		37,379
Goldman Sachs Managed Futures Strategy Fund		2,604,631		174,999		—			—			(39,026	)		2,740,604		281,376		—
Goldman Sachs Real Estate Securities Fund		610,642		6,060		—			—			(111,433	)		505,269		44,714		6,060
Goldman Sachs Strategic Income Fund		1,863,593		163,321		—			—			(11,815	)		2,015,099		219,032		38,320
Goldman Sachs Tactical Tilt Overlay Fund		2,925,679		287,001		—			—			97,332			3,310,012		332,664		—
Total	$	18,785,869	$	7,358,503	$	(4,148,895	)	$	(40,874	)	$	(556,149	)	$	21,398,454			$	184,218

6.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, were $1,921,172 and $518,072, respectively.

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7.    SECURITIES LENDING

The Portfolio may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Portfolio’s securities lending procedures, the Portfolio receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Portfolio, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Portfolio on the next business day. As with other extensions of credit, the Portfolio may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Portfolio or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Portfolio invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Portfolio whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Portfolio by paying the Portfolio an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Portfolio’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 June 30, 2020, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable. The Portfolio did not have securities on loan as of June 30, 2020.

Both the Portfolio and BNYM received compensation relating to the lending of the Portfolio’s securities. The amounts earned, if any, by the Portfolio for the six months ended June 30, 2020, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Portfolio’s investment in the Government Money Market Fund for the six months ended June 30, 2020:

Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020
$	300,150	$	599,344	$	(899,494	)	$	—

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

8.    TAX INFORMATION

As of the Portfolio’s most recent fiscal year end, December 31, 2019, the Portfolio’s capital loss carryforwards, on a tax-basis were as follows:

Capital loss carryforwards:
Perpetual Short-term	$	(520,976	)
Perpetual Long-term		(428,144	)
Total capital loss carryforwards	$	(949,120	)

As of June 30, 2020, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	22,756,942
Gross unrealized gain		155,016
Gross unrealized loss		(1,346,712	)
Net unrealized loss	$	(1,191,696	)

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 Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Portfolio’s and Underlying 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 Portfolio. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Portfolio will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Portfolio’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Portfolio.

Investments in the Underlying Funds — The investments of the Portfolio are concentrated in the Underlying Funds, and the Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. To the extent that the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, the Portfolio may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

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9.    OTHER RISKS (continued)

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 an 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 an Underlying 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 Portfolio’s or an 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 Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Portfolio invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Portfolio and its investments. Additionally, the Portfolio and/or an 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.

10.    INDEMNIFICATIONS

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

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

11.    SUBSEQUENT EVENTS

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

12.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		14,488		$	124,914			62,887		$	570,355
Reinvestment of distributions		—			—			4,140			37,340
Shares redeemed		(12,756	)		(111,272	)		(9,524	)		(86,531	)
		1,732			13,642			57,503			521,164
Service Shares
Shares sold		72,766			623,176			238,728			2,174,547
Reinvestment of distributions		—			—			8,549			77,108
Shares redeemed		(29,452	)		(253,856	)		(25,812	)		(233,897	)
		43,314			369,320			221,465			2,017,758
Advisor Shares
Shares sold		480,062			4,198,151			347,196			3,121,719
Reinvestment of distributions		—			—			42,903			385,701
Shares redeemed		(218,878	)		(1,905,154	)		(262,490	)		(2,337,508	)
		261,184			2,292,997			127,609			1,169,912
NET INCREASE		306,230		$	2,675,959			406,577		$	3,708,834

22

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Liquidity Risk Management Program

The Portfolio has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Portfolio’s liquidity risk, i.e., the risk that the Portfolio is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Portfolio. The Board of Trustees of the Trust has designated GSAM, the Portfolio’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Portfolio’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Portfolio that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Portfolio’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Portfolio’s prospectus for more information regarding the Portfolio’s exposure to liquidity risk and other risks to which it may be subject.

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Portfolio Expenses — Six Month Period Ended June 30, 2020 (Unaudited) 

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 day year.

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

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

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

Share Class	Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*
Institutional
Actual	$	1,000	$	986.70		$	0.99
Hypothetical 5% return		1,000		1,023.87	+		1.01
Service
Actual		1,000		985.60			2.22
Hypothetical 5% return		1,000		1,022.63	+		2.26
Advisor
Actual		1,000		984.40			2.96
Hypothetical 5% return		1,000		1,021.88	+		3.02

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

* Expenses are calculated using the Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2020. 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 0.20%, 0.45% and 0.60% for Institutional, Service and Advisor Shares, respectively.

24

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

(a) the nature and quality of the advisory, administrative, and other services provided to the Portfolio and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about:

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

25

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

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

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

(i) whether the Portfolio’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;

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

(k) a summary of potential benefits derived by the Portfolio and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

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

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

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Portfolio and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Portfolio and the Underlying Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Portfolio and expressed confidence

26

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

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

that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Portfolio, the Underlying Funds, and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Portfolio and the Underlying Funds. In this regard, they compared the investment performance of the Portfolio to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on the Portfolio’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates. The Trustees also reviewed the Portfolio’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Portfolio over time, and reviewed the investment performance of the Portfolio in light of its investment objective and policies and market conditions.

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

The Trustees noted that the Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the one-year period and in the third quartile for the three- and five-year periods; had underperformed the Portfolio’s LIBOR-based benchmark index by 5.99%, 3.05%, and 2.40%, respectively, for the one-, three-, and five-year periods; and had underperformed the average performance of a group of competitor funds, as determined by the Investment Adviser, for the one-, three-, and five-year periods ending March 31, 2020.

Costs of Services Provided and Competitive Information

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

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

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

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

Profitability

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

27

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

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

expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Portfolio was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Portfolio. The Trustees noted that, although the Portfolio itself does not have breakpoints in its management fee schedule, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Portfolio at the specified asset levels. The Trustees considered the amounts of assets in the Portfolio; the Portfolio’s recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Portfolio and Underlying Funds that exceed specified levels. They also considered the services provided to the Portfolio under the Management Agreement and the fees and expenses borne by the Underlying Funds, and determined that the management fees payable by the Portfolio were not duplicative of the management fees paid at the Underlying Fund level.

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Portfolio and Its Shareholders

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

28

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

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

many of the Portfolio’s shareholders invested in the Portfolio in part because of the Portfolio’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Portfolio were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to the Portfolio until June 30, 2021.

29

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

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

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

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

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

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

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

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

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

Portfolio holdings and allocations shown are as of June 30, 2020 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

Diversification does not protect an investor from market risk and does not ensure a profit.

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

© 2020 Goldman Sachs. All rights reserved.

VITMSASAR-20/211775-OTU-1242629

Goldman

Sachs Variable Insurance Trust

Goldman Sachs Core Fixed Income Fund

Goldman Sachs Equity Index Fund

Goldman Sachs Growth Opportunities Fund

Goldman Sachs High Quality Floating Rate Fund

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

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

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

Semi-Annual Report

June 30, 2020

Goldman Sachs Variable Insurance Trust Funds

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on a Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

1

FUND BASICS

Core Fixed Income Fund

as of June 30, 2020

PERFORMANCE REVIEW

January 1, 2020-June 30, 2020	Fund Total Return (based on NAV)1			Bloomberg Barclays U.S. Aggregate Bond Index2
Institutional		7.11	%		6.14	%
Service		6.98			6.14

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  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. It is not possible to invest directly in an unmanaged index.

The returns set forth in the table above 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 above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

2

FUND BASICS

FUND COMPOSITION³

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Short-Term Investments represent investments in commercial paper. Underlying sector allocations of investment companies held by the Fund are not reflected in the graph above. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁴  “Mortgage-Backed Securities” are guaranteed by the Government National Mortgage Association (“GNMA”), the Federal Home Loan Mortgage Corp. (“FHLMC”) or Uniform Mortgage-Backed Securities (“UMBS”). GNMA instruments are backed by the full faith and credit of the United States Government.

⁵  “U.S. Government Agency Securities” include agency securities offered by companies such as 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 your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance.

3

FUND BASICS

Equity Index Fund

as of June 30, 2020

PERFORMANCE REVIEW

January 1, 2020-June 30, 2020	Fund Total Return (based on NAV)1			S&P 500 Index2
Service		(3.31	)%		(3.08	)%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  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.

The returns set forth in the table above 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 above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

TOP TEN HOLDINGS AS OF 6/30/20³

Holding	% of Net Assets		Line of Business
Microsoft Corp.		6.0%	Software & Services
Apple, Inc.		5.7	Technology Hardware & Equipment
Amazon.com, Inc.		4.5	Retailing
Facebook, Inc. Class A		2.1	Media & Entertainment
Alphabet, Inc. Class A		1.6	Media & Entertainment
Alphabet, Inc. Class C		1.6	Media & Entertainment
Johnson & Johnson		1.4	Pharmaceuticals, Biotechnology & Life Sciences
Berkshire Hathaway, Inc. Class B		1.3	Diversified Financials
Visa, Inc. Class A		1.3	Software & Services
Procter & Gamble Co. (The)		1.1	Household & Personal Products

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

4

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2020

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.1% of the Fund’s net assets at June 30, 2020. 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 Fund’s investment strategies, holdings, and performance.

5

FUND BASICS

Growth Opportunities Fund

as of June 30, 2020

PERFORMANCE REVIEW

January 1, 2020-June 30, 2020	Fund Total Return (based on NAV)1			Russell Midcap Growth Index2
Institutional		9.65	%		4.16	%
Service		9.55			4.16

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  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. It is not possible to invest directly in an unmanaged index.

The returns set forth in the table above 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 above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

TOP TEN HOLDINGS AS OF 6/30/20^3,4

Holding	% of Net Assets		Line of Business
Lululemon Athletica, Inc.		2.7%	Consumer Durables & Apparel
Verisk Analytics, Inc.		2.3	Commercial & Professional Services
O’Reilly Automotive, Inc.		2.3	Retailing
DocuSign, Inc.		2.2	Software & Services
Splunk, Inc.		2.1	Software & Services
Veeva Systems, Inc. Class A		2.1	Health Care Equipment & Services
Cadence Design Systems, Inc.		2.0	Software & Services
Rockwell Automation, Inc.		2.0	Capital Goods
Palo Alto Networks, Inc.		1.8	Software & Services
Ball Corp.		1.8	Materials

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

⁴  The Fund’s overall top ten holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund) which represents 3.6% of the Fund’s net assets as of June 30, 2020.

6

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of June 30, 2020

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). 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.

7

FUND BASICS

High Quality Floating Rate Fund

as of June 30, 2020

PERFORMANCE REVIEW

January 1, 2020-June 30, 2020	Fund Total Return (based on NAV)1			ICE BofAML 3 Mo. T-Bill Index2
Institutional		(0.01	)%		0.60	%
Service		(0.13	)		0.60
Advisor		(0.20	)		0.60

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  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. It is not possible to invest directly in an unmanaged index.

The returns set forth in the table above 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 above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

8

FUND BASICS

FUND COMPOSITION³

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. Short-Term Investments represent investments in commercial paper. Underlying sector allocations of investment companies held by the Fund are not reflected in the graph above. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁴  Mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“FNMA”) or the Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the United States Government.

⁵ “U.S. Government Agency Security” include agency securities offered by companies such as Federal Farm Credit Bank (‘FFCB”) 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 your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about

your Fund’s investment strategies, holdings, and performance.

9

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Corporate Bonds – 46.5%
Automobiles & Components – 0.1%
	General Motors Co.
$	50,000		5.400%			10/02/2023		$	54,087
	25,000		4.000			04/01/2025			25,979
									80,066
Banks – 12.1%
	AerCap Ireland Capital DAC(a)
	275,000		3.950			02/01/2022			274,590
	American Express Co.(a)
	25,000		3.700			11/05/2021			25,993
	20,000		2.500			07/30/2024			21,196
	25,000		3.625			12/05/2024			27,647
	American Express Co. Series C(a)(b)
	40,000		(3 Mo. LIBOR + 3.29%), 3.598			09/15/2020			34,150
	Avolon Holdings Funding Ltd. (a)(c)
	100,000		2.875			02/15/2025			84,223
	Banco Santander SA
	200,000		2.746			05/28/2025			206,819
	Bank of America Corp.
	100,000		(3 Mo. LIBOR + 0.66%), 2.369(a)(b)			07/21/2021			100,092
	75,000		4.125			01/22/2024			83,052
	50,000		(3 Mo. LIBOR + 0.94%), 3.864(a)(b)			07/23/2024			54,251
	65,000		4.200			08/26/2024			72,116
	45,000		3.248(a)			10/21/2027			49,728
	75,000		(3 Mo. LIBOR + 1.58%), 3.824(a)(b)			01/20/2028			84,724
	25,000		(3 Mo. LIBOR + 1.37%), 3.593(a)(b)			07/21/2028			28,079
	85,000		(3 Mo. LIBOR + 1.04%), 3.419(a)(b)			12/20/2028			94,629
	50,000		(3 Mo. LIBOR + 1.31%), 4.271(a)(b)			07/23/2029			58,833
	50,000		(3 Mo. LIBOR + 1.19%), 2.884(a)(b)			10/22/2030			54,032
	125,000		(3 Mo. LIBOR + 3.15%), 4.083(a)(b)			03/20/2051			155,093
	Bank of America Corp. Series L(a)
	25,000		4.183			11/25/2027			28,485
	Barclays plc(a)(b)
	200,000		(3 Mo. LIBOR + 2.45%), 2.852			05/07/2026			208,421
	BNP Paribas SA(c)
	200,000		3.375			01/09/2025			216,256
	BPCE SA
	300,000		2.650			02/03/2021			303,524
	Capital One Financial Corp.
	25,000		3.500			06/15/2023			26,795
	45,000		3.300(a)			10/30/2024			48,323
	Citigroup, Inc.
	100,000		3.500			05/15/2023			106,614
	55,000		(3 Mo. LIBOR + 1.02%), 4.044(a)(b)			06/01/2024			59,742
Corporate Bonds – (continued)
Banks – (continued)
	Citigroup, Inc. – (continued)
	220,000	3.400		05/01/2026			244,026
	25,000	4.125		07/25/2028			28,241
	75,000	(SOFR + 1.42%), 2.976(a)(b)		11/05/2030			79,660
	50,000	(SOFR + 3.91%), 4.412(a)(b)		03/31/2031			59,059
	Credit Suisse AG
	250,000	2.800		04/08/2022			259,368
	Credit Suisse Group Funding Guernsey Ltd.
	250,000	4.550		04/17/2026			287,549
	Deutsche Bank AG
	115,000	2.700		07/13/2020			115,033
	Discover Financial Services(a)
	75,000	3.750		03/04/2025			80,820
	Fifth Third Bancorp(a)
	30,000	2.375		01/28/2025			31,625
	Gazprom PJSC
	240,000	4.950		03/23/2027			266,514
	GE Capital International Funding Co. Unlimited Co.
	200,000	3.373		11/15/2025			209,402
	General Motors Financial Co., Inc.(a)
	25,000	4.300		07/13/2025			26,212
	Huntington Bancshares, Inc.(a)
	50,000	4.000		05/15/2025			56,614
	ING Groep NV(a)(b)(c)
	200,000	(US Treasury Yield Curve Rate T-Note Constant Maturity 1 Yr. + 1.10%), 1.000		07/01/2026			200,557
	Intercontinental Exchange, Inc.(a)
	50,000	3.000		06/15/2050			51,815
	JPMorgan Chase & Co.(a)
	25,000	(3 Mo. LIBOR + 0.61%), 3.514(b)		06/18/2022			25,673
	25,000	(3 Mo. LIBOR + 0.73%), 3.559(b)		04/23/2024			26,767
	25,000	(3 Mo. LIBOR + 0.89%), 3.797(b)		07/23/2024			27,108
	150,000	(3 Mo. LIBOR + 1.00%), 4.023(b)		12/05/2024			165,263
	200,000	(SOFR + 1.16%), 2.301(b)		10/15/2025			209,368
	100,000	(3 Mo. LIBOR + 1.25%), 3.960(b)		01/29/2027			113,780
	15,000	3.625		12/01/2027			16,552
	75,000	(3 Mo. LIBOR + 1.34%), 3.782(b)		02/01/2028			84,809
	45,000	(3 Mo. LIBOR + 0.95%), 3.509(b)		01/23/2029			50,701
	25,000	(SOFR + 3.79%), 4.493(b)		03/24/2031			30,479
	25,000	(SOFR + 2.52%), 2.956(b)		05/13/2031			26,494

10 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)
Banks – (continued)
	JPMorgan Chase & Co. Series HH(a)(b)
$	100,000		(SOFR + 3.13%), 4.600		02/01/2025	$	89,125
	JPMorgan Chase & Co. Series Z(a)(b)
	85,000		(3 Mo. LIBOR + 3.80%), 4.487		12/31/2049		79,988
	Mizuho Financial Group, Inc.
	250,000		2.601		09/11/2022		259,421
	Morgan Stanley(a)
	25,000		5.500		07/28/2021		26,317
	50,000		(3 Mo. LIBOR + 1.40%), 2.420(a)(b)		10/24/2023		50,518
	25,000		(3 Mo. LIBOR + 0.85%), 3.737(a)(b)		04/24/2024		26,947
	225,000		3.700		10/23/2024		249,548
	75,000		(SOFR + 1.15%), 2.720(a)(b)		07/22/2025		79,288
	25,000		3.625		01/20/2027		28,156
	50,000		3.950		04/23/2027		56,030
	100,000		(3 Mo. LIBOR + 1.63%), 4.431(a)(b)		01/23/2030		119,107
	50,000		(SOFR + 3.12%), 3.622(a)(b)		04/01/2031		57,190
	75,000		(SOFR + 4.84%), 5.597(a)(b)		03/24/2051		113,173
	Nuveen LLC(a)(c)
	25,000		4.000		11/01/2028		29,544
	Raymond James Financial, Inc.(a)
	25,000		4.650		04/01/2030		29,819
	Regions Financial Corp.(a)
	17,000		3.800		08/14/2023		18,483
	Royal Bank of Scotland Group plc
	200,000		3.875		09/12/2023		215,813
	Santander UK plc
	200,000		2.875		06/18/2024		213,093
	Standard Chartered plc(a)(b)(c)
	200,000		(3 Mo. LIBOR + 1.15%), 4.247		01/20/2023		207,532
	Wells Fargo & Co.
	25,000		3.750(a)		01/24/2024		27,317
	175,000		3.000		10/23/2026		190,509
	50,000		4.300		07/22/2027		57,183
	25,000		(3 Mo. LIBOR + 4.24%), 5.013(a)(b)		04/04/2051		34,445
	Westpac Banking Corp.(a)(b)
	25,000		(5 Yr. Swap Rate + 2.24%), 4.322		11/23/2031		27,741
	50,000		(US Treasury Yield Curve Rate T-Note Constant Maturity 5 Yr. + 2.00%), 4.110		07/24/2034		55,182
							7,622,365
Corporate Bonds – (continued)
Capital Goods – 2.2%
	3M Co.(a)
	25,000		3.700%		04/15/2050		29,719
	Air Lease Corp.(a)
	75,000		2.300		02/01/2025		71,665
	75,000		3.375		07/01/2025		74,931
	75,000		3.750		06/01/2026		75,670
	Boeing Co. (The)(a)
	50,000		3.450		11/01/2028		50,108
	100,000		5.805		05/01/2050		117,910
	Caterpillar, Inc.(a)
	25,000		3.250		04/09/2050		27,938
	General Dynamics Corp.(a)
	50,000		4.250		04/01/2050		64,600
	General Electric Co.(a)
	25,000		3.450		05/01/2027		25,610
	25,000		3.625		05/01/2030		24,973
	25,000		4.250		05/01/2040		24,539
	50,000		4.350		05/01/2050		49,502
	Northrop Grumman Corp.
	50,000		2.930(a)		01/15/2025		54,042
	75,000		3.250(a)		01/15/2028		83,774
	25,000		4.750		06/01/2043		32,441
	75,000		5.250(a)		05/01/2050		108,135
	Otis Worldwide Corp. (a)(c)
	25,000		2.293		04/05/2027		26,105
	150,000		2.565		02/15/2030		157,486
	Raytheon Technologies Corp.(a)
	50,000		3.950		08/16/2025		56,963
	50,000		4.125		11/16/2028		58,893
	25,000		4.050		05/04/2047		29,815
	25,000		4.625		11/16/2048		32,377
	Roper Technologies, Inc.(a)
	50,000		4.200		09/15/2028		58,504
	Stanley Black & Decker, Inc.(a)
	50,000		4.250		11/15/2028		59,819
							1,395,519
Commercial & Professional Services(a) – 0.6%
	CoStar Group, Inc.(c)
	100,000		2.800		07/15/2030		102,397
	IHS Markit Ltd.
	75,000		3.625		05/01/2024		80,327
	75,000		4.250		05/01/2029		85,810
	Republic Services, Inc.
	75,000		2.500		08/15/2024		79,769
							348,303
Consumer Durables & Apparel(a) – 0.6%
	Carrier Global Corp.(c)
	150,000		2.493		02/15/2027		152,625
	200,000		2.722		02/15/2030		200,373
	NIKE, Inc.
	25,000		3.250		03/27/2040		27,881
							380,879

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Principal Amount		Interest Rate		Maturity Date		Value
Corporate Bonds – (continued)
Consumer Services(a) – 0.2%
	McDonald’s Corp.
$	25,000		4.200 %		04/01/2050	$	30,258
	Starbucks Corp.
	75,000		3.800		08/15/2025		84,664
							114,922
Electric – 3.1%
	Alliant Energy Finance LLC(a)(c)
	25,000		3.750		06/15/2023		26,826
	American Electric Power Co., Inc.(a)
	50,000		2.300		03/01/2030		51,050
	Arizona Public Service Co.(a)
	45,000		2.950		09/15/2027		48,680
	Avangrid, Inc.(a)
	25,000		3.200		04/15/2025		27,318
	Berkshire Hathaway Energy Co.(a)
	27,000		2.375		01/15/2021		27,295
	25,000		3.250		04/15/2028		28,281
	50,000		3.700(c)		07/15/2030		58,492
	Dominion Energy, Inc.
	50,000		3.071		08/15/2024		53,744
	Dominion Energy, Inc. Series C(a)
	25,000		3.375		04/01/2030		27,697
	DTE Energy Co.(a)
	60,000		2.250		11/01/2022		61,947
	East Ohio Gas Co. (The)(a)(c)
	25,000		1.300		06/15/2025		25,163
	25,000		2.000		06/15/2030		24,991
	Emera US Finance LP(a)
	45,000		2.700		06/15/2021		45,832
	Entergy Corp.(a)
	45,000		2.950		09/01/2026		49,568
	Exelon Corp.(a)
	45,000		3.497		06/01/2022		46,973
	50,000		4.050		04/15/2030		57,802
	25,000		4.700		04/15/2050		31,939
	FirstEnergy Corp.(a)
	100,000		2.650		03/01/2030		104,594
	FirstEnergy Corp. Series B(a)
	50,000		2.250		09/01/2030		50,278
	Florida Power & Light Co.(a)
	68,000		4.125		02/01/2042		84,891
	MidAmerican Energy Co.(a)
	25,000		3.650		04/15/2029		29,820
	NiSource, Inc.(a)
	50,000		3.650		06/15/2023		54,008
	95,000		3.490		05/15/2027		107,224
	25,000		3.600		05/01/2030		28,563
	NRG Energy, Inc.(a)(c)
	75,000		3.750		06/15/2024		79,376
	Ohio Power Co. Series P(a)
	25,000		2.600		04/01/2030		26,816
	Pacific Gas and Electric Co.(a)
	25,000		2.100		08/01/2027		24,691
Corporate Bonds – (continued)
Electric – (continued)
	Pacific Gas and Electric Co.(a) – (continued)
	50,000		2.500		02/01/2031		48,884
	25,000		3.300		08/01/2040		24,357
	25,000		3.500		08/01/2050		24,168
	Progress Energy, Inc.
	120,000		7.000		10/30/2031		166,366
	Sempra Energy(a)(b)
	70,000		(3 Mo. LIBOR + 0.50%), 1.719		01/15/2021		69,997
	65,000		(US Treasury Yield Curve Rate T-Note Constant Maturity 5 Yr. + 4.55%), 4.875		10/15/2025		64,956
	Southern California Edison Co. Series A(a)
	50,000		4.200		03/01/2029		57,809
	Southern Co. (The)(a)
	60,000		3.250		07/01/2026		66,715
	Vistra Operations Co. LLC(a)(c)
	125,000		3.550		07/15/2024		129,292
							1,936,403
Energy – 2.7%
	BP Capital Markets America, Inc.(a)
	50,000		3.224		04/14/2024		53,795
	Continental Resources, Inc.(a)
	150,000		4.500		04/15/2023		143,250
	Devon Energy Corp.(a)
	29,000		5.850		12/15/2025		32,152
	25,000		5.600		07/15/2041		24,424
	5,000		4.750		05/15/2042		4,338
	Energy Transfer Operating LP(a)
	25,000		4.650		06/01/2021		25,522
	75,000		4.200		09/15/2023		79,757
	50,000		2.900		05/15/2025		51,149
	25,000		5.250		04/15/2029		27,287
	5,000		6.000		06/15/2048		5,209
	Enterprise Products Operating LLC(a)(b)
	40,000		(3 Mo. LIBOR + 2.78%), 3.128%		06/01/2067		31,200
	EQM Midstream Partners LP(a)
	50,000		4.750		07/15/2023		50,438
	25,000		5.500		07/15/2028		23,812
	Marathon Petroleum Corp.(a)
	75,000		4.500		05/01/2023		80,878
	25,000		3.800		04/01/2028		26,506
	MPLX LP(a)
	25,000		4.800		02/15/2029		27,820
	35,000		4.500		04/15/2038		34,985
	25,000		5.500		02/15/2049		27,693
	Newfield Exploration Co.
	50,000		5.625		07/01/2024		47,500
	Occidental Petroleum Corp.(a)
	200,000		2.900		08/15/2024		171,000
	15,000		5.550		03/15/2026		13,687

12 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)
Energy – (continued)
	Phillips 66(a)
$	50,000		3.700 %		04/06/2023	$	53,560
	60,000		3.900		03/15/2028		67,645
	Plains All American Pipeline LP(a)
	15,000		3.650		06/01/2022		15,320
	35,000		3.850		10/15/2023		36,347
	25,000		3.800		09/15/2030		24,621
	Sabine Pass Liquefaction LLC(a)
	75,000		5.625		03/01/2025		85,899
	75,000		5.000		03/15/2027		83,757
	Suncor Energy, Inc.(a)
	25,000		2.800		05/15/2023		26,103
	50,000		3.100		05/15/2025		53,422
	Valero Energy Corp.(a)
	50,000		2.700		04/15/2023		51,889
	25,000		2.850		04/15/2025		26,371
	Western Midstream Operating LP(a)
	75,000		3.100		02/01/2025		70,688
	50,000		4.050		02/01/2030		48,000
	25,000		5.450		04/01/2044		20,750
	25,000		5.300		03/01/2048		20,281
							1,667,055
Food & Beverage(a) – 2.4%
	Anheuser-Busch Cos. LLC
	35,000		4.700		02/01/2036		40,944
	210,000		4.900		02/01/2046		254,721
	Anheuser-Busch InBev Worldwide, Inc.
	350,000		4.750		01/23/2029		422,556
	25,000		4.950		01/15/2042		30,154
	100,000		4.600		04/15/2048		116,797
	25,000		5.550		01/23/2049		33,428
	25,000		4.500		06/01/2050		29,762
	Constellation Brands, Inc.
	75,000		(3 Mo. LIBOR + 0.70%), 1.092(b)		11/15/2021		74,851
	50,000		4.400		11/15/2025		57,726
	25,000		3.700		12/06/2026		28,016
	50,000		3.600		02/15/2028		55,112
	25,000		3.150		08/01/2029		26,954
	JM Smucker Co. (The)
	25,000		3.000		03/15/2022		25,915
	25,000		2.375		03/15/2030		25,569
	Keurig Dr Pepper, Inc.
	50,000		4.057		05/25/2023		54,430
	25,000		5.085		05/25/2048		33,218
	25,000		3.800		05/01/2050		28,530
	Mars, Inc.(c)
	25,000		2.700		04/01/2025		26,791
	25,000		3.200		04/01/2030		28,395
	Mondelez International, Inc.
	25,000		2.125		04/13/2023		25,890
	PepsiCo, Inc.
	50,000		3.625		03/19/2050		60,611
Corporate Bonds – (continued)
Food & Beverage(a) – (continued)
	Tyson Foods, Inc.
	50,000		3.900		09/28/2023		54,540
							1,534,910
Health Care Equipment & Services(a) – 2.2%
	Becton Dickinson and Co.
	93,000		(3 Mo. LIBOR + 0.88%), 1.181(b)		12/29/2020		92,915
	45,000		2.894		06/06/2022		46,589
	25,000		3.363		06/06/2024		26,942
	40,000		3.700		06/06/2027		44,667
	100,000		2.823		05/20/2030		106,134
	Centene Corp.
	150,000		4.250		12/15/2027		154,694
	Cigna Corp.
	100,000		3.750		07/15/2023		108,566
	50,000		2.400		03/15/2030		51,862
	150,000		3.400		03/15/2050		161,616
	CVS Health Corp.
	75,000		3.500		07/20/2022		78,992
	135,000		3.700		03/09/2023		144,878
	25,000		2.625		08/15/2024		26,584
	50,000		3.875		07/20/2025		56,153
	25,000		4.250		04/01/2050		30,073
	DENTSPLY SIRONA, Inc.
	50,000		3.250		06/01/2030		52,429
	Stryker Corp.
	100,000		1.950		06/15/2030		100,550
	Zimmer Biomet Holdings, Inc.
	100,000		3.550		03/20/2030		107,847
							1,391,491
Household & Personal Products(a) – 0.0%
	Kimberly-Clark Corp.
	25,000		3.100		03/26/2030		28,471
Life Insurance(a) – 1.0%
	American International Group, Inc.
	25,000		4.875		06/01/2022		26,972
	125,000		3.900		04/01/2026		140,981
	25,000		4.200		04/01/2028		28,358
	100,000		3.400		06/30/2030		108,296
	Berkshire Hathaway Finance Corp.
	75,000		1.850		03/12/2030		77,270
	Marsh & McLennan Cos., Inc.
	50,000		4.375		03/15/2029		60,047
	New York Life Insurance Co.(c)
	25,000		3.750		05/15/2050		28,211
	Principal Financial Group, Inc.
	50,000		3.100		11/15/2026		54,484
	75,000		2.125		06/15/2030		75,385
	Willis North America, Inc.
	25,000		2.950		09/15/2029		26,535
							626,539

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Principal Amount		Interest Rate		Maturity Date		Value
Corporate Bonds – (continued)
Materials – 0.5%
	Air Products and Chemicals, Inc.(a)
$	25,000		2.050%		05/15/2030	$	26,242
	25,000		2.800		05/15/2050		26,466
	DuPont de Nemours, Inc.(a)
	25,000		4.205		11/15/2023		27,416
	50,000		4.493		11/15/2025		57,498
	Ecolab, Inc.
	4,000		5.500		12/08/2041		5,643
	Huntsman International LLC(a)
	25,000		4.500		05/01/2029		26,292
	Sherwin-Williams Co. (The)(a)
	25,000		3.450		06/01/2027		27,965
	50,000		2.950		08/15/2029		53,834
	Steel Dynamics, Inc.(a)
	20,000		2.400		06/15/2025		20,558
	Teck Resources Ltd.(a)(c)
	25,000		3.900		07/15/2030		24,913
							296,827
Media & Entertainment(a) – 2.0%
	Charter Communications Operating LLC
	320,000		4.908		07/23/2025		366,673
	Comcast Corp.
	25,000		3.700		04/15/2024		27,731
	25,000		3.100		04/01/2025		27,497
	45,000		3.375		08/15/2025		50,086
	50,000		3.950		10/15/2025		57,275
	25,000		3.300		02/01/2027		28,042
	75,000		3.300		04/01/2027		84,030
	225,000		3.150		02/15/2028		250,372
	125,000		4.150		10/15/2028		149,686
	25,000		4.250		10/15/2030		30,585
	25,000		3.750		04/01/2040		29,333
	25,000		4.700		10/15/2048		33,423
	Fox Corp.
	25,000		4.030		01/25/2024		27,665
	25,000		4.709		01/25/2029		30,014
	Walt Disney Co. (The)
	25,000		3.700		09/15/2024		27,819
	25,000		4.700		03/23/2050		32,669
							1,252,900
Metals and Mining – 0.3%
	Glencore Funding LLC(c)
	75,000		4.125(a)		03/12/2024		80,392
	25,000		4.625		04/29/2024		27,368
	Newcrest Finance Pty. Ltd.(a)(c)
	25,000		3.250		05/13/2030		26,811
	Newmont Corp.(a)
	75,000		2.250		10/01/2030		75,892
							210,463
Pharmaceuticals, Biotechnology & Life Sciences – 3.1%
	AbbVie, Inc.(a)
	75,000		3.375		11/14/2021		77,706
Corporate Bonds – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	AbbVie, Inc.(a) – (continued)
	30,000		2.300(c)		11/21/2022		31,034
	50,000		3.750		11/14/2023		54,621
	125,000		4.050(c)		11/21/2039		145,945
	200,000		4.250(c)		11/21/2049		241,787
	Amgen, Inc.(a)
	70,000		3.125		05/01/2025		76,793
	Bayer US Finance II LLC(a)(c)
	200,000		3.875		12/15/2023		218,920
	Bayer US Finance LLC(c)
	200,000		3.000		10/08/2021		205,026
	Bristol-Myers Squibb Co.(a)(c)
	150,000		3.875		08/15/2025		170,740
	25,000		4.250		10/26/2049		32,924
	DH Europe Finance II Sarl(a)
	75,000		2.200		11/15/2024		78,857
	25,000		2.600		11/15/2029		26,589
	75,000		3.250		11/15/2039		82,725
	Elanco Animal Health, Inc.(a)
	50,000		4.662		08/27/2021		51,250
	25,000		5.022		08/28/2023		26,251
	Pfizer, Inc.(a)
	75,000		3.450		03/15/2029		87,462
	25,000		2.625		04/01/2030		27,502
	Thermo Fisher Scientific, Inc.(a)
	35,000		3.000		04/15/2023		37,056
	15,000		3.650		12/15/2025		16,848
	25,000		4.497		03/25/2030		30,807
	Zoetis, Inc.(a)
	45,000		3.000		09/12/2027		49,617
	150,000		2.000		05/15/2030		153,319
							1,923,779
Pipelines(a) – 0.2%
	Sunoco Logistics Partners Operations LP
	15,000		4.250		04/01/2024		16,001
	Williams Cos., Inc. (The)
	25,000		3.600		03/15/2022		25,954
	25,000		3.900		01/15/2025		27,313
	35,000		4.000		09/15/2025		38,770
							108,038
Property/Casualty Insurance – 0.1%
	Arch Capital Group US, Inc.
	36,000		5.144		11/01/2043		44,835
	XLIT Ltd.
	45,000		4.450		03/31/2025		50,574
							95,409
Real Estate Investment Trusts(a) – 2.3%
	Alexandria Real Estate Equities, Inc.
	25,000		3.800		04/15/2026		28,141
	25,000		3.375		08/15/2031		27,981

14 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)
Real Estate Investment Trusts(a) – (continued)
	American Campus Communities Operating Partnership LP
$	95,000		4.125 %		07/01/2024	$	99,595
	25,000		3.875		01/30/2031		26,221
	American Homes 4 Rent LP
	50,000		4.900		02/15/2029		55,882
	American Tower Corp.
	75,000		3.375		05/15/2024		81,492
	100,000		2.400		03/15/2025		105,072
	75,000		2.100		06/15/2030		75,069
	Boston Properties LP
	25,000		4.125		05/15/2021		25,488
	Crown Castle International Corp.
	25,000		2.250		09/01/2021		25,392
	85,000		3.150		07/15/2023		90,627
	60,000		3.650		09/01/2027		66,719
	25,000		3.300		07/01/2030		27,487
	CubeSmart LP
	45,000		4.000		11/15/2025		49,796
	Duke Realty LP
	25,000		1.750		07/01/2030		24,795
	Essex Portfolio LP
	50,000		3.000		01/15/2030		54,385
	Kilroy Realty LP
	25,000		4.750		12/15/2028		28,030
	National Retail Properties, Inc.
	35,000		3.900		06/15/2024		37,047
	45,000		4.000		11/15/2025		49,044
	Regency Centers LP
	100,000		2.950		09/15/2029		100,987
	Simon Property Group LP
	53,000		2.750		06/01/2023		55,103
	Spirit Realty LP
	75,000		3.400		01/15/2030		70,706
	Ventas Realty LP
	45,000		3.500		02/01/2025		46,602
	VEREIT Operating Partnership LP
	50,000		4.625		11/01/2025		53,980
	25,000		3.950		08/15/2027		25,947
	25,000		3.400		01/15/2028		25,170
	WP Carey, Inc.
	20,000		4.600		04/01/2024		21,473
	30,000		4.000		02/01/2025		31,306
	25,000		3.850		07/15/2029		25,943
							1,435,480
Retailing(a) – 1.6%
	Alimentation Couche-Tard, Inc.(c)
	45,000		2.700		07/26/2022		46,148
	Amazon.com, Inc.
	335,000		5.200		12/03/2025		410,265
	45,000		4.800		12/05/2034		61,229
	15,000		3.875		08/22/2037		18,546
	Booking Holdings, Inc.
	25,000		4.100		04/13/2025		28,073
Corporate Bonds – (continued)
Retailing(a) – (continued)
	Dollar Tree, Inc.
	50,000		4.000		05/15/2025		56,237
	50,000		4.200		05/15/2028		58,064
	Expedia Group, Inc.
	35,000		3.800		02/15/2028		33,523
	Home Depot, Inc. (The)
	25,000		3.900		12/06/2028		29,801
	25,000		4.250		04/01/2046		31,664
	Lowe’s Cos., Inc.
	50,000		5.000		04/15/2040		64,909
	25,000		5.125		04/15/2050		34,507
	Sysco Corp.
	25,000		6.600		04/01/2050		34,539
	Walgreens Boots Alliance, Inc.
	125,000		4.100		04/15/2050		125,923
							1,033,428
Software & Services(a) – 1.5%
	Adobe, Inc.
	50,000		2.150		02/01/2027		53,653
	75,000		2.300		02/01/2030		80,854
	Amdocs Ltd.
	50,000		2.538		06/15/2030		49,486
	Fiserv, Inc.
	25,000		3.800		10/01/2023		27,309
	100,000		2.750		07/01/2024		106,710
	50,000		3.200		07/01/2026		55,267
	25,000		4.200		10/01/2028		29,397
	Global Payments, Inc.
	50,000		2.650		02/15/2025		53,099
	25,000		3.200		08/15/2029		26,764
	Intuit, Inc.
	25,000		1.350		07/15/2027		25,086
	Mastercard, Inc.
	25,000		3.300		03/26/2027		28,361
	Oracle Corp.
	25,000		3.600		04/01/2040		28,244
	50,000		3.850		04/01/2060		58,452
	PayPal Holdings, Inc.
	150,000		1.650		06/01/2025		155,129
	125,000		2.650		10/01/2026		135,967
							913,778
Technology – 2.9%
	Apple, Inc.(a)
	325,000		2.450		08/04/2026		353,033
	Applied Materials, Inc.(a)
	25,000		1.750		06/01/2030		25,491
	Broadcom Corp.(a)
	125,000		3.625		01/15/2024		134,337
	50,000		3.125		01/15/2025		53,298
	Broadcom, Inc.(a)(c)
	75,000		3.625		10/15/2024		81,497
	150,000		4.700		04/15/2025		168,902
	150,000		4.250		04/15/2026		166,890
	104,000		3.459		09/15/2026		111,640

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Bonds – (continued)
Technology – (continued)
	Dell International LLC(a)(c)
$	70,000		5.450	%		06/15/2023	$	76,594
	100,000		6.020			06/15/2026		114,405
	Hewlett Packard Enterprise Co.(a)
	150,000		4.450			10/02/2023		163,936
	50,000		4.650			10/01/2024		56,133
	45,000		4.900			10/15/2025		51,873
	25,000		6.350			10/15/2045		30,576
	Lam Research Corp.(a)
	50,000		1.900			06/15/2030		50,957
	Microchip Technology, Inc.
	25,000		3.922			06/01/2021		25,492
	NXP BV(a)(c)
	25,000		3.400			05/01/2030		26,874
	Oracle Corp.(a)
	70,000		2.500			05/15/2022		72,384
	QUALCOMM, Inc.(a)
	25,000		2.600			01/30/2023		26,232
								1,790,544
Tobacco(a) – 0.2%
	Altria Group, Inc.
	50,000		3.800			02/14/2024		54,716
	Archer-Daniels-Midland Co.
	25,000		3.250			03/27/2030		28,317
	BAT Capital Corp.
	25,000		3.222			08/15/2024		26,719
	25,000		4.540			08/15/2047		27,083
								136,835
Transportation(a) – 0.6%
	Avolon Holdings Funding Ltd.(c)
	25,000		3.950			07/01/2024		21,897
	Burlington Northern Santa Fe LLC
	25,000		4.050			06/15/2048		31,014
	Canadian Pacific Railway Co.
	25,000		2.050			03/05/2030		25,618
	Delta Air Lines, Inc.
	100,000		7.375			01/15/2026		96,750
	FedEx Corp.
	45,000		3.400			02/15/2028		48,574
	Penske Truck Leasing Co. LP(c)
	70,000		3.375			02/01/2022		71,755
	United Parcel Service, Inc.
	50,000		5.300			04/01/2050		72,192
								367,800
Wireless Telecommunications – 4.0%
	American Tower Corp.
	45,000		4.700			03/15/2022		48,072
	AT&T, Inc.
	60,000		3.200	(a)		03/01/2022		62,595
	80,000		3.800			03/15/2022		84,392
	50,000		3.000	(a)		06/30/2022		52,252
	195,000		3.400	(a)		05/15/2025		214,003
Corporate Bonds – (continued)
Wireless Telecommunications – (continued)
	AT&T, Inc. – (continued)
	25,000		3.600	(a)		07/15/2025		27,736
	110,000		4.250	(a)		03/01/2027		125,612
	200,000		2.300	(a)		06/01/2027		207,066
	75,000		2.750	(a)		06/01/2031		77,960
	25,000		4.900	(a)		08/15/2037		29,903
	75,000		3.500	(a)		06/01/2041		78,571
	25,000		4.750	(a)		05/15/2046		29,363
	25,000		5.150	(a)		11/15/2046		30,730
	25,000		4.500	(a)		03/09/2048		29,107
	T-Mobile USA, Inc.(a)(c)
	75,000		3.500			04/15/2025		81,800
	75,000		1.500			02/15/2026		74,995
	150,000		3.750			04/15/2027		166,212
	100,000		2.050			02/15/2028		99,978
	100,000		3.875			04/15/2030		111,074
	Verizon Communications, Inc.
	25,000		3.376			02/15/2025		27,822
	25,000		2.625			08/15/2026		27,200
	145,000		4.329			09/21/2028		174,525
	200,000		3.875	(a)		02/08/2029		236,219
	50,000		3.150	(a)		03/22/2030		56,369
	100,000		4.862	(a)		08/21/2046		135,538
	87,000		5.012			04/15/2049		121,091
	Vodafone Group plc
	75,000		3.750			01/16/2024		82,065
								2,492,250
	TOTAL CORPORATE BONDS  (Cost $27,192,802)						$	29,184,454
Mortgage-Backed Securities – 40.9%
FHLMC – 0.1%
$	2,484		4.500	%		07/01/2024	$	2,615
	14,162		4.500			11/01/2024		14,926
	3,355		4.500			12/01/2024		3,537
	6,439		7.500			12/01/2029		7,642
	1,781		5.000			10/01/2033		2,043
	2,791		5.000			07/01/2035		3,214
	3,920		5.000			12/01/2035		4,506
	765		5.000			03/01/2038		875
	2,320		5.000			06/01/2041		2,647
								42,005
GNMA – 19.1%
	1,113		7.000			10/15/2025		1,141
	4,997		7.000			11/15/2025		5,349
	648		7.000			02/15/2026		668
	2,358		7.000			04/15/2026		2,534
	2,425		7.000			03/15/2027		2,640
	13,876		7.000			11/15/2027		14,440
	6,076		7.000			02/15/2028		6,626
	1,437		7.000			03/15/2028		1,489

16 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)
$	801		7.000	%		04/15/2028		$	829
	106		7.000			05/15/2028			118
	2,372		7.000			06/15/2028			2,622
	3,533		7.000			07/15/2028			3,918
	9,232		7.000			09/15/2028			10,150
	1,792		7.000			11/15/2028			1,949
	589		7.500			11/15/2030			590
	90,562		6.000			08/20/2034			107,208
	81,756		5.000			06/15/2040			92,743
	402,317		4.000			08/20/2043			438,822
	181,930		4.000			10/20/2045			196,846
	153,477		5.000			08/20/2048			167,556
	473,393		4.500			09/20/2048			509,013
	545,025		5.000			10/20/2048			594,087
	532,626		5.000			11/20/2048			579,782
	250,362		5.000			12/20/2048			272,156
	1,227,272		4.500			01/20/2049			1,313,288
	162,925		4.500			03/20/2049			174,229
	185,590		4.500			05/20/2049			198,351
	843,639		5.000			05/20/2049			914,704
	4,000,000		2.500			TBA-30yr	(d)		4,208,545
	2,000,000		4.500			TBA-30yr	(d)		2,135,670
									11,958,063
UMBS – 8.4%
	193		5.000			06/01/2023			201
	14,748		5.500			09/01/2023			15,324
	4,455		5.500			10/01/2023			4,633
	984		4.500			07/01/2024			1,035
	32,420		4.500			11/01/2024			34,109
	15,660		4.500			12/01/2024			16,505
	5,084		9.000			11/01/2025			5,692
	25,320		7.000			08/01/2026			28,135
	10,366		8.000			10/01/2029			12,127
	1,073		8.500			04/01/2030			1,266
	2,014		8.000			05/01/2030			2,217
	5,867		8.000			08/01/2032			7,089
	7,967		4.500			08/01/2039			8,973
	35,262		3.000			01/01/2043			38,555
	149,687		3.000			03/01/2043			163,669
	206,620		3.000			04/01/2043			225,919
	153,026		3.000			05/01/2043			167,318
	475,402		4.500			04/01/2045			538,134
	52,892		4.500			05/01/2045			59,872
	331,429		4.000			02/01/2048			359,602
	437,521		4.000			03/01/2048			474,712
	36,554		4.000			07/01/2048			39,979
	549,244		4.000			08/01/2048			594,903
	403,173		5.000			11/01/2048			453,201
	1,875,786		5.000			10/01/2049			2,048,038
									5,301,208
UMBS, 30 Year, Single Family(d) – 13.3%
	4,000,000		2.500			TBA-30yr			4,168,438
	1,000,000		3.000			TBA-30yr			1,052,773
Mortgage-Backed Securities – (continued)
UMBS, 30 Year, Single Family(d) – (continued)
	1,000,000		3.500			TBA-30yr			1,051,562
	2,000,000		2.500			TBA-30yr			2,080,235
									8,353,008
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $25,231,243)							$	25,654,284
Collateralized Mortgage Obligations – 1.0%
Adjustable Rate Non-Agency(a)(b) – 0.9%
	Alternative Loan Trust Series 2005-38, Class A1
$	69,129		3.004	%		09/25/2035		$	60,794
	FHLMC Structured Agency Credit Risk Debt Notes Series 2020-DNA3, Class M2(c)
	90,000		0.000			06/25/2050			90,000
	Harben Finance plc Series 2017-1X, Class A
GBP	68,472		1.056			08/20/2056			84,541
	Lehman XS Trust Series 2005-7N, Class 1A1A
$	120,423		0.725			12/25/2035			110,838
	London Wall Mortgage Capital plc Series 2017-FL1, Class A
GBP	42,161		1.142			11/15/2049			51,675
	Stratton Mortgage Funding plc Series 2019-1, Class A
	90,511		1.437			05/25/2051			111,498
	Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1(c)
$	63,690		3.500			07/25/2049			65,240
									574,586
Sequential Fixed Rate – 0.1%
	FNMA REMIC Series 2012-111, Class B
	9,426		7.000			10/25/2042			11,659
	FNMA REMIC Series 2012-153, Class B
	26,890		7.000			07/25/2042			33,998
									45,657
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $610,863)							$	620,243
Commercial Mortgage-Backed Securities(a) – 0.4%
Adjustable Rate Non-Agency(b)(c) – 0.0%
	Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A
$	8,743		1.024	%		06/15/2035		$	8,656
Sequential Fixed Rate – 0.4%
	BANK Series 2019-BN21, Class A5
	150,000		2.851			10/17/2052			163,693
	Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
	100,000		3.006			01/15/2053			109,094
									272,787
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $268,515)							$	281,443

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Government Agency Securities – 1.8%
	FHLB
$	100,000		3.375	%		12/08/2023	$	110,319
	FNMA
	400,000		1.875			09/24/2026		430,526
	400,000		6.250			05/15/2029		579,400
	TOTAL U.S. GOVERNMENT AGENCY SECURITIES
	(Cost $1,002,756)						$	1,120,245
Asset-Backed Securities – 4.9%
Automobile(a) – 0.2%
	Ally Master Owner Trust Series 2018-1, Class A2
	100,000		2.700			01/17/2023		100,868
Collateralized Debt Obligations(a)(b)(c) – 0.7%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A
	200,000		1.335			06/15/2028		196,275
	KREF Ltd. Series 2018-FL1, Class A
	150,000		1.294			06/15/2036		147,750
	Orix Credit Alliance Owner Trust Ltd. Series 2018-CRE1, Class A
	125,000		1.365			06/15/2036		119,262
								463,287
Collateralized Loan Obligations(a)(b)(c) – 3.8%
	CBAM Ltd. Series 2018-5A, Class A
	525,000		2.155			04/17/2031		511,334
	Crown City CLO I Series 2020-1A, Class A1
	250,000		2.334			07/20/2030		249,999
	Cutwater Ltd. Series 2014-1A, Class A1AR
	200,525		2.469			07/15/2026		198,433
	Elmwood CLO IV Ltd. Series 2020-1A, Class A
	600,000		2.422			04/15/2033		585,613
	Halseypoint CLO 2 Ltd. Series 2020-2A, Class A1
	300,000		1.000			07/20/2031		297,000
	Jamestown CLO XV Ltd. Series 2020-15A, Class A
	300,000		2.103			04/15/2033		293,274
	Venture 39 CLO Ltd. Series 2020-39A, Class A1
	275,000		2.655			04/15/2033		263,581
								2,399,234
Home Equity(a)(b) – 0.1%
	GMACM Home Equity Loan Trust Series 2007-HE3, Class 1A1
	207		7.000			09/25/2037		206
	GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1
	47,331		7.000			09/25/2037		46,909
								47,115
Student Loans(a)(b) – 0.1%
	Northstar Education Finance, Inc. Series 2007-1, Class A1
	7,772		0.987			04/28/2030		7,763
Asset-Backed Securities – (continued)
Student Loans(a)(b) – (continued)
	Scholar Funding Trust Series 2010-A, Class A(c)
	95,161		1.637			10/28/2041		87,368
								95,131
	TOTAL ASSET-BACKED SECURITIES
	(Cost $3,169,922)							3,105,635
Foreign Government Securities – 2.2%
	Romania Government Bond(c)
EUR	10,000		2.124	%		07/16/2031	$	10,694
	10,000		4.625			04/03/2049		12,847
	State of Israel AID Bond(e)
$	400,000		5.500			09/18/2023		463,359
	200,000		5.500			12/04/2023		234,544
	100,000		5.500			04/26/2024		119,048
	United Arab Emirates Government Bond(c)
	220,000		3.125			10/11/2027		240,350
	United Mexican States
EUR	100,000		1.625			04/08/2026		109,366
$	200,000		3.250	(a)		04/16/2030		198,300
	TOTAL FOREIGN GOVERNMENT SECURITIES
	(Cost $1,326,641)						$	1,388,508
Municipal Bonds – 1.2%
California – 0.3%
	California State Various Purpose GO Bonds Series 2010
$	105,000		7.625	%		03/01/2040	$	185,345
Illinois – 0.7%
	Illinois State GO Bonds for Build America Bonds Series 2010-5
	100,000		7.350			07/01/2035		113,445
	Illinois State GO Bonds Pension Funding Series 2003
	25,000		5.100			06/01/2033		25,361
	Illinois State GO Bonds Series 2015-B(f)
	199,000		7.750			01/01/2042		260,885
								399,691
Ohio – 0.2%
	American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	100,000		6.270			02/15/2050		140,060
	TOTAL MUNICIPAL BONDS
	(Cost $573,464)						$	725,096
U.S. Treasury Obligations – 14.0%
	U.S. Treasury Bonds
$	140,000		3.375	%		11/15/2048	$	205,559
	150,000		2.000			02/15/2050		171,680

18 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
U.S. Treasury Obligations – (continued)
	U.S. Treasury Notes
$	3,030,000		2.375	%		03/15/2022	$	3,143,980
	3,140,000		2.875			04/30/2025		3,529,802
	1,440,000		3.125			11/15/2028		1,740,150
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $8,716,560)						$	8,791,171

Shares		Dividend Rate	Value
Investment Company(g) – 8.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,440,087	0.155%	$	5,440,087
	(Cost $5,440,087)
	TOTAL INVESTMENTS – 121.6%
	(Cost $73,532,853)		$	76,311,166
	LIABILITIES IN EXCESS OF OTHER ASSETS – (21.6)%			(13,547,319	)
	NET ASSETS – 100.0%		$	62,763,847

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2020.
(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 $14,697,223 which represents approximately 23.4% of net assets as of June 30, 2020.
(e)	Guaranteed by the United States Government. Total market value of these securities amounts to $816,951, which represents 1.3% of net assets as of June 30, 2020.
(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
SONIA	—Sterling Overnight Index Average
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

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2020, 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	275,487	USD	175,577		07/15/2020	$	14,552
	CAD	258,925	USD	181,925		07/16/2020		8,806
	CHF	251,541	USD	263,520		09/16/2020		2,586
	EUR	791,768	USD	859,868		08/12/2020		30,516
	SEK	1,653,000	USD	163,853		07/09/2020		13,555
	USD	69,161	AUD	100,000		09/16/2020		133
	USD	641,170	CAD	859,152		09/16/2020		8,225
	USD	615,416	GBP	494,214		07/15/2020		2,984
	USD	1,137,965	GBP	898,716		09/16/2020		23,860
	USD	84,497	JPY	9,053,632		07/22/2020		626
	USD	50,903	NOK	483,354		07/09/2020		685
	USD	136,896	SEK	1,265,708		09/16/2020		935
TOTAL							$	107,463

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	AUD	845,369	USD	590,842		09/16/2020	$	(7,299	)
	CAD	100,620	USD	74,331		07/16/2020		(212	)
	CAD	856,528	USD	634,000		09/16/2020		(2,988	)
	EUR	238,000	CHF	256,650		09/16/2020		(3,658	)
	EUR	324,972	USD	369,882		09/16/2020		(4,148	)
	GBP	299,726	USD	373,231		07/15/2020		(1,810	)
	GBP	136,559	USD	173,448		09/16/2020		(4,161	)
	JPY	11,613,101	USD	108,385		07/22/2020		(804	)
	JPY	13,131,154	USD	121,838		09/16/2020		(99	)
	NOK	2,489,581	USD	267,783		09/16/2020		(9,057	)
	NZD	126,666	USD	82,692		09/16/2020		(961	)
	SEK	2,480,317	EUR	238,000		09/16/2020		(1,420	)
	USD	104,188	AUD	163,475		07/15/2020		(8,635	)
	USD	210,830	CAD	300,064		07/16/2020		(10,205	)
	USD	1,027,965	EUR	945,654		08/12/2020		(35,472	)
	USD	82,763	NZD	128,636		09/16/2020		(239	)
	USD	180,547	SEK	1,821,409		07/09/2020		(14,936	)
TOTAL							$	(106,104	)

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At June 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury 2 Year Note		9		09/30/2020	$	1,987,383		$	529
U.S. Treasury Long Bond		13		09/21/2020		2,320,500			19,061
U.S. Treasury Ultra Bond		20		09/21/2020		4,361,876			14,956
Total								$	34,546
Short position contracts:
U.S. Treasury 5 Year Note		(28)		09/30/2020	$	(3,520,562	)	$	(7,071	)
U.S. Treasury 10 Year Note		(4)		09/21/2020		(556,563	)		(1,342	)
U.S. Treasury 10 Year Ultra Note		(16)		09/21/2020		(2,519,000	)		(14,609	)
Total								$	(23,022	)
Total Futures Contracts								$	11,524

SWAP CONTRACTS — At June 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Received (Paid) by the Fund			Credit Spread at June 30, 2020(a)			Termination Date	Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
General Electric Co.(b)		1.000	%		1.718	%	06/20/2024	USD	125	$	(3,406	)	$	(1,693	)	$	(1,713	)
General Electric Co.(b)		1.000			1.786		12/20/2024		50		(1,664	)		(718	)		(946	)
Markit CDX North America Investment Grade Index(b)		1.000			0.622		06/20/2023		1,675		19,135			21,335			(2,200	)
Markit CDX North America Investment Grade Index(b)		1.000			0.755		06/20/2025		325		3,954			3,490			464
Prudential Financial, Inc.(b)		1.000			0.434		06/20/2024		75		1,703			1,007			696
Republic of Chile(b)		1.000			0.680		06/20/2024		20		258			490			(232	)
Republic of Colombia(b)		1.000			1.287		06/20/2024		210		(2,302	)		689			(2,991	)
Republic of Indonesia(b)		1.000			1.074		06/20/2024		160		(424	)		518			(942	)
Republic of Peru(b)		1.000			0.737		06/20/2024		40		426			741			(315	)
Russian Federation(b)		1.000			1.013		12/20/2024		30		(10	)		(235	)		225
State of Qatar(b)		1.000			0.607		06/20/2024		20		316			336			(20	)
State of Qatar(b)		1.000			0.678		12/20/2024		10		146			193			(47	)
United Mexican States(b)		1.000			1.279		06/20/2024		20		(213	)		(236	)		23
TOTAL										$	17,919		$	25,917		$	(7,998	)

(a) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

(b) Payments received quarterly.

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at June 30, 2020(b)		Counterparty	Termination Date		Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX North American BBB- 11		3.000		6.522	Morgan Stanley Co., Inc.		11/18/2054		USD  200	$	(40,825	)	$	(57,346	)	$	16,521

(a) Payments received monthly.

(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.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund		Termination Date		Notional Amount (000’s)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3 Month BA(a)		0.500%		09/16/2023	CAD	4,270	(b)	$	(13,928	)	$	(17,985	)	$	4,057
0.500%(a)		3 Month LIBOR		09/16/2023	USD	2,350	(b)		(19,062	)		(14,060	)		(5,002	)
3 Month BA(a)		0.840		06/24/2024	CAD	2,290	(b)		1,029			1,029			—
6 Month BBR(a)		0.553		05/16/2025	AUD	2,250	(b)		435			(1,370	)		1,805
(0.307)(c)		6 Month EURIBOR		05/18/2025	EUR	1,670	(b)		(1,944	)		1,525			(3,469	)
1 Day SONIA(c)		0.032		06/17/2025	GBP	680			1,366			(1,613	)		2,979
1 Day SONIA(c)		0.270		06/17/2025		830			13,918			773			13,145
1.000(a)		6 Month LIBOR		09/16/2025		130	(b)		(6,141	)		(6,070	)		(71	)
6 Month NIBOR(a)		0.500		09/16/2025	NOK	1,430	(b)		(1,284	)		(1,398	)		114
(0.131)(c)		6 Month EURIBOR		04/28/2027	EUR	210	(b)		(1,628	)		—			(1,628	)
6 Month BBR(a)		1.250		09/16/2027	AUD	790	(b)		22,189			21,293			896
6 Month LIBOR(a)		(0.500)		09/16/2027	CHF	660	(b)		(8,674	)		(4,673	)		(4,001	)
—(c)		6 Month EURIBOR		09/16/2027	EUR	620	(b)		(32,576	)		(18,420	)		(14,156	)
1.000(a)		6 Month LIBOR		09/16/2027	GBP	470	(b)		(28,750	)		(23,125	)		(5,625	)
6 Month BBR(a)		1.000		04/26/2028	AUD	1,090	(b)		1,827			(3,223	)		5,050
0.500(a)		6 Month LIBOR		03/10/2030	GBP	530	(b)		(580	)		3,401			(3,981	)
0.570(c)		1 Day SONIA		03/18/2030		250			(14,353	)		1,047			(15,400	)
6 Month LIBOR(a)		(0.500)		06/17/2030	CHF	590			(12,696	)		(7,447	)		(5,249	)
0.308(c)		1 Day SONIA		06/17/2030	GBP	470			(11,389	)		(3,413	)		(7,976	)
1.140(a)		3 Month BA		06/24/2030	CAD	490	(b)		(541	)		(541	)		—
6 Month BBR(a)		1.500		09/16/2030	AUD	620	(b)		24,566			17,463			7,103
0.250(c)		6 Month EURIBOR		09/16/2030	EUR	580	(b)		(27,614	)		(25,418	)		(2,196	)
1.000(a)		6 Month LIBOR		09/16/2030	GBP	120	(b)		(9,332	)		(8,674	)		(658	)
6 Month NIBOR(a)		0.750		09/16/2030	NOK	1,630	(b)		(2,702	)		(1,911	)		(791	)
0.400(c)		1 Day SONIA		06/17/2040	GBP	240			(12,271	)		(12,168	)		(103	)
3 Month BA(a)		1.750		06/17/2050	CAD	200			14,242			7,455			6,787
0.500(c)		6 Month EURIBOR		09/16/2050	EUR	30	(b)		(4,796	)		(4,557	)		(239	)
0.750(a)		3 Month LIBOR		09/16/2050	USD	80	(b)		3,885			7,167			(3,282	)
TOTAL								$	(126,804	)	$	(94,913	)	$	(31,891	)

(a) Payments made semi-annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2020.

(c) Payments made annually.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — At June 30, 2020, the Fund had the following 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)
Written option contracts
Calls
6M IRS	JPMorgan Chase Bank NA		0.340	%	08/13/2020		(360,000	)	$	(360,000	)	$	(2,859	)	$	(2,181	)	$	(678	)
6M IRS			(0.350	)	08/13/2020		(600,000	)		(600,000	)		(1,423	)		(1,581	)		158
6M IRS			(0.350	)	09/28/2020		(810,000	)		(810,000	)		(2,818	)		(1,641	)		(1,177	)
6M IRS			0.350		10/02/2020		(320,000	)		(320,000	)		(4,132	)		(3,678	)		(454	)
6M IRS	Morgan Stanley Co., Inc.		(0.350	)	08/13/2020		(600,000	)		(600,000	)		(1,422	)		(1,561	)		139
6M IRS			0.350		10/02/2020		(320,000	)		(320,000	)		(4,132	)		(3,551	)		(581	)
6M IRS			0.350		10/21/2020		(340,000	)		(340,000	)		(4,797	)		(3,523	)		(1,274	)
6M IRS	UBS AG		(0.256)		08/27/2020		(180,000	)		(180,000	)		(642	)		(2,901	)		2,259
Total calls							(3,530,000	)				$	(22,225	)	$	(20,617	)	$	(1,608	)
Puts
6M IRS	JPMorgan Chase Bank NA		(0.150)%		09/28/2020		(810,000	)		(810,000	)	$	(660	)	$	(1,576	)	$	916
Total written option contracts							(4,340,000	)				$	(22,885	)	$	(22,193	)	$	(692	)

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Automobiles & Components – 0.3%
	1,602	Aptiv plc	$	124,828
	1,252	BorgWarner, Inc.		44,196
	24,607	Ford Motor Co.		149,610
	7,862	General Motors Co.		198,909
				517,543
Banks – 3.6%
	48,980	Bank of America Corp.		1,163,275
	13,059	Citigroup, Inc.		667,315
	2,802	Citizens Financial Group, Inc.		70,723
	924	Comerica, Inc.		35,204
	4,330	Fifth Third Bancorp		83,482
	1,075	First Republic Bank		113,939
	6,651	Huntington Bancshares, Inc.		60,092
	19,114	JPMorgan Chase & Co.		1,797,863
	6,002	KeyCorp		73,104
	809	M&T Bank Corp.		84,112
	2,606	People’s United Financial, Inc.		30,152
	2,630	PNC Financial Services Group, Inc. (The)		276,702
	6,181	Regions Financial Corp.		68,733
	314	SVB Financial Group*		67,676
	8,402	Truist Financial Corp.		315,495
	8,506	US Bancorp		313,191
	23,237	Wells Fargo & Co.		594,867
	1,140	Zions Bancorp NA		38,760
				5,854,685
Capital Goods – 5.5%
	3,577	3M Co.		557,976
	835	A O Smith Corp.		39,345
	564	Allegion plc		57,652
	1,444	AMETEK, Inc.		129,050
	3,345	Boeing Co. (The)		613,139
	4,980	Carrier Global Corp.		110,656
	3,365	Caterpillar, Inc.		425,673
	964	Cummins, Inc.		167,023
	1,951	Deere & Co.		306,600
	910	Dover Corp.		87,870
	2,572	Eaton Corp. plc		224,999
	3,781	Emerson Electric Co.		234,535
	3,524	Fastenal Co.		150,968
	906	Flowserve Corp.		25,839
	1,860	Fortive Corp.		125,848
	837	Fortune Brands Home & Security, Inc.		53,509
	1,448	General Dynamics Corp.		216,418
	54,224	General Electric Co.		370,350
	4,371	Honeywell International, Inc.		632,003
	2,514	Howmet Aerospace, Inc.		39,847
	261	Huntington Ingalls Industries, Inc.		45,542
	484	IDEX Corp.		76,491
	1,827	Illinois Tool Works, Inc.		319,451
	2,107	Ingersoll Rand, Inc.*		59,249
	847	Jacobs Engineering Group, Inc.		71,826
	4,766	Johnson Controls International plc		162,711
Common Stocks – (continued)
Capital Goods – (continued)
	1,369	L3Harris Technologies, Inc.		232,278
	1,544	Lockheed Martin Corp.		563,437
	1,768	Masco Corp.		88,771
	986	Northrop Grumman Corp.		303,136
	2,507	Otis Worldwide Corp.		142,548
	2,138	PACCAR, Inc.		160,029
	810	Parker-Hannifin Corp.		148,449
	1,073	Pentair plc		40,763
	867	Quanta Services, Inc.		34,012
	9,131	Raytheon Technologies Corp.		562,652
	714	Rockwell Automation, Inc.		152,082
	655	Roper Technologies, Inc.		254,310
	355	Snap-on, Inc.		49,171
	947	Stanley Black & Decker, Inc.		131,993
	230	Teledyne Technologies, Inc.*		71,519
	1,449	Textron, Inc.		47,687
	1,499	Trane Technologies plc		133,381
	307	TransDigm Group, Inc.		135,709
	458	United Rentals, Inc.*		68,260
	1,158	Westinghouse Air Brake Technologies Corp.		66,666
	265	WW Grainger, Inc.		83,252
	1,098	Xylem, Inc.		71,326
				8,846,001
Commercial & Professional Services – 0.7%
	519	Cintas Corp.		138,241
	1,260	Copart, Inc.*		104,920
	755	Equifax, Inc.		129,770
	2,490	IHS Markit Ltd.		187,995
	2,234	Nielsen Holdings plc		33,197
	1,344	Republic Services, Inc.		110,275
	697	Robert Half International, Inc.		36,823
	882	Rollins, Inc.		37,388
	1,021	Verisk Analytics, Inc.		173,774
	2,455	Waste Management, Inc.		260,009
				1,212,392
Consumer Durables & Apparel – 1.0%
	2,097	DR Horton, Inc.		116,279
	907	Garmin Ltd.		88,432
	2,220	Hanesbrands, Inc.		25,064
	815	Hasbro, Inc.		61,084
	759	Leggett & Platt, Inc.		26,679
	1,720	Lennar Corp. Class A		105,986
	373	Mohawk Industries, Inc.*		37,956
	2,316	Newell Brands, Inc.		36,778
	7,755	NIKE, Inc. Class B		760,378
	21	NVR, Inc.*		68,434
	1,535	PulteGroup, Inc.		52,236
	425	PVH Corp.		20,421
	305	Ralph Lauren Corp.		22,119
	1,605	Tapestry, Inc.		21,314
	1,254	Under Armour, Inc. Class A*		12,214
	1,232	Under Armour, Inc. Class C*		10,891

24 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)
Consumer Durables & Apparel – (continued)
	2,021	VF Corp.	$	123,160
	377	Whirlpool Corp.		48,833
				1,638,258
Consumer Services – 1.5%
	2,610	Carnival Corp.(a)		42,856
	161	Chipotle Mexican Grill, Inc.*		169,430
	816	Darden Restaurants, Inc.		61,828
	244	Domino’s Pizza, Inc.		90,143
	1,374	H&R Block, Inc.		19,621
	1,780	Hilton Worldwide Holdings, Inc.		130,741
	2,092	Las Vegas Sands Corp.		95,270
	1,706	Marriott International, Inc. Class A		146,255
	4,691	McDonald’s Corp.		865,349
	3,305	MGM Resorts International		55,524
	1,370	Norwegian Cruise Line Holdings Ltd.*(a)		22,509
	1,024	Royal Caribbean Cruises Ltd.		51,507
	7,345	Starbucks Corp.		540,518
	632	Wynn Resorts Ltd.		47,078
	1,916	Yum! Brands, Inc.		166,520
				2,505,149
Diversified Financials – 4.5%
	4,168	American Express Co.		396,794
	779	Ameriprise Financial, Inc.		116,881
	5,233	Bank of New York Mellon Corp. (The)		202,255
	12,142	Berkshire Hathaway, Inc. Class B*		2,167,468
	955	BlackRock, Inc.		519,606
	2,887	Capital One Financial Corp.		180,697
	686	Cboe Global Markets, Inc.		63,990
	7,108	Charles Schwab Corp. (The)		239,824
	2,225	CME Group, Inc.		361,652
	1,916	Discover Financial Services		95,972
	1,376	E*TRADE Financial Corp.		68,428
	1,640	Franklin Resources, Inc.		34,391
	1,923	Goldman Sachs Group, Inc. (The)(b)		380,023
	3,494	Intercontinental Exchange, Inc.		320,050
	2,323	Invesco Ltd.		24,995
	236	MarketAxess Holdings, Inc.		118,217
	1,013	Moody’s Corp.		278,302
	7,317	Morgan Stanley		353,411
	530	MSCI, Inc.		176,925
	736	Nasdaq, Inc.		87,930
	1,322	Northern Trust Corp.		104,888
	783	Raymond James Financial, Inc.		53,894
	1,499	S&P Global, Inc.		493,891
	2,299	State Street Corp.		146,101
	3,605	Synchrony Financial		79,887
	1,463	T. Rowe Price Group, Inc.		180,681
				7,247,153
Energy – 2.8%
	2,202	Apache Corp.		29,727
	3,974	Baker Hughes Co.		61,160
	2,498	Cabot Oil & Gas Corp.		42,916
Common Stocks – (continued)
Energy – (continued)
	11,646	Chevron Corp.		1,039,173
	1,274	Concho Resources, Inc.		65,611
	6,877	ConocoPhillips		288,971
	2,477	Devon Energy Corp.		28,089
	1,051	Diamondback Energy, Inc.		43,953
	3,615	EOG Resources, Inc.		183,136
	26,379	Exxon Mobil Corp.		1,179,669
	5,330	Halliburton Co.		69,183
	1,591	Hess Corp.		82,430
	857	HollyFrontier Corp.		25,024
	12,111	Kinder Morgan, Inc.		183,724
	5,156	Marathon Oil Corp.		31,555
	4,082	Marathon Petroleum Corp.		152,585
	2,489	National Oilwell Varco, Inc.		30,490
	3,064	Noble Energy, Inc.		27,453
	5,523	Occidental Petroleum Corp.		101,071
	2,537	ONEOK, Inc.		84,279
	2,766	Phillips 66		198,875
	1,024	Pioneer Natural Resources Co.		100,045
	8,680	Schlumberger Ltd.		159,625
	2,374	TechnipFMC plc		16,238
	2,557	Valero Energy Corp.		150,403
	7,687	Williams Cos., Inc. (The)		146,207
				4,521,592
Food & Staples Retailing – 1.5%
	2,751	Costco Wholesale Corp.		834,131
	5,012	Kroger Co. (The)		169,656
	3,228	Sysco Corp.		176,443
	4,695	Walgreens Boots Alliance, Inc.		199,021
	8,840	Walmart, Inc.		1,058,855
				2,438,106
Food, Beverage & Tobacco – 3.5%
	11,698	Altria Group, Inc.		459,147
	3,494	Archer-Daniels-Midland Co.		139,411
	1,137	Brown-Forman Corp. Class B		72,381
	1,096	Campbell Soup Co.		54,394
	24,034	Coca-Cola Co. (The)		1,073,839
	3,032	Conagra Brands, Inc.		106,635
	1,047	Constellation Brands, Inc. Class A		183,173
	3,743	General Mills, Inc.		230,756
	944	Hershey Co. (The)		122,361
	1,732	Hormel Foods Corp.		83,604
	709	J M Smucker Co. (The)		75,019
	1,529	Kellogg Co.		101,006
	3,869	Kraft Heinz Co. (The)		123,382
	900	Lamb Weston Holdings, Inc.		57,537
	765	McCormick & Co., Inc. (Non-Voting)		137,249
	1,182	Molson Coors Beverage Co. Class B		40,614
	8,948	Mondelez International, Inc. Class A		457,511
	2,398	Monster Beverage Corp.*		166,229
	8,691	PepsiCo, Inc.		1,149,472
	9,739	Philip Morris International, Inc.		682,314
	1,880	Tyson Foods, Inc. Class A		112,255
				5,628,289

The accompanying notes are an integral part of these financial statements. 25

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care Equipment & Services – 6.6%
	11,012	Abbott Laboratories	$	1,006,827
	284	ABIOMED, Inc.*		68,603
	451	Align Technology, Inc.*		123,772
	949	AmerisourceBergen Corp.		95,631
	1,581	Anthem, Inc.		415,771
	3,200	Baxter International, Inc.		275,520
	1,832	Becton Dickinson and Co.		438,343
	8,672	Boston Scientific Corp.*		304,474
	1,871	Cardinal Health, Inc.		97,647
	3,671	Centene Corp.*		233,292
	1,968	Cerner Corp.		134,906
	2,321	Cigna Corp.		435,536
	305	Cooper Cos., Inc. (The)		86,510
	8,134	CVS Health Corp.		528,466
	3,916	Danaher Corp.		692,466
	573	DaVita, Inc.*		45,347
	1,431	Dentsply Sirona, Inc.		63,050
	565	DexCom, Inc.*		229,051
	3,889	Edwards Lifesciences Corp.*		268,769
	1,640	HCA Healthcare, Inc.		159,178
	936	Henry Schein, Inc.*		54,653
	1,720	Hologic, Inc.*		98,040
	826	Humana, Inc.		320,282
	528	IDEXX Laboratories, Inc.*		174,324
	718	Intuitive Surgical, Inc.*		409,138
	607	Laboratory Corp. of America Holdings*		100,829
	997	McKesson Corp.		152,960
	8,347	Medtronic plc		765,420
	836	Quest Diagnostics, Inc.		95,271
	891	ResMed, Inc.		171,072
	532	STERIS plc		81,630
	1,999	Stryker Corp.		360,200
	284	Teleflex, Inc.		103,370
	5,910	UnitedHealth Group, Inc.		1,743,155
	516	Universal Health Services, Inc. Class B		47,931
	582	Varian Medical Systems, Inc.*		71,307
	465	West Pharmaceutical Services, Inc.		105,634
	1,275	Zimmer Biomet Holdings, Inc.		152,184
				10,710,559
Household & Personal Products – 1.9%
	1,523	Church & Dwight Co., Inc.		117,728
	785	Clorox Co. (The)		172,206
	5,323	Colgate-Palmolive Co.		389,963
	1,935	Coty, Inc. Class A		8,649
	1,378	Estee Lauder Cos., Inc. (The) Class A		260,001
	2,155	Kimberly-Clark Corp.		304,609
	15,459	Procter & Gamble Co. (The)		1,848,433
				3,101,589
Insurance – 1.9%
	4,535	Aflac, Inc.		163,396
	2,007	Allstate Corp. (The)		194,659
	5,384	American International Group, Inc.		167,873
Common Stocks – (continued)
Insurance – (continued)
	1,462	Aon plc Class A		281,581
	1,153	Arthur J Gallagher & Co.		112,406
	365	Assurant, Inc.		37,701
	2,841	Chubb Ltd.		359,727
	949	Cincinnati Financial Corp.		60,764
	255	Everest Re Group Ltd.		52,581
	610	Globe Life, Inc.		45,280
	2,259	Hartford Financial Services Group, Inc. (The)		87,084
	1,297	Lincoln National Corp.		47,717
	1,567	Loews Corp.		53,732
	3,167	Marsh & McLennan Cos., Inc.		340,041
	4,838	MetLife, Inc.		176,684
	1,588	Principal Financial Group, Inc.		65,966
	3,634	Progressive Corp. (The)		291,120
	2,542	Prudential Financial, Inc.		154,808
	1,625	Travelers Cos., Inc. (The)		185,331
	1,272	Unum Group		21,103
	869	W R Berkley Corp.		49,785
	810	Willis Towers Watson plc		159,530
				3,108,869
Materials – 2.5%
	1,386	Air Products and Chemicals, Inc.		334,663
	665	Albemarle Corp.		51,345
	10,251	Amcor plc		104,663
	524	Avery Dennison Corp.		59,783
	2,057	Ball Corp.		142,941
	782	Celanese Corp.		67,518
	1,406	CF Industries Holdings, Inc.		39,565
	4,683	Corteva, Inc.		125,457
	4,586	Dow, Inc.		186,925
	4,614	DuPont de Nemours, Inc.		245,142
	827	Eastman Chemical Co.		57,592
	1,586	Ecolab, Inc.		315,535
	785	FMC Corp.		78,202
	9,047	Freeport-McMoRan, Inc.		104,674
	657	International Flavors & Fragrances, Inc.(a)		80,456
	2,457	International Paper Co.		86,511
	3,272	Linde plc		694,024
	1,576	LyondellBasell Industries NV Class A		103,575
	397	Martin Marietta Materials, Inc.		82,008
	2,307	Mosaic Co. (The)		28,860
	4,978	Newmont Corp.		307,342
	1,874	Nucor Corp.		77,602
	592	Packaging Corp. of America		59,082
	1,459	PPG Industries, Inc.		154,741
	908	Sealed Air Corp.		29,828
	517	Sherwin-Williams Co. (The)		298,748
	835	Vulcan Materials Co.		96,735
	1,664	WestRock Co.		47,025
				4,060,542

26 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)
Media & Entertainment – 8.7%
	4,770	Activision Blizzard, Inc.	$	362,043
	1,874	Alphabet, Inc. Class A*		2,657,426
	1,827	Alphabet, Inc. Class C*		2,582,665
	938	Charter Communications, Inc. Class A*		478,418
	28,296	Comcast Corp. Class A		1,102,978
	981	Discovery, Inc. Class A*		20,699
	1,991	Discovery, Inc. Class C*		38,347
	1,530	DISH Network Corp. Class A*		52,800
	1,804	Electronic Arts, Inc.*		238,218
	15,024	Facebook, Inc. Class A*		3,411,500
	2,262	Fox Corp. Class A		60,667
	935	Fox Corp. Class B		25,095
	2,371	Interpublic Group of Cos., Inc. (The)		40,686
	839	Live Nation Entertainment, Inc.*		37,193
	2,732	Netflix, Inc.*		1,243,169
	2,320	News Corp. Class A		27,515
	566	News Corp. Class B		6,764
	1,326	Omnicom Group, Inc.		72,400
	723	Take-Two Interactive Software, Inc.*		100,909
	4,826	Twitter, Inc.*		143,767
	3,303	ViacomCBS, Inc.		77,026
	11,238	Walt Disney Co. (The)		1,253,149
				14,033,434
Pharmaceuticals, Biotechnology & Life Sciences – 7.9%
	10,987	AbbVie, Inc.		1,078,704
	1,927	Agilent Technologies, Inc.		170,289
	1,367	Alexion Pharmaceuticals, Inc.*		153,432
	3,700	Amgen, Inc.		872,682
	1,024	Biogen, Inc.*		273,971
	134	Bio-Rad Laboratories, Inc. Class A*		60,500
	14,194	Bristol-Myers Squibb Co.		834,607
	5,261	Eli Lilly and Co.		863,751
	7,914	Gilead Sciences, Inc.		608,903
	917	Illumina, Inc.*		339,611
	1,118	Incyte Corp.*		116,239
	1,114	IQVIA Holdings, Inc.*		158,054
	16,527	Johnson & Johnson		2,324,192
	15,857	Merck & Co., Inc.		1,226,222
	152	Mettler-Toledo International, Inc.*		122,444
	3,305	Mylan NV*		53,144
	711	PerkinElmer, Inc.		69,742
	823	Perrigo Co. plc		45,487
	34,466	Pfizer, Inc.		1,127,038
	633	Regeneron Pharmaceuticals, Inc.*		394,770
	2,463	Thermo Fisher Scientific, Inc.		892,443
	1,609	Vertex Pharmaceuticals, Inc.*		467,109
	414	Waters Corp.*		74,686
	2,980	Zoetis, Inc.		408,379
				12,736,399
Real Estate – 2.8%
	781	Alexandria Real Estate Equities, Inc. (REIT)		126,717
Common Stocks – (continued)
Real Estate – (continued)
	2,767	American Tower Corp. (REIT)		715,380
	990	Apartment Investment and Management Co. Class A (REIT)		37,264
	879	AvalonBay Communities, Inc. (REIT)		135,929
	917	Boston Properties, Inc. (REIT)		82,879
	2,126	CBRE Group, Inc. Class A*		96,138
	2,583	Crown Castle International Corp. (REIT)		432,265
	1,638	Digital Realty Trust, Inc. (REIT)		232,776
	2,283	Duke Realty Corp. (REIT)		80,795
	542	Equinix, Inc. (REIT)		380,647
	2,192	Equity Residential (REIT)		128,933
	422	Essex Property Trust, Inc. (REIT)		96,710
	821	Extra Space Storage, Inc. (REIT)		75,836
	456	Federal Realty Investment Trust (REIT)		38,856
	3,015	Healthpeak Properties, Inc. (REIT)		83,093
	4,466	Host Hotels & Resorts, Inc. (REIT)		48,188
	1,759	Iron Mountain, Inc. (REIT)		45,910
	2,698	Kimco Realty Corp. (REIT)		34,642
	708	Mid-America Apartment Communities, Inc. (REIT)		81,186
	4,601	Prologis, Inc. (REIT)		429,411
	937	Public Storage (REIT)		179,801
	2,120	Realty Income Corp. (REIT)		126,140
	1,101	Regency Centers Corp. (REIT)		50,525
	695	SBA Communications Corp. (REIT)		207,054
	1,912	Simon Property Group, Inc. (REIT)		130,743
	531	SL Green Realty Corp. (REIT)		26,173
	1,805	UDR, Inc. (REIT)		67,471
	2,299	Ventas, Inc. (REIT)		84,189
	1,036	Vornado Realty Trust (REIT)		39,586
	2,538	Welltower, Inc. (REIT)		131,342
	4,766	Weyerhaeuser Co. (REIT)		107,044
				4,533,623
Retailing – 7.9%
	433	Advance Auto Parts, Inc.		61,681
	2,619	Amazon.com, Inc.*		7,225,350
	151	AutoZone, Inc.*		170,346
	1,419	Best Buy Co., Inc.		123,836
	254	Booking Holdings, Inc.*		404,454
	1,005	CarMax, Inc.*		89,998
	1,577	Dollar General Corp.		300,434
	1,458	Dollar Tree, Inc.*		135,127
	4,143	eBay, Inc.		217,300
	896	Expedia Group, Inc.		73,651
	1,458	Gap, Inc. (The)		18,400
	888	Genuine Parts Co.		77,220
	6,715	Home Depot, Inc. (The)		1,682,175
	1,057	Kohl’s Corp.		21,954
	1,575	L Brands, Inc.		23,578
	1,999	LKQ Corp.*		52,374
	4,768	Lowe’s Cos., Inc.		644,252
	468	O’Reilly Automotive, Inc.*		197,342

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Retailing – (continued)
	2,247	Ross Stores, Inc.	$	191,534
	3,144	Target Corp.		377,060
	672	Tiffany & Co.		81,944
	7,529	TJX Cos., Inc. (The)		380,666
	727	Tractor Supply Co.		95,811
	356	Ulta Beauty, Inc.*		72,418
				12,718,905
Semiconductors & Semiconductor Equipment – 4.8%
	7,322	Advanced Micro Devices, Inc.*		385,210
	2,283	Analog Devices, Inc.		279,987
	5,774	Applied Materials, Inc.		349,038
	2,469	Broadcom, Inc.		779,241
	26,560	Intel Corp.		1,589,085
	994	KLA Corp.		193,313
	905	Lam Research Corp.		292,731
	1,713	Maxim Integrated Products, Inc.		103,825
	1,506	Microchip Technology, Inc.		158,597
	6,893	Micron Technology, Inc.*		355,127
	3,859	NVIDIA Corp.		1,466,073
	713	Qorvo, Inc.*		78,808
	7,105	QUALCOMM, Inc.		648,047
	1,061	Skyworks Solutions, Inc.		135,660
	5,719	Texas Instruments, Inc.		726,141
	1,550	Xilinx, Inc.		152,505
				7,693,388
Software & Services – 15.0%
	3,953	Accenture plc Class A		848,788
	3,018	Adobe, Inc.*		1,313,766
	994	Akamai Technologies, Inc.*		106,447
	534	ANSYS, Inc.*		155,784
	1,372	Autodesk, Inc.*		328,169
	2,687	Automatic Data Processing, Inc.		400,067
	702	Broadridge Financial Solutions, Inc.		88,585
	1,745	Cadence Design Systems, Inc.*		167,450
	728	Citrix Systems, Inc.		107,678
	3,403	Cognizant Technology Solutions Corp. Class A		193,358
	1,690	DXC Technology Co.		27,885
	3,852	Fidelity National Information Services, Inc.		516,515
	3,573	Fiserv, Inc.*		348,796
	548	FleetCor Technologies, Inc.*		137,838
	882	Fortinet, Inc.*		121,072
	569	Gartner, Inc.*		69,037
	1,866	Global Payments, Inc.		316,511
	5,532	International Business Machines Corp.		668,100
	1,631	Intuit, Inc.		483,086
	486	Jack Henry & Associates, Inc.		89,439
	834	Leidos Holdings, Inc.		78,121
	5,537	Mastercard, Inc. Class A		1,637,291
	47,403	Microsoft Corp.		9,646,985
	3,543	NortonLifeLock, Inc.		70,258
	13,056	Oracle Corp.		721,605
Common Stocks – (continued)
Software & Services – (continued)
	1,970	Paychex, Inc.		149,228
	302	Paycom Software, Inc.*		93,538
	7,319	PayPal Holdings, Inc.*		1,275,189
	5,652	salesforce.com, Inc.*		1,058,789
	1,181	ServiceNow, Inc.*		478,376
	931	Synopsys, Inc.*		181,545
	249	Tyler Technologies, Inc.*		86,373
	638	VeriSign, Inc.*		131,958
	10,583	Visa, Inc. Class A		2,044,318
	2,511	Western Union Co. (The)		54,288
				24,196,233
Technology Hardware & Equipment – 7.5%
	1,833	Amphenol Corp. Class A		175,620
	25,468	Apple, Inc.		9,290,726
	341	Arista Networks, Inc.*		71,620
	891	CDW Corp.		103,516
	26,445	Cisco Systems, Inc.		1,233,395
	4,727	Corning, Inc.		122,429
	368	F5 Networks, Inc.*		51,329
	802	FLIR Systems, Inc.		32,537
	8,207	Hewlett Packard Enterprise Co.		79,854
	9,300	HP, Inc.		162,099
	209	IPG Photonics Corp.*		33,522
	2,099	Juniper Networks, Inc.		47,983
	1,165	Keysight Technologies, Inc.*		117,409
	1,061	Motorola Solutions, Inc.		148,678
	1,453	NetApp, Inc.		64,470
	1,454	Seagate Technology plc		70,388
	2,099	TE Connectivity Ltd.		171,173
	1,914	Western Digital Corp.		84,503
	1,161	Xerox Holdings Corp.		17,752
	336	Zebra Technologies Corp. Class A*		85,999
				12,165,002
Telecommunication Services – 2.0%
	44,695	AT&T, Inc.		1,351,130
	6,293	CenturyLink, Inc.		63,119
	3,448	T-Mobile US, Inc.*		359,109
	25,764	Verizon Communications, Inc.		1,420,369
				3,193,727
Transportation – 1.7%
	699	Alaska Air Group, Inc.		25,346
	2,591	American Airlines Group, Inc.(a)		33,864
	843	CH Robinson Worldwide, Inc.		66,648
	4,877	CSX Corp.		340,122
	3,561	Delta Air Lines, Inc.		99,886
	1,055	Expeditors International of Washington, Inc.		80,222
	1,515	FedEx Corp.		212,433
	518	JB Hunt Transport Services, Inc.		62,336
	624	Kansas City Southern		93,157
	1,622	Norfolk Southern Corp.		284,775
	601	Old Dominion Freight Line, Inc.		101,924

28 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)
Transportation – (continued)
	3,099	Southwest Airlines Co.	$	105,924
	4,228	Union Pacific Corp.		714,828
	1,448	United Airlines Holdings, Inc.*		50,115
	4,384	United Parcel Service, Inc. Class B		487,413
				2,758,993
Utilities – 3.0%
	4,243	AES Corp. (The)		61,481
	1,551	Alliant Energy Corp.		74,200
	1,555	Ameren Corp.		109,410
	3,056	American Electric Power Co., Inc.		243,380
	1,123	American Water Works Co., Inc.		144,485
	741	Atmos Energy Corp.		73,789
	3,042	CenterPoint Energy, Inc.		56,794
	1,809	CMS Energy Corp.		105,682
	2,052	Consolidated Edison, Inc.		147,600
	5,113	Dominion Energy, Inc.		415,073
	1,224	DTE Energy Co.		131,580
	4,526	Duke Energy Corp.		361,582
	2,210	Edison International		120,025
	1,269	Entergy Corp.		119,045
	1,465	Evergy, Inc.		86,860
	2,040	Eversource Energy		169,871
	6,128	Exelon Corp.		222,385
	3,330	FirstEnergy Corp.		129,137
	3,042	NextEra Energy, Inc.		730,597
	2,370	NiSource, Inc.		53,894
	1,628	NRG Energy, Inc.		53,008
	731	Pinnacle West Capital Corp.		53,575
	4,875	PPL Corp.		125,970
	3,189	Public Service Enterprise Group, Inc.		156,771
	1,745	Sempra Energy		204,566
	6,509	Southern Co. (The)		337,492
	1,993	WEC Energy Group, Inc.		174,686
	3,275	Xcel Energy, Inc.		204,688
				4,867,626
	TOTAL COMMON STOCKS
	(Cost $53,333,421)		$	160,288,057

Units		Description	Expiration Month		Value
Right* – 0.0%
Telecommunication Services – 0.0%
	2,398	T-Mobile US, Inc.		07/2020	$	403
	(Cost $11,510)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $53,344,931)				$	160,288,460
Securities Lending Reinvestment Vehicle(b) – 0.1%
	Goldman Sachs Financial Square Government Fund —  Institutional Shares
	172,563	0.155%			$	172,563
	(Cost $172,563)
	TOTAL INVESTMENTS – 99.2%
	(Cost $53,517,494)				$	160,461,023
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%					1,241,211
	NET ASSETS – 100.0%				$	161,702,234

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2020, 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		10		09/18/2020	$	1,545,100	$	33,227

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 96.6%
Banks – 0.7%
	4,843	First Republic Bank	$	513,310
Capital Goods – 6.8%
	3,949	AMETEK, Inc.		352,922
	11,003	Graco, Inc.		528,034
	3,620	HEICO Corp.		360,733
	4,585	IDEX Corp.		724,614
	6,733	Rockwell Automation, Inc.		1,434,129
	4,982	Trane Technologies plc		443,298
	1,080	WW Grainger, Inc.		339,293
	10,719	Xylem, Inc.		696,306
				4,879,329
Commercial & Professional Services – 5.4%
	1,809	Cintas Corp.		481,845
	4,264	Copart, Inc.*		355,064
	509	CoStar Group, Inc.*		361,731
	12,356	TransUnion		1,075,466
	9,640	Verisk Analytics, Inc.		1,640,728
				3,914,834
Consumer Durables & Apparel – 2.7%
	6,282	Lululemon Athletica, Inc.*		1,960,047
Consumer Services – 4.4%
	3,121	Bright Horizons Family Solutions, Inc.*		365,781
	3,364	Chegg, Inc.*		226,263
	857	Chipotle Mexican Grill, Inc.*		901,873
	5,087	Choice Hotels International, Inc.		401,364
	3,028	Wingstop, Inc.		420,801
	7,553	Wynn Resorts Ltd.		562,623
	3,266	Yum! Brands, Inc.		283,848
				3,162,553
Diversified Financials – 4.1%
	21,329	Discover Financial Services		1,068,369
	2,479	MarketAxess Holdings, Inc.		1,241,781
	1,867	MSCI, Inc.		623,242
				2,933,392
Energy – 1.4%
	21,669	Cheniere Energy, Inc.*		1,047,046
Food & Staples Retailing – 0.8%
	14,597	Grocery Outlet Holding Corp.*		595,558
Food, Beverage & Tobacco – 1.9%
	4,043	Lamb Weston Holdings, Inc.		258,469
	6,211	McCormick & Co., Inc. (Non-Voting)		1,114,316
				1,372,785
Health Care Equipment & Services – 9.8%
	1,418	Align Technology, Inc.*		389,156
	10,128	Boston Scientific Corp.*		355,594
	5,723	Centene Corp.*		363,697
	2,002	Cooper Cos., Inc. (The)		567,847
	5,513	Guardant Health, Inc.*		447,270
	2,240	IDEXX Laboratories, Inc.*		739,558
Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	4,517	Insulet Corp.*		877,472
	6,483	Veeva Systems, Inc. Class A*		1,519,745
	4,474	West Pharmaceutical Services, Inc.		1,016,359
	6,890	Zimmer Biomet Holdings, Inc.		822,390
				7,099,088
Household & Personal Products – 1.4%
	13,154	Church & Dwight Co., Inc.		1,016,804
Materials – 3.1%
	19,123	Ball Corp.		1,328,857
	4,528	Martin Marietta Materials, Inc.		935,349
				2,264,206
Media & Entertainment – 4.4%
	1,137	IAC/interactivecorp*		367,706
	9,745	Live Nation Entertainment, Inc.*		431,996
	8,532	Match Group, Inc.*		913,350
	30,936	Snap, Inc. Class A*		726,687
	2,758	Spotify Technology SA*		712,088
				3,151,827
Pharmaceuticals, Biotechnology & Life Sciences – 10.7%
	13,774	Adaptive Biotechnologies Corp.*		666,386
	10,645	Agios Pharmaceuticals, Inc.*		569,295
	9,346	BioMarin Pharmaceutical, Inc.*		1,152,736
	14,042	Catalent, Inc.*		1,029,279
	6,474	Exact Sciences Corp.*		562,849
	12,223	Immunomedics, Inc.*		433,183
	1,206	Mettler-Toledo International, Inc.*		971,493
	6,915	Moderna, Inc.*		444,012
	5,006	Neurocrine Biosciences, Inc.*		610,732
	4,016	Sarepta Therapeutics, Inc.*		643,925
	3,679	Seattle Genetics, Inc.*		625,136
				7,709,026
Real Estate Investment Trusts – 0.8%
	8,829	Equity LifeStyle Properties, Inc.		551,636
Retailing – 6.7%
	3,675	Burlington Stores, Inc.*		723,718
	1,861	Dollar General Corp.		354,539
	812	MercadoLibre, Inc.*		800,445
	3,888	O’Reilly Automotive, Inc.*		1,639,453
	4,018	Ross Stores, Inc.		342,494
	4,752	Ulta Beauty, Inc.*		966,652
				4,827,301
Semiconductors & Semiconductor Equipment – 5.6%
	3,456	Analog Devices, Inc.		423,844
	1,981	Lam Research Corp.		640,774
	14,654	Marvell Technology Group Ltd.		513,769
	5,654	Microchip Technology, Inc.		595,423
	7,779	MKS Instruments, Inc.		880,894
	10,025	Xilinx, Inc.		986,360
				4,041,064

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Shares				Description	Value
Common Stocks – (continued)
Software & Services – 21.4%
	4,243			Akamai Technologies, Inc.*	$	454,383
	11,571			Anaplan, Inc.*		524,282
	2,518			ANSYS, Inc.*		734,576
	1,975			Atlassian Corp. plc Class A*		356,033
	2,878			Avalara, Inc.*		383,033
	9,114			Booz Allen Hamilton Holding Corp.		708,978
	14,972			Cadence Design Systems, Inc.*		1,436,713
	3,667			Coupa Software, Inc.*		1,015,906
	9,111			DocuSign, Inc.*		1,569,005
	12,173			Dynatrace, Inc.*		494,224
	4,622			HubSpot, Inc.*		1,036,946
	4,572			Okta, Inc.*		915,451
	5,807			Palo Alto Networks, Inc.*		1,333,694
	1,581			Paycom Software, Inc.*		489,683
	2,404			RingCentral, Inc. Class A*		685,164
	7,781			Splunk, Inc.*		1,546,085
	3,496			Square, Inc. Class A*		366,870
	4,511			Twilio, Inc. Class A*		989,804
	2,551			WEX, Inc.*		420,940
						15,461,770
Technology Hardware & Equipment – 3.3%
	13,203			Amphenol Corp. Class A		1,264,979
	4,388			Motorola Solutions, Inc.		614,891
	12,813			National Instruments Corp.		495,991
						2,375,861
Transportation – 1.2%
	5,158			Old Dominion Freight Line, Inc.		874,745
	TOTAL COMMON STOCKS
	(Cost $54,496,533)				$	69,752,182
Shares		Dividend Rate			Value
Investment Company(a) – 3.6%
Goldman Sachs Financial Square Government Fund —  Institutional Shares
2,576,120			0.155	%	$	2,576,120
(Cost $2,576,120)
TOTAL INVESTMENTS – 100.2%
(Cost $57,072,653)					$	72,328,302
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%						(131,754	)
NET ASSETS – 100.0%					$	72,196,548

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.

The accompanying notes are an integral part of these financial statements. 31

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Mortgage-Backed Securities – 2.5%
Adjustable Rate FHLMC(a) – 0.8%
$	77,605	3.461%		05/01/2035	$	81,642
	16,643	4.250		09/01/2035		17,350
	100,651	3.649		12/01/2036		105,469
	110,671	4.180		04/01/2037		116,736
	121,049	3.925		01/01/2038		127,457
	134,377	4.157		01/01/2038		140,184
						588,838
Adjustable Rate FNMA(a) – 1.1%
	36,463	2.387		05/01/2033		37,729
	69,655	2.708		05/01/2035		72,855
	239,130	3.356		06/01/2035		250,176
	262,459	3.780		11/01/2035		272,813
	43,804	3.763		12/01/2035		45,833
	123,498	3.911		03/01/2037		130,325
						809,731
Adjustable Rate GNMA(a) – 0.2%
	155,290	3.875		04/20/2033		159,628
Agency Multi-Family – 0.4%
	FNMA
	17,884	3.477		10/01/2020		17,922
	23,124	3.715		12/01/2020		23,228
	155,626	3.795		12/01/2020		156,180
	73,583	4.342		06/01/2021		74,990
						272,320
	TOTAL MORTGAGE-BACKED SECURITIES (Cost $1,851,364)				$	1,830,517
Collateralized Mortgage Obligations(a) – 26.6%
Agency Multi-Family(b) – 0.9%
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series J15L, Class AFL
$	171,011	0.533%		08/25/2025	$	168,062
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF32, Class A
	441,287	0.552		05/25/2024		441,882
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KS02, Class A
	48,213	0.563		08/25/2023		48,166
						658,110
Regular Floater – 25.7%
	FHLMC REMIC Series 3049, Class FP
	145,234	0.535		10/15/2035		145,177
	FHLMC REMIC Series 3208, Class FB(b)
	84,011	0.585		08/15/2036		84,171
	FHLMC REMIC Series 3208, Class FD(b)
	125,177	0.585		08/15/2036		125,414
	FHLMC REMIC Series 3208, Class FG(b)
	504,067	0.585		08/15/2036		505,024
	FHLMC REMIC Series 3307, Class FT
	785,970	0.425		07/15/2034		784,540
Collateralized Mortgage Obligations(a) – (continued)
Regular Floater – (continued)
	FHLMC REMIC Series 3311, Class KF
	1,418,584	0.525		05/15/2037		1,419,046
	FHLMC REMIC Series 3371, Class FA(b)
	318,810	0.785		09/15/2037		321,965
	FHLMC REMIC Series 4068, Class UF
	1,974,146	0.685		06/15/2042		1,976,538
	FHLMC REMIC Series 4174, Class FB(b)
	469,441	0.485		05/15/2039		468,286
	FHLMC REMIC Series 4320, Class FD
	275,912	0.585		07/15/2039		276,345
	FHLMC REMIC Series 4477, Class FG
	314,271	0.670		10/15/2040		313,007
	FHLMC REMIC Series 4508, Class CF
	259,263	0.585		09/15/2045		259,919
	FHLMC REMIC Series 4631, Class GF
	1,659,842	0.685		11/15/2046		1,665,981
	FHLMC REMIC Series 4637, Class QF
	1,510,105	1.173		04/15/2044		1,490,822
	FNMA REMIC Series 2006-82, Class F
	106,777	0.754		09/25/2036		107,541
	FNMA REMIC Series 2006-96, Class FA
	415,858	0.484		10/25/2036		415,380
	FNMA REMIC Series 2007-33, Class HF
	75,646	0.534		04/25/2037		75,569
	FNMA REMIC Series 2007-36, Class F
	118,621	0.415		04/25/2037		118,124
	FNMA REMIC Series 2007-85, Class FC
	321,253	0.725		09/25/2037		323,760
	FNMA REMIC Series 2008-8, Class FB
	265,326	1.005		02/25/2038		268,457
	FNMA REMIC Series 2011-63, Class FG
	282,269	0.635		07/25/2041		283,345
	FNMA REMIC Series 2012-35, Class QF
	909,918	0.585		04/25/2042		912,036
	FNMA REMIC Series 2016-1, Class FT
	829,427	0.534		02/25/2046		829,427
	FNMA REMIC Series 2017-45, Class FA
	455,953	0.690		06/25/2047		454,020
	FNMA REMIC Series 2017-96, Class FC
	953,530	0.585		12/25/2057		955,394
	FNMA REMIC Series 2018-60, Class FK
	2,991,064	0.484		08/25/2048		2,980,632
	GNMA REMIC Series 2005-48, Class AF(b)
	425,088	0.390		06/20/2035		422,778
	GNMA REMIC Series 2012-98, Class FA(b)
	382,848	0.590		08/20/2042		384,950
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A(b)
	60,623	0.624		10/07/2020		60,369
	NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A(b)
	208,660	0.644		11/05/2020		207,518
						18,635,535
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $19,310,539)				$	19,293,645

32 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
U.S. Government Agency Security(a) – 2.1%
	FFCB
$	1,500,000	(SOFR + 0.17%), 0.250%		03/15/2022	$	1,498,838
	(Cost $1,500,000)
Asset-Backed Securities(b) – 26.6%
Automobile – 4.1%
	Ally Master Owner Trust Series 2018-1, Class A2
$	800,000	2.700%		01/17/2023	$	806,942
	Chesapeake Funding II LLC Series 2017-3A, Class A2(a)(c)
	122,543	0.525		08/15/2029		122,229
	GMF Floorplan Owner Revolving Trust Series 2017-2, Class A2(a)(c)
	900,000	0.615		07/15/2022		899,985
	Nissan Master Owner Trust Receivables Series 2017-C, Class A(a)
	300,000	0.505		10/17/2022		299,808
	Nissan Master Owner Trust Receivables Series 2019-A, Class A(a)
	850,000	0.745		02/15/2024		844,645
						2,973,609
Collateralized Loan Obligations(a)(c) – 7.8%
	Benefit Street Partners CLO VII Ltd. Series 2015-VIIA, Class A1AR
	764,647	1.915		07/18/2027		758,926
	Bowman Park CLO Ltd. Series 2014-1A, Class AR
	72,895	1.538		11/23/2025		72,874
	California Street CLO XII Ltd. Series 2013-12A, Class AR
	122,941	2.249		10/15/2025		122,450
	CBAM Ltd. Series 2018-5A, Class A
	1,100,000	2.155		04/17/2031		1,071,367
	Cutwater Ltd. Series 2014-1A, Class A1AR
	127,607	2.469		07/15/2026		126,275
	Dryden 64 CLO Ltd. Series 2018-64A, Class A
	600,000	2.105		04/18/2031		582,668
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R
	5,661	2.265		04/18/2026		5,657
	LCM XX LP Series 20A, Class AR
	700,000	2.175		10/20/2027		689,258
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A
	1,100,000	1.969		04/15/2029		1,073,130
	Parallel Ltd. Series 2015-1A, Class AR
	202,741	1.985		07/20/2027		200,005
	Pikes Peak CLO 2 Series 2018-2A, Class A
	800,000	2.425		01/18/2032		782,551
	Trinitas CLO II Ltd. Series 2014-2A, Class A1R
	55,398	2.399		07/15/2026		55,178
	WhiteHorse IX Ltd. Series 2014-9A, Class AR
	92,986	2.295		07/17/2026		92,601
						5,632,940
Credit Card(a) – 4.5%
	Citibank Credit Card Issuance Trust Series 2017-A5, Class A5
	1,400,000	0.810		04/22/2026		1,408,454
Asset-Backed Securities(b) – (continued)
Credit Card(a) – (continued)
	Citibank Credit Card Issuance Trust Series 2017-A7, Class A7
	500,000	0.545		08/08/2024		501,966
	Evergreen Credit Card Trust Series 2019-1, Class A(c)
	1,000,000	0.665		01/15/2023		1,000,993
	Golden Credit Card Trust Series 2019-1A, Class A(c)
	350,000	0.635		12/15/2022		350,198
						3,261,611
Student Loans(a) – 10.2%
	Academic Loan Funding Trust Series 2013-1A, Class A(c)
	359,585	0.984		12/26/2044		335,179
	Access Group, Inc. Series 2015-1, Class A(c)
	137,277	0.884		07/25/2056		134,129
	Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
	343,404	0.984		02/25/2041		332,968
	Brazos Higher Education Authority, Inc. Series 2011-1, Class A2
	613,308	1.159		02/25/2030		596,143
	Edsouth Indenture No. 4 LLC Series 2013-1, Class A(c)
	89,059	0.754		02/26/2029		85,531
	Edsouth Indenture No. 5 LLC Series 2014-1, Class A(c)
	155,823	0.884		02/25/2039		149,283
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1(c)
	35,801	0.984		06/25/2026		35,709
	Educational Funding of the South, Inc. Series 2011-1, Class A2
	297,050	1.641		04/25/2035		287,215
	Educational Funding of the South, Inc. Series 2012-1, Class A
	221,850	1.235		03/25/2036		215,025
	Higher Education Funding I Series 2014-1, Class A(c)
	237,544	1.410		05/25/2034		226,197
	Illinois Student Assistance Commission Series 2010-1, Class A3
	156,455	1.891		07/25/2045		151,926
	Kentucky Higher Education Student Loan Corp. Series 2013-2, Class A1
	469,410	0.773		09/01/2028		458,431
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1
	452,413	0.923		12/01/2031		435,375
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2
	383,564	1.190		05/20/2030		378,414
	Navient Student Loan Trust Series 2016-7A, Class A(c)
	113,470	1.334		03/25/2066		110,761
	Nelnet Student Loan Trust Series 2006-1, Class A5
	120,620	0.470		08/23/2027		119,973
	Nelnet Student Loan Trust Series 2013-5A, Class A(c)
	61,962	0.815		01/25/2037		59,000
	Nelnet Student Loan Trust Series 2014-3A, Class A(c)
	511,601	0.765		06/25/2041		469,215
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3
	164,965	1.841		10/25/2037		155,910

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Asset-Backed Securities(b) – (continued)
Student Loans(a) – (continued)
	Pennsylvania Higher Education Assistance Agency Series 2006-1, Class A3
$	373,547	1.131 %		10/25/2035	$	346,592
	Scholar Funding Trust Series 2010-A, Class A(c)
	195,609	1.637		10/28/2041		179,590
	Scholar Funding Trust Series 2011-A, Class A(c)
	166,475	1.787		10/28/2043		153,795
	SLM Student Loan Trust Series 2005-5, Class A4
	677,368	1.131		10/25/2028		657,394
	SLM Student Loan Trust Series 2007-1, Class A5
	397,498	1.081		01/26/2026		394,177
	SLM Student Loan Trust Series 2008-5, Class A4
	55,143	2.691		07/25/2023		54,245
	SLM Student Loan Trust Series 2012-3, Class A
	682,777	0.835		12/27/2038		651,888
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2
	27,023	2.280		10/01/2024		26,516
	Utah State Board of Regents Series 2015-1, Class A
	241,375	0.768		02/25/2043		225,865
						7,426,446
	TOTAL ASSET-BACKED SECURITIES (Cost $19,636,420)				$	19,294,606
Supranational(a) – 3.5%
	European Investment Bank(c)
$	1,530,000	(SOFR + 0.29%), 0.370%		06/10/2022	$	1,529,524
	International Bank for Reconstruction & Development
	1,000,000	(SOFR + 0.22%), 0.300		08/21/2020		999,882
	TOTAL SUPRANATIONAL (Cost $2,530,000)				$	2,529,406
Municipal Bond(a)(b)(c) – 0.1%
New York – 0.1%
	Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A
$	95,152	(1 Mo. LIBOR + 0.50%), 0.680%		01/25/2033	$	96,380
	(Cost $95,151)
U.S. Treasury Obligations – 34.6%
	U.S. Treasury Bonds
$	220,000	3.750%		11/15/2043	$	327,353
	170,000	3.375		05/15/2044		240,364
	U.S. Treasury Inflation Linked Notes
	1,304,445	0.125		07/15/2022		1,335,401
U.S. Treasury Obligations – (continued)
	U.S. Treasury Notes
	2,300,000	(3 Mo. U.S. T-Bill MMY + 0.04%), 0.193%(a)		07/31/2020		2,300,060
	4,900,000	(3 Mo. U.S. T-Bill MMY + 0.05%), 0.195(a)		10/31/2020		4,900,515
	13,400,000	(3 Mo. U.S. T-Bill MMY + 0.22%), 0.370(a)		07/31/2021		13,423,928
	310,000	2.875		10/15/2021		320,790
	600,000	(3 Mo. U.S. T-Bill MMY + 0.15%), 0.304(a)		01/31/2022		600,809
	120,000	1.875		02/28/2022		123,403
	20,000	2.750		04/30/2023		21,453
	920,000	2.875		10/31/2023		1,001,938
	140,000	2.875		05/31/2025		157,631
	10,000	3.000		09/30/2025		11,392
	250,000	2.125		05/31/2026		275,235
	20,000	1.375		08/31/2026		21,156
	TOTAL U.S. TREASURY OBLIGATIONS (Cost $24,795,009)				$	25,061,428
Shares		Dividend Rate			Value
Investment Company(d) – 9.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	6,647,869	0.155%			$	6,647,869
	(Cost $6,647,869)
	TOTAL INVESTMENTS – 105.2%
	(Cost $76,366,352)				$	76,252,689
	LIABILITIES IN EXCESS OF OTHER ASSETS – (5.2)%					(3,792,082	)
	NET ASSETS – 100.0%				$	72,460,607

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2020.
(b)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Represents an Affiliated Issuer.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Investment Abbreviations:
FFCB	—Federal Farm Credit Bank
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 June 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury 10 Year Ultra Note		3			09/21/2020	$	472,313		$	2,251
Total									$	2,251
Short position contracts:
U.S. Treasury 2 Year Note		(9)			09/30/2020	$	(1,987,383	)	$	(648	)
U.S. Treasury 5 Year Note		(30)			09/30/2020		(3,772,031	)		(8,711	)
U.S. Treasury 10 Year Note		(8)			09/21/2020		(1,113,125	)		(2,417	)
U.S. Treasury Long Bond		(7)			09/21/2020		(1,249,500	)		(7,600	)
U.S. Treasury Ultra Bond		(1	)		09/21/2020		(218,094	)		(495	)
Total									$	(19,871	)
Total Futures Contracts									$	(17,620	)

SWAP CONTRACTS — At June 30, 2020, 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	$	169	$	30	$	139

(a) Payments made quarterly.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2020.

The accompanying notes are an integral part of these financial statements. 35

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)

	Core Fixed Income Fund		Equity Index Fund		Growth Opportunities Fund		High Quality Floating Rate Fund
Assets:
Investments in unaffiliated issuers, at value (cost $68,092,766, $53,143,887, $54,496,533 and $69,718,483)(a)	$	70,871,079	$	159,908,437	$	69,752,182	$	69,604,820
Investments in affiliated issuers, at value (cost $5,440,087, $201,044, $2,576,120 and $6,647,869)		5,440,087		380,023		2,576,120		6,647,869
Investments in affiliated securities lending reinvestment vehicle, at value (cost $0, $172,563, $0 and $0)		—		172,563		—		—
Cash		946,213		1,307,657		91,994		1,124,705
Foreign currencies, at value (cost $67,795, $0, $0 and $0)		70,540		—		—		—
Receivables:
Investments sold on an extended-settlement basis		5,260,313		—		—		25,590
Collateral on certain derivative contracts(b)		789,645		120,000		—		85,488
Interest and dividends		376,905		126,596		14,352		71,049
Reimbursement from investment adviser		26,997		25,216		21,161		21,660
Fund shares sold		2,787		18,994		1,610		25,475
Investments sold		—		—		262,858		—
Securities lending income		—		394		—		—
Unrealized gain on forward foreign currency exchange contracts		107,463		—		—		—
Unrealized gain on swap contracts		16,521		—		—		—
Variation margin on futures		—		21,250		—		—
Variation margin on swaps		—		—		—		13
Total assets		83,908,550		162,081,130		72,720,277		77,606,669
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		106,104		—		—		—
Written options, at value (premiums received $22,193, $0, $0 and $0)		22,885		—		—		—
Variation margin on swaps		19,276		—		—		—
Variation margin on futures		14,708		—		—		2,652
Payables:
Investments purchased on an extended-settlement basis		20,564,600		—		—		4,966,070
Fund shares redeemed		257,595		12,258		13,060		68,781
Upfront payments received on swap contracts		57,346		—		—		—
Management fees		19,763		27,939		48,600		17,179
Distribution and Service fees and Transfer Agency fees		8,672		35,922		10,568		15,406
Investments purchased		—		—		353,364		—
Payable upon return of securities loaned		—		172,563		—		—
Accrued expenses		73,754		130,214		98,137		75,974
Total liabilities		21,144,703		378,896		523,729		5,146,062
Net Assets:
Paid-in capital		59,692,338		50,084,021		49,017,169		74,347,011
Total distributable earnings (loss)		3,071,509		111,618,213		23,179,379		(1,886,404	)
NET ASSETS	$	62,763,847	$	161,702,234	$	72,196,548	$	72,460,607
Net Assets:
Institutional	$	25,257,700	$	—	$	109,096	$	4,989,245
Service		37,506,147		161,702,234		72,087,452		62,693,494
Advisor		—		—		—		4,777,868
Total Net Assets	$	62,763,847	$	161,702,234	$	72,196,548	$	72,460,607
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		2,204,723		—		8,651		484,841
Service		3,273,277		9,555,122		5,980,402		6,104,411
Advisor		—		—		—		464,745
Net asset value, offering and redemption price per share:
Institutional		$11.46		—		$12.61		$10.29
Service		11.46		16.92		12.05		10.27
Advisor		—		—		—		10.28

(a) Includes loaned securities having a market value of $166,908 for the Equity Index Fund.

(b) Segregated for initial margin and/or collateral on transactions as follows:

Fund	Forwards		Futures		Swaps
Core Fixed Income	$	210,000	$	253,009	$	326,636
Equity Index		—		120,000		—
High Quality Floating Rate		—		85,448		40

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Operations

For the six months ended June 30, 2020 (Unaudited)

	Core Fixed Income Fund			Equity Index Fund			Growth Opportunities Fund			High Quality Floating Rate Fund
Investment income:
Interest	$	637,986		$	—		$	—		$	514,943
Dividends — affiliated issuers		7,535			5,089			5,501			25,714
Dividends — unaffiliated issuers		—			1,639,281			187,740			—
Securities lending income — affiliated issuer		—			754			150			—
Total investment income		645,521			1,645,124			193,391			540,657
Expenses:
Management fees		114,774			240,960			286,812			118,138
Professional fees		58,526			45,232			45,232			52,664
Distribution and Service fees(a)		46,787			200,800			82,299			93,252
Custody, accounting and administrative services		37,340			31,877			29,044			31,433
Printing and mailing costs		36,101			55,504			30,685			30,853
Trustee fees		9,436			9,545			9,453			9,461
Transfer Agency fees(a)		5,738			16,063			6,593			7,621
Other		3,078			8,151			2,655			2,153
Total expenses		311,780			608,132			492,773			345,575
Less — expense reductions		(147,623	)		(221,225	)		(159,736	)		(122,060	)
Net expenses		164,157			386,907			333,037			223,515
NET INVESTMENT INCOME (LOSS)		481,364			1,258,217			(139,646	)		317,142
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		636,942			6,511,228			7,478,527			(37,187	)
Investments — affiliated issuers		—			17,905			—			—
Futures contracts		1,167,726			(55,513	)		—			(243,833	)
Purchased options		14,001			—			—			—
Swap contracts		(85,943	)		—			—			(70,972	)
Forward foreign currency exchange contracts		6,514			—			—			—
Foreign currency transactions		(2,483	)		—			—			—
Written options		(670	)		—			—			—
Net change in unrealized gain (loss) on:
Investments — affiliated issuers		—			(86,838	)		—			—
Investments — unaffiliated issuers		1,548,331			(14,237,189	)		(2,577,389	)		(84,086	)
Futures contracts		177,950			12,055			—			(67,943	)
Purchased options		2,525			—			—			—
Swap contracts		(73,211	)		—			—			148
Forward foreign currency exchange contracts		40,098			—			—			—
Foreign currency translation		1,944			—			—			—
Written options		(3,335	)		—			—			—
Net realized and unrealized gain (loss)		3,430,389			(7,838,352	)		4,901,138			(503,873	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,911,753		$	(6,580,135	)	$	4,761,492		$	(186,731	)

(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	$	46,787		N/A	$	1,995	$	3,743		N/A
Equity Index		200,800		N/A		N/A		16,063		N/A
Growth Opportunities		82,299		N/A		9		6,584		N/A
High Quality Floating Rate		82,202	$	11,050		493		6,576	$	552

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Changes in Net Assets

	Core Fixed Income Fund						Equity Index Fund
	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	481,364		$	1,022,839		$	1,258,217		$	2,531,854
Net realized gain		1,736,087			1,194,506			6,473,620			11,604,572
Net change in unrealized gain (loss)		1,694,302			1,374,149			(14,311,972	)		31,157,396
Net increase (decrease) in net assets resulting from operations		3,911,753			3,591,494			(6,580,135	)		45,293,822
Distributions to shareholders:
From distributable earnings:
Institutional Shares		(292,966	)		(194,059	)		—			—
Service Shares		(476,547	)		(941,156	)		—			(13,028,301	)
Total distributions to shareholders		(769,513	)		(1,135,215	)		—			(13,028,301	)
From share transactions:
Proceeds from sales of shares		9,456,153			16,196,196			2,048,164			2,326,474
Reinvestment of distributions		769,513			1,135,215			—			13,028,301
Cost of shares redeemed		(5,548,861	)		(3,916,341	)		(13,307,807	)		(23,176,553	)
Net increase (decrease) in net assets resulting from share transactions		4,676,805			13,415,070			(11,259,643	)		(7,821,778	)
TOTAL INCREASE (DECREASE)		7,819,045			15,871,349			(17,839,778	)		24,443,743
Net Assets:
Beginning of period		54,944,802			39,073,453			179,542,012			155,098,269
End of period	$	62,763,847		$	54,944,802		$	161,702,234		$	179,542,012

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statements of Changes in Net Assets (continued)

	Growth Opportunities Fund						High Quality Floating Rate Fund
	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income (loss)	$	(139,646	)	$	(198,140	)	$	317,142		$	1,640,507
Net realized gain (loss)		7,478,527			12,665,789			(351,992	)		(156,295	)
Net change in unrealized gain (loss)		(2,577,389	)		7,849,468			(151,881	)		164,041
Net increase (decrease) in net assets resulting from operations		4,761,492			20,317,117			(186,731	)		1,648,253
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(16,254	)		(37,409	)		(76,241	)
Service Shares		—			(14,062,222	)		(420,723	)		(1,495,755	)
Advisor Shares		—			—			(28,527	)		(131,008	)
Total distributions to shareholders		—			(14,078,476	)		(486,659	)		(1,703,004	)
From share transactions:
Proceeds from sales of shares		6,514,275			8,229,475			4,901,290			10,613,133
Reinvestment of distributions		—			14,078,476			486,659			1,703,004
Cost of shares redeemed		(12,579,078	)		(15,016,361	)		(13,558,825	)		(13,250,898	)
Net increase (decrease) in net assets resulting from share transactions		(6,064,803	)		7,291,590			(8,170,876	)		(934,761	)
TOTAL INCREASE (DECREASE)		(1,303,311	)		13,530,231			(8,844,266	)		(989,512	)
Net Assets:
Beginning of period		73,499,859			59,969,628			81,304,873			82,294,385
End of period	$	72,196,548		$	73,499,859		$	72,460,607		$	81,304,873

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Core Fixed Income Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	10.85		$	10.20		$	10.66		$	10.61		$	10.53		$	10.75
Net investment income(a)		0.10			0.26			0.29			0.23			0.24			0.27
Net realized and unrealized gain (loss)		0.67			0.69			(0.37	)		0.13			0.08			(0.20	)
Total from investment operations		0.77			0.95			(0.08	)		0.36			0.32			0.07
Distributions to shareholders from net investment income		(0.16	)		(0.30	)		(0.38	)		(0.31	)		(0.24	)		(0.29	)
Net asset value, end of period	$	11.46		$	10.85		$	10.20		$	10.66		$	10.61		$	10.53
Total return(b)		7.11	%		9.28	%		(0.58	)%		3.40	%		2.98	%		0.60	%
Net assets, end of period (in 000s)	$	25,258		$	17,421		$	2,657		$	241		$	90		$	26
Ratio of net expenses to average net assets		0.41	%(c)		0.44	%		0.42	%		0.42	%		0.43	%		0.42	%
Ratio of total expenses to average net assets		0.93	%(c)		1.08	%		1.06	%		0.65	%		0.65	%		0.74	%
Ratio of net investment income to average net assets		1.82	%(c)		2.41	%		2.88	%		2.18	%		2.28	%		2.53	%
Portfolio turnover rate(d)		267	%		556	%		406	%		229	%		329	%		376	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Core Fixed Income Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	10.85		$	10.21		$	10.65		$	10.60		$	10.53		$	10.76
Net investment income(a)		0.09			0.25			0.25			0.21			0.22			0.24
Net realized and unrealized gain (loss)		0.66			0.66			(0.34	)		0.12			0.07			(0.21	)
Total from investment operations		0.75			0.91			(0.09	)		0.33			0.29			0.03
Distributions to shareholders from net investment income		(0.14	)		(0.27	)		(0.35	)		(0.28	)		(0.22	)		(0.26	)
Net asset value, end of period	$	11.46		$	10.85		$	10.21		$	10.65		$	10.60		$	10.53
Total return(b)		6.98	%		9.00	%		(0.83	)%		3.14	%		2.70	%		0.27	%
Net assets, end of period (in 000s)	$	37,506		$	37,524		$	36,416		$	108,948		$	110,476		$	104,924
Ratio of net expenses to average net assets		0.66	%(c)		0.68	%		0.67	%		0.67	%		0.67	%		0.67	%
Ratio of total expenses to average net assets		1.17	%(c)		1.35	%		1.18	%		0.90	%		0.91	%		0.99	%
Ratio of net investment income to average net assets		1.60	%(c)		2.33	%		2.46	%		1.95	%		2.05	%		2.27	%
Portfolio turnover rate(d)		267	%		556	%		406	%		229	%		329	%		376	%

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

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

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 41

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Equity Index Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	17.50		$	14.43		$	16.60		$	14.49		$	13.91		$	14.91
Net investment income(a)		0.13			0.25			0.25			0.24			0.25			0.32
Net realized and unrealized gain (loss)		(0.71	)		4.18			(1.04	)		2.85			1.35			(0.18	)
Total from investment operations		(0.58	)		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 period	$	16.92		$	17.50		$	14.43		$	16.60		$	14.49		$	13.91
Total return(b)		(3.31	)%		30.85	%		(4.87	)%		21.29	%		11.41	%		0.94	%
Net assets, end of period (in 000s)	$	161,702		$	179,542		$	155,098		$	179,036		$	165,551		$	169,295
Ratio of net expenses to average net assets		0.48	%(c)		0.50	%		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of total expenses to average net assets		0.76	%(c)		0.78	%		0.72	%		0.71	%		0.73	%		0.70	%
Ratio of net investment income to average net assets		1.57	%(c)		1.48	%		1.48	%		1.53	%		1.73	%		2.15	%
Portfolio turnover rate(d)		1	%		3	%		4	%		2	%		3	%		4	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,*
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.50		$	10.51		$	31.13		$	27.13		$	26.86		$	30.89
Net investment loss(a)		(0.01	)		(0.01	)		(0.02	)		(0.04	)		(0.07	)		(0.06	)
Net realized and unrealized gain (loss)		1.12			3.59			(1.30	)		7.40			0.52			(1.55	)
Total from investment operations		1.11			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 period	$	12.61		$	11.50		$	10.51		$	31.13		$	27.13		$	26.86
Total return(b)		9.65	%		34.35	%		(4.17	)%		27.14	%		1.71	%		(5.20	)%
Net assets, end of period (in 000s)	$	109		$	94		$	59		$	52		$	3,518		$	32
Ratio of net expenses to average net assets		0.85	%(c)		0.88	%		0.85	%		0.87	%		0.89	%		0.93	%
Ratio of total expenses to average net assets		1.25	%(c)		1.26	%		1.20	%		1.14	%		1.16	%		1.14	%
Ratio of net investment loss to average net assets		(0.26	)%(c)		(0.12	)%		(0.08	)%		(0.13	)%		(0.26	)%		(0.19	)%
Portfolio turnover rate(d)		46	%		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) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 43

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Growth Opportunities Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,*
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.00		$	10.15		$	30.80		$	26.92		$	26.71		$	30.78
Net investment loss(a)		(0.02	)		(0.02	)		(0.07	)		(0.08	)		(0.10	)		(0.11	)
Net realized and unrealized gain (loss)		1.07			3.46			(1.28	)		7.32			0.49			(1.54	)
Total from investment operations		1.05			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 period	$	12.05		$	11.00		$	10.15		$	30.80		$	26.92		$	26.71
Total return(b)		9.55	%		34.06	%		(4.34	)%		26.92	%		1.42	%		(5.20	)%
Net assets, end of period (in 000s)	$	72,087		$	73,406		$	59,910		$	170,785		$	155,924		$	168,653
Ratio of net expenses to average net assets		1.01	%(c)		1.04	%		1.01	%		1.02	%		1.05	%		1.09	%
Ratio of total expenses to average net assets		1.49	%(c)		1.51	%		1.44	%		1.39	%		1.40	%		1.40	%
Ratio of net investment loss to average net assets		(0.42	)%(c)		(0.28	)%		(0.24	)%		(0.26	)%		(0.37	)%		(0.36	)%
Portfolio turnover rate(d)		46	%		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) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Quality Floating Rate Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	10.37		$	10.38		$	10.42		$	10.41		$	10.40		$	10.49
Net investment income(a)		0.05			0.22			0.24			0.14			0.11			0.06
Net realized and unrealized gain (loss)		(0.05	)		0.01			(0.06	)		0.03			0.03			(0.08	)
Total from investment operations		—	(b)		0.23			0.18			0.17			0.14			(0.02	)
Distributions to shareholders from net investment income		(0.08	)		(0.24	)		(0.22	)		(0.16	)		(0.13	)		(0.07	)
Net asset value, end of period	$	10.29		$	10.37		$	10.38		$	10.42		$	10.41		$	10.40
Total return(c)		(0.01	)%		2.27	%		1.75	%		1.62	%		1.35	%		(0.16	)%
Net assets, end of period (in 000s)	$	4,989		$	4,877		$	2,326		$	57		$	25		$	25
Ratio of net expenses to average net assets		0.34	%(d)		0.37	%		0.34	%		0.36	%		0.39	%		0.38	%
Ratio of total expenses to average net assets		0.67	%(d)		0.66	%		0.63	%		0.72	%		0.78	%		0.81	%
Ratio of net investment income to average net assets		1.04	%(d)		2.15	%		2.28	%		1.33	%		1.03	%		0.54	%
Portfolio turnover rate(e)		16	%		20	%		36	%		38	%		47	%		14	%

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

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

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

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 45

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Quality Floating Rate Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	10.35		$	10.36		$	10.40		$	10.38		$	10.38		$	10.47
Net investment income(a)		0.04			0.21			0.19			0.11			0.08			0.03
Net realized and unrealized gain (loss)		(0.05	)		—	(b)		(0.03	)		0.04			0.02			(0.07	)
Total from investment operations		(0.01	)		0.21			0.16			0.15			0.10			(0.04	)
Distributions to shareholders from net investment income		(0.07	)		(0.22	)		(0.20	)		(0.13	)		(0.10	)		(0.05	)
Net asset value, end of period	$	10.27		$	10.35		$	10.36		$	10.40		$	10.38		$	10.38
Total return(c)		(0.13	)%		2.01	%		1.50	%		1.47	%		1.00	%		(0.42	)%
Net assets, end of period (in 000s)	$	62,693		$	69,964		$	72,784		$	66,548		$	66,710		$	69,625
Ratio of net expenses to average net assets		0.59	%(d)		0.62	%		0.60	%		0.61	%		0.65	%		0.64	%
Ratio of total expenses to average net assets		0.91	%(d)		0.90	%		0.91	%		0.97	%		1.04	%		1.05	%
Ratio of net investment income to average net assets		0.83	%(d)		2.00	%		1.82	%		1.08	%		0.77	%		0.28	%
Portfolio turnover rate(e)		16	%		20	%		36	%		38	%		47	%		14	%

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

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

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

(d) Annualized.

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

46 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 Period

	Goldman Sachs High Quality Floating Rate Fund
	Advisor Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	10.36		$	10.37		$	10.41		$	10.40		$	10.40		$	10.49
Net investment income(a)		0.04			0.19			0.18			0.10			0.06			0.01
Net realized and unrealized gain (loss)		(0.06	)		—	(b)		(0.04	)		0.03			0.03			(0.06	)
Total from investment operations		(0.02	)		0.19			0.14			0.13			0.09			(0.05	)
Distributions to shareholders from net investment income		(0.06	)		(0.20	)		(0.18	)		(0.12	)		(0.09	)		(0.04	)
Net asset value, end of period	$	10.28		$	10.36		$	10.37		$	10.41		$	10.40		$	10.40
Total return(c)		(0.20	)%		1.85	%		1.37	%		1.26	%		0.96	%		(0.57	)%
Net assets, end of period (in 000s)	$	4,778		$	6,464		$	7,184		$	4,726		$	1,658		$	1,315
Ratio of net expenses to average net assets		0.74	%(d)		0.76	%		0.75	%		0.76	%		0.80	%		0.78	%
Ratio of total expenses to average net assets		1.06	%(d)		1.05	%		1.05	%		1.12	%		1.18	%		1.25	%
Ratio of net investment income to average net assets		0.72	%(d)		1.86	%		1.69	%		0.96	%		0.62	%		0.12	%
Portfolio turnover rate(e)		16	%		20	%		36	%		38	%		47	%		14	%

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

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

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

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 47

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements

June 30, 2020 (Unaudited)

1.    ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-diversified
High Quality Floating Rate	Institutional, Service and Advisor	Diversified
Core Fixed Income and Growth Opportunities	Institutional and Service	Diversified
Equity Index	Service	Diversified

Shares of the Trust are offered to a separate account of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

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

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.

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. Distributions received from the Funds’ investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, 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.

48

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Core Fixed Income and High Quality Floating Rate	Quarterly	Annually
Equity Index and Growth Opportunities	Annually	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM

49

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

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.

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.

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

50

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

iii. Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

iv. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

v. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

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

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

51

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

52

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 June 30, 2020:

CORE FIXED INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Bonds	$	—	$	29,184,454	$	—
Mortgage-Backed Securities		—		25,654,284		—
Collateralized Mortgage Obligations		—		620,243		—
Commercial Mortgage-Backed Security		—		281,443		—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		8,791,171		—		—
Asset-Backed Securities		—		3,105,635		—
Foreign Government Securities		—		1,388,508		—
Municipal Bonds		—		725,096		—
U.S. Government Agency Security		—		1,120,245		—
Investment Company		5,440,087		—		—
Total	$	14,231,258	$	62,079,908	$	—

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

CORE FIXED INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	107,463		$	—
Futures Contracts		34,546			—			—
Credit Default Swap Contracts		—			17,929			—
Interest Rate Swap Contracts		—			41,936			—
Total	$	34,546		$	167,328		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(106,104	)	$	—
Futures Contracts(a)		(23,022	)		—			—
Credit Default Swap Contracts(a)		—			(9,406	)		—
Interest Rate Swap Contracts(a)		—			(73,827	)		—
Written Options Contracts		—			(22,885	)		—
Total	$	(23,022	)	$	(212,222	)	$	—
EQUITY INDEX
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	710,262		$	—		$	—
North America		159,577,795			403			—
Securities Lending Reinvestment Vehicle		172,563			—			—
Total	$	160,460,620		$	403		$	—
Derivative Type
Assets(a)
Futures Contracts	$	33,227		$	—		$	—
GROWTH OPPORTUNITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(b)
North America	$	68,951,737		$	—		$	—
South America		800,445			—			—
Investment Company		2,576,120			—			—
Total	$	72,328,302		$	—		$	—

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

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

54

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Obligations and/or Other U.S. Government Agencies	$	25,061,428		$	—	$	—
Mortgage-Backed Securities		—			1,830,517		—
Collateralized Mortgage Obligations		—			19,293,645		—
Asset-Backed Securities		—			19,294,606		—
Municipal Bond		—			96,380		—
Supranational		—			2,529,406		—
U.S. Government Agency Security		—			1,498,838		—
Investment Company		6,647,869			—		—
Total	$	31,709,297		$	44,543,392	$	—
Derivative Type
Assets(a)
Futures Contracts	$	2,251		$	—	$	—
Interest Rate Swap Contract		—			139		—
Total	$	2,251		$	139	$	—
Liabilities(a)
Futures Contracts	$	(19,871	)	$	—	$	—

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

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

4.    INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Core Fixed Income

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest Rate	Variation margin on futures and swaps contracts	$	76,482	(a)	Written options at value, variation margin on futures and swaps contracts	$	(119,734	)(a)
Credit	Receivable for unrealized gain on swap contracts and variation margin on swap contracts		17,929	(a)	Variation margin on swap contracts		(9,406	)
Currency	Receivables for unrealized gain on forward foreign currency exchange contracts		107,463		Payable for unrealized loss on forward foreign currency exchange contracts		(106,104	)
Total		$	201,874			$	(235,244	)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of June 30, 2020 is reported within the Statements of Assets and Liabilities.

55

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

4.    INVESTMENTS IN DERIVATIVES (continued)

Fund	Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities(a)
Equity Index	Equity	Variation margin on futures contracts	$	33,227	—	$	—
High Quality Floating Rate	Interest Rate	Variation margin on futures and swap contracts		2,390	Variation margin on futures contracts		(19,871	)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of June 30, 2020 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2020. 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, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, purchased option, written options and swap contracts	$	1,205,258		$	142,643			135
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(110,144	)		(38,714	)		13
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		6,514			40,098			139
Total		$	1,101,628		$	144,027			287

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	$	(55,513	)	$	12,055		9

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	$	(314,805	)	$	(67,795	)		55

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2020.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

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

For the six months ended June 30, 2020, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Core Fixed Income		0.40	%		0.36	%		0.34	%		0.33	%		0.32	%		0.40	%		0.39	%
Growth Opportunities		0.87			0.87			0.78			0.74			0.73			0.87			0.83	*
High Quality Floating Rate		0.31			0.28			0.27			0.26			0.25			0.31			0.30

^ 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 29, 2021, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

The Core Fixed Income, Growth Opportunities and High Quality Floating Rate Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Growth Opportunities Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2020, GSAM waived $2,169, $1,074, and $5,348 of the Core Fixed Income, Growth Opportunities and High Quality Floating Rate Funds’ management fees, respectively.

The Agreement for the Equity Index Fund provides for a contractual management fee at an annual rate equal to 0.30% of the Fund’s average daily net assets. For the six months ended June 30, 2020, 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 29, 2021 and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees:

Net Management Rate
Fund	$0-$400 million	Over $400 million	Effective Rate
Equity Index	0.21%	0.20%	0.21%

As authorized by the Agreement for the Equity Index Fund, GSAM has entered into a Sub-advisory Agreement with SSgA Funds Management, Inc. (“SSgA”) which serves as the sub-adviser to the Fund and provides the day-to-day advice regarding the Fund’s portfolio transactions. As compensation for its services, SSgA is entitled to a fee, accrued daily and paid monthly by GSAM, at the following annual rates of the Fund’s average daily net assets: 0.03% on the first $50 million, 0.02% on the next $200 million, 0.01% on the next $750 million and 0.008% over $1 billion. The effective Sub-advisory fee was 0.02% for the six months ended June 30, 2020.

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,

57

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

0.25% of the Fund’s average daily net assets attributable to Service Shares. For the six months ended June 30, 2020 for the Growth Opportunities Fund, Goldman Sachs agreed to waive distribution and services fees so as not to exceed an annual rate of 0.16% of average daily net assets of the Fund. This distribution and service fee waiver will remain in place through at least April 29, 2021, 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 Plan — 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 29, 2021, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2020, 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	$	2,169	$	—	$	2,123	$	143,331	$	147,623
Equity Index		72,288		—		1,840		147,097		221,225
Growth Opportunities		14,261		29,627		98		115,750		159,736
High Quality Floating Rate		5,348		—		3,104		113,608		122,060

F. Line of Credit Facility— As of June 30, 2020, the Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

G. Other Transactions with Affiliates— For the six months ended June 30, 2020, Goldman Sachs earned $114 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Growth Opportunities Fund.

The following table provides information about the investment in shares of issuers of which a Fund is an affiliate as of and for the six months ended June 30, 2020:

Fund	Name of Affiliated Issuer	Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income from Affiliated Issuer
Equity Index	Goldman Sachs Group, Inc. (The)	$	492,970	$	—	$	(44,014	)	$	17,905	$	(86,838	)	$	380,023		1,923	$	5,089

The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2020:

Fund	Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income from Affiliated Investment Company
Core Fixed Income	$	1,647,077	$	25,683,448	$	(21,890,438	)	$	5,440,087		5,440,087	$	7,535
Growth Opportunities		998,484		16,475,359		(14,897,723	)		2,576,120		2,576,120		5,501
High Quality Floating Rate		3,128,385		19,987,290		(16,467,806	)		6,647,869		6,647,869		25,714

As of June 30, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 53% of the Institutional Shares of the Growth Opportunities Fund.

6.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, 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	$	236,208,418	$	13,779,063	$	223,448,252	$	4,527,381
Equity Index		—		1,991,011		—		12,420,525
Growth Opportunities		—		30,204,275		—		37,738,193
High Quality Floating Rate		10,644,663		700,000		7,089,400		10,560,125

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

7.    SECURITIES LENDING

The Growth Opportunities Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Equity Index Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Equity Index and Growth Opportunities Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will and BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ 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 June 30, 2020 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Growth Opportunities Fund did not have securities on loan as of June 30, 2020.

Each of the Equity Index and Growth Opportunities Funds and GSAL and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds’ for the six months ended June 30, 2020, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the Six Months ended June 30, 2020
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 June 30, 2020
Equity Index	$	82	$	217	$	74,700

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

7.    SECURITIES LENDING (continued)

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2020:

Fund	Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2030
Equity Index	$	—	$	747,578	$	(575,015	)	$	172,563
Growth Opportunities		809,324		1,235,780		(2,045,104	)		—

8.    TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2019, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	Core Fixed Income			Equity Index		Growth Opportunities			High Quality Floating Rate
Capital loss carryforwards:
Perpetual short-term	$	(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	)

As of June 30, 2020, 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	$	73,342,465		$	58,859,626		$	57,270,407		$	76,430,508
Gross unrealized gain		3,412,373			110,699,937			16,204,867			355,557
Gross unrealized loss		(443,672	)		(9,098,540	)		(1,146,972	)		(533,376	)
Net unrealized security gain (loss)	$	2,968,701		$	101,601,397		$	15,057,895		$	(177,819	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures and foreign currency contracts, and differences in the tax treatment of underlying fund investments, real estate investment trust investments, partnership investments and swap transactions.

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

9.    OTHER RISKS

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

Derivatives Risk— The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid,

61

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

9.    OTHER RISKS (continued)

volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Floating and Variable Rate Obligations Risk— Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. 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 the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. 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 the Fund’s investments resulting from a substitute reference rate may also adversely affect the 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 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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

9.    OTHER RISKS (continued)

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). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. 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

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. GSAM expects that the adoption of this guidance will not have a material impact on the Funds’ financial statements.

12.    SUBSEQUENT EVENTS

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

13.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Core Fixed Income Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		732,645		$	8,223,709			1,350,662		$	14,627,404
Reinvestment of distributions		26,224			292,966			18,000			194,059
Shares redeemed		(159,897	)		(1,783,295	)		(23,271	)		(251,188	)
		598,972			6,733,380			1,345,391			14,570,275
Service Shares
Shares sold		111,708			1,232,444			146,021			1,568,792
Reinvestment of distributions		42,853			476,547			88,008			941,156
Shares redeemed		(338,685	)		(3,765,566	)		(344,474	)		(3,665,153	)
		(184,124	)		(2,056,575	)		(110,445	)		(1,155,205	)
NET INCREASE		414,848		$	4,676,805			1,234,946		$	13,415,070
	Equity Index Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Service Shares
Shares sold		131,627		$	2,048,164			139,050		$	2,326,474
Reinvestment of distributions		—			—			753,952			13,028,301
Shares redeemed		(834,709	)		(13,307,807	)		(1,382,180	)		(23,176,553	)
NET DECREASE		(703,082	)	$	(11,259,643	)		(489,178	)	$	(7,821,778	)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

13.    SUMMARY OF SHARE TRANSACTIONS (continued)

	Growth Opportunities Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		472		$	5,371			2,251		$	13,422
Reinvestment of distributions		—			—			1,428			16,254
Stock split share adjustment		—			—			(18,018	)		—
		472			5,371			(14,339	)		29,676
Service Shares
Shares sold		591,369			6,508,904			2,525,028			8,216,053
Reinvestment of distributions		—			—			1,291,297			14,062,222
Shares redeemed		(1,281,815	)		(12,579,078	)		(2,980,276	)		(15,016,361	)
Stock split share adjustment		—			—			(17,764,276	)		—
		(690,446	)		(6,070,174	)		(16,928,227	)		7,261,914
NET INCREASE (DECREASE)		(689,974	)	$	(6,064,803	)		(16,942,566	)	$	7,291,590
	High Quality Floating Rate Fund
	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		23,865		$	245,000			260,218		$	2,698,458
Reinvestment of distributions		3,659			37,409			7,359			76,241
Shares redeemed		(12,844	)		(132,793	)		(21,509	)		(223,698	)
		14,680			149,616			246,068			2,551,001
Service Shares
Shares sold		404,009			4,162,023			528,956			5,487,026
Reinvestment of distributions		41,262			420,723			144,657			1,495,755
Shares redeemed		(1,098,765	)		(11,276,316	)		(940,217	)		(9,752,642	)
		(653,494	)		(6,693,570	)		(266,604	)		(2,769,861	)
Advisor Shares
Shares sold		47,774			494,267			233,654			2,427,649
Reinvestment of distributions		2,796			28,527			12,653			131,008
Shares redeemed		(209,500	)		(2,149,716	)		(315,266	)		(3,274,558	)
		(158,930	)		(1,626,922	)		(68,959	)		(715,901	)
NET DECREASE		(797,744	)	$	(8,170,876	)		(89,495	)	$	(934,761	)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Liquidity Risk Management Program

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Fund Expenses — Six Month Period Ended June 30,  2020 (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.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 day year.

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

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

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

	Core Fixed Income Fund							Equity Index Fund							Growth Opportunities Fund							High Quality Floating Rate Fund
Share Class	Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*		Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*		Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*		Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*
Institutional
Actual	$	1,000	$	1,071.10		$	2.11		N/A		N/A			N/A	$	1,000	$	1,096.50		$	4.43	$	1,000	$	999.90		$	1.69
Hypothetical 5% return		1,000		1,022.82	+		2.06		N/A		N/A			N/A		1,000		1,020.64	+		4.27		1,000		1,023.17	+		1.71
Service
Actual		1,000		1,069.80			3.40	$	1,000	$	966.90		$	2.35		1,000		1,095.50			5.26		1,000		998.70			2.93
Hypothetical 5% return		1,000		1,021.58	+		3.32		1,000		1,022.48	+		2.41		1,000		1,019.84	+		5.07		1,000		1,021.93	+		2.97
Advisor
Actual		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		1,000		998.00			3.68
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,021.18	+		3.72

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

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Institutional			Service			Advisor
Core Fixed Income		0.41	%		0.66	%		N/A
Equity Index		N/A			0.48			N/A
Growth Opportunities		0.85			1.01			N/A
High Quality Floating Rate		0.34			0.59			0.74	%

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Core Fixed Income, Goldman Sachs Equity Index, Goldman Sachs Growth Opportunities, and Goldman Sachs High Quality Floating Rate Funds (the “Funds”) are investment portfolios of Goldman Sachs Variable Insurance Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreements (the “Management Agreements”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds and the sub-advisory agreement (the “Sub-Advisory Agreement,” and together with the Management Agreements, the “Agreements”) between the Investment Adviser and SSgA Funds Management, Inc. (the “Sub-Adviser”) on behalf of the Equity Index Fund.

The Agreements were most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Agreements or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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

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

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

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

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

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

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

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates (including, with respect to the Equity Index Fund, the Investment Adviser’s oversight of the Sub-Adviser). The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees

69

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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

also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Core Fixed Income Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

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

The Trustees observed that the Core Fixed Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2020. They noted that the Equity Index Fund’s Service Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index by an amount approximately equal to Fund fees and expenses for the one-, three-, five-, and ten-year periods ended March 31, 2020. The Trustees observed that the Growth Opportunities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed for the five-year period ended March 31, 2020. They also noted that the Growth Opportunities Fund had experienced certain portfolio management changes in 2019. The Trustees observed that the High Quality Floating Rate Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2020.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Agreements and the fee rates payable by each Fund under the Management Agreements and, with respect to the Equity Index Fund, payable by the Investment Adviser under the Sub-Advisory Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

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

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

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

70

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Core Fixed Income, High Quality Floating Rate and Growth Opportunities Funds at the following annual percentage rates of the average daily net assets of the Funds:

	Core Fixed Income Fund			High Quality Floating Rate Fund
First $1 billion		0.40	%		0.31	%
Next $1 billion		0.36			0.28
Next $3 billion		0.34			0.27
Next $3 billion		0.33			0.26
Over $8 billion		0.32			0.25

	Growth Opportunities Fund
First $2 billion		0.87	%
Next $3 billion		0.78
Next $3 billion		0.74
Over $8 billion		0.73

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee (with respect to the Equity Index and Growth Opportunities Funds) and to limit certain expenses of the Funds that exceed specified levels as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the distribution and service fees paid by the Growth Opportunities Fund’s Service Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

With respect to the Equity Index Fund, the Trustees noted that, while its Management Agreement did not have breakpoints, the Investment Adviser had agreed to waive a portion of its management fee in order to achieve the following effective annual rates: 0.21% on the first $400 million of average daily net assets and 0.20% of average daily net assets in excess of $400 million. The Trustees noted that, in addition to the Investment Adviser’s management fee waiver mentioned above, the Fund’s total expenses were further reduced by the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level.

71

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Funds and Their Shareholders

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

Conclusion

In connection with their consideration of the Agreements, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreements should be approved and continued with respect to each Fund until June 30, 2021.

72

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

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

Sub-Advisory Agreement for the Equity Index Fund

Nature, Extent, and Quality of the Services Provided Under the Sub-Advisory Agreement and Investment Performance. In evaluating the Sub-Advisory Agreement, the Trustees relied upon materials furnished and presentations made by the Investment Adviser and the Sub-Adviser. In evaluating the nature, extent, and quality of services provided by the Sub-Adviser, the Trustees considered information on the services provided to the Equity Index Fund by the Sub-Adviser, including information about the Sub-Adviser’s (a) personnel and organizational structure; (b) experience in index investing and track record in tracking the performance of the Fund’s benchmark in line with the investment objective of the Fund; (c) policies and procedures in place to address potential conflicts of interest; and (d) compliance program and code of ethics. The Trustees reviewed the services provided to the Fund under the Sub-Advisory Agreement. They noted that the Fund’s Service Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index by an amount approximately equal to Fund fees and expenses for the one-, three-, five-, and ten-year periods ended March 31, 2020.

Costs of Services Provided. The Trustees reviewed the terms of the Sub-Advisory Agreement, including the schedule of fees payable to the Sub-Adviser. They considered the breakpoints in the sub-advisory fee rate payable under the Sub-Advisory Agreement at the following annual percentage rates of the average daily net assets of the Fund:

Average Daily Net Assets	Sub-Advisory Fee Annual Rate
First $50 Million		0.030	%
Next $200 Million		0.020	%
Next $750 Million		0.010	%
Over $1 Billion		0.008	%

The Trustees noted that the Sub-Adviser’s compensation is paid by the Investment Adviser, not by the Fund, and that the retention of the Sub-Adviser does not increase the fees incurred by the Fund for advisory services. They considered the Investment Adviser’s belief that the relationship between the management fees paid by the Fund and the sub-advisory fees paid by the Investment Adviser is appropriate given the level of services the Investment Adviser provides to the Fund and the significant differences in cost drivers and risks associated with the respective services offered by the Investment Adviser and the Sub-Adviser, as well as the management fee waivers and expense limitations that substantially reduce the fees retained by the Investment Adviser.

Conclusion. After deliberation and consideration of the information provided, the Trustees concluded that the sub-advisory fee to be paid by the Investment Adviser to the Sub-Adviser with respect to the Equity Index Fund is reasonable in light of the services to be provided by the Sub-Adviser and the Fund’s reasonably foreseeable asset levels, and that the Sub-Advisory Agreement should be approved and continued until June 30, 2021.

73

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

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York,

New York 10282

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

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

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

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

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

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

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

Fund holdings and allocations shown are as of June 30, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

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

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

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust Funds.

© 2020 Goldman Sachs. All rights reserved.

VITMLTISAR-20 211765-OTU-1243148

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Small Cap Equity Insights Fund

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

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

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

Semi-Annual Report

June 30, 2020

Goldman Sachs Variable Insurance Trust Small Cap Equity Insights Fund

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

1

FUND BASICS

Small Cap Equity Insights Fund

as of June 30, 2020

PERFORMANCE REVIEW

January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			Russell 2000® Index2
Institutional		-15.93	%		-12.98	%
Service		-15.99			-12.98

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 2000^® Index (with dividends reinvested) 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 Russell 2000^® Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

The returns set forth in the table above 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 above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

2

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/20³

Holding	% of Net Assets			Line of Business
Wingstop, Inc.		0.9	%	Consumer Services
Perspecta, Inc.		0.8		Software & Services
SPS Commerce, Inc.		0.7		Software & Services
Box, Inc. Class A		0.7		Software & Services
BJ’s Wholesale Club Holdings, Inc.		0.7		Food & Staples Retailing
Simpson Manufacturing Co., Inc.		0.7		Capital Goods
Louisiana-Pacific Corp.		0.7		Materials
QTS Realty Trust, Inc. Class A (REIT)		0.7		Real Estate
Sabra Health Care REIT, Inc. (REIT)		0.7		Real Estate
Terreno Realty Corp. (REIT)		0.7		Real Estate

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2020

⁴ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 1.5% of the Fund’s net assets at June 30, 2020. 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 Fund’s investment strategies, holdings, and performance.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 98.1%
Automobiles & Components – 0.4%
	20,799	American Axle & Manufacturing Holdings, Inc.*	$	158,072
	1,638	Gentherm, Inc.*		63,718
	1,333	Standard Motor Products, Inc.		54,920
	926	Visteon Corp.*		63,431
				340,141
Banks – 9.5%
	10,149	1st Source Corp.		361,101
	6,734	Amalgamated Bank Class A		85,118
	13,865	Atlantic Capital Bancshares, Inc.*		168,598
	1,552	Axos Financial, Inc.*		34,268
	23,514	Bancorp, Inc. (The)*		230,437
	777	BankUnited, Inc.		15,734
	637	Banner Corp.		24,206
	3,152	Boston Private Financial Holdings, Inc.		21,686
	40,349	Cadence Bancorp		357,492
	537	Capital City Bank Group, Inc.		11,250
	7,587	Cathay General Bancorp		199,538
	20,596	Central Pacific Financial Corp.		330,154
	378	Century Bancorp, Inc. Class A		29,378
	4,847	Columbia Banking System, Inc.		137,388
	3,514	Community Bankers Trust Corp.		19,327
	27,322	CVB Financial Corp.		512,014
	650	Enterprise Bancorp, Inc.		15,483
	4,636	Equity Bancshares, Inc. Class A*		80,852
	256	Essent Group Ltd.		9,285
	9,605	First Bancorp/NC		240,893
	59,156	First Bancorp/PR		330,682
	29,046	First Commonwealth Financial Corp.		240,501
	5,432	First Financial Bankshares, Inc.		156,931
	17,684	First Foundation, Inc.		288,957
	4,749	First Internet Bancorp		78,928
	476	First Mid Bancshares, Inc.		12,486
	684	Hancock Whitney Corp.		14,501
	4,228	Hanmi Financial Corp.		41,054
	11,536	Heartland Financial USA, Inc.		385,764
	12,793	Hilltop Holdings, Inc.		236,031
	7,791	Hope Bancorp, Inc.		71,833
	5,452	Independent Bank Group, Inc.		220,915
	15,322	International Bancshares Corp.		490,610
	1,931	Lakeland Bancorp, Inc.		22,071
	5,813	Meridian Bancorp, Inc.		67,431
	417	Metropolitan Bank Holding Corp.*		13,377
	2,350	Mr Cooper Group, Inc.*		29,234
	3,816	National Bank Holdings Corp. Class A		103,032
	974	NMI Holdings, Inc. Class A*		15,662
	556	Northrim Bancorp, Inc.		13,978
	730	Parke Bancorp, Inc.		9,892
	11,220	PennyMac Financial Services, Inc.		468,884
	2,413	Preferred Bank		103,397
	1,756	Riverview Bancorp, Inc.		9,921
	3,977	Sierra Bancorp		75,086
	2,427	Simmons First National Corp. Class A		41,526
	342	Territorial Bancorp, Inc.		8,136
	1,596	Texas Capital Bancshares, Inc.*		49,269
Common Stocks – (continued)
Banks – (continued)
	645	Timberland Bancorp, Inc.		11,746
	13,227	TriCo Bancshares		402,762
	3,745	TriState Capital Holdings, Inc.*		58,834
	5,226	Walker & Dunlop, Inc.		265,533
	1,704	Washington Federal, Inc.		45,735
	4,310	Westamerica Bancorp		247,480
				7,516,381
Capital Goods – 8.1%
	2,027	AAON, Inc.		110,046
	7,751	Aegion Corp.*		123,008
	8,482	Aerojet Rocketdyne Holdings, Inc.*		336,227
	5,371	Albany International Corp. Class A		315,331
	3,710	Astronics Corp.*		39,178
	10,182	Atkore International Group, Inc.*		278,478
	2,485	Barnes Group, Inc.		98,307
	1,912	Builders FirstSource, Inc.*		39,578
	2,431	Chart Industries, Inc.*		117,879
	3,825	Columbus McKinnon Corp.		127,946
	2,757	CSW Industrials, Inc.		190,536
	1,354	Douglas Dynamics, Inc.		47,553
	307	EMCOR Group, Inc.		20,305
	644	Encore Wire Corp.		31,440
	124	ESCO Technologies, Inc.		10,482
	2,532	Federal Signal Corp.		75,276
	8,780	Foundation Building Materials, Inc.*		137,056
	1,700	Franklin Electric Co., Inc.		89,284
	4,423	Gibraltar Industries, Inc.*		212,348
	7,424	GMS, Inc.*		182,556
	15,681	Great Lakes Dredge & Dock Corp.*		145,206
	6,330	Griffon Corp.		117,232
	10,414	H&E Equipment Services, Inc.		192,451
	312	Masonite International Corp.*		24,267
	8,553	MasTec, Inc.*		383,773
	2,761	Maxar Technologies, Inc.		49,588
	8,050	Meritor, Inc.*		159,390
	4,149	Miller Industries, Inc.		123,516
	731	Moog, Inc. Class A		38,728
	37,795	MRC Global, Inc.*		223,369
	4,280	Mueller Industries, Inc.		113,762
	6,328	Navistar International Corp.*		178,450
	17,015	NOW, Inc.*		146,839
	983	Patrick Industries, Inc.		60,209
	2,746	Powell Industries, Inc.		75,213
	522	Proto Labs, Inc.*		58,709
	11,116	Quanex Building Products Corp.		154,290
	2,035	RBC Bearings, Inc.*		272,771
	9,807	Rexnord Corp.		285,874
	2,113	Rush Enterprises, Inc. Class A		87,605
	6,758	Simpson Manufacturing Co., Inc.		570,105
	5,762	Tutor Perini Corp.*		70,181
	2,971	UFP Industries, Inc.		147,094
	2,588	Vicor Corp.*		186,207
	2,160	Welbilt, Inc.*		13,154
				6,460,797

4 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)
Commercial & Professional Services – 2.7%
	2,784	ASGN, Inc.*	$	185,637
	1,877	Barrett Business Services, Inc.		99,725
	4,741	Brady Corp. Class A		221,974
	1,854	BrightView Holdings, Inc.*		20,765
	1,934	Brink’s Co. (The)		88,016
	218	Cimpress plc*		16,642
	2,497	Exponent, Inc.		202,082
	1,898	Franklin Covey Co.*		40,617
	12,929	HNI Corp.		395,240
	1,740	Huron Consulting Group, Inc.*		76,995
	12,957	KAR Auction Services, Inc.		178,288
	3,048	Kforce, Inc.		89,154
	2,042	Kimball International, Inc. Class B		23,606
	5,920	McGrath RentCorp		319,739
	3,671	Resources Connection, Inc.		43,942
	2,396	Steelcase, Inc. Class A		28,896
	243	TriNet Group, Inc.*		14,808
	121	UniFirst Corp.		21,653
	5,584	Upwork, Inc.*		80,633
				2,148,412
Consumer Durables & Apparel – 4.1%
	1,079	Beazer Homes USA, Inc.*		10,866
	4,708	Crocs, Inc.*		173,349
	1,022	Deckers Outdoor Corp.*		200,711
	8,440	G-III Apparel Group Ltd.*		112,168
	257	Installed Building Products, Inc.*		17,676
	624	Johnson Outdoors, Inc. Class A		56,796
	2,375	KB Home		72,865
	3,017	LGI Homes, Inc.*		265,586
	11,189	M/I Homes, Inc.*		385,349
	2,951	Malibu Boats, Inc. Class A*		153,304
	2,719	Smith & Wesson Brands, Inc.*		58,513
	993	Sturm Ruger & Co., Inc.		75,468
	5,911	Taylor Morrison Home Corp.*		114,023
	2,579	TopBuild Corp.*		293,413
	33,694	TRI Pointe Group, Inc.*		494,965
	2,855	Universal Electronics, Inc.*		133,671
	4,411	Vista Outdoor, Inc.*		63,739
	13,267	Wolverine World Wide, Inc.		315,887
	5,883	YETI Holdings, Inc.*		251,381
				3,249,730
Consumer Services – 4.2%
	4,416	American Public Education, Inc.*		130,714
	11,158	Bloomin’ Brands, Inc.		118,944
	2,401	Brinker International, Inc.		57,624
	1,044	Chuy’s Holdings, Inc.*		15,535
	3,101	Collectors Universe, Inc.		106,302
	1,801	Del Taco Restaurants, Inc.*		10,680
	24,513	Denny’s Corp.*		247,581
	3,806	Dine Brands Global, Inc.		160,233
	25,057	Everi Holdings, Inc.*		129,294
	9,385	Houghton Mifflin Harcourt Co.*		16,987
	9,212	International Game Technology plc		81,987
	32,520	Laureate Education, Inc. Class A*		324,062
Common Stocks – (continued)
Consumer Services – (continued)
	288	Marriott Vacations Worldwide Corp.		23,676
	6,714	Perdoceo Education Corp.*		106,954
	36,528	Red Rock Resorts, Inc. Class A		398,520
	11,113	Scientific Games Corp. Class A*		171,807
	2,529	Strategic Education, Inc.		388,581
	912	Texas Roadhouse, Inc.		47,944
	4,900	Wingstop, Inc.(a)		680,953
	6,195	WW International, Inc.*		157,229
				3,375,607
Diversified Financials – 2.8%
	50,126	Anworth Mortgage Asset Corp. (REIT)		85,214
	2,581	Apollo Commercial Real Estate Finance, Inc. (REIT)		25,320
	5,279	ARMOUR Residential REIT, Inc. (REIT)		49,570
	1,448	Artisan Partners Asset Management, Inc. Class A		47,060
	6,280	Banco Latinoamericano de Comercio Exterior SA Class E		72,220
	9,218	Blackstone Mortgage Trust, Inc. Class A (REIT)		222,062
	4,299	Cannae Holdings, Inc.*		176,689
	9,961	Capstead Mortgage Corp. (REIT)		54,686
	4,465	Curo Group Holdings Corp.		36,479
	3,248	Donnelley Financial Solutions, Inc.*		27,283
	2,485	Dynex Capital, Inc. (REIT)		35,535
	1,151	Ellington Residential Mortgage REIT (REIT)		11,855
	1,195	Encore Capital Group, Inc.*		40,845
	14,225	Enova International, Inc.*		211,526
	4,382	Federated Hermes, Inc. Class B		103,853
	1,991	FirstCash, Inc.		134,353
	1,203	Hannon Armstrong Sustainable Infrastructure Capital, Inc. (REIT)		34,237
	15,805	Ladder Capital Corp. (REIT)		128,021
	17,082	MFA Financial, Inc. (REIT)		42,534
	10,997	Navient Corp.		77,309
	942	Nelnet, Inc. Class A		44,971
	7,443	Oppenheimer Holdings, Inc. Class A		162,183
	1,840	PennyMac Mortgage Investment Trust (REIT)		32,255
	1,659	PJT Partners, Inc. Class A		85,173
	4,726	PRA Group, Inc.*		182,707
	6,568	TPG RE Finance Trust, Inc. (REIT)		56,485
	9,394	Two Harbors Investment Corp. (REIT)		47,346
	175	Virtus Investment Partners, Inc.		20,351
				2,248,122
Energy – 2.1%
	62,055	Antero Resources Corp.*		157,620
	5,196	Ardmore Shipping Corp.		22,551
	3,777	Brigham Minerals, Inc. Class A		46,646
	6,265	Cactus, Inc. Class A		129,247
	5,597	Clean Energy Fuels Corp.*		12,425
	2,594	Diamond S Shipping, Inc.*		20,726

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	1,926	DMC Global, Inc.	$	53,158
	5,786	Helix Energy Solutions Group, Inc.*		20,077
	3,868	Magnolia Oil & Gas Corp. Class A*		23,440
	19,025	Matador Resources Co.*(b)		161,713
	15,525	Matrix Service Co.*		150,903
	7,792	Oil States International, Inc.*		37,012
	5,002	Ovintiv, Inc.		47,769
	6,136	Patterson-UTI Energy, Inc.		21,292
	1,210	Penn Virginia Corp.*		11,531
	9,542	Renewable Energy Group, Inc.*		236,451
	5,898	SEACOR Holdings, Inc.*		167,031
	18,253	SM Energy Co.		68,449
	2,313	Solaris Oilfield Infrastructure, Inc. Class A		17,162
	6,113	W&T Offshore, Inc.*		13,938
	9,849	World Fuel Services Corp.		253,710
				1,672,851
Food & Staples Retailing – 1.1%
	15,461	BJ’s Wholesale Club Holdings, Inc.*		576,231
	3,697	Chefs’ Warehouse, Inc. (The)*		50,205
	3,953	Ingles Markets, Inc. Class A		170,256
	794	SpartanNash Co.		16,872
	1,047	Weis Markets, Inc.		52,476
				866,040
Food, Beverage & Tobacco – 1.9%
	1,065	B&G Foods, Inc.(b)		25,965
	1,549	Coca-Cola Consolidated, Inc.		355,015
	11,045	Darling Ingredients, Inc.*		271,928
	1,634	Fresh Del Monte Produce, Inc.		40,229
	3,092	J & J Snack Foods Corp.		393,086
	3,173	John B Sanfilippo & Son, Inc.		270,752
	17,762	Vector Group Ltd.		178,686
				1,535,661
Health Care Equipment & Services – 3.9%
	3,214	Antares Pharma, Inc.*		8,839
	8,857	Brookdale Senior Living, Inc.*		26,128
	1,567	Cantel Medical Corp.		69,308
	350	Cardiovascular Systems, Inc.*		11,043
	961	Computer Programs and Systems, Inc.		21,901
	1,173	CytoSorbents Corp.*		11,613
	13,823	GenMark Diagnostics, Inc.*		203,336
	817	Inogen, Inc.*		29,020
	7,458	Inovalon Holdings, Inc. Class A*		143,641
	335	Integer Holdings Corp.*		24,472
	3,838	Invacare Corp.		24,448
	3,957	Magellan Health, Inc.*		288,782
	12,624	Natus Medical, Inc.*		275,456
	151	Neogen Corp.*		11,718
	1,133	NextGen Healthcare, Inc.*		12,440
	714	NuVasive, Inc.*		39,741
	6,141	Omnicell, Inc.*		433,677
	2,044	OraSure Technologies, Inc.*		23,772
	994	Phreesia, Inc.*		28,110
Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	2,318	Schrodinger, Inc.*(b)		212,259
	10,620	Select Medical Holdings Corp.*		156,433
	2,666	Shockwave Medical, Inc.*		126,288
	3,980	Simulations Plus, Inc.		238,084
	5,937	Surmodics, Inc.*		256,716
	8,918	Tenet Healthcare Corp.*		161,505
	3,161	Vapotherm, Inc.*		129,569
	4,931	Vocera Communications, Inc.*		104,537
				3,072,836
Household & Personal Products – 0.2%
	1,657	BellRing Brands, Inc. Class A*		33,041
	1,474	Central Garden & Pet Co. Class A*		49,806
	954	USANA Health Sciences, Inc.*		70,052
				152,899
Insurance – 3.1%
	15,518	American Equity Investment Life Holding Co.		383,450
	1,332	AMERISAFE, Inc.		81,465
	3,459	Argo Group International Holdings Ltd.		120,477
	4,818	FBL Financial Group, Inc. Class A		172,918
	55,370	Genworth Financial, Inc. Class A*		127,905
	5,624	Goosehead Insurance, Inc. Class A*		422,700
	176	HCI Group, Inc.		8,128
	1,103	Kinsale Capital Group, Inc.		171,196
	18,114	MBIA, Inc.*		131,326
	170	National Western Life Group, Inc. Class A		34,542
	706	Palomar Holdings, Inc.*		60,546
	1,287	ProAssurance Corp.		18,623
	12,266	Stewart Information Services Corp.		398,768
	8,214	Trupanion, Inc.*(b)		350,656
				2,482,700
Materials – 7.0%
	7,197	Alcoa Corp.*		80,894
	2,949	Arconic Corp.*		41,080
	2,266	Balchem Corp.		214,953
	9,803	Boise Cascade Co.		368,691
	5,092	Carpenter Technology Corp.		123,634
	3,376	Chase Corp.		346,040
	367	Clearwater Paper Corp.*		13,260
	6,411	Coeur Mining, Inc.*		32,568
	822	Domtar Corp.		17,352
	32,883	Ferro Corp.*		392,623
	600	Greif, Inc. Class A		20,646
	5,634	Haynes International, Inc.		131,610
	30,819	Hecla Mining Co.		100,778
	9,647	Ingevity Corp.*		507,143
	2,181	Kaiser Aluminum Corp.		160,565
	2,683	Koppers Holdings, Inc.*		50,548
	6,326	Kraton Corp.*		109,313
	21,518	Louisiana-Pacific Corp.		551,937
	6,653	Materion Corp.		409,093

6 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)
Materials – (continued)
	8,438	Minerals Technologies, Inc.	$	395,995
	8,767	Myers Industries, Inc.		127,560
	183	Neenah, Inc.		9,051
	4,076	O-I Glass, Inc.		36,602
	2,558	Orion Engineered Carbons SA		27,089
	10,446	P H Glatfelter Co.		167,658
	19,774	PolyOne Corp.		518,672
	456	Sensient Technologies Corp.		23,785
	27,291	Summit Materials, Inc. Class A*		438,839
	1,430	Tronox Holdings plc Class A		10,325
	3,965	Worthington Industries, Inc.		147,895
				5,576,199
Media & Entertainment – 1.8%
	2,470	Cardlytics, Inc.*		172,851
	18,019	Cars.com, Inc.*		103,790
	6,036	Cinemark Holdings, Inc.		69,716
	2,920	EverQuote, Inc. Class A*		169,827
	22,345	Glu Mobile, Inc.*		207,138
	1,285	Gray Television, Inc.*		17,926
	572	Loral Space & Communications, Inc.		11,165
	12,249	MSG Networks, Inc. Class A*		121,878
	1,409	QuinStreet, Inc.*		14,738
	4,594	Scholastic Corp.		137,544
	6,808	TechTarget, Inc.*		204,444
	2,873	WideOpenWest, Inc.*		15,141
	6,587	Yelp, Inc.*		152,357
				1,398,515
Pharmaceuticals, Biotechnology & Life Sciences – 13.7%
	5,771	Akebia Therapeutics, Inc.*		78,370
	618	Akero Therapeutics, Inc.*		15,401
	261	Allakos, Inc.*		18,755
	4,983	Allogene Therapeutics, Inc.*		213,372
	11,621	Amicus Therapeutics, Inc.*		175,245
	7,914	Amphastar Pharmaceuticals, Inc.*		177,748
	6,571	ANI Pharmaceuticals, Inc.*		212,506
	3,646	Anika Therapeutics, Inc.*		137,564
	3,465	Arcus Biosciences, Inc.*		85,724
	17,369	Ardelyx, Inc.*		120,193
	1,905	Arena Pharmaceuticals, Inc.*		119,920
	3,494	Arrowhead Pharmaceuticals, Inc.*		150,906
	8,662	Atara Biotherapeutics, Inc.*		126,205
	5,798	Axsome Therapeutics, Inc.*		477,059
	513	Beyondspring, Inc.*		7,736
	17,822	BioCryst Pharmaceuticals, Inc.*		84,922
	15,756	BioDelivery Sciences International, Inc.*		68,696
	871	Bioxcel Therapeutics, Inc.*		46,172
	2,802	Blueprint Medicines Corp.*		218,556
	1,486	Catalyst Biosciences, Inc.*		8,723
	36,291	Catalyst Pharmaceuticals, Inc.*		167,664
	1,627	CEL-SCI Corp.*(b)		24,275
	2,062	ChemoCentryx, Inc.*		118,647
	1,768	Constellation Pharmaceuticals, Inc.*		53,128
	14,323	Corcept Therapeutics, Inc.*		240,913
Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	569	Cortexyme, Inc.*		26,345
	1,041	Cue Biopharma, Inc.*		25,515
	3,708	Cymabay Therapeutics, Inc.*		12,941
	1,238	CytomX Therapeutics, Inc.*		10,313
	3,633	Deciphera Pharmaceuticals, Inc.*		216,963
	708	Denali Therapeutics, Inc.*		17,119
	2,595	Dicerna Pharmaceuticals, Inc.*		65,913
	11,615	Dynavax Technologies Corp.*		103,025
	5,589	Editas Medicine, Inc.*		165,323
	7,022	Eiger BioPharmaceuticals, Inc.*		67,411
	6,217	Enanta Pharmaceuticals, Inc.*		312,156
	10,170	Endo International plc*		34,883
	1,734	Fate Therapeutics, Inc.*		59,494
	7,003	FibroGen, Inc.*		283,832
	2,865	G1 Therapeutics, Inc.*		69,505
	7,167	Geron Corp.*		15,624
	1,378	Halozyme Therapeutics, Inc.*		36,944
	477	Harpoon Therapeutics, Inc.*		7,918
	853	Heron Therapeutics, Inc.*		12,548
	17,869	ImmunoGen, Inc.*		82,197
	26,968	Innoviva, Inc.*		377,013
	5,820	Inovio Pharmaceuticals, Inc.*		156,849
	5,980	Insmed, Inc.*		164,689
	2,119	Intercept Pharmaceuticals, Inc.*		101,521
	7,425	Ironwood Pharmaceuticals, Inc.*		76,626
	42,090	Kadmon Holdings, Inc.*		215,501
	10,562	Kala Pharmaceuticals, Inc.*(b)		111,007
	1,864	Kaleido Biosciences, Inc.*		13,849
	6,479	Karyopharm Therapeutics, Inc.*		122,712
	595	Kiniksa Pharmaceuticals Ltd. Class A*		15,161
	1,833	Krystal Biotech, Inc.*		75,923
	5,584	Kura Oncology, Inc.*		91,019
	3,071	MacroGenics, Inc.*		85,742
	5,252	Medpace Holdings, Inc.*		488,541
	1,101	MeiraGTx Holdings plc*		13,785
	16,675	Minerva Neurosciences, Inc.*		60,197
	2,324	Mirati Therapeutics, Inc.*		265,331
	1,189	Momenta Pharmaceuticals, Inc.*		39,558
	3,789	MyoKardia, Inc.*		366,093
	987	Myriad Genetics, Inc.*		11,193
	763	Natera, Inc.*		38,043
	740	NGM Biopharmaceuticals, Inc.*		14,608
	3,255	Novavax, Inc.*(b)		271,304
	4,755	Ocular Therapeutix, Inc.*		39,609
	2,116	Omeros Corp.*		31,148
	422	Oyster Point Pharma, Inc.*		12,187
	3,014	Pacira BioSciences, Inc.*		158,145
	3,865	Pfenex, Inc.*		32,273
	5,123	Phibro Animal Health Corp. Class A		134,581
	1,201	Precision BioSciences, Inc.*		10,004
	1,012	Principia Biopharma, Inc.*		60,507
	8,012	Protagonist Therapeutics, Inc.*		141,492
	7,854	Prothena Corp. plc*		82,153
	1,714	PTC Therapeutics, Inc.*		86,968
	6,034	Puma Biotechnology, Inc.*		62,935
	6,370	Radius Health, Inc.*		86,823

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	1,861	REGENXBIO, Inc.*	$	68,541
	2,052	REVOLUTION Medicines, Inc.*		64,782
	2,038	Rocket Pharmaceuticals, Inc.*		42,655
	7,125	Sangamo Therapeutics, Inc.*		63,840
	9,026	Syndax Pharmaceuticals, Inc.*		133,765
	2,888	TG Therapeutics, Inc.*		56,258
	1,339	Theravance Biopharma, Inc.*		28,106
	3,624	Turning Point Therapeutics, Inc.*		234,074
	5,139	Twist Bioscience Corp.*		232,797
	2,294	Ultragenyx Pharmaceutical, Inc.*		179,437
	1,069	Veracyte, Inc.*		27,687
	2,370	Vericel Corp.*		32,753
	12,835	Viking Therapeutics, Inc.*		92,540
	5,953	Voyager Therapeutics, Inc.*		75,127
	14,172	Xencor, Inc.*		459,031
	4,056	Y-mAbs Therapeutics, Inc.*		175,219
				10,856,071
Real Estate – 7.8%
	12,772	American Assets Trust, Inc. (REIT)		355,573
	3,356	CareTrust REIT, Inc. (REIT)		57,589
	21,684	City Office REIT, Inc. (REIT)		218,141
	3,246	Community Healthcare Trust, Inc. (REIT)		132,761
	964	CorEnergy Infrastructure Trust, Inc. (REIT)		8,821
	624	Easterly Government Properties, Inc. (REIT)		14,427
	1,343	EastGroup Properties, Inc. (REIT)		159,293
	20,345	Essential Properties Realty Trust, Inc. (REIT)		301,920
	10,628	Four Corners Property Trust, Inc. (REIT)		259,323
	1,800	Front Yard Residential Corp. (REIT)		15,660
	6,897	Gladstone Commercial Corp. (REIT)		129,319
	2,293	Global Net Lease, Inc. (REIT)		38,362
	17,433	Independence Realty Trust, Inc. (REIT)		200,305
	2,696	Kennedy-Wilson Holdings, Inc.		41,033
	31,365	Lexington Realty Trust (REIT)		330,901
	2,185	Monmouth Real Estate Investment Corp. (REIT)		31,661
	2,331	National Storage Affiliates Trust (REIT)		66,807
	12,653	Newmark Group, Inc. Class A		61,494
	12,696	NexPoint Residential Trust, Inc. (REIT)		448,804
	624	Office Properties Income Trust (REIT)		16,205
	11,239	Physicians Realty Trust (REIT)		196,907
	3,615	PotlatchDeltic Corp. (REIT)		137,478
	3,708	PS Business Parks, Inc. (REIT)		490,939
	8,456	QTS Realty Trust, Inc. Class A (REIT)		541,945
	2,898	Redfin Corp.*		121,455
	14,432	Retail Opportunity Investments Corp. (REIT)		163,515
Common Stocks – (continued)
Real Estate – (continued)
	12,983	Retail Properties of America, Inc. Class A (REIT)		95,036
	7,470	Retail Value, Inc. (REIT)		92,329
	37,482	Sabra Health Care REIT, Inc. (REIT)		540,865
	3,953	SITE Centers Corp. (REIT)		32,019
	7,892	STAG Industrial, Inc. (REIT)		231,393
	10,194	Terreno Realty Corp. (REIT)		536,612
	3,798	Uniti Group, Inc. (REIT)		35,511
	431	Universal Health Realty Income Trust (REIT)		34,260
	4,478	Urban Edge Properties (REIT)		53,154
				6,191,817
Retailing – 4.0%
	1,046	America’s Car-Mart, Inc.*		91,912
	5,703	Asbury Automotive Group, Inc.*		441,013
	7,171	Big Lots, Inc.		301,182
	3,673	Camping World Holdings, Inc. Class A		99,759
	4,941	Core-Mark Holding Co., Inc.		123,303
	717	Groupon, Inc.*		12,992
	1,329	Lithia Motors, Inc. Class A		201,118
	3,879	Murphy USA, Inc.*		436,737
	26,498	Office Depot, Inc.		62,270
	2,110	Quotient Technology, Inc.*		15,445
	649	RH*		161,536
	27,953	Rubicon Project, Inc. (The)*		186,446
	693	Sleep Number Corp.*		28,857
	15,345	Sonic Automotive, Inc. Class A		489,659
	18,453	Sportsman’s Warehouse Holdings, Inc.*		262,955
	599	Stamps.com, Inc.*		110,030
	4,763	Zumiez, Inc.*		130,411
				3,155,625
Semiconductors & Semiconductor Equipment – 2.8%
	4,765	Ambarella, Inc.*		218,237
	22,202	Amkor Technology, Inc.*		273,307
	2,729	Axcelis Technologies, Inc.*		76,003
	9,564	FormFactor, Inc.*		280,512
	13,121	Lattice Semiconductor Corp.*		372,505
	295	MACOM Technology Solutions Holdings, Inc.*		10,133
	16,941	NeoPhotonics Corp.*		150,436
	1,060	Photronics, Inc.*		11,798
	3,653	Power Integrations, Inc.		431,529
	19,088	Rambus, Inc.*		290,137
	1,057	Synaptics, Inc.*		63,547
	1,863	Ultra Clean Holdings, Inc.*		42,160
				2,220,304
Software & Services – 7.0%
	5,553	Blackline, Inc.*		460,399
	28,074	Box, Inc. Class A*		582,816
	1,864	Cass Information Systems, Inc.		72,752
	15,905	ChannelAdvisor Corp.*		251,935
	19,019	Cloudera, Inc.*		241,922

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)
Software & Services – (continued)
	7,924	Conduent, Inc.*	$	18,938
	6,512	Cornerstone OnDemand, Inc.*		251,103
	8,611	Domo, Inc. Class B*		277,016
	1,378	Hackett Group, Inc. (The)		18,658
	912	J2 Global, Inc.*		57,648
	3,373	KBR, Inc.		76,061
	2,753	Limelight Networks, Inc.*		20,262
	3,320	LiveRamp Holdings, Inc.*		141,000
	2,770	MicroStrategy, Inc. Class A*		327,663
	624	NIC, Inc.		14,327
	1,146	OneSpan, Inc.*		32,008
	5,625	Perficient, Inc.*		201,263
	26,651	Perspecta, Inc.		619,103
	215	Progress Software Corp.		8,331
	4,915	Qualys, Inc.*		511,258
	633	ShotSpotter, Inc.*		15,952
	7,869	SPS Commerce, Inc.*		591,119
	18,086	SVMK, Inc.*		425,744
	4,645	Telenav, Inc.*		25,501
	2,174	Tenable Holdings, Inc.*		64,807
	2,105	VirnetX Holding Corp.(b)		13,683
	4,516	Virtusa Corp.*		146,635
	640	Xperi Holding Corp.		9,446
	7,981	Zuora, Inc. Class A*		101,758
				5,579,108
Technology Hardware & Equipment – 4.5%
	971	Applied Optoelectronics, Inc.*		10,555
	6,369	Arlo Technologies, Inc.*		16,432
	7,000	Belden, Inc.		227,850
	11,306	Benchmark Electronics, Inc.		244,210
	817	Calix, Inc.*		12,173
	2,234	Comtech Telecommunications Corp.		37,732
	4,250	CTS Corp.		85,170
	15,480	Extreme Networks, Inc.*		67,183
	4,360	Fabrinet*		272,151
	31,103	Harmonic, Inc.*		147,739
	15,976	Inseego Corp.*(b)		185,322
	672	InterDigital, Inc.		38,055
	5,270	Itron, Inc.*		349,138
	17,411	Knowles Corp.*		265,692
	3,999	Methode Electronics, Inc.		125,009
	7,362	NETGEAR, Inc.*		190,602
	2,051	Novanta, Inc.*		218,985
	2,697	Plexus Corp.*		190,300
	426	Rogers Corp.*		53,080
	3,606	Sanmina Corp.*		90,294
	6,299	TTM Technologies, Inc.*		74,706
	25,976	Viavi Solutions, Inc.*		330,934
	13,198	Vishay Intertechnology, Inc.		201,534
	7,269	Vishay Precision Group, Inc.*		178,672
				3,613,518

Shares		Description	Value
Common Stocks – (continued)
Telecommunication Services – 2.1%
	1,884	Bandwidth, Inc. Class A*	$	239,268
	6,844	Cogent Communications Holdings, Inc.		529,452
	8,689	Consolidated Communications Holdings, Inc.*		58,824
	880	Iridium Communications, Inc.*		22,387
	7,978	Liberty Latin America Ltd. Class A*		77,546
	19,724	Liberty Latin America Ltd. Class C*		186,195
	60,799	ORBCOMM, Inc.*		234,076
	27,927	Vonage Holdings Corp.*		280,946
				1,628,694
Transportation – 1.6%
	10,352	Costamare, Inc.		57,557
	11,644	Echo Global Logistics, Inc.*		251,743
	749	Heartland Express, Inc.		15,594
	13,267	Marten Transport Ltd.		333,798
	6,884	SkyWest, Inc.		224,556
	9,419	Werner Enterprises, Inc.		410,009
				1,293,257
Utilities – 1.7%
	579	American States Water Co.		45,527
	6,893	Avista Corp.		250,836
	677	Black Hills Corp.		38,359
	649	Northwest Natural Holding Co.		36,208
	3,096	NorthWestern Corp.		168,794
	733	ONE Gas, Inc.		56,478
	247	Ormat Technologies, Inc.		15,682
	10,558	Portland General Electric Co.		441,430
	3,730	Southwest Gas Holdings, Inc.		257,556
				1,310,870
	TOTAL COMMON STOCKS
	(Cost $80,442,079)		$	77,946,155

Shares	Dividend Rate			Value
Investment Company(c) – 0.5%
Goldman Sachs Financial Square Government Fund —  Institutional Shares
393,309		0.155	%	$	393,309
(Cost $393,309)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $80,835,388)				$	78,339,464

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle(c) – 1.5%
Goldman Sachs Financial Square Government Fund —  Institutional Shares
1,158,726		0.155	%	$	1,158,726
(Cost $1,158,726)
TOTAL INVESTMENTS – 100.1%
(Cost $81,994,114)				$	79,498,190
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%					(76,287	)
NET ASSETS – 100.0%				$	79,421,903

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 segregated as collateral for initial margin requirements on futures transactions.
(b)	All or a portion of security is on loan.
(c)	Represents an Affiliated Issuer.

Investment Abbreviation:
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2020, the Fund had the following futures contracts:    

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Russell 2000 E-Mini Index		13		09/18/2020	$	934,440	$	37,643

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $80,442,079)(a)	$	77,946,155
Investments in affiliated issuers, at value (cost $393,309)		393,309
Investments in affiliated securities lending reinvestment vehicle, at value (cost $1,158,726)		1,158,726
Cash		710,902
Receivables:
Investments sold		562,328
Due from custodian		103,350
Dividends		61,331
Fund shares sold		52,352
Reimbursement from investment adviser		18,942
Securities lending income		2,472
Variation margin on futures		40,560
Total assets		81,050,427
Liabilities:
Payables:
Payable upon return of securities loaned		1,158,726
Investments purchased		182,045
Fund shares redeemed		134,355
Management fees		45,121
Distribution and Service fees and Transfer Agency fees		4,109
Accrued expenses		104,168
Total liabilities		1,628,524
Net Assets:
Paid-in capital		83,447,685
Total distributable earnings (loss)		(4,025,782	)
NET ASSETS	$	79,421,903
Net Assets:
Institutional	$	65,541,356
Service		13,880,547
Total Net Assets	$	79,421,903
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		6,176,570
Service		1,320,889
Net asset value, offering and redemption price per share:
Institutional		$10.61
Service		10.51

(a) Includes loaned securities having a market value of $1,146,727.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $1,881)	$	457,213
Securities lending income — affiliated issuer		8,776
Dividends — affiliated issuers		411
Total investment income		466,400
Expenses:
Management fees		272,784
Professional fees		46,335
Custody, accounting and administrative services		39,534
Printing and mailing costs		35,058
Distribution and Service fees — Service Shares		16,465
Trustee fees		9,473
Transfer Agency fees(a)		7,793
Other		3,636
Total expenses		431,078
Less — expense reductions		(100,326	)
Net expenses		330,752
NET INVESTMENT INCOME		135,648
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(2,846,115	)
Futures contracts		22,427
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(12,061,284	)
Futures contracts		37,643
Net realized and unrealized loss		(14,847,329	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,711,681	)

(a) Institutional and Service Shares incurred Transfer Agency fees of $6,476 and $1,317, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	135,648		$	436,162
Net realized gain (loss)		(2,823,688	)		2,941,341
Net change in unrealized gain (loss)		(12,023,641	)		16,880,731
Net increase (decrease) in net assets resulting from operations		(14,711,681	)		20,258,234
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(1,999,868	)
Service Shares		—			(360,700	)
Total distributions to shareholders		—			(2,360,568	)
From share transactions:
Proceeds from sales of shares		5,154,965			10,139,106
Reinvestment of distributions		—			2,360,567
Cost of shares redeemed		(6,555,033	)		(20,351,399	)
Net decrease in net assets resulting from share transactions		(1,400,068	)		(7,851,726	)
TOTAL INCREASE (DECREASE)		(16,111,749	)		10,045,940
Net Assets:
Beginning of period		95,533,652			85,487,712
End of period	$	79,421,903		$	95,533,652

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period    

	Goldman Sachs Small Cap Equity Insights Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	12.62		$	10.37		$	13.66		$	13.79		$	11.60		$	13.67
Net investment income(a)		0.02			0.06			0.07	(b)		0.08			0.11			0.08	(c)
Net realized and unrealized gain (loss)		(2.03	)		2.51			(1.21	)		1.53			2.59			(0.37	)
Total from investment operations		(2.01	)		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 period	$	10.61		$	12.62		$	10.37		$	13.66		$	13.79		$	11.60
Total return(d)		(15.93	)%		24.84	%		(8.62	)%		11.57	%		23.13	%		(2.13	)%
Net assets, end of period (in 000s)	$	65,541		$	79,791		$	68,951		$	77,815		$	77,421		$	73,270
Ratio of net expenses to average net assets		0.81	%(e)		0.86	%		0.81	%		0.81	%		0.81	%		0.81	%
Ratio of total expenses to average net assets		1.06	%(e)		1.05	%		0.98	%		1.00	%		1.04	%		0.99	%
Ratio of net investment income to average net assets		0.39	%(e)		0.51	%		0.46	%(b)		0.53	%		0.95	%		0.59	%(c)
Portfolio turnover rate(f)		73	%		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) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Small Cap Equity Insights Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	12.51		$	10.28		$	13.55		$	13.70		$	11.52		$	13.60
Net investment income(a)		0.01			0.03			0.03	(b)		0.04			0.08			0.05	(c)
Net realized and unrealized gain (loss)		(2.01	)		2.49			(1.19	)		1.51			2.58			(0.39	)
Total from investment operations		(2.00	)		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 period	$	10.51		$	12.51		$	10.28		$	13.55		$	13.70		$	11.52
Total return(e)		(15.99	)%		24.53	%		(8.82	)%		11.22	%		22.92	%		(2.49	)%
Net assets, end of period (in 000s)	$	13,881		$	15,742		$	16,537		$	20,505		$	20,437		$	19,488
Ratio of net expenses to average net assets		1.06	%(f)		1.10	%		1.06	%		1.06	%		1.06	%		1.06	%
Ratio of total expenses to average net assets		1.32	%(f)		1.30	%		1.23	%		1.25	%		1.29	%		1.24	%
Ratio of net investment income to average net assets		0.14	%(f)		0.27	%		0.19	%(b)		0.28	%		0.70	%		0.34	%(c)
Portfolio turnover rate(g)		73	%		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) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements

June 30, 2020 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

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

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.

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.

16

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

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.

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 the 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

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2020:

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	272,151	$	—	$	—
Europe		205,992		—		—
North America		77,204,271		—		—
South America		263,741
Investment Company		393,309
Securities Lending Reinvestment Vehicle		1,158,726		—		—
Total	$	79,498,190	$	—	$	—
Derivative Type
Assets(b)
Futures Contracts	$	37,643	$	—	$	—

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

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

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

4.    INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) for the six months ended June 30, 2020. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Risk	Statement of Assets and Liabilities	Assets(a)		Statement of Assets and Liabilities		Liabilities
Equity	Variation margin on futures contracts	$	37,643		—	$	—

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information section of the Schedule of Investments. Only the variation margin as of June 30, 2020 is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2020. 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	$	22,427	$	37,643		9

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2020.

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended June 30, 2020, 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
	0.70%		0.63	%		0.60	%		0.59	%		0.70	%		0.70	%

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

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2020, GSAM waived $236 of the Fund’s management fee.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

D.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.094%. The Other Expense limitation will remain in place through at least April 29, 2021, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2020, 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
	$236	$	2,644	$	97,446	$	100,326

E.  Line of Credit Facility — As of June 30, 2020, the Fund participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2020, the Fund did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

F.  Other Transactions with Affiliates — The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2020:

Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income from Affiliated Investment Company
	$—	$	3,645,750	$	(3,252,441	)	$	393,309		393,309	$	411

6.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, were $57,292,595 and $58,788,823, respectively.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

7.    SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’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 June 30, 2020, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

Both the Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2020, are reported under Investment Income on the Statement of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

For the Six Months ended June 30, 2020
Earnings of GSAL Relating to Securities Loaned	Amount Received by the Fund from Lending to Goldman Sachs	Amount Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2020
$959	$395	$448,500

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

7.    SECURITIES LENDING (continued)

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2020:

Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales	Ending Value as of June 30, 2020
	$58,750	$	6,112,792	$(5,012,816)	$	1,158,726

8.    TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2019, the Fund’s certain timing differences, on a tax-basis were as follows:

Timing differences (Real Estate Investment Trust) $ 18,349

As of June 30, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	82,141,453
Gross unrealized gain		7,659,023
Gross unrealized loss		(10,302,286	)
Net unrealized loss	$	(2,643,263	)

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

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

9.    OTHER RISKS

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

Derivatives Risk — The Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

9.    OTHER RISKS (continued)

of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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

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

10.    INDEMNIFICATIONS

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

11.    SUBSEQUENT EVENTS

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

12.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		415,650		$	4,011,916			757,715		$	9,168,973
Reinvestment of distributions		—			—			159,352			1,999,867
Shares redeemed		(562,504	)		(5,865,388	)		(1,241,504	)		(14,923,018	)
		(146,854	)		(1,853,472	)		(324,437	)		(3,754,178	)
Service Shares
Shares sold		127,508			1,143,049			82,662			970,133
Reinvestment of distributions		—			—			28,972			360,700
Shares redeemed		(64,856	)		(689,645	)		(461,347	)		(5,428,381	)
		62,652			453,404			(349,713	)		(4,097,548	)
NET DECREASE		(84,202	)	$	(1,400,068)			(674,150	)	$	(7,851,726	)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Liquidity Risk Management Program

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that the Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Fund Expenses — Six Month Period Ended June 30, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 day year.

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

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

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

Share Class	Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*
Institutional
Actual	$	1,000	$	840.70		$	3.71
Hypothetical 5% return		1,000		1,020.84	+		4.07
Service
Actual		1,000		840.10			4.85
Hypothetical 5% return		1,000		1,019.59	+		5.32

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

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.81% and 1.06% for Institutional and Service Shares, respectively.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

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

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

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

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

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

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data

28

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

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

Provider as of March 31, 2020. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

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

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five-, and ten-year periods and in the third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2020.

Costs of Services Provided and Competitive Information

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

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

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

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

29

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

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

Economies of Scale

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

First $2 billion	0.70	%
Next $3 billion	0.63
Next $3 billion	0.60
Over $8 billion	0.59

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

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

30

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2021.

31

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

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

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

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

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

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

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

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

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

Fund holdings and allocations shown are as of June 30, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

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

© 2020 Goldman Sachs. All rights reserved.

VITSCSAR-20/211857-OTU-1243150

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

Strategic Growth Fund

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

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

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

Semi-Annual Report

June 30, 2020

Goldman Sachs Variable Insurance Trust Strategic Growth Fund

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

1

FUND BASICS

Strategic Growth Fund

as of June 30, 2020

PERFORMANCE REVIEW

January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			Russell 1000® Growth Index2
Institutional		9.24	%		9.81	%
Service		9.07			9.81

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 1000^® Growth Index (with dividends reinvested) 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 unmanaged index.

The returns set forth in the table above 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 above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

2

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/20^3,4

Holding	% of Net Assets		Line of Business
Microsoft Corp.		6.6%	Software & Services
Apple, Inc.		6.6	Technology Hardware & Equipment
Amazon.com, Inc.		5.0	Retailing
Facebook, Inc. Class A		4.7	Media & Entertainment
Visa, Inc. Class A		3.4	Software & Services
Alphabet, Inc. Class A		3.3	Media & Entertainment
Adobe, Inc.		2.9	Software & Services
Mastercard, Inc. Class A		2.7	Software & Services
NVIDIA Corp.		2.5	Semiconductors & Semiconductor Equipment
PayPal Holdings, Inc.		2.4	Software & Services

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

⁴  The Fund’s overall top ten holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund) which represents 2.7% of the Fund’s net assets as of June 30, 2020.

FUND vs. BENCHMARK SECTOR ALLOCATIONS⁵

As of June 30, 2020

* Percentage is less than 0.05.

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). 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.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 97.3%
Automobiles & Components – 2.1%
	34,004	Aptiv plc	$	2,649,591
	4,749	Tesla, Inc.*		5,128,018
				7,777,609
Capital Goods – 2.2%
	12,497	Boeing Co. (The)		2,290,700
	16,512	Deere & Co.		2,594,861
	7,685	Honeywell International, Inc.		1,111,174
	6,825	Northrop Grumman Corp.		2,098,278
				8,095,013
Commercial & Professional Services – 0.8%
	17,587	Verisk Analytics, Inc.		2,993,307
Consumer Durables & Apparel – 2.9%
	8,964	Lululemon Athletica, Inc.*		2,796,858
	69,625	NIKE, Inc. Class B		6,826,731
	22,920	PVH Corp.		1,101,306
				10,724,895
Consumer Services – 1.6%
	36,175	Las Vegas Sands Corp.		1,647,409
	22,446	McDonald’s Corp.		4,140,614
				5,788,023
Diversified Financials – 1.7%
	17,985	Cboe Global Markets, Inc.		1,677,641
	52,064	Charles Schwab Corp. (The)		1,756,639
	29,283	Intercontinental Exchange, Inc.		2,682,323
				6,116,603
Food & Staples Retailing – 0.8%
	24,336	Walmart, Inc.		2,914,966
Food, Beverage & Tobacco – 3.2%
	95,605	Coca-Cola Co. (The)		4,271,631
	12,373	McCormick & Co., Inc. (Non-Voting)		2,219,840
	26,741	Mondelez International, Inc. Class A		1,367,267
	54,808	Monster Beverage Corp.*		3,799,291
				11,658,029
Health Care Equipment & Services – 7.5%
	142,204	Boston Scientific Corp.*		4,992,782
	17,874	Danaher Corp.		3,160,659
	11,189	Guardant Health, Inc.*		907,764
	10,101	Humana, Inc.		3,916,663
	11,038	Insulet Corp.*		2,144,242
	5,249	Intuitive Surgical, Inc.*		2,991,038
	12,297	UnitedHealth Group, Inc.		3,627,000
	9,589	Veeva Systems, Inc. Class A*		2,247,853
	14,077	West Pharmaceutical Services, Inc.		3,197,872
				27,185,873
Household & Personal Products – 1.0%
	18,551	Estee Lauder Cos., Inc. (The) Class A		3,500,203
Common Stocks – (continued)
Materials – 2.2%
	11,968	Ecolab, Inc.		2,381,034
	9,551	Linde plc		2,025,863
	6,463	Martin Marietta Materials, Inc.		1,335,062
	4,157	Sherwin-Williams Co. (The)		2,402,122
				8,144,081
Media & Entertainment – 12.1%
	8,369	Alphabet, Inc. Class A*		11,867,661
	5,126	Alphabet, Inc. Class C*		7,246,165
	75,830	Facebook, Inc. Class A*		17,218,718
	17,303	Netflix, Inc.*		7,873,557
				44,206,101
Pharmaceuticals, Biotechnology & Life Sciences – 8.6%
	12,297	10X Genomics, Inc. Class A*		1,098,245
	51,675	Adaptive Biotechnologies Corp.*		2,500,036
	64,875	AstraZeneca plc ADR		3,431,239
	24,935	BioMarin Pharmaceutical, Inc.*		3,075,483
	68,186	Bristol-Myers Squibb Co.		4,009,337
	26,839	Eli Lilly and Co.		4,406,427
	12,210	Illumina, Inc.*		4,521,973
	45,947	Immunomedics, Inc.*		1,628,362
	3,887	Regeneron Pharmaceuticals, Inc.*		2,424,128
	15,617	Sarepta Therapeutics, Inc.*		2,504,030
	9,572	Seattle Genetics, Inc.*		1,626,474
				31,225,734
Real Estate Investment Trusts – 2.3%
	18,145	American Tower Corp.		4,691,208
	5,086	Equinix, Inc.		3,571,898
				8,263,106
Retailing – 6.5%
	6,619	Amazon.com, Inc.*		18,260,630
	34,581	Ross Stores, Inc.		2,947,684
	11,777	Ulta Beauty, Inc.*		2,395,677
				23,603,991
Semiconductors & Semiconductor Equipment – 6.2%
	15,514	Analog Devices, Inc.		1,902,637
	23,509	NVIDIA Corp.		8,931,304
	32,027	NXP Semiconductors NV		3,652,359
	90,080	QUALCOMM, Inc.		8,216,197
				22,702,497
Software & Services – 26.6%
	24,101	Accenture plc Class A		5,174,967
	24,592	Adobe, Inc.*		10,705,143
	18,360	Atlassian Corp. plc Class A*		3,309,757
	33,096	Fidelity National Information Services, Inc.		4,437,843
	9,187	HubSpot, Inc.*		2,061,103
	33,800	Mastercard, Inc. Class A		9,994,660
	118,657	Microsoft Corp.		24,147,886
	50,820	PayPal Holdings, Inc.*		8,854,369
	23,398	salesforce.com, Inc.*		4,383,147

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Shares		Description	Value
Common Stocks – (continued)
Software & Services – (continued)
	12,243	ServiceNow, Inc.*	$	4,959,150
	64,783	Visa, Inc. Class A		12,514,132
	33,816	Workday, Inc. Class A*		6,335,766
				96,877,923
Technology Hardware & Equipment – 7.5%
	36,099	Amphenol Corp. Class A		3,458,645
	65,457	Apple, Inc.		23,878,714
				27,337,359
Transportation – 1.5%
	26,835	CSX Corp.		1,871,473
	21,133	Union Pacific Corp.		3,572,956
				5,444,429
	TOTAL COMMON STOCKS
	(Cost $200,225,019)		$	354,559,742
Shares		Dividend Rate	Value
Investment Company(a) – 2.7%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	9,828,693	0.155%	$	9,828,693
	(Cost $9,828,693)
	TOTAL INVESTMENTS – 100.0%
	(Cost $210,053,712)		$	364,388,435
	LIABILITIES IN EXCESS OF OTHER ASSETS – 0.0%			(96,135	)
	NET ASSETS – 100.0%		$	364,292,300

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

Investment Abbreviation:
ADR	—American Depositary Receipt

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $200,225,019)	$	354,559,742
Investments in affiliated issuers, at value (cost $9,828,693)		9,828,693
Cash		237,540
Receivables:
Fund shares sold		212,438
Dividends		133,925
Reimbursement from investment adviser		21,679
Securities lending income		5,442
Total assets		364,999,459
Liabilities:
Payables:
Fund shares redeemed		242,979
Management fees		208,681
Distribution and Service fees and Transfer Agency fees		52,149
Accrued expenses		203,350
Total liabilities		707,159
Net Assets:
Paid-in capital		191,355,353
Total distributable earnings (loss)		172,936,947
NET ASSETS	$	364,292,300
Net Assets:
Institutional	$	136,077,067
Service		228,215,233
Total Net Assets	$	364,292,300
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		10,464,402
Service		17,562,726
Net asset value, offering and redemption price per share:
Institutional		$13.00
Service		12.99

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $3,110)	$	1,475,718
Dividends — affiliated issuers		7,057
Securities lending income — unaffiliated issuer		5,917
Total investment income		1,488,692
Expenses:
Management fees		1,169,086
Distribution and Service fees — Service Shares		255,838
Printing and mailing costs		51,444
Professional fees		45,232
Custody, accounting and administrative services		33,243
Transfer Agency fees(a)		32,929
Trustee fees		9,711
Other		5,284
Total expenses		1,602,767
Less — expense reductions		(125,695	)
Net expenses		1,477,072
NET INVESTMENT INCOME		11,620
Realized and unrealized gain:
Net realized gain from investments — unaffiliated issuers		18,113,408
Net change in unrealized gain on investments — unaffiliated issuers		102,580
Net realized and unrealized gain		18,215,988
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,227,608

(a) Institutional and Service Shares incurred Transfer Agency fees of $12,464 and $20,465, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	11,620		$	435,982
Net realized gain		18,113,408			18,838,812
Net change in unrealized gain		102,580			74,794,292
Net increase in net assets resulting from operations		18,227,608			94,069,086
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(13,128,250	)
Service Shares		—			(24,038,886	)
Total distributions to shareholders		—			(37,167,136	)
From share transactions:
Proceeds from sales of shares		74,571,253			99,931,813
Reinvestment of distributions		—			37,167,136
Cost of shares redeemed		(99,567,235	)		(64,553,057	)
Net increase (decrease) in net assets resulting from share transactions		(24,995,982	)		72,545,892
TOTAL INCREASE (DECREASE)		(6,768,374	)		129,447,842
Net Assets:
Beginning of period		371,060,674			241,612,832
End of period	$	364,292,300		$	371,060,674

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.90		$	9.78		$	19.73		$	15.83		$	15.62		$	16.16
Net investment income(a)		0.01			0.03			0.06			0.09			0.07			0.09	(b)
Net realized and unrealized gain (loss)		1.09			3.43			(0.18	)		4.77			0.24			0.46
Total from investment operations		1.10			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 period	$	13.00		$	11.90		$	9.78		$	19.73		$	15.83		$	15.62
Total return(d)		9.24	%		35.53	%		(1.04	)%		30.66	%		1.98	%		3.40	%
Net assets, end of period (in 000s)	$	136,077		$	129,686		$	102,199		$	115,693		$	98,090		$	109,801
Ratio of net expenses to average net assets		0.74	%(e)		0.77	%		0.74	%		0.76	%		0.79	%		0.79	%
Ratio of total expenses to average net assets		0.82	%(e)		0.85	%		0.82	%		0.82	%		0.84	%		0.83	%
Ratio of net investment income to average net assets		0.15	%(e)		0.29	%		0.30	%		0.48	%		0.48	%		0.55	%(b)
Portfolio turnover rate(f)		39	%		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) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Strategic Growth Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	11.91		$	9.78		$	19.68		$	15.79		$	15.59		$	16.13
Net investment income(a)		—	(b)		0.01			0.01			0.04			0.03			0.05	(c)
Net realized and unrealized gain (loss)		1.08			3.43			(0.18	)		4.76			0.23			0.46
Total from investment operations		1.08			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	)		—	(b)		(1.03	)
Total distributions		—			(1.31	)		(9.73	)		(0.91	)		(0.06	)		(1.05	)
Net asset value, end of period	$	12.99		$	11.91		$	9.78		$	19.68		$	15.79		$	15.59
Total return(d)		9.07	%		35.32	%		(1.32	)%		30.36	%		1.69	%		3.14	%
Net assets, end of period (in 000s)	$	228,215		$	241,375		$	139,414		$	425,679		$	368,242		$	360,966
Ratio of net expenses to average net assets		0.99	%(e)		1.02	%		0.99	%		1.01	%		1.04	%		1.04	%
Ratio of total expenses to average net assets		1.07	%(e)		1.10	%		1.07	%		1.07	%		1.08	%		1.08	%
Ratio of net investment income (loss) to average net assets		(0.08	)%(e)		0.04	%		0.04	%		0.23	%		0.22	%		0.29	%(c)
Portfolio turnover rate(f)		39	%		44	%		41	%		37	%		72	%		56	%

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

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

(c) Reflects income recognized from special dividends which amounted to $0.03 per share and 0.20% of average net assets.

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

(e) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements

June 30, 2020 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

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

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. 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.

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.

11

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

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.

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.

12

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of June 30, 2020:

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	9,109,461	$	—	$	—
North America		345,450,281		—		—
Investment Company		9,828,693		—		—
Total	$	364,388,435	$	—	$	—

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

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

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended June 30, 2020, 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.

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2020, GSAM waived $2,720 of the Fund’s management fee.

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

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

13

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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 29, 2021, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2020, 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
$2,720	$	1,117	$	121,858	$	125,695

E.  Line of Credit Facility — As of June 30, 2020, the Fund participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2020, the Fund did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

F.  Other Transactions with Affiliates — For the six months ended June 30, 2020, Goldman Sachs earned $857 in brokerage commissions from portfolio transactions.

The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2020:

Beginning Value as of December 31, 2019	Purchases at Cost		Proceeds from Sales		Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income from Affiliated Investment Company
$1,563,204	$	76,596,325	$	(68,330,836)	$	9,828,693		9,828,693	$	7,057

5.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, were $128,327,951 and $161,660,055, respectively.

6.    SECURITIES LENDING

The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund,

14

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

6.    SECURITIES LENDING (continued)

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 June 30, 2020, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable. The Fund did not have securities on loan as of June 30, 2020.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2020, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2020:

Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020
$	1,651,105	$	7,164,461	$	(8,815,566	)	$	—

7.    TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2019, the Fund’s certain timing differences, on a tax-basis were as follows:

Timing differences (Post October Loss Deferral) $ (28,908 ) 

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

7.    TAX INFORMATION (continued)

As of June 30, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	210,447,333
Gross unrealized gain		155,636,937
Gross unrealized loss		(1,695,835	)
Net unrealized gain	$	153,941,102

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

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

8.    OTHER RISKS

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

Investments in Other Investment Companies Risk — As a shareholder of another investment company, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

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

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. 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). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

9.    INDEMNIFICATIONS

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

10.    SUBSEQUENT EVENTS

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

11.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		320,068		$	3,715,181			583,898		$	7,062,304
Reinvestment of distributions		—			—			1,118,249			13,128,250
Shares redeemed		(750,378	)		(8,701,945	)		(1,261,183	)		(14,783,803	)
		(430,310	)		(4,986,764	)		440,964			5,406,751
Service Shares
Shares sold		6,112,146			70,856,072			8,337,088			92,869,509
Reinvestment of distributions		—			—			2,045,863			24,038,886
Shares redeemed		(8,816,928	)		(90,865,290	)		(4,367,583	)		(49,769,254	)
		(2,704,782	)		(20,009,218	)		6,015,368			67,139,141
NET INCREASE (DECREASE)		(3,135,092	)	$	(24,995,982	)		6,456,332		$	72,545,892

17

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Liquidity Risk Management Program

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that the Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

18

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Fund Expenses — Six Month Period Ended June 30, 2020 (Unaudited) 

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 day year.

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

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

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

Share Class	Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*
Institutional
Actual	$	1,000	$	1,092.40		$	3.85
Hypothetical 5% return		1,000		1,021.18	+		3.72
Service
Actual		1,000		1,090.70			5.15
Hypothetical 5% return		1,000		1,019.94	+		4.97

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

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.74%, and 0.99% for Institutional and Service Shares, respectively.

19

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

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

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

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

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

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

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its

21

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

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

performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

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

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020.

Costs of Services Provided and Competitive Information

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

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

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

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

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

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

First $1 billion	0.71	%
Next $1 billion	0.64
Next $3 billion	0.61
Next $3 billion	0.59
Over $8 billion	0.58

22

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

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

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

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2021.

23

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

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

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

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

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

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

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

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

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

Fund holdings and allocations shown are as of June 30, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

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

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

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

© 2020 Goldman Sachs. All rights reserved.

VITGRWSAR-20/211773-OTU-1244916

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

International Equity Insights Fund

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

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

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

Semi-Annual Report

June 30, 2020

Goldman Sachs Variable Insurance Trust International Equity Insights Fund

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

1

FUND BASICS

International Equity Insights Fund

as of June 30, 2020

PERFORMANCE REVIEW

January 1, 2020-June 30, 2020	Fund Total Return (based on NAV)1			MSCI EAFE Standard Index2
Institutional		-11.60	%		-11.34	%
Service		-11.66			-11.34

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  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.

The returns set forth in the table above 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 above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

2

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/20³

Holding	% of Net Assets		Line of Business	Country
Nestle SA (Registered)		3.0%	Food, Beverage & Tobacco	Switzerland
Roche Holding AG		2.5	Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Novartis AG (Registered)		2.1	Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
ASML Holding NV		1.8	Semiconductors & Semiconductor Equipment	Netherlands
Novo Nordisk A/S Class B		1.5	Pharmaceuticals, Biotechnology & Life Sciences	Denmark
Schneider Electric SE		1.2	Capital Goods	France
Allianz SE (Registered)		1.2	Insurance	Germany
Enel SpA		1.1	Utilities	Italy
Zurich Insurance Group AG		1.1	Insurance	Switzerland
Diageo plc		1.1	Food, Beverage & Tobacco	United Kingdom

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2020

⁴ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

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.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 98.2%
Australia – 7.9%
	10,213	ASX Ltd. (Diversified Financials)	$	607,044
	56,559	Aurizon Holdings Ltd. (Transportation)		192,463
	20,600	Beach Energy Ltd. (Energy)		22,007
	19,796	BHP Group Ltd. (Materials)		492,879
	38,194	BHP Group plc (Materials)		781,566
	68,714	Brambles Ltd. (Commercial & Professional Services)		521,017
	103,899	Evolution Mining Ltd. (Materials)		412,738
	57,641	Fortescue Metals Group Ltd. (Materials)		560,367
	15,197	Goodman Group (REIT)		156,806
	8,051	IGO Ltd. (Materials)		27,470
	4,847	Magellan Financial Group Ltd. (Diversified Financials)		197,930
	5,372	Newcrest Mining Ltd. (Materials)		119,119
	5,734	Rio Tinto Ltd. (Materials)		392,628
	14,333	Rio Tinto plc ADR (Materials)		805,228
	95,942	Santos Ltd. (Energy)		356,576
	4,144	Wesfarmers Ltd. (Retailing)		128,846
	11,543	Woodside Petroleum Ltd. (Energy)		174,445
				5,949,129
Austria – 0.0%
	687	OMV AG (Energy)*		23,182
Belgium – 0.7%
	2,423	Galapagos NV (Pharmaceuticals, Biotechnology & Life Sciences)*		478,246
	273	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)		31,681
				509,927
Cambodia – 0.3%
	202,000	NagaCorp Ltd. (Consumer Services)		235,643
China – 1.0%
	9,500	ENN Energy Holdings Ltd. (Utilities)		107,354
	59,000	Fosun International Ltd. (Capital Goods)		75,616
	174,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)		271,051
	278,000	Uni-President China Holdings Ltd. (Food, Beverage & Tobacco)		278,085
				732,106
Denmark – 2.2%
	17,168	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,118,456
	5,520	Vestas Wind Systems A/S (Capital Goods)		565,264
				1,683,720
Finland – 0.7%
	4,699	Neste OYJ (Energy)		184,558
Common Stocks – (continued)
Finland – (continued)
	8,669	Nokia OYJ (Technology Hardware & Equipment)		37,883
	11,674	Valmet OYJ (Capital Goods)		305,973
				528,414
France – 8.7%
	14,108	BNP Paribas SA (Banks)*		563,671
	7,168	Bouygues SA (Capital Goods)*		245,536
	4,264	Capgemini SE (Software & Services)		492,072
	692	Christian Dior SE (Consumer Durables & Apparel)		294,428
	25,258	Credit Agricole SA (Banks)*		239,842
	7,027	Danone SA (Food, Beverage & Tobacco)		487,767
	1,373	Eiffage SA (Capital Goods)*		125,858
	381	Hermes International (Consumer Durables & Apparel)		319,891
	8,545	Legrand SA (Capital Goods)		649,270
	332	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)		146,576
	8,011	Natixis SA (Diversified Financials)*		21,129
	1,625	Peugeot SA (Automobiles & Components)*		26,649
	4,954	Publicis Groupe SA (Media & Entertainment)		160,931
	4,798	Rexel SA (Capital Goods)		54,991
	2,795	Safran SA (Capital Goods)*		281,153
	2,615	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		266,690
	1,533	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		388,673
	8,247	Schneider Electric SE (Capital Goods)		917,369
	5,582	SCOR SE (Insurance)*		154,165
	494	Teleperformance (Commercial & Professional Services)*		125,813
	7,526	TOTAL SA (Energy)		290,191
	8,497	Valeo SA (Automobiles & Components)		224,112
	2,537	Vivendi SA (Media & Entertainment)		65,555
				6,542,332
Germany – 6.3%
	4,400	Allianz SE (Registered) (Insurance)		899,107
	5,378	Aurubis AG (Materials)		332,462
	625	Bechtle AG (Software & Services)		110,775
	4,279	Deutsche Boerse AG (Diversified Financials)		774,400
	21,556	Deutsche Post AG (Registered) (Transportation)		791,534
	3,526	Deutsche Telekom AG (Registered) (Telecommunication Services)		59,164

4 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)
Germany – (continued)
	3,984	DWS Group GmbH & Co. KGaA (Diversified Financials)*(a)	$	145,165
	2,486	Freenet AG (Telecommunication Services)		39,922
	1,370	Fresenius Medical Care AG & Co. KGaA (Health Care Equipment & Services)		117,861
	901	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		83,266
	2,202	HelloFresh SE (Retailing)*		117,796
	144	Henkel AG & Co. KGaA (Household & Personal Products)		12,047
	4,396	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)(b)		410,119
	372	MorphoSys AG (Pharmaceuticals, Biotechnology & Life Sciences)*		47,165
	2,309	Nemetschek SE (Software & Services)		158,657
	953	Porsche Automobil Holding SE (Preference) (Automobiles & Components)*,(b)		55,197
	4,886	Scout24 AG (Media & Entertainment)(a)		378,019
	1,322	Siltronic AG (Semiconductors & Semiconductor Equipment)		135,563
	1,466	Software AG (Software & Services)		59,212
				4,727,431
Hong Kong – 1.1%
	4,000	CK Asset Holdings Ltd. (Real Estate)		23,987
	16,000	CLP Holdings Ltd. (Utilities)		157,140
	3,500	Jardine Matheson Holdings Ltd. (Capital Goods)		146,338
	39,500	Sun Hung Kai Properties Ltd. (Real Estate)		504,622
				832,087
Ireland – 0.1%
	1,275	Smurfit Kappa Group plc (Materials)		42,847
Israel – 0.1%
	2,710	Plus500 Ltd. (Diversified Financials)		44,202
Italy – 4.2%
	69,231	A2A SpA (Utilities)		98,407
	755	Banca Generali SpA (Diversified Financials)		22,702
	757	DiaSorin SpA (Health Care Equipment & Services)		145,379
	97,253	Enel SpA (Utilities)		841,087
	3,284	Ferrari NV (Automobiles & Components)		562,534
	365,868	Intesa Sanpaolo SpA (Banks)*		703,085
Common Stocks – (continued)
Italy – (continued)
	37,242	Poste Italiane SpA (Insurance)(a)	$	325,318
	20,458	Prysmian SpA (Capital Goods)		474,592
				3,173,104
Japan – 27.2%
	1,200	Alps Alpine Co. Ltd. (Technology Hardware & Equipment)		15,467
	1,500	ASKUL Corp. (Retailing)		48,180
	42,600	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		711,401
	1,800	Beenos, Inc. (Retailing)		17,262
	17,200	Benesse Holdings, Inc. (Consumer Services)		461,297
	10,100	Chubu Electric Power Co., Inc. (Utilities)		126,674
	6,200	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		331,948
	4,300	Cleanup Corp. (Consumer Durables & Apparel)		22,871
	21,800	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		501,190
	23,900	DCM Holdings Co. Ltd. (Retailing)		274,048
	34,800	DeNA Co. Ltd. (Media & Entertainment)		434,488
	13,800	Dentsu Group, Inc. (Media & Entertainment)		327,358
	4,600	Fuji Kosan Co. Ltd. (Energy)		18,915
	8,700	FUJIFILM Holdings Corp. (Technology Hardware & Equipment)		372,375
	5,800	Fujitsu Ltd. (Software & Services)		679,083
	1,100	Glory Ltd. (Capital Goods)		25,091
	1,600	Hikari Tsushin, Inc. (Retailing)		365,837
	18,700	Hitachi Ltd. (Technology Hardware & Equipment)		594,376
	1,700	Ibiden Co. Ltd. (Technology Hardware & Equipment)		49,759
	3,400	Ichinen Holdings Co. Ltd. (Transportation)		37,872
	3,500	Itochu Enex Co. Ltd. (Energy)		28,440
	1,000	Izumi Co. Ltd. (Retailing)		31,700
	313	Japan Retail Fund Investment Corp. (REIT)		391,494
	23,900	Kamigumi Co. Ltd. (Transportation)		470,029
	18,700	KDDI Corp. (Telecommunication Services)		557,955
	800	Kohnan Shoji Co. Ltd. (Retailing)		25,222
	2,100	Komeri Co. Ltd. (Retailing)		53,860
	14,100	Konami Holdings Corp. (Media & Entertainment)		470,501
	17,100	K’s Holdings Corp. (Retailing)		233,588

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	500	Kurabo Industries Ltd. (Consumer Durables & Apparel)	$	10,526
	3,800	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		138,087
	9,000	Mazda Motor Corp. (Automobiles & Components)		54,377
	6,300	MEIJI Holdings Co. Ltd. (Food, Beverage & Tobacco)		501,330
	12,400	Mitsubishi Materials Corp. (Materials)		261,832
	5,500	MrMax Holdings Ltd. (Retailing)		30,963
	12,900	NEC Networks & System Integration Corp. (Software & Services)		263,898
	24,100	Nexon Co. Ltd. (Media & Entertainment)		543,610
	5,700	Nippon Kayaku Co. Ltd. (Materials)		59,630
	17,100	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		398,421
	2,700	Nitori Holdings Co. Ltd. (Retailing)		529,386
	2,200	Nitto Denko Corp. (Materials)		124,718
	5,300	NOK Corp. (Automobiles & Components)		66,014
	9,900	Nomura Research Institute Ltd. (Software & Services)		270,396
	13,900	NTT DOCOMO, Inc. (Telecommunication Services)		369,017
	500	OBIC Business Consultants Co. Ltd. (Software & Services)		26,589
	12,800	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		373,588
	41,800	ORIX Corp. (Diversified Financials)		519,041
	11,200	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		488,118
	18,600	Panasonic Corp. (Consumer Durables & Apparel)		163,104
	11,000	Rakuten, Inc. (Retailing)		97,163
	14,800	Sankyo Co. Ltd. (Consumer Durables & Apparel)		358,240
	1,000	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		51,398
	2,000	Secom Co. Ltd. (Commercial & Professional Services)		175,485
	38,600	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		462,707
	18,700	Seven & i Holdings Co. Ltd. (Food & Staples Retailing)		611,743
	4,900	Shimachu Co. Ltd. (Retailing)		136,185
Common Stocks – (continued)
Japan – (continued)
	9,000	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		564,600
	25,700	Softbank Corp. (Telecommunication Services)		327,578
	5,900	SoftBank Group Corp. (Telecommunication Services)	$	297,523
	1,400	Square Enix Holdings Co. Ltd. (Media & Entertainment)		70,930
	2,100	St Marc Holdings Co. Ltd. (Consumer Services)		32,399
	25,100	Subaru Corp. (Automobiles & Components)		525,586
	22,500	Sumitomo Electric Industries Ltd. (Automobiles & Components)		259,553
	9,500	Sundrug Co. Ltd. (Food & Staples Retailing)		314,410
	21,300	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		765,266
	24,700	TIS, Inc. (Software & Services)		522,964
	2,900	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		715,557
	5,800	Tokyo Individualized Educational Institute, Inc. (Consumer Services)		27,873
	30,000	Toppan Printing Co. Ltd. (Commercial & Professional Services)		501,568
	4,900	Towa Corp. (Semiconductors & Semiconductor Equipment)		53,281
	2,500	Toyo Seikan Group Holdings Ltd. (Materials)		28,193
	200	Toyota Motor Corp. (Automobiles & Components)		12,577
	1,100	Welcia Holdings Co. Ltd. (Food & Staples Retailing)		88,866
	92,900	Yamada Denki Co. Ltd. (Retailing)		460,822
	900	Yamaha Motor Co. Ltd. (Automobiles & Components)		14,175
	3,400	Zenkoku Hosho Co. Ltd. (Diversified Financials)		128,445
				20,476,013
Luxembourg – 0.2%
	281	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)*		177,237
Netherlands – 6.4%
	3,784	ASM International NV (Semiconductors & Semiconductor Equipment)		582,534
	3,653	ASML Holding NV (Semiconductors & Semiconductor Equipment)		1,336,316

6 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)
Netherlands – (continued)
	3,038	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)	$	134,704
	3,446	Euronext NV (Diversified Financials)(a)		346,855
	22,202	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)		605,095
	1,792	Koninklijke DSM NV (Materials)		248,762
	12,408	Koninklijke Philips NV (Health Care Equipment & Services)*		578,805
	13,097	Signify NV (Capital Goods)*(a)		336,724
	8,499	Wolters Kluwer NV (Commercial & Professional Services)		663,820
				4,833,615
New Zealand – 0.5%
	3,782	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)		87,125
	4,466	Xero Ltd. (Software & Services)*		280,533
				367,658
Norway – 1.7%
	37,640	DNB ASA (Banks)		502,400
	14,968	Orkla ASA (Food, Beverage & Tobacco)		131,413
	4,046	Salmar ASA (Food, Beverage & Tobacco)*		193,825
	13,430	Yara International ASA (Materials)		468,201
				1,295,839
Singapore – 1.4%
	33,200	DBS Group Holdings Ltd. (Banks)		499,555
	160,100	Frencken Group Ltd. (Capital Goods)		102,035
	74,100	Singapore Exchange Ltd. (Diversified Financials)		445,909
				1,047,499
South Africa – 0.5%
	15,508	Anglo American plc (Materials)		357,509
Spain – 1.3%
	18,312	ACS Actividades de Construccion y Servicios SA (Capital Goods)		470,599
	119,316	Banco Santander SA (Banks)		291,902
	3,538	Cellnex Telecom SA (Telecommunication Services)(a)		216,093
				978,594
Sweden – 3.6%
	19,767	Boliden AB (Materials)		453,385
	16,536	Essity AB Class B (Household & Personal Products)*		536,120
	2,200	Investor AB Class A (Diversified Financials)		115,671
Common Stocks – (continued)
Sweden – (continued)
	8,817	Investor AB Class B (Diversified Financials)		467,723
	4,966	Kinnevik AB Class B (Diversified Financials)		131,089
	16,096	Sandvik AB (Capital Goods)*		303,019
	2,926	SKF AB Class B (Capital Goods)		54,697
	8,929	Swedish Match AB (Food, Beverage & Tobacco)		629,992
				2,691,696
Switzerland – 11.8%
	1,293	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		684,899
	20,404	Nestle SA (Registered) (Food, Beverage & Tobacco)		2,262,204
	18,061	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,573,494
	5,465	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		1,893,347
	2,346	Sonova Holding AG (Registered) (Health Care Equipment & Services)*		469,611
	21,650	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		591,446
	1,070	Swiss Life Holding AG (Registered) (Insurance)		398,060
	467	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		165,509
	2,303	Zurich Insurance Group AG (Insurance)		816,023
				8,854,593
United Kingdom – 10.2%
	50,984	3i Group plc (Diversified Financials)		524,982
	12,340	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)		652,663
	39,428	Aviva plc (Insurance)		133,636
	41,421	Barratt Developments plc (Consumer Durables & Apparel)		254,579
	23,816	boohoo Group plc (Retailing)*		121,960
	11,737	British American Tobacco plc (Food, Beverage & Tobacco)		450,147
	82,041	BT Group plc (Telecommunication Services)		116,027
	39,000	CK Hutchison Holdings Ltd. (Capital Goods)		252,548
	24,395	Diageo plc (Food, Beverage & Tobacco)		810,825

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	5,360	Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)*	$	244,998
	84,554	Direct Line Insurance Group plc (Insurance)		283,514
	21,137	Experian plc (Commercial & Professional Services)		741,885
	3,408	HomeServe plc (Commercial & Professional Services)		55,097
	29,017	Imperial Brands plc (Food, Beverage & Tobacco)		552,386
	46,993	Legal & General Group plc (Insurance)		128,114
	1,844	London Stock Exchange Group plc (Diversified Financials)		191,767
	2,854	Reckitt Benckiser Group plc (Household & Personal Products)		262,564
	29,822	RELX plc (Commercial & Professional Services)		690,253
	15,019	Segro plc (REIT)		166,110
	23,365	SSE plc (Utilities)		395,642
	5,879	Unilever plc ADR (Household & Personal Products)		322,640
	18,063	Vodafone Group plc ADR (Telecommunication Services)		287,924
				7,640,261
United States – 0.1%
	3,782	Carnival plc ADR (Consumer Services)		47,578
	TOTAL COMMON STOCKS
	(Cost $71,327,254)		$	73,792,216

Units		Description	Expiration Month		Value
Right* – 0.1%
Spain – 0.1%
	18,312	ACS Actividades de Construccion y Servicios SA (Capital Goods)		07/2020	$	28,566
	(Cost $28,834)
	TOTAL INVESTMENTS – 98.3%
	(Cost $71,356,088)				$	73,820,782
	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.7%					1,304,173
	NET ASSETS – 100.0%				$	75,124,955

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Statement of Assets and Liabilities

June 30, 2020 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $71,356,088)	$	73,820,782
Cash		220,521
Foreign currencies, at value (cost $676,557)		679,075
Receivables:
Investments sold		3,162,511
Foreign tax reclaims		454,848
Fund shares sold		82,058
Dividends		78,106
Reimbursement from investment adviser		37,131
Securities lending income		414
Due from broker		225
Total assets		78,535,671
Liabilities:
Payables:
Investments purchased		3,078,456
Management fees		49,908
Distribution and Service fees and Transfer Agency fees		8,660
Fund shares redeemed		1,562
Accrued expenses		272,130
Total liabilities		3,410,716
Net Assets:
Paid-in capital		87,891,143
Total distributable earnings (loss)		(12,766,188	)
NET ASSETS	$	75,124,955
Net Assets:
Institutional	$	38,928,039
Service		36,196,916
Total Net Assets	$	75,124,955
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		5,373,897
Service		4,980,747
Net asset value, offering and redemption price per share:
Institutional		$7.24
Service		7.27

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $114,353)	$	1,070,505
Securities lending income — affiliated issuer		2,863
Dividends — affiliated issuers		138
Total investment income		1,073,506
Expenses:
Management fees		313,818
Professional fees		77,352
Custody, accounting and administrative services		73,889
Printing and mailing costs		49,551
Distribution and Service fees — Service Shares		48,042
Trustee fees		9,469
Transfer Agency fees(a)		7,748
Other		6,578
Total expenses		586,447
Less — expense reductions		(201,087	)
Net expenses		385,360
NET INVESTMENT INCOME		688,146
Realized and unrealized loss:
Net realized loss from:
Investments — unaffiliated issuers		(8,195,156	)
Futures contracts		(127,027	)
Foreign currency transactions		(53,138	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(3,559,255	)
Futures contracts		8,850
Foreign currency translation		(19,812	)
Net realized and unrealized loss		(11,945,538	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,257,392	)

(a) Institutional and Service Shares incurred Transfer Agency fees of $3,905 and $3,843, respectively.

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	688,146		$	1,762,250
Net realized loss		(8,375,321	)		(5,158,069	)
Net change in unrealized gain (loss)		(3,570,217	)		17,726,059
Net increase (decrease) in net assets resulting from operations		(11,257,392	)		14,330,240
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(1,025,867	)
Service Shares		—			(1,031,832	)
Total distributions to shareholders		—			(2,057,699	)
From share transactions:
Proceeds from sales of shares		4,458,224			16,601,906
Reinvestment of distributions		—			2,057,699
Cost of shares redeemed		(10,592,420	)		(20,167,663	)
Net decrease in net assets resulting from share transactions		(6,134,196	)		(1,508,058	)
TOTAL INCREASE (DECREASE)		(17,391,588	)		10,764,483
Net Assets:
Beginning of period		92,516,543			81,752,060
End of period	$	75,124,955		$	92,516,543

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.19		$	7.08		$	10.88		$	8.75		$	9.19		$	9.26
Net investment income(a)		0.07			0.17			0.19			0.17			0.17	(b)		0.14	(c)
Net realized and unrealized gain (loss)		(1.02	)		1.14			(1.94	)		2.16			(0.42	)		(0.04	)
Total from investment operations		(0.95	)		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 period	$	7.24		$	8.19		$	7.08		$	10.88		$	8.75		$	9.19
Total return(e)		(11.60	)%		18.45	%		(16.28	)%		26.60	%		(2.72	)%		1.05	%
Net assets, end of period (in 000s)	$	38,928		$	43,632		$	37,829		$	41,512		$	37,061		$	41,737
Ratio of net expenses to average net assets		0.87	%(f)		0.90	%		0.87	%		0.87	%		0.89	%		0.89	%
Ratio of total expenses to average net assets		1.40	%(f)		1.31	%		1.23	%		1.02	%		1.06	%		1.06	%
Ratio of net investment income to average net assets		1.95	%(f)		2.14	%		1.79	%		1.69	%		1.94	%(b)		1.42	%(c)
Portfolio turnover rate(g)		88	%		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) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs International Equity Insights Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	8.23		$	7.11		$	10.91		$	8.78		$	9.21		$	9.28
Net investment income(a)		0.06			0.15			0.14			0.14			0.15	(b)		0.12	(c)
Net realized and unrealized gain (loss)		(1.02	)		1.15			(1.93	)		2.16			(0.42	)		(0.05	)
Total from investment operations		(0.96	)		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 period	$	7.27		$	8.23		$	7.11		$	10.91		$	8.78		$	9.21
Total return(e)		(11.66	)%		18.23	%		(16.55	)%		26.21	%		(2.86	)%		0.77	%
Net assets, end of period (in 000s)	$	36,197		$	48,884		$	43,923		$	123,778		$	105,362		$	116,811
Ratio of net expenses to average net assets		1.12	%(f)		1.15	%		1.12	%		1.12	%		1.14	%		1.14	%
Ratio of total expenses to average net assets		1.64	%(f)		1.55	%		1.43	%		1.27	%		1.31	%		1.31	%
Ratio of net investment income to average net assets		1.60	%(f)		1.89	%		1.30	%		1.44	%		1.68	%(b)		1.18	%(c)
Portfolio turnover rate(g)		88	%		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) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

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

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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements

June 30, 2020 (Unaudited)

1.    ORGANIZATION

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

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

2.    SIGNIFICANT ACCOUNTING POLICIES

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

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.

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.

14

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

E.  Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in United States (“U.S.”) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within 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. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under 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,

15

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying 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.

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 the 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.

16

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2020:

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—	$	357,509	$	—
Asia			$	23,367,550
Australia and Oceania		805,228		5,511,559		—
Europe		2,505,852		41,225,506		—
North America		47,578		—		—
Total	$	3,358,658	$	70,462,124	$	—

(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.

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 Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2020. 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	$	(127,027	)	$	8,850		8

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2020.

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended June 30, 2020, 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^
	0.81%		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.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2020, GSAM waived $14 of the Fund’s management fee.

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

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

D.  Other Expense Agreements and Affiliated Transactions— GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.044%. The Other Expense limitation will remain in place through at least April 29, 2021, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2020, 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
$	14	$	1,266	$	199,807	$	201,087

E.  Line of Credit Facility— As of June 30, 2020, the Fund participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2020, the Fund did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F.Other Transactions with Affiliates— The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2020:

Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020		Shares as of June 30, 2020		Dividend Income from Affiliated Investment Company
$	—	$	527,357	$	(527,357	)	$	—		—	$	138

6.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, were $67,531,663 and $72,507,549, respectively.

7.    SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

7.    SECURITIES LENDING (continued)

the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2020, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

Both the Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2020, are reported under Investment Income on the Statement of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

For the Six months ended June 30, 2020
Earnings of GSAL Relating to Securities Loaned		Amount Received by the Fund from Lending to Goldman Sachs		Amount Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2020
$	318	$	—	$	—

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2020:

Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020
$	—	$	1,751,300	$	(1,751,300	)	$	—

8.    TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2019, the Fund’s capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

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	)

As of June 30, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	71,747,985
Gross unrealized gain		6,973,832
Gross unrealized loss		(4,901,035	)
Net unrealized gain	$	2,072,797

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.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

8.    TAX INFORMATION (continued)

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

9.    OTHER RISKS

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

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

Investments in Other Investment Companies Risk — As a shareholder of another investment company, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

9.    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. 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). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

10.    INDEMNIFICATIONS

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

11.    SUBSEQUENT EVENTS

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

12.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		483,481		$	3,527,873			558,464		$	4,460,851
Reinvestment of distributions		—			—			125,411			1,025,867
Shares redeemed		(434,986	)		(3,052,960	)		(703,402	)		(5,506,238	)
		48,495			474,913			(19,527	)		(19,520	)
Service Shares
Shares sold		139,068			930,351			1,537,107			12,141,055
Reinvestment of distributions		—			—			125,527			1,031,832
Shares redeemed		(1,098,469	)		(7,539,460	)		(1,901,273	)		(14,661,425	)
		(959,401	)		(6,609,109	)		(238,639	)		(1,488,538	)
NET DECREASE		(910,906	)	$	(6,134,196	)		(258,166	)	$	(1,508,058	)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Liquidity Risk Management Program

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that the Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Fund Expenses — Six Month Period Ended June 30, 2020  (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 day year.

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

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

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

Share Class	Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*
Institutional
Actual	$	1,000	$	884.00		$	4.08
Hypothetical 5% return		1,000		1,020.54	+		4.37
Service
Actual		1,000		883.40			5.24
Hypothetical 5% return		1,000		1,019.29	+		5.62

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

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2020. 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.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

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

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

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

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

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

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

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

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

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data

27

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

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

Provider as of March 31, 2020. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

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

The Trustees observed that the Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the ten-year period and in the fourth quartile for the one-, three-, and five-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

28

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:

First $1 billion	0.81	%
Next $1 billion	0.73
Next $3 billion	0.69
Next $3 billion	0.68
Over $8 billion	0.67

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Fund’s cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (j) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Fund’s ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Fund in connection with the program; and (i) the Fund’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

29

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2021.

30

TRUSTEES	OFFICERS
Jessica Palmer, Chair	James A. McNamara, President
Dwight L. Bush	Joseph F. DiMaria,
Kathryn A. Cassidy	Principal Financial Officer,
Diana M. Daniels	Principal Accounting Officer and Treasurer
Joaquin Delgado	Caroline L. Kraus, Secretary
James A. McNamara
Roy W. Templin
Gregory G. Weaver

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Fund holdings and allocations shown are as of June 30, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider the Fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs International Equity Insights Fund.

© 2020 Goldman Sachs. All rights reserved.

VITINTLSAR-20/211860-OTU-1243146

Goldman

Sachs Variable Insurance Trust

Goldman Sachs

U.S. Equity Insights Fund

Beginning on or after January 1, 2021, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company that offers your variable insurance contract or your financial intermediary, unless you specifically request paper copies of the reports from the insurance company or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the insurance company electronically by contacting your insurance company or your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform the insurance company or your financial intermediary that you wish to receive paper copies of reports. Your election to receive reports in paper will apply to all Goldman Sachs Funds available under your contract and may apply to all funds held with your financial intermediary.

Semi-Annual Report

June 30, 2020

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Goldman Sachs Variable Insurance Trust U.S. Equity Insights Fund

Recent Market Events related to COVID-19

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

1

FUND BASICS

Goldman Sachs Variable Insurance Trust U.S. Equity Insights Fund

as of June 30, 2020

PERFORMANCE REVIEW

January 1, 2020–June 30, 2020	Fund Total Return (based on NAV)1			S&P 500 Index2
Institutional		-1.45	%	-3.08%
Service		-1.55		-3.08

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  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. It is not possible to invest directly in an unmanaged index.

The returns set forth in the table above 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 above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.

2

FUND BASICS

TOP TEN HOLDINGS AS OF 6/30/20³

Holding	% of Net Assets		Line of Business
Apple, Inc.		6.8%	Technology Hardware & Equipment
Amazon.com, Inc.		5.5	Retailing
Microsoft Corp.		5.5	Software & Services
Facebook, Inc. Class A		2.4	Media & Entertainment
Alphabet, Inc. Class C		2.3	Media & Entertainment
Alphabet, Inc. Class A		2.0	Media & Entertainment
Procter & Gamble Co. (The)		1.9	Household & Personal Products
PayPal Holdings, Inc.		1.8	Software & Services
Bank of America Corp.		1.7	Banks
Home Depot, Inc. (The)		1.6	Retailing

³  The top 10 holdings may not be representative of the Fund’s future investments.

FUND vs. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2020

⁴ The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

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.

3

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – 99.4%
Automobiles & Components – 0.5%
	55,466	General Motors Co.	$	1,403,290
Banks – 5.2%
	208,636	Bank of America Corp.		4,955,105
	77,202	Citigroup, Inc.		3,945,022
	29,140	Citizens Financial Group, Inc.		735,493
	3,920	First Hawaiian, Inc.		67,581
	4,560	JPMorgan Chase & Co.		428,914
	35,644	Popular, Inc.		1,324,887
	15,595	US Bancorp		574,208
	96,723	Wells Fargo & Co.		2,476,109
	7,884	Western Alliance Bancorp		298,567
				14,805,886
Capital Goods – 4.0%
	373	AMETEK, Inc.		33,335
	13,628	Caterpillar, Inc.		1,723,942
	232,278	General Electric Co.		1,586,459
	30,540	Johnson Controls International plc		1,042,636
	10,473	Lockheed Martin Corp.		3,821,807
	20,787	Masco Corp.		1,043,715
	8,037	Raytheon Technologies Corp.		495,240
	3,464	Snap-on, Inc.		479,799
	3,652	Teledyne Technologies, Inc.*		1,135,589
				11,362,522
Commercial & Professional Services – 0.9%
	16,338	IHS Markit Ltd.		1,233,519
	14,901	TransUnion		1,296,983
				2,530,502
Consumer Durables & Apparel – 0.3%
	7,447	DR Horton, Inc.		412,936
	6,441	Lennar Corp. Class A		396,894
				809,830
Consumer Services – 1.9%
	2,218	Chipotle Mexican Grill, Inc.*		2,334,134
	8,109	Domino’s Pizza, Inc.		2,995,789
				5,329,923
Diversified Financials – 4.4%
	58,184	Ally Financial, Inc.		1,153,789
	5,791	Berkshire Hathaway, Inc. Class B*		1,033,751
	1,037	Charles Schwab Corp. (The)		34,988
	19,116	CME Group, Inc.		3,107,115
	17,302	Equitable Holdings, Inc.		333,755
	3,109	Interactive Brokers Group, Inc. Class A		129,863
	11,500	S&P Global, Inc.		3,789,020
	7,627	Starwood Property Trust, Inc. (REIT)		114,100
	27,079	Synchrony Financial		600,071
	49,999	Voya Financial, Inc.		2,332,453
				12,628,905
Energy – 2.1%
	24,607	Chevron Corp.		2,195,683
Common Stocks – (continued)
Energy – (continued)
	1,742	Concho Resources, Inc.		89,713
	42,512	EOG Resources, Inc.		2,153,658
	4,753	Kinder Morgan, Inc.		72,103
	4,106	Phillips 66		295,221
	5,046	Pioneer Natural Resources Co.		492,994
	93,007	TechnipFMC plc		636,168
				5,935,540
Food & Staples Retailing – 2.6%
	1,196	Casey’s General Stores, Inc.		178,826
	14,341	Costco Wholesale Corp.		4,348,334
	24,933	Walmart, Inc.		2,986,475
				7,513,635
Food, Beverage & Tobacco – 1.1%
	45,665	Monster Beverage Corp.*		3,165,498
Health Care Equipment & Services – 5.7%
	13,068	Abbott Laboratories		1,194,807
	9,158	Anthem, Inc.		2,408,371
	1,031	Cardinal Health, Inc.		53,808
	5,625	Cooper Cos., Inc. (The)		1,595,475
	2,395	CVS Health Corp.		155,603
	43,368	Edwards Lifesciences Corp.*		2,997,162
	1,041	HCA Healthcare, Inc.		101,039
	4,734	Humana, Inc.		1,835,608
	8,869	McKesson Corp.		1,360,682
	23,001	Medtronic plc		2,109,192
	739	Quidel Corp.*		165,344
	890	UnitedHealth Group, Inc.		262,506
	20,764	Universal Health Services, Inc. Class B		1,928,768
	545	West Pharmaceutical Services, Inc.		123,808
				16,292,173
Household & Personal Products – 1.9%
	45,168	Procter & Gamble Co. (The)		5,400,738
Insurance – 2.3%
	2,690	Allstate Corp. (The)		260,903
	6,698	American Financial Group, Inc.		425,055
	13,125	Aon plc Class A		2,527,875
	22,100	Athene Holding Ltd. Class A*		689,299
	35,713	Fidelity National Financial, Inc.		1,094,960
	9,144	Lincoln National Corp.		336,408
	797	Marsh & McLennan Cos., Inc.		85,574
	8,790	MetLife, Inc.		321,011
	8,165	Reinsurance Group of America, Inc.		640,463
	20,693	Unum Group		343,297
				6,724,845
Materials – 2.2%
	97,000	Amcor plc		990,370
	68,464	Axalta Coating Systems Ltd.*		1,543,863
	10,057	Dow, Inc.		409,923
	440	Linde plc		93,328

4 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	5,909	Sherwin-Williams Co. (The)	$	3,414,516
				6,452,000
Media & Entertainment – 11.4%
	3,955	Alphabet, Inc. Class A*		5,608,388
	4,697	Alphabet, Inc. Class C*		6,639,726
	2,187	Charter Communications, Inc. Class A*		1,115,457
	41,166	Comcast Corp. Class A		1,604,651
	30,200	Facebook, Inc. Class A*		6,857,514
	12,512	Liberty Broadband Corp. Class C*		1,550,988
	5,560	Netflix, Inc.*		2,530,022
	27,453	Omnicom Group, Inc.		1,498,934
	1,357	Spotify Technology SA*		350,364
	21,576	Take-Two Interactive Software, Inc.*		3,011,362
	206,592	Zynga, Inc. Class A*		1,970,888
				32,738,294
Pharmaceuticals, Biotechnology & Life Sciences – 7.5%
	29,019	AbbVie, Inc.		2,849,086
	9,014	Alexion Pharmaceuticals, Inc.*		1,011,731
	10,225	Biogen, Inc.*		2,735,699
	4,883	Bristol-Myers Squibb Co.		287,121
	12,095	Exelixis, Inc.*		287,135
	38,305	Gilead Sciences, Inc.		2,947,187
	9,228	Horizon Therapeutics plc*		512,892
	8,235	Illumina, Inc.*		3,049,832
	8,153	IQVIA Holdings, Inc.*		1,156,748
	1,280	Jazz Pharmaceuticals plc*		141,235
	9,331	Johnson & Johnson		1,312,219
	26,346	Merck & Co., Inc.		2,037,336
	2,144	Neurocrine Biosciences, Inc.*		261,568
	3,310	Sarepta Therapeutics, Inc.*		530,725
	7,798	Vertex Pharmaceuticals, Inc.*		2,263,837
				21,384,351
Real Estate Investment Trusts – 4.4%
	7,175	American Tower Corp.		1,855,024
	13,474	Apartment Investment and Management Co. Class A		507,161
	15,185	Brixmor Property Group, Inc.		194,672
	7,401	Camden Property Trust		675,119
	3,356	CoreSite Realty Corp.		406,277
	8,194	CyrusOne, Inc.		596,114
	13,803	Duke Realty Corp.		488,488
	29,123	Equity LifeStyle Properties, Inc.		1,819,605
	6,231	First Industrial Realty Trust, Inc.		239,520
	7,836	Healthcare Trust of America, Inc. Class A		207,811
	102,566	Invitation Homes, Inc.		2,823,642
	1,827	Lamar Advertising Co. Class A		121,971
	1,079	Life Storage, Inc.		102,451
	9,160	SBA Communications Corp.		2,728,947
				12,766,802
Common Stocks – (continued)
Retailing – 11.0%
	5,755	Amazon.com, Inc.*		15,877,009
	866	AutoZone, Inc.*		976,952
	62,596	eBay, Inc.		3,283,160
	6,542	Etsy, Inc.*		694,957
	17,933	Home Depot, Inc. (The)		4,492,396
	19,087	Lowe’s Cos., Inc.		2,579,035
	29,832	Target Corp.		3,577,752
				31,481,261
Semiconductors & Semiconductor Equipment – 3.4%
	11,566	Analog Devices, Inc.		1,418,454
	17,842	Applied Materials, Inc.		1,078,549
	1,539	Broadcom, Inc.		485,724
	2,743	Intel Corp.		164,114
	3,836	Lam Research Corp.		1,240,792
	8,821	NVIDIA Corp.		3,351,186
	23,399	QUALCOMM, Inc.		2,134,223
	240	Universal Display Corp.		35,909
				9,908,951
Software & Services – 13.4%
	7,160	Adobe, Inc.*		3,116,820
	4,837	Alliance Data Systems Corp.		218,245
	29,703	Cognizant Technology Solutions Corp. Class A		1,687,724
	8,983	Fidelity National Information Services, Inc.		1,204,531
	5,256	FleetCor Technologies, Inc.*		1,322,042
	19,107	International Business Machines Corp.		2,307,552
	246	Mastercard, Inc. Class A		72,742
	77,595	Microsoft Corp.		15,791,358
	30,046	PayPal Holdings, Inc.*		5,234,915
	936	RingCentral, Inc. Class A*		266,769
	5,330	ServiceNow, Inc.*		2,158,970
	10,577	VeriSign, Inc.*		2,187,641
	6,522	Visa, Inc. Class A		1,259,855
	18,027	Western Union Co. (The)		389,744
	1,726	Workday, Inc. Class A*		323,383
	3,638	Zoom Video Communications, Inc. Class A*		922,379
				38,464,670
Technology Hardware & Equipment – 7.6%
	53,523	Apple, Inc.		19,525,190
	3,516	Arista Networks, Inc.*		738,466
	25,330	Cisco Systems, Inc.		1,181,391
	6,080	NetApp, Inc.		269,770
				21,714,817
Telecommunication Services – 0.9%
	13,928	CenturyLink, Inc.		139,698
	110,540	Liberty Global plc Class C*		2,377,715
				2,517,413

The accompanying notes are an integral part of these financial statements. 5

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2020 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Transportation – 1.0%
	8,731	Lyft, Inc. Class A*	$	288,210
	2,221	Old Dominion Freight Line, Inc.		376,660
	13,584	Union Pacific Corp.		2,296,647
				2,961,517
Utilities – 3.7%
	81,220	AES Corp. (The)		1,176,878
	24,040	Consolidated Edison, Inc.		1,729,197
	18,630	DTE Energy Co.		2,002,725
	31,949	Exelon Corp.		1,159,429
	33,679	FirstEnergy Corp.		1,306,072
	355	NextEra Energy, Inc.		85,260
	5,037	OGE Energy Corp.		152,923
	54,007	Public Service Enterprise Group, Inc.		2,654,984
	14,504	Vistra Energy Corp.		270,065
				10,537,533
	TOTAL INVESTMENTS – 99.4%
	(Cost $222,329,634)		$	284,830,896
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%			1,630,592
	NET ASSETS – 100.0%		$	286,461,488

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.

6 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

June 30, 2020 (Unaudited)

Assets:
Investments in unaffiliated issuers, at value (cost $222,329,634)	$	284,830,896
Cash		2,443,052
Receivables:
Investments sold		15,819,356
Dividends		183,735
Fund shares sold		46,731
Reimbursement from investment adviser		28,077
Total assets		303,351,847
Liabilities:
Payables:
Investments purchased		15,419,159
Fund shares redeemed		1,132,112
Management fees		127,298
Distribution and Service fees and Transfer Agency fees		13,362
Accrued expenses		198,428
Total liabilities		16,890,359
Net Assets:
Paid-in capital		231,546,412
Total distributable earnings (loss)		54,915,076
NET ASSETS	$	286,461,488
Net Assets:
Institutional	$	236,122,356
Service		50,339,132
Total Net Assets	$	286,461,488
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		13,368,911
Service		2,835,422
Net asset value, offering and redemption price per share:
Institutional		$17.66
Service		17.75

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Statement of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $3,910)	$	2,233,432
Securities lending income — unaffiliated issuer		1,395
Total investment income		2,234,827
Expenses:
Management fees		872,081
Distribution and Service fees — Service Shares		61,585
Printing and mailing costs		58,846
Professional fees		46,351
Custody, accounting and administrative services		37,687
Transfer Agency fees(a)		28,129
Trustee fees		9,665
Other		4,851
Total expenses		1,119,195
Less — expense reductions		(279,679	)
Net expenses		839,516
NET INVESTMENT INCOME		1,395,311
Realized and unrealized loss:
Net realized loss from investments — unaffiliated issuers		(10,426,505	)
Net change in unrealized gain on investments — unaffiliated issuers		3,471,518
Net realized and unrealized loss		(6,954,987	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,559,676	)

(a) Institutional and Service Shares incurred Transfer Agency fees of $23,203 and $4,926, respectively.

8 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 Six Months Ended June 30, 2020 (Unaudited)			For the Fiscal Year Ended December 31, 2019
From operations:
Net investment income	$	1,395,311		$	3,688,941
Net realized gain (loss)		(10,426,505	)		13,673,416
Net change in unrealized gain		3,471,518			50,991,594
Net increase (decrease) in net assets resulting from operations		(5,559,676	)		68,353,951
Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(12,098,854	)
Service Shares		—			(2,482,764	)
Total distributions to shareholders		—			(14,581,618	)
From share transactions:
Proceeds from sales of shares		4,175,576			11,649,993
Reinvestment of distributions		—			14,581,618
Cost of shares redeemed		(24,285,246	)		(56,634,042	)
Net decrease in net assets resulting from share transactions		(20,109,670	)		(30,402,431	)
TOTAL INCREASE (DECREASE)		(25,669,346	)		23,369,902
Net Assets:
Beginning of period		312,130,834			288,760,932
End of period	$	286,461,488		$	312,130,834

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Equity Insights Fund
	Institutional Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	17.93		$	15.03		$	19.41		$	17.65		$	16.71		$	18.12
Net investment income(a)		0.09			0.21			0.22			0.28			0.22			0.23
Net realized and unrealized gain (loss)		(0.36	)		3.57			(1.38	)		3.98			1.58			(0.27	)
Total from investment operations		(0.27	)		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 period	$	17.66		$	17.93		$	15.03		$	19.41		$	17.65		$	16.71
Total return(b)		(1.45	)%		25.21	%		(6.19	)%		24.07	%		10.70	%		(0.20	)%
Net assets, end of period (in 000s)	$	236,122		$	256,930		$	235,553		$	277,952		$	255,565		$	269,238
Ratio of net expenses to average net assets		0.56	%(c)		0.58	%		0.58	%		0.62	%		0.64	%		0.64	%
Ratio of total expenses to average net assets		0.75	%(c)		0.76	%		0.73	%		0.70	%		0.70	%		0.71	%
Ratio of net investment income to average net assets		1.03	%(c)		1.24	%		1.12	%		1.42	%		1.25	%		1.29	%
Portfolio turnover rate(d)		103	%		187	%		160	%		184	%		204	%		200	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

10 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 Period

	Goldman Sachs U.S. Equity Insights Fund
	Service Shares
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	18.04		$	15.12		$	19.48		$	17.71		$	16.77		$	18.17
Net investment income(a)		0.07			0.18			0.18			0.24			0.18			0.20
Net realized and unrealized gain (loss)		(0.36	)		3.58			(1.37	)		3.99			1.59			(0.28	)
Total from investment operations		(0.29	)		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 period	$	17.75		$	18.04		$	15.12		$	19.48		$	17.71		$	16.77
Total return(b)		(1.55	)%		24.93	%		(6.36	)%		23.80	%		10.44	%		(0.41	)%
Net assets, end of period (in 000s)	$	50,339		$	55,201		$	53,208		$	142,210		$	120,387		$	122,531
Ratio of net expenses to average net assets		0.77	%(c)		0.79	%		0.79	%		0.82	%		0.85	%		0.85	%
Ratio of total expenses to average net assets		1.00	%(c)		1.01	%		0.97	%		0.95	%		0.95	%		0.96	%
Ratio of net investment income to average net assets		0.82	%(c)		1.03	%		0.88	%		1.21	%		1.04	%		1.08	%
Portfolio turnover rate(d)		103	%		187	%		160	%		184	%		204	%		200	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Notes to Financial Statements

June 30, 2020 (Unaudited)

1.    ORGANIZATION

Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs U.S. Equity Insights Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service Shares. Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.

2.    SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. 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.

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.

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.

12

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

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.

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.

13

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of June 30, 2020:

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	3,107,211	$	—	$	—
North America		281,723,685		—		—
Total	$	284,830,896	$	—	$	—

(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 Schedules of Investments.

4.    AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the six months ended June 30, 2020, contractual and effective net management fees with GSAM were at the following rates:

Contractual Management Rate																	Effective Net Management Rate^
First $1 billion		Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
	0.62%		0.59	%		0.56	%		0.55	%		0.54	%		0.62	%		0.54	%*

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

* GSAM agreed to waive a portion of its management fee in order to achieve a net management rate, as defined in the Fund’s most recent prospectus. This waiver will be effective through at least April 29, 2021, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. For the six months ended June 30, 2020, GSAM waived $112,527 of its management fee.

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund.

B.  Distribution and/or Service (12b-1) Plan — The Trust, on behalf of Service Shares of the Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor, is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares. Goldman Sachs has agreed to waive distribution and service fees so as not to exceed an annual rate of 0.21% of average daily net assets attributable to Service Shares. This distribution and service fee waiver will remain in place through at least April 29, 2021, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Trustees. For the six months ended June 30, 2020, Goldman Sachs waived $9,854 in distribution and service fees for the Fund’s Service Shares.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS 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 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 29, 2021, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above.

For the six months ended June 30, 2020, 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
$	112,527	$	9,854	$	5,524	$	151,774		279,679

E.  Line of Credit Facility — As of June 30, 2020, the Fund participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2020, the Fund did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

5.    PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2020, were $290,622,837 and $309,355,555, respectively.

6.    SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

6.    SECURITIES LENDING (continued)

Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’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 June 30, 2020, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable. The Fund did not have securities on loan as of June 30, 2020.

Both the Fund and GSAL received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended June 30, 2020, are reported under Investment Income on the Statement of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

For the Six Months ended June 30, 2020
Earnings of GSAL Relating to Securities Loaned	Amount Received by the Fund from Lending to Goldman Sachs		Amount Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2020
$190	$	1,368	$	—

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended June 30, 2020:

Beginning Value as of December 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2020
	$—	$	513,975	$	(513,975	)	$	—

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

7.    TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2019, the Fund’s certain timing differences, on a tax-basis were as follows:

Timing differences (Real Estate Investment Trust) $ 5,184

As of June 30, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	223,532,808
Gross unrealized gain		69,498,106
Gross unrealized loss		(8,200,018	)
Net unrealized gain	$	61,298,088

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.

GSAM has reviewed the Fund’s tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8.    OTHER RISKS

The Fund’s risks include, but are not limited to, the following:

Investments in Other Investment Companies Risk — As a shareholder of another investment company, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

8.    OTHER RISKS (continued)

Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

9.    INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10.    SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

11.    SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Six Months Ended June 30, 2020 (Unaudited)						For the Fiscal Year Ended December 31, 2019
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		208,868		$	3,299,663			441,372		$	7,774,633
Reinvestment of distributions		—			—			681,626			12,098,854
Shares redeemed		(1,169,237	)		(19,635,913	)		(2,468,062	)		(42,483,665	)
		(960,369	)		(16,336,250	)		(1,345,064	)		(22,610,178	)
Service Shares
Shares sold		53,044			875,913			228,384			3,875,360
Reinvestment of distributions		—			—			139,012			2,482,764
Shares redeemed		(277,245	)		(4,649,333	)		(827,588	)		(14,150,377	)
		(224,201	)		(3,773,420	)		(460,192	)		(7,792,253	)
NET DECREASE		(1,184,570	)	$	(20,109,670	)		(1,805,256	)	$	(30,402,431	)

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GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Liquidity Risk Management Program

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that the Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Fund Expenses — Six Month Period Ended June 30, 2020 (Unaudited) 

As a shareholder of Institutional or Service Shares of the Fund, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees (with respect to Service Shares) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional Shares and Service Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2020 through June 30, 2020, which represents a period of 182 days of a 366 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Fund you do not incur any transaction costs, such as sales charges, redemption fees, or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds whose shareholders may incur transaction costs.

Share Class	Beginning Account Value 01/01/20		Ending Account Value 06/30/20			Expenses Paid for the 6 Months Ended 06/30/20*
Institutional
Actual	$	1,000	$	985.50		$	2.76
Hypothetical 5% return		1,000		1,022.08	+		2.82
Service
Actual		1,000		984.50			3.80
Hypothetical 5% return		1,000		1,021.03	+		3.87

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were 0.56% and 0.77% for Institutional and Service Shares, respectively.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs U.S. Equity Insights Fund (the “Fund”) is an investment portfolio of Goldman Sachs Variable Insurance Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2020 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:

(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii) trends in employee headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

(c) information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e) fee and expense information for the Fund, including:

(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) the Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i) whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

(m) the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Fund’s distribution arrangements. They received information regarding the Fund’s assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

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GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Fund’s portfolio management team to continue to enhance the investment model used in managing the Fund.

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five- and ten-year periods and in the third quartile for the one- and three-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

23

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:

First $1 billion	0.62	%
Next $1 billion	0.59
Next $3 billion	0.56
Next $3 billion	0.55
Over $8 billion	0.54

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertakings to waive a portion of its management fee and to limit certain expenses of the Fund that exceed a specified level as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the distribution and service fees paid by the Fund’s Service Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Fund’s cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; (i) the investment of cash in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (j) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Fund’s ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Fund in connection with the program; and (i) the Fund’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

24

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2021.

25

TRUSTEES	OFFICERS
Jessica Palmer, Chair	James A. McNamara, President
Dwight L. Bush	Joseph F. DiMaria,
Kathryn A. Cassidy	Principal Financial Officer,
Diana M. Daniels	Principal Accounting Officer and Treasurer
Joaquin Delgado	Caroline L. Kraus, Secretary
James A. McNamara
Roy W. Templin
Gregory G. Weaver

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York

New York 10282

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Fund holdings and allocations shown are as of June 30, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider the Fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs U.S. Equity Insights Fund.

© 2020 Goldman Sachs. All rights reserved.

VITUSSAR-20/211862-OTU-1245047

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Schedule of Investments is included as part of the Reports to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1)		Goldman Sachs Variable Insurance Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is filed herewith.
(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

President/Chief Executive Officer of

Goldman Sachs Variable Insurance Trust

Date: August 20, 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

President/Chief Executive Officer of

Goldman Sachs Variable Insurance Trust

Date: August 20, 2020

/s/ Joseph F. DiMaria

By: Joseph F. DiMaria

Principal Financial Officer of

Goldman Sachs Variable Insurance Trust

Date: August 20, 2020