Goldman Sachs Variable Insurance Trust

January 1, 2021–June 30, 2021

Fund Total Return
(based on NAV)¹

S&P 500 Index²

Institutional

N-CSRS 1 d741088dncsrs.htm GOLDMAN SACHS VARIABLE INSURANCE TRUST Goldman Sachs Variable Insurance Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08361

Goldman Sachs Variable Insurance Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606-6303

(Address of principal executive offices) (Zip code)

Caroline Kraus

Goldman Sachs & Co. LLC

200 West Street

New York, NY 10282

Copies to:

Geoffrey R.T. Kenyon, Esq.

Dechert LLP

One International Place, 40th Floor

100 Oliver Street

Boston, MA 02110-2605

(Name and address of agents for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2021

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

Goldman Sachs Multi-Strategy Alternatives Portfolio

LOGO

Semi-Annual Report

June 30, 2021

Goldman Sachs Variable Insurance Trust

∎

GOLDMAN SACHS GLOBAL TRENDS ALLOCATION FUND

∎

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES PORTFOLIO


TABLE OF CONTENTS

Fund Basics			1

Schedules of Investments			5

Financial Statements			8

Financial Highlights

Goldman Sachs Global Trends Allocation Fund			11

Goldman Sachs Multi-Strategy Alternatives Portfolio			13

Notes to Financial Statements			16

Other Information			31



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

FUND BASICS

Global Trends Allocation Fund

as of June 30, 2021

PERFORMANCE REVIEW



January 1, 2021 – June 30, 2021	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		10.15	%		7.27	%		14.23	%	-1.60%
Service		10.09			7.27			14.23		-1.60

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.


		1

FUND BASICS

FUND COMPOSITION⁵

LOGO

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.


2

FUND BASICS

Multi-Strategy Alternatives Portfolio

as of June 30, 2021

PERFORMANCE REVIEW



January 1, 2021 – June 30, 2021	Fund Total Return (based on NAV)¹			ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index^2,3
Institutional		4.97	%		0.11	%
Service		4.87			0.11
Advisor		4.78			0.11

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.

³	Please note that the Portfolio’s benchmark being the LIBOR Index is a means of emphasizing that the Portfolio has an unconstrained strategy. That said, this Portfolio employs a benchmark agnostic strategy and thus comparisons to a benchmark index are not particularly relevant.


		3

FUND BASICS

OVERALL UNDERLYING FUND AND ETF WEIGHTINGS⁴

Percentage of Net Assets

LOGO

⁴

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.


4

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL TRENDS ALLOCATION FUND

Schedule of Investments

June 30, 2021 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 25.1%
	106,665	iShares Core S&P 500 ETF	$	45,857,417
	107,500	Vanguard S&P 500 ETF		42,303,400

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $52,029,504)		$	88,160,817


Shares		Dividend Rate	Value

Investment Companies^(a) – 55.2%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	105,776,890	0.026%	$	105,776,890
	Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares
	17,641,672	0.006		17,641,672
	Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Shares
	35,284,159	0.006		35,284,159
	Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Shares
	35,283,344	0.006		35,283,344

	TOTAL INVESTMENT COMPANIES
	(Cost $193,986,065)		$	193,986,065

	TOTAL INVESTMENTS – 80.3%
	(Cost $246,015,569)		$	282,146,882

	OTHER ASSETS IN EXCESS OF LIABILITIES – 19.7%			69,324,689

	NET ASSETS – 100.0%		$	351,471,571


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, 2021, 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		1,077		09/17/2021	$	51,790,874	$	(1,018,579	)
FTSE 100 Index		239		09/17/2021		23,078,140		(371,245	)
Japan 10 Year Bond		51		09/13/2021		69,658,761		155,379
Russell 2000 E-Mini Index		99		09/17/2021		11,423,610		(113,380	)
S&P 500 E-Mini Index		417		09/17/2021		89,417,310		921,498
TOPIX Index		92		09/09/2021		16,090,373		(140,587	)

Total Futures Contracts							$	(566,914	)


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

June 30, 2021 (Unaudited)


Shares		Description	Value

Underlying Funds (Class R6 Shares)^(a) – 95.9%
Equity – 39.0%
	526,266	Goldman Sachs Tactical Tilt Overlay Fund	$	5,446,849
	91,735	Goldman Sachs Dynamic Global Equity Fund		2,267,698
	185,595	Goldman Sachs Absolute Return Tracker Fund		1,956,171
	84,485	Goldman Sachs Emerging Markets Equity Insights Fund		1,118,577

				10,789,295

Fixed Income – 56.9%
	253,368	Goldman Sachs Managed Futures Strategy Fund		2,738,906
	385,814	Goldman Sachs Alternative Premia Fund		2,712,271
	185,033	Goldman Sachs Emerging Markets Debt Fund		2,292,563
	163,537	Goldman Sachs Global Infrastructure Fund		2,103,090
	215,821	Goldman Sachs Long Short Credit Strategies Fund		1,942,386
	271,047	Goldman Sachs High Yield Fund		1,769,936
	140,433	Goldman Sachs High Yield Floating Rate Fund		1,320,072
	87,475	Goldman Sachs Strategic Income Fund		831,010

				15,710,234

	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
	(Cost $25,167,718)		$	26,499,529


Shares	Dividend Rate			Value

Investment Company^(a) – 2.3%
Goldman Sachs Financial Square Government Fund — Institutional Shares
638,638		0.026	%	$	638,638
(Cost $638,638)

TOTAL INVESTMENTS – 98.2%
(Cost $25,806,356)				$	27,138,167

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%					495,822

NET ASSETS – 100.0%				$	27,633,989


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.



Currency Abbreviation:
USD		—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2021, the Portfolio had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)

Long position contracts:
MSCI Emerging Markets E-Mini Index		7		09/17/2021	$	477,680	$	(2,429	)
Russell 2000 E-Mini Index		2		09/17/2021		230,780		(662	)
U.S. Treasury 10 Year Note		16		09/21/2021		2,118,750		10,971

Total Futures Contracts							$	7,880


6		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, 2021, the Portfolio had the following purchased options contracts:

EXCHANGE TRADED INTEREST RATE OPTIONS


Description	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		97.75 USD		03/13/2023	7	$	1,750,000	$	28,963	$	30,832	$	(1,869	)
		97.75 USD		06/19/2023	7		1,750,000		26,950		28,546		(1,596	)
		99.00 USD		12/19/2022	39		9,750,000		55,575		55,537		38

Total purchased options contracts					53			$	111,488	$	114,915	$	(3,427	)


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)


	Global Trends Allocation Fund		Multi-Strategy Alternatives Portfolio

Assets:
Investments in affiliated Underlying Funds, at value (cost $193,986,065 and $25,806,356)	$	193,986,065	$	27,138,167
Investments in unaffiliated issuers, at value (cost $52,029,504 and $0)		88,160,817		—
Purchased Options, at value (premiums paid $0 and $114,915)		—		111,488
Cash		47,633,401		419,073
Foreign currencies, at value (cost $9,768,350 and $0)		9,425,115		—
Receivables:
Collateral on certain derivative contracts		12,545,395		33,056
Investments sold		429,535		—
Dividends		145,987		37,188
Shares sold		116,048		47,705
Reimbursement from investment adviser		19,983		13,295
Other assets		1,352		360

Total assets		352,463,698		27,800,332


Liabilities:
Variation margin on futures		477,324		400
Payables:
Management fees		190,032		—
Shares redeemed		116,582		19,834
Distribution and Service fees and Transfer Agency fees		77,832		7,868
Investments purchased		—		22,596
Accrued expenses		130,357		115,645

Total liabilities		992,127		166,343


Net Assets:
Paid-in capital		284,383,572		26,714,608
Total distributable earnings (loss)		67,087,999		919,381

NET ASSETS	$	351,471,571	$	27,633,989
Net Assets:
Institutional	$	318,455	$	2,833,951
Service		351,153,116		5,102,165
Advisor		—		19,697,873

Total Net Assets	$	351,471,571	$	27,633,989
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		22,921		285,437
Service		25,343,009		514,870
Advisor		—		1,995,556
Net asset value, offering and redemption price per share:
Institutional		$13.89		$9.93
Service		13.86		9.91
Advisor		—		9.87


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

Statements of Operations

For the Six Months Ended June 30, 2021 (Unaudited)


	Global Trends Allocation Fund			Multi-Strategy Alternatives Portfolio

Investment income:
Dividends — unaffiliated issuers	$	553,389		$	—
Dividends from affiliated Underlying Funds		20,269			163,224
Securities lending income — affiliated issuer		202			—

Total investment income		573,860			163,224


Expenses:
Management fees		1,353,040			18,116
Distribution and Service (12b-1) fees^(a)		427,798			18,847
Professional fees		53,464			40,145
Transfer Agency fees^(a)		34,251			2,415
Custody, accounting and administrative services		30,914			32,469
Printing and mailing costs		23,322			29,269
Trustee fees		9,662			9,424
Service fees — Advisor Shares		—			22,809
Other		22,330			2,754

Total expenses		1,954,781			176,248

Less — expense reductions		(363,808	)		(107,380	)

Net expenses		1,590,973			68,868

NET INVESTMENT INCOME (LOSS)		(1,017,113	)		94,356


Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		9,773,419			(35,195	)
Investments — affiliated Underlying Funds		—			(117,297	)
Futures contracts		23,240,561			21,878
Purchased options		—			28,111
Foreign currency transactions		60,563			—
Net change in unrealized gain (loss) on:
Investments — affiliated Underlying Funds		—			1,186,655
Investments — unaffiliated issuers		4,098,285			31,764
Futures contracts		(2,572,920	)		(11,739	)
Purchased options		—			(59,756	)
Foreign currency translation		(590,150	)		1,024

Net realized and unrealized gain		34,009,758			1,045,445

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	32,992,645		$	1,139,801

(a) Class specific Distribution and/or Service, and Transfer Agency fees were as follows:


	Distribution and/or (12b-1) Service Fees				Transfer Agency Fees
Fund	Service		Advisor		Institutional		Service		Advisor
Global Trends Allocation	$	427,798	$	—	$	30	$	34,221	$	—
Multi-Strategy Alternatives		5,162		13,685		178		413		1,824


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

Statements of Changes in Net Assets


	Global Trends Allocation Fund						Multi-Strategy Alternatives Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020

From operations:
Net investment income (loss)	$	(1,017,113	)	$	(399,657	)	$	94,356		$	492,763
Net realized gain (loss)		33,074,543			4,394,683			(102,503	)		501,405
Net change in unrealized gain		935,215			8,569,920			1,147,948			520,781

Net increase in net assets resulting from operations		32,992,645			12,564,946			1,139,801			1,514,949


Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(5,497	)		—			(30,659	)
Service Shares		—			(5,648,001	)		—			(63,162	)
Advisor Shares		—			—			—			(298,027	)

Total distributions to shareholders		—			(5,653,498	)		—			(391,848	)


From share transactions:
Proceeds from sales of shares		7,117,197			18,343,800			5,659,356			7,433,283
Reinvestment of distributions		—			5,653,498			—			391,848
Cost of shares redeemed		(24,711,635	)		(40,330,893	)		(1,854,829	)		(5,834,245	)

Net increase (decrease) in net assets resulting from share transactions		(17,594,438	)		(16,333,595	)		3,804,527			1,990,886

TOTAL INCREASE (DECREASE)		15,398,207			(9,422,147	)		4,944,328			3,113,987


Net Assets:

Beginning of period		336,073,364			345,495,511			22,689,661			19,575,674

End of period	$	351,471,571		$	336,073,364		$	27,633,989		$	22,689,661


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

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, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	12.61		$	12.32		$	11.65		$	12.46		$	11.33		$	10.89

Net investment income (loss)^(a)		(0.02	)		0.02			0.15			0.14			0.06			(0.03	)

Net realized and unrealized gain (loss)		1.30			0.52			1.28			(0.64	)		1.46			0.52

Total from investment operations		1.28			0.54			1.43			(0.50	)		1.52			0.49

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

Distributions to shareholders from net realized gains		—			(0.18	)		(0.54	)		(0.19	)		(0.32	)		—

Total distributions		—			(0.25	)		(0.76	)		(0.31	)		(0.39	)		(0.05	)

Net asset value, end of period	$	13.89		$	12.61		$	12.32		$	11.65		$	12.46		$	11.33

Total return^(b)		10.15	%		4.35	%		12.29	%		(4.08	)%		13.36	%		4.49	%

Net assets, end of period (in 000s)	$	318		$	289		$	277		$	247		$	30		$	27

Ratio of net expenses to average net assets		0.68	%^(c)		0.60	%		0.59	%		0.51	%		0.68	%		0.74	%

Ratio of total expenses to average net assets		0.89	%^(c)		0.90	%		0.89	%		0.86	%		0.86	%		0.89	%

Ratio of net investment income (loss) to average net assets		(0.34	)%^(c)		0.13	%		1.18	%		1.13	%		0.46	%		(0.25	)%

Portfolio turnover rate^(d)		8	%		168	%		61	%		60	%		64	%		260	%

(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.		11

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, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	12.59		$	12.30		$	11.64		$	12.45		$	11.32		$	10.88

Net investment income (loss)^(a)		(0.04	)		(0.01	)		0.11			0.08			0.03			0.02

Net realized and unrealized gain (loss)		1.31			0.51			1.28			(0.62	)		1.46			0.45

Total from investment operations		1.27			0.50			1.39			(0.54	)		1.49			0.47

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

Distributions to shareholders from net realized gains		—			(0.18	)		(0.54	)		(0.19	)		(0.32	)		—

Total distributions		—			(0.21	)		(0.73	)		(0.27	)		(0.36	)		(0.03	)

Net asset value, end of period	$	13.86		$	12.59		$	12.30		$	11.64		$	12.45		$	11.32

Total return^(b)		10.09	%		4.10	%		11.94	%		(4.34	)%		13.11	%		4.33	%

Net assets, end of period (in 000s)	$	351,153		$	335,784		$	345,219		$	395,842		$	406,867		$	353,615

Ratio of net expenses to average net assets		0.93	%^(c)		0.85	%		0.84	%		0.81	%		0.93	%		1.00	%

Ratio of total expenses to average net assets		1.14	%^(c)		1.15	%		1.14	%		1.11	%		1.11	%		1.13	%

Ratio of net investment income (loss) to average net assets		(0.59	)%^(c)		(0.12	)%		0.91	%		0.63	%		0.21	%		0.20	%

Portfolio turnover rate^(d)		8	%		168	%		61	%		60	%		64	%		260	%

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

(b)

(c)	Annualized.

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


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Multi-Strategy Alternatives Portfolio
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	9.46		$	9.02		$	8.51		$	9.39		$	9.10		$	9.15

Net investment income^(a)(b)		0.06			0.25			0.30			0.24			0.21			0.11

Net realized and unrealized gain (loss)		0.41			0.39			0.48			(0.87	)		0.30			(0.06	)

Total from investment operations		0.47			0.64			0.78			(0.63	)		0.51			0.05

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

Net asset value, end of period	$	9.93		$	9.46		$	9.02		$	8.51		$	9.39		$	9.10

Total return^(c)		4.97	%		7.05	%		9.11	%		(6.74	)%		5.60	%		0.52	%

Net assets, end of period (in 000s)	$	2,834		$	1,520		$	1,309		$	745		$	453		$	309

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

Ratio of total expenses to average net assets^(d)		1.10	%^(e)		1.39	%		1.60	%		1.57	%		1.47	%		2.37	%

Ratio of net investment income to average net assets^(b)		1.15	%^(e)		2.73	%		3.30	%		2.62	%		2.20	%		1.17	%

Portfolio turnover rate^(f)		25	%		5	%		26	%		61	%		53	%		44	%

(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.		13

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Multi-Strategy Alternatives Portfolio
	Service Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	9.45		$	9.02		$	8.52		$	9.41		$	9.13		$	9.14

Net investment income^(a)(b)		0.04			0.23			0.32			0.28			0.27			0.08

Net realized and unrealized gain (loss)		0.42			0.38			0.43			(0.93	)		0.22			(0.05	)

Total from investment operations		0.46			0.61			0.75			(0.65	)		0.49			0.03

Distributions to shareholders from net investment income		—			(0.18	)		(0.25	)		(0.24	)		(0.21	)		(0.04	)

Net asset value, end of period	$	9.91		$	9.45		$	9.02		$	8.52		$	9.41		$	9.13

Total return^(c)		4.87	%		6.70	%		8.82	%		(6.93	)%		5.37	%		0.28	%

Net assets, end of period (in 000s)	$	5,102		$	3,472		$	2,857		$	811		$	105		$	34

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

Ratio of total expenses to average net assets^(d)		1.36	%^(e)		1.65	%		1.86	%		1.95	%		1.73	%		1.97	%

Ratio of net investment income to average net assets^(b)		0.88	%^(e)		2.51	%		3.54	%		3.08	%		2.88	%		0.92	%

Portfolio turnover rate^(f)		25	%		5	%		26	%		61	%		53	%		44	%

(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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Multi-Strategy Alternatives Portfolio
	Advisor Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	9.42		$	8.99		$	8.49		$	9.36		$	9.08		$	9.12

Net investment income^(a)(b)		0.03			0.20			0.24			0.17			0.17			0.10

Net realized and unrealized gain (loss)		0.42			0.39			0.49			(0.83	)		0.30			(0.07	)

Total from investment operations		0.45			0.59			0.73			(0.66	)		0.47			0.03

Distributions to shareholders from net investment income		—			(0.16	)		(0.23	)		(0.21	)		(0.19	)		(0.07	)

Net asset value, end of period	$	9.87		$	9.42		$	8.99		$	8.49		$	9.36		$	9.08

Total return^(c)		4.78	%		6.56	%		8.60	%		(7.09	)%		5.14	%		0.27	%

Net assets, end of period (in 000s)	$	19,698		$	17,698		$	15,410		$	13,460		$	15,512		$	10,778

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

Ratio of total expenses to average net assets^(d)		1.52	%^(e)		1.79	%		2.01	%		1.93	%		1.88	%		2.58	%

Ratio of net investment income to average net assets^(b)		0.72	%^(e)		2.28	%		2.61	%		1.92	%		1.78	%		1.06	%

Portfolio turnover rate^(f)		25	%		5	%		26	%		61	%		53	%		44	%

(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.		15

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

Notes to Financial Statements

June 30, 2021 (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
Global Trends Allocation	Institutional and Service	Diversified
Multi-Strategy Alternatives	Institutional, Service and Advisor	Diversified

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Global Trends Allocation Fund and Multi-Strategy Alternatives Portfolio pursuant to management agreements (the “Agreements”) with the Trust.

The Multi-Strategy Alternatives 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, the Multi-Strategy Alternatives 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. Each Fund 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 Funds 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. 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. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

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

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each 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. Expenses included in the accompanying financial statements reflect the expenses of the Multi-Strategy Alternatives Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Multi-Strategy Alternatives Portfolio may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Multi-Strategy Alternatives Portfolio will vary.


16

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

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 at least annually.

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

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

E. Foreign Currency Translation — The accounting records and reporting currency of a 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 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

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


		17

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

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. Investments in ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, each Fund’s shares will correspondingly fluctuate in value. To the extent ETF investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Other Underlying Fund 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. 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.


18

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

ii. Options — When the Multi-Strategy Alternatives 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 swap contracts.

Upon the purchase of a call option or a put option by the Multi-Strategy Alternatives 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 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, 2021:



GLOBAL TRENDS ALLOCATION
Investment Type	Level 1			Level 2		Level 3

Assets
Exchange Traded Funds	$	88,160,817		$	—	$	—
Investment Companies		193,986,065			—		—

Total	$	282,146,882		$	—	$	—

Derivative Type

Assets^(a)
Futures Contracts	$	1,076,877		$	—	$	—

Liabilities^(a)
Futures Contracts	$	(1,643,791	)	$	—	$	—

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


		19

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



MULTI-STRATEGY ALTERNATIVES
Investment Type	Level 1			Level 2		Level 3

Assets
Equity Underlying Funds	$	10,789,295		$	—	$	—
Fixed Income Underlying Funds		15,710,234			—		—
Investment Company		638,638			—		—

Total	$	27,138,167		$	—	$	—

Derivative Type

Assets
Futures Contracts^(a)	$	10,971		$	—	$	—
Purchased Options Contracts		111,488			—		—

Total	$	122,459		$	—	$	—

Liabilities^(a)
Futures Contracts	$	(3,091	)	$	—	$	—

(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, 2021. 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 table 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.

Global Trends Allocation


Risk	Statements of Assets and Liabilities	Assets^(a)		Statements of Assets and Liabilities	Liabilities^(a)
Equity	Variation margin on futures contracts	$	921,498	Variation margin on futures contracts	$	(1,643,791	)
Interest Rate	Variation margin on futures contracts		155,379	—		—

Total		$	1,076,877		$	(1,643,791	)

Multi-Strategy Alternatives


Risk	Statements of Assets and Liabilities	Assets^(a)		Statements of Assets and Liabilities	Liabilities^(a)
Equity	—	$	—	Variation margin on futures contracts	$	(3,091	)
Interest Rate	Purchased options contracts, at value and variation margin on futures contracts		122,459	—		—

Total		$	122,459		$	(3,091	)

(a)	Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information section of the Schedules of Investments. Only the variation margin as of June 30, 2021 is reported within the Statements of Assets and Liabilities.


20

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

4. INVESTMENTS IN DERIVATIVES (continued)

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, 2021. 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.

Global Trends Allocation


Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	23,565,493		$	(2,606,034	)
Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(324,932	)		33,114

Total		$	23,240,561		$	(2,572,920	)

Multi-Strategy Alternatives


Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	71,115		$	(21,882	)
Interest Rate	Net realized gain (loss) from futures contracts and purchased options/Net change in unrealized gain (loss) on futures contracts and purchased options		(21,126	)		(49,613	)

Total		$	49,989		$	(71,495	)

For the six months ended June 30, 2021, the relevant values for each derivative type were as follows:


	Average Number of Contracts⁽¹⁾
Fund	Futures Contracts		Purchased Options
Global Trends Allocation		1,692		—

Multi-Strategy Alternatives		24		22

⁽¹⁾	Amounts disclosed represent average number of contracts for futures and purchased options contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Funds held such derivatives during the six months ended June 30, 2021.


		21

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Global Trends Allocation 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, 2021, 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%	0.65%*

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

GSAM agreed to waive a portion of its management fee in order to achieve a net management rate, as defined in the Fund’s most recent prospectus. This waiver will be effective through at least April 30, 2022, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. For the six months ended June 30, 2021, GSAM waived $205,527 of its management fee.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Multi-Strategy Alternatives Portfolio’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.15% of the Portfolio’s average daily net assets. GSAM has agreed to waive all of its management fee. The management fee waiver will remain in effect through at least April 30, 2022, 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, 2021, GSAM waived $18,116 of its management fee.

The Global Trends Allocation Fund and the Multi-Strategy Alternatives Portfolio invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2021, GSAM waived $34,798 and $117 of the Global Trends Allocation Fund’s and the Multi-Strategy Alternatives Portfolio’s management fee, respectively.

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

The Trust, on behalf of Advisor Shares of the Multi-Strategy Alternatives 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 Multi-Strategy Alternatives Portfolio’s average daily net assets attributable to Advisor Shares.

C. Service Plans — The Trust, on behalf of Advisor Shares of the Multi-Strategy Alternatives 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 Multi-Strategy Alternatives Portfolio.

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.


22

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 Global Trends Allocation Fund and the Multi-Strategy Alternatives Portfolio are 0.004% and 0.204%, respectively. The Other Expense limitations will remain in place through at least April 30, 2022, 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, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Other Expense Reimbursement		Total Expense Reductions
Global Trends Allocation	$	240,325	$	123,483	$	363,808
Multi-Strategy Alternatives		18,233		89,147		107,380

F. Line of Credit Facility — As of June 30, 2021, the Funds participated in a $1,000,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2021, the Funds did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

G. 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, 2021:


Investment Companies	Beginning Value as of December 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2021		Shares as of June 30, 2021		Dividend Income
Goldman Sachs Financial Square Government Fund	$	100,915,798	$	32,290,148	$	(27,429,056	)	$	105,776,890		105,776,890	$	15,388
Goldman Sachs Financial Square Treasury Instruments Fund		16,674,108		967,564		—			17,641,672		17,641,672		427
Goldman Sachs Financial Square Treasury Obligations Fund		33,348,216		2,527,025		(591,082	)		35,284,159		35,284,159		3,414
Goldman Sachs Financial Square Treasury Solutions Fund		33,348,216		2,526,210		(591,082	)		35,283,344		35,283,344		1,040

Total	$	184,286,338	$	38,310,947	$	(28,611,220	)	$	193,986,065			$	20,269

As of June 30, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 12% of the Institutional Shares of the Global Trends Allocation Fund.


		23

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Multi-Strategy Alternatives Portfolio invests primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Multi-Strategy Alternatives Portfolio. The tables below show the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2021:


Underlying Funds	Beginning Value as of December 31, 2020		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, 2021		Shares as of June 30, 2021		Dividend Income
Goldman Sachs Absolute Return Tracker Fund	$	1,768,751	$	400,001	$	(320,000	)	$	11,272		$	96,147		$	1,956,171		185,595	$	—
Goldman Sachs Alternative Premia Fund		1,059,257		1,600,000		—			—			53,014			2,712,271		385,814		—
Goldman Sachs Dynamic Global Equity Fund		—		2,050,000		—			—			217,698			2,267,698		91,735		—
Goldman Sachs Emerging Markets Debt Fund		2,194,144		305,021		(130,000	)		(6,893	)		(69,709	)		2,292,563		185,033		39,879
Goldman Sachs Emerging Markets Equity Insights Fund		1,440,267		235,001		(700,000	)		143,256			53			1,118,577		84,485		—
Goldman Sachs Financial Square Government Fund (Institutional Shares)		564,202		3,547,321		(3,472,885	)		—			—			638,638		638,638		93
Goldman Sachs Global Infrastructure Fund		—		1,868,724		—			—			234,366			2,103,090		162,290		18,725
Goldman Sachs High Yield Floating Rate Fund		1,655,754		143,135		(499,999	)		(16,806	)		37,988			1,320,072		140,433		23,231
Goldman Sachs High Yield Fund		1,160,971		595,715		—			—			13,250			1,769,936		271,047		35,535
Goldman Sachs Long Short Credit Strategies Fund		2,734,018		297,026		(1,099,999	)		(61,552	)		72,893			1,942,386		215,821		26,941
Goldman Sachs Managed Futures Strategy Fund		3,113,123		100,000		(589,999	)		15,138			100,644			2,738,906		253,368		—
Goldman Sachs Real Estate Securities Fund		818,261		—		(842,327	)		(186,397	)		210,463			—		—		—
Goldman Sachs Strategic Income Fund		2,179,357		118,823		(1,400,000	)		(15,315	)		(51,855	)		831,010		87,475		18,820
Goldman Sachs Tactical Tilt Overlay Fund		3,375,146		1,800,000		—			—			271,703			5,446,849		526,266		—

Total	$	22,063,251	$	13,060,767	$	(9,055,209	)	$	(117,297	)	$	1,186,655		$	27,138,167			$	163,224


24

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

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, 2021, were as follows:


Fund	Purchases		Sales and Maturities
Global Trends Allocation	$	8,850,565	$	53,771,037
Multi-Strategy Alternatives		9,612,241		5,798,321

7. SECURITIES LENDING

The Multi-Strategy Alternatives Portfolio 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 Global Trends Allocation 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 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, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Funds did not have securities on loan as of June 30, 2021.


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GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

7. SECURITIES LENDING (continued)

The Funds, 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, 2021, 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, 2021
Earnings of GSAL Relating to Securities Loaned		Amount Received by the Fund from Lending to Goldman Sachs

$	21	$	191

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2021:


	Beginning Value as of December 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2021
Global Trends Allocation	$	—	$	26,525,100	$	(26,525,100	)	$	—
Multi-Strategy Alternatives		153,000		174,250		(327,250	)		—

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2020, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:


	Global Trends Allocation			Multi-Strategy Alternatives
Capital loss carryforwards:
Perpetual Short-term	$	—		$	(247,553	)
Timing differences (Straddle loss deferral and Late year Ordinary loss deferral)	$	(7,053,130	)	$	(1	)

As of June 30, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Global Trends Allocation			Multi-Strategy Alternatives
Tax cost	$	249,641,845		$	26,258,219
Gross unrealized gain		37,208,190			1,495,879
Gross unrealized loss		(4,703,153	)		(615,931	)
Net unrealized gain	$	32,505,037		$	879,948

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.


26

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

8. TAX INFORMATION (continued)

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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 Funds or an Underlying 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 problems with 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 Funds or an Underlying 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 Funds or an Underlying 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 Funds 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 Funds’ investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in the Underlying Funds — The investments of the Multi-Strategy Alternatives Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Multi-Strategy Alternatives Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Multi-Strategy Alternatives Portfolio is subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. in direct proportion to the amount of assets allocated to each. If the Multi-Strategy Alternatives Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, the Funds 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 Funds. ETFs are subject to risks that do not apply to


		27

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

9. OTHER RISKS (continued)

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 Funds 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 Funds or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Funds or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Funds’ or the 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 Funds’ or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Funds’ or the Underlying Fund’s expense ratio. Similarly, large Funds or Underlying Fund share purchases may adversely affect the Funds’ or an Underlying Fund’s performance to the extent that the Funds or the Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The Funds 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 Funds 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 Funds or an Underlying Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Funds or an Underlying Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Funds’ or 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 Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Funds’ or Underlying Fund’s liquidity.

Market and Credit Risks — In the normal course of business, the Funds or an Underlying Fund 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 Funds and/or an Underlying 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 Funds and/or an Underlying Fund and their investments. Additionally, the Funds and/or Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Funds 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 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.


28

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

11. 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.

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Global Trends Allocation Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Reinvestment of distributions		—		$	—			440		$	5,497
		—			—			440			5,497
Service Shares
Shares sold		536,910			7,117,197			1,538,326			18,343,800
Reinvestment of distributions		—			—			453,290			5,648,001
Shares redeemed		(1,862,530	)		(24,711,635	)		(3,383,659	)		(40,330,893	)
		(1,325,620	)		(17,594,438	)		(1,392,043	)		(16,339,092	)

NET DECREASE		(1,325,620	)	$	(17,594,438	)		(1,391,603	)	$	(16,333,595	)


	Multi-Strategy Alternatives Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		140,005		$	1,378,058			44,537		$	398,878
Reinvestment of distributions		—			—			3,244			30,659
Shares redeemed		(15,291	)		(147,284	)		(32,120	)		(288,931	)
		124,714			1,230,774			15,661			140,606
Service Shares
Shares sold		238,285			2,320,193			123,578			1,094,287
Reinvestment of distributions		—			—			6,691			63,162
Shares redeemed		(90,786	)		(889,963	)		(79,590	)		(709,770	)
		147,499			1,430,230			50,679			447,679
Advisor Shares
Shares sold		201,860			1,961,105			670,463			5,940,118
Reinvestment of distributions		—			—			31,672			298,027
Shares redeemed		(84,614	)		(817,582	)		(537,655	)		(4,835,544	)
		117,246			1,143,523			164,480			1,402,601

NET INCREASE		389,459		$	3,804,527			230,820		$	1,990,886


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GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

Liquidity Risk Management Program (Unaudited)

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 9-10, 2021, 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 period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be 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 MULTI ASSET STRATEGIES


Fund Expenses — Six Month Period Ended June 30, 2021 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2021 through June 30, 2021, which represents a period of 181 days of a 365 day year.

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

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

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


	Global Trends Allocation Fund							Multi-Strategy Alternatives Portfolio
Share Class	Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*		Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*
Institutional

Actual	$	1,000	$	1,000.00		$	3.37	$	1,000	$	1,000.00		$	1.09
Hypothetical 5% return		1,000		1,021.42	+		3.41		1,000		1,023.70	+		1.10
Service

Actual		1,000		1,000.00			4.61		1,000		1,000.00			2.33
Hypothetical 5% return		1,000		1,020.18	+		4.66		1,000		1,022.46	+		2.36
Advisor

Actual		N/A		N/A			N/A		1,000		1,000.00			3.07
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,021.72	+		3.11

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, 2021. 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
Global Trends Allocation		0.68%		0.93%		N/A
Multi-Strategy Alternatives		0.22		0.47		0.62


		31

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Multi-Strategy Alternatives Portfolio and Goldman Sachs Global Trends Allocation Fund (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 agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2022 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 15-16, 2021 (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 each Fund, such matters included:

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund and the underlying funds in which the Multi-Strategy Alternatives Portfolio 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 Fund 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 Fund and Underlying Funds invest;

(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;


32

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

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

(i)

whether the Fund’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 Fund and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Fund and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services, as applicable;

(k)

a summary of potential benefits derived by the Fund and/or the Underlying Funds as a result of its relationship with the Investment Adviser;

(l)

information regarding commissions paid by the Fund and/or the Underlying 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 Fund and the Underlying Funds 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 Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution and service fees, as applicable. 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 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 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 Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds 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 Funds, 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 capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds, the Underlying Funds, and the Investment Adviser and its affiliates.


		33

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

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

Investment Performance

The Trustees also considered the investment performance of the Funds the Underlying 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, 2020, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2021. The information on each Fund’s investment performance was provided for the one-, three-, and five-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.

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’ and the Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. For the Global Trends Allocation Fund, they noted the efforts of the Fund’s portfolio management team to continue to enhance the investment models used in managing the Fund.

The Trustees noted that the Global Trends Allocation Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group for the one-year period and the third quartile of the Fund’s peer group for the three- and five-year periods; had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods; and had underperformed the Fund’s Competitor Fund Average for the one-, three-, and five-year periods ended March 31, 2021. They considered that the Fund had experienced certain portfolio management changes in 2020. The Trustees observed that the Multi-Strategy Alternatives Portfolio’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods and in the third quartile for the five-year period; had outperformed the Fund’s LIBOR-based benchmark index by 16.47%, 2.06%, and 2.07%, respectively, for the one-, three-, and five-year periods; and had underperformed the Fund’s Competitor Fund Average for the one-, three-, and five-year periods ending March 31, 2021.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. 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 (in the case of the Global Trends Allocation Fund) breakpoints 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 with respect to the Funds 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 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.

Profitability


34

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

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

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 2020 and 2019, 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. For the Global Trends Allocation 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 Global Trends Allocation Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Global Trends Allocation 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 Funds 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.

For the Multi-Strategy Alternatives Portfolio, the Trustees noted that, although the Fund 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 Fund at the specified asset levels. The Trustees considered the amounts of assets in the Multi-Strategy Alternatives Portfolio; 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 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 Fund and Underlying Funds that exceed specified levels. They also considered the services provided to the Multi-Strategy Alternatives Portfolio under the Management Agreement and the fees and expenses borne by the Underlying Funds, and determined that the management fees payable by the Fund 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 Funds 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 the Funds and 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 Funds or 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 the Funds and certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which the Funds’ and those Underlying Funds’ securities lending cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds and the Underlying Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment


		35

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI ASSET STRATEGIES

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

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’ and the 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 Funds and Their Shareholders

The Trustees also noted that the Funds and/or the Underlying Funds (as applicable) 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 and the Underlying 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 and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ 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) the Funds’ and Underlying Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds 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 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 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 Agreement should be approved and continued with respect to each Fund until June 30, 2022.


36


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 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 uses to determine how to vote proxies relating to portfolio securities and information regarding how a 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 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 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, 2021 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 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 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 and Multi-Strategy Alternatives Portfolio.

VITFOFSAR-21 248344-OTU-1457826

Goldman

Sachs Variable Insurance Trust

Goldman Sachs Core Fixed Income Fund

Goldman Sachs High Quality Floating Rate Fund

Semi-Annual Report

June 30, 2021

LOGO

Goldman Sachs Variable Insurance Trust

∎

GOLDMAN SACHS CORE FIXED INCOME FUND

∎

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND


TABLE OF CONTENTS

Fund Basics			2

Schedules of Investments			6

Financial Statements			25

Financial Highlights

Goldman Sachs Core Fixed Income Fund			28

Goldman Sachs High Quality Floating Rate Fund			30

Notes to Financial Statements			33

Other Information			48



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

FUND BASICS

Core Fixed Income Fund

as of June 30, 2021

PERFORMANCE REVIEW



January 1, 2021 – June 30, 2021	Fund Total Return (based on NAV)¹			Bloomberg Barclays U.S. Aggregate Bond Index²
Institutional		(1.95	)%		(1.60	)%
Service		(2.06	)		(1.60	)

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.

Effective October 1, 2021, Michael Swell will no longer serve as a portfolio manager for the Fund. Ashish Shah will continue to serve as a portfolio manager.


2

FUND BASICS

FUND COMPOSITION³

LOGO

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. 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 Home Loan Bank (“FHLB”), Federal Home Loan Mortgage Corp. (“FHLMC”) and the Federal National Mortgage Association (“FNMA”), 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

High Quality Floating Rate Fund

as of June 30, 2021

PERFORMANCE REVIEW



January 1, 2021 – June 30, 2021	Fund Total Return (based on NAV)¹			ICE BofAML 3 Mo. T-Bill Index²
Institutional		0.12	%		0.03	%
Service		0.07			0.03
Advisor		0.03			0.03

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.


4

FUND BASICS

FUND COMPOSITION³

LOGO

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. 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”), which operates under a government charter. While it is required to report to a government regulator, its assets are not explicitly guaranteed by the government and it otherwise operates 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.


		5

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

June 30, 2021 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Corporate Bonds – 34.7%
Automobiles & Components^(a) – 0.1%
	General Motors Co.
$	50,000	5.400%		10/02/2023	$	55,043
	25,000	4.000		04/01/2025		27,470

						82,513

Banks – 8.5%
	Ally Financial, Inc.^(a)
	25,000	1.450		10/02/2023		25,394
	American Express Co.^(a)
	20,000	2.500		07/30/2024		21,078
	25,000	3.625		12/05/2024		27,360
	American Express Co. Series C^(a)(b)
	40,000	(3 Mo. LIBOR + 3.29%), 3.404		09/15/2021		40,250
	Avolon Holdings Funding Ltd.^(a)(c)
	25,000	3.950		07/01/2024		26,654
	100,000	2.875		02/15/2025		103,021
	25,000	4.250		04/15/2026		27,108
	Banco Santander SA
	200,000	2.746		05/28/2025		210,740
	Bank of America Corp.
	75,000	4.125		01/22/2024		81,663
	65,000	4.200		08/26/2024		71,344
	45,000	3.248^(a)		10/21/2027		48,813
	75,000	(3 Mo. LIBOR + 1.58%), 3.824^(a)(b)		01/20/2028		83,297
	25,000	(3 Mo. LIBOR + 1.37%), 3.593^(a)(b)		07/21/2028		27,499
	85,000	(3 Mo. LIBOR + 1.04%), 3.419^(a)(b)		12/20/2028		92,678
	50,000	(3 Mo. LIBOR + 1.31%), 4.271^(a)(b)		07/23/2029		57,462
	50,000	(3 Mo. LIBOR + 1.19%), 2.884^(a)(b)		10/22/2030		52,635
	175,000	(SOFR + 2.15%), 2.592^(a)(b)		04/29/2031		180,147
	50,000	(SOFR + 1.53%), 1.898^(a)(b)		07/23/2031		48,517
	Bank of America Corp. Series L^(a)
	25,000	4.183		11/25/2027		27,992
	Barclays plc^(a)(b)
	200,000	(SOFR + 2.71%), 2.852		05/07/2026		211,266
	BNP Paribas SA^(c)
	200,000	3.375		01/09/2025		214,845
	200,000	(SOFR + 1.00%), 1.323^(a)(b)		01/13/2027		197,521
	Capital One Financial Corp.
	25,000	3.500		06/15/2023		26,435
	45,000	3.300^(a)		10/30/2024		48,483


Corporate Bonds – (continued)
Banks – (continued)
	Citigroup, Inc.
$	220,000	3.400%		05/01/2026	$	240,475
	150,000	4.450		09/29/2027		171,315
	25,000	4.125		07/25/2028		28,192
	75,000	(SOFR + 1.42%), 2.976^(a)(b)		11/05/2030		79,554
	Credit Suisse Group AG
	250,000	4.550		04/17/2026		282,921
	Deutsche Bank AG^(a)(b)
	150,000	(SOFR + 2.16%), 2.222		09/18/2024		154,026
	Discover Financial Services^(a)
	75,000	3.750		03/04/2025		81,844
	Fifth Third Bancorp^(a)
	30,000	2.375%		01/28/2025		31,439
	Gazprom PJSC
	240,000	4.950		03/23/2027		267,270
	GE Capital International Funding Co. Unlimited Co.^(a)
	200,000	3.373		11/15/2025		218,199
	General Motors Financial Co., Inc.^(a)
	25,000	4.300		07/13/2025		27,638
	125,000	1.500		06/10/2026		124,341
	125,000	2.350		01/08/2031		123,310
	HSBC Holdings plc^(a)(b)
	200,000	(SOFR + 1.54%), 1.645		04/18/2026		202,674
	Huntington Bancshares, Inc.^(a)
	50,000	4.000		05/15/2025		55,500
	ING Groep NV^(a)(b)(c)
	200,000	(US Treasury Yield Curve Rate T-Note Constant Maturity 1 Yr. + 1.10%), 1.400		07/01/2026		200,679
	Intercontinental Exchange, Inc.^(a)
	50,000	3.000		06/15/2050		49,223
	JPMorgan Chase & Co.^(a)
	25,000	(3 Mo. LIBOR + 0.73%), 3.559^(b)		04/23/2024		26,363
	25,000	(3 Mo. LIBOR + 0.89%), 3.797^(b)		07/23/2024		26,617
	50,000	(3 Mo. LIBOR + 1.00%), 4.023^(b)		12/05/2024		53,965
	125,000	(SOFR + 1.16%), 2.301^(b)		10/15/2025		130,084


6		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.^(a) – (continued)
$	100,000	(3 Mo. LIBOR + 1.25%), 3.960%^(b)		01/29/2027	$	111,347
	15,000	3.625		12/01/2027		16,479
	75,000	(3 Mo. LIBOR + 1.34%), 3.782^(b)		02/01/2028		83,232
	45,000	(3 Mo. LIBOR +0.95%), 3.509^(b)		01/23/2029		49,579
	25,000	(SOFR + 3.79%), 4.493^(b)		03/24/2031		29,630
	25,000	(SOFR + 2.04%), 2.522^(b)		04/22/2031		25,693
	25,000	(SOFR + 2.52%), 2.956^(b)		05/13/2031		26,275
	JPMorgan Chase & Co. Series HH^(a)(b)
	100,000	(SOFR + 3.13%), 4.600		02/01/2025		103,539
	JPMorgan Chase & Co. Series Z^(a)(b)
	85,000	(3 Mo. LIBOR + 3.80%), 3.976		08/01/2021		85,232
	Macquarie Bank Ltd.^(a)(b)(c)
	200,000	(US Treasury Yield Curve Rate T-Note Constant Maturity 5 Yr. + 1.70%), 3.052		03/03/2036		199,124
	Macquarie Group Ltd.^(a)(b)(c)
	50,000	(SOFR + 1.07%), 1.340		01/12/2027		49,537
	Morgan Stanley
	50,000	(3 Mo. LIBOR + 1.40%), 1.576%^(a)(b)		10/24/2023		50,806
	25,000	(3 Mo. LIBOR + 0.85%), 3.737^(a)(b)		04/24/2024		26,435
	225,000	3.700^(a)		10/23/2024		245,328
	75,000	(SOFR + 1.15%), 2.720^(a)(b)		07/22/2025		78,959
	25,000	3.625^(a)		01/20/2027		27,745
	50,000	3.950		04/23/2027		55,854
	25,000	(3 Mo. LIBOR + 1.63%), 4.431^(a)(b)		01/23/2030		29,317
	300,000	(SOFR + 1.14%), 2.699^(a)(b)		01/22/2031		314,250
	50,000	(SOFR + 3.12%), 3.622^(a)(b)		04/01/2031		55,847
	75,000	(SOFR + 1.03%), 1.794^(a)(b)		02/13/2032		72,145


Corporate Bonds – (continued)
Banks – (continued)
	Morgan Stanley Series F^(a)
	25,000	3.875%		04/29/2024		27,179
	Natwest Group plc
	200,000	3.875		09/12/2023		213,650
	NTT Finance Corp.^(a)(c)
	200,000	2.065		04/03/2031		202,777
	Nuveen LLC^(a)(c)
	25,000	4.000		11/01/2028		28,803
	Raymond James Financial, Inc.^(a)
	25,000	4.650		04/01/2030		29,912
	Standard Chartered plc^(a)(b)(c)
	200,000	(3 Mo. LIBOR + 1.15%), 4.247		01/20/2023		204,015
	Wells Fargo & Co.
	25,000	3.750^(a)		01/24/2024		26,887
	175,000	3.000		10/23/2026		188,691
	50,000	4.300		07/22/2027		56,976
	25,000	(SOFR + 4.50%), 5.013^(a)(b)		04/04/2051		34,248
	Westpac Banking Corp.^(a)(b)
	25,000	(5 Yr. Swap Rate + 2.24%), 4.322		11/23/2031		27,796
	25,000	(US Treasury Yield Curve Rate T-Note Constant Maturity 5 Yr. + 2.00%), 4.110		07/24/2034		27,440

						7,332,558

Capital Goods^(a) – 2.2%
	Air Lease Corp.
	75,000	2.300		02/01/2025		77,472
	75,000	3.375		07/01/2025		80,514
	75,000	2.875		01/15/2026		78,881
	75,000	3.750		06/01/2026		82,036
	Aviation Capital Group LLC^(c)
	50,000	1.950		01/30/2026		49,999
	Boeing Co. (The)
	50,000	3.450		11/01/2028		53,353
	25,000	5.150		05/01/2030		29,626
	25,000	3.250		02/01/2035		25,414
	100,000	5.805		05/01/2050		134,929
	Carrier Global Corp.
	150,000	2.493		02/15/2027		156,970
	75,000	2.722		02/15/2030		77,757
	General Electric Co.
	25,000	3.450		05/01/2027		27,502
	25,000	3.625		05/01/2030		27,907
	25,000	4.250		05/01/2040		29,250
	Masco Corp.
	50,000	1.500		02/15/2028		48,762


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Bonds – (continued)
Capital Goods^(a) – (continued)
	Northrop Grumman Corp.
$	50,000		2.930	%		01/15/2025	$	53,309
	75,000		3.250			01/15/2028		81,853
	25,000		4.750			06/01/2043		32,192
	50,000		5.250			05/01/2050		70,309
	Otis Worldwide Corp.
	25,000		2.293			04/05/2027		25,977
	150,000		2.565			02/15/2030		155,441
	Raytheon Technologies Corp.
	50,000		3.950			08/16/2025		55,600
	50,000		4.125			11/16/2028		57,589
	25,000		4.050			05/04/2047		29,383
	Roper Technologies, Inc.
	50,000		4.200			09/15/2028		57,530
	Stanley Black & Decker, Inc.
	50,000		4.250			11/15/2028		58,310
	Weir Group plc (The)^(c)
	200,000		2.200			05/13/2026		200,781

								1,858,646

Commercial & Professional Services^(a) – 0.6%
	CoStar Group, Inc.^(c)
	100,000		2.800			07/15/2030		101,533
	IHS Markit Ltd.
	75,000		3.625			05/01/2024		80,437
	75,000		4.250			05/01/2029		86,438
	Republic Services, Inc.
	75,000		2.500			08/15/2024		78,780
	100,000		1.750			02/15/2032		95,281
	Waste Management, Inc.
	50,000		1.150			03/15/2028		48,421

								490,890

Consumer Services^(a) – 0.5%
	Emory University Series 2020
	140,000		2.143			09/01/2030		142,991
	Expedia Group, Inc.
	50,000		3.600			12/15/2023		53,124
	25,000		4.625			08/01/2027		28,248
	50,000		2.950			03/15/2031		50,870
	McDonald’s Corp.
	25,000		4.200			04/01/2050		30,179
	Starbucks Corp.
	75,000		3.800			08/15/2025		83,031

								388,443

Electric – 2.0%
	Alliant Energy Finance LLC^(a)(c)
	25,000		3.750			06/15/2023		26,424
	American Electric Power Co., Inc.^(a)
	50,000		2.300			03/01/2030		50,294
	Arizona Public Service Co.^(a)
	45,000		2.950			09/15/2027		48,691
	Avangrid, Inc.^(a)
	25,000		3.200			04/15/2025		26,878


Corporate Bonds – (continued)
Electric – (continued)
	Berkshire Hathaway Energy Co.^(a)
	25,000		3.250			04/15/2028		27,473
	50,000		3.700			07/15/2030		56,667
	Dominion Energy, Inc.
	50,000		3.071	%		08/15/2024		53,043
	Dominion Energy, Inc. Series C^(a)
	25,000		3.375			04/01/2030		27,256
	East Ohio Gas Co. (The)^(a)(c)
	25,000		1.300			06/15/2025		25,147
	25,000		2.000			06/15/2030		24,754
	Entergy Corp.^(a)
	45,000		2.950			09/01/2026		48,075
	Exelon Corp.^(a)
	45,000		3.497			06/01/2022		46,147
	50,000		4.050			04/15/2030		56,927
	25,000		4.700			04/15/2050		31,567
	FirstEnergy Corp.^(a)
	100,000		2.650			03/01/2030		99,567
	FirstEnergy Corp. Series B^(a)
	50,000		2.250			09/01/2030		47,883
	Florida Power & Light Co.^(a)
	68,000		4.125			02/01/2042		82,869
	MidAmerican Energy Co.^(a)
	25,000		3.650			04/15/2029		28,311
	NextEra Energy Capital Holdings, Inc.^(a)
	70,000		1.900			06/15/2028		70,792
	NiSource, Inc.^(a)
	95,000		3.490			05/15/2027		104,513
	25,000		3.600			05/01/2030		27,678
	NRG Energy, Inc.^(a)(c)
	75,000		3.750			06/15/2024		79,868
	Ohio Power Co. Series P^(a)
	25,000		2.600			04/01/2030		26,168
	Pacific Gas and Electric Co.^(a)
	25,000		2.100			08/01/2027		24,285
	50,000		2.500			02/01/2031		46,913
	25,000		3.300			08/01/2040		22,736
	25,000		3.500			08/01/2050		22,251
	Progress Energy, Inc.^(a)
	95,000		7.000			10/30/2031		131,222
	Southern California Edison Co. Series A^(a)
	50,000		4.200			03/01/2029		56,481
	Southern Co. (The)^(a)
	60,000		3.250			07/01/2026		65,091
	Virginia Electric and Power Co.^(a)
	75,000		2.450			12/15/2050		69,080
	Vistra Operations Co. LLC^(a)(c)
	125,000		3.550			07/15/2024		132,137

								1,687,188

Energy^(a) – 1.9%
	BP Capital Markets America, Inc.
	50,000		3.224			04/14/2024		53,282
	Continental Resources, Inc.
	31,000		4.500			04/15/2023		32,395


8		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^(a) – (continued)
	Devon Energy Corp.
$	29,000		5.850	%		12/15/2025	$	34,049
	Enbridge, Inc.
	125,000		2.500			08/01/2033		125,056
	Energy Transfer LP
	75,000		4.200			09/15/2023		80,194
	15,000		4.250			04/01/2024		16,165
	50,000		2.900			05/15/2025		52,638
	25,000		5.250			04/15/2029		29,531
	5,000		6.000			06/15/2048		6,322
	Lukoil Securities BV
	200,000		3.875			05/06/2030		211,250
	Marathon Petroleum Corp.
	75,000		4.500			05/01/2023		80,013
	MPLX LP
	75,000		2.650			08/15/2030		75,808
	35,000		4.500			04/15/2038		40,013
	25,000		5.500			02/15/2049		32,347
	Occidental Petroleum Corp.
	100,000		2.900			08/15/2024		102,250
	Ovintiv Exploration, Inc.
	50,000		5.625			07/01/2024		55,646
	Phillips 66
	50,000		3.700			04/06/2023		52,785
	25,000		1.300			02/15/2026		25,006
	Plains All American Pipeline LP
	15,000		3.650			06/01/2022		15,307
	35,000		3.850			10/15/2023		37,104
	25,000		3.800			09/15/2030		26,773
	Sabine Pass Liquefaction LLC
	75,000		5.625			03/01/2025		85,735
	75,000		5.000			03/15/2027		86,605
	Suncor Energy, Inc.
	25,000		2.800			05/15/2023		25,984
	50,000		3.100			05/15/2025		53,532
	Valero Energy Corp.
	50,000		2.700			04/15/2023		51,846
	Western Midstream Operating LP
	75,000		4.350			02/01/2025		79,219
	25,000		5.450			04/01/2044		26,875
	20,000		5.300			03/01/2048		21,200

								1,614,930

Food & Beverage^(a) – 1.3%
	Anheuser-Busch Cos. LLC
	35,000		4.700			02/01/2036		42,927
	210,000		4.900			02/01/2046		265,631
	Anheuser-Busch InBev Worldwide, Inc.
	175,000		4.750			01/23/2029		208,446
	25,000		4.950			01/15/2042		31,532
	100,000		4.600			04/15/2048		122,258
	25,000		5.550			01/23/2049		34,374
	25,000		4.500			06/01/2050		30,485


Corporate Bonds – (continued)
Food & Beverage^(a) – (continued)
	Constellation Brands, Inc.
	50,000		4.400			11/15/2025		56,467
	25,000		3.700			12/06/2026		27,809
	50,000		3.600			02/15/2028		55,445
	25,000		3.150			08/01/2029		26,872
	J M Smucker Co. (The)
	25,000		2.375			03/15/2030		25,488
	Keurig Dr Pepper, Inc.
	26,000		4.057			05/25/2023		27,713
	25,000		5.085			05/25/2048		33,079
	25,000		3.800			05/01/2050		28,161
	Mars, Inc.^(c)
	25,000		2.700			04/01/2025		26,557
	25,000		3.200			04/01/2030		27,404
	Tyson Foods, Inc.
	50,000		3.900			09/28/2023		53,572

								1,124,220

Health Care Equipment & Services^(a) – 1.6%
	Adventist Health System
	30,000		2.952			03/01/2029		31,624
	Banner Health
	120,000		2.338			01/01/2030		121,963
	Baylor Scott & White Holdings Series 2021
	40,000		1.777			11/15/2030		39,128
	Becton Dickinson and Co.
	39,000		2.894			06/06/2022		39,851
	25,000		3.363			06/06/2024		26,783
	40,000		3.700			06/06/2027		44,463
	100,000		2.823			05/20/2030		104,729
	Centene Corp.
	150,000		4.250			12/15/2027		158,239
	Cigna Corp.
	50,000		2.400			03/15/2030		51,052
	150,000		3.400			03/15/2050		156,032
	CVS Health Corp.
	25,000		2.625			08/15/2024		26,397
	50,000		3.875			07/20/2025		55,207
	25,000		5.125			07/20/2045		32,448
	Dentsply Sirona, Inc.
	50,000		3.250			06/01/2030		53,511
	Rush Obligated Group Series 2020
	60,000		3.922			11/15/2029		67,943
	Stanford Health Care Series 2020
	40,000		3.310			08/15/2030		44,125
	STERIS Irish FinCo. UnLtd Co.
	75,000		2.700			03/15/2031		76,458
	Stryker Corp.
	100,000		1.950			06/15/2030		98,912
	Sutter Health Series 20A
	40,000		2.294			08/15/2030		40,339
	Zimmer Biomet Holdings, Inc.
	100,000		3.550			03/20/2030		109,502

								1,378,706


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Bonds – (continued)
Household & Personal Products^(a) – 0.0%
	Kimberly-Clark Corp.
$	25,000		3.100	%		03/26/2030	$	27,588

Life Insurance^(a) – 0.6%
	American International Group, Inc.
	25,000		4.875			06/01/2022		26,028
	125,000		3.900			04/01/2026		139,540
	25,000		4.200			04/01/2028		28,724
	25,000		3.400			06/30/2030		27,422
	Berkshire Hathaway Finance Corp.
	75,000		1.850			03/12/2030		75,759
	Marsh & McLennan Cos., Inc.
	50,000		4.375			03/15/2029		58,648
	Principal Financial Group, Inc.
	50,000		3.100			11/15/2026		54,104
	75,000		2.125			06/15/2030		74,905
	Willis North America, Inc.
	25,000		2.950			09/15/2029		26,294

								511,424

Materials^(a) – 0.9%
	Berry Global, Inc.^(c)
	50,000		1.570			01/15/2026		50,064
	DuPont de Nemours, Inc.
	25,000		4.205			11/15/2023		27,065
	50,000		4.493			11/15/2025		56,843
	Ecolab, Inc.
	4,000		5.500			12/08/2041		5,576
	Huntsman International LLC
	25,000		4.500			05/01/2029		28,432
	25,000		2.950			06/15/2031		25,304
	International Flavors & Fragrances, Inc.^(c)
	75,000		1.832	%		10/15/2027		74,856
	150,000		2.300			11/01/2030		149,186
	50,000		3.268			11/15/2040		51,325
	Martin Marietta Materials, Inc.
	175,000		3.200			07/15/2051		174,775
	Sherwin-Williams Co. (The)
	25,000		3.450			06/01/2027		27,549
	50,000		2.950			08/15/2029		53,707
	Steel Dynamics, Inc.
	20,000		2.400			06/15/2025		20,948
	50,000		1.650			10/15/2027		49,840

								795,470

Media & Entertainment^(a) – 1.7%
	Charter Communications Operating LLC
	320,000		4.908			07/23/2025		362,840
	Comcast Corp.
	25,000		3.700			04/15/2024		27,097
	25,000		3.100			04/01/2025		26,969
	45,000		3.375			08/15/2025		49,119
	50,000		3.950			10/15/2025		55,960
	25,000		3.300			02/01/2027		27,448
	75,000		3.300			04/01/2027		82,689


Corporate Bonds – (continued)
Media & Entertainment^(a) – (continued)
	225,000		3.150			02/15/2028		246,728
	125,000		4.150			10/15/2028		144,741
	25,000		4.250			10/15/2030		29,399
	25,000		3.750			04/01/2040		28,265
	25,000		4.700			10/15/2048		32,412
	Fox Corp.
	25,000		4.030			01/25/2024		27,084
	25,000		4.709			01/25/2029		29,373
	Tencent Holdings Ltd.
	200,000		3.595			01/19/2028		218,018
	Walt Disney Co. (The)
	25,000		3.700			09/15/2024		27,200

								1,415,342

Metals and Mining^(a) – 0.4%
	Glencore Funding LLC^(c)
	75,000		4.125			03/12/2024		80,874
	25,000		4.625			04/29/2024		27,448
	75,000		1.625			04/27/2026		75,227
	Newcrest Finance Pty. Ltd.^(c)
	25,000		3.250			05/13/2030		26,824
	Newmont Corp.
	75,000		2.250			10/01/2030		74,951
	Teck Resources Ltd.
	25,000		3.900			07/15/2030		27,001

								312,325

Pharmaceuticals, Biotechnology & Life Sciences^(a) – 1.7%
	AbbVie, Inc.
	125,000		4.050			11/21/2039		145,106
	200,000		4.250			11/21/2049		239,798
	Amgen, Inc.
	70,000		3.125			05/01/2025		75,296
	Bayer US Finance II LLC^(c)
	200,000		3.875			12/15/2023		214,221
	Bristol-Myers Squibb Co.
	71,000		3.875			08/15/2025		79,007
	25,000		4.250			10/26/2049		31,576
	DH Europe Finance II Sarl
	75,000		2.200			11/15/2024		78,314
	25,000		2.600			11/15/2029		26,177
	75,000		3.250			11/15/2039		80,447
	Elanco Animal Health, Inc.
	50,000		4.912			08/27/2021		50,344
	25,000		5.272			08/28/2023		26,973
	Pfizer, Inc.
	75,000		3.450			03/15/2029		84,374
	25,000		2.625			04/01/2030		26,659
	Royalty Pharma plc^(c)
	75,000		1.200			09/02/2025		74,364
	Thermo Fisher Scientific, Inc.
	15,000		3.650			12/15/2025		16,533
	25,000		4.497			03/25/2030		29,770


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)
Pharmaceuticals, Biotechnology & Life Sciences^(a) – (continued)
	Zoetis, Inc.
$	45,000		3.000	%		09/12/2027	$	48,590
	150,000		2.000			05/15/2030		149,013

								1,476,562

Pipelines^(a) – 0.3%
	Galaxy Pipeline Assets Bidco Ltd.
	200,000		2.940			09/30/2040		197,500
	Williams Cos., Inc. (The)
	25,000		3.600			03/15/2022		25,427
	25,000		3.900			01/15/2025		27,333
	35,000		4.000			09/15/2025		38,772

								289,032

Property/Casualty Insurance^(a) – 0.1%
	Arch Capital Group US, Inc.
	36,000		5.144			11/01/2043		47,387
	XLIT Ltd.
	45,000		4.450			03/31/2025		50,466

								97,853

Real Estate Investment Trusts^(a) – 1.9%
	Alexandria Real Estate Equities, Inc.
	25,000		3.800			04/15/2026		27,862
	25,000		3.375			08/15/2031		27,436
	American Campus Communities Operating Partnership LP
	95,000		4.125			07/01/2024		103,542
	American Homes 4 Rent LP
	50,000		4.900			02/15/2029		58,271
	30,000		2.375			07/15/2031		29,554
	American Tower Corp.
	45,000		4.700			03/15/2022		46,340
	75,000		3.375			05/15/2024		80,245
	100,000		2.400			03/15/2025		104,522
	75,000		2.100			06/15/2030		73,783
	Crown Castle International Corp.
	85,000		3.150			07/15/2023		89,304
	60,000		3.650			09/01/2027		66,155
	25,000		3.300			07/01/2030		26,852
	CubeSmart LP
	45,000		4.000			11/15/2025		49,701
	Duke Realty LP
	25,000		1.750			07/01/2030		24,064
	Essex Portfolio LP
	50,000		3.000			01/15/2030		52,608
	Healthcare Realty Trust, Inc.
	25,000		2.050			03/15/2031		24,245
	Kilroy Realty LP
	25,000		4.750			12/15/2028		29,032
	Mid-America Apartments LP
	50,000		1.700			02/15/2031		47,457
	National Retail Properties, Inc.
	35,000		3.900			06/15/2024		37,816
	45,000		4.000			11/15/2025		49,878


Corporate Bonds – (continued)
Real Estate Investment Trusts^(a) – (continued)
	Regency Centers LP
	100,000		2.950			09/15/2029		105,343
	Spirit Realty LP
	75,000		3.400			01/15/2030		79,928
	UDR, Inc.
	25,000		2.100			08/01/2032		24,022
	100,000		1.900			03/15/2033		93,726
	Ventas Realty LP
	45,000		3.500			02/01/2025		48,616
	VEREIT Operating Partnership LP
	50,000		4.625			11/01/2025		56,673
	25,000		3.950			08/15/2027		28,168
	25,000		3.400			01/15/2028		27,256
	50,000		2.850			12/15/2032		52,291
	WP Carey, Inc.
	20,000		4.600			04/01/2024		21,874
	30,000		4.000			02/01/2025		32,715
	25,000		3.850			07/15/2029		27,739
	25,000		2.400			02/01/2031		24,910

								1,671,928

Retailing^(a) – 1.2%
	7-Eleven, Inc.^(c)
	100,000		1.300			02/10/2028		96,504
	Amazon.com, Inc.
	335,000		5.200			12/03/2025		393,061
	45,000		4.800			12/05/2034		57,965
	15,000		3.875			08/22/2037		17,856
	Dollar Tree, Inc.
	50,000		4.000			05/15/2025		55,181
	50,000		4.200			05/15/2028		57,042
	Expedia Group, Inc.
	35,000		3.800			02/15/2028		38,128
	Home Depot, Inc. (The)
	25,000		3.900			12/06/2028		29,057
	25,000		4.250			04/01/2046		31,127
	Lowe’s Cos., Inc.
	100,000		1.700			10/15/2030		95,927
	25,000		3.000			10/15/2050		24,629
	Sysco Corp.
	25,000		6.600			04/01/2050		38,851
	Tractor Supply Co.
	50,000		1.750			11/01/2030		47,711
	Walgreens Boots Alliance, Inc.
	41,000		4.100			04/15/2050		45,184

								1,028,223

Semiconductors & Semiconductor Equipment^(a) – 0.0%
	Skyworks Solutions, Inc.
	25,000		3.000			06/01/2031		25,614

Software & Services^(a) – 1.3%
	Adobe, Inc.
	50,000		2.150			02/01/2027		52,374
	75,000		2.300			02/01/2030		78,085


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, 2021 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Bonds – (continued)
Software & Services^(a) – (continued)
	Amdocs Ltd.
$	50,000		2.538	%		06/15/2030	$	50,117
	Fiserv, Inc.
	100,000		2.750			07/01/2024		105,448
	50,000		3.200			07/01/2026		54,167
	25,000		4.200			10/01/2028		28,757
	Global Payments, Inc.
	50,000		2.650			02/15/2025		52,670
	25,000		3.200			08/15/2029		26,704
	Intuit, Inc.
	25,000		1.350			07/15/2027		24,980
	Mastercard, Inc.
	25,000		3.300			03/26/2027		27,643
	Oracle Corp.
	125,000		2.875			03/25/2031		130,160
	25,000		3.600			04/01/2040		26,373
	50,000		3.850			04/01/2060		52,941
	PayPal Holdings, Inc.
	150,000		1.650			06/01/2025		154,028
	125,000		2.650			10/01/2026		134,066
	ServiceNow, Inc.
	125,000		1.400			09/01/2030		117,286

								1,115,799

Technology^(a) – 1.9%
	Apple, Inc.
	325,000		2.450			08/04/2026		345,703
	Applied Materials, Inc.
	25,000		1.750			06/01/2030		24,747
	Broadcom Corp.
	95,000		3.875			01/15/2027		104,996
	Broadcom, Inc.
	104,000		3.459			09/15/2026		113,191
	100,000		3.419	^(c)		04/15/2033		105,390
	100,000		3.500	^(c)		02/15/2041		102,622
	Dell International LLC
	70,000		5.450			06/15/2023		75,932
	75,000		5.850			07/15/2025		88,023
	100,000		6.020			06/15/2026		119,935
	25,000		5.300			10/01/2029		30,152
	Hewlett Packard Enterprise Co.
	150,000		4.450			10/02/2023		162,307
	50,000		4.650			10/01/2024		55,577
	45,000		4.900			10/15/2025		51,242
	25,000		6.350			10/15/2045		33,758
	Lam Research Corp.
	50,000		1.900			06/15/2030		50,191
	NXP BV^(c)
	25,000		3.400			05/01/2030		27,169
	125,000		2.500			05/11/2031		126,743

								1,617,678

Tobacco^(a) – 0.2%
	Archer-Daniels-Midland Co.
	25,000		3.250			03/27/2030		27,683


Corporate Bonds – (continued)
Tobacco^(a) – (continued)
	BAT Capital Corp.
	25,000		3.222			08/15/2024		26,557
	100,000		2.259			03/25/2028		99,436
	25,000		4.540			08/15/2047		26,361

								180,037

Transportation – 0.5%
	Burlington Northern Santa Fe LLC^(a)
	25,000		4.050			06/15/2048		30,212
	Canadian Pacific Railway Co.^(a)
	25,000		2.050			03/05/2030		24,913
	DP World Crescent Ltd.
	200,000		3.875	%		07/18/2029		216,750
	FedEx Corp.^(a)
	45,000		3.400			02/15/2028		49,995
	75,000		5.250			05/15/2050		101,744

								423,614

Wireless Telecommunications^(a) – 3.3%
	AT&T, Inc.
	300,000		2.300			06/01/2027		310,465
	150,000		4.350			03/01/2029		173,628
	50,000		2.750			06/01/2031		51,980
	128,000		2.550	^(c)		12/01/2033		126,864
	25,000		4.900			08/15/2037		30,765
	60,000		4.850			03/01/2039		72,945
	75,000		3.500			06/01/2041		78,071
	25,000		4.750			05/15/2046		30,372
	25,000		5.150			11/15/2046		32,024
	25,000		4.500			03/09/2048		29,447
	25,000		5.150			02/15/2050		32,344
	25,000		3.650			06/01/2051		26,127
	25,000		3.500	^(c)		09/15/2053		25,073
	T-Mobile USA, Inc.
	75,000		3.500			04/15/2025		81,335
	75,000		1.500			02/15/2026		75,525
	150,000		3.750			04/15/2027		165,764
	175,000		2.050			02/15/2028		177,332
	125,000		3.875			04/15/2030		139,524
	50,000		3.000			02/15/2041		49,445
	Verizon Communications, Inc.
	25,000		3.376			02/15/2025		27,161
	25,000		2.625			08/15/2026		26,560
	275,000		2.100			03/22/2028		280,824
	145,000		4.329			09/21/2028		168,533
	200,000		3.875			02/08/2029		227,551
	50,000		3.150			03/22/2030		53,927
	125,000		2.550			03/21/2031		127,893
	100,000		4.862			08/21/2046		129,178
	9,000		5.012			04/15/2049		11,909
	90,000		2.987			10/30/2056		84,621

								2,847,187

	TOTAL CORPORATE BONDS
	(Cost $28,223,859)						$	29,793,770


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

Mortgage-Backed Securities – 20.9%
FHLMC – 0.0%
$	1,704		4.500	%		07/01/2024		$	1,785
	8,915		4.500			11/01/2024			9,352
	1,712		4.500			12/01/2024			1,801
	5,160		7.500			12/01/2029			6,061
	1,433		5.000			10/01/2033			1,618
	2,126		5.000			07/01/2035			2,419
	3,105		5.000			12/01/2035			3,539
	605		5.000			03/01/2038			688
	1,588		5.000			06/01/2041			1,804

									29,067

GNMA – 12.9%
	763		7.000			10/15/2025			773
	4,132		7.000			11/15/2025			4,394
	447		7.000			02/15/2026			454
	1,954		7.000			04/15/2026			2,068
	2,135		7.000			03/15/2027			2,289
	10,464		7.000			11/15/2027			10,800
	5,250		7.000			02/15/2028			5,645
	1,290		7.000			03/15/2028			1,327
	719		7.000			04/15/2028			739
	95		7.000			05/15/2028			104
	2,075		7.000			06/15/2028			2,259
	3,124		7.000			07/15/2028			3,404
	8,335		7.000			09/15/2028			9,056
	67,745		6.000			08/20/2034			79,656
	56,445		5.000			06/15/2040			64,957
	265,104		4.000			08/20/2043			289,317
	109,448		4.000			10/20/2045			118,452
	348,270		3.500			04/20/2047			368,672
	455,007		3.500			12/20/2047			481,662
	77,370		5.000			08/20/2048			83,472
	231,342		4.500			09/20/2048			248,958
	268,197		5.000			10/20/2048			289,181
	781,173		5.000			11/20/2048			840,644
	94,450		5.000			12/20/2048			101,611
	563,785		4.500			01/20/2049			604,071
	77,897		4.500			03/20/2049			83,360
	526,061		4.500			10/20/2049			561,448
	534,731		4.500			03/20/2050			569,808
	4,000,000		2.500			TBA-30yr	^(d)		4,139,616
	2,000,000		3.000			TBA-30yr	^(d)		2,086,447

									11,054,644

UMBS – 4.4%
	5,508		5.500			09/01/2023			5,667
	1,763		5.500			10/01/2023			1,818
	700		4.500			07/01/2024			732
	20,012		4.500			11/01/2024			20,980
	9,429		4.500			12/01/2024			9,888
	3,677		9.000			11/01/2025			3,986
	20,140		7.000			08/01/2026			22,330
	6,723		8.000			10/01/2029			7,763
	997		8.500			04/01/2030			1,179
	1,874		8.000			05/01/2030			2,037
	5,220		8.000			08/01/2032			6,178
	5,827		4.500			08/01/2039			6,478


Mortgage-Backed Securities – (continued)
UMBS – (continued)
	29,611		3.000			01/01/2043			31,826
	125,900		3.000			03/01/2043			135,475
	175,066		3.000			04/01/2043			188,379
	126,285		3.000			05/01/2043			135,889
	367,482		4.500			04/01/2045			411,114
	43,360		4.500			05/01/2045			48,535
	218,718		4.000			02/01/2048			237,018
	265,919		4.000			03/01/2048			288,023
	22,456		4.000			07/01/2048			24,462
	612,965		4.500			07/01/2048			658,448
	311,287		4.000			08/01/2048			337,089
	271,902		5.000			11/01/2048			305,232
	851,391		3.000			09/01/2049			905,830

									3,796,356

UMBS, 30 Year, Single Family^(d) – 3.6%
	UMBS, 30 Year, Single Family
	2,000,000		2.000			TBA-30yr			2,020,811
	1,000,000		2.500			TBA-30yr			1,034,297

									3,055,108

	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $17,791,832)							$	17,935,175



Collateralized Mortgage Obligations – 0.8%
Adjustable Rate Non-Agency^(a)(b) – 0.7%
	Alternative Loan Trust Series 2005-38, Class A1
$	53,857		1.616	%		09/25/2035		$	51,690
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2^(c)
	45,624		3.092			06/25/2050			45,893
	FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2^(c)
	36,000		2.818			10/25/2050			36,510
	Harben Finance plc Series 2017-1X, Class A
	GBP60,737		0.881			08/20/2056			84,183
	J.P. Morgan Mortgage Trust Series 2021-6, Class A3^(c)
	110,872		2.500			10/25/2051			112,743
	Lehman XS Trust Series 2005-7N, Class 1A1A
	104,845		0.632			12/25/2035			102,550
	London Wall Mortgage Capital plc Series 2017-FL1, Class A
	GBP30,896		0.936			11/15/2049			42,842
	Stratton Mortgage Funding plc Series 2019-1, Class A
	81,427		1.249			05/25/2051			113,201
	Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1^(c)
	19,350		3.500			07/25/2049			19,714

									609,326

Sequential Fixed Rate – 0.1%
	FNMA REMIC Series 2012-111, Class B
	7,809		7.000			10/25/2042			9,367
	FNMA REMIC Series 2012-153, Class B
	20,593		7.000			07/25/2042			25,206

									34,573

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $597,982)							$	643,899


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, 2021 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Commercial Mortgage-Backed Securities – 0.7%
Sequential Fixed Rate – 0.7%
	BANK Series 2019-BN21, Class A5^(a)
$	150,000		2.851	%		10/17/2052	$	160,295
	BANK Series 2021-BN32, Class A5^(a)
	150,000		2.643			04/15/2054		157,782
	Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4^(a)
	100,000		3.006			01/15/2053		107,727
	DOLP Trust Series 2021-NYC, Class A^(c)
	200,000		2.956			05/10/2041		213,656

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $618,938)						$	639,460



U.S. Government Agency Securities – 1.3%
	FNMA
$	400,000		1.875	%		09/24/2026	$	419,463
	400,000		6.250			05/15/2029		544,693
	FHLB
	100,000		3.375			12/08/2023		107,254

	TOTAL U.S. GOVERNMENT AGENCY SECURITIES
	(Cost $992,550)						$	1,071,410



Asset-Backed Securities^(a)(b) – 4.8%
Collateralized Debt Obligations^(c) – 0.4%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A
	200,000		1.223	%		06/15/2028	$	200,064
	KREF Ltd. Series 2018-FL1, Class A
	138,111		1.182			06/15/2036		138,153

								338,217

Collateralized Loan Obligations^(c) – 4.4%
	Cathedral Lake VI Ltd. Series 2021-6A, Class B
	300,000		2.069			04/25/2034		300,267
	CBAM Ltd. Series 2018-5A, Class A
	525,000		1.210			04/17/2031		525,032
	Crown City CLO I Series 2020-1A, Class A1
	250,000		2.238			07/20/2030		250,102
	Cutwater Ltd. Series 2014-1A, Class A1AR
	49,907		1.434			07/15/2026		49,908
	Diameter Capital CLO 1 Ltd. Series 2021-1A, Class A1A
	425,000		0.000			07/15/2036		425,000
	Elmwood CLO IV Ltd. Series 2020-1A, Class A
	600,000		1.424			04/15/2033		602,243
	Halseypoint CLO 2 Ltd. Series 2020-2A, Class A1
	300,000		2.048			07/20/2031		301,064
	HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A
	250,000		1.636			11/30/2032		250,956
	Jamestown CLO XV Ltd. Series 2020-15A, Class A
	300,000		1.524			04/15/2033		300,443
	Marble Point CLO XVII Ltd. Series 2020-1A, Class A
	500,000		1.488			04/20/2033		500,393


Asset-Backed Securities^(a)(b) – (continued)
Collateralized Loan Obligations^(c) – (continued)
	Venture 39 CLO Ltd. Series 2020-39A, Class A1
	275,000		1.464			04/15/2033		275,263

								3,780,671

Home Equity – 0.0%
	GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1
	34,544		7.000			09/25/2037		34,912

	TOTAL ASSET-BACKED SECURITIES
	(Cost $4,143,311)						$	4,153,800



Foreign Government Securities – 1.6%
	Oriental Republic of Uruguay^(a)
$	50,000		4.375	%		01/23/2031	$	58,244
	Republic of Indonesia
	200,000		3.050			03/12/2051		198,250
	Republic of Peru^(a)
	10,000		3.230			07/28/2121		8,771
	Romania Government Bond
	EUR70,000		2.875			03/11/2029		91,993
	10,000		2.124	^(c)		07/16/2031		12,215
	30,000		2.625	^(c)		12/02/2040		35,217
	10,000		4.625	^(c)		04/03/2049		15,046
	State of Israel AID Bond^(e)
	200,000		5.500			12/04/2023		224,152
	100,000		5.500			04/26/2024		113,894
	United Arab Emirates Government Bond^(c)
	220,000		3.125			10/11/2027		241,698
	United Mexican States^(a)
	200,000		3.250			04/16/2030		206,412
	EUR110,000		1.450			10/25/2033		124,237

	TOTAL FOREIGN GOVERNMENT SECURITIES
	(Cost $1,289,515)						$	1,330,129



Municipal Bonds – 1.2%
Arizona – 0.0%
	City of Tucson COPS Series 2021 A
$	25,000		1.932	%		07/01/2031	$	24,678

California – 0.5%
	Bay Area Toll Authority RB Refunding Series 2021 F-1
	30,000		1.633			04/01/2028		30,192
	California State Various Purpose GO Bonds Series 2010
	105,000		7.625			03/01/2040		176,877
	California Statewide Communities Development Authority RB Refunding for California Independent System Operator Corp. Series 2021
	50,000		1.877			02/01/2031		49,849
	Los Angeles Municipal Improvement Corp. RB Refunding for City of Los Angeles Series 2021 A
	35,000		1.648			11/01/2028		34,522
	80,000		2.074			11/01/2030		79,708


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

Municipal Bonds – (continued)
California – (continued)
	Port of Oakland RB Refunding Series 2020 R
$	25,000		2.199	%		05/01/2031	$	25,474
	San Francisco Municipal Transportation Agency RB Refunding Series 2021 A
	30,000		1.302			03/01/2028		29,511
	San Jose Financing Authority RB for Civic Center Refunding Project Series 2020 A
	25,000		1.812			06/01/2029		24,808
	25,000		1.862			06/01/2030		24,616

								475,557

Florida – 0.1%
	State Board of Administration Finance Corp. RB Series 2020 A
	70,000		2.154			07/01/2030		71,367

Illinois – 0.2%
	Illinois State GO Bonds for Build America Bonds Series 2010-5
	100,000		7.350			07/01/2035		129,184
	Illinois State GO Bonds Pension Funding Series 2003
	25,000		5.100			06/01/2033		29,396

								158,580

Louisiana – 0.0%
	City of New Orleans LA Water System RB Refunding Series 2021
	25,000		1.008			12/01/2026		24,521

New York – 0.1%
	City of New York GO Bonds Series 2021 F-2
	40,000		1.940			03/01/2029		40,823
	Metropolitan Transportation Authority Dedicated Tax Fund RB Series 2010
	25,000		5.989			11/15/2030		32,003
	New York City Transitional Finance Authority Future Tax Secured RB Series 2018 B-2
	10,000		3.590			08/01/2027		11,230

								84,056

Ohio – 0.2%
	American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	100,000		6.270			02/15/2050		140,962

Texas – 0.1%
	City of Houston Airport System RB Refunding Series 2020 C
	30,000		2.235			07/01/2029		30,779
	40,000		2.285			07/01/2030		40,912

								71,691

	TOTAL MUNICIPAL BONDS
	(Cost $912,511)						$	1,051,412



U.S. Treasury Obligations – 32.4%
	U.S. Treasury Bonds
$	480,000		2.375	%		11/15/2049	$	510,975
	150,000		2.000			02/15/2050		147,328


U.S. Treasury Obligations – (continued)
	U.S. Treasury Notes
	3,030,000		2.375			03/15/2022		3,079,001
	9,070,000		0.125			01/31/2023		9,061,851
	730,000		0.125			12/15/2023		726,179
	4,650,000		0.375			04/15/2024		4,644,551
	1,030,000		0.375			12/31/2025		1,010,366
	4,050,000		0.750			03/31/2026		4,032,281
	900,000		1.125			02/29/2028		897,469
	1,010,000		1.250			03/31/2028		1,014,103
	970,000		2.875			05/15/2028		1,077,609
	1,440,000		3.125			11/15/2028		1,629,000

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $27,906,762)						$	27,830,713


Shares		Dividend Rate	Value

Investment Company^(f) – 10.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	8,558,684	0.026%	$	8,558,684
	(Cost $8,558,684)

	TOTAL INVESTMENTS – 108.4%
	(Cost $91,035,944)		$	93,008,452

	LIABILITIES IN EXCESS OF OTHER ASSETS – (8.4)%			(7,184,695	)

	NET ASSETS – 100.0%		$	85,823,757


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, 2021.

(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 $9,281,171 which represents approximately 10.8% of net assets as of June 30, 2021.

(e)		Guaranteed by the United States Government. Total market value of these securities amounts to $338,046, which represents 0.4% of net assets as of June 30, 2021.

(f)		Represents an Affiliated Issuer.


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, 2021 (Unaudited)



Investment Abbreviations:
BA		— Banker Acceptance Rate
BBR		— Bank Bill Reference Rate
COPS		— Certificates of Participation
EURIBOR		— Euro Interbank Offered Rate
ESTR		— Euro Short Term 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
SOFR		— Secured Overnight Financing Rate
SONIA		— Sterling Overnight Index Average
STIBOR		— Stockholm Interbank Offered Rate
T-Note		— Treasury Note
UMBS		— Uniform Mortgage-Backed Securities
Yr.		— Year
Currency Abbreviations:
AUD		—Australian Dollar
CAD		—Canadian Dollar
EUR		—Euro
GBP		—British Pound
JPY		—Japanese Yen
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
USD		—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2021, 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.	USD	161,780	AUD	208,671		09/15/2021	$	5,236
	USD	138,345	CAD	167,387		08/20/2021		3,316
	USD	170,400	CAD	205,782		09/15/2021		4,399
	USD	1,109,741	EUR	927,476		09/10/2021		8,366
	USD	615,101	GBP	433,013		08/05/2021		16,055
	USD	85,163	JPY	9,318,016		08/26/2021		1,250
	USD	263,150	JPY	29,155,388		09/15/2021		542
	USD	47,338	NOK	392,096		08/09/2021		1,790
	USD	201,432	NOK	1,663,742		09/15/2021		8,141
	USD	166,854	NZD	231,355		09/15/2021		5,175
	USD	219,658	SEK	1,832,063		08/04/2021		5,517
	USD	192,869	SEK	1,593,368		09/15/2021		6,552

TOTAL							$	66,339


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	AUD	150,396	USD	116,646		08/20/2021	$	(3,831	)
	AUD	238,604	USD	179,802		09/15/2021		(802	)
	CAD	258,925	USD	214,002		08/20/2021		(5,130	)
	CAD	272,716	USD	221,600		09/15/2021		(1,604	)
	EUR	760,627	USD	910,102		09/10/2021		(6,861	)
	EUR	285,805	USD	348,410		09/15/2021		(8,979	)
	GBP	303,450	USD	431,055		08/05/2021		(11,251	)
	JPY	11,613,101	USD	106,140		08/26/2021		(1,558	)
	JPY	20,413,323	USD	186,714		09/15/2021		(2,847	)
	NOK	1,780,864	EUR	174,860		09/15/2021		(772	)
	NZD	256,544	USD	180,050		09/15/2021		(768	)
	SEK	2,005,613	EUR	198,080		09/15/2021		(724	)
	SEK	1,653,000	USD	198,188		08/04/2021		(4,979	)

TOTAL							$	(50,106	)

FUTURES CONTRACTS — At June 30, 2021, 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		3			09/30/2021	$	660,984		$	138
U.S. Treasury 10 Year Note		12			09/21/2021		1,589,062			2,377
U.S. Treasury Long Bond		29			09/21/2021		4,654,500			98,285
U.S. Treasury Ultra Bond		38			09/21/2021		7,316,188			275,284

Total									$	376,084

Short position contracts:
Euro-Bobl		(1	)		09/08/2021	$	(159,032	)	$	21
Euro-Bund		(1	)		09/08/2021		(204,589	)		312
U.S. Treasury 5 Year Note		(16	)		09/30/2021		(1,974,125	)		5,191
U.S. Treasury 10 Year Ultra Note		(9	)		09/21/2021		(1,323,564	)		(20,408	)

Total									$	(14,884	)

Total Futures Contracts									$	361,200


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, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index^(a)	Financing Rate Received (Paid) by the Fund			Credit Spread at June 30, 2021^(b)			Termination Date	Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Sold:
General Electric Co.		1.000	%		0.715	%	06/20/2026	USD	175	$	2,483	$	—		$	2,483
iTraxx Asia ex-Japan Investment Grade Index		1.000			0.838		06/20/2026		1,310		10,605		—			10,605
Markit CDX North America Investment Grade Index		1.000			0.245		06/20/2023		1,025		15,670		—			15,670
Markit CDX North America Investment Grade Index		1.000			0.480		06/20/2025		3,500		72,656		(14,423	)		87,079
Markit CDX North America Investment Grade Index		1.000			0.429		12/20/2025		575		14,687		—			14,687
Markit CDX North America Investment Grade Index		1.000			0.479		06/20/2026		3,225		82,963		—			82,963
Prudential Financial, Inc.		1.000			0.283		06/20/2024		75		1,629		—			1,629
Republic of Chile		1.000			0.320		06/20/2024		20		412		—			412
Republic of Colombia		1.000			0.875		06/20/2024		120		479		—			479
Republic of Indonesia		1.000			0.382		06/20/2024		160		2,992		—			2,992
Republic of Indonesia		1.000			0.749		06/20/2026		230		2,887		—			2,887
Russian Federation		1.000			0.577		12/20/2024		20		300		—			300
Russian Federation		1.000			0.832		06/20/2026		10		85		—			85
State of Qatar		1.000			0.204		06/20/2024		20		482		—			482
State of Qatar		1.000			0.253		12/20/2024		10		264		—			264
United Mexican States		1.000			0.484		06/20/2024		20		313		—			313

TOTAL										$	208,907	$	(14,423	)	$	223,330

(a)	Payments received quarterly.

(b)

Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index^(a)	Financing Rate Received (Paid) by the Fund			Credit Spread at June 30, 2021^(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	%		3.624	%	Morgan Stanley Co., Inc.		11/18/2054		USD 200	$	(6,728	)	$	(55,678	)	$	48,950
Markit CMBX North American BBB-8		3.000			7.804				10/17/2057		200		(27,980	)		(42,083	)		14,103

TOTAL												$	(34,708	)	$	(97,761	)	$	63,053

(a)	Payments received monthly.

(b)


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by the Fund		Termination Date		Notional Amount (000’s)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3 Month BBR^(a)		0.190%		02/22/2023	AUD	7,790	^(b)	$	(4,920	)	$	—		$	(4,920	)
3 Month BA^(c)		0.804		02/28/2023	CAD	6,680	^(b)		(4,342	)		—			(4,342	)
3 Month BA^(c)		0.750		03/01/2023		11,970	^(b)		(13,132	)		—			(13,132	)
0.275%^(c)		3 Month LIBOR		03/03/2023	USD	9,680	^(b)		4,867			—			4,867
3 Month BA^(c)		1.100		06/15/2023	CAD	3,490	^(b)		(196	)		(71	)		(125	)
0.450^(c)		3 Month LIBOR		06/15/2023	USD	2,790	^(b)		(67	)		107			(174	)
3 Month BA^(c)		0.700		11/18/2023	CAD	1,750	^(b)		(9,649	)		—			(9,649	)
3 Month BBR^(a)		0.500		01/25/2024	AUD	4,260	^(b)		(7,173	)		—			(7,173	)
3 Month BBR^(a)		0.500		02/24/2024		1,420	^(b)		(491	)		—			(491	)
0.486^(a)		3 Month BBR		06/29/2024		560			(67	)		—			(67	)
0.400^(a)		3 Month BBR		09/15/2024		970	^(b)		3,585			—			3,585
3 Month LIBOR^(a)		0.250		09/15/2024	USD	770	^(b)		(9,170	)		—			(9,170	)
1.550^(c)		6 Month BBR		02/23/2026	AUD	1,010	^(b)		(2,001	)		—			(2,001	)
3 Month STIBOR^(a)		0.500		09/15/2026	SEK	14,740	^(b)		7,306			—			7,306
(0.500)^(d)		1 Day ESTR		09/15/2026	EUR	1,020	^(b)		8,255			—			8,255
1 Day SONIA^(d)		0.000		09/15/2026	GBP	2,040	^(b)		(69,750	)		—			(69,750	)
0.500^(c)		3 Month LIBOR		09/15/2026	USD	850	^(b)		21,774			—			21,774
6 Month EURIBOR^(c)		0.050		05/21/2030	EUR	980	^(b)		(15,370	)		—			(15,370	)
6 Month BBR^(c)		1.240		10/28/2030	AUD	520	^(b)		(17,336	)		—			(17,336	)
1.240^(d)		6 Month NIBOR		10/29/2030	NOK	4,430	^(b)		14,637			—			14,637
6 Month BBR^(c)		1.710		01/21/2031	AUD	760	^(b)		(13,816	)		—			(13,816	)
1.000^(d)		1 Day SONIA		01/26/2031	GBP	510	^(b)		(2,116	)		—			(2,116	)
1.000^(d)		1 Day SONIA		02/10/2031	GBP	600	^(b)		(2,398	)		—			(2,398	)
6 Month EURIBOR^(c)		0.500		02/12/2031	EUR	790	^(b)		4,257			—			4,257
6 Month BBR^(c)		2.500		02/24/2031	AUD	980	^(b)		8,465			—			8,465
3 Month LIBOR^(a)		2.209		02/25/2031	USD	400	^(b)		5,517			—			5,517
2.130^(d)		6 Month NIBOR		05/11/2031	NOK	3,240	^(b)		(4,069	)		—			(4,069	)
3 Month STIBOR^(a)		1.273		05/11/2031	SEK	3,470	^(b)		2,641			—			2,641
2.000^(d)		6 Month NIBOR		09/15/2031	NOK	2,970	^(b)		(9,431	)		—			(9,431	)
0.000^(c)		6 Month LIBOR		09/15/2031	JPY	66,000	^(b)		5,532			—			5,532
3 Month STIBOR^(a)		1.000		09/15/2031	SEK	2,710	^(b)		6,632			—			6,632
6 Month BBR^(c)		2.000		09/15/2031	AUD	400	^(b)		10,450			—			10,450
3 Month BA^(c)		1.250		09/15/2031	CAD	660	^(b)		(31,298	)		—			(31,298	)
0.250^(d)		1 Day SONIA		09/15/2031	GBP	1,110	^(b)		71,517			—			71,517
2.431^(c)		3 Month LIBOR		02/25/2036	USD	490	^(b)		(7,256	)		—			(7,256	)
0.260^(d)		6 Month EURIBOR		05/21/2040	EUR	530	^(b)		36,911			—			36,911
2.750^(c)		6 Month BBR		02/24/2041	AUD	310	^(b)		(4,798	)		—			(4,798	)
0.250^(c)		6 Month LIBOR		09/15/2051	JPY	21,660	^(b)		14,576			—			14,576
3 Month BA^(c)		1.750%		09/15/2051	CAD	420	^(b)		(38,027	)		—			(38,027	)
0.000^(d)		6 Month EURIBOR		09/15/2051	EUR	50	^(b)		8,285			—			8,285
1.250^(c)		3 Month LIBOR		09/15/2051	USD	300	^(b)		38,248			—			38,248

TOTAL								$	6,582		$	36		$	6,546

(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, 2021.

(c)	Payments made semi-annually.

(d)	Payments made annually.


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, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED & WRITTEN OPTIONS CONTRACTS — At June 30, 2021, the Fund had the following purchased & written options contracts:

OVER THE COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)

Purchased option contract

Call
6M IRS	UBS AG		(0.165	)%	08/19/2021		360,000		$	360,000		$	426		$	1,709		$	(1,283	)

Total Purchased option contracts							360,000					$	426		$	1,709		$	(1,283	)

Written option contracts

Puts
6M IRS	UBS AG		(0.022	)%	08/19/2021		(360,000	)	$	(360,000	)	$	(132	)	$	(657	)	$	525
6M IRS			(0.094	)	08/19/2021		(360,000	)		(360,000	)		(225	)		(1,052	)		827

Total written option contracts							(720,000	)				$	(357	)	$	(1,709	)	$	1,352


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

June 30, 2021 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Securities^(a) – 4.2%
Adjustable Rate FHLMC – 0.6%
$	52,803		2.000	%		05/01/2035	$	55,638
	15,478		2.464			09/01/2035		16,341
	96,159		2.360			12/01/2036		101,771
	51,065		2.555			04/01/2037		54,273
	89,909		2.284			01/01/2038		95,393
	104,598		2.495			01/01/2038		110,425

								433,841

Adjustable Rate FNMA – 3.5%
	25,601		1.575			05/01/2033		26,584
	65,957		2.333			05/01/2035		69,492
	167,979		2.269			06/01/2035		176,357
	208,504		2.069			11/01/2035		218,686
	31,728		2.084			12/01/2035		33,409
	94,819		2.380			03/01/2037		100,466
	1,931,735		2.129			02/01/2041		2,043,641

								2,668,635

Adjustable Rate GNMA – 0.1%
	108,521		2.875			04/20/2033		111,737

	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $3,225,634)						$	3,214,213



Collateralized Mortgage Obligations^(a) – 19.7%
Agency Multi-Family^(b) – 1.5%
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series J15L, Class AFL
$	30,718		0.436	%		08/25/2025	$	30,726
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF32, Class A
	273,749		0.456			05/25/2024		274,326
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF58, Class A
	457,799		0.586			01/25/2026		460,925
	FHLMC Multifamily Structured Pass-Through Certificates REMIC Series KF60, Class A
	404,566		0.576			02/25/2026		405,721

								1,171,698

Regular Floater – 18.3%
	FHLMC REMIC Series 3049, Class FP
	121,164		0.423			10/15/2035		121,997
	FHLMC REMIC Series 3208, Class FB
	64,965		0.473			08/15/2036		65,493
	FHLMC REMIC Series 3208, Class FD
	96,798		0.473			08/15/2036		97,585
	FHLMC REMIC Series 3208, Class FG
	389,791		0.473			08/15/2036		392,958
	FHLMC REMIC Series 3307, Class FT
	620,320		0.313			07/15/2034		620,669
	FHLMC REMIC Series 3311, Class KF
	1,171,797		0.413			05/15/2037		1,177,980
	FHLMC REMIC Series 3371, Class FA^(b)
	259,895		0.673			09/15/2037		263,782


Collateralized Mortgage Obligations^(a) – (continued)
Regular Floater – (continued)
	FHLMC REMIC Series 4068, Class UF
	1,257,006		0.573			06/15/2042		1,268,228
	FHLMC REMIC Series 4174, Class FB^(b)
	95,767		0.373			05/15/2039		95,775
	FHLMC REMIC Series 4320, Class FD
	213,436		0.473			07/15/2039		215,083
	FHLMC REMIC Series 4477, Class FG
	233,200		0.410			10/15/2040		232,312
	FHLMC REMIC Series 4508, Class CF
	202,521		0.473			09/15/2045		203,975
	FHLMC REMIC Series 4631, Class GF
	1,103,762		0.573			11/15/2046		1,113,907
	FHLMC REMIC Series 4637, Class QF
	254,192		1.092			04/15/2044		246,963
	FHLMC REMIC Series 4942, Class FA
	1,786,380		0.592			01/25/2050		1,800,900
	FNMA REMIC Series 2006-82, Class F
	74,677		0.662			09/25/2036		75,559
	FNMA REMIC Series 2006-96, Class FA
	332,992		0.392			10/25/2036		334,039
	FNMA REMIC Series 2007-33, Class HF
	57,022		0.442			04/25/2037		57,246
	FNMA REMIC Series 2007-36, Class F
	92,405		0.322			04/25/2037		92,453
	FNMA REMIC Series 2007-85, Class FC
	268,631		0.632			09/25/2037		271,890
	FNMA REMIC Series 2008-8, Class FB
	171,260		0.911			02/25/2038		173,997
	FNMA REMIC Series 2011-63, Class FG
	226,993		0.542			07/25/2041		229,747
	FNMA REMIC Series 2012-35, Class QF
	740,418		0.492			04/25/2042		745,595
	FNMA REMIC Series 2016-1, Class FT
	524,102		0.442			02/25/2046		527,413
	FNMA REMIC Series 2017-45, Class FA
	358,813		0.435			06/25/2047		357,976
	FNMA REMIC Series 2017-96, Class FC
	741,917		0.492			12/25/2057		747,073
	FNMA REMIC Series 2018-60, Class FK
	1,877,564		0.392			08/25/2048		1,880,248
	GNMA REMIC Series 2005-48, Class AF^(b)
	316,315		0.293			06/20/2035		316,914
	GNMA REMIC Series 2012-98, Class FA^(b)
	283,706		0.493			08/20/2042		285,707

								14,013,464

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $15,130,907)						$	15,185,162



Commercial Mortgage-Backed Securities^(a)(c) – 0.6%
Adjustable Rate Non-Agency – 0.6%
	Great Wolf Trust Series 2019-WOLF, Class A
$	200,000		1.107	%		12/15/2036	$	200,211


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Principal Amount		Interest Rate		Maturity Date		Value

Commercial Mortgage-Backed Securities^(a)(c) – (continued)
Adjustable Rate Non-Agency – (continued)
	GS Mortgage Securities Corp. Trust Series 2019-SOHO, Class A
$	225,000		0.973 %		06/15/2036	$	225,002

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $424,867)					$	425,213



U.S. Government Agency Security^(a) – 1.9%
	FFCB
$	1,500,000		(SOFR + 0.17%), 0.220%		03/15/2022	$	1,501,492
	(Cost $1,500,000)



Asset-Backed Securities^(b) – 25.1%
Automobile – 2.6%
	Ford Credit Auto Owner Trust Series 2018-2, Class A^(c)
$	350,000		3.470%		01/15/2030	$	371,993
	Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2^(a)
	750,000		0.573		09/15/2025		755,475
	Nissan Master Owner Trust Receivables Series 2019-A, Class A^(a)
	850,000		0.633		02/15/2024		852,735

							1,980,203

Collateralized Loan Obligations^(a)(c) – 16.0%
	AIG CLO Series 2021-1A, Class A
	600,000		1.284		04/22/2034		600,690
	Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1
	750,000		1.350		04/15/2034		749,998
	Anchorage Capital CLO Ltd. Series 2014-4RA, Class A
	350,000		1.234		01/28/2031		350,163
	Assurant CLO I Ltd. Series 2017-1A, Class A
	300,000		1.438		10/20/2029		300,096
	Carlyle US CLO Ltd. Series 2017-2A, Class A1R
	1,000,000		1.238		07/20/2031		1,000,026
	CBAM Ltd. Series 2018-5A, Class A
	1,100,000		1.210		04/17/2031		1,100,067
	Cutwater Ltd. Series 2014-1A, Class A1AR
	31,759		1.434		07/15/2026		31,760
	Dryden 64 CLO Ltd. Series 2018-64A, Class A
	600,000		1.160		04/18/2031		600,085
	Halsey Point CLO I Ltd. Series 2019-1A, Class A2A
	250,000		1.538		01/20/2033		250,225
	Jamestown CLO XV Ltd. Series 2020-15A, Class A
	300,000		1.524		04/15/2033		300,442
	LCM XV LP Series 15A, Class AR2
	1,000,000		1.188		07/20/2030		1,000,026
	LCM XX LP Series 20A, Class AR
	483,361		1.228		10/20/2027		483,425
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A
	1,100,000		0.934		04/15/2029		1,100,022
	Mountain View CLO Ltd. Series 2013-1A, Class AR
	467,704		1.438		10/12/2030		467,704
	Neuberger Berman Loan Advisers CLO 31 Ltd. Series 2019-31A, Class AR
	300,000		1.228		04/20/2031		300,121


Asset-Backed Securities^(b) – (continued)
Collateralized Loan Obligations^(a)(c) – (continued)
	Octagon Investment Partners 54 Ltd. Series 2021-1A, Class A1
	300,000		0.000		07/15/2034		300,612
	OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR
	750,000		0.000		07/02/2035		750,151
	Parallel Ltd. Series 2015-1A, Class AR
	78,009		1.038		07/20/2027		78,010
	Pikes Peak CLO 2 Series 2018-2A, Class A
	800,000		1.480		01/18/2032		800,285
	Trimaran CAVU Ltd. Series 2021-1A, Class A
	500,000		1.339		04/23/2032		500,039
	Trysail CLO Ltd. Series 2021-1A, Class A1
	400,000		1.461		07/20/2032		400,084
	Wellfleet CLO X Ltd. Series 2019-XA, Class A1R
	900,000		1.344		07/20/2032		900,237

							12,364,268

Credit Card^(a) – 2.5%
	Citibank Credit Card Issuance Trust Series 2017-A5, Class A5
	1,400,000		0.711		04/22/2026		1,419,651
	Citibank Credit Card Issuance Trust Series 2017-A7, Class A7
	500,000		0.451		08/08/2024		501,906

							1,921,557

Student Loans^(a) – 4.0%
	Brazos Higher Education Authority, Inc. Series 2011-1, Class A2
	443,263		0.947		02/25/2030		444,422
	Edsouth Indenture No. 5 LLC Series 2014-1, Class A^(c)
	119,387		0.791		02/25/2039		118,508
	Educational Funding of the South, Inc. Series 2011-1, Class A2
	234,729		0.826		04/25/2035		235,379
	Higher Education Funding I Series 2014-1, Class A^(c)
	735,492		1.197		05/25/2034		738,852
	Illinois Student Assistance Commission Series 2010-1, Class A3
	132,557		1.076		07/25/2045		133,054
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2
	269,380		1.093		05/20/2030		269,624
	Pennsylvania Higher Education Assistance Agency Series 2006-1, Class A3
	313,465		0.316		10/25/2035		306,186
	SLM Student Loan Trust Series 2005-5, Class A4
	499,486		0.316		10/25/2028		497,001
	SLM Student Loan Trust Series 2007-1, Class A5
	101,702		0.266		01/26/2026		101,678
	SLM Student Loan Trust Series 2008-5, Class A4
	48,049		1.876		07/25/2023		48,504
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2
	7,512		1.052		10/01/2024		7,516
	Utah State Board of Regents Series 2015-1, Class A
	213,409		0.691		02/25/2043		213,479

							3,114,203

	TOTAL ASSET-BACKED SECURITIES (Cost $19,327,428)					$	19,380,231


22		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

Supranational^(a)(c) – 2.0%
	European Investment Bank
$	1,530,000			(SOFR + 0.29%), 0.315%		06/10/2022	$	1,532,967
	(Cost $1,530,000)



Municipal Bond^(a)(b)(c) – 0.1%
New York – 0.1%
	Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A
$	93,786			(1 Mo. LIBOR + 0.50%), 0.592%		01/25/2033	$	94,241
	(Cost $93,786)



U.S. Treasury Obligations – 42.1%
	U.S. Treasury Bonds
$	220,000			3.750%		11/15/2043	$	288,647
	170,000			3.375		05/15/2044		211,862
	U.S. Treasury Inflation Linked Notes
	870,968			0.125		07/15/2022		902,348
	U.S. Treasury Notes
	13,400,000			(3 Mo. U.S. T-Bill MMY + 0.22%), 0.270^(a)		07/31/2021		13,402,437
	310,000			2.875		10/15/2021		312,519
	600,000			(3 Mo. U.S. T-Bill MMY + 0.15%), 0.204^(a)		01/31/2022		600,519
	120,000			1.875		02/28/2022		121,434
	9,800,000			(3 Mo. U.S. T-Bill MMY + 0.06%), 0.105^(a)		10/31/2022		9,805,204
	4,300,000			(3 Mo. U.S. T-Bill MMY + 0.05%), 0.099^(a)		01/31/2023		4,301,613
	20,000			2.750		04/30/2023		20,923
	920,000			2.875		10/31/2023		974,697
	1,020,000			1.125		02/28/2025		1,038,647
	140,000			2.875		05/31/2025		151,987
	10,000			3.000		09/30/2025		10,947
	250,000			2.125		05/31/2026		265,156
	20,000			1.375		08/31/2026		20,472

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $32,284,884)						$	32,429,412

Shares		Dividend Rate			Value

Investment Company^(d) – 3.5%
Goldman Sachs Financial Square Government Fund — Institutional Shares
2,704,657			0.026	%	$	2,704,657
(Cost $2,704,657)

TOTAL INVESTMENTS – 99.2%
(Cost $76,222,163)					$	76,467,588

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%						601,700

NET ASSETS – 100.0%					$	77,069,288


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, 2021.

(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.



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


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2021, 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		4		09/30/2021	$	881,312		$	(1,389	)
U.S. Treasury 10 Year Ultra Note		4		09/21/2021		588,250			9,934

Total								$	8,545

Short position contracts:
U.S. Treasury 5 Year Note		(24)		09/30/2021	$	(2,961,187	)	$	10,297
U.S. Treasury 10 Year Note		(3)		09/21/2021		(397,266	)		(575	)
U.S. Treasury Long Bond		(6)		09/21/2021		(963,000	)		(22,542	)
U.S. Treasury Ultra Bond		(1)		09/21/2021		(192,531	)		(6,207	)

Total								$	(19,027	)

Total Futures Contracts								$	(10,482	)

SWAP CONTRACTS — At June 30, 2021, the Fund had the following swap contract:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

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 2,180

—

(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, 2021.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)


	Core Fixed Income Fund		High Quality Floating Rate Fund

Assets:

Investments in unaffiliated issuers, at value (cost $82,477,260 and $73,517,506)	$	84,449,768	$	73,762,931
Investments in affiliated issuers, at value (cost $8,558,684 and $2,704,657)		8,558,684		2,704,657
Purchased Options, at value (premiums paid $1,709 and $0)		426		—
Cash		1,368,615		1,050,238
Foreign currencies, at value (cost $19,916 and $0)		20,010		—
Receivables:
Investments sold on an extended-settlement basis		3,090,117		2,257
Collateral on certain derivative contracts^(a)		593,038		48,828
Interest and dividends		371,815		65,418
Fund shares sold		46,484		615,684
Reimbursement from investment adviser		23,379		19,041
Variation margin on swaps		687,826		—
Unrealized gain on forward foreign currency exchange contracts		66,339		—
Unrealized gain on swap contracts		63,053		—
Variation margin on futures		37,511		—
Other assets		512		526

Total assets		99,377,577		78,269,580


Liabilities:

Unrealized loss on forward foreign currency exchange contracts		50,106		—
Written options, at value (premiums received $1,709 and $0)		357		—
Variation margin on futures		—		2,618
Variation margin on swaps		—		464
Payables:
Investments purchased on an extended-settlement basis		12,989,906		1,050,000
Fund shares redeemed		227,828		81,377
Upfront payments received on swap contracts		97,761		—
Management fees		26,566		19,646
Distribution and Service fees and Transfer Agency fees		13,421		16,703
Accrued expenses		147,875		29,484

Total liabilities		13,553,820		1,200,292


Net Assets:

Paid-in capital		84,435,750		78,451,206
Total distributable earnings (loss)		1,388,007		(1,381,918	)

NET ASSETS	$	85,823,757	$	77,069,288
Net Assets:
Institutional	$	25,854,627	$	3,705,589
Service		59,969,130		69,483,207
Advisor		—		3,880,492

Total Net Assets	$	85,823,757	$	77,069,288
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		2,308,550		357,168
Service		5,354,355		6,718,931
Advisor		—		375,201
Net asset value, offering and redemption price per share:
Institutional		$11.20		$10.37
Service		11.20		10.34
Advisor		—		10.34

(a) Segregated for initial margin and/or collateral on transactions as follows:


Fund	Forwards		Futures		Swaps
Core Fixed Income	$	210,000	$	382,888	$	150
High Quality Floating Rate		—		48,279		549


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended June 30, 2021 (Unaudited)


	Core Fixed Income Fund			High Quality Floating Rate Fund

Investment income:
Interest	$	546,992		$	205,188
Dividends — affiliated issuers		1,854			1,622

Total investment income		548,846			206,810


Expenses:
Management fees		150,943			117,458
Professional fees		67,860			59,314
Distribution and Service fees^(a)		65,389			86,492
Custody, accounting and administrative services		38,202			33,283
Printing and mailing costs		26,145			20,528
Trustee fees		9,459			9,464
Transfer Agency fees^(a)		7,547			7,577
Service fees – Advisor Shares		—			4,699
Other		2,046			3,283

Total expenses		367,591			342,098

Less — expense reductions		(144,547	)		(117,783	)

Net expenses		223,044			224,315

NET INVESTMENT INCOME (LOSS)		325,802			(17,505	)


Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		42,393			38,683
Futures contracts		(918,737	)		155,725
Purchased options		(444	)		—
Swap contracts		(229,206	)		(906	)
Forward foreign currency exchange contracts		(70,157	)		—
Foreign currency transactions		3,308			—
Written options		26,288			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(1,277,655	)		(88,245	)
Futures contracts		451,299			(23,807	)
Purchased options		116			—
Swap contracts		215,527			2,675
Forward foreign currency exchange contracts		53,553			—
Foreign currency translation		(2,936	)		—
Written options		(1,179	)		—

Net realized and unrealized gain (loss)		(1,707,830	)		84,125

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,382,028	)	$	66,620

(a) Class specific Distribution and/or Service, and Transfer Agency fees were as follows:


	Distribution and/or (12b-1) Service Fees				Transfer Agency Fees
Fund	Service		Advisor		Institutional		Service		Advisor
Core Fixed Income	$	65,389	$	—	$	2,316	$	5,231	$	—
High Quality Floating Rate		83,673		2,819		508		6,693		376


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Core Fixed Income Fund						High Quality Floating Rate Fund
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020

From operations:
Net investment income (loss)	$	325,802		$	915,856		$	(17,505	)	$	350,099
Net realized gain (loss)		(1,146,555	)		2,388,092			193,502			(347,852	)
Net change in unrealized gain (loss)		(561,275	)		2,128,274			(109,377	)		323,668

Net increase (decrease) in net assets resulting from operations		(1,382,028	)		5,432,222			66,620			325,915


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(226,174	)		(731,170	)		(6,178	)		(41,958	)
Service Shares		(456,316	)		(1,177,796	)		(44,840	)		(438,573	)
Advisor Shares		—			—			(1,363	)		(28,527	)

Total distributions to shareholders		(682,490	)		(1,908,966	)		(52,381	)		(509,058	)


From share transactions:
Proceeds from sales of shares		20,506,867			19,588,560			8,674,041			12,272,089
Reinvestment of distributions		682,490			1,908,966			52,381			509,058
Cost of shares redeemed		(5,125,884	)		(8,140,782	)		(6,319,258	)		(19,254,992	)

Net increase (decrease) in net assets resulting from share transactions		16,063,473			13,356,744			2,407,164			(6,473,845	)

TOTAL INCREASE (DECREASE)		13,998,955			16,880,000			2,421,403			(6,656,988	)


Net Assets:

Beginning of period		71,824,802			54,944,802			74,647,885			81,304,873

End of period	$	85,823,757		$	71,824,802		$	77,069,288		$	74,647,885


The accompanying notes are an integral part of these financial statements.		27

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, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	11.53		$	10.85		$	10.20		$	10.66		$	10.61		$	10.53

Net investment income^(a)		0.06			0.18			0.26			0.29			0.23			0.24

Net realized and unrealized gain (loss)		(0.29	)		0.86			0.69			(0.37	)		0.13			0.08

Total from investment operations		(0.23	)		1.04			0.95			(0.08	)		0.36			0.32

Distributions to shareholders from net investment income		(0.10	)		(0.26	)		(0.30	)		(0.38	)		(0.31	)		(0.24	)

Distributions to shareholders from net realized gains		—			(0.10	)		—			—			—			—

Total distributions		(0.10	)		(0.36	)		(0.30	)		(0.38	)		(0.31	)		(0.24	)

Net asset value, end of period	$	11.20		$	11.53		$	10.85		$	10.20		$	10.66		$	10.61

Total return^(b)		(1.95	)%		9.64	%		9.28	%		(0.58	)%		3.40	%		2.98	%

Net assets, end of period (in 000s)	$	25,855		$	25,194		$	17,421		$	2,657		$	241		$	90

Ratio of net expenses to average net assets		0.41	%^(c)		0.41	%		0.44	%		0.42	%		0.42	%		0.43	%

Ratio of total expenses to average net assets		0.79	%^(c)		0.93	%		1.08	%		1.06	%		0.65	%		0.65	%

Ratio of net investment income to average net assets		1.05	%^(c)		1.61	%		2.41	%		2.88	%		2.18	%		2.28	%

Portfolio turnover rate^(d)		173	%		501	%		556	%		406	%		229	%		329	%

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

(b)

(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.


28		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, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	11.53		$	10.85		$	10.21		$	10.65		$	10.60		$	10.53

Net investment income^(a)		0.04			0.16			0.25			0.25			0.21			0.22

Net realized and unrealized gain (loss)		(0.28	)		0.85			0.66			(0.34	)		0.12			0.07

Total from investment operations		(0.24	)		1.01			0.91			(0.09	)		0.33			0.29

Distributions to shareholders from net investment income		(0.09	)		(0.23	)		(0.27	)		(0.35	)		(0.28	)		(0.22	)

Distributions to shareholders from net realized gains		—			(0.10	)		—			—			—			—

Total distributions		(0.09	)		(0.33	)		(0.27	)		(0.35	)		(0.28	)		(0.22	)

Net asset value, end of period	$	11.20		$	11.53		$	10.85		$	10.21		$	10.65		$	10.60

Total return^(b)		(2.06	)%		9.37	%		9.00	%		(0.83	)%		3.14	%		2.70	%

Net assets, end of period (in 000s)	$	59,969		$	46,631		$	37,524		$	36,416		$	108,948		$	110,476

Ratio of net expenses to average net assets		0.66	%^(c)		0.66	%		0.68	%		0.67	%		0.67	%		0.67	%

Ratio of total expenses to average net assets		1.03	%^(c)		1.18	%		1.35	%		1.18	%		0.90	%		0.91	%

Ratio of net investment income to average net assets		0.78	%^(c)		1.39	%		2.33	%		2.46	%		1.95	%		2.05	%

Portfolio turnover rate^(d)		173	%		501	%		556	%		406	%		229	%		329	%

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

(b)

(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.		29

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
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	10.37		$	10.37		$	10.38		$	10.42		$	10.41		$	10.40

Net investment income^(a)		0.01			0.07			0.22			0.24			0.14			0.11

Net realized and unrealized gain (loss)		—	^(b)		0.02			0.01			(0.06	)		0.03			0.03

Total from investment operations		0.01			0.09			0.23			0.18			0.17			0.14

Distributions to shareholders from net investment income		(0.01	)		(0.09	)		(0.24	)		(0.22	)		(0.16	)		(0.13	)

Net asset value, end of period	$	10.37		$	10.37		$	10.37		$	10.38		$	10.42		$	10.41

Total return^(c)		0.12	%		0.86	%		2.27	%		1.75	%		1.62	%		1.35	%

Net assets, end of period (in 000s)	$	3,706		$	5,113		$	4,877		$	2,326		$	57		$	25

Ratio of net expenses to average net assets		0.35	%^(d)		0.34	%		0.37	%		0.34	%		0.36	%		0.39	%

Ratio of total expenses to average net assets		0.66	%^(d)		0.71	%		0.66	%		0.63	%		0.72	%		0.78	%

Ratio of net investment income to average net assets		0.19	%^(d)		0.68	%		2.15	%		2.28	%		1.33	%		1.03	%

Portfolio turnover rate^(e)		20	%		35	%		20	%		36	%		38	%		47	%

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

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

(c)

(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.


30		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
	Service Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	10.34		$	10.35		$	10.36		$	10.40		$	10.38		$	10.38

Net investment income (loss)^(a)		—	^(b)		0.05			0.21			0.19			0.11			0.08

Net realized and unrealized gain (loss)		0.01			0.01			—	^(b)		(0.03	)		0.04			0.02

Total from investment operations		0.01			0.06			0.21			0.16			0.15			0.10

Distributions to shareholders from net investment income		(0.01	)		(0.07	)		(0.22	)		(0.20	)		(0.13	)		(0.10	)

Net asset value, end of period	$	10.34		$	10.34		$	10.35		$	10.36		$	10.40		$	10.38

Total return^(c)		0.07	%		0.58	%		2.01	%		1.50	%		1.47	%		1.00	%

Net assets, end of period (in 000s)	$	69,484		$	65,832		$	69,964		$	72,784		$	66,548		$	66,710

Ratio of net expenses to average net assets		0.61	%^(d)		0.59	%		0.62	%		0.60	%		0.61	%		0.65	%

Ratio of total expenses to average net assets		0.91	%^(d)		0.95	%		0.90	%		0.91	%		0.97	%		1.04	%

Ratio of net investment income (loss) to average net assets		(0.06	)%^(d)		0.46	%		2.00	%		1.82	%		1.08	%		0.77	%

Portfolio turnover rate^(e)		20	%		35	%		20	%		36	%		38	%		47	%

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

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

(c)

(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.		31

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, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	10.34		$	10.36		$	10.37		$	10.41		$	10.40		$	10.40

Net investment income (loss)^(a)		(0.01	)		0.04			0.19			0.18			0.10			0.06

Net realized and unrealized gain (loss)		0.01			—	^(b)		—	^(b)		(0.04	)		0.03			0.03

Total from investment operations		—	^(b)		0.04			0.19			0.14			0.13			0.09

Distributions to shareholders from net investment income		—	^(b)		(0.06	)		(0.20	)		(0.18	)		(0.12	)		(0.09	)

Net asset value, end of period	$	10.34		$	10.34		$	10.36		$	10.37		$	10.41		$	10.40

Total return^(c)		0.03	%		0.38	%		1.85	%		1.37	%		1.26	%		0.96	%

Net assets, end of period (in 000s)	$	3,881		$	3,703		$	6,464		$	7,184		$	4,726		$	1,658

Ratio of net expenses to average net assets		0.75	%^(d)		0.74	%		0.76	%		0.75	%		0.76	%		0.80	%

Ratio of total expenses to average net assets		1.06	%^(d)		1.09	%		1.05	%		1.05	%		1.12	%		1.18	%

Ratio of net investment income (loss) to average net assets		(0.21	)%^(d)		0.39	%		1.86	%		1.69	%		0.96	%		0.62	%

Portfolio turnover rate^(e)		20	%		35	%		20	%		36	%		38	%		47	%

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

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

(c)

(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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

Notes to Financial Statements

June 30, 2021 (Unaudited)

1. ORGANIZATION


Fund	Share Classes Offered	Diversified/ Non-diversified
Core Fixed Income	Institutional and Service	Diversified
High Quality Floating Rate	Institutional, Service and Advisor	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

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

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.


		33

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid 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

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

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

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

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


34

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

ii. 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.

iii. 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.

iv. 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,


		35

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

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 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


36

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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.


		37

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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, 2021:



CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3

Assets
Fixed Income
Corporate Bonds	$	—		$	29,793,770		$	—
Mortgage-Backed Securities		—			17,935,175			—
Collateralized Mortgage Obligations		—			643,899			—
Commercial Mortgage-Backed Securities		—			639,460			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		27,830,713			—			—
Asset-Backed Securities		—			4,153,800			—
Foreign Government Securities		—			1,330,129			—
Municipal Bonds		—			1,051,412			—
U.S. Government Agency Securities		—			1,071,410			—
Investment Company		8,558,684			—			—

Total	$	36,389,397		$	56,619,055		$	—

Derivative Type

Assets
Forward Foreign Currency Exchange Contracts^(a)	$	—		$	66,339		$	—
Futures Contracts^(a)		381,608			—			—
Credit Default Swap Contracts^(a)		—			286,383			—
Interest Rate Swap Contracts^(a)		—			273,455			—
Purchased Options Contract		—			426			—

Total	$	381,608		$	626,603		$	—

Liabilities
Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(50,106	)	$	—
Futures Contracts^(a)		(20,408	)		—			—
Interest Rate Swap Contracts^(a)		—			(266,909	)		—
Written Options Contracts		—			(357	)		—

Total	$	(20,408	)	$	(317,372	)	$	—

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


38

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME 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	$	32,429,412		$	—	$	—
Mortgage-Backed Securities		—			3,214,213		—
Collateralized Mortgage Obligations		—			15,185,162		—
Commercial Mortgage-Backed Securities		—			425,213		—
Asset-Backed Securities		—			19,380,231		—
Municipal Bond		—			94,241		—
Supranational		—			1,532,967		—
U.S. Government Agency Security		—			1,501,492		—
Investment Company		2,704,657			—		—

Total	$	35,134,069		$	41,333,519	$	—

Derivative Type

Assets^(a)
Futures Contracts	$	20,231		$	—	$	—
Interest Rate Swap Contract		—			85		—

Total	$	20,231		$	85	$	—

Liabilities^(a)
Futures Contracts	$	(30,713	)	$	—	$	—

(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, 2021. 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.


		39

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Core Fixed Income


Risk		Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest Rate		Purchased options at value, Variation margin on futures and swaps contracts	$	655,489	^(a)	Written options at value, variation margin on futures and swaps contracts	$	(287,674	)
Credit		Receivable for unrealized gain on swap contracts and variation margin on swap contracts		286,383	^(a)	—		—
Currency		Receivables for unrealized gain on forward foreign currency exchange contracts		66,339		Payable for unrealized loss on forward foreign currency exchange contracts		(50,106	)

Total			$	1,008,211			$	(337,780	)

Fund	Risk	Statements of Assets and Liabilities	Assets^(a)			Statements of Assets and Liabilities	Liabilities^(a)

High Quality Floating Rate	Interest Rate	Variation margin on futures and swap contracts	$	20,316		Variation margin on futures contracts	$	(30,713	)

(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, 2021 is reported within the Statements of Assets and Liabilities.

Core Fixed Income


Risk	Statements of Operations	Net Realized Gain (Loss)	Net Change in Unrealized Gain (Loss)
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	$(966,611)	$	452,565
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	(155,488)		213,198
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts	(70,157)		53,553

Total		$(1,192,256)	$	719,316

High Quality Floating Rate


Risk	Statements of Operations	Net Realized Gain (Loss)	Net Change in Unrealized Gain (Loss)

Interest Rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$154,819	$	(21,132	)


40

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

For the six months ended June 30, 2021, the relevant values for each derivative type were as follows:


	Average Number of Contracts or Notional Amounts⁽¹⁾
Fund	Futures Contracts		Forward Contracts		Swap Contracts		Purchased Swaptions		Written Swaptions
Core Fixed Income		157	$	6,522,560	$	52,634,649	$	4,344	$	5,535
High Quality Floating Rate		51		—		2,917,143		—		—

(1)

Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap contracts, purchased swaptions and written swaptions, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended June 30, 2021.

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, 2021, 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	%
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.

The Core Fixed Income 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. For the six months ended June 30, 2021, GSAM waived $2,344 and $1,959 of the Core Fixed Income and High Quality Floating Rate Funds’ management fees, respectively.

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Service Shares of the Funds, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (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.

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.


		41

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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.

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 and High Quality Floating Rate Funds are 0.004% and 0.034%, respectively. These Other Expense limitations will remain in place through at least April 30, 2022, 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, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Other Expense Reimbursement		Total Expense Reductions
Core Fixed Income	$	2,344	$	142,203	$	144,547
High Quality Floating Rate		1,959		115,824		117,783

G. Other Transactions with Affiliates — 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, 2021:


Fund	Beginning Value as of December 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2021		Shares as of June 30, 2021		Dividend Income
Core Fixed Income	$	11,891,553	$	39,018,823	$	(42,351,692	)	$	8,558,684		8,558,684	$	1,854
High Quality Floating Rate		10,161,321		17,042,946		(24,499,610	)		2,704,657		2,704,657		1,622


42

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

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, 2021, 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	$	175,358,601	$	7,430,984	$	161,394,118	$	4,719,926
High Quality Floating Rate		13,567,912		9,819,484		4,075,099		8,729,591

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2020, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:


	Core Fixed Income			High Quality Floating Rate
Capital loss carryforwards:
Perpetual short-term	$	—		$	(305,245	)
Perpetual long-term		—			(1,242,514	)
Total capital loss carryforwards	$	—		$	(1,547,759	)
Timing differences (Late year ordinary loss deferral, post October loss deferral, and straddle loss deferrals)	$	(148,317	)	$	(242,255	)

As of June 30, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Core Fixed Income			High Quality Floating Rate
Tax cost	$	90,903,161		$	76,250,157
Gross unrealized gain		2,711,310			314,615
Gross unrealized loss		(606,019	)		(97,184	)
Net unrealized security gain	$	2,105,291		$	217,431

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 market discount accretion and premium amortization and swap transactions.


		43

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

8. OTHER RISKS

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

On March 5, 2021, the United Kingdom’s Financial Conduct Authority (“FCA”) and ICE Benchmark Authority formally announced that certain LIBORs will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. 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 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.


44

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

8. OTHER RISKS (continued)

conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). 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.

9. SUBSEQUENT EVENTS

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Core Fixed Income Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		392,616		$	4,399,697			789,803		$	8,886,982
Reinvestment of distributions		20,378			226,174			64,349			731,170
Shares redeemed		(289,719	)		(3,260,317	)		(274,628	)		(3,114,896	)
		123,275			1,365,554			579,524			6,503,256
Service Shares
Shares sold		1,435,944			16,107,170			930,205			10,701,578
Reinvestment of distributions		41,121			456,316			103,826			1,177,796
Shares redeemed		(166,616	)		(1,865,567	)		(447,526	)		(5,025,886	)
		1,310,449			14,697,919			586,505			6,853,488

NET INCREASE		1,433,724		$	16,063,473			1,166,029		$	13,356,744


		45

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)


	High Quality Floating Rate Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		63,138		$	655,344			34,504		$	355,000
Reinvestment of distributions		596			6,178			4,100			41,958
Shares redeemed		(199,769	)		(2,073,578	)		(15,562	)		(160,926	)
		(136,035	)		(1,412,056	)		23,042			236,032
Service Shares
Shares sold		735,021			7,605,691			1,000,714			10,317,983
Reinvestment of distributions		4,332			44,840			42,991			438,573
Shares redeemed		(387,467	)		(4,009,639	)		(1,434,565	)		(14,740,743	)
		351,886			3,640,892			(390,860	)		(3,984,187	)
Advisor Shares
Shares sold		39,889			413,006			154,731			1,599,106
Reinvestment of distributions		132			1,363			2,796			28,527
Shares redeemed		(22,802	)		(236,041	)		(423,220	)		(4,353,323	)
		17,219			178,328			(265,693	)		(2,725,690	)

NET INCREASE (DECREASE)		233,070		$	2,407,164			(633,511	)	$	(6,473,845	)


46

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

Liquidity Risk Management Program (Unaudited)


		47

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS


Fund Expenses — Six Month Period Ended June 30, 2021 (Unaudited)

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

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


	Core Fixed Income Fund							High Quality Floating Rate Fund
Share Class	Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*		Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*
Institutional

Actual	$	1,000	$	980.50		$	2.01	$	1,000	$	1,001.20		$	1.74
Hypothetical 5% return		1,000		1,022.76	+		2.06		1,000		1,023.06	+		1.76
Service

Actual		1,000		979.40			3.24		1,000		1,000.70			3.03
Hypothetical 5% return		1,000		1,021.52	+		3.31		1,000		1,021.77	+		3.06
Advisor

Actual		N/A		N/A			N/A		1,000		1,000.30			3.72
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,021.08	+		3.76

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.



Fund	Institutional		Service		Advisor
Core Fixed Income		0.41%		0.66%		N/A
High Quality Floating Rate		0.35		0.61		0.75%


48

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Core Fixed Income and Goldman Sachs High Quality Floating Rate (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 agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

(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)

(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)

(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)

(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;


		49

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

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

(i)

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

(j)

(k)

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

(l)

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

(m)

the 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 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.

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 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 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 capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance


50

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

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

Provider as of March 31, 2021. 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.

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 outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2021. They noted that the High Quality Floating Rate Fund’s Institutional Shares had placed in the third quartile for the one- and five-year periods, and in the fourth quartile for the three-year period, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2021.

Costs of Services Provided and Competitive Information

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

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

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 2020 and 2019, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.


		51

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

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 Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the 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

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 & Co. LLC (“Goldman Sachs”); (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (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 Funds; (h) 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; (i) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (j) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) 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.


52

GOLDMAN SACHS VARIABLE INSURANCE TRUST FIXED INCOME FUNDS

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

Conclusion


		53


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.

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.

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 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.

VITFISAR-21 248339 OTU-1455960

Goldman

Sachs Variable Insurance Trust

Goldman Sachs Equity Index Fund

Goldman Sachs Growth Opportunities Fund

Goldman Sachs International Equity Insights Fund

Goldman Sachs Large Cap Value Fund

Goldman Sachs Mid Cap Value Fund

Goldman Sachs Small Cap Equity Insights Fund

Goldman Sachs Strategic Growth Fund

Goldman Sachs U.S. Equity Insights Fund

Semi-Annual Report

June 30, 2021

LOGO

Goldman Sachs Variable Insurance Trust

∎

GOLDMAN SACHS EQUITY INDEX FUND

∎

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

∎

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

∎

GOLDMAN SACHS LARGE CAP VALUE FUND

∎

GOLDMAN SACHS MID CAP VALUE FUND

∎

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

∎

GOLDMAN SACHS STRATEGIC GROWTH FUND

∎

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND


TABLE OF CONTENTS

Fund Basics			1

Schedules of Investments			17

Financial Statements			47

Financial Highlights

Goldman Sachs Equity Index Fund			55

Goldman Sachs Growth Opportunities Fund			56

Goldman Sachs International Equity Insights Fund			58

Goldman Sachs Large Cap Value Fund			60

Goldman Sachs Mid Cap Value Fund			62

Goldman Sachs Small Cap Equity Insights Fund			64

Goldman Sachs Strategic Growth Fund			66

Goldman Sachs U.S. Equity Insights Fund			68

Notes to Financial Statements			70

Other Information			92



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

FUND BASICS

Equity Index Fund

as of June 30, 2021

PERFORMANCE REVIEW



January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)¹			S&P 500 Index²
Service		15.04	%		15.25	%

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.

TOP TEN HOLDINGS AS OF 6/30/21³



Holding	% of Net Assets		Line of Business
Apple, Inc.		5.9%	Technology Hardware & Equipment
Microsoft Corp.		5.6	Software & Services
Amazon.com, Inc.		4.0	Retailing
Facebook, Inc. Class A		2.3	Media & Entertainment
Alphabet, Inc. Class A		2.0	Media & Entertainment
Alphabet, Inc. Class C		1.9	Media & Entertainment
Berkshire Hathaway, Inc. Class B		1.4	Diversified Financials
Tesla, Inc.		1.4	Automobiles & Components
NVIDIA Corp.		1.4	Semiconductors & Semiconductor Equipment
JPMorgan Chase & Co.		1.3	Banks

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


		1

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2021

LOGO

⁴

The Fund’s 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 0.0% of the Fund’s net assets at June 30, 2021. 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.


2

FUND BASICS

Growth Opportunities Fund

as of June 30, 2021

PERFORMANCE REVIEW



January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)¹			Russell Midcap Growth Index²
Institutional		6.25	%		10.44	%
Service		6.07			10.44

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.

TOP TEN HOLDINGS AS OF 6/30/21³



Holding	% of Net Assets		Line of Business
DocuSign, Inc.		2.7%	Software & Services
Veeva Systems, Inc. Class A		2.6	Health Care Equipment & Services
Lululemon Athletica, Inc.		2.4	Consumer Durables & Apparel
Etsy, Inc.		2.4	Retailing
Cadence Design Systems, Inc.		2.2	Software & Services
HubSpot, Inc.		2.2	Software & Services
West Pharmaceutical Services, Inc.		2.1	Health Care Equipment & Services
Palo Alto Networks, Inc.		1.9	Software & Services
Match Group, Inc.		1.9	Media & Entertainment
Rockwell Automation, Inc.		1.9	Capital Goods

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


		3

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2021

LOGO

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 1.6% of the Fund’s net assets at June 30, 2021. 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.


4

FUND BASICS

International Equity Insights Fund

as of June 30, 2021

PERFORMANCE REVIEW



January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)¹			MSCI EAFE Standard Index²
Institutional		10.90	%		8.83	%
Service		10.62			8.83

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.

TOP TEN HOLDINGS AS OF 6/30/21³



Holding	% of Net Assets		Line of Business	Country
ASML Holding NV		2.4%	Semiconductors & Semiconductor Equipment	Netherlands
LVMH Moet Hennessy Louis Vuitton SE		1.6	Consumer Durables & Apparel	France
AIA Group Ltd.		1.5	Insurance	Hong Kong
Allianz SE (Registered)		1.3	Insurance	Germany
Commonwealth Bank of Australia		1.2	Banks	Australia
Schneider Electric SE		1.2	Capital Goods	United States
Deutsche Post AG (Registered)		1.1	Transportation	Germany
British American Tobacco plc		1.1	Food, Beverage & Tobacco	United Kingdom
Rio Tinto plc ADR		1.1	Materials	Australia
adidas AG		1.0	Consumer Durables & Apparel	Germany

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


		5

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2021

LOGO

⁴

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.


6

FUND BASICS

Large Cap Value Fund

as of June 30, 2021

PERFORMANCE REVIEW



January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)¹			Russell 1000 Value Index²
Institutional		14.24	%		17.05	%
Service		14.13			17.05

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.

TOP TEN HOLDINGS AS OF 6/30/21³



Holding	% of Net Assets		Line of Business
JPMorgan Chase & Co.		3.9%	Banks
Johnson & Johnson		2.7	Pharmaceuticals, Biotechnology & Life Sciences
Bank of America Corp.		2.6	Banks
Morgan Stanley		2.1	Diversified Financials
Walt Disney Co. (The)		2.0	Media & Entertainment
Chevron Corp.		2.0	Energy
Procter & Gamble Co. (The)		2.0	Household & Personal Products
Bristol-Myers Squibb Co.		2.0	Pharmaceuticals, Biotechnology & Life Sciences
General Electric Co.		2.0	Capital Goods
Comcast Corp. Class A		2.0	Media & Entertainment

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


		7

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2021

LOGO

⁴

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.


8

FUND BASICS

Mid Cap Value Fund

as of June 30, 2021

PERFORMANCE REVIEW



January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)¹			Russell Midcap^® Value Index²
Institutional		17.06	%		19.45	%
Service		16.91			19.45

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.

TOP TEN HOLDINGS AS OF 6/30/21³



Holding	% of Net Assets		Line of Business
Marvell Technology, Inc.		2.2%	Semiconductors & Semiconductor Equipment
AMETEK, Inc.		1.8	Capital Goods
Zimmer Biomet Holdings, Inc.		1.8	Health Care Equipment & Services
M&T Bank Corp.		1.7	Banks
Advance Auto Parts, Inc.		1.6	Retailing
Motorola Solutions, Inc.		1.5	Technology Hardware & Equipment
United Airlines Holdings, Inc.		1.5	Transportation
Devon Energy Corp.		1.5	Energy
Cummins, Inc.		1.5	Capital Goods
East West Bancorp, Inc.		1.5	Banks

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


		9

FUND BASICS

FUND vs. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2021

LOGO

⁴

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.


10

FUND BASICS

Small Cap Equity Insights Fund

as of June 30, 2021

PERFORMANCE REVIEW



January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)¹			Russell 2000^® Index²
Institutional		22.13	%		17.54	%
Service		21.96			17.54

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.

TOP TEN HOLDINGS AS OF 6/30/21^3,4



Holding	% of Net Assets		Line of Business
Select Medical Holdings Corp.		0.7%	Health Care Equipment & Services
AMC Entertainment Holdings, Inc. Class A		0.7	Media & Entertainment
Red Rock Resorts, Inc. Class A		0.7	Consumer Services
American Eagle Outfitters, Inc.		0.7	Retailing
Medpace Holdings, Inc.		0.7	Pharmaceuticals, Biotechnology & Life Sciences
Ovintiv, Inc.		0.7	Energy
Prestige Consumer Healthcare, Inc.		0.7	Pharmaceuticals, Biotechnology & Life Sciences
Goodyear Tire & Rubber Co. (The)		0.7	Automobiles & Components
Terreno Realty Corp. (REIT)		0.7	Real Estate Investment Trusts
Avid Bioservices, Inc.		0.7	Pharmaceuticals, Biotechnology & Life Sciences

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 1.0% of the Fund’s net assets as of June 30, 2021.


		11

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of June 30, 2021

LOGO

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. Investments in the securities lending reinvestment vehicle represented 2.1% of the Fund’s net assets at June 30, 2021. 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.


12

FUND BASICS

Strategic Growth Fund

as of June 30, 2021

PERFORMANCE REVIEW



January 1, 2021–June 30, 2021	Fund Total Return (based on NAV)¹			Russell 1000® Growth Index²
Institutional		11.67	%		12.99	%
Service		11.49			12.99

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.

TOP TEN HOLDINGS AS OF 6/30/21³



Holding	% of Net Assets		Line of Business
Apple, Inc.		7.7%	Technology Hardware & Equipment
Amazon.com, Inc.		7.4	Retailing
Microsoft Corp.		6.9	Software & Services
Alphabet, Inc. Class A		4.4	Media & Entertainment
Facebook, Inc. Class A		4.2	Media & Entertainment
NVIDIA Corp.		4.0	Semiconductors & Semiconductor Equipment
Mastercard, Inc. Class A		2.9	Software & Services
Alphabet, Inc. Class C		2.8	Media & Entertainment
PayPal Holdings, Inc.		2.7	Software & Services
Visa, Inc. Class A		2.5	Software & Services

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


		13

FUND BASICS

FUND vs. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2021

LOGO

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 0.3% of the Fund’s net assets at June 30, 2021. 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.


14

FUND BASICS

U.S. Equity Insights Fund

as of June 30, 2021

PERFORMANCE REVIEW

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.

TOP TEN HOLDINGS AS OF 6/30/21³



Holding	% of Net Assets		Line of Business
Apple, Inc.		6.9%	Technology Hardware & Equipment
Microsoft Corp.		5.3	Software & Services
Amazon.com, Inc.		3.9	Retailing
Alphabet, Inc. Class C		3.3	Media & Entertainment
Facebook, Inc. Class A		3.3	Media & Entertainment
Johnson & Johnson		2.2	Pharmaceuticals, Biotechnology & Life Sciences
Visa, Inc. Class A		2.1	Software & Services
Berkshire Hathaway, Inc. Class B		1.9	Diversified Financials
PayPal Holdings, Inc.		1.8	Software & Services
Alphabet, Inc. Class A		1.8	Media & Entertainment

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


		15

FUND BASICS

FUND vs. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2021

LOGO

⁴

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.


16

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – 99.2%
Automobiles & Components – 1.9%
	1,498	Aptiv plc^*	$	235,680
	1,305	BorgWarner, Inc.		63,345
	21,682	Ford Motor Co.^*		322,195
	7,152	General Motors Co.^*		423,184
	4,299	Tesla, Inc.^*		2,922,030

				3,966,434

Banks – 4.3%
	42,063	Bank of America Corp.		1,734,258
	11,508	Citigroup, Inc.		814,191
	2,382	Citizens Financial Group, Inc.		109,262
	774	Comerica, Inc.		55,217
	4,059	Fifth Third Bancorp		155,176
	979	First Republic Bank		183,239
	8,072	Huntington Bancshares, Inc.		115,187
	16,919	JPMorgan Chase & Co.		2,631,581
	5,526	KeyCorp		114,112
	700	M&T Bank Corp.		101,717
	2,216	People’s United Financial, Inc.		37,982
	2,373	PNC Financial Services Group, Inc. (The)		452,674
	5,308	Regions Financial Corp.		107,115
	294	SVB Financial Group^*		163,590
	7,555	Truist Financial Corp.		419,303
	7,652	US Bancorp		435,935
	23,066	Wells Fargo & Co.		1,044,659
	945	Zions Bancorp NA		49,953

				8,725,151

Capital Goods – 5.8%
	3,237	3M Co.		642,965
	728	A O Smith Corp.		52,460
	503	Allegion plc		70,068
	1,268	AMETEK, Inc.		169,278
	3,068	Boeing Co. (The)^*		734,970
	4,605	Carrier Global Corp.		223,803
	3,054	Caterpillar, Inc.		664,642
	816	Cummins, Inc.		198,949
	1,755	Deere & Co.		619,006
	820	Dover Corp.		123,492
	2,236	Eaton Corp. plc		331,331
	3,383	Emerson Electric Co.		325,580
	3,230	Fastenal Co.		167,960
	1,820	Fortive Corp.		126,927
	757	Fortune Brands Home & Security, Inc.		75,405
	359	Generac Holdings, Inc.^*		149,039
	1,293	General Dynamics Corp.		243,420
	49,083	General Electric Co.		660,657
	3,884	Honeywell International, Inc.		851,955
	2,222	Howmet Aerospace, Inc.^*		76,592
	219	Huntington Ingalls Industries, Inc.		46,154
	415	IDEX Corp.		91,321
	1,602	Illinois Tool Works, Inc.		358,143
	2,107	Ingersoll Rand, Inc.^*		102,843


Common Stocks – (continued)
Capital Goods – (continued)
	4,051	Johnson Controls International plc		278,020
	1,160	L3Harris Technologies, Inc.		250,734
	1,359	Lockheed Martin Corp.		514,178
	1,464	Masco Corp.		86,244
	830	Northrop Grumman Corp.		301,647
	2,295	Otis Worldwide Corp.		187,662
	1,979	PACCAR, Inc.		176,626
	727	Parker-Hannifin Corp.		223,269
	945	Pentair plc		63,778
	770	Quanta Services, Inc.		69,739
	8,527	Raytheon Technologies Corp.		727,438
	657	Rockwell Automation, Inc.		187,915
	587	Roper Technologies, Inc.		276,007
	297	Snap-on, Inc.		66,359
	906	Stanley Black & Decker, Inc.		185,721
	269	Teledyne Technologies, Inc.^*		112,665
	1,297	Textron, Inc.		89,195
	1,339	Trane Technologies plc		246,564
	307	TransDigm Group, Inc.^*		198,718
	403	United Rentals, Inc.^*		128,561
	1,007	Westinghouse Air Brake Technologies Corp.		82,876
	244	WW Grainger, Inc.		106,872
	1,023	Xylem, Inc.		122,719

				11,790,467

Commercial & Professional Services – 0.8%
	498	Cintas Corp.		190,236
	1,144	Copart, Inc.^*		150,813
	674	Equifax, Inc.		161,430
	2,073	IHS Markit Ltd.		233,544
	717	Jacobs Engineering Group, Inc.		95,662
	768	Leidos Holdings, Inc.		77,645
	1,932	Nielsen Holdings plc		47,662
	1,195	Republic Services, Inc.		131,462
	604	Robert Half International, Inc.		53,738
	1,323	Rollins, Inc.		45,247
	914	Verisk Analytics, Inc.		159,694
	2,165	Waste Management, Inc.		303,338

				1,650,471

Consumer Durables & Apparel – 1.2%
	1,829	DR Horton, Inc.		165,287
	846	Garmin Ltd.		122,365
	1,859	Hanesbrands, Inc.		34,707
	739	Hasbro, Inc.		69,850
	759	Leggett & Platt, Inc.		39,324
	1,559	Lennar Corp. Class A		154,887
	326	Mohawk Industries, Inc.^*		62,654
	2,039	Newell Brands, Inc.		56,011
	7,128	NIKE, Inc. Class B		1,101,205
	19	NVR, Inc.^*		94,493
	1,535	PulteGroup, Inc.		83,765
	425	PVH Corp.^*		45,726


The accompanying notes are an integral part of these financial statements.		17

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Consumer Durables & Apparel – (continued)
	249	Ralph Lauren Corp.	$	29,335
	1,605	Tapestry, Inc.^*		69,785
	933	Under Armour, Inc. Class A^*		19,733
	1,232	Under Armour, Inc. Class C^*		22,878
	1,836	VF Corp.		150,625
	343	Whirlpool Corp.		74,781

				2,397,411

Consumer Services – 2.0%
	228	Booking Holdings, Inc.^*		498,885
	1,188	Caesars Entertainment, Inc.^*		123,255
	4,349	Carnival Corp.^*		114,640
	156	Chipotle Mexican Grill, Inc.^*		241,853
	753	Darden Restaurants, Inc.		109,930
	211	Domino’s Pizza, Inc.		98,429
	764	Expedia Group, Inc.^*		125,074
	1,566	Hilton Worldwide Holdings, Inc.^*		188,891
	1,811	Las Vegas Sands Corp.^*		95,422
	1,508	Marriott International, Inc. Class A^*		205,872
	4,159	McDonald’s Corp.		960,687
	2,367	MGM Resorts International		100,953
	2,072	Norwegian Cruise Line Holdings Ltd.^*		60,937
	848	Penn National Gaming, Inc.^*		64,864
	1,249	Royal Caribbean Cruises Ltd.^*		106,515
	6,622	Starbucks Corp.		740,406
	596	Wynn Resorts Ltd.^*		72,891
	1,709	Yum! Brands, Inc.		196,586

				4,106,090

Diversified Financials – 5.1%
	3,633	American Express Co.		600,281
	667	Ameriprise Financial, Inc.		166,003
	4,477	Bank of New York Mellon Corp. (The)		229,357
	10,595	Berkshire Hathaway, Inc. Class B^*		2,944,562
	795	BlackRock, Inc.		695,601
	2,504	Capital One Financial Corp.		387,344
	600	Cboe Global Markets, Inc.		71,430
	8,404	Charles Schwab Corp. (The)		611,895
	2,004	CME Group, Inc.		426,211
	1,731	Discover Financial Services		204,760
	1,440	Franklin Resources, Inc.		46,066
	1,893	Goldman Sachs Group, Inc. (The)^(a)		718,450
	3,128	Intercontinental Exchange, Inc.		371,294
	2,035	Invesco Ltd.		54,396
	209	MarketAxess Holdings, Inc.		96,890
	908	Moody’s Corp.		329,032
	8,282	Morgan Stanley		759,377
	461	MSCI, Inc.		245,750
	638	Nasdaq, Inc.		112,160
	1,173	Northern Trust Corp.		135,622
	701	Raymond James Financial, Inc.		91,060
	1,354	S&P Global, Inc.		555,749
	1,972	State Street Corp.		162,256


Common Stocks – (continued)
Diversified Financials – (continued)
	3,047	Synchrony Financial		147,840
	1,260	T. Rowe Price Group, Inc.		249,442

				10,412,828

Energy – 2.8%
	2,202	APA Corp.		47,629
	3,974	Baker Hughes Co.		90,885
	2,134	Cabot Oil & Gas Corp.		37,260
	10,788	Chevron Corp.		1,129,935
	7,491	ConocoPhillips		456,202
	3,389	Devon Energy Corp.		98,925
	915	Diamondback Energy, Inc.		85,909
	3,230	EOG Resources, Inc.		269,511
	23,640	Exxon Mobil Corp.		1,491,211
	4,950	Halliburton Co.		114,444
	1,496	Hess Corp.		130,631
	10,736	Kinder Morgan, Inc.		195,717
	4,228	Marathon Oil Corp.		57,585
	3,609	Marathon Petroleum Corp.		218,056
	2,058	NOV, Inc.^*		31,528
	4,592	Occidental Petroleum Corp.		143,592
	2,537	ONEOK, Inc.		141,159
	2,467	Phillips 66		211,718
	1,158	Pioneer Natural Resources Co.		188,198
	7,876	Schlumberger NV		252,111
	2,270	Valero Energy Corp.		177,242
	6,694	Williams Cos., Inc. (The)		177,726

				5,747,174

Food & Staples Retailing – 1.3%
	2,481	Costco Wholesale Corp.		981,657
	4,200	Kroger Co. (The)		160,902
	2,818	Sysco Corp.		219,100
	3,972	Walgreens Boots Alliance, Inc.		208,967
	7,650	Walmart, Inc.		1,078,803

				2,649,429

Food, Beverage & Tobacco – 3.0%
	10,340	Altria Group, Inc.		493,011
	3,090	Archer-Daniels-Midland Co.		187,254
	1,055	Brown-Forman Corp. Class B		79,062
	1,039	Campbell Soup Co.		47,368
	21,756	Coca-Cola Co. (The)		1,177,217
	2,664	Conagra Brands, Inc.		96,916
	965	Constellation Brands, Inc. Class A		225,704
	3,397	General Mills, Inc.		206,979
	803	Hershey Co. (The)		139,867
	1,579	Hormel Foods Corp.		75,397
	642	J M Smucker Co. (The)		83,184
	1,408	Kellogg Co.		90,577
	3,667	Kraft Heinz Co. (The)		149,540
	809	Lamb Weston Holdings, Inc.		65,254
	1,383	McCormick & Co., Inc. (Non-Voting)		122,147
	1,037	Molson Coors Beverage Co. Class B^*		55,676


18		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)
Food, Beverage & Tobacco – (continued)
	7,880	Mondelez International, Inc. Class A	$	492,027
	2,045	Monster Beverage Corp.^*		186,811
	7,711	PepsiCo, Inc.		1,142,539
	8,713	Philip Morris International, Inc.		863,545
	1,668	Tyson Foods, Inc. Class A		123,032

				6,103,107

Health Care Equipment & Services – 6.3%
	9,901	Abbott Laboratories		1,147,823
	261	ABIOMED, Inc.^*		81,461
	402	Align Technology, Inc.^*		245,622
	825	AmerisourceBergen Corp.		94,454
	1,369	Anthem, Inc.		522,684
	2,845	Baxter International, Inc.		229,023
	1,626	Becton Dickinson and Co.		395,427
	8,020	Boston Scientific Corp.^*		342,935
	1,627	Cardinal Health, Inc.		92,885
	3,220	Centene Corp.^*		234,835
	1,645	Cerner Corp.		128,573
	1,905	Cigna Corp.		451,618
	269	Cooper Cos., Inc. (The)		106,597
	7,326	CVS Health Corp.		611,282
	3,540	Danaher Corp.		949,994
	424	DaVita, Inc.^*		51,062
	1,188	Dentsply Sirona, Inc.		75,153
	547	DexCom, Inc.^*		233,569
	3,519	Edwards Lifesciences Corp.^*		364,463
	1,482	HCA Healthcare, Inc.		306,389
	846	Henry Schein, Inc.^*		62,765
	1,464	Hologic, Inc.^*		97,678
	729	Humana, Inc.		322,743
	473	IDEXX Laboratories, Inc.^*		298,723
	661	Intuitive Surgical, Inc.^*		607,882
	544	Laboratory Corp. of America Holdings^*		150,062
	877	McKesson Corp.		167,718
	7,519	Medtronic plc		933,334
	729	Quest Diagnostics, Inc.		96,206
	820	ResMed, Inc.		202,146
	498	STERIS plc		102,737
	1,836	Stryker Corp.		476,864
	265	Teleflex, Inc.		106,474
	5,282	UnitedHealth Group, Inc.		2,115,124
	458	Universal Health Services, Inc. Class B		67,065
	419	West Pharmaceutical Services, Inc.		150,463
	1,183	Zimmer Biomet Holdings, Inc.		190,250

				12,814,083

Household & Personal Products – 1.5%
	1,363	Church & Dwight Co., Inc.		116,155
	722	Clorox Co. (The)		129,895
	4,793	Colgate-Palmolive Co.		389,910
	1,288	Estee Lauder Cos., Inc. (The) Class A		409,687


Common Stocks – (continued)
Household & Personal Products – (continued)
	1,906	Kimberly-Clark Corp.		254,985
	13,677	Procter & Gamble Co. (The)		1,845,438

				3,146,070

Insurance – 1.8%
	3,596	Aflac, Inc.		192,961
	1,689	Allstate Corp. (The)		220,313
	4,899	American International Group, Inc.		233,192
	1,278	Aon plc Class A		305,135
	1,095	Arthur J Gallagher & Co.		153,388
	310	Assurant, Inc.		48,416
	2,529	Chubb Ltd.		401,959
	871	Cincinnati Financial Corp.		101,576
	227	Everest Re Group Ltd.		57,206
	531	Globe Life, Inc.		50,578
	1,984	Hartford Financial Services Group, Inc. (The)		122,949
	991	Lincoln National Corp.		62,275
	1,305	Loews Corp.		71,318
	2,858	Marsh & McLennan Cos., Inc.		402,063
	4,248	MetLife, Inc.		254,243
	1,435	Principal Financial Group, Inc.		90,678
	3,318	Progressive Corp. (The)		325,861
	2,242	Prudential Financial, Inc.		229,738
	1,397	Travelers Cos., Inc. (The)		209,145
	1,041	Unum Group		29,564
	768	W R Berkley Corp.		57,162
	713	Willis Towers Watson plc		164,004

				3,783,724

Materials – 2.6%
	1,249	Air Products and Chemicals, Inc.		359,312
	613	Albemarle Corp.		103,266
	8,922	Amcor plc		102,246
	481	Avery Dennison Corp.		101,125
	1,883	Ball Corp.		152,561
	652	Celanese Corp.		98,843
	1,167	CF Industries Holdings, Inc.		60,042
	4,132	Corteva, Inc.		183,254
	4,152	Dow, Inc.		262,739
	3,031	DuPont de Nemours, Inc.		234,630
	756	Eastman Chemical Co.		88,263
	1,407	Ecolab, Inc.		289,800
	721	FMC Corp.		78,012
	8,155	Freeport-McMoRan, Inc.		302,632
	1,396	International Flavors & Fragrances, Inc.		208,562
	2,167	International Paper Co.		132,859
	2,896	Linde plc		837,234
	1,425	LyondellBasell Industries NV Class A		146,590
	353	Martin Marietta Materials, Inc.		124,189
	1,883	Mosaic Co. (The)		60,086
	4,518	Newmont Corp.		286,351
	1,657	Nucor Corp.		158,956


The accompanying notes are an integral part of these financial statements.		19

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Materials – (continued)
	542	Packaging Corp. of America	$	73,398
	1,314	PPG Industries, Inc.		223,078
	908	Sealed Air Corp.		53,799
	1,358	Sherwin-Williams Co. (The)		369,987
	743	Vulcan Materials Co.		129,334
	1,495	Westrock Co.		79,564

				5,300,712

Media & Entertainment – 9.6%
	4,311	Activision Blizzard, Inc.		411,442
	1,679	Alphabet, Inc. Class A^*		4,099,765
	1,592	Alphabet, Inc. Class C^*		3,990,061
	766	Charter Communications, Inc. Class A^*		552,631
	25,525	Comcast Corp. Class A		1,455,435
	876	Discovery, Inc. Class A^*(b)		26,876
	1,617	Discovery, Inc. Class C^*		46,861
	1,329	DISH Network Corp. Class A^*		55,552
	1,607	Electronic Arts, Inc.		231,135
	13,399	Facebook, Inc. Class A^*		4,658,966
	1,841	Fox Corp. Class A		68,356
	935	Fox Corp. Class B		32,912
	2,116	Interpublic Group of Cos., Inc. (The)		68,749
	839	Live Nation Entertainment, Inc.^*		73,488
	2,481	Netflix, Inc.^*		1,310,489
	2,320	News Corp. Class A		59,786
	566	News Corp. Class B		13,782
	1,207	Omnicom Group, Inc.		96,548
	652	Take-Two Interactive Software, Inc.^*		115,417
	4,423	Twitter, Inc.^*		304,347
	3,198	ViacomCBS, Inc.		144,550
	10,176	Walt Disney Co. (The)^*		1,788,636

				19,605,784

Pharmaceuticals, Biotechnology & Life Sciences – 6.6%
	9,904	AbbVie, Inc.		1,115,586
	1,705	Agilent Technologies, Inc.		252,016
	1,216	Alexion Pharmaceuticals, Inc.^*		223,391
	3,225	Amgen, Inc.		786,094
	833	Biogen, Inc.^*		288,443
	124	Bio-Rad Laboratories, Inc. Class A^*		79,892
	12,512	Bristol-Myers Squibb Co.		836,052
	930	Catalent, Inc.^*		100,552
	279	Charles River Laboratories International, Inc.^*		103,208
	4,457	Eli Lilly & Co.		1,022,971
	7,050	Gilead Sciences, Inc.		485,463
	811	Illumina, Inc.^*		383,773
	1,026	Incyte Corp.^*		86,317
	1,077	IQVIA Holdings, Inc.^*		260,979
	14,714	Johnson & Johnson		2,423,984
	14,119	Merck & Co., Inc.		1,098,035
	131	Mettler-Toledo International, Inc.^*		181,479
	1,422	Organon & Co.^*		43,030


Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	633	PerkinElmer, Inc.		97,741
	823	Perrigo Co. plc		37,734
	31,291	Pfizer, Inc.		1,225,356
	590	Regeneron Pharmaceuticals, Inc.^*		329,539
	2,190	Thermo Fisher Scientific, Inc.		1,104,789
	1,474	Vertex Pharmaceuticals, Inc.^*		297,203
	6,562	Viatris, Inc.		93,771
	348	Waters Corp.^*		120,272
	2,671	Zoetis, Inc.		497,768

				13,575,438

Real Estate – 2.5%
	696	Alexandria Real Estate Equities, Inc. (REIT)		126,630
	2,487	American Tower Corp. (REIT)		671,838
	795	AvalonBay Communities, Inc. (REIT)		165,909
	769	Boston Properties, Inc. (REIT)		88,120
	1,859	CBRE Group, Inc. Class A^*		159,372
	2,410	Crown Castle International Corp. (REIT)		470,191
	1,597	Digital Realty Trust, Inc. (REIT)		240,285
	2,097	Duke Realty Corp. (REIT)		99,293
	501	Equinix, Inc. (REIT)		402,103
	1,931	Equity Residential (REIT)		148,687
	365	Essex Property Trust, Inc. (REIT)		109,504
	729	Extra Space Storage, Inc. (REIT)		119,425
	378	Federal Realty Investment Trust (REIT)		44,290
	3,015	Healthpeak Properties, Inc. (REIT)		100,369
	4,011	Host Hotels & Resorts, Inc. (REIT)^*		68,548
	1,557	Iron Mountain, Inc. (REIT)		65,892
	2,332	Kimco Realty Corp. (REIT)		48,622
	646	Mid-America Apartment Communities, Inc. (REIT)		108,799
	4,158	Prologis, Inc. (REIT)		497,006
	848	Public Storage (REIT)		254,985
	2,020	Realty Income Corp. (REIT)		134,815
	891	Regency Centers Corp. (REIT)		57,086
	611	SBA Communications Corp. (REIT)		194,726
	1,826	Simon Property Group, Inc. (REIT)		238,256
	1,629	UDR, Inc. (REIT)		79,788
	2,162	Ventas, Inc. (REIT)		123,450
	862	Vornado Realty Trust (REIT)		40,230
	2,332	Welltower, Inc. (REIT)		193,789
	4,285	Weyerhaeuser Co. (REIT)		147,490

				5,199,498

Retailing – 7.1%
	380	Advance Auto Parts, Inc.		77,953
	2,394	Amazon.com, Inc.^*		8,235,743
	119	AutoZone, Inc.^*		177,574
	1,218	Best Buy Co., Inc.		140,046
	931	CarMax, Inc.^*		120,239
	1,306	Dollar General Corp.		282,605
	1,328	Dollar Tree, Inc.^*		132,136


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND


Shares		Description	Value

Common Stocks – (continued)
Retailing – (continued)
	3,625	eBay, Inc.	$	254,511
	725	Etsy, Inc.^*		149,234
	1,099	Gap, Inc. (The)		36,981
	813	Genuine Parts Co.		102,820
	5,940	Home Depot, Inc. (The)		1,894,207
	1,338	L Brands, Inc.		96,416
	1,596	LKQ Corp.^*		78,555
	3,940	Lowe’s Cos., Inc.		764,242
	395	O’Reilly Automotive, Inc.^*		223,653
	221	Pool Corp.		101,364
	1,987	Ross Stores, Inc.		246,388
	2,752	Target Corp.		665,269
	6,736	TJX Cos., Inc. (The)		454,141
	641	Tractor Supply Co.		119,265
	307	Ulta Beauty, Inc.^*		106,151

				14,459,493

Semiconductors & Semiconductor Equipment – 5.7%
	6,794	Advanced Micro Devices, Inc.^*		638,160
	2,081	Analog Devices, Inc.		358,265
	5,121	Applied Materials, Inc.		729,230
	2,281	Broadcom, Inc.		1,087,672
	735	Enphase Energy, Inc.^*		134,968
	22,509	Intel Corp.		1,263,655
	867	KLA Corp.		281,090
	798	Lam Research Corp.		519,259
	1,529	Maxim Integrated Products, Inc.^*		161,096
	1,506	Microchip Technology, Inc.		225,508
	6,299	Micron Technology, Inc.^*		535,289
	244	Monolithic Power Systems, Inc.		91,122
	3,465	NVIDIA Corp.		2,772,347
	1,542	NXP Semiconductors NV		317,220
	627	Qorvo, Inc.^*		122,673
	6,281	QUALCOMM, Inc.		897,743
	914	Skyworks Solutions, Inc.		175,260
	947	Teradyne, Inc.		126,860
	5,133	Texas Instruments, Inc.		987,076
	1,375	Xilinx, Inc.		198,880

				11,623,373

Software & Services – 13.9%
	3,544	Accenture plc Class A		1,044,736
	2,666	Adobe, Inc.^*		1,561,316
	925	Akamai Technologies, Inc.^*		107,855
	494	ANSYS, Inc.^*		171,448
	1,236	Autodesk, Inc.^*		360,788
	2,362	Automatic Data Processing, Inc.		469,140
	655	Broadridge Financial Solutions, Inc.		105,802
	1,579	Cadence Design Systems, Inc.^*		216,039
	675	Citrix Systems, Inc.		79,157
	2,989	Cognizant Technology Solutions Corp. Class A		207,018
	1,390	DXC Technology Co.^*		54,127


Common Stocks – (continued)
Software & Services – (continued)
	3,502	Fidelity National Information Services, Inc.		496,128
	3,218	Fiserv, Inc.^*		343,972
	462	FleetCor Technologies, Inc.^*		118,300
	766	Fortinet, Inc.^*		182,453
	485	Gartner, Inc.^*		117,467
	1,660	Global Payments, Inc.		311,316
	5,015	International Business Machines Corp.		735,149
	1,526	Intuit, Inc.		747,999
	447	Jack Henry & Associates, Inc.		73,089
	4,880	Mastercard, Inc. Class A		1,781,639
	42,073	Microsoft Corp.		11,397,576
	3,235	NortonLifeLock, Inc.		88,057
	10,127	Oracle Corp.		788,286
	1,810	Paychex, Inc.		194,213
	286	Paycom Software, Inc.^*		103,952
	6,564	PayPal Holdings, Inc.^*		1,913,275
	595	PTC, Inc.^*		84,050
	5,148	salesforce.com, Inc.^*		1,257,502
	1,091	ServiceNow, Inc.^*		599,559
	842	Synopsys, Inc.^*		232,215
	234	Tyler Technologies, Inc.^*		105,855
	553	VeriSign, Inc.^*		125,912
	9,440	Visa, Inc. Class A		2,207,261
	2,214	Western Union Co. (The)		50,856

				28,433,507

Technology Hardware & Equipment – 7.6%
	3,333	Amphenol Corp. Class A		228,011
	87,628	Apple, Inc.		12,001,531
	317	Arista Networks, Inc.^*		114,852
	786	CDW Corp.		137,275
	23,606	Cisco Systems, Inc.		1,251,118
	4,344	Corning, Inc.		177,670
	333	F5 Networks, Inc.^*		62,158
	7,290	Hewlett Packard Enterprise Co.		106,288
	6,610	HP, Inc.		199,556
	209	IPG Photonics Corp.^*		44,051
	1,798	Juniper Networks, Inc.		49,175
	1,053	Keysight Technologies, Inc.^*		162,594
	937	Motorola Solutions, Inc.		203,188
	1,216	NetApp, Inc.		99,493
	1,109	Seagate Technology Holdings plc		97,514
	1,839	TE Connectivity Ltd.		248,651
	1,452	Trimble, Inc.^*		118,817
	1,757	Western Digital Corp.^*		125,046
	305	Zebra Technologies Corp. Class A^*		161,494

				15,588,482

Telecommunication Services – 1.5%
	39,866	AT&T, Inc.		1,147,344
	5,649	Lumen Technologies, Inc.		76,770
	3,262	T-Mobile US, Inc.^*		472,435


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Telecommunication Services – (continued)
	23,139	Verizon Communications, Inc.	$	1,296,478

				2,993,027

Transportation – 1.9%
	699	Alaska Air Group, Inc.^*		42,157
	3,649	American Airlines Group, Inc.^*		77,395
	782	CH Robinson Worldwide, Inc.		73,250
	12,825	CSX Corp.		411,426
	3,380	Delta Air Lines, Inc.^*		146,219
	947	Expeditors International of Washington, Inc.		119,890
	1,366	FedEx Corp.		407,519
	467	JB Hunt Transport Services, Inc.		76,098
	504	Kansas City Southern		142,818
	1,415	Norfolk Southern Corp.		375,555
	535	Old Dominion Freight Line, Inc.		135,783
	3,313	Southwest Airlines Co.^*		175,887
	3,734	Union Pacific Corp.		821,219
	1,817	United Airlines Holdings, Inc.^*		95,011
	4,039	United Parcel Service, Inc. Class B		839,991

				3,940,218

Utilities – 2.4%
	3,755	AES Corp. (The)		97,893
	1,446	Alliant Energy Corp.		80,629
	1,445	Ameren Corp.		115,658
	2,782	American Electric Power Co., Inc.		235,329
	1,032	American Water Works Co., Inc.		159,062
	741	Atmos Energy Corp.		71,218
	3,042	CenterPoint Energy, Inc.		74,590
	1,628	CMS Energy Corp.		96,182
	1,885	Consolidated Edison, Inc.		135,192
	4,529	Dominion Energy, Inc.		333,199
	1,108	DTE Energy Co.		143,597
	4,178	Duke Energy Corp.		412,452
	2,087	Edison International		120,670
	1,137	Entergy Corp.		113,359
	1,244	Evergy, Inc.		75,175
	1,954	Eversource Energy		156,789
	5,447	Exelon Corp.		241,357
	3,078	FirstEnergy Corp.		114,532
	11,008	NextEra Energy, Inc.		806,666
	2,089	NiSource, Inc.		51,180
	1,439	NRG Energy, Inc.		57,992
	601	Pinnacle West Capital Corp.		49,264
	4,377	PPL Corp.		122,425
	2,826	Public Service Enterprise Group, Inc.		168,825
	1,666	Sempra Energy		220,712
	5,865	Southern Co. (The)		354,891
	1,773	WEC Energy Group, Inc.		157,708


Common Stocks – (continued)
Utilities – (continued)
	2,991	Xcel Energy, Inc.		197,047

				4,963,593

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $50,498,172)		$	202,975,564


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(a) – 0.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	24,800	0.026%	$	24,800
	(Cost $24,800)

	TOTAL INVESTMENTS – 99.2%
	(Cost $50,720,472)		$	203,000,364

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%			1,656,701

	NET ASSETS – 100.0%		$	204,657,065


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

*		Security is currently in default and/or non-income producing.

(a)		Represents an Affiliated Issuer.

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



Investment Abbreviation:
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2021, 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

09/17/2021

1,715,440

21,889


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – 99.1%
Banks – 0.4%
	573	SVB Financial Group^*	$	318,834

Capital Goods – 9.3%
	2,862	Allegion plc		398,677
	6,197	AMETEK, Inc.		827,300
	24,798	AZEK Co., Inc. (The)^*		1,052,923
	2,563	Cummins, Inc.		624,885
	5,564	Fortive Corp.		388,033
	7,411	ITT, Inc.		678,774
	5,353	Rockwell Automation, Inc.		1,531,065
	6,394	Trane Technologies plc		1,177,391
	1,205	TransDigm Group, Inc.^*		779,984

				7,459,032

Commercial & Professional Services – 4.4%
	17,930	CoStar Group, Inc.^*		1,484,962
	5,349	TransUnion		587,374
	8,376	Verisk Analytics, Inc.		1,463,455

				3,535,791

Consumer Durables & Apparel – 2.4%
	5,254	Lululemon Athletica, Inc.^*		1,917,552

Consumer Services – 5.1%
	7,378	Chegg, Inc.^*		613,185
	8,904	Expedia Group, Inc.^*		1,457,674
	2,636	Wingstop, Inc.		415,513
	6,072	Wynn Resorts Ltd.^*		742,606
	7,519	Yum! Brands, Inc.		864,910

				4,093,888

Diversified Financials – 2.5%
	8,348	Discover Financial Services		987,485
	1,514	MarketAxess Holdings, Inc.		701,875
	4,176	Tradeweb Markets, Inc. Class A		353,123

				2,042,483

Energy – 0.8%
	5,092	Cheniere Energy, Inc.^*		441,680
	1,239	Pioneer Natural Resources Co.		201,362

				643,042

Food, Beverage & Tobacco – 3.4%
	12,785	Coca-Cola Europacific Partners plc		758,406
	13,165	McCormick & Co., Inc. (Non-Voting)		1,162,733
	36,251	Utz Brands, Inc.		789,909

				2,711,048

Health Care Equipment & Services – 13.1%
	1,943	Align Technology, Inc.^*		1,187,173
	12,693	Certara, Inc.^*		359,593
	10,309	Guardant Health, Inc.^*		1,280,275
	2,352	IDEXX Laboratories, Inc.^*		1,485,405
	5,560	Insulet Corp.^*		1,526,276
	6,699	Veeva Systems, Inc. Class A^*		2,083,054
	4,624	West Pharmaceutical Services, Inc.		1,660,478


Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	5,990	Zimmer Biomet Holdings, Inc.		963,312

				10,545,566

Materials – 3.9%
	15,579	Ball Corp.		1,262,210
	18,478	Danimer Scientific, Inc.^*(a)		462,874
	2,807	Martin Marietta Materials, Inc.		987,531
	2,427	PPG Industries, Inc.		412,032

				3,124,647

Media & Entertainment – 5.1%
	7,769	Bumble, Inc. Class A^*(a)		447,494
	8,470	Live Nation Entertainment, Inc.^*		741,887
	9,559	Match Group, Inc.^*		1,541,389
	5,649	Pinterest, Inc. Class A^*		445,989
	1,853	Spotify Technology SA^*		510,668
	6,464	Twitter, Inc.^*		444,788

				4,132,215

Pharmaceuticals, Biotechnology & Life Sciences – 8.6%
	2,678	10X Genomics, Inc. Class A^*		524,406
	8,922	Adaptive Biotechnologies Corp.^*		364,553
	7,683	Agilent Technologies, Inc.		1,135,624
	9,249	Agios Pharmaceuticals, Inc.^*		509,712
	11,058	Catalent, Inc.^*		1,195,591
	11,907	Genmab A/S ADR^*		486,163
	8,144	Neurocrine Biosciences, Inc.^*		792,574
	7,455	PerkinElmer, Inc.		1,151,127
	5,070	Seagen, Inc.^*		800,452

				6,960,202

Real Estate Investment Trusts – 1.3%
	7,673	Equity LifeStyle Properties, Inc.		570,181
	3,430	Simon Property Group, Inc.		447,546

				1,017,727

Retailing – 7.4%
	3,775	Burlington Stores, Inc.^*		1,215,512
	3,946	Dollar Tree, Inc.^*		392,627
	9,214	Etsy, Inc.^*		1,896,610
	1,556	O’Reilly Automotive, Inc.^*		881,023
	884	RH^*		600,236
	2,726	Ulta Beauty, Inc.^*		942,569

				5,928,577

Semiconductors & Semiconductor Equipment – 5.7%
	5,399	Cree, Inc.^*		528,724
	6,877	Entegris, Inc.		845,665
	14,598	Marvell Technology, Inc.		851,501
	5,906	Microchip Technology, Inc.		884,365
	4,996	MKS Instruments, Inc.		889,038
	16,374	ON Semiconductor Corp.^*		626,797

				4,626,090


24		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 – 20.7%
	3,100	ANSYS, Inc.^*	$	1,075,886
	3,396	Avalara, Inc.^*		549,473
	4,189	Bill.com Holdings, Inc.^*		767,341
	3,164	C3.ai, Inc. Class A^*(a)		197,845
	13,009	Cadence Design Systems, Inc.^*		1,779,891
	7,818	DocuSign, Inc.^*		2,185,678
	10,549	Dynatrace, Inc.^*		616,273
	3,028	HubSpot, Inc.^*		1,764,476
	3,964	Okta, Inc.^*		969,911
	4,161	Palo Alto Networks, Inc.^*		1,543,939
	2,882	Paycom Software, Inc.^*		1,047,521
	1,738	Procore Technologies, Inc.^*(a)		165,023
	4,700	RingCentral, Inc. Class A^*		1,365,726
	9,955	Splunk, Inc.^*		1,439,294
	5,820	UiPath, Inc. Class A^*		395,353
	3,702	Zscaler, Inc.^*		799,854

				16,663,484

Technology Hardware & Equipment – 3.1%
	20,268	Amphenol Corp. Class A		1,386,534
	6,989	Keysight Technologies, Inc.^*		1,079,171

				2,465,705

Transportation – 1.9%
	4,485	Old Dominion Freight Line, Inc.		1,138,293
	1,787	Saia, Inc.^*		374,359

				1,512,652

	TOTAL COMMON STOCKS
	(Cost $54,389,890)		$	79,698,535


Shares	Dividend Rate		Value

Investment Company^(b) – 1.2%
Goldman Sachs Financial Square Government Fund — Institutional Shares
987,086	0.026%		$	987,086
(Cost $987,086)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $55,376,976)			$	80,685,621



Securities Lending Reinvestment Vehicle^(b) – 1.6%
Goldman Sachs Financial Square Government Fund — Institutional Shares
1,277,305		0.026	%		$	1,277,305
(Cost $1,277,305)

TOTAL INVESTMENTS – 101.9%
(Cost $56,654,281)					$	81,962,926

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.9)%						(1,504,614	)

NET ASSETS – 100.0%					$	80,458,312


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

*		Security is currently in default and/or non-income producing.

(a)		All or a portion of security is on loan.

(b)		Represents an Affiliated Issuer.



Investment Abbreviation:
ADR		—American Depositary Receipt


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – 96.9%
Australia – 10.4%
	19,634	BHP Group Ltd. (Materials)	$	714,291
	34,859	BHP Group plc (Materials)		1,031,512
	52,639	Brambles Ltd. (Commercial & Professional Services)		451,745
	17,022	Commonwealth Bank of Australia (Banks)		1,274,652
	16,046	Endeavour Group Ltd. (Food & Staples Retailing)^*		75,692
	49,386	Fortescue Metals Group Ltd. (Materials)		862,720
	43,804	Glencore plc (Materials)^*		188,011
	53,719	Goodman Group (REIT)		850,140
	7,514	JB Hi-Fi Ltd. (Retailing)		284,768
	5,359	Mineral Resources Ltd. (Materials)		215,250
	40,881	National Australia Bank Ltd. (Banks)		803,672
	3,289	Premier Investments Ltd. (Retailing)		70,428
	4,609	Rio Tinto Ltd. (Materials)		436,959
	13,291	Rio Tinto plc ADR (Materials)		1,114,982
	24,356	Sonic Healthcare Ltd. (Health Care Equipment & Services)		701,829
	43,873	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)		384,165
	21,290	Wesfarmers Ltd. (Retailing)		943,851
	18,766	Woolworths Group Ltd. (Food & Staples Retailing)		537,016

				10,941,683

Austria – 0.0%
	692	Mondi plc (Materials)		18,219

Belgium – 0.1%
	2,653	Tessenderlo Group SA (Materials)^*		112,091

Brazil – 0.1%
	2,734	Yara International ASA (Materials)		144,066

China – 0.5%
	248,400	Chow Tai Fook Jewellery Group Ltd. (Retailing)		567,550

Denmark – 2.2%
	114	AP Moller — Maersk A/S Class A (Transportation)		317,103
	220	AP Moller — Maersk A/S Class B (Transportation)		633,360
	3,943	DSV PANALPINA A/S (Transportation)		920,446
	1,097	Pandora A/S (Consumer Durables & Apparel)		148,001
	3,706	Solar A/S Class B (Capital Goods)		322,273

				2,341,183

Finland – 1.1%
	23,627	Kesko OYJ Class B (Food & Staples Retailing)		872,460
	23,745	Nokia OYJ (Technology Hardware & Equipment)^*		127,220


Common Stocks – (continued)
Finland – (continued)
	3,684	Nokian Renkaat OYJ (Automobiles & Components)		148,826

				1,148,506

France – 11.5%
	2,432	ALD SA (Transportation)^(a)		36,503
	2,113	Arkema SA (Materials)		265,571
	16,494	BNP Paribas SA (Banks)		1,035,158
	5,494	Cie de Saint-Gobain (Capital Goods)		362,581
	3,557	Dassault Systemes SE (Software & Services)		863,270
	3,795	Gecina SA (REIT)		581,628
	579	Hermes International (Consumer Durables & Apparel)		844,941
	2,917	IPSOS (Media & Entertainment)		123,075
	1,169	Kering SA (Consumer Durables & Apparel)		1,024,299
	7,670	Legrand SA (Capital Goods)		812,892
	1,992	L’Oreal SA (Household & Personal Products)		889,615
	2,174	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)		1,710,192
	9,511	Publicis Groupe SA (Media & Entertainment)		608,657
	37,923	Rexel SA (Capital Goods)^*		794,038
	6,082	Rothschild & Co. (Diversified Financials)		236,184
	1,556	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)		736,440
	26,419	Societe Generale SA (Banks)		781,511
	733	Teleperformance (Commercial & Professional Services)		297,664
	458	Trigano SA (Automobiles & Components)		94,700

				12,098,919

Germany – 11.2%
	2,969	adidas AG (Consumer Durables & Apparel)		1,107,906
	5,341	Allianz SE (Registered) (Insurance)		1,332,884
	5,050	Aurubis AG (Materials)		468,726
	7,713	Bayerische Motoren Werke AG (Automobiles & Components)		817,698
	561	Bayerische Motoren Werke AG (Preference) (Automobiles & Components)^(b)		50,467
	7,793	Brenntag SE (Capital Goods)		725,313
	4,837	Daimler AG (Registered) (Automobiles & Components)		432,228
	17,757	Deutsche Post AG (Registered) (Transportation)		1,209,335
	40,100	Deutsche Telekom AG (Registered) (Telecommunication Services)		848,115


26		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)
	1,970	E.ON SE (Utilities)	$	22,792
	4,405	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		487,226
	1,202	Hapag-Lloyd AG (Transportation)^(a)		276,280
	7,009	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)^(b)		740,249
	1,880	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		75,620
	4,486	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)		860,757
	7,609	Porsche Automobil Holding SE (Preference) (Automobiles & Components)^(b)		816,832
	196	Rheinmetall AG (Capital Goods)		19,367
	2,839	SAP SE (Software & Services)		398,765
	846	Sixt SE (Preference) (Transportation)^(b)		68,264
	4,687	SUESS MicroTec SE (Semiconductors & Semiconductor Equipment)^*		154,072
	3,632	Volkswagen AG (Preference) (Automobiles & Components)^(b)		910,657

				11,823,553

Hong Kong – 3.0%
	125,000	AIA Group Ltd. (Insurance)		1,550,697
	30,500	CK Asset Holdings Ltd. (Real Estate)		209,932
	22,000	CLP Holdings Ltd. (Utilities)		217,423
	4,300	Link REIT (REIT)		41,604
	23,500	Sun Hung Kai Properties Ltd. (Real Estate)		349,256
	45,000	Techtronic Industries Co. Ltd. (Capital Goods)		784,214

				3,153,126

Ireland – 0.0%
	929	Smurfit Kappa Group plc (Materials)		50,522

Israel – 0.0%
	2,710	Plus500 Ltd. (Diversified Financials)		50,093

Italy – 1.0%
	126,502	Banco BPM SpA (Banks)		407,776
	51,937	Mediobanca Banca di Credito Finanziario SpA (Banks)^*		607,671

				1,015,447

Japan – 25.6%
	2,600	Achilles Corp. (Materials)		31,859
	10,000	Acom Co. Ltd. (Diversified Financials)		43,634
	14,000	Aeon Co. Ltd. (Food & Staples Retailing)		375,827


Common Stocks – (continued)
Japan – (continued)
	49,000	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		853,906
	6,800	Astena Holdings Co. Ltd. (Health Care Equipment & Services)		38,935
	6,900	Bridgestone Corp. (Automobiles & Components)		313,621
	7,400	Chubu Electric Power Co., Inc. (Utilities)		90,536
	9,400	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		372,584
	21,900	Citizen Watch Co. Ltd. (Technology Hardware & Equipment)		80,887
	9,400	Daicel Corp. (Materials)		77,343
	37,700	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		813,306
	23,400	Daiwa House Industry Co. Ltd. (Real Estate)		703,603
	9,100	Daiwa Securities Group, Inc. (Diversified Financials)		49,992
	11,800	DeNA Co. Ltd. (Media & Entertainment)		251,538
	1,100	Dentsu Group, Inc. (Media & Entertainment)		39,466
	2,700	DIC Corp. (Materials)		68,295
	200	Disco Corp. (Semiconductors & Semiconductor Equipment)		60,810
	8,700	Ebara Corp. (Capital Goods)		428,545
	163,600	ENEOS Holdings, Inc. (Energy)		685,615
	5,500	France Bed Holdings Co. Ltd. (Health Care Equipment & Services)		45,194
	4,300	Fujitsu Ltd. (Software & Services)		804,525
	1,300	Gunze Ltd. (Consumer Durables & Apparel)		54,143
	700	Hikari Tsushin, Inc. (Retailing)		123,022
	34,700	Hitachi Metals Ltd. (Materials)		663,115
	14,000	Hokkaido Gas Co. Ltd. (Utilities)		194,779
	3,400	Hoya Corp. (Health Care Equipment & Services)		449,719
	7,300	Ichinen Holdings Co. Ltd. (Transportation)		80,026
	28,400	Inpex Corp. (Energy)		212,557
	1,500	I-PEX, Inc. (Technology Hardware & Equipment)		33,157
	16,200	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		306,153
	5,300	Kao Corp. (Household & Personal Products)		326,798
	1,500	KDDI Corp. (Telecommunication Services)		46,734
	35,800	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		698,667


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	7,600	Komori Corp. (Capital Goods)	$	55,757
	6,400	Konami Holdings Corp. (Media & Entertainment)		383,295
	23,300	Konica Minolta, Inc. (Technology Hardware & Equipment)		129,087
	6,000	K’s Holdings Corp. (Retailing)		68,954
	5,600	Macromill, Inc. (Media & Entertainment)		43,047
	13,200	Marui Group Co. Ltd. (Retailing)		249,051
	35,100	Mazda Motor Corp. (Automobiles & Components)^*		331,151
	2,900	Meiji Electric Industries Co. Ltd. (Capital Goods)		37,482
	6,400	Mitsubishi Electric Corp. (Capital Goods)		92,910
	65,300	Mitsubishi HC Capital, Inc. (Diversified Financials)		350,171
	190,000	Mitsubishi UFJ Financial Group, Inc. (Banks)		1,023,389
	2,000	Mitsuboshi Belting Ltd. (Capital Goods)		31,561
	39,600	Mitsui & Co. Ltd. (Capital Goods)		892,018
	5,000	Mitsui OSK Lines Ltd. (Transportation)		240,310
	12,100	NEC Corp. (Software & Services)		622,598
	34,300	NGK Insulators Ltd. (Capital Goods)		577,261
	1,500	Nihon Unisys Ltd. (Software & Services)		45,139
	18,600	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		486,301
	16,400	Nippon Yusen KK (Transportation)		832,269
	133,500	Nomura Holdings, Inc. (Diversified Financials)		679,446
	124	Nomura Real Estate Master Fund, Inc. (REIT)		198,454
	43,500	NTT Data Corp. (Software & Services)		679,070
	50,000	ORIX Corp. (Diversified Financials)		845,081
	16,900	Panasonic Corp. (Consumer Durables & Apparel)		194,595
	19,800	Ricoh Co. Ltd. (Technology Hardware & Equipment)		222,870
	2,500	S Foods, Inc. (Food, Beverage & Tobacco)		74,078
	8,100	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		111,793
	3,000	Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		133,848
	3,200	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)		314,486


Common Stocks – (continued)
Japan – (continued)
	7,800	Seiko Epson Corp. (Technology Hardware & Equipment)		137,109
	3,000	Sekisui House Ltd. (Consumer Durables & Apparel)		61,604
	800	Seven & i Holdings Co. Ltd. (Food & Staples Retailing)		38,321
	2,100	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		109,444
	13,000	SoftBank Group Corp. (Telecommunication Services)		906,644
	45,500	Sojitz Corp. (Capital Goods)		137,631
	18,700	Subaru Corp. (Automobiles & Components)		370,625
	51,200	Sumitomo Corp. (Capital Goods)		686,512
	13,600	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		285,249
	8,900	Sumitomo Mitsui Financial Group, Inc. (Banks)		306,801
	1,000	Taisei Corp. (Capital Goods)		32,820
	29,300	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		983,325
	1,300	THK Co. Ltd. (Capital Goods)		38,795
	2,300	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		994,484
	9,400	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)		424,367
	4,200	Tokyotokeiba Co. Ltd. (Consumer Services)		171,631
	4,000	Toshiba TEC Corp. (Technology Hardware & Equipment)		164,478
	33,700	Tosoh Corp. (Materials)		581,083
	14,400	Toyo Tire Corp. (Automobiles & Components)		304,921
	2,200	Toyota Boshoku Corp. (Automobiles & Components)		45,664
	4,400	Toyota Tsusho Corp. (Capital Goods)		208,841
	1,600	Trend Micro, Inc. (Software & Services)		83,782
	2,100	USS Co. Ltd. (Retailing)		36,709
	3,700	Wacoal Holdings Corp. (Consumer Durables & Apparel)		83,808
	99,200	Yamada Holdings Co. Ltd. (Retailing)		458,713

				27,017,724

Luxembourg – 0.9%
	1,174	APERAM SA (Materials)		60,292
	7,534	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)^*		861,730

				922,022


28		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 – 4.9%
	2,540	ASM International NV (Semiconductors & Semiconductor Equipment)	$	837,761
	3,726	ASML Holding NV (Semiconductors & Semiconductor Equipment)		2,572,129
	28,374	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)		844,966
	38,265	PostNL NV (Transportation)		207,908
	19,161	Royal Dutch Shell plc Class A (Energy)		387,158
	8,204	Royal Dutch Shell plc Class B ADR (Energy)		318,561
	1,439	Van Lanschot Kempen NV CVA (Banks)		36,600

				5,205,083

New Zealand – 0.2%
	11,657	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)		253,591

Norway – 1.7%
	10,740	Aker BP ASA (Energy)		342,319
	18,230	Golden Ocean Group Ltd. (Transportation)		201,429
	18,698	Kid ASA (Retailing)^(a)		231,061
	98,445	Norsk Hydro ASA (Materials)		628,512
	16,782	Stolt-Nielsen Ltd. (Transportation)		245,196
	33,535	Wallenius Wilhelmsen ASA (Transportation)^*		116,767

				1,765,284

South Africa – 0.9%
	24,581	Anglo American plc (Materials)		978,181

Spain – 2.1%
	10,609	Acerinox SA (Materials)		128,460
	112,264	Banco Bilbao Vizcaya Argentaria SA (Banks)		696,372
	72,734	Bankinter SA (Banks)		365,928
	79,643	Iberdrola SA (Utilities)		971,219

				2,161,979

Sweden – 1.9%
	3,580	Boliden AB (Materials)^*		137,757
	1,795	Epiroc AB Class B (Capital Goods)		35,240
	16,178	Investor AB Class A (Diversified Financials)		369,295
	8,884	Investor AB Class B (Diversified Financials)		204,780
	4,355	Lundin Energy AB (Energy)		154,396
	18,516	Swedbank AB Class A (Banks)		344,711
	11,753	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)		147,781
	27,200	Volvo AB Class B (Capital Goods)		655,504

				2,049,464


Common Stocks – (continued)
Switzerland – 8.4%
	10,051	Adecco Group AG (Registered) (Commercial & Professional Services)		683,888
	150	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)		88,974
	7,072	Cie Financiere Richemont SA (Consumer Durables & Apparel)		961,936
	2,345	Kuehne + Nagel International AG (Registered) (Transportation)		802,598
	4,583	Logitech International SA (Registered) (Technology Hardware & Equipment)		556,570
	1,479	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,048,547
	8,394	Nestle SA (Registered) (Food, Beverage & Tobacco)		1,046,288
	2,375	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		216,663
	1,768	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		666,250
	2,894	Sika AG (Registered) (Materials)		948,184
	5,846	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		212,534
	1,194	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		591,651
	65,173	UBS Group AG (Registered) (Diversified Financials)		998,270

				8,822,353

Ukraine – 0.1%
	12,085	Ferrexpo plc (Materials)		71,690

United Kingdom – 7.4%
	29,481	3i Group plc (Diversified Financials)		478,443
	15,810	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)^(c)		947,019
	101,128	Aviva plc (Insurance)		567,728
	23,050	Barclays plc (Banks)		54,699
	3,207	Bellway plc (Consumer Durables & Apparel)		143,678
	10,792	BP plc ADR (Energy)		285,125
	30,557	British American Tobacco plc (Food, Beverage & Tobacco)		1,186,394
	4,500	CK Hutchison Holdings Ltd. (Capital Goods)		35,032
	13,905	Clarkson plc (Transportation)		614,346
	29,081	CNH Industrial NV (Capital Goods)		482,386
	9,935	Entain plc (Consumer Services)^*		240,066
	16,385	Halfords Group plc (Retailing)^*		97,733
	5,943	Imperial Brands plc (Food, Beverage & Tobacco)		128,147


The accompanying notes are an integral part of these financial statements.		29

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – (continued)
	412,080	ITV plc (Media & Entertainment)^*	$	716,195
	33,067	JD Sports Fashion plc (Retailing)		420,799
	42,097	Legal & General Group plc (Insurance)		150,185
	34,750	Melrose Industries plc (Capital Goods)		74,800
	6,508	Next plc (Retailing)^*		708,290
	2,683	Persimmon plc (Consumer Durables & Apparel)		109,905
	29,678	Tate & Lyle plc (Food, Beverage & Tobacco)		303,140
	2,402	Vodafone Group plc ADR (Telecommunication Services)		41,146

				7,785,256

United States – 1.7%
	3,549	Ferguson plc (Capital Goods)		493,763
	8,039	Schneider Electric SE (Capital Goods)		1,267,304

				1,761,067

	TOTAL COMMON STOCKS
	(Cost $89,588,190)		$	102,258,652


Shares		Dividend Rate	Value

Investment Company^(d) – 0.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	112,379	0.026%	$	112,379
	(Cost $112,379)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $89,700,569)		$	102,371,031


Securities Lending Reinvestment Vehicle^(d) – 0.9%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	922,500	0.026%	$	922,500
	(Cost $922,500)

	TOTAL INVESTMENTS – 97.9%
	(Cost $90,623,069)		$	103,293,531

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%			2,255,476

	NET ASSETS – 100.0%		$	105,549,007


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

*		Security is currently in default and/or non-income producing.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)		Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(c)		All or a portion of security is on loan.

(d)		Represents an Affiliated Issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
CVA		—Dutch Certification
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2021, 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		22		09/17/2021	$	1,057,938	$	(13,897	)
FTSE 100 Index		4		09/17/2021		386,245		(4,163	)
Hang Seng Index		1		07/29/2021		184,369		(3,268	)
MSCI Singapore Index		1		07/29/2021		26,433		(42	)
SPI 200 Index		1		09/16/2021		135,422		(659	)
TOPIX Index		3		09/09/2021		524,686		(1,881	)

Total Futures Contracts							$	(23,910	)


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – 98.8%
Automobiles & Components – 1.1%
	87,692	General Motors Co.^*	$	5,188,736

Banks – 9.7%
	306,732	Bank of America Corp.		12,646,560
	120,842	JPMorgan Chase & Co.		18,795,765
	46,187	M&T Bank Corp.		6,711,433
	152,528	Truist Financial Corp.		8,465,304

				46,619,062

Capital Goods – 7.0%
	32,765	Eaton Corp. plc		4,855,118
	706,284	General Electric Co.		9,506,582
	32,611	Honeywell International, Inc.		7,153,223
	20,816	Illinois Tool Works, Inc.		4,653,625
	33,286	L3Harris Technologies, Inc.		7,194,769

				33,363,317

Commercial & Professional Services – 1.0%
	41,597	Waste Connections, Inc.		4,967,930

Consumer Services – 1.7%
	34,904	McDonald’s Corp.		8,062,475

Diversified Financials – 6.4%
	41,451	American Express Co.		6,848,949
	18,532	Berkshire Hathaway, Inc. Class B^*		5,150,413
	10,293	BlackRock, Inc.		9,006,066
	107,278	Morgan Stanley		9,836,320

				30,841,748

Energy – 4.9%
	93,249	Chevron Corp.		9,766,900
	102,751	ConocoPhillips		6,257,536
	143,079	Devon Energy Corp.		4,176,476
	37,670	Hess Corp.		3,289,345

				23,490,257

Food & Staples Retailing – 0.7%
	25,366	Walmart, Inc.		3,577,113

Food, Beverage & Tobacco – 3.9%
	124,102	Coca-Cola Co. (The)		6,715,160
	22,253	Constellation Brands, Inc. Class A		5,204,754
	109,357	Mondelez International, Inc. Class A		6,828,251

				18,748,165

Health Care Equipment & Services – 7.5%
	158,785	Boston Scientific Corp.^*		6,789,646
	77,129	CVS Health Corp.		6,435,644
	19,430	Guardant Health, Inc.^*		2,413,012
	14,481	Humana, Inc.		6,411,028
	60,175	Medtronic plc		7,469,523
	41,204	Zimmer Biomet Holdings, Inc.		6,626,427

				36,145,280

Household & Personal Products – 2.0%
	72,196	Procter & Gamble Co. (The)		9,741,406


Common Stocks – (continued)
Insurance – 2.4%
	33,690	Chubb Ltd.		5,354,689
	45,283	Marsh & McLennan Cos., Inc.		6,370,412

				11,725,101

Materials – 5.1%
	24,504	Ecolab, Inc.		5,047,089
	120,146	Freeport-McMoRan, Inc.		4,458,618
	15,961	Linde plc		4,614,325
	16,425	Martin Marietta Materials, Inc.		5,778,479
	32,886	Packaging Corp. of America		4,453,422

				24,351,933

Media & Entertainment – 5.9%
	3,668	Alphabet, Inc. Class A^*		8,956,486
	164,145	Comcast Corp. Class A		9,359,548
	55,928	Walt Disney Co. (The)^*		9,830,464

				28,146,498

Pharmaceuticals, Biotechnology & Life Sciences – 9.2%
	6,740	Biogen, Inc.^*		2,333,860
	14,564	BioMarin Pharmaceutical, Inc.^*		1,215,220
	143,453	Bristol-Myers Squibb Co.		9,585,529
	23,685	Eli Lilly & Co.		5,436,181
	77,258	Johnson & Johnson		12,727,483
	9,326	Neurocrine Biosciences, Inc.^*		907,606
	30,133	PerkinElmer, Inc.		4,652,837
	14,416	Thermo Fisher Scientific, Inc.		7,272,440

				44,131,156

Real Estate Investment Trusts – 5.2%
	22,171	Alexandria Real Estate Equities, Inc.		4,033,792
	24,699	AvalonBay Communities, Inc.		5,154,434
	31,901	Boston Properties, Inc.		3,655,536
	48,480	Equity Residential		3,732,960
	38,034	Prologis, Inc.		4,546,204
	12,397	Public Storage		3,727,654

				24,850,580

Retailing – 3.0%
	12,051	O’Reilly Automotive, Inc.^*		6,823,397
	20,295	Ross Stores, Inc.		2,516,580
	21,589	Target Corp.		5,218,925

				14,558,902

Semiconductors & Semiconductor Equipment – 4.2%
	22,966	Cree, Inc.^*		2,249,060
	10,599	KLA Corp.		3,436,302
	95,956	Marvell Technology, Inc.		5,597,113
	13,908	NXP Semiconductors NV		2,861,154
	30,403	Texas Instruments, Inc.		5,846,497

				19,990,126

Software & Services – 5.5%
	67,318	Cognizant Technology Solutions Corp. Class A		4,662,445


The accompanying notes are an integral part of these financial statements.		31

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Software & Services – (continued)
	51,960	Fidelity National Information Services, Inc.	$	7,361,173
	20,485	Global Payments, Inc.		3,841,757
	35,702	International Business Machines Corp.		5,233,556
	34,770	Splunk, Inc.^*		5,027,047

				26,125,978

Technology Hardware & Equipment – 1.7%
	154,095	Cisco Systems, Inc.		8,167,035

Telecommunication Services – 1.9%
	314,650	AT&T, Inc.		9,055,627

Transportation – 3.8%
	21,410	Norfolk Southern Corp.		5,682,428
	35,325	Union Pacific Corp.		7,769,027
	92,788	United Airlines Holdings, Inc.^*		4,851,885

				18,303,340

Utilities – 5.0%
	50,737	Ameren Corp.		4,060,990
	26,284	Atmos Energy Corp.		2,526,155
	58,993	CMS Energy Corp.		3,485,306
	124,547	NextEra Energy, Inc.		9,126,804
	73,091	Xcel Energy, Inc.		4,815,235

				24,014,490

	TOTAL COMMON STOCKS
	(Cost $361,951,917)		$	474,166,255


Shares	Dividend Rate			Value

Investment Company^(a) – 1.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
4,660,318		0.026	%	$	4,660,318
(Cost $4,660,318)

TOTAL INVESTMENTS – 99.8%
(Cost $366,612,235)				$	478,826,573

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%					758,139

NET ASSETS – 100.0%				$	479,584,712


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

*		Security is currently in default and/or non-income producing.

(a)		Represents an Affiliated Issuer.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – 99.9%
Automobiles & Components – 1.3%
	43,534	Aptiv plc^*	$	6,849,204

Banks – 7.2%
	116,199	Citizens Financial Group, Inc.		5,330,048
	106,845	East West Bancorp, Inc.		7,659,718
	62,581	M&T Bank Corp.		9,093,645
	64,760	Pinnacle Financial Partners, Inc.		5,717,660
	13,234	Signature Bank		3,250,932
	12,001	SVB Financial Group^*		6,677,717

				37,729,720

Capital Goods – 12.1%
	38,619	Allegion plc		5,379,627
	72,550	AMETEK, Inc.		9,685,425
	32,164	Cummins, Inc.		7,841,905
	108,329	Fastenal Co.		5,633,108
	98,903	Fortive Corp.		6,897,495
	17,930	IDEX Corp.		3,945,496
	67,191	ITT, Inc.		6,154,024
	13,218	L3Harris Technologies, Inc.		2,857,071
	19,314	Rockwell Automation, Inc.		5,524,190
	24,310	Trane Technologies plc		4,476,443
	8,688	TransDigm Group, Inc.^*		5,623,656

				64,018,440

Commercial & Professional Services – 0.7%
	43,929	Booz Allen Hamilton Holding Corp.		3,741,872

Consumer Durables & Apparel – 1.1%
	98,345	Capri Holdings Ltd.^*		5,624,351

Consumer Services – 4.4%
	32,705	Expedia Group, Inc.^*		5,354,136
	45,144	Royal Caribbean Cruises Ltd.^*		3,849,880
	41,973	Wyndham Hotels & Resorts, Inc.		3,034,228
	53,850	Wynn Resorts Ltd.^*		6,585,855
	36,722	Yum! Brands, Inc.		4,224,132

				23,048,231

Diversified Financials – 3.5%
	82,590	Bank of New York Mellon Corp. (The)		4,231,086
	81,924	Carlyle Group, Inc. (The)		3,807,827
	48,318	Discover Financial Services		5,715,536
	34,882	Raymond James Financial, Inc.		4,531,172

				18,285,621

Energy – 5.2%
	272,339	Devon Energy Corp.		7,949,575
	58,524	Diamondback Energy, Inc.		5,494,818
	82,512	Hess Corp.		7,204,948
	42,215	Pioneer Natural Resources Co.		6,860,782

				27,510,123

Food & Staples Retailing – 0.8%
	87,264	Performance Food Group Co.^*		4,231,431


Common Stocks – (continued)
Food, Beverage & Tobacco – 3.4%
	66,380	Coca-Cola Europacific Partners plc		3,937,661
	21,355	Constellation Brands, Inc. Class A		4,994,721
	32,221	McCormick & Co., Inc. (Non-Voting)		2,845,759
	224,521	Nomad Foods Ltd.^*		6,347,209

				18,125,350

Health Care Equipment & Services – 4.5%
	34,430	Centene Corp.^*		2,510,980
	15,472	Cooper Cos., Inc. (The)		6,131,089
	41,248	Quest Diagnostics, Inc.		5,443,499
	59,924	Zimmer Biomet Holdings, Inc.		9,636,978

				23,722,546

Insurance – 6.1%
	3,930	Alleghany Corp.^*		2,621,585
	21,498	American Financial Group, Inc.		2,681,231
	117,293	Arch Capital Group Ltd.^*		4,567,389
	29,534	Arthur J Gallagher & Co.		4,137,123
	58,268	Athene Holding Ltd. Class A^*		3,933,090
	57,799	Brown & Brown, Inc.		3,071,439
	30,260	Globe Life, Inc.		2,882,265
	2,682	Markel Corp.^*		3,182,756
	84,210	Principal Financial Group, Inc.		5,321,230

				32,398,108

Materials – 6.4%
	46,818	Ashland Global Holdings, Inc.		4,096,575
	82,108	Ball Corp.		6,652,390
	71,858	Corteva, Inc.		3,186,903
	71,575	Freeport-McMoRan, Inc.		2,656,148
	17,395	Martin Marietta Materials, Inc.		6,119,735
	49,971	Packaging Corp. of America		6,767,073
	26,643	PPG Industries, Inc.		4,523,182

				34,002,006

Media & Entertainment – 3.8%
	111,073	Discovery, Inc. Class C^*		3,218,896
	22,822	Liberty Broadband Corp. Class C^*		3,963,269
	65,982	Live Nation Entertainment, Inc.^*		5,779,363
	61,171	Twitter, Inc.^*		4,209,176
	58,186	ViacomCBS, Inc.		2,630,007

				19,800,711

Pharmaceuticals, Biotechnology & Life Sciences – 4.0%
	11,131	Alnylam Pharmaceuticals, Inc.^*		1,886,927
	67,295	Catalent, Inc.^*		7,275,936
	22,525	Neurocrine Biosciences, Inc.^*		2,192,133
	48,013	PerkinElmer, Inc.		7,413,687
	14,389	Seagen, Inc.^*		2,271,735

				21,040,418

Real Estate Investment Trusts – 9.9%
	32,457	Alexandria Real Estate Equities, Inc.		5,905,227
	23,473	AvalonBay Communities, Inc.		4,898,580


The accompanying notes are an integral part of these financial statements.		33

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Real Estate Investment Trusts – (continued)
	29,456	Camden Property Trust	$	3,907,928
	72,380	CubeSmart		3,352,642
	102,920	Duke Realty Corp.		4,873,262
	51,751	Equity LifeStyle Properties, Inc.		3,845,617
	11,745	Essex Property Trust, Inc.		3,523,617
	94,279	Healthpeak Properties, Inc.		3,138,548
	84,277	Highwoods Properties, Inc.		3,806,792
	101,107	Invitation Homes, Inc.		3,770,280
	47,771	Kilroy Realty Corp.		3,326,772
	64,043	Ryman Hospitality Properties, Inc.^*		5,056,835
	32,319	Welltower, Inc.		2,685,709

				52,091,809

Retailing – 4.1%
	39,976	Advance Auto Parts, Inc.		8,200,676
	16,216	Burlington Stores, Inc.^*		5,221,390
	48,999	L Brands, Inc.		3,530,868
	6,577	RH^*		4,465,783

				21,418,717

Semiconductors & Semiconductor Equipment – 4.1%
	196,779	Marvell Technology, Inc.		11,478,119
	24,639	MKS Instruments, Inc.		4,384,510
	156,502	ON Semiconductor Corp.^*		5,990,897

				21,853,526

Software & Services – 1.3%
	9,393	Paycom Software, Inc.^*		3,414,074
	24,402	Splunk, Inc.^*		3,528,041

				6,942,115

Technology Hardware & Equipment – 4.2%
	35,558	Keysight Technologies, Inc.^*		5,490,511
	37,295	Motorola Solutions, Inc.		8,087,421
	303,185	Viavi Solutions, Inc.^*		5,354,247
	93,301	Vontier Corp.		3,039,746

				21,971,925

Transportation – 3.5%
	29,737	Old Dominion Freight Line, Inc.		7,547,251
	13,460	Saia, Inc.^*		2,819,735
	154,380	United Airlines Holdings, Inc.^*		8,072,530

				18,439,516

Utilities – 8.3%
	222,194	AES Corp. (The)		5,792,598
	111,943	Alliant Energy Corp.		6,241,942
	67,635	Ameren Corp.		5,413,505
	21,252	American Water Works Co., Inc.		3,275,571
	33,501	Atmos Energy Corp.		3,219,781
	104,659	CMS Energy Corp.		6,183,254
	40,384	NextEra Energy Partners LP		3,083,722
	75,914	Public Service Enterprise Group, Inc.		4,535,102


Common Stocks – (continued)
Utilities – (continued)
	87,842	Xcel Energy, Inc.		5,787,031

				43,532,506

	TOTAL COMMON STOCKS
	(Cost $389,087,660)		$	526,378,246


Shares		Dividend Rate	Value

Investment Company^(a) – 0.2%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,069,710	0.026%	$	1,069,710
	(Cost $1,069,710)

	TOTAL INVESTMENTS –100.1%
	(Cost $390,157,370)		$	527,447,956

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(333,531	)

	NET ASSETS – 100.0%		$	527,114,425


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

*		Security is currently in default and/or non-income producing.

(a)		Represents an Affiliated Issuer.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – 97.6%
Automobiles & Components – 1.1%
	3,143	Adient plc^*	$	142,063
	20,799	American Axle & Manufacturing Holdings, Inc.^*		215,270
	52,345	Goodyear Tire & Rubber Co. (The)^*		897,717
	1,419	Tenneco, Inc. Class A^*		27,415
	1,331	Visteon Corp.^*		160,971
	1,081	Workhorse Group, Inc.^*		17,934

				1,461,370

Banks – 8.0%
	3,259	1st Source Corp.		151,413
	1,034	American National Bankshares, Inc.		32,147
	8,571	Ameris Bancorp		433,950
	13,865	Atlantic Capital Bancshares, Inc.^*		353,003
	4,882	Atlantic Union Bankshares Corp.		176,826
	32,358	Bancorp, Inc. (The)^*		744,558
	1,425	Bridgewater Bancshares, Inc.^*		23,014
	7,036	Byline Bancorp, Inc.		159,225
	6,952	Cadence BanCorp		145,158
	857	Camden National Corp.		40,930
	1,747	Capital Bancorp, Inc.^*		35,726
	656	Capital City Bank Group, Inc.		16,918
	3,648	Columbia Banking System, Inc.		140,667
	864	Customers Bancorp, Inc.^*		33,687
	28,364	CVB Financial Corp.		584,015
	1,208	Equity Bancshares, Inc. Class A^*		36,832
	2,942	FB Financial Corp.		109,795
	685	First Bancorp		28,023
	20,196	First BanCorp		240,736
	3,956	First Bank		53,564
	17,684	First Foundation, Inc.		398,067
	9,384	First Internet Bancorp		290,716
	2,102	First Midwest Bancorp, Inc.		41,683
	6,787	Fulton Financial Corp.		107,099
	2,974	Glacier Bancorp, Inc.		163,808
	8,614	Guaranty Bancshares, Inc.		293,479
	1,684	Hancock Whitney Corp.		74,837
	7,084	Hanmi Financial Corp.		135,021
	6,025	Heartland Financial USA, Inc.		283,115
	17,291	Home BancShares, Inc.		426,742
	17,471	International Bancshares Corp.		750,205
	6,909	Merchants Bancorp		271,109
	239	Metropolitan Bank Holding Corp.^*		14,393
	1,310	Northrim BanCorp, Inc.		56,002
	3,969	Old National Bancorp		69,894
	7,990	Origin Bancorp, Inc.		339,255
	1,738	Orrstown Financial Services, Inc.		40,096
	11,374	PennyMac Financial Services, Inc.		702,003
	1,989	Premier Financial Corp.		56,507
	4,598	Republic First Bancorp, Inc.^*		18,346
	1,325	South Plains Financial, Inc.		30,647
	654	Southern First Bancshares, Inc.^*		33,459
	6,724	Southside Bancshares, Inc.		257,059
	2,510	Spirit of Texas Bancshares, Inc.		57,328


Common Stocks – (continued)
Banks – (continued)
	14,959	Towne Bank		455,053
	718	Triumph Bancorp, Inc.^*		53,312
	17,184	Trustmark Corp.		529,267
	13,909	United Bankshares, Inc.		507,678
	2,077	United Community Banks, Inc.		66,485
	2,974	Walker & Dunlop, Inc.		310,426
	4,359	Washington Federal, Inc.		138,529

				10,511,807

Capital Goods – 9.2%
	2,270	AAR Corp.^*		87,962
	1,038	Argan, Inc.		49,606
	6,165	Array Technologies, Inc.^*		96,174
	10,732	Atkore, Inc.^*		761,972
	234	Barnes Group, Inc.		11,993
	11,198	Boise Cascade Co.		653,403
	637	CIRCOR International, Inc.^*		20,766
	1,543	Columbus McKinnon Corp.		74,434
	1,131	Comfort Systems USA, Inc.		89,111
	6,263	Concrete Pumping Holdings, Inc.^*		53,048
	651	Douglas Dynamics, Inc.		26,489
	1,550	EMCOR Group, Inc.		190,944
	4,494	Encore Wire Corp.		340,600
	6,098	EnerSys		595,958
	957	Federal Signal Corp.		38,500
	2,453	Franklin Electric Co., Inc.		197,761
	1,248	GMS, Inc.^*		60,079
	18,240	GrafTech International Ltd.		211,949
	20,803	H&E Equipment Services, Inc.		692,116
	3,299	Herc Holdings, Inc.^*		369,719
	2,341	JELD-WEN Holding, Inc.^*		61,475
	1,360	Kennametal, Inc.		48,851
	1,135	Masonite International Corp.^*		126,882
	4,759	Matrix Service Co.^*		49,970
	8,232	McGrath RentCorp		671,484
	3,233	Miller Industries, Inc.		127,510
	35,588	MRC Global, Inc.^*		334,527
	5,084	Nikola Corp.^*(a)		91,817
	1,145	Parsons Corp.^*		45,067
	8,904	Powell Industries, Inc.		275,579
	14,562	Primoris Services Corp.		428,560
	14,253	Quanex Building Products Corp.		354,045
	2,980	RBC Bearings, Inc.^*		594,272
	12,351	Resideo Technologies, Inc.^*		370,530
	9,653	Rexnord Corp.		483,036
	15,289	Rush Enterprises, Inc. Class A		661,096
	1,897	Simpson Manufacturing Co., Inc.		209,505
	826	Stem, Inc.^*		29,744
	10,907	Sterling Construction Co., Inc.^*		263,186
	17,326	Terex Corp.		825,064
	7,589	Thermon Group Holdings, Inc.^*		129,317
	3,478	Titan Machinery, Inc.^*		107,609
	840	Transcat, Inc.^*		47,468
	4,439	Triton International Ltd.		232,337


The accompanying notes are an integral part of these financial statements.		35

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Capital Goods – (continued)
	2,721	Vectrus, Inc.^*	$	129,492
	3,095	Vicor Corp.^*		327,265
	741	Wabash National Corp.		11,856
	17,445	WillScot Mobile Mini Holdings Corp.^*		486,192

				12,146,320

Commercial & Professional Services – 1.6%
	670	ASGN, Inc.^*		64,943
	1,373	Barrett Business Services, Inc.		99,694
	2,530	CBIZ, Inc.^*		82,908
	343	Cimpress plc^*		37,185
	16,635	Ennis, Inc.		357,985
	766	Exponent, Inc.		68,335
	693	Harsco Corp.^*		14,151
	2,011	HNI Corp.		88,424
	320	Huron Consulting Group, Inc.^*		15,728
	2,064	Korn Ferry		149,743
	16,628	Matthews International Corp. Class A		597,943
	1,536	Steelcase, Inc. Class A		23,209
	19,419	Team, Inc.^*		130,107
	776	TriNet Group, Inc.^*		56,244
	6,218	Upwork, Inc.^*		362,447

				2,149,046

Consumer Durables & Apparel – 2.8%
	1,583	Acushnet Holdings Corp.		78,200
	12,219	Callaway Golf Co.^*		412,147
	801	G-III Apparel Group Ltd.^*		26,321
	7,784	GoPro, Inc. Class A^*		90,684
	508	iRobot Corp.^*		47,442
	1,128	LGI Homes, Inc.^*		182,668
	4,116	M/I Homes, Inc.^*		241,486
	5,683	Movado Group, Inc.		178,844
	2,258	Nautilus, Inc.^*		38,047
	473	Oxford Industries, Inc.		46,751
	16,398	Sonos, Inc.^*		577,702
	19,956	Steven Madden Ltd.		873,275
	5,844	Taylor Morrison Home Corp.^*		154,398
	32,376	TRI Pointe Group, Inc.^*		693,818
	808	Vista Outdoor, Inc.^*		37,394

				3,679,177

Consumer Services – 3.0%
	5,158	Century Casinos, Inc.^*		69,272
	1,082	Cheesecake Factory, Inc. (The)^*		58,623
	4,130	Dave & Buster’s Entertainment, Inc.^*		167,678
	6,556	Everi Holdings, Inc.^*		163,507
	9,420	International Game Technology plc^*		225,703
	5,168	Monarch Casino & Resort, Inc.^*		341,966
	3,148	Nathan’s Famous, Inc.		224,515
	5,209	Noodles & Co.^*		65,008
	22,010	Red Rock Resorts, Inc. Class A^*		935,425
	7,225	Ruth’s Hospitality Group, Inc.^*		166,392
	9,332	SeaWorld Entertainment, Inc.^*		466,040


Common Stocks – (continued)
Consumer Services – (continued)
	1,014	Shake Shack, Inc. Class A^*		108,518
	9,074	Texas Roadhouse, Inc.		872,919
	2,477	WW International, Inc.^*		89,519

				3,955,085

Diversified Financials – 5.0%
	865	A-Mark Precious Metals, Inc.		40,222
	28,183	Arbor Realty Trust, Inc. (REIT)		502,221
	10,626	Artisan Partners Asset Management, Inc. Class A		540,013
	1,240	Associated Capital Group, Inc. Class A		48,186
	16,748	Banco Latinoamericano de Comercio Exterior SA Class E		257,417
	45,912	BGC Partners, Inc. Class A		260,321
	15,611	Capstead Mortgage Corp. (REIT)		95,852
	4,089	Chimera Investment Corp. (REIT)		61,580
	1,727	Cohen & Steers, Inc.		141,769
	10,288	Cowen, Inc. Class A		422,322
	6,442	Dynex Capital, Inc. (REIT)		120,208
	4,810	Focus Financial Partners, Inc. Class A^*		233,285
	12,277	Great Ajax Corp. (REIT)		159,355
	4,096	Greenhill & Co., Inc.		63,734
	1,885	Hamilton Lane, Inc. Class A		171,761
	1,259	Ladder Capital Corp. (REIT)		14,529
	3,189	LendingClub Corp.^*		57,817
	46,668	MFA Financial, Inc. (REIT)		214,206
	5,085	Moelis & Co. Class A		289,286
	8,193	Open Lending Corp. Class A^*		353,036
	13,982	Oppenheimer Holdings, Inc. Class A		710,845
	6,616	PJT Partners, Inc. Class A		472,250
	656	PRA Group, Inc.^*		25,236
	4,212	PROG Holdings, Inc.		202,724
	10,290	Pzena Investment Management, Inc. Class A		113,293
	5,072	Regional Management Corp.		236,051
	2,719	Virtus Investment Partners, Inc.		755,257
	14,678	WisdomTree Investments, Inc.		91,004

				6,653,780

Energy – 3.5%
	240	Altus Midstream Co.		16,203
	3,344	Bonanza Creek Energy, Inc.		157,402
	1,155	Callon Petroleum Co.^*		66,632
	24,362	Centennial Resource Development, Inc. Class A^*		165,174
	5,459	ChampionX Corp.^*		140,023
	24,974	Comstock Resources, Inc.^*		166,577
	5,542	Earthstone Energy, Inc. Class A^*		61,350
	1,498	Golar LNG Ltd.^*		19,849
	9,399	Helix Energy Solutions Group, Inc.^*		53,668
	9,007	Kosmos Energy Ltd.^*		31,164
	3,389	Liberty Oilfield Services, Inc. Class A^*		47,988
	15,553	Magnolia Oil & Gas Corp. Class A^*		243,093
	12,609	Matador Resources Co.		454,050


36		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)
Energy – (continued)
	326	Nabors Industries Ltd.^*	$	37,242
	14,146	Oceaneering International, Inc.^*		220,253
	25,179	Oil States International, Inc.^*		197,655
	28,681	Ovintiv, Inc.		902,591
	520	PBF Energy, Inc. Class A^*		7,956
	10,199	PDC Energy, Inc.		467,012
	1,727	Range Resources Corp.^*		28,945
	1,697	REX American Resources Corp.^*		153,036
	1,400	Scorpio Tankers, Inc.		30,870
	15,893	SM Energy Co.		391,445
	7,207	Southwestern Energy Co.^*		40,864
	1,430	Teekay Tankers Ltd. Class A^*		20,621
	13,013	US Silica Holdings, Inc.^*		150,430
	81,505	W&T Offshore, Inc.^*		395,299

				4,667,392

Food & Staples Retailing – 0.9%
	6,520	Ingles Markets, Inc. Class A		379,921
	826	Natural Grocers by Vitamin Cottage, Inc.		8,871
	17,114	Performance Food Group Co.^*		829,858

				1,218,650

Food, Beverage & Tobacco – 0.2%
	725	B&G Foods, Inc.^(a)		23,780
	1,174	John B Sanfilippo & Son, Inc.		103,981
	1,707	Seneca Foods Corp. Class A^*		87,194

				214,955

Health Care Equipment & Services – 8.5%
	879	AMN Healthcare Services, Inc.^*		85,245
	6,662	AngioDynamics, Inc.^*		180,740
	16,672	Castlight Health, Inc. Class B^*		43,847
	40,774	Community Health Systems, Inc.^*		629,551
	888	Covetrus, Inc.^*		23,976
	1,035	CryoLife, Inc.^*		29,394
	14,935	Hanger, Inc.^*		377,557
	324	Health Catalyst, Inc.^*		17,985
	1,887	Heska Corp.^*		433,500
	15,127	InfuSystem Holdings, Inc.^*		314,490
	1,095	Inovalon Holdings, Inc. Class A^*		37,318
	1,985	Inspire Medical Systems, Inc.^*		383,621
	8,453	Integer Holdings Corp.^*		796,273
	732	iRadimed Corp.^*		21,528
	8,531	Joint Corp. (The)^*		715,921
	6,541	LeMaitre Vascular, Inc.		399,132
	1,199	LivaNova plc^*		100,848
	6,233	Meridian Bioscience, Inc.^*		138,248
	11,169	Merit Medical Systems, Inc.^*		722,188
	1,143	Misonix, Inc.^*		25,352
	5,276	National HealthCare Corp.		368,792
	19,153	Natus Medical, Inc.^*		497,595
	11,276	Neogen Corp.^*		519,147
	1,186	NextGen Healthcare, Inc.^*		19,676


Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	1,152	OptimizeRx Corp.^*		71,309
	9,911	RadNet, Inc.^*		333,902
	3,139	Retractable Technologies, Inc.^*(a)		36,287
	23,254	Select Medical Holdings Corp.		982,714
	2,826	Shockwave Medical, Inc.^*		536,177
	4,658	STAAR Surgical Co.^*		710,345
	2,605	Stereotaxis, Inc.^*		25,112
	7,477	Surmodics, Inc.^*		405,627
	12,367	Tenet Healthcare Corp.^*		828,465
	1,383	Triple-S Management Corp. Class B^*		30,799
	1,010	US Physical Therapy, Inc.		117,029
	2,273	Utah Medical Products, Inc.		193,296
	3,906	Varex Imaging Corp.^*		104,759

				11,257,745

Household & Personal Products – 0.1%
	440	Inter Parfums, Inc.		31,680
	1,656	Oil-Dri Corp. of America		56,602

				88,282

Insurance – 3.5%
	25,217	American Equity Investment Life Holding Co.		815,013
	4,259	AMERISAFE, Inc.		254,220
	13,879	Argo Group International Holdings Ltd.		719,349
	5,542	Crawford & Co. Class A		50,266
	564	Enstar Group Ltd.^*		134,751
	65,642	Genworth Financial, Inc. Class A^*		256,004
	3,674	Goosehead Insurance, Inc. Class A		467,700
	887	Investors Title Co.		154,897
	905	James River Group Holdings Ltd.		33,956
	4,338	Kinsale Capital Group, Inc.^(b)		714,772
	8,028	MBIA, Inc.^*		88,308
	170	National Western Life Group, Inc. Class A		38,146
	13,345	Stewart Information Services Corp.		756,528
	21,548	Tiptree, Inc.		200,396

				4,684,306

Materials – 2.7%
	7,779	AdvanSix, Inc.^*		232,281
	2,480	American Vanguard Corp.		43,425
	11,732	Amyris, Inc.^*		192,053
	7,854	Arconic Corp.^*		279,759
	5,561	Coeur Mining, Inc.^*		49,382
	1,159	Constellium SE^*		21,963
	6,533	Glatfelter Corp.		91,266
	3,763	Haynes International, Inc.		133,135
	42,872	Hecla Mining Co.		318,968
	537	Ingevity Corp.^*		43,690
	1,814	Innospec, Inc.		164,366
	748	Intrepid Potash, Inc.^*		23,831
	10,045	Koppers Holdings, Inc.^*		324,956


The accompanying notes are an integral part of these financial statements.		37

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Materials – (continued)
	580	Kraton Corp.^*	$	18,728
	940	Materion Corp.		70,829
	2,643	Minerals Technologies, Inc.		207,925
	1,269	MP Materials Corp.^*(a)		46,775
	2,294	Orion Engineered Carbons SA^*		43,563
	18,220	Summit Materials, Inc. Class A^*		634,967
	23,347	SunCoke Energy, Inc.		166,698
	6,734	Tronox Holdings plc Class A		150,842
	857	United States Lime & Minerals, Inc.		119,200
	7,851	Warrior Met Coal, Inc.		135,037
	520	Worthington Industries, Inc.		31,814

				3,545,453

Media & Entertainment – 4.9%
	17,118	AMC Entertainment Holdings, Inc. Class A^*(a)		970,248
	241	AMC Networks, Inc. Class A^*		16,099
	14,374	Cargurus, Inc.^*		377,030
	21,529	Cars.com, Inc.^*		308,511
	34,302	Cinemark Holdings, Inc.^*		752,929
	130	Daily Journal Corp.^*		44,005
	36,069	Entravision Communications Corp. Class A		240,941
	16,210	Eventbrite, Inc. Class A^*		307,990
	23,666	EW Scripps Co. (The) Class A		482,550
	3,667	fuboTV, Inc.^*		117,747
	21,172	Gray Television, Inc.		495,425
	2,986	Hemisphere Media Group, Inc.^*		35,235
	22,672	IMAX Corp.^*		487,448
	2,182	John Wiley & Sons, Inc. Class A		131,313
	6,926	Lions Gate Entertainment Corp. Class A^*		143,368
	2,842	Lions Gate Entertainment Corp. Class B^*		52,009
	706	Magnite, Inc.^*		23,891
	9,494	QuinStreet, Inc.^*		176,398
	374	TechTarget, Inc.^*		28,981
	75,886	TrueCar, Inc.^*		428,756
	19,641	Yelp, Inc.^*		784,854

				6,405,728

Pharmaceuticals, Biotechnology & Life Sciences – 12.3%
	10,364	ACADIA Pharmaceuticals, Inc.^*		252,778
	40,913	Affimed NV^*		347,760
	12,804	Aldeyra Therapeutics, Inc.^*		145,069
	694	Alector, Inc.^*		14,456
	10,494	Allogene Therapeutics, Inc.^*		273,684
	14,419	Amicus Therapeutics, Inc.^*		138,999
	38,698	Amneal Pharmaceuticals, Inc.^*		198,134
	33,676	Amphastar Pharmaceuticals, Inc.^*		678,908
	8,470	ANI Pharmaceuticals, Inc.^*		296,873
	4,782	Apellis Pharmaceuticals, Inc.^*		302,222
	11,329	Ardelyx, Inc.^*		85,874
	8,355	Arrowhead Pharmaceuticals, Inc.^*		691,961


Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	1,900	Atea Pharmaceuticals, Inc.^*		40,812
	34,266	Avid Bioservices, Inc.^*		878,923
	3,932	BioCryst Pharmaceuticals, Inc.^*		62,165
	66,689	BioDelivery Sciences International, Inc.^*		238,747
	3,999	Bionano Genomics, Inc.^*		29,313
	822	Bridgebio Pharma, Inc.^*		50,109
	7,231	CareDx, Inc.^*		661,781
	1,483	Cassava Sciences, Inc.^*(a)		126,708
	17,793	Catalyst Pharmaceuticals, Inc.^*		102,310
	2,322	ChemoCentryx, Inc.^*		31,092
	2,250	Collegium Pharmaceutical, Inc.^*		53,190
	7,376	Denali Therapeutics, Inc.^*		578,573
	2,102	Design Therapeutics, Inc.^*		41,809
	31,807	Durect Corp.^*		51,845
	6,480	Dynavax Technologies Corp.^*		63,828
	8,269	Eagle Pharmaceuticals, Inc.^*		353,913
	3,126	Editas Medicine, Inc.^*		177,057
	10,962	Eiger BioPharmaceuticals, Inc.^*		93,396
	6,585	Emergent BioSolutions, Inc.^*		414,789
	82,210	Endo International plc^*		384,743
	1,687	Fate Therapeutics, Inc.^*		146,415
	2,111	FibroGen, Inc.^*		56,216
	13,445	Flexion Therapeutics, Inc.^*		110,652
	3,489	Gemini Therapeutics, Inc.^*		22,574
	987	Global Blood Therapeutics, Inc.^*		34,565
	4,118	Halozyme Therapeutics, Inc.^*		186,998
	15,232	Harvard Bioscience, Inc.^*		126,883
	4,134	Hookipa Pharma, Inc.^*		37,867
	1,508	Inovio Pharmaceuticals, Inc.^*		13,979
	2,671	Intellia Therapeutics, Inc.^*		432,462
	3,888	Invitae Corp.^*(a)		131,142
	27,698	Kadmon Holdings, Inc.^*		107,191
	115	Karuna Therapeutics, Inc.^*		13,109
	212	Krystal Biotech, Inc.^*		14,416
	5,150	Medpace Holdings, Inc.^*		909,644
	14,142	MEI Pharma, Inc.^*		40,305
	16,112	Myriad Genetics, Inc.^*		492,705
	383	NanoString Technologies, Inc.^*		24,815
	2,041	Nuvation Bio, Inc.^*		19,002
	7,832	Ocugen, Inc.^*		62,891
	98,443	OPKO Health, Inc.^*(a)		398,694
	17,756	Organogenesis Holdings, Inc.^*		295,105
	8,256	Pacific Biosciences of California, Inc.^*		288,712
	1,580	Personalis, Inc.^*		39,974
	23,085	Phibro Animal Health Corp. Class A		666,695
	17,251	Prestige Consumer Healthcare, Inc.^*		898,777
	845	Protagonist Therapeutics, Inc.^*		37,924
	1,083	Prothena Corp. plc^*		55,677
	1,534	Puma Biotechnology, Inc.^*		14,082
	761	Recursion Pharmaceuticals, Inc. Class A^*		27,776
	47,557	Selecta Biosciences, Inc.^*		198,788
	14,286	SIGA Technologies, Inc.^*		89,716


38		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)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	5,212	Sorrento Therapeutics, Inc.^*(a)	$	50,504
	2,277	Syros Pharmaceuticals, Inc.^*		12,410
	11,408	Translate Bio, Inc.^*		314,176
	5,747	Twist Bioscience Corp.^*		765,788
	2,782	Vanda Pharmaceuticals, Inc.^*		59,841
	15,220	Veracyte, Inc.^*		608,496
	1,275	Vir Biotechnology, Inc.^*		60,282
	12,197	Xencor, Inc.^*		420,675
	1,613	Y-mAbs Therapeutics, Inc.^*		54,519

				16,204,263

Real Estate Investment Trusts – 8.2%
	4,062	Agree Realty Corp.		286,330
	2,109	American Assets Trust, Inc.		78,645
	652	Centerspace		51,443
	31,630	City Office REIT, Inc.		393,161
	14,762	Community Healthcare Trust, Inc.		700,605
	1,644	EastGroup Properties, Inc.		270,356
	19,715	Gladstone Commercial Corp.		444,770
	4,324	Global Medical REIT, Inc.		63,822
	4,254	Global Net Lease, Inc.		78,699
	16,923	Independence Realty Trust, Inc.		308,506
	14,663	Industrial Logistics Properties Trust		383,291
	34,223	Kite Realty Group Trust		753,248
	66,375	Lexington Realty Trust		793,181
	4,987	Macerich Co. (The)		91,013
	8,410	National Storage Affiliates Trust		425,210
	14,875	NexPoint Residential Trust, Inc.		817,828
	5,434	Outfront Media, Inc.^*		130,579
	35,509	Piedmont Office Realty Trust, Inc. Class A		655,851
	11,931	PotlatchDeltic Corp.		634,133
	30,629	Retail Opportunity Investments Corp.		540,908
	7,331	Retail Properties of America, Inc. Class A		83,940
	14,893	Retail Value, Inc.		323,923
	30,530	RPT Realty		396,279
	28,781	SITE Centers Corp.		433,442
	6,129	STAG Industrial, Inc.		229,408
	828	Tanger Factory Outlet Centers, Inc.		15,608
	13,852	Terreno Realty Corp.		893,731
	269	Universal Health Realty Income Trust		16,557
	2,374	Urban Edge Properties		45,343
	17,123	Urstadt Biddle Properties, Inc. Class A		331,844
	16,312	Whitestone REIT		134,574

				10,806,228

Retailing – 7.4%
	4,768	1-800-Flowers.com, Inc. Class A^*		151,956
	12,093	Abercrombie & Fitch Co. Class A^*		561,478
	24,361	American Eagle Outfitters, Inc.		914,268
	2,580	Bed Bath & Beyond, Inc.^*		85,888
	447	Big Lots, Inc.		29,507
	9,023	Boot Barn Holdings, Inc.^*		758,383


Common Stocks – (continued)
Retailing – (continued)
	17,015	Buckle, Inc. (The)		846,496
	11,553	Caleres, Inc.		315,281
	20,764	Cato Corp. (The) Class A		350,289
	9,534	Chico’s FAS, Inc.^*		62,734
	2,302	Conn’s, Inc.^*		58,701
	8,499	Designer Brands, Inc. Class A^*		140,658
	639	Dillard’s, Inc. Class A		115,582
	12,976	Funko, Inc. Class A^*		276,129
	12,491	Groupon, Inc.^*		539,112
	14,323	Haverty Furniture Cos., Inc.		612,452
	5,871	Lands’ End, Inc.^*		241,005
	2,821	Liquidity Services, Inc.^*		71,794
	37,888	Macy’s, Inc.^*		718,357
	512	Murphy USA, Inc.		68,285
	6,816	Shoe Carnival, Inc.		487,957
	6,308	Signet Jewelers Ltd.^*		509,623
	1,156	Sleep Number Corp.^*		127,102
	1,461	Stamps.com, Inc.^*		292,624
	7,173	Stitch Fix, Inc. Class A^*		432,532
	5,390	Tilly’s, Inc. Class A		86,132
	16,799	Urban Outfitters, Inc.^*		692,455
	4,340	Zumiez, Inc.^*		212,617

				9,759,397

Semiconductors & Semiconductor Equipment – 1.9%
	5,885	Ambarella, Inc.^*		627,518
	18,306	Axcelis Technologies, Inc.^*		739,928
	1,612	CEVA, Inc.^*		76,248
	6,537	Cohu, Inc.^*		240,496
	9,772	FormFactor, Inc.^*		356,287
	2,826	Ichor Holdings Ltd.^*		152,039
	1,571	MACOM Technology Solutions Holdings, Inc.^*		100,670
	1,050	MaxLinear, Inc. Class A^*		44,614
	2,836	Ultra Clean Holdings, Inc.^*		152,350
	954	Veeco Instruments, Inc.^*		22,934

				2,513,084

Software & Services – 6.4%
	13,544	ACI Worldwide, Inc.^*		503,024
	879	Appian Corp.^*		121,082
	4,387	Asana, Inc. Class A^*		272,126
	2,822	Bottomline Technologies DE, Inc.^*		104,640
	8,576	Box, Inc. Class A^*		219,117
	25,120	Brightcove, Inc.^*		360,472
	308	Cerence, Inc.^*		32,867
	22,385	ChannelAdvisor Corp.^*		548,656
	9,954	CommVault Systems, Inc.^*		778,104
	1,024	Cornerstone OnDemand, Inc.^*		52,818
	3,613	CSG Systems International, Inc.		170,461
	980	Digital Turbine, Inc.^*		74,510
	5,110	Domo, Inc. Class B^*		413,041
	6,750	eGain Corp.^*		77,490
	3,170	Hackett Group, Inc. (The)		57,124


The accompanying notes are an integral part of these financial statements.		39

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Software & Services – (continued)
	3,639	LiveRamp Holdings, Inc.^*	$	170,487
	1,899	Marathon Digital Holdings, Inc.^*		59,572
	711	MicroStrategy, Inc. Class A^*(a)		472,460
	6,428	Mimecast Ltd.^*		341,006
	2,246	Momentive Global, Inc.^*		47,323
	358	QAD, Inc. Class A		31,153
	1,714	Riot Blockchain, Inc.^*(a)		64,566
	13,634	Sapiens International Corp. NV		358,165
	8,559	SPS Commerce, Inc.^*		854,616
	19,291	Tenable Holdings, Inc.^*		797,683
	10,595	Upland Software, Inc.^*		436,196
	1,910	Varonis Systems, Inc.^*		110,054
	916	Workiva, Inc.^*		101,978
	12,053	Yext, Inc.^*		172,237
	10,086	Zix Corp.^*		71,106
	29,279	Zuora, Inc. Class A^*		505,063

				8,379,197

Technology Hardware & Equipment – 3.2%
	3,474	3D Systems Corp.^*		138,856
	8,186	Belden, Inc.		413,966
	9,538	Benchmark Electronics, Inc.		271,451
	10,630	Calix, Inc.^*		504,925
	2,790	Casa Systems, Inc.^*		24,747
	2,713	Clearfield, Inc.^*		101,602
	6,615	CTS Corp.		245,813
	12,064	Daktronics, Inc.^*		79,502
	8,120	Digi International, Inc.^*		163,293
	27,871	Extreme Networks, Inc.^*		311,040
	16,058	Infinera Corp.^*		163,792
	22,608	Knowles Corp.^*		446,282
	3,090	MicroVision, Inc.^*(a)		51,758
	2,316	NetScout Systems, Inc.^*		66,099
	465	nLight, Inc.^*		16,870
	398	OSI Systems, Inc.^*		40,453
	9,874	Quantum Corp.^*		68,032
	5,160	Super Micro Computer, Inc.^*		181,529
	10,903	Turtle Beach Corp.^*		348,024
	20,359	Vishay Intertechnology, Inc.		459,095
	4,237	Vishay Precision Group, Inc.^*		144,227

				4,241,356

Telecommunication Services – 0.6%
	8,469	Consolidated Communications Holdings, Inc.^*		74,442
	17,242	Iridium Communications, Inc.^*		689,508
	3,138	Ooma, Inc.^*		59,183
	548	Shenandoah Telecommunications Co.		26,583

				849,716

Transportation – 1.5%
	863	ArcBest Corp.		50,218
	867	Avis Budget Group, Inc.^*		67,531


Common Stocks – (continued)
Transportation – (continued)
	12,105	Costamare, Inc.		142,960
	11,325	Daseke, Inc.^*		73,386
	2,576	Heartland Express, Inc.		44,127
	42,927	Marten Transport Ltd.		707,866
	3,568	Radiant Logistics, Inc.^*		24,726
	32,675	Safe Bulkers, Inc.^*		131,027
	761	Saia, Inc.^*		159,422
	13,289	Werner Enterprises, Inc.		591,626

				1,992,889

Utilities – 1.1%
	2,525	Avista Corp.		107,742
	716	Northwest Natural Holding Co.		37,604
	10,813	NorthWestern Corp.		651,159
	10,948	Portland General Electric Co.		504,484
	2,432	Southwest Gas Holdings, Inc.		160,974

				1,461,963

	TOTAL COMMON STOCKS
	(Cost $110,337,680)		$	128,847,189


Shares		Dividend Rate	Value

Investment Company^(c) – 1.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,284,462	0.026%	$	1,284,462
	(Cost $1,284,462)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $111,622,142)		$	130,131,651



Securities Lending Reinvestment Vehicle^(c) – 2.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	2,766,210	0.026%	$	2,766,210
(Cost $2,766,210)

	TOTAL INVESTMENTS – 100.7%
	(Cost $114,388,352)		$	132,897,861

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%			(969,051	)

	NET ASSETS – 100.0%		$	131,928,810


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND


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

*		Security is currently in default and/or non-income producing.

(a)		All or a portion of security is on loan.

(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(c)		Represents an Affiliated Issuer.



Investment Abbreviation:
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2021, 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		18		09/17/2021	$	2,077,020	$	(20,688	)


The accompanying notes are an integral part of these financial statements.		41

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – 98.8%
Automobiles & Components – 2.0%
	15,207	Aptiv plc^*	$	2,392,517
	9,528	Tesla, Inc.^*		6,476,182

				8,868,699

Capital Goods – 1.4%
	11,090	Boeing Co. (The)^*		2,656,721
	10,196	Deere & Co.		3,596,231

				6,252,952

Commercial & Professional Services – 0.8%
	18,889	Verisk Analytics, Inc.		3,300,286

Consumer Durables & Apparel – 3.0%
	11,246	Lululemon Athletica, Inc.^*		4,104,453
	51,709	NIKE, Inc. Class B		7,988,523
	12,398	PVH Corp.^*		1,333,901

				13,426,877

Consumer Services – 1.9%
	23,690	Chegg, Inc.^*		1,968,876
	1,498	Chipotle Mexican Grill, Inc.^*		2,322,409
	17,464	McDonald’s Corp.		4,034,010

				8,325,295

Diversified Financials – 1.4%
	69,598	Charles Schwab Corp. (The)		5,067,431
	10,859	Intercontinental Exchange, Inc.		1,288,963

				6,356,394

Food & Staples Retailing – 0.5%
	15,775	Walmart, Inc.		2,224,590

Food, Beverage & Tobacco – 2.7%
	81,036	Coca-Cola Co. (The)		4,384,858
	29,337	McCormick & Co., Inc. (Non-Voting)		2,591,044
	35,642	Mondelez International, Inc. Class A		2,225,487
	29,961	Monster Beverage Corp.^*		2,736,937

				11,938,326

Health Care Equipment & Services – 5.9%
	81,472	American Well Corp. Class A^*		1,024,918
	86,165	Boston Scientific Corp.^*		3,684,416
	16,676	Danaher Corp.		4,475,171
	15,469	Guardant Health, Inc.^*		1,921,095
	9,459	Insulet Corp.^*		2,596,590
	5,526	Intuitive Surgical, Inc.^*		5,081,931
	10,057	Veeva Systems, Inc. Class A^*		3,127,224
	12,061	West Pharmaceutical Services, Inc.		4,331,105

				26,242,450

Household & Personal Products – 0.9%
	13,107	Estee Lauder Cos., Inc. (The) Class A		4,169,075

Materials – 2.3%
	31,352	Danimer Scientific, Inc.^*(a)		785,368
	10,551	Ecolab, Inc.		2,173,190
	8,373	Linde plc		2,420,634


Common Stocks – (continued)
Materials – (continued)
	5,536	Martin Marietta Materials, Inc.		1,947,620
	10,674	Sherwin-Williams Co. (The)		2,908,131

				10,234,943

Media & Entertainment – 14.5%
	8,034	Alphabet, Inc. Class A^*		19,617,341
	4,918	Alphabet, Inc. Class C^*		12,326,082
	53,676	Facebook, Inc. Class A^*		18,663,682
	23,630	Live Nation Entertainment, Inc.^*		2,069,751
	16,610	Netflix, Inc.^*		8,773,568
	46,394	Snap, Inc. Class A^*		3,161,287

				64,611,711

Pharmaceuticals, Biotechnology & Life Sciences – 5.7%
	12,254	10X Genomics, Inc. Class A^*		2,399,578
	44,271	Adaptive Biotechnologies Corp.^*		1,808,913
	21,363	BioMarin Pharmaceutical, Inc.^*		1,782,529
	33,795	Bristol-Myers Squibb Co.		2,258,182
	25,735	Eli Lilly & Co.		5,906,697
	74,831	Genmab A/S ADR^*		3,055,350
	8,056	Illumina, Inc.^*		3,812,180
	19,879	Sarepta Therapeutics, Inc.^*		1,545,393
	17,640	Seagen, Inc.^*		2,785,003

				25,353,825

Real Estate Investment Trusts – 1.7%
	15,547	American Tower Corp.		4,199,866
	4,351	Equinix, Inc.		3,492,113

				7,691,979

Retailing – 9.8%
	9,639	Amazon.com, Inc.^*		33,159,702
	12,494	Etsy, Inc.^*		2,571,765
	54,215	Farfetch Ltd. Class A^*		2,730,268
	43,122	Ross Stores, Inc.		5,347,128

				43,808,863

Semiconductors & Semiconductor Equipment – 5.8%
	133,482	Marvell Technology, Inc.		7,786,005
	22,437	NVIDIA Corp.		17,951,844

				25,737,849

Software & Services – 27.5%
	18,857	Adobe, Inc.^*		11,043,413
	10,673	Atlassian Corp. plc Class A^*		2,741,467
	12,465	Bill.com Holdings, Inc.^*		2,283,339
	21,293	C3.ai, Inc. Class A^*(a)		1,331,451
	35,289	Fidelity National Information Services, Inc.		4,999,393
	13,943	Global Payments, Inc.		2,614,870
	7,867	HubSpot, Inc.^*		4,584,258
	34,943	Mastercard, Inc. Class A		12,757,340
	113,981	Microsoft Corp.		30,877,453
	10,085	Okta, Inc.^*		2,467,598
	41,802	PayPal Holdings, Inc.^*		12,184,447


42		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)
	53,387	Qualtrics International, Inc. Class A^*	$	2,042,053
	8,009	ServiceNow, Inc.^*		4,401,346
	12,413	Snowflake, Inc. Class A^*		3,001,463
	33,250	Splunk, Inc.^*		4,807,285
	17,332	UiPath, Inc. Class A^*		1,177,363
	48,220	Visa, Inc. Class A		11,274,800
	33,633	Workday, Inc. Class A^*		8,029,542

				122,618,881

Technology Hardware & Equipment – 8.4%
	44,102	Amphenol Corp. Class A		3,017,018
	251,513	Apple, Inc.		34,447,220

				37,464,238

Transportation – 2.6%
	28,675	Union Pacific Corp.		6,306,493
	25,910	United Parcel Service, Inc. Class B		5,388,502

				11,694,995

	TOTAL COMMON STOCKS
	(Cost $192,555,532)		$	440,322,228


Shares	Dividend Rate	Value

Investment Company^(b) – 1.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
4,601,715	0.026%	$	4,601,715
(Cost $4,601,715)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $197,157,247)		$	444,923,943



Securities Lending Reinvestment Vehicle^(b) – 0.3%
Goldman Sachs Financial Square Government Fund — Institutional Shares
1,528,496	0.026%	$	1,528,496
(Cost $1,528,496)

TOTAL INVESTMENTS –100.1%
(Cost $198,685,743)		$	446,452,439

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(465,289	)

NET ASSETS – 100.0%		$	445,987,150


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

*		Security is currently in default and/or non-income producing.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.



Investment Abbreviation:
ADR		—American Depositary Receipt


The accompanying notes are an integral part of these financial statements.		43

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2021 (Unaudited)


Shares		Description	Value

Common Stocks – 99.2%
Automobiles & Components – 2.7%
	276,096	Ford Motor Co.^*	$	4,102,787
	67,288	General Motors Co.^*		3,981,431
	2,556	Tesla, Inc.^*		1,737,313

				9,821,531

Banks – 2.3%
	70,681	Citigroup, Inc.		5,000,681
	17,105	JPMorgan Chase & Co.		2,660,512
	12,985	PacWest Bancorp		534,462

				8,195,655

Capital Goods – 4.1%
	6,570	AECOM^*		416,012
	4,906	Caterpillar, Inc.		1,067,693
	1,915	Howmet Aerospace, Inc.^*		66,010
	11,122	Northrop Grumman Corp.		4,042,068
	48,435	Otis Worldwide Corp.		3,960,530
	12,269	Parker-Hannifin Corp.		3,767,933
	7,301	Stanley Black & Decker, Inc.		1,496,632

				14,816,878

Commercial & Professional Services – 0.1%
	1,864	ManpowerGroup, Inc.		221,648
	931	Republic Services, Inc.		102,420

				324,068

Consumer Durables & Apparel – 0.8%
	14,265	DR Horton, Inc.		1,289,128
	19,873	Skechers USA, Inc. Class A^*		990,272
	14,100	Tempur Sealy International, Inc.		552,579

				2,831,979

Consumer Services – 1.5%
	1,622	Airbnb, Inc. Class A^*		248,393
	7,508	Marriott International, Inc. Class A^*		1,024,992
	10,387	Penn National Gaming, Inc.^*		794,502
	10,693	Vail Resorts, Inc.^*		3,384,548

				5,452,435

Diversified Financials – 7.7%
	64,928	Ally Financial, Inc.		3,236,011
	50,281	Annaly Capital Management, Inc. (REIT)		446,495
	7,264	Bank of New York Mellon Corp. (The)		372,135
	24,618	Berkshire Hathaway, Inc. Class B^*		6,841,835
	6,523	Capital One Financial Corp.		1,009,043
	3,614	Evercore, Inc. Class A		508,743
	14,764	Interactive Brokers Group, Inc. Class A		970,438
	9,565	Intercontinental Exchange, Inc.		1,135,365
	111,309	Jefferies Financial Group, Inc.		3,806,768
	3,642	Moody’s Corp.		1,319,751
	10,709	S&P Global, Inc.		4,395,509
	77,127	Synchrony Financial		3,742,202

				27,784,295


Common Stocks – (continued)
Energy – 1.0%
	7,317	APA Corp.		158,267
	114,092	Baker Hughes Co.		2,609,284
	1,475	EOG Resources, Inc.		123,074
	7,373	Hess Corp.		643,810

				3,534,435

Food & Staples Retailing – 2.6%
	9,825	Costco Wholesale Corp.		3,887,458
	2,474	Walgreens Boots Alliance, Inc.		130,157
	37,156	Walmart, Inc.		5,239,739

				9,257,354

Food, Beverage & Tobacco – 0.1%
	5,124	Archer-Daniels-Midland Co.		310,514

Health Care Equipment & Services – 4.3%
	2,951	Align Technology, Inc.^*		1,803,061
	3,402	Anthem, Inc.		1,298,884
	804	Chemed Corp.		381,498
	14,412	Cigna Corp.		3,416,653
	5,796	Danaher Corp.		1,555,414
	19,438	HCA Healthcare, Inc.		4,018,612
	17,661	Hologic, Inc.^*		1,178,342
	364	Molina Healthcare, Inc.^*		92,114
	438	UnitedHealth Group, Inc.		175,393
	9,271	Universal Health Services, Inc. Class B		1,357,552

				15,277,523

Household & Personal Products – 0.2%
	2,462	Estee Lauder Cos., Inc. (The) Class A		783,113

Insurance – 4.3%
	1,222	American Financial Group, Inc.		152,408
	17,007	Aon plc Class A		4,060,591
	90,003	Arch Capital Group Ltd.^*		3,504,717
	26,244	Chubb Ltd.		4,171,221
	11,134	Globe Life, Inc.		1,060,514
	34,248	W R Berkley Corp.		2,549,079

				15,498,530

Materials – 2.6%
	74,197	Axalta Coating Systems Ltd.^*		2,262,266
	17,275	Celanese Corp.		2,618,890
	36,181	CF Industries Holdings, Inc.		1,861,512
	1,304	International Flavors & Fragrances, Inc.		194,818
	895	Martin Marietta Materials, Inc.		314,870
	4,443	Mosaic Co. (The)		141,776
	22,353	Westlake Chemical Corp.		2,013,782

				9,407,914

Media & Entertainment – 10.8%
	4,199	Activision Blizzard, Inc.		400,752
	2,580	Alphabet, Inc. Class A^*		6,299,818
	4,697	Alphabet, Inc. Class C^*		11,772,185
	33,829	Facebook, Inc. Class A^*		11,762,682


44		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)
Media & Entertainment – (continued)
	88,004	News Corp. Class A	$	2,267,863
	1,061	Nexstar Media Group, Inc. Class A		156,901
	20,737	Omnicom Group, Inc.		1,658,753
	3,903	Pinterest, Inc. Class A^*		308,142
	685	Roku, Inc.^*		314,586
	21,680	Walt Disney Co. (The)^*		3,810,694

				38,752,376

Pharmaceuticals, Biotechnology & Life Sciences – 9.0%
	14,122	AbbVie, Inc.		1,590,702
	3,601	Biogen, Inc.^*		1,246,918
	13,864	Elanco Animal Health, Inc.^*		480,942
	64,105	Gilead Sciences, Inc.		4,414,271
	16,616	IQVIA Holdings, Inc.^*		4,026,389
	48,021	Johnson & Johnson		7,910,980
	2,274	Mettler-Toledo International, Inc.^*		3,150,263
	4,773	Perrigo Co. plc		218,842
	3,057	Sage Therapeutics, Inc.^*		173,668
	8,480	Thermo Fisher Scientific, Inc.		4,277,906
	2,719	Vertex Pharmaceuticals, Inc.^*		548,232
	23,823	Zoetis, Inc.		4,439,654

				32,478,767

Real Estate Investment Trusts – 5.0%
	52,490	American Homes 4 Rent Class A		2,039,236
	22,153	Camden Property Trust		2,939,039
	8,750	Duke Realty Corp.		414,313
	46,709	Equity LifeStyle Properties, Inc.		3,470,946
	22,440	First Industrial Realty Trust, Inc.		1,172,041
	96,201	Invitation Homes, Inc.		3,587,335
	1,897	Kilroy Realty Corp.		132,107
	36,581	Prologis, Inc.		4,372,527

				18,127,544

Retailing – 6.9%
	4,113	Amazon.com, Inc.^*		14,149,378
	12,886	Dick’s Sporting Goods, Inc.		1,291,048
	23,512	eBay, Inc.		1,650,778
	17,494	Gap, Inc. (The)		588,673
	10,835	Kohl’s Corp.		597,117
	18,872	L Brands, Inc.		1,359,916
	4,138	LKQ Corp.^*		203,672
	1,716	Ross Stores, Inc.		212,784
	67,197	TJX Cos., Inc. (The)		4,530,422
	787	Wayfair, Inc. Class A^*		248,464

				24,832,252

Semiconductors & Semiconductor Equipment – 3.5%
	34,554	Applied Materials, Inc.		4,920,490
	54,829	Intel Corp.		3,078,100
	4,535	KLA Corp.		1,470,292
	1,633	Lam Research Corp.		1,062,593
	6,433	Micron Technology, Inc.^*		546,676
	1,680	NVIDIA Corp.		1,344,168

				12,422,319


Common Stocks – (continued)
Software & Services – 15.7%
	16,382	Accenture plc Class A		4,829,250
	1,853	Amdocs Ltd.		143,348
	2,359	Cognizant Technology Solutions Corp. Class A		163,384
	6,346	Datadog, Inc. Class A^*		660,492
	2,437	DocuSign, Inc.^*		681,312
	2,595	Gartner, Inc.^*		628,509
	1,061	HubSpot, Inc.^*		618,266
	15,558	International Business Machines Corp.		2,280,647
	818	Intuit, Inc.		400,959
	70,072	Microsoft Corp.		18,982,505
	6,112	NortonLifeLock, Inc.		166,369
	1,551	Palo Alto Networks, Inc.^*		575,498
	21,658	PayPal Holdings, Inc.^*		6,312,874
	23,869	salesforce.com, Inc.^*		5,830,481
	11,828	VeriSign, Inc.^*		2,693,117
	32,229	Visa, Inc. Class A		7,535,785
	4,302	VMware, Inc. Class A^*(a)		688,191
	139,155	Western Union Co. (The)		3,196,390

				56,387,377

Technology Hardware & Equipment – 7.5%
	180,862	Apple, Inc.		24,770,860
	32,008	Western Digital Corp.^*		2,278,009

				27,048,869

Telecommunication Services – 0.9%
	120,945	Liberty Global plc Class C^*		3,270,353

Transportation – 4.1%
	4,027	AMERCO		2,373,514
	39,048	CSX Corp.		1,252,660
	12,718	FedEx Corp.		3,794,161
	8,897	Old Dominion Freight Line, Inc.		2,258,058
	24,835	United Parcel Service, Inc. Class B		5,164,935

				14,843,328

Utilities – 1.5%
	57,871	CMS Energy Corp.		3,419,019
	25,113	Dominion Energy, Inc.		1,847,563

				5,266,582

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $263,423,613)		$	356,725,991


The accompanying notes are an integral part of these financial statements.		45

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle^(b) – 0.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	330,500	0.026%	$	330,500
	(Cost $330,500)

	TOTAL INVESTMENTS – 99.3%
	(Cost $263,754,113)		$	357,056,491

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%			2,372,720

	NET ASSETS – 100.0%		$	359,429,211


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

*		Security is currently in default and/or non-income producing.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.



Investment Abbreviation:
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)


	Equity Index Fund		Growth Opportunities Fund		International Equity Insights Fund		Large Cap Value Fund

Assets:

Investments in unaffiliated issuers, at value (cost $50,498,172, $54,389,890, $89,588,190 and $361,951,917)^(a)	$	202,257,114	$	79,698,535	$	102,258,652	$	474,166,255
Investments in affiliated issuers, at value (cost $197,500, $987,086, $112,379 and $4,660,318)		718,450		987,086		112,379		4,660,318
Investments in affiliated securities lending reinvestment vehicle, at value (cost $24,800, $1,277,305, $922,500 and $0)		24,800		1,277,305		922,500		—
Cash		1,417,637		67,923		1,580,330		411,526
Foreign currencies, at value (cost $0, $0, $1,379,555 and $0)		—		—		1,366,039		—
Receivables:
Fund shares sold		286,598		85		398		563,482
Dividends		118,004		11,969		126,201		416,518
Collateral on certain derivative contracts		88,000		—		159,652		—
Reimbursement from investment adviser		21,625		19,082		29,726		24,976
Securities lending income		18		5,636		204		—
Investments sold		—		—		4,649,328		—
Foreign tax reclaims		—		—		349,846		—
Variation margin on futures		2,640		—		—		—
Other assets		871		543		592		1,727

Total assets		204,935,757		82,068,164		111,555,847		480,244,802


Liabilities:

Variation margin on futures		—		—		14,172		—
Payables:
Distribution and Service fees and Transfer Agency fees		44,822		11,020		12,057		66,004
Management fees		34,861		52,548		70,967		269,021
Payable upon return of securities loaned		24,800		1,277,305		922,500		—
Fund shares redeemed		15		25,048		57,726		141,312
Investments purchased		—		108,469		4,386,704		—
Due to custodian		—		—		131,008		—
Accrued expenses		174,194		135,462		411,706		183,753

Total liabilities		278,692		1,609,852		6,006,840		660,090


Net Assets:

Paid-in capital		45,827,284		45,187,663		92,742,713		327,657,672
Total distributable earnings (loss)		158,829,781		35,270,649		12,806,294		151,927,040

NET ASSETS	$	204,657,065	$	80,458,312	$	105,549,007	$	479,584,712
Net Assets:
Institutional	$	—	$	160,834	$	56,441,522	$	174,922,042
Service		204,657,065		80,297,478		49,107,485		304,662,670

Total Net Assets	$	204,657,065	$	80,458,312	$	105,549,007	$	479,584,712
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		—		10,871		5,906,483		16,521,242
Service		9,358,509		5,737,807		5,123,703		28,802,947
Net asset value, offering and redemption price per share:
Institutional		$ —		$14.80		$9.56		$10.59
Service		21.87		13.99		9.58		10.58

(a) Includes loaned securities having a market value of $24,544, $1,248,462 and $898,500 for Equity Index, Growth Opportunities and International Equity Insights Funds, respectively.


The accompanying notes are an integral part of these financial statements.		47

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Assets and Liabilities (continued)

June 30, 2021 (Unaudited)


	Mid Cap Value Fund		Small Cap Equity Insights Fund		Strategic Growth Fund		U.S. Equity Insights Fund

Assets:
Investments in unaffiliated issuers, at value (cost $389,087,660, $110,337,680, $192,555,532 and $263,423,613)^(a)	$	526,378,246	$	128,847,189	$	440,322,228	$	356,725,991
Investments in affiliated issuers, at value (cost $1,069,710, $1,284,462, $4,601,715 and $0)		1,069,710		1,284,462		4,601,715		—
Investments in affiliated securities lending reinvestment vehicle, at value (cost $0, $2,766,210, $1,528,496 and $330,500)		—		2,766,210		1,528,496		330,500
Cash		268,612		1,232,256		768,237		3,328,103
Receivables:
Investments sold		7,489,796		776,286		870,001		19,999,915
Dividends		418,945		63,077		108,823		131,641
Fund shares sold		24,412		42,198		1,980		24,388
Reimbursement from investment adviser		7,847		12,366		23,640		24,348
Due from custodian		—		87,780		—		—
Securities lending income		—		1,789		27,839		42
Variation margin on futures		—		2,880		—		—
Other assets		1,787		600		1,617		1,302

Total assets		535,659,355		135,117,093		448,254,576		380,566,230


Liabilities:
Payables:
Investments purchased		7,481,954		141,882		—		19,660,087
Fund shares redeemed		371,640		56,194		235,948		751,847
Management fees		335,497		75,773		252,822		158,268
Distribution and Service fees and Transfer Agency fees		42,917		6,150		60,083		16,051
Payable upon return of securities loaned		—		2,766,210		1,528,496		330,500
Accrued expenses		312,922		142,074		190,077		220,266

Total liabilities		8,544,930		3,188,283		2,267,426		21,137,019


Net Assets:
Paid-in capital		341,798,129		91,211,305		158,901,642		213,584,923
Total distributable earnings (loss)		185,316,296		40,717,505		287,085,508		145,844,288

NET ASSETS	$	527,114,425	$	131,928,810	$	445,987,150	$	359,429,211
Net Assets:
Institutional	$	361,990,283	$	112,483,343	$	180,720,176	$	300,160,424
Service		165,124,142		19,445,467		265,266,974		59,268,787

Total Net Assets	$	527,114,425	$	131,928,810	$	445,987,150	$	359,429,211
Shares outstanding $0.001 par value (unlimited shares authorized):
Institutional		17,942,821		6,818,618		10,490,016		12,823,740
Service		8,123,072		1,191,124		15,436,958		2,518,626
Net asset value, offering and redemption price per share:
Institutional		$20.17		$16.50		$17.23		$23.41
Service		20.33		16.33		17.18		23.53

(a) Includes loaned securities having a market value of $2,699,441, $1,496,961 and $319,940 for Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds, respectively.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Operations

For the Six Months Ended June 30, 2021 (Unaudited)


	Equity Index Fund			Growth Opportunities Fund			International Equity Insights Fund			Large Cap Value Fund

Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $130, $0, $164,295 and $5,121)	$	1,406,617		$	122,415		$	1,675,175		$	4,189,523
Dividends — affiliated issuers		4,875			151			—			266
Securities lending income — affiliated issuer		308			—			1,823			—
Securities lending income — unaffiliated issuer		—			14,852			—			—
Income from non-cash dividends		—			—			102,770			—

Total investment income		1,411,800			137,418			1,779,768			4,189,789


Expenses:
Management fees		289,795			345,768			411,966			1,701,302
Distribution and Service (12b-1) fees		241,494			99,167			60,608			380,992
Professional fees		48,971			48,276			80,122			48,312
Printing and mailing costs		39,216			20,833			37,472			45,698
Custody, accounting and administrative services		34,130			33,621			74,071			36,670
Transfer Agency fees^(a)		19,318			7,948			10,171			47,255
Trustee fees		9,543			9,467			9,477			9,747
Other		3,431			1,284			8,965			17,292

Total expenses		685,898			566,364			692,852			2,287,268

Less — expense reductions		(228,897	)		(173,468	)		(187,716	)		(273,629	)

Net expenses		457,001			392,896			505,136			2,013,639

NET INVESTMENT INCOME (LOSS)		954,799			(255,478	)		1,274,632			2,176,150


Realized and unrealized gain:
Net realized gain from:
Investments — unaffiliated issuers		5,909,496			7,794,245			10,561,948			44,805,738
Investments — affiliated issuers		15,565			—			—			—
Futures contracts		270,730			—			160,803			—
Foreign currency transactions		—			—			26,783			—
Net change in unrealized gain (loss) on:
Investments — affiliated issuers		211,811			—			—			—
Investments — unaffiliated issuers		19,926,776			(2,738,343	)		(1,469,531	)		15,650,052
Futures contracts		(20,060	)		—			(49,265	)		—
Foreign currency translation		—			—			(67,326	)		—

Net realized and unrealized gain		26,314,318			5,055,902			9,163,412			60,455,790

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	27,269,117		$	4,800,424		$	10,438,044		$	62,631,940

(a) Class specific Transfer Agency fees were as follows:


	Transfer Agency Fees
Fund	Institutional		Service
Equity Index	$	—	$	19,318
Growth Opportunities		15		7,933
International Equity Insights		5,323		4,848
Large Cap Value		16,778		30,477


The accompanying notes are an integral part of these financial statements.		49

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Operations (continued)

For the Six Months Ended June 30, 2021 (Unaudited)


	Mid Cap Value Fund			Small Cap Equity Insights Fund			Strategic Growth Fund			U.S. Equity Insights Fund

Investment income:
Dividends — unaffiliated issuers (net of foreign taxes withheld of $0, $1,402, $2,482 and $1,515)	$	3,531,144		$	585,390		$	1,031,564		$	1,912,398
Securities lending income — unaffiliated issuer		1,366			—			57,220			—
Dividends — affiliated issuers		382			227			374			—
Securities lending income — affiliated issuer		—			5,431			—			42

Total investment income		3,532,892			591,048			1,089,158			1,912,440


Expenses:
Management fees		1,976,522			426,422			1,499,752			1,048,512
Distribution and Service (12b-1) fees		205,194			23,368			315,816			70,301
Printing and mailing costs		81,571			26,001			41,572			40,206
Transfer Agency fees^(a)		51,334			12,182			42,243			33,820
Professional fees		48,340			49,305			49,491			49,327
Custody, accounting and administrative services		48,160			43,397			38,719			41,617
Trustee fees		9,756			9,480			9,714			9,645
Other		8,595			9,835			23,582			14,974

Total expenses		2,429,472			599,990			2,020,889			1,308,402

Less — expense reductions		(58,185	)		(82,467	)		(133,988	)		(295,557	)

Net expenses		2,371,287			517,523			1,886,901			1,012,845

NET INVESTMENT INCOME (LOSS)		1,161,605			73,525			(797,743	)		899,595


Realized and unrealized gain:
Net realized gain from:
Investments — unaffiliated issuers		58,850,444			19,011,035			33,231,547			45,332,368
Futures contracts		—			310,093			—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		20,306,570			3,674,797			14,692,137			5,923,320
Futures contracts		—			(74,493	)		—			—

Net realized and unrealized gain		79,164,689			22,921,432			47,923,684			51,255,688

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	80,318,619		$	22,994,957		$	47,125,941		$	52,155,283

(a) Class specific Transfer Agency fees were as follows:


	Transfer Agency Fees
Fund	Institutional		Service
Mid Cap Value	$	34,920	$	16,414
Small Cap Equity Insights		10,313		1,869
Strategic Growth		16,980		25,263
U.S. Equity Insights		28,196		5,624


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Changes in Net Assets


	Equity Index Fund						Growth Opportunities Fund
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020

From operations:
Net investment income (loss)	$	954,799		$	2,155,109		$	(255,478	)	$	(358,175	)
Net realized gain		6,195,791			14,732,526			7,794,245			15,934,579
Net change in unrealized gain (loss)		20,118,527			10,894,526			(2,738,343	)		10,213,950

Net increase in net assets resulting from operations		27,269,117			27,782,161			4,800,424			25,790,354


Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			—			—			(23,510	)
Service Shares		—			(14,476,879	)		—			(13,714,506	)

Total distributions to shareholders		—			(14,476,879	)		—			(13,738,016	)


From share transactions:
Proceeds from sales of shares		2,016,859			2,826,875			2,156,967			8,075,423
Reinvestment of distributions		—			14,476,879			—			13,738,016
Cost of shares redeemed		(10,331,810	)		(24,448,149	)		(8,784,856	)		(25,079,859	)

Net decrease in net assets resulting from share transactions		(8,314,951	)		(7,144,395	)		(6,627,889	)		(3,266,420	)

TOTAL INCREASE (DECREASE)		18,954,166			6,160,887			(1,827,465	)		8,785,918


Net Assets:

Beginning of period		185,702,899			179,542,012			82,285,777			73,499,859

End of period	$	204,657,065		$	185,702,899		$	80,458,312		$	82,285,777


The accompanying notes are an integral part of these financial statements.		51

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Changes in Net Assets (continued)


	International Equity Insights Fund						Large Cap Value Fund
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020

From operations:
Net investment income	$	1,274,632		$	1,197,265		$	2,176,150		$	5,387,194
Net realized gain (loss)		10,749,534			(4,206,523	)		44,805,738			(6,988,415	)
Net change in unrealized gain (loss)		(1,586,122	)		8,183,210			15,650,052			20,107,747

Net increase in net assets resulting from operations		10,438,044			5,173,952			62,631,940			18,506,526


Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(717,721	)		—			(4,769,206	)
Service Shares		—			(579,185	)		—			(8,295,083	)

Total distributions to shareholders		—			(1,296,906	)		—			(13,064,289	)


From share transactions:
Proceeds from sales of shares		4,739,440			15,760,187			10,501,853			34,531,693
Reinvestment of distributions		—			1,296,906			—			13,064,288
Cost of shares redeemed		(7,428,213	)		(15,650,946	)		(53,189,108	)		(63,270,455	)

Net increase (decrease) in net assets resulting from share transactions		(2,688,773	)		1,406,147			(42,687,255	)		(15,674,474	)

TOTAL INCREASE (DECREASE)		7,749,271			5,283,193			19,944,685			(10,232,237	)


Net Assets:

Beginning of period		97,799,736			92,516,543			459,640,027			469,872,264

End of period	$	105,549,007		$	97,799,736		$	479,584,712		$	459,640,027


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Changes in Net Assets (continued)


	Mid Cap Value Fund						Small Cap Equity Insights Fund
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020

From operations:
Net investment income	$	1,161,605		$	2,391,622		$	73,525		$	350,873
Net realized gain (loss)		58,850,444			(9,440,981	)		19,321,128			2,742,391
Net change in unrealized gain		20,306,570			27,741,103			3,600,304			5,323,157

Net increase in net assets resulting from operations		80,318,619			20,691,744			22,994,957			8,416,421


Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(6,463,230	)		—			(1,169,326	)
Service Shares		—			(2,864,537	)		—			(210,446	)

Total distributions to shareholders		—			(9,327,767	)		—			(1,379,772	)


From share transactions:
Proceeds from sales of shares		8,192,114			104,182,481			20,661,204			12,162,071
Reinvestment of distributions		—			9,327,767			—			1,379,772
Cost of shares redeemed		(47,681,323	)		(148,714,253	)		(13,853,446	)		(13,986,049	)

Net increase (decrease) in net assets resulting from share transactions		(39,489,209	)		(35,204,005	)		6,807,758			(444,206	)

TOTAL INCREASE (DECREASE)		40,829,410			(23,840,028	)		29,802,715			6,592,443


Net Assets:

Beginning of period		486,285,015			510,125,043			102,126,095			95,533,652

End of period	$	527,114,425		$	486,285,015		$	131,928,810		$	102,126,095


The accompanying notes are an integral part of these financial statements.		53

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Changes in Net Assets (continued)


	Strategic Growth Fund						U.S. Equity Insights Fund
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020			For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020

From operations:
Net investment income (loss)	$	(797,743	)	$	(559,611	)	$	899,595		$	2,391,184
Net realized gain		33,231,547			39,110,537			45,332,368			17,525,008
Net change in unrealized gain		14,692,137			78,842,415			5,923,320			28,349,314

Net increase in net assets resulting from operations		47,125,941			117,393,341			52,155,283			48,265,506


Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(12,680,432	)		—			(12,570,928	)
Service Shares		—			(19,462,681	)		—			(2,480,325	)

Total distributions to shareholders		—			(32,143,113	)		—			(15,051,253	)


From share transactions:
Proceeds from sales of shares		9,528,807			82,639,601			11,711,233			13,712,118
Reinvestment of distributions		—			32,143,113			—			15,051,253
Cost of shares redeemed		(36,311,603	)		(145,449,611	)		(26,178,036	)		(52,367,727	)

Net decrease in net assets resulting from share transactions		(26,782,796	)		(30,666,897	)		(14,466,803	)		(23,604,356	)

TOTAL INCREASE		20,343,145			54,583,331			37,688,480			9,609,897


Net Assets:

Beginning of period		425,644,005			371,060,674			321,740,731			312,130,834

End of period	$	445,987,150		$	425,644,005		$	359,429,211		$	321,740,731


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Equity Index Fund
	Service Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	19.01		$	17.50		$	14.43		$	16.60		$	14.49		$	13.91

Net investment income^(a)		0.10			0.22			0.25			0.25			0.24			0.25

Net realized and unrealized gain (loss)		2.76			2.89			4.18			(1.04	)		2.85			1.35

Total from investment operations		2.86			3.11			4.43			(0.79	)		3.09			1.60

Distributions to shareholders from net investment income		—			(0.23	)		(0.26	)		(0.27	)		(0.26	)		(0.33	)

Distributions to shareholders from net realized gains		—			(1.37	)		(1.10	)		(1.11	)		(0.72	)		(0.69	)

Total distributions		—			(1.60	)		(1.36	)		(1.38	)		(0.98	)		(1.02	)

Net asset value, end of period	$	21.87		$	19.01		$	17.50		$	14.43		$	16.60		$	14.49

Total return^(b)		15.04	%		17.84	%		30.85	%		(4.87	)%		21.29	%		11.41	%

Net assets, end of period (in 000s)	$	204,657		$	185,703		$	179,542		$	155,098		$	179,036		$	165,551

Ratio of net expenses to average net assets		0.48	%^(c)		0.48	%		0.50	%		0.48	%		0.48	%		0.48	%

Ratio of total expenses to average net assets		0.71	%^(c)		0.76	%		0.78	%		0.72	%		0.71	%		0.73	%

Ratio of net investment income to average net assets		0.99	%^(c)		1.28	%		1.48	%		1.48	%		1.53	%		1.73	%

Portfolio turnover rate^(d)		1	%		4	%		3	%		4	%		2	%		3	%

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

(b)

(c)	Annualized.

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


The accompanying notes are an integral part of these financial statements.		55

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Growth Opportunities Fund
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,*
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	13.93		$	11.50		$	10.51		$	31.13		$	27.13		$	26.86

Net investment loss^(a)		(0.03	)		(0.04	)		(0.01	)		(0.02	)		(0.04	)		(0.07	)

Net realized and unrealized gain (loss)		0.90			5.06			3.59			(1.30	)		7.40			0.52

Total from investment operations		0.87			5.02			3.58			(1.32	)		7.36			0.45

Distributions to shareholders from net realized gains		—			(2.59	)		(2.59	)		(19.30	)		(3.36	)		(0.18	)

Net asset value, end of period	$	14.80		$	13.93		$	11.50		$	10.51		$	31.13		$	27.13

Total return^(b)		6.25	%		44.33	%		34.35	%		(4.17	)%		27.14	%		1.71	%

Net assets, end of period (in 000s)	$	161		$	151		$	94		$	59		$	52		$	3,518

Ratio of net expenses to average net assets		0.86	%^(c)		0.85	%		0.88	%		0.85	%		0.87	%		0.89	%

Ratio of total expenses to average net assets		1.17	%^(c)		1.23	%		1.26	%		1.20	%		1.14	%		1.16	%

Ratio of net investment loss to average net assets		(0.48	)%^(c)		(0.34	)%		(0.12	)%		(0.08	)%		(0.13	)%		(0.26	)%

Portfolio turnover rate^(d)		32	%		71	%		75	%		59	%		57	%		63	%

*	All per share amounts representing data prior to May 17, 2019 have been restated to reflect a 4 to 1 reverse stock split which occurred on that date.

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

(b)

(c)	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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Growth Opportunities Fund
	Service Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,*
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	13.19		$	11.00		$	10.15		$	30.80		$	26.92		$	26.71

Net investment loss^(a)		(0.04	)		(0.06	)		(0.02	)		(0.07	)		(0.08	)		(0.10	)

Net realized and unrealized gain (loss)		0.84			4.84			3.46			(1.28	)		7.32			0.49

Total from investment operations		0.80			4.78			3.44			(1.35	)		7.24			0.39

Distributions to shareholders from net realized gains		—			(2.59	)		(2.59	)		(19.30	)		(3.36	)		(0.18	)

Net asset value, end of period	$	13.99		$	13.19		$	11.00		$	10.15		$	30.80		$	26.92

Total return^(b)		6.07	%		44.16	%		34.06	%		(4.34	)%		26.92	%		1.42	%

Net assets, end of period (in 000s)	$	80,297		$	82,134		$	73,406		$	59,910		$	170,785		$	155,924

Ratio of net expenses to average net assets		1.01	%^(c)		1.01	%		1.04	%		1.01	%		1.02	%		1.05	%

Ratio of total expenses to average net assets		1.43	%^(c)		1.48	%		1.51	%		1.44	%		1.39	%		1.40	%

Ratio of net investment loss to average net assets		(0.64	)%^(c)		(0.50	)%		(0.28	)%		(0.24	)%		(0.26	)%		(0.37	)%

Portfolio turnover rate^(d)		32	%		71	%		75	%		59	%		57	%		63	%

*	All per share amounts representing data prior to May 17, 2019 have been restated to reflect a 4 to 1 reverse stock split which occurred on that date.

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

(b)

(c)	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.		57

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
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	8.62		$	8.19		$	7.08		$	10.88		$	8.75		$	9.19

Net investment income^(a)		0.12			0.12			0.17			0.19			0.17			0.17	^(b)

Net realized and unrealized gain (loss)		0.82			0.43			1.14			(1.94	)		2.16			(0.42	)

Total from investment operations		0.94			0.55			1.31			(1.75	)		2.33			(0.25	)

Distributions to shareholders from net investment income		—			(0.12	)		(0.20	)		(0.21	)		(0.20	)		(0.19	)

Distributions to shareholders from net realized gains		—			—			—	^(c)		(1.84	)		—			—

Total distributions		—			(0.12	)		(0.20	)		(2.05	)		(0.20	)		(0.19	)

Net asset value, end of period	$	9.56		$	8.62		$	8.19		$	7.08		$	10.88		$	8.75

Total return^(d)		10.90	%		6.79	%		18.45	%		(16.28	)%		26.60	%		(2.72	)%

Net assets, end of period (in 000s)	$	56,442		$	50,114		$	43,632		$	37,829		$	41,512		$	37,061

Ratio of net expenses to average net assets		0.86	%^(e)		0.87	%		0.90	%		0.87	%		0.87	%		0.89	%

Ratio of total expenses to average net assets		1.22	%^(e)		1.37	%		1.31	%		1.23	%		1.02	%		1.06	%

Ratio of net investment income to average net assets		2.63	%^(e)		1.59	%		2.14	%		1.79	%		1.69	%		1.94	%^(b)

Portfolio turnover rate^(f)		85	%		175	%		146	%		156	%		23	%		39	%

(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)	Amount is less than $0.005 per share.

(d)

(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.


58		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, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	8.66		$	8.23		$	7.11		$	10.91		$	8.78		$	9.21

Net investment income^(a)		0.11			0.10			0.15			0.14			0.14			0.15	^(b)

Net realized and unrealized gain (loss)		0.81			0.44			1.15			(1.93	)		2.16			(0.42	)

Total from investment operations		0.92			0.54			1.30			(1.79	)		2.30			(0.27	)

Distributions to shareholders from net investment income		—			(0.11	)		(0.18	)		(0.17	)		(0.17	)		(0.16	)

Distributions to shareholders from net realized gains		—			—			—	^(c)		(1.84	)		—			—

Total distributions		—			(0.11	)		(0.18	)		(2.01	)		(0.17	)		(0.16	)

Net asset value, end of period	$	9.58		$	8.66		$	8.23		$	7.11		$	10.91		$	8.78

Total return^(d)		10.62	%		6.53	%		18.23	%		(16.55	)%		26.21	%		(2.86	)%

Net assets, end of period (in 000s)	$	49,107		$	47,685		$	48,884		$	43,923		$	123,778		$	105,362

Ratio of net expenses to average net assets		1.11	%^(e)		1.12	%		1.15	%		1.12	%		1.12	%		1.14	%

Ratio of total expenses to average net assets		1.47	%^(e)		1.61	%		1.55	%		1.43	%		1.27	%		1.31	%

Ratio of net investment income to average net assets		2.36	%^(e)		1.30	%		1.89	%		1.30	%		1.44	%		1.68	%^(b)

Portfolio turnover rate^(f)		85	%		175	%		146	%		156	%		23	%		39	%

(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)	Amount is less than $0.005 per share.

(d)

(e)	Annualized.

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


The accompanying notes are an integral part of these financial statements.		59

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
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	9.27		$	9.19		$	7.67		$	9.06		$	10.16		$	9.39

Net investment income^(a)		0.05			0.12			0.13			0.12			0.16			0.18

Net realized and unrealized gain (loss)		1.27			0.24			1.86			(0.88	)		0.83			0.91

Total from investment operations		1.32			0.36			1.99			(0.76	)		0.99			1.09

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

Distributions to shareholders from net realized gains		—			(0.16	)		(0.33	)		(0.51	)		(1.91	)		(0.10	)

Total distributions		—			(0.28	)		(0.47	)		(0.63	)		(2.09	)		(0.32	)

Net asset value, end of period	$	10.59		$	9.27		$	9.19		$	7.67		$	9.06		$	10.16

Total return^(b)		14.24	%		3.97	%		25.93	%		(8.46	)%		9.85	%		11.55	%

Net assets, end of period (in 000s)	$	174,922		$	160,076		$	163,814		$	150,963		$	188,182		$	243,875

Ratio of net expenses to average net assets		0.69	%^(c)		0.71	%		0.73	%		0.71	%		0.72	%		0.74	%

Ratio of total expenses to average net assets		0.77	%^(c)		0.81	%		0.83	%		0.81	%		0.81	%		0.81	%

Ratio of net investment income to average net assets		1.07	%^(c)		1.44	%		1.46	%		1.32	%		1.50	%		1.91	%

Portfolio turnover rate^(d)		35	%		58	%		58	%		125	%		127	%		130	%

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

(b)

(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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Large Cap Value Fund
	Service Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	9.27		$	9.19		$	7.67		$	9.06		$	10.16		$	9.39

Net investment income^(a)		0.04			0.10			0.11			0.10			0.13			0.16

Net realized and unrealized gain (loss)		1.27			0.24			1.85			(0.88	)		0.83			0.90

Total from investment operations		1.31			0.34			1.96			(0.78	)		0.96			1.06

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

Distributions to shareholders from net realized gains		—			(0.16	)		(0.33	)		(0.51	)		(1.91	)		(0.10	)

Total distributions		—			(0.26	)		(0.44	)		(0.61	)		(2.06	)		(0.29	)

Net asset value, end of period	$	10.58		$	9.27		$	9.19		$	7.67		$	9.06		$	10.16

Total return^(b)		14.13	%		3.73	%		25.61	%		(8.72	)%		9.56	%		11.25	%

Net assets, end of period (in 000s)	$	304,663		$	299,564		$	306,058		$	282,891		$	358,776		$	531,553

Ratio of net expenses to average net assets		0.92	%^(c)		0.94	%		0.98	%		0.96	%		0.97	%		0.99	%

Ratio of total expenses to average net assets		1.02	%^(c)		1.06	%		1.08	%		1.06	%		1.06	%		1.06	%

Ratio of net investment income to average net assets		0.84	%^(c)		1.21	%		1.21	%		1.07	%		1.26	%		1.66	%

Portfolio turnover rate^(d)		35	%		58	%		58	%		125	%		127	%		130	%

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

(b)

(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.		61

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
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	17.23		$	16.22		$	12.89		$	16.93		$	16.23		$	14.49

Net investment income^(a)		0.05			0.10			0.13			0.13			0.12			0.16

Net realized and unrealized gain (loss)		2.89			1.26			3.93			(1.86	)		1.68			1.80

Total from investment operations		2.94			1.36			4.06			(1.73	)		1.80			1.96

Distributions to shareholders from net investment income		—			(0.10	)		(0.13	)		(0.23	)		(0.13	)		(0.21	)

Distributions to shareholders from net realized gains		—			(0.25	)		(0.60	)		(2.08	)		(0.97	)		(0.01	)

Total distributions		—			(0.35	)		(0.73	)		(2.31	)		(1.10	)		(0.22	)

Net asset value, end of period	$	20.17		$	17.23		$	16.22		$	12.89		$	16.93		$	16.23

Total return^(b)		17.06	%		8.38	%		31.53	%		(10.46	)%		11.07	%		13.49	%

Net assets, end of period (in 000s)	$	361,990		$	327,376		$	335,229		$	300,056		$	388,709		$	437,085

Ratio of net expenses to average net assets		0.83	%^(c)		0.84	%		0.87	%		0.84	%		0.84	%		0.84	%

Ratio of total expenses to average net assets		0.84	%^(c)		0.90	%		0.90	%		0.86	%		0.87	%		0.87	%

Ratio of net investment income to average net assets		0.53	%^(c)		0.68	%		0.85	%		0.75	%		0.71	%		1.08	%

Portfolio turnover rate^(d)		42	%		111	%		89	%		109	%		134	%		149	%

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

(b)

(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.


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

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, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	17.39		$	16.37		$	13.01		$	16.95		$	16.25		$	14.51

Net investment income^(a)		0.03			0.06			0.10			0.07			0.08			0.12

Net realized and unrealized gain (loss)		2.91			1.28			3.95			(1.84	)		1.68			1.81

Total from investment operations		2.94			1.34			4.05			(1.77	)		1.76			1.93

Distributions to shareholders from net investment income		—			(0.07	)		(0.09	)		(0.09	)		(0.09	)		(0.18	)

Distributions to shareholders from net realized gains		—			(0.25	)		(0.60	)		(2.08	)		(0.97	)		(0.01	)

Total distributions		—			(0.32	)		(0.69	)		(2.17	)		(1.06	)		(0.19	)

Net asset value, end of period	$	20.33		$	17.39		$	16.37		$	13.01		$	16.95		$	16.25

Total return^(b)		16.91	%		8.17	%		31.17	%		(10.70	)%		10.85	%		13.24	%

Net assets, end of period (in 000s)	$	165,124		$	158,909		$	174,896		$	76,835		$	381,172		$	371,366

Ratio of net expenses to average net assets		1.08	%^(c)		1.09	%		1.12	%		1.09	%		1.09	%		1.09	%

Ratio of total expenses to average net assets		1.09	%^(c)		1.14	%		1.16	%		1.11	%		1.12	%		1.12	%

Ratio of net investment income to average net assets		0.28	%^(c)		0.39	%		0.66	%		0.42	%		0.47	%		0.78	%

Portfolio turnover rate^(d)		42	%		111	%		89	%		109	%		134	%		149	%

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

(b)

(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.		63

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
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	13.51		$	12.62		$	10.37		$	13.66		$	13.79		$	11.60

Net investment income^(a)		0.01			0.05			0.06			0.07	^(b)		0.08			0.11

Net realized and unrealized gain (loss)		2.98			1.03			2.51			(1.21	)		1.53			2.59

Total from investment operations		2.99			1.08			2.57			(1.14	)		1.61			2.70

Distributions to shareholders from net investment income		—			(0.03	)		(0.06	)		(0.07	)		(0.08	)		(0.15	)

Distributions to shareholders from net realized gains		—			(0.16	)		(0.26	)		(2.08	)		(1.66	)		(0.36	)

Total distributions		—			(0.19	)		(0.32	)		(2.15	)		(1.74	)		(0.51	)

Net asset value, end of period	$	16.50		$	13.51		$	12.62		$	10.37		$	13.66		$	13.79

Total return^(c)		22.13	%		8.56	%		24.84	%		(8.62	)%		11.57	%		23.13	%

Net assets, end of period (in 000s)	$	112,483		$	84,887		$	79,791		$	68,951		$	77,815		$	77,421

Ratio of net expenses to average net assets		0.81	%^(d)		0.81	%		0.86	%		0.81	%		0.81	%		0.81	%

Ratio of total expenses to average net assets		0.95	%^(d)		1.08	%		1.05	%		0.98	%		1.00	%		1.04	%

Ratio of net investment income to average net assets		0.16	%^(d)		0.46	%		0.51	%		0.46	%^(b)		0.53	%		0.95	%

Portfolio turnover rate^(e)		95	%		147	%		125	%		116	%		110	%		119	%

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

(b)	Reflects income recognized from special dividends which amounted to $0.02 per share and 0.17% of average net assets.

(c)

(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.


64		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, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	13.39		$	12.51		$	10.28		$	13.55		$	13.70		$	11.52

Net investment income (loss)^(a)		(0.01	)		0.02			0.03			0.03	^(b)		0.04			0.08

Net realized and unrealized gain (loss)		2.95			1.02			2.49			(1.19	)		1.51			2.58

Total from investment operations		2.94			1.04			2.52			(1.16	)		1.55			2.66

Distributions to shareholders from net investment income		—			—			(0.03	)		(0.03	)		(0.04	)		(0.12	)

Distributions to shareholders from net realized gains		—			(0.16	)		(0.26	)		(2.08	)		(1.66	)		(0.36	)

Total distributions		—			(0.16	)		(0.29	)		(2.11	)		(1.70	)		(0.48	)

Net asset value, end of period	$	16.33		$	13.39		$	12.51		$	10.28		$	13.55		$	13.70

Total return^(c)		21.96	%		8.34	%		24.53	%		(8.82	)%		11.22	%		22.92	%

Net assets, end of period (in 000s)	$	19,445		$	17,239		$	15,742		$	16,537		$	20,505		$	20,437

Ratio of net expenses to average net assets		1.06	%^(d)		1.06	%		1.10	%		1.06	%		1.06	%		1.06	%

Ratio of total expenses to average net assets		1.20	%^(d)		1.33	%		1.30	%		1.23	%		1.25	%		1.29	%

Ratio of net investment income (loss) to average net assets		(0.10	)%^(d)		0.22	%		0.27	%		0.19	%^(b)		0.28	%		0.70	%

Portfolio turnover rate^(e)		95	%		147	%		125	%		116	%		110	%		119	%

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

(b)	Reflects income recognized from special dividends which amounted to $0.02 per share and 0.17% of average net assets.

(c)

(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.		65

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
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	15.43		$	11.90		$	9.78		$	19.73		$	15.83		$	15.62

Net investment income (loss)^(a)		(0.02	)		—	^(b)		0.03			0.06			0.09			0.07

Net realized and unrealized gain (loss)		1.82			4.79			3.43			(0.18	)		4.77			0.24

Total from investment operations		1.80			4.79			3.46			(0.12	)		4.86			0.31

Distributions to shareholders from net investment income		—			(0.01	)		(0.04	)		(0.10	)		(0.10	)		(0.10	)

Distributions to shareholders from net realized gains		—			(1.25	)		(1.30	)		(9.73	)		(0.86	)		—	^(b)

Total distributions		—			(1.26	)		(1.34	)		(9.83	)		(0.96	)		(0.10	)

Net asset value, end of period	$	17.23		$	15.43		$	11.90		$	9.78		$	19.73		$	15.83

Total return^(c)		11.67	%		40.37	%		35.53	%		(1.04	)%		30.66	%		1.98	%

Net assets, end of period (in 000s)	$	180,720		$	167,930		$	129,686		$	102,199		$	115,693		$	98,090

Ratio of net expenses to average net assets		0.73	%^(d)		0.74	%		0.77	%		0.74	%		0.76	%		0.79	%

Ratio of total expenses to average net assets		0.79	%^(d)		0.81	%		0.85	%		0.82	%		0.82	%		0.84	%

Ratio of net investment income (loss) to average net assets		(0.23	)%^(d)		(0.01	)%		0.29	%		0.30	%		0.48	%		0.48	%

Portfolio turnover rate^(e)		14	%		45	%		44	%		41	%		37	%		72	%

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

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

(c)

(d)	Annualized.

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


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Strategic Growth Fund
	Service Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	15.41		$	11.91		$	9.78		$	19.68		$	15.79		$	15.59

Net investment income (loss)^(a)		(0.04	)		(0.03	)		0.01			0.01			0.04			0.03

Net realized and unrealized gain (loss)		1.81			4.78			3.43			(0.18	)		4.76			0.23

Total from investment operations		1.77			4.75			3.44			(0.17	)		4.80			0.26

Distributions to shareholders from net investment income		—			—			(0.01	)		—			(0.05	)		(0.06	)

Distributions to shareholders from net realized gains		—			(1.25	)		(1.30	)		(9.73	)		(0.86	)		—	^(b)

Total distributions		—			(1.25	)		(1.31	)		(9.73	)		(0.91	)		(0.06	)

Net asset value, end of period	$	17.18		$	15.41		$	11.91		$	9.78		$	19.68		$	15.79

Total return^(c)		11.49	%		39.98	%		35.32	%		(1.32	)%		30.36	%		1.69	%

Net assets, end of period (in 000s)	$	265,267		$	257,714		$	241,375		$	139,414		$	425,679		$	368,242

Ratio of net expenses to average net assets		0.98	%^(d)		0.99	%		1.02	%		0.99	%		1.01	%		1.04	%

Ratio of total expenses to average net assets		1.04	%^(d)		1.06	%		1.10	%		1.07	%		1.07	%		1.08	%

Ratio of net investment income (loss) to average net assets		(0.48	)%^(d)		(0.24	)%		0.04	%		0.04	%		0.23	%		0.22	%

Portfolio turnover rate^(e)		14	%		45	%		44	%		41	%		37	%		72	%

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

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

(c)

(d)	Annualized.

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


The accompanying notes are an integral part of these financial statements.		67

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
	Institutional Shares
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	20.08		$	17.93		$	15.03		$	19.41		$	17.65		$	16.71

Net investment income^(a)		0.06			0.15			0.21			0.22			0.28			0.22

Net realized and unrealized gain (loss)		3.27			2.98			3.57			(1.38	)		3.98			1.58

Total from investment operations		3.33			3.13			3.78			(1.16	)		4.26			1.80

Distributions to shareholders from net investment income		—			(0.16	)		(0.23	)		(0.25	)		(0.28	)		(0.23	)

Distributions to shareholders from net realized gains		—			(0.82	)		(0.65	)		(2.97	)		(2.22	)		(0.63	)

Total distributions		—			(0.98	)		(0.88	)		(3.22	)		(2.50	)		(0.86	)

Net asset value, end of period	$	23.41		$	20.08		$	17.93		$	15.03		$	19.41		$	17.65

Total return^(b)		16.58	%		17.49	%		25.21	%		(6.19	)%		24.07	%		10.70	%

Net assets, end of period (in 000s)	$	300,160		$	267,592		$	256,930		$	235,553		$	277,952		$	255,565

Ratio of net expenses to average net assets		0.55	%^(c)		0.56	%		0.58	%		0.58	%		0.62	%		0.64	%

Ratio of total expenses to average net assets		0.71	%^(c)		0.75	%		0.76	%		0.73	%		0.70	%		0.70	%

Ratio of net investment income to average net assets		0.57	%^(c)		0.85	%		1.24	%		1.12	%		1.42	%		1.25	%

Portfolio turnover rate^(d)		107	%		203	%		187	%		160	%		184	%		204	%

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

(b)

(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.


68		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, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

Per Share Data

Net asset value, beginning of period	$	20.21		$	18.04		$	15.12		$	19.48		$	17.71		$	16.77

Net investment income^(a)		0.04			0.12			0.18			0.18			0.24			0.18

Net realized and unrealized gain (loss)		3.28			2.99			3.58			(1.37	)		3.99			1.59

Total from investment operations		3.32			3.11			3.76			(1.19	)		4.23			1.77

Distributions to shareholders from net investment income		—			(0.12	)		(0.19	)		(0.20	)		(0.24	)		(0.20	)

Distributions to shareholders from net realized gains		—			(0.82	)		(0.65	)		(2.97	)		(2.22	)		(0.63	)

Total distributions		—			(0.94	)		(0.84	)		(3.17	)		(2.46	)		(0.83	)

Net asset value, end of period	$	23.53		$	20.21		$	18.04		$	15.12		$	19.48		$	17.71

Total return^(b)		16.43	%		17.27	%		24.93	%		(6.36	)%		23.80	%		10.44	%

Net assets, end of period (in 000s)	$	59,269		$	54,149		$	55,201		$	53,208		$	142,210		$	120,387

Ratio of net expenses to average net assets		0.76	%^(c)		0.77	%		0.79	%		0.79	%		0.82	%		0.85	%

Ratio of total expenses to average net assets		0.96	%^(c)		1.00	%		1.01	%		0.97	%		0.95	%		0.95	%

Ratio of net investment income to average net assets		0.36	%^(c)		0.63	%		1.03	%		0.88	%		1.21	%		1.04	%

Portfolio turnover rate^(d)		107	%		203	%		187	%		160	%		184	%		204	%

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

(b)

(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.		69

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements

June 30, 2021 (Unaudited)

1. ORGANIZATION


Fund	Share Classes Offered	Diversified/ Non-diversified
Equity Index	Service	Diversified
Growth Opportunities	Institutional and Service	Diversified
International Equity Insights	Institutional and Service	Diversified
Large Cap Value	Institutional and Service	Diversified
Mid Cap Value	Institutional and Service	Diversified
Small Cap Equity Insights	Institutional and Service	Diversified
Strategic Growth	Institutional and Service	Non-Diversified
U.S. Equity Insights	Institutional and Service	Diversified

Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

2. SIGNIFICANT ACCOUNTING POLICIES

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. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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


70

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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


		71

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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:

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


72

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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, 2021:



EQUITY INDEX
Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	317,220	$	—	$	—
Europe		934,748		—		—
North America		201,723,596		—		—
Securities Lending Reinvestment Vehicle		24,800		—		—

Total	$	203,000,364	$	—	$	—

Derivative Type

Assets^(b)
Futures Contracts	$	21,889	$	—	$	—

GROWTH OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	1,244,569	$	—	$	—
North America		78,453,966		—		—
Investment Company		987,086		—		—
Securities Lending Reinvestment Vehicle		1,277,305		—		—

Total	$	81,962,926	$	—	$	—

(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.

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


		73

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



INTERNATIONAL EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	—		$	978,181	$	—
Asia		—			30,788,493		—
Australia and Oceania		1,190,674			10,004,600		—
Europe		2,858,532			54,533,039		—
North America		—			1,761,067		—
South America		—			144,066		—
Investment Company		112,379			—		—
Securities Lending Reinvestment Vehicle		922,500			—		—

Total	$	5,084,085		$	98,209,446	$	—

Derivative Type

Liabilities^(b)
Futures Contracts	$	(23,910	)	$	—	$	—

LARGE CAP VALUE
Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	2,861,154		$	—	$	—
Europe		4,614,325			—		—
North America		466,690,776			—		—
Investment Company		4,660,318			—		—

Total	$	478,826,573		$	—	$	—

MID CAP VALUE
Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	10,284,870		$	—	$	—
North America		516,093,376			—		—
Investment Company		1,069,710			—		—

Total	$	527,447,956		$	—	$	—

(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 International Equity Insights Fund utilizes fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

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


74

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



SMALL CAP EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	51,013		$	—	$	—
Asia		358,165			—		—
Europe		789,042			—		—
North America		127,648,969			—		—
Investment Company		1,284,462			—		—
Securities Lending Reinvestment Vehicle		2,766,210			—		—

Total	$	132,897,861		$	—	$	—

Derivative Type

Liabilities^(b)
Futures Contracts	$	(20,688	)	$	—	$	—

STRATEGIC GROWTH
Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	8,206,252		$	—	$	—
North America		432,115,976			—		—
Investment Company		4,601,715			—		—
Securities Lending Reinvestment Vehicle		1,528,496			—		—

Total	$	446,452,439		$	—	$	—

U.S. EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	3,270,353		$	—	$	—
North America		353,455,638			—		—
Securities Lending Reinvestment Vehicle		330,500			—		—

Total	$	357,056,491		$	—	$	—

(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.

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

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


		75

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

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, 2021. 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.


Fund	Risk	Statements of Assets and Liabilities	Assets^(a)		Statements of Assets and Liabilities	Liabilities^(a)
Equity Index	Equity	Variation margin on futures contracts	$	21,889	—	$	—
International Equity Insights	Equity	—		—	Variation margin on futures contracts		(23,910	)

Small Cap Equity Insights	Equity	—		—	Variation margin on futures contracts		(20,688	)

(a)	Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of June 30, 2021 is reported within the Statements of Assets and Liabilities.

Equity Index


Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)

Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	270,730	$	(20,060	)

International Equity Insights


Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)

Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	160,803	$	(49,265	)

Small Cap Equity Insights


Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)

Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	310,093	$	(74,493	)

For the six months ended June 30, 2021, the relevant values for each derivative type were as follows:


	Average Number of Contracts⁽¹⁾
Fund	Futures Contracts
Equity Index		9
International Equity Insights		22
Small Cap Equity Insights		18

(1)	Amounts disclosed represent average number of contracts for futures contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended June 30, 2021.


76

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

For the six months ended June 30, 2021, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Growth Opportunities		0.87	%		0.87	%		0.78	%		0.74	%		0.73	%		0.87	%		0.82	%*
International Equity Insights		0.81			0.73			0.69			0.68			0.67			0.81			0.81
Large Cap Value		0.72			0.65			0.62			0.60			0.59			0.72			0.68	*
Mid Cap Value		0.77			0.77			0.69			0.66			0.65			0.77			0.77
Small Cap Equity Insights		0.70			0.70			0.63			0.60			0.59			0.70			0.70
Strategic Growth		0.71			0.64			0.61			0.59			0.58			0.71			0.71
U.S. Equity Insights		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. 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 an effective net management rate as defined in the Funds’ most recent prospectus. This waiver will remain in effect through at least April 30, 2022, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

The Growth Opportunities, International Equity Insights, Large Cap Value, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2021, GSAM waived $198, $1, $374, $493, $285, $502 and $17 of the Growth Opportunities, International Equity Insights, Large Cap Value, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights 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. The Investment Adviser has agreed to waive a portion of the management fee equal to 0.09% of the annual contractual rate applicable to the Equity Index Fund’s average daily net assets between $0 and $400 million and 0.10% of the annual contractual rate applicable to the Fund’s average daily net assets in excess of $400 million. This management fee waiver will remain in effect through at least April 30, 2022, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the six months ended June 30, 2021, the Fund paid GSAM an Effective Net Management Rate of 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, 2021.


		77

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B. Distribution and Service (12b-1) Plan — The Trust, on behalf of Service Shares of each Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Funds’ average daily net assets attributable to Service Shares. For the six months ended June 30, 2021 for the U.S. Equity Insights Fund, Goldman Sachs agreed to waive distribution and services fees so as not to exceed an annual rate of 0.21% of average daily net assets of the Fund. For the period from April 30, 2021 to June 30, 2021 for the Growth Opportunities Fund, Goldman Sachs agreed to waive distribution and services fees so as not to exceed an annual rate of 0.15% of average daily net assets of the Fund. These distribution and service fee waivers will remain in place through at least April 30, 2022, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Trustees. Prior to April 30, 2021, Goldman Sachs had agreed to waive distribution and service fees so as not to exceed an annual rate of 0.16% of average daily net assets of the Growth Opportunities Fund.

C. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at an annual rate of 0.02% of the average daily net assets of Institutional and Service Shares. Goldman Sachs has agreed to waive its transfer agency fee attributable to the Service Shares of the Large Cap Value Fund. This arrangement will remain in place through at least April 30, 2022, 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 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 Equity Index, Growth Opportunities, International Equity Insights, Large Cap Value, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds are 0.004%, 0.004%, 0.044%, 0.004%, 0.054%, 0.094%, 0.014% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 30, 2022, 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.


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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Distribution and Service Fee Waiver		Transfer Agency Waiver/Credits		Other Expense Reimbursement		Total Expense Reductions
Equity Index	$	86,940	$	—	$	—	$	141,957	$	228,897
Growth Opportunities		18,750		37,025		—		117,693		173,468
International Equity Insights		1		—		—		187,715		187,716
Large Cap Value		94,891		—		30,477		148,261		273,629
Mid Cap Value		493		—		—		57,692		58,185
Small Cap Equity Insights		285		—		—		82,182		82,467
Strategic Growth		502		—		—		133,486		133,988
U.S. Equity Insights		135,310		11,248		—		148,999		295,557

E. Line of Credit Facility — As of June 30, 2021, the Funds participated in a $1,000,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2021, the Funds did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

F. Other Transactions with Affiliates — For the six months ended June 30, 2021, Goldman Sachs earned $53, $39, $436 and $919 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Growth Opportunities, Large Cap Value, Mid Cap Value and Strategic Growth Funds, respectively.

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, 2021:


Fund	Name of Affiliated Issuer	Beginning Value as of December 31, 2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending Value as of June 30, 2021		Shares as of June 30, 2021		Dividend Income
Equity Index	Goldman Sachs Group, Inc. (The)	$	527,684	$	—	$	(36,610	)	$	15,565	$	211,811	$	718,450		1,893	$	4,875


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Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2021:


Fund	Beginning Value as of December 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2021		Shares as of June 30, 2021		Dividend Income
Growth Opportunities	$	739,866	$	11,551,526	$	(11,304,306	)	$	987,086		987,086	$	151
International Equity Insights		—		236,408		(124,029	)		112,379		112,379		—
Large Cap Value		396,415		45,920,962		(41,657,059	)		4,660,318		4,660,318		266
Mid Cap Value		1,803,152		58,182,556		(58,915,998	)		1,069,710		1,069,710		382
Small Cap Equity Insights		1,017,248		13,522,928		(13,255,714	)		1,284,462		1,284,462		227
Strategic Growth		3,315,576		33,920,543		(32,634,404	)		4,601,715		4,601,715		374

As of June 30, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 50% 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, 2021, were as follows:


Fund	Purchases		Sales and Maturities
Equity Index	$	1,488,121	$	8,798,050
Growth Opportunities		25,251,411		32,276,136
International Equity Insights		84,117,865		86,473,022
Large Cap Value		164,749,288		210,387,989
Mid Cap Value		214,942,033		252,457,446
Small Cap Equity Insights		117,428,107		110,841,810
Strategic Growth		58,951,997		88,527,015
U.S. Equity Insights		360,719,764		375,554,959

7. SECURITIES LENDING

The Growth Opportunities, Large Cap Value, Mid Cap Value and Strategic Growth Funds may lend their 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, International Equity Insights, Small Cap Equity Insights and U. S. Equity Insights Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain


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7. SECURITIES LENDING (continued)

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

In the event of a default by a borrower with respect to any loan, GSAL will and 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, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Large Cap Value and Mid Cap Value Funds did not have securities on loan as of June 30, 2021.

Each of the Funds, 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, 2021, are reported under Investment Income on the Statements of Operations.


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Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

7. SECURITIES LENDING (continued)

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


	For the six months ended June 30, 2021
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs		Amounts payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2021
Equity Index	$	34	$	276	$	—
International Equity Insights		202		13		—
Small Cap Equity Insights		607		1,080		1,686,625
U.S. Equity Insights		7		—		—

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2021:


Fund	Beginning Value as of December 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2021
Equity Index	$	107,700	$	163,050	$	(245,950	)	$	24,800
Growth Opportunities		1,380,662		11,331,063		(11,434,420	)		1,277,305
International Equity Insights		—		9,278,215		(8,355,715	)		922,500
Mid Cap Value		1,354,889		7,498,781		(8,853,670	)		—
Small Cap Equity Insights		639,178		9,271,230		(7,144,198	)		2,766,210
Strategic Growth		4,259,666		36,654,063		(39,385,233	)		1,528,496
U.S. Equity Insights		—		589,700		(259,200	)		330,500

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2020, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:


	Equity Index		Growth Opportunities		International Equity Insights			Large Cap Value
Capital loss carryforwards:
Perpetual short-term	$	—	$	—	$	(9,204,202	)	$	(5,732,311	)
Perpetual long-term		—		—		(2,522,288	)		—
Total capital loss carryforwards	$	—	$	—	$	(11,726,490	)	$	(5,732,311	)
Timing differences (Real Estate Investment Trusts)	$	4,735	$	706	$	—		$	26,726


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8. TAX INFORMATION (continued)



	Mid Cap Value			Small Cap Equity Insights		Strategic Growth		U.S. Equity Insights
Capital loss carryforwards:
Perpetual short-term	$	(2,823,748	)	$	—	$	—	$	—
Perpetual long-term		—			—		—		—
Total capital loss carryforwards	$	(2,823,748	)	$	—	$	—	$	—
Timing differences (Real Estate Investment Trusts)	$	83,947		$	52,295	$	—	$	37,855

As of June 30, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Equity Index			Growth Opportunities			International Equity Insights			Large Cap Value
Tax cost	$	55,048,088		$	57,109,487		$	91,277,511		$	368,924,025
Gross unrealized gain		154,324,733			25,524,530			14,058,039			116,086,981
Gross unrealized loss		(6,372,457	)		(671,091	)		(2,042,019	)		(6,184,433	)
Net unrealized gain	$	147,952,276		$	24,853,439		$	12,016,020		$	109,902,548

	Mid Cap Value			Small Cap Equity Insights			Strategic Growth			U.S. Equity Insights
Tax cost	$	399,798,182		$	114,611,494		$	201,104,549		$	266,227,714
Gross unrealized gain		140,304,284			21,378,617			250,602,357			95,425,750
Gross unrealized loss		(12,654,510	)		(3,092,250	)		(5,254,467	)		(4,596,973	)
Net unrealized gain	$	127,649,774		$	18,286,367		$	245,347,890		$	90,828,777

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts and differences in the tax treatment of passive foreign investment company investments.

9. OTHER RISKS

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

Derivatives Risk — A 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 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.


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Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

9. OTHER RISKS (continued)

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 a 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 problems with 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 a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A Fund invests in foreign securities, and as such 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 a 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.

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. These risks may be more pronounced in connection with a Fund`s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.


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9. OTHER RISKS (continued)

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.

Non-Diversification Risk — The Strategic Growth Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

10. INDEMNIFICATIONS

11. SUBSEQUENT EVENTS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Equity Index Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Service Shares
Shares sold		97,353		$	2,016,859			172,523		$	2,826,875
Reinvestment of distributions		—			—			772,925			14,476,879
Shares redeemed		(506,128	)		(10,331,810	)		(1,436,368	)		(24,448,149	)

NET DECREASE		(408,775	)	$	(8,314,951	)		(490,920	)	$	(7,144,395	)


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Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Growth Opportunities Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		10		$	134			935		$	11,972
Reinvestment of distributions		—			—			1,747			23,510
		10			134			2,682			35,482
Service Shares
Shares sold		160,971			2,156,833			704,687			8,063,451
Reinvestment of distributions		—			—			1,075,647			13,714,506
Shares redeemed		(651,775	)		(8,784,856	)		(2,222,571	)		(25,079,859	)
		(490,804	)		(6,628,023	)		(442,237	)		(3,301,902	)

NET DECREASE		(490,794	)	$	(6,627,889	)		(439,555	)	$	(3,266,420	)


	International Equity Insights Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		430,931		$	3,973,005			1,077,909		$	8,130,619
Reinvestment of distributions		—			—			85,749			717,721
Shares redeemed		(338,686	)		(3,116,279	)		(674,822	)		(4,959,840	)
		92,245			856,726			488,836			3,888,500
Service Shares
Shares sold		83,496			766,435			1,003,024			7,629,568
Reinvestment of distributions		—			—			68,869			579,185
Shares redeemed		(468,933	)		(4,311,934	)		(1,502,901	)		(10,691,106	)
		(385,437	)		(3,545,499	)		(431,008	)		(2,482,353	)

NET INCREASE (DECREASE)		(293,192	)	$	(2,688,773	)		57,828		$	1,406,147


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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Large Cap Value Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		677,042		$	6,925,558			1,674,921		$	12,636,325
Reinvestment of distributions		—			—			522,367			4,769,205
Shares redeemed		(1,419,013	)		(14,305,827	)		(2,756,893	)		(22,865,975	)
		(741,971	)		(7,380,269	)		(559,605	)		(5,460,445	)
Service Shares
Shares sold		350,673			3,576,295			2,896,787			21,895,368
Reinvestment of distributions		—			—			908,552			8,295,083
Shares redeemed		(3,847,877	)		(38,883,281	)		(4,795,612	)		(40,404,480	)
		(3,497,204	)		(35,306,986	)		(990,273	)		(10,214,029	)

NET DECREASE		(4,239,174	)	$	(42,687,255	)		(1,549,878	)	$	(15,674,474	)


	Mid Cap Value Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		332,411		$	6,369,576			1,072,386		$	14,111,808
Reinvestment of distributions		—			—			384,030			6,463,230
Shares redeemed		(1,386,014	)		(26,328,441	)		(3,123,869	)		(45,649,614	)
		(1,053,603	)		(19,958,865	)		(1,667,453	)		(25,074,576	)
Service Shares
Shares sold		93,979			1,822,538			6,051,187			90,070,673
Reinvestment of distributions		—			—			168,701			2,864,537
Shares redeemed		(1,110,938	)		(21,352,882	)		(7,760,547	)		(103,064,639	)
		(1,016,959	)		(19,530,344	)		(1,540,659	)		(10,129,429	)

NET DECREASE		(2,070,562	)	$	(39,489,209	)		(3,208,112	)	$	(35,204,005	)


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Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small Cap Equity Insights Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		1,199,811		$	18,660,270			936,953		$	10,144,169
Reinvestment of distributions		—			—			88,719			1,169,326
Shares redeemed		(662,501	)		(10,388,932	)		(1,067,788	)		(11,796,332	)
		537,310			8,271,338			(42,116	)		(482,837	)
Service Shares
Shares sold		129,135			2,000,934			204,097			2,017,902
Reinvestment of distributions		—			—			16,114			210,446
Shares redeemed		(225,350	)		(3,464,514	)		(191,110	)		(2,189,717	)
		(96,215	)		(1,463,580	)		29,101			38,631

NET INCREASE (DECREASE)		441,095		$	6,807,758			(13,015	)	$	(444,206	)


	Strategic Growth Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		372,041		$	6,008,303			604,593		$	7,949,713
Reinvestment of distributions		—			—			843,114			12,680,432
Shares redeemed		(764,396	)		(12,314,392	)		(1,460,048	)		(19,161,362	)
		(392,355	)		(6,306,089	)		(12,341	)		1,468,783
Service Shares
Shares sold		222,177			3,520,504			6,377,786			74,689,888
Reinvestment of distributions		—			—			1,295,784			19,462,681
Shares redeemed		(1,507,802	)		(23,997,211	)		(11,218,495	)		(126,288,249	)
		(1,285,625	)		(20,476,707	)		(3,544,925	)		(32,135,680	)

NET DECREASE		(1,677,980	)	$	(26,782,796	)		(3,557,266	)	$	(30,666,897	)


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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	U.S. Equity Insights Fund
	For the Six Months Ended June 30, 2021 (Unaudited)						For the Fiscal Year Ended December 31, 2020
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		426,646		$	9,374,502			635,655		$	11,594,488
Reinvestment of distributions		—			—			632,341			12,570,928
Shares redeemed		(931,389	)		(20,353,880	)		(2,268,793	)		(41,014,558	)
		(504,743	)		(10,979,378	)		(1,000,797	)		(16,849,142	)
Service Shares
Shares sold		104,960			2,336,731			116,235			2,117,630
Reinvestment of distributions		—			—			123,954			2,480,325
Shares redeemed		(266,244	)		(5,824,156	)		(619,902	)		(11,353,169	)
		(161,284	)		(3,487,425	)		(379,713	)		(6,755,214	)

NET DECREASE		(666,027	)	$	(14,466,803	)		(1,380,510	)	$	(23,604,356	)


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Liquidity Risk Management Program (Unaudited)


90

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of the Goldman Sachs Variable Insurance Trust was held on January 8, 2021 to consider and act upon a proposal to approve a change to the Goldman Sachs Strategic Growth Fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified” and eliminate the Fund’s related fundamental investment restriction.

The shareholders voted as follows:

Proposal 1

For

Against/Withhold

Abstain

To approve a change to each respective Fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified” and to eliminate any related fundamental investment restriction for the Fund.

21,360,462.737

1,890,396.988

2,070,989.714


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GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS


Fund Expenses — Six Month Period Ended June 30, 2021 (Unaudited)

As a shareholder of Institutional or Service 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 and Service Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.


	Equity Index Fund							Growth Opportunities Fund							International Equity Insights Fund							Large Cap Value Fund
Share Class	Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*		Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*		Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*		Beginning Account Value 06/30/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*
Institutional

Actual		N/A		N/A			N/A	$	1,000	$	1,062.50		$	4.40	$	1,000	$	1,109.00		$	4.50	$	1,000	$	1,142.40		$	3.67
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,020.53	+		4.31		1,000		1,020.53	+		4.31		1,000		1,021.37	+		3.46
Service

Actual	$	1,000	$	1,150.40		$	2.56		1,000		1,060.70			5.16		1,000		1,106.20			5.80		1,000		1,141.30			4.88
Hypothetical 5% return		1,000		1,022.41	+		2.41		1,000		1,019.79	+		5.06		1,000		1,019.29	+		5.56		1,000		1,020.23	+		4.61

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.



Fund	Institutional			Service
Equity Index		N/A			0.48	%
Growth Opportunities		0.86	%		1.01
International Equity Insights		0.86			1.11
Large Cap Value		0.69			0.92

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS


Fund Expenses — Six Month Period Ended June 30, 2021 (Unaudited) (continued)


	Mid Cap Value Fund							Small Cap Equity Insights Fund							Strategic Growth Fund							U.S. Equity Insights Fund
Share Class	Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*		Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*		Beginning Account Value 01/01/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*		Beginning Account Value 06/30/21		Ending Account Value 06/30/21			Expenses Paid for the 6 Months Ended 06/30/21*
Institutional

Actual	$	1,000	$	1,170.60		$	4.47	$	1,000	$	1,221.30		$	4.46	$	1,000	$	1,116.70		$	3.83	$	1,000	$	1,165.80		$	2.95
Hypothetical 5% return		1,000		1,020.68	+		4.16		1,000		1,020.78	+		4.06		1,000		1,021.17	+		3.66		1,000		1,022.07	+		2.76
Service

Actual		1,000		1,169.10			5.81		1,000		1,219.60			5.83		1,000		1,114.90			5.14		1,000		1,164.30			4.08
Hypothetical 5% return		1,000		1,019.44	+		5.41		1,000		1,019.54	+		5.31		1,000		1,019.93	+		4.91		1,000		1,021.03	+		3.81

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.



Fund	Institutional			Service
Mid Cap Value		0.83	%		1.08	%
Small Cap Equity Insights		0.81			1.06
Strategic Growth		0.73			0.98
U.S. Equity Insights		0.55			0.76

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Equity Index, Goldman Sachs Growth Opportunities, Goldman Sachs International Equity Insights, Goldman Sachs Mid Cap Value, Goldman Sachs Large Cap Value, Goldman Sachs Small Cap Equity Insights, Goldman Sachs Strategic Growth, and Goldman Sachs U.S. Equity Insights 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, 2022 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 15-16, 2021 (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 each 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)

(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 in the case of the Mid Cap Value Fund, Strategic Growth Fund, and U.S. Equity Insights 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)

(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)

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

(h)

information relating to the profitability of the 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, International Equity Insights Fund, Small Cap Equity Insights Fund, and U.S. Equity Insights 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 Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices (in the case of the Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Value Fund, and Strategic Growth 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 Agreements; and

(o)

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 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 capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the


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GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

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

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, 2020 and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2021. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. 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 performance of the Mid Cap Value Fund, Strategic Growth Fund, and U.S. Equity Insights Fund to that of composites 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. In the case of International Equity Insights Fund, Small Cap Equity Insights Fund, and U.S. Equity Insights Fund, they noted the efforts of the Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees noted that the Equity Index Fund’s Service Shares had placed in the top half of its peer group for the three-, five-, and ten-year periods and the third quartile for the one-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. The Trustees also observed that the amount that the Fund underperformed the benchmark index was approximately equal to Fund fees and expenses for the one-, three-, five-, and ten-year periods ended March 31, 2021. They observed that the Growth Opportunities Fund’s Institutional Shares had placed in the top half of its peer group for the three-, five-year periods and in the third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2021. The Trustees noted that the International Equity Insights Fund’s Institutional Shares had placed in the third quartile of its peer group for the one-year period and in the fourth quartile for the three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five, and ten-year periods ended March 31, 2021. They considered that the Mid Cap Value Fund’s Institutional Shares had placed in the top half of its peer group for the three-year period and in the third quartile for the one-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the three- and five-year periods and underperformed for the one- and ten-year periods ended March 31, 2021. They noted that the Mid Cap Value Fund had experienced certain portfolio management changes in early 2021. The Trustees observed that the Large Cap Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-year period, in the third quartile for the one- and five-year periods, and in the fourth quartile for the ten-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. They considered that the Small Cap Equity Insights Fund’s Institutional Shares had placed in the top half of its 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, 2021. They observed that the Strategic Growth Fund’s Institutional Shares had placed in the top half of its peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2021. The Trustees noted that the U.S. Equity Insights Fund’s Institutional Shares had placed in the top half of its peer group for the ten-year period, in the third quartile for the one- and five-year periods, and in the fourth quartile for the three-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021.

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 Agreement 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.


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

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 (with the exception of the Equity Index Fund) breakpoints 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 International Equity Insights 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.

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 Fund (with the exception of the Equity Index Fund) at the following annual percentage rates of the average daily net assets of the Funds:


	International Equity Insights Fund			Large Cap Value Fund			Strategic Growth Fund			U.S. Equity Insights Fund

First $1 billion		0.81	%		0.72	%		0.71	%		0.62	%

Next $1 billion		0.73			0.65			0.64			0.59

Next $3 billion		0.69			0.62			0.61			0.56

Next $3 billion		0.68			0.60			0.59			0.55

Over $8 billion		0.67			0.59			0.58			0.54


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GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

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


	Growth Opportunities Fund			Mid Cap Value Fund			Small Cap Equity Insights Fund

First $2 billion		0.87	%		0.77	%		0.70	%

Next $3 billion		0.78			0.69			0.63

Next $3 billion		0.74			0.66			0.60

Over $8 billion		0.73			0.65			0.59

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 Fund, Growth Opportunities Fund, Large Cap Value Fund, and U.S. Equity Insights Fund) 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 transfer agency fees paid by the Large Cap Value Fund and the distribution and service fees paid by the Growth Opportunity 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 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.

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 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 Equity Index Fund, Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Value Fund, and Strategic Growth 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, International Equity Insights Fund, Small Cap Equity Insights Fund, and U.S. Equity Insights Fund and fees earned by the Investment Adviser for managing the fund in which the securities lending cash collateral of the Growth Opportunities Fund, Mid Cap Value Fund, Large Cap Value Fund, and Strategic Growth Fund 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; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) 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


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GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

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

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 ability of the Equity Index Fund, Small Cap Equity Insights Fund, International Equity Insights Fund, and U.S. Equity Insights Fund to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds 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 Agreements should be approved and continued with respect to each Fund until June 30, 2022.


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GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

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, 2021.

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, 2022.


100


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.

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

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

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

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

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust Funds.

VITEQTYSAR-21 248341-OTU-1454584

Goldman

Sachs Variable Insurance Trust

Goldman Sachs Government

Money Market Fund

Semi-Annual Report

June 30, 2021

LOGO

Goldman Sachs Government Money Market Fund


TABLE OF CONTENTS

Fund Basics			1

Schedule of Investments			3

Financial Statements			8

Financial Highlights			11

Notes to Financial Statements			13

Other Information			19

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.

FUND BASICS

Government Money Market Fund

as of June 30, 2021

PERFORMANCE REVIEW^1,2



January 1, 2021 – June 30, 2021	Fund Total Return (based on NAV)³			SEC 7-Day Current Yield³			iMoneyNet Institutional Average⁴
Institutional Shares		0.00	%		0.01	%		0.04	%
Service Shares		0.00			0.01			0.04

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.

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.

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 2021. The iMoneyNet Institutional Average represents total return.

YIELD SUMMARY AS OF JUNE 30, 2021



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		0.01	%		0.01	%		0.01	%		43		114
Service Shares		0.01			0.01			0.01			43		114

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.


		1

FUND BASICS

FUND COMPOSITION†

Security Type

(Percentage of Net Assets)

LOGO

†

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

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


2

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments

June 30, 2021 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Treasury Obligations – 58.4%
	U.S. Cash Management Bills
$	11,000,000		0.035	%		10/19/21	$	10,998,824
	200,000		0.051			10/19/21		199,969
	1,200,000		0.051			10/26/21		1,199,805
	United States Treasury Bills
	15,000,000		0.101			07/01/21		15,000,000
	15,491,500		0.051			07/06/21		15,491,392
	5,000,000		0.081			07/06/21		4,999,944
	17,500,000		0.091			07/08/21		17,499,694
	5,240,000		0.051			07/13/21		5,239,913
	14,424,000		0.056			07/13/21		14,423,736
	12,500,000		0.091			07/15/21		12,499,563
	8,262,000		0.041			07/20/21		8,261,826
	20,300,000		0.056			07/20/21		20,299,411
	15,000,000		0.096			07/22/21		14,999,169
	8,400,000		0.030			07/27/21		8,399,818
	15,000,000		0.086			07/29/21		14,999,008
	842,000		0.030			08/03/21		841,977
	200,000		0.041			08/05/21		199,992
	12,000,000		0.071			08/05/21		11,999,183
	5,494,000		0.025			08/10/21		5,493,847
	6,200,000		0.051			08/12/21		6,199,638
	26,178,000		0.035			08/17/21		26,176,804
	800,000		0.010			08/19/21		799,989
	25,000,000		0.061			08/19/21		24,997,958
	13,000,000		0.061			09/02/21		12,998,635
	28,800,000		0.061			09/09/21		28,796,640
	35,775,000		0.025			09/16/21		35,773,087
	16,500,000		0.056			09/16/21		16,498,059
	4,000,000		0.041			09/30/21		3,999,596
	3,700,000		0.035			10/07/21		3,699,647
	28,000,000		0.035			10/28/21		27,996,761
	19,700,000		0.035			11/12/21		19,697,433
	200,000		0.025			11/18/21		199,981
	2,800,000		0.026			11/18/21		2,799,720
	1,100,000		0.030			11/18/21		1,099,872
	200,000		0.051			12/02/21		199,957
	7,428,000		0.041			12/09/21		7,426,671
	19,600,000		0.041			12/16/21		19,596,341
	47,700,000		0.056			12/23/21		47,687,247
	37,500,000		0.056	^(a)		12/30/21		37,489,573
	800,000		0.058	^(a)		12/30/21		799,767
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
	55,000,000		0.084	^(b)		04/30/23		55,002,967
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.05%)
	25,000,000		0.099	^(b)		01/31/23		25,004,018
	United States Treasury Floating Rate Notes (3 Mo. U.S. T-Bill MMY + 0.06%)
	7,000,000		0.105			07/31/22		7,002,034
	4,600,000		0.105			10/31/22		4,601,653
	United States Treasury Notes
	3,100,000		2.625			07/15/21		3,103,018
	700,000		1.125			07/31/21		700,591


U.S. Treasury Obligations – (continued)
	United States Treasury Notes – (continued)
	800,000		2.125			08/15/21		802,015
	1,300,000		1.125			08/31/21		1,302,210
	300,000		1.500			08/31/21		300,697
	700,000		2.000			08/31/21		702,218
	200,000		1.500			09/30/21		200,711
	2,600,000		1.250			10/31/21		2,610,237
	500,000		0.061			11/15/21		514,845
	1,000,000		0.061			11/15/21		1,029,691
	600,000		2.875			11/15/21		606,286
	800,000		1.500			11/30/21		804,745
	100,000		1.750			11/30/21		100,696
	1,300,000		2.625			12/15/21		1,315,143
	2,100,000		2.000			12/31/21		2,120,262
	900,000		2.125			12/31/21		909,250
	104,000		2.500			01/15/22		105,362
	100,000		1.500			01/31/22		100,830
	200,000		1.875			01/31/22		202,098
	727,800		0.125			06/30/22		727,984
	2,125,000		1.750			07/15/22		2,161,393

	TOTAL U.S. TREASURY OBLIGATIONS						$	620,011,401



Variable Rate Obligations^(b) – 12.3%
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.03%)
$	3,100,000		0.103	%		09/15/21	$	3,099,987
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.09%)
	500,000		0.163			09/13/21		500,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.10%)
	1,100,000		0.181			09/09/21		1,100,000
	1,000,000		0.196			12/23/21		1,000,000
	Federal Farm Credit Bank (1 Mo. LIBOR + 0.13%)
	600,000		0.233			11/05/21		600,000
	Federal Farm Credit Bank (3 Mo. LIBOR – 0.07%)
	700,000		0.124			07/02/21		700,000
	Federal Farm Credit Bank (FEDL01 + 0.00%)
	800,000		0.100			02/17/23		800,000
	Federal Farm Credit Bank (FEDL01 + 0.12%)
	1,200,000		0.215			02/14/22		1,200,000
	Federal Farm Credit Bank (FEDL01 + 0.17%)
	1,900,000		0.270			01/13/22		1,899,923
	Federal Farm Credit Bank (FEDL01 + 0.20%)
	2,100,000		0.300			11/29/21		2,099,992
	Federal Farm Credit Bank (FEDL01 + 0.21%)
	1,300,000		0.310			12/13/21		1,299,953
	Federal Farm Credit Bank (Prime Rate – 2.87%)
	500,000		0.380			02/07/22		499,970
	Federal Farm Credit Bank (Prime Rate – 2.94%)
	800,000		0.310			11/08/21		800,000
	Federal Farm Credit Bank (Prime Rate – 2.96%)
	1,100,000		0.290			12/13/21		1,099,976
	Federal Farm Credit Bank (Prime Rate – 3.02%)
	1,800,000		0.234			01/13/22		1,800,000


The accompanying notes are an integral part of these financial statements.		3

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

Variable Rate Obligations^(b) – (continued)
	Federal Farm Credit Bank (Prime Rate – 3.10%)
$	1,600,000		0.150	%		12/02/22	$	1,600,000
	Federal Farm Credit Bank (Prime Rate – 3.11%)
	1,200,000		0.140			11/21/22		1,199,932
	Federal Farm Credit Bank (Prime Rate – 3.13%)
	500,000		0.125			02/01/23		500,000
	Federal Farm Credit Bank (Prime Rate – 3.15%)
	900,000		0.105			04/13/23		899,951
	Federal Farm Credit Bank (Prime Rate – 3.16%)
	1,100,000		0.095			01/31/22		1,099,974
	Federal Farm Credit Bank (Prime Rate – 3.17%)
	400,000		0.085			11/25/22		400,000
	Federal Farm Credit Bank (SOFR + 0.13%)
	500,000		0.180			02/11/22		500,000
	Federal Farm Credit Bank (SOFR + 0.18%)
	2,800,000		0.230			01/14/22		2,798,612
	Federal Home Loan Bank (3 Mo. LIBOR – 0.09%)
	2,700,000		0.109			07/06/21		2,700,000
	Federal Home Loan Bank (SOFR + 0.17%)
	4,200,000		0.220			07/21/22		4,200,000
	Federal Home Loan Bank (SOFR + 0.35%)
	10,000,000		0.400			09/23/21		10,000,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.29%)
	10,000,000		0.340			10/01/21		10,000,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.30%)
	21,400,000		0.350			09/24/21		21,400,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.31%)
	2,000,000		0.360			01/03/22		2,000,000
	Federal Home Loan Mortgage Corp. (SOFR + 0.32%)
	5,000,000		0.370			09/27/21		5,000,000
	3,500,000		0.370			09/30/21		3,500,000
	Federal National Mortgage Association (SOFR + 0.10%)
	700,000		0.151			12/03/21		699,249
	Federal National Mortgage Association (SOFR + 0.29%)
	3,300,000		0.340			10/04/21		3,300,000
	Federal National Mortgage Association (SOFR + 0.30%)
	6,500,000		0.350			09/24/21		6,500,000
	Federal National Mortgage Association (SOFR + 0.34%)
	10,500,000		0.390			10/20/21		10,500,000
	9,275,000		0.390			12/30/21		9,275,000
	7,000,000		0.390			01/21/22		7,000,000
	Federal National Mortgage Association (SOFR + 0.35%)
	2,000,000		0.400			10/15/21		2,000,000
	Federal National Mortgage Association (SOFR + 0.36%)
	1,000,000		0.410			01/20/22		1,000,000
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	1,000,000		0.038			07/07/21		1,000,000
	1,532,913		0.038			07/07/21		1,532,913
	2,186,701		0.038			07/07/21		2,186,701

	TOTAL VARIABLE RATE OBLIGATIONS						$	131,292,133

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	751,303,534


Repurchase Agreements^(c) – 32.8%
	Bank of Montreal
$	1,500,000		0.050	^(d)		07/07/21	$	1,500,000
	Maturity Value: $1,500,188
	Settlement Date: 04/20/21
	Collateralized by Federal National Mortgage Association, 1.500% to 6.500%, due 03/01/22 to 06/01/51 and Government National Mortgage Association, 3.500%, due 06/20/51. The aggregate market value of the collateral, including accrued interest, was $1,545,000.
	5,000,000		0.070	^(d)		07/07/21		5,000,000
	Maturity Value: $5,000,612
	Settlement Date: 06/21/21
	Collateralized by Federal National Mortgage Association, 2.000% to 8.000%, due 09/01/25 to 06/01/51 and Government National Mortgage Association, 3.000%, due 05/20/51. The aggregate market value of the collateral, including accrued interest, was $5,149,999.
	3,000,000		0.110	^(d)		07/07/21		3,000,000
	Maturity Value: $3,001,659
	Settlement Date: 01/07/21
	Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 08/15/32. The aggregate market value of the collateral, including accrued interest, was $3,060,000.

	BNP Paribas
	2,500,000		0.055	^(d)		07/07/21		2,500,000
	Maturity Value: $2,500,695
	Settlement Date: 06/29/21
	Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/30 to 05/15/34 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 08/15/43. The aggregate market value of the collateral, including accrued interest, was $2,550,000.
	7,000,000		0.060	^(d)		07/07/21		7,000,000
	Maturity Value: $7,002,112
	Settlement Date: 02/19/21
	Collateralized by Federal Farm Credit Bank, 1.950%, due 08/13/40, Federal Home Loan Mortgage Corp., 4.000%, due 02/01/34, Federal National Mortgage Association, 2.000% to 8.000%, due 02/01/23 to 08/01/58, Government National Mortgage Association, 5.000%, due 04/15/38, U.S. Treasury Bills, 0.000%, due 09/09/21 to 10/07/21, a U.S. Treasury Bond, 3.000%, due 11/15/44, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/26 to 05/15/43 and a U.S. Treasury Note, 2.000%, due 04/30/24. The aggregate market value of the collateral, including accrued interest, was $7,141,048.
	7,500,000		0.060	^(d)		07/07/21		7,500,000
	Maturity Value: $7,502,325
	Settlement Date: 03/05/21
	Collateralized by a U.S. Treasury Bill, 0.000%, due 12/02/21, a U.S. Treasury Bond, 8.125%, due 08/15/21, a U.S. Treasury Inflation-Indexed Bond, 1.375%, due 02/15/44, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/31 to 05/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 02/15/44. The aggregate market value of the collateral, including accrued interest, was $7,650,000.
	15,000,000		0.060	^(d)		07/07/21		15,000,000


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

Repurchase Agreements^(c) – (continued)

BNP Paribas – (continued)

Maturity Value: $15,004,525

Settlement Date: 02/19/21

Collateralized by a U.S. Treasury Bill, 0.000%, due 09/09/21, U.S.
Treasury Interest-Only Stripped Securities, 0.000%, due
05/15/25 to 02/15/33, a U.S. Treasury Note, 2.000%, due
02/15/25 and U.S. Treasury Principal-Only Stripped Securities,
0.000%, due 05/15/39 to 02/15/50. The aggregate market value
of the collateral, including accrued interest, was $15,300,044.

17,000,000

0.060

% ^(d)

07/07/21

17,000,000

Maturity Value: $17,005,270

Settlement Date: 03/05/21

Collateralized by Federal National Mortgage Association, 1.500%
to 2.500%, due 09/01/50 to 01/01/51, a U.S. Treasury Bill,
0.000%, due 01/27/22, a U.S. Treasury Bond, 3.125%, due
11/15/41, a U.S. Treasury Inflation-Indexed Bond, 3.625%, due
04/15/28, a U.S. Treasury Inflation-Indexed Note, 0.125%, due
07/15/26, U.S. Treasury Interest-Only Stripped Securities,
0.000%, due 05/15/31 to 11/15/34 and a U.S. Treasury
Principal-Only Stripped Security, 0.000%, due 11/15/48. The
aggregate market value of the collateral, including accrued
interest, was $17,357,977.

Canadian Imperial Bank of Commerce

4,000,000

0.055

^(d)

07/07/21

4,000,000

Maturity Value: $4,001,112

Settlement Date: 06/24/21

Collateralized by Federal Home Loan Mortgage Corp., 2.000%,
due 05/01/51 and Federal National Mortgage Association,
2.000% to 3.500%, due 12/01/35 to 01/01/51. The aggregate
market value of the collateral, including accrued interest, was
$4,120,070.

5,000,000

0.055

^(d)

07/07/21

5,000,000

Maturity Value: $5,001,390

Settlement Date: 06/24/21

Collateralized by Federal Home Loan Mortgage Corp., 2.000% to
3.500%, due 10/01/42 to 05/01/51 and Federal National
Mortgage Association, 3.500%, due 01/01/51. The aggregate
market value of the collateral, including accrued interest, was
$5,150,083.

3,500,000

0.070

^(d)

07/07/21

3,500,000

Maturity Value: $3,501,225

Settlement Date: 02/05/21

Collateralized by U.S. Treasury Bonds, 1.125% to 4.625%, due
02/15/40 to 08/15/50, U.S. Treasury Inflation-Indexed Bonds,
0.125% to 0.875%, due 02/15/45 to 02/15/51, U.S. Treasury
Inflation-Indexed Notes, 0.125% to 0.500%, due 10/15/24 to
07/15/29 and U.S. Treasury Notes, 0.125% to 3.125%, due
06/30/22 to 02/15/30. The aggregate market value of the
collateral, including accrued interest, was $3,570,062.

3,500,000

0.090

^(d)

07/07/21

3,500,000

Maturity Value: $3,501,575

Settlement Date: 01/28/21

Collateralized by Federal Home Loan Mortgage Corp., 2.000% to
3.500%, due 10/01/42 to 05/01/51, Federal National Mortgage
Association, 2.000% to 5.500%, due 07/01/34 to 05/01/51 and
Government National Mortgage Association, 2.500%, due
06/20/51. The aggregate market value of the collateral,
including accrued interest, was $3,605,120.

3,500,000

0.090

^(d)

07/07/21

3,500,000

Repurchase Agreements^(c) – (continued)

Canadian Imperial Bank of Commerce – (continued)

Maturity Value: $3,501,575

Settlement Date: 01/29/21

Collateralized by Federal National Mortgage Association, 2.000%
to 4.500%, due 07/01/34 to 05/01/51. The aggregate market
value of the collateral, including accrued interest, was
$3,604,998.

Joint Account III

205,400,000

0.053

07/01/21

205,400,000

Maturity Value: $205,400,300

Royal Bank of Canada

2,000,000

0.060

^(d)

07/07/21

2,000,000

Maturity Value: $2,000,717

Collateralized by Federal Home Loan Mortgage Corp., 4.500%,
due 08/01/48. The market value of the collateral, including
accrued interest, was $2,040,000.

10,000,000

0.060

^(d)

07/07/21

10,000,000

Maturity Value: $10,003,567

Settlement Date: 06/24/21

Collateralized by Federal Home Loan Mortgage Corp., 3.000%,
due 07/01/51 and Federal National Mortgage Association,
2.000% to 4.500%, due 02/01/31 to 07/01/51. The aggregate
market value of the collateral, including accrued interest, was
$10,200,001.

1,600,000

0.070

^(d)

07/07/21

1,600,000

Maturity Value: $1,600,563

Settlement Date: 03/02/21

Collateralized by Federal Home Loan Mortgage Corp., 2.000% to
4.500%, due 12/01/29 to 05/01/51 and Federal National
Mortgage Association, 2.000% to 5.000%, due 09/01/40 to
05/01/58. The aggregate market value of the collateral,
including accrued interest, was $1,632,000.

6,500,000

0.070

^(d)

07/07/21

6,500,000

Maturity Value: $6,502,300

Settlement Date: 02/08/21

Collateralized by Federal Home Loan Mortgage Corp., 2.000% to
4.500%, due 06/01/48 to 07/01/51 and Federal National
Mortgage Association, 2.000% to 4.000%, due 09/01/40 to
05/01/58. The aggregate market value of the collateral,
including accrued interest, was $6,630,000.

6,500,000

0.070

^(d)

07/07/21

6,500,000

Maturity Value: $6,502,288

Settlement Date: 02/09/21

Collateralized by Federal Home Loan Mortgage Corp., 2.500% to
4.500%, due 12/01/29 to 07/01/51 and Federal National
Mortgage Association, 2.000% to 4.000%, due 09/01/40 to
05/01/58. The aggregate market value of the collateral,
including accrued interest, was $6,629,999.

12,000,000

0.070

^(d)

07/07/21

12,000,000

Maturity Value: $12,004,177

Settlement Date: 02/11/21

Collateralized by Federal Home Loan Mortgage Corp., 2.000% to
4.500%, due 01/01/29 to 05/01/51 and Federal National
Mortgage Association, 2.000% to 5.000%, due 09/01/40 to
05/01/58. The aggregate market value of the collateral,
including accrued interest, was $12,240,002.

26,000,000

0.070

^(d)

07/07/21

26,000,000


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, 2021 (Unaudited)


Principal Amount	Interest Rate	Maturity Date	Amortized Cost

Repurchase Agreements^(c) – (continued)
Royal Bank of Canada – (continued)
Maturity Value: $26,009,100
Settlement Date: 02/11/21
Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 4.500%, due 12/01/29 to 07/01/51 and Federal National Mortgage Association, 2.000% to 4.000%, due 09/01/40 to 05/01/58. The aggregate market value of the collateral, including accrued interest, was $26,520,001.

TOTAL REPURCHASE AGREEMENTS			$	348,000,000

TOTAL INVESTMENTS – 103.5%			$	1,099,303,534

LIABILITIES IN EXCESS OF OTHER ASSETS – (3.5)%				(37,547,417	)

NET ASSETS – 100.0%			$	1,061,756,117


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, 2021.

(c)		Unless noted, all repurchase agreements were entered into on June 30, 2021. 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, 2021, the Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of July 1, 2021, as follows:


Principal Amount		Maturity Value			Collateral Value
	$205,400,000		$	205,400,300		$	211,505,325

REPURCHASE AGREEMENTS — At June 30, 2021, 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.		0.050	%	$	64,863,158
Bank of America, N.A.		0.050			54,052,632
Bank of Nova Scotia (The)		0.060			54,052,631
BofA Securities, Inc.		0.050			32,431,579

TOTAL				$	205,400,000


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

At June 30, 2021, the Joint Repurchase Agreement Account III was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.000 to 4.000	%		08/01/46 to 07/01/51
Federal National Mortgage Association		0.000 to 9.000			08/01/21 to 07/01/60
Government National Mortgage Association		2.500 to 3.500			04/20/48 to 01/20/51
U.S. Treasury Notes		1.250 to 2.500			02/28/22 to 06/30/28


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, 2021 (Unaudited)



Assets:
Investments based on amortized cost	$	751,303,534
Repurchase agreements based on amortized cost		348,000,000
Cash		69,153
Receivables:
Fund shares sold		3,439,235
Interest		184,383
Reimbursement from investment advisor		17,175
Other assets		24,227

Total assets		1,103,037,707


Liabilities:
Payables:
Investments purchased		38,289,340
Fund shares redeemed		2,823,527
Management fees		65,273
Accrued expenses		103,450

Total liabilities		41,281,590


Net Assets:
Paid-in capital		1,061,763,831
Total distributable earnings (loss)		(7,714	)

NET ASSETS	$	1,061,756,117

Net asset value, offering and redemption price per share	$	1.00
Net Assets:
Institutional Shares	$	552,509,109
Service Shares		509,247,008

Total Net Assets	$	1,061,756,117
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		552,513,133
Service Shares		509,250,679


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, 2021 (Unaudited)



Investment Income:

Interest income	$	593,955


Expenses:
Management fees		894,911
Distribution and Service fees — Service Shares		672,849
Transfer Agency fees^(a)		111,854
Professional fees		50,651
Printing and mailing fees		23,572
Custody, accounting and administrative services		27,803
Trustee fees		10,453
Registration fees		791
Other		4,954

Total expenses		1,797,838

Less — expense reductions		(1,213,328	)

Net expenses		584,510

NET INVESTMENT INCOME	$	9,445

Net realized gain from investment transactions		5,742

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,187

(a) Institutional and Service Shares incurred Transfer Agency fees of $58,030 and $53,824, 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, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020

From operations:
Net investment income	$	9,445		$	2,857,766
Net realized gain from investment transactions		5,742			154,527

Net increase in net assets resulting from operations		15,187			3,012,293


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(17,702	)		(1,973,720	)
Service Shares		(16,419	)		(1,094,236	)

Total distributions to shareholders		(34,121	)		(3,067,956	)


From share transactions (at $1.00 per share):
Proceeds from sales of shares		315,364,123			1,674,758,015
Reinvestment of distributions		34,092			3,064,523
Cost of shares redeemed		(415,255,552	)		(1,230,029,220	)

Net increase (decrease) in net assets resulting from share transactions		(99,857,337	)		447,793,318

TOTAL INCREASE (DECREASE)		(99,876,271	)		447,737,655


Net assets:

Beginning of period		1,161,632,388			713,894,733

End of period	$	1,061,756,117		$	1,161,632,388


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, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

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)		—	^(b)		0.004			0.021			0.017			0.008			0.003

Distributions to shareholders from net investment income^(c)		—	^(b)		(0.004	)		(0.021	)		(0.017	)		(0.008	)		(0.003	)

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

Total return^(d)		—	%		0.43	%		2.11	%		1.74	%		0.76	%		0.29	%

Net assets, end of period (in 000’s)	$	552,509		$	582,216		$	363,783		$	411,447		$	302,507		$	206,987

Ratio of net expenses to average net assets		0.10	%^(e)		0.18	%		0.18	%		0.18	%		0.18	%		0.19	%

Ratio of total expenses to average net assets		0.20	%^(e)		0.20	%		0.21	%		0.23	%		0.27	%		0.30	%

Ratio of net investment income to average net assets		—	%^(e)(f)		0.35	%		2.06	%		1.73	%		0.76	%		0.31	%

(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.

(f)	Amount is less than 0.005%.


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, 2021 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2021 (Unaudited)			2020			2019			2018			2017			2016

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)		—	^(b)		0.003			0.018			0.015			0.005			—	^(b)

Distributions to shareholders from net investment income^(c)		—	^(b)		(0.003	)		(0.018	)		(0.015	)		(0.005	)		—	^(b)

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

Total return^(d)		—	%		0.27	%		1.86	%		1.48	%		0.51	%		0.04	%

Net assets, end of period (in 000’s)	$	509,247		$	579,416		$	350,112		$	368,652		$	354,248		$	375,580

Ratio of net expenses to average net assets		0.10	%^(e)		0.33	%		0.43	%		0.43	%		0.43	%		0.44	%

Ratio of total expenses to average net assets		0.45	%^(e)		0.45	%		0.46	%		0.48	%		0.52	%		0.55	%

Ratio of net investment income to average net assets		—	%^(e)(f)		0.19	%		1.81	%		1.48	%		0.51	%		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.

(f)	Amount is less than 0.005%.


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, 2021 (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 Shares 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 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, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As of December 31, 2020, the Fund’s certain timing differences on a tax basis were as follows:


Timing differences (Distribution Payable)		$	(858	)

The amortized cost for the Fund stated in the accompanying Statement of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

GSAM has reviewed the Fund’s tax positions for all open tax years (the current and prior three years, as applicable) and had 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is


14

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

Level 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, 2021, 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 Shares and Service Shares.

D. Other Expense Agreements — GSAM has agreed to limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent that such expenses exceed, on an annual basis, 0.004% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This Other Expense limitation will remain in place through at least April 30, 2022, 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


		15

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS ( continued)

Expense” limitation described above. For the six months ended June 30, 2021, these expense reductions, including any fee waiver and Other Expense reimbursements, were as follows:


Management Fee Waivers		Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers		Transfer Agency Waiver		Other Expense Reimbursements		Total Expense Reductions

$	326,390	$	672,849	$	111,854	$	102,235	$	1,213,328

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 or transfer agent 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, 2021			Contractual rate, if any			Ratio of net expenses to average net assets for the six months ended June 30, 2021
Management Fee		0.16	%		0.10	%		0.16	%		0.10	%
Distribution and Service Fees		N/A			N/A			0.25			0.00
Transfer Agency Fees		0.02			0.00			0.02			0.00
Other Expenses		—			0.00	^(a)		—			0.00	^(a)
Net Expenses					0.10	%					0.10	%

(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.

G. Line of Credit Facility — As of June 30, 2021, the Fund participated in a $1,000,000,000 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, 2021, the Fund did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

5. OTHER RISKS

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


16

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

5. OTHER RISKS (continued)

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.

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.

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

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and 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. OTHER MATTERS

New Accounting Standards — 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


		17

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2021 (Unaudited)

7. OTHER MATTERS (continued)

provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

8. SUBSEQUENT EVENTS

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

9. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Six Months Ended June 30, 2021 (Unaudited)			For the Fiscal Year Ended December 31, 2020
Institutional Shares*
Shares sold		213,452,892			1,110,386,804
Reinvestment of distributions		17,687			1,972,393
Shares redeemed		(243,168,207	)		(893,897,149	)
		(29,697,628	)		218,462,048
Service Shares*
Shares sold		101,911,231			564,371,211
Reinvestment of distributions		16,405			1,092,130
Shares redeemed		(172,087,345	)		(336,132,071	)
		(70,159,709	)		229,331,270

NET INCREASE (DECREASE) IN SHARES		(99,857,337	)		447,793,318

*	Valued at $1.00 per share.


18

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Fund Expenses — Six Month Period Ended June 30, 2021 (Unaudited)

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

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

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

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


Share Class	Beginning Account Value 1/1/21		Ending Account Value 6/30/21		Expenses Paid for the 6 Months Ended 6/30/21*
Institutional Shares

Actual	$	1,000.00	$	1,000.03	$	0.50
Hypothetical 5% return	$	1,000.00	$	1,024.30+	$	0.50
Service Shares

Actual	$	1,000.00	$	1,000.03	$	0.50
Hypothetical 5% return	$	1,000.00	$	1,024.30+	$	0.50

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, 2021. 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 0.10% and 0.10% 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.

(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)

(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)

(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)

(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)

(j)

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


20

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

(k)

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

(l)

(m)

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 capabilities. 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, 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 considered the performance of the Fund in light of its investment policies and strategies. They noted that the Fund has operated in a generally challenging yield environment since 2009 and, although yields had improved by early 2020, yields


		21

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

had subsequently decreased to near zero following the market disruptions related to the COVID-19 pandemic and related actions by the Federal Reserve, including two emergency interest rate cuts in March 2020. As a result, although the Investment Adviser was generally able to reduce the amount of fees waived and/or reimbursed through 2019 and early 2020, it has since that time increased the amount of fees waived and/or reimbursed in order to maintain a competitive, non-negative yield for the Fund in the current near-zero yield environment. The Trustees acknowledged that the current yield environment poses unique challenges for the broader money market fund industry. The Trustees also acknowledged the uncertainty of the future interest rate environment in the United States, including indications from the Federal Reserve that it will likely not raise interest rates in the near term due to the continued economic impacts of the COVID-19 pandemic. The Trustees also observed that the Fund had continued to experience asset growth, partly as a result of changes to investor sentiment in response to the recent market disruptions. The Trustees considered that the Fund faces heightened yield pressures in the current yield environment due to the comparatively lower yields on government securities and the increased demand for government securities in connection with the changes to investor sentiment. The Trustees considered that, during the relevant period, the Investment Adviser had voluntarily waived fees for the Fund in order to maintain a competitive, non-negative yield. 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/or reimbursed expenses for the Fund in order to maintain a competitive, non-negative yield. The Trustees 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.

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 2020 and 2019, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.


22

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET 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 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, 2022.


		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.

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

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

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 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.

248336-OTU-1455950 VITMMSAR-21

ITEM 2.

CODE OF ETHICS.

(a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b)

Not applicable.

(c)

During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d)

During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e)

Not applicable.

(f)

A copy of the Code of Ethics is available as provided in Item 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 24, 2021

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 24, 2021

/s/ Joseph F. DiMaria
By: Joseph F. DiMaria
Principal Financial Officer of
Goldman Sachs Variable Insurance Trust

Date: August 24, 2021