Goldman Sachs Variable Insurance Trust

Other
Expense
Reimbursements

Total

Expense
Reductions

N-CSRS 1 d706479dncsrs.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:

Stephen H. Bier, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

(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, 2023

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman

Sachs Variable Insurance Trust

Goldman Sachs Multi-Strategy Alternatives Portfolio

Goldman Sachs Trend Driven Allocation Fund

Semi-Annual Report

June 30, 2023

LOGO

Goldman Sachs Variable Insurance Trust

∎

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES PORTFOLIO

∎

GOLDMAN SACHS TREND DRIVEN ALLOCATION FUND


TABLE OF CONTENTS

Market Review			1

Fund Basics			3

Schedules of Investments			7

Financial Statements			11

Financial Highlights

Goldman Sachs Multi-Strategy Alternatives Portfolio			14

Goldman Sachs Trend Driven Allocation Fund			17

Notes to Financial Statements			19

Other Information			39



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Variable Insurance Trust – Goldman Sachs VIT Multi-Asset Strategies Funds

The following are highlights both of key factors affecting the global capital markets and of any key changes made to the Goldman Sachs VIT Multi Asset Strategies Funds (the “Funds”) during the six months ended June 30, 2023 (the “Reporting Period”). A fuller review of the markets and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended December 31, 2023.

Market and Economic Review

•

Overall, the global capital markets generated gains during the Reporting Period.

•

Global equities, as represented by the MSCI All Country World Index (Net, USD, Unhedged), returned 13.93%.

•

Global fixed income, as represented by the Bloomberg Global Aggregate Index (Gross, USD, Hedged), returned 2.97%.

•

During the first quarter of 2023, when the Reporting Period started, investors focused on the evolution of the European energy crisis, the speed of China’s economic reopening and the pace of disinflation in the U.S.

•

U.S. inflation was not moderating as quickly as U.S. Federal Reserve (“Fed”) policymakers had hoped, and they maintained a hawkish stance, raising short-term interest rates twice during the quarter — by 25 basis points each time. (Hawkish tends to suggest higher interest rates; opposite of dovish. A basis point is 1/100^th of a percentage point.)

•

In March 2023, investor sentiment was dominated by worries about the U.S. and European banking sectors. Swift responses from U.S. and European policymakers rather quickly calmed nerves, but the turmoil made the Fed’s decisions on interest rates more complex given its objective of mitigating downside risks to economic growth while combating persistent inflation amid a tight labor market.

•

Investor concerns about a potential European energy crisis eased, while China’s economy continued to reopen after the Chinese government had finally lifted its stringent zero-COVID policy in January 2023.

•

For the first quarter overall, global equities generated solidly positive returns, with developed markets equities outperforming emerging markets equities.

•

There was substantial dispersion of returns across broad equity indices, with growth equities materially outperforming value equities.

•

Within developed equity markets, non-U.S. equities outpaced U.S. equities.

•

In the U.S. equity market, information technology equities broadly outperformed financials and energy equities.

•

As for global fixed income, yields broadly declined during the first quarter, leading to positive bond returns.

•

Late in the quarter, turmoil in the U.S. and European banking sectors drove a broad flight to quality in government securities.

•

During the second quarter of 2023, as economic growth remained resilient, many market participants reconsidered their previous expectations of a global economic slowdown.

•

Central banks focused on combating inflation, which decreased but remained elevated.

•

The Fed raised interest rates by another 25 basis points, while the European Central Bank and Bank of England raised interest rates 50 basis points and 75 basis points, respectively.

•

In June 2023, according to the Fed’s median dot plot projection, policymakers increased their estimate for the peak federal funds rate to 5.6%, up from 5.1% in March. (The dot plot shows interest rate projections of the members of the Federal Open Market Committee.)


		1

MARKET REVIEW

•

For the second quarter overall, global equities recorded positive returns, with developed markets equities outperforming emerging markets equities on the back of better than consensus expected first quarter corporate earnings in the developed markets.

•

European equities, while posting positive returns, underperformed other developed equity markets, such as Japan and the U.S.

•

In the U.S., equity gains were fueled by rallies in the information technology and consumer discretionary sectors. The advance in the technology sector was driven in part by market expectations of artificial intelligence (“AI”) potential and the growing demand for AI processors.

•

Regarding global fixed income, performance was broadly negative during the second quarter as bond yields increased.

•

Duration-sensitive assets sold off as higher interest rates and expectations for further monetary policy tightening weighed on market sentiment.

•

As banking sector stress eased during the quarter, non-government bond sectors strengthened.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.


2

FUND BASICS

Multi-Strategy Alternatives Portfolio

as of June 30, 2023

PERFORMANCE REVIEW



January 1, 2023 – June 30, 2023	Fund Total Return (based on NAV)¹			ICE BAML 3-Mo US Treasury Bill Index²
Institutional		3.41	%		2.27	%
Service		3.41			2.27
Advisor		3.19			2.27

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.

The ICE BofA 3-Month U.S. Treasury Bill Index measures the performance of a single issue of outstanding treasury bill which matures closest to, but not beyond, three months from the rebalancing date. The issue is purchased at the beginning of the month and held for a full month; at the end of the month that issue is sold and rolled into a newly selected issue.

The comparison to the ICE BofA 3-Month U.S. Treasury Bill Index is a means of emphasizing that the Fund has an unconstrained strategy. The Fund employs a benchmark agnostic strategy. Benchmark performance may not be comparable to the Fund’s performance.

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.


		3

FUND BASICS

OVERALL UNDERLYING FUND AND ETF WEIGHTINGS⁴

Percentage of Net Assets

LOGO

⁴

The Fund 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 Fund. 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 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.

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

Trend Driven Allocation Fund

as of June 30, 2023

PERFORMANCE REVIEW



January 1, 2023 – June 30, 2023	Fund Total Return (based on NAV)¹			60% MSCI World / 40% Bloomberg U.S. Treasury Index²			MSCI World Index (Net, USD, Hedged)³			Bloomberg U.S. Treasury Index (Total Return, USD, Unhedged)⁴
Institutional		11.13	%		9.89	%		15.66	%	1.59%
Service		10.91			9.89			15.66		1.59

²	The Fund’s blended benchmark index is comprised of 60% the MSCI World Index and 40% the Bloomberg 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 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.


		5

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.


6

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

June 30, 2023 (Unaudited)


Shares				Description	Value

Underlying Funds (Class R6 Shares)^(a) – 82.3%
Equity – 16.2%
	380,143			Goldman Sachs Emerging Markets Equity Insights Fund	$	3,025,942
	232,763			Goldman Sachs Global Infrastructure Fund		2,839,705
	10,267			Goldman Sachs Energy Infrastructure Fund		111,298

						5,976,945

Fixed Income – 66.1%
	849,075			Goldman Sachs Long Short Credit Strategies Fund		6,537,878
	557,648			Goldman Sachs Managed Futures Strategy Fund		5,676,854
	487,910			Goldman Sachs Emerging Markets Debt Fund		4,415,581
	519,115			Goldman Sachs High Yield Fund		2,813,605
	231,931			Goldman Sachs High Yield Floating Rate Fund		2,034,033
	194,610			Goldman Sachs Core Fixed Income Fund		1,786,518
	121,685			Goldman Sachs Strategic Income Fund		1,082,998

						24,347,467

	TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)
	(Cost $30,521,642)				$	30,324,412



Exchange Traded Funds^(a) – 6.1%
	15,147			Goldman Sachs MarketBeta International Equity ETF	$	780,676
	24,031			Goldman Sachs MarketBeta US Equity ETF		1,458,442

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $1,937,155)				$	2,239,118

Shares		Dividend Rate			Value

Investment Companies (Institutional Shares)^(a) – 9.7%
Goldman Sachs Financial Square Government Fund
1,766,059			5.022	%	$	1,766,059
Goldman Sachs VIT Government Money Market Fund
1,794,388			5.021			1,794,388

Total Investment Companies
(Cost $3,560,447)					$	3,560,447

TOTAL INVESTMENTS – 98.1%
(Cost $36,019,244)					$	36,123,977

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%						700,905

NET ASSETS – 100.0%					$	36,824,882


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, 2023, the Fund had the following futures contracts:


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

Long position contracts:
U.S. Treasury 10 Year Note		9		09/20/23	$	1,010,813	$	(17,261	)
U.S. Treasury 2 Year Note		7		09/29/23		1,423,734		(18,129	)

Total Futures Contracts							$	(35,390	)


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At June 30, 2023, the Fund had the following purchased option contracts:


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

Purchased options contracts:

Calls
3 Month Secured Overnight Financing Rate		97.25 USD		09/15/2023		11	$	2,601,500	$	344	$	15,164	$	(14,821	)
3 Month Secured Overnight Financing Rate		97.50 USD		12/15/2023		29		4,683,500		1,994		35,748		(33,754	)
3 Month Secured Overnight Financing Rate		95.00 USD		03/15/2024		8		1,897,700		8,300		23,424		(15,124	)
3 Month Secured Overnight Financing Rate		97.75 USD		03/15/2024		46		10,911,775		6,037		54,441		(48,403	)
3 Month Secured Overnight Financing Rate		98.50 USD		06/14/2024		15		3,571,500		2,250		2,285		(35	)
3 Month Secured Overnight Financing Rate		97.25 USD		06/14/2024		8		1,904,800		3,150		7,667		(4,517	)
3 Month Secured Overnight Financing Rate		97.75 USD		06/14/2024		40		9,524,000		11,000		53,460		(42,460	)
3 Month Secured Overnight Financing Rate		97.25 USD		12/13/2024		21		5,038,687		16,800		33,519		(16,718	)
3 Month Secured Overnight Financing Rate		96.25 USD		12/13/2024		1		239,938		1,519		1,574		(56	)
3 Month Secured Overnight Financing Rate		97.00 USD		03/14/2025		18		4,329,450		20,587		23,892		(3,304	)
3 Month Secured Overnight Financing Rate		97.25 USD		03/14/2025		18		4,329,450		17,550		32,665		(15,115	)
3 Month Secured Overnight Financing Rate		96.50 USD		03/14/2025		1		240,525		1,575		1,693		(118	)
3 Month Secured Overnight Financing Rate		97.25 USD		06/13/2025		24		5,781,600		26,700		29,712		(3,012	)
3 Month Secured Overnight Financing Rate		97.50 USD		09/12/2025		28		6,752,200		28,350		31,565		(3,215	)
3 Month Secured Overnight Financing Rate		97.50 USD		12/12/2025		26		6,274,775		28,275		31,260		(2,985	)
3 Month Secured Overnight Financing Rate		96.63 USD		06/13/2025		1		240,900		1,669		1,723		(54	)
3 Month Secured Overnight Financing Rate		96.63 USD		09/12/2025		1		241,150		1,806		1,860		(54	)
3 Month Secured Overnight Financing Rate		95.38 USD		03/15/2024		5		1,186,063		3,969		15,921		(11,952	)
3 Month Secured Overnight Financing Rate		95.38 USD		06/14/2024		5		1,190,500		6,844		18,376		(11,532	)
3 Month Secured Overnight Financing Rate		95.38 USD		09/13/2024		5		1,195,375		9,844		20,390		(10,547	)
3 Month Secured Overnight Financing Rate		95.13 USD		06/14/2024		4		952,400		6,425		14,119		(7,694	)


8		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 (continued)


Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Value		Premiums Paid (Received) by the Fund		Unrealized Appreciation/ (Depreciation)
3 Month Secured Overnight Financing Rate		97.25 USD		09/13/2024		12	$	2,868,900	$	7,275	$	15,979	$	(8,704	)
3 Month Secured Overnight Financing Rate		95.25 USD		09/13/2024		4		956,300		8,500		15,996		(7,496	)

3 Month Secured Overnight Financing Rate		96.00 USD		09/13/2024		1		239,075		1,356		1,421		(65	)

TOTAL							$	77,152,063	$	222,119	$	483,854	$	(261,735	)


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST TREND DRIVEN ALLOCATION FUND

Schedule of Investments

June 30, 2023 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 25.2%
	83,765	iShares Core S&P 500 ETF	$	37,334,898
	84,300	Vanguard S&P 500 ETF		34,333,704

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $46,207,643)		$	71,668,602


Shares	Dividend Rate			Value

Investment Companies (Institutional Shares)^(a) – 49.6%
Goldman Sachs Financial Square Government Fund
56,629,654		5.022	%	$	56,629,654
Goldman Sachs Financial Square Treasury Instruments Fund
28,025,039		4.997			28,025,039
Goldman Sachs Financial Square Treasury Obligations Fund
28,025,854		5.000			28,025,854
Goldman Sachs Financial Square Treasury Solutions Fund
28,025,039		4.993			28,025,039

Total Investment Companies
(Cost $140,705,586)				$	140,705,586

TOTAL INVESTMENTS – 74.8%
(Cost $186,913,229)				$	212,374,188

OTHER ASSETS IN EXCESS OF LIABILITIES – 25.2%					71,554,809

NET ASSETS – 100.0%				$	283,928,997


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, 2023, 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		418		09/15/23	$	20,192,510	$	108,855
FTSE 100 Index		89		09/15/23		8,524,164		(94,161	)
S&P 500 E-Mini Index		378		09/15/23		84,827,925		1,899,479
TOPIX Index		80		09/07/23		12,685,124		348,758
U.S. Treasury 10 Year Note		767		09/20/23		86,143,688		(1,398,505	)

Total Futures Contracts							$	864,426


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

Statements of Assets and Liabilities

June 30, 2023 (Unaudited)


	Multi-Strategy Alternatives Portfolio			Trend Driven Allocation Fund

Assets:
Investments in unaffiliated issuers, at value (cost $0 and $46,207,643, respectively)	$	—		$	71,668,602
Investments in affiliated issuers, at value (cost $36,019,244 and $140,705,586, respectively)		36,123,977			140,705,586
Purchased Options, at value (premiums paid $483,854 and $—, respectively)		222,119			—
Cash		555,484			60,828,900
Foreign currency, at value (cost $— and $205,882, respectively)		—			216,246
Receivables:
Reimbursement from investment adviser		13,235			21,437
Fund shares sold		4,641			214,502
Due from broker		3,548			9,011,007
Dividends		—			473,933
Variation margin on futures contracts		841			1,378,893
Other assets		577			653

Total assets		36,924,422			284,519,759


Liabilities:
Payables:
Distribution and Service fees and Transfer Agency fees		29,614			69,393
Fund shares redeemed		12,560			283,010
Management fees		—			147,388
Accrued expenses		57,366			90,971

Total liabilities		99,540			590,762


Net Assets:
Paid-in capital		39,892,784			287,642,693
Total distributable earnings (loss)		(3,067,902	)		(3,713,696	)

NET ASSETS	$	36,824,882		$	283,928,997
Net Assets:
Advisor	$	23,579,307		$	—
Institutional		1,943,872			432,034
Service		11,301,703			283,496,963

Total Net Assets	$	36,824,882		$	283,928,997
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Advisor		2,605,667			—
Institutional		213,362			38,653
Service		1,241,061			25,580,525
Net asset value, offering and redemption price per share:
Advisor		$9.05			$—
Institutional		9.11			11.18
Service		9.11			11.08


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

Statements of Operations

For the Six Months Ended June 30, 2023 (Unaudited)


	Multi-Strategy Alternatives Portfolio			Trend Driven Allocation Fund

Investment income:
Dividends — affiliated Underlying Funds	$	667,409		$	3,186,919
Dividends — unaffiliated issuers		603			671,158
Securities lending income — affiliated issuer		5,794			—

Total investment income		673,806			3,858,077


Expenses:
Distribution and/or Service (12b-1) fees^(a)		59,588			342,595
Custody, accounting and administrative services		34,494			26,325
Professional fees		27,961			44,408
Management fees		26,832			1,084,446
Printing and mailing costs		15,711			17,442
Trustee fees		13,354			19,517
Transfer Agency fees^(a)		3,578			27,454
Other		10,290			22,869

Total expenses		191,808			1,585,056

Less — expense reductions		(94,213	)		(333,756	)

Net expenses		97,595			1,251,300

NET INVESTMENT INCOME		576,211			2,606,777


Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		10,585			1,317,730
Investments — affiliated Underlying Funds		(109,979	)		—
Futures contracts		22,113			9,756,077
Purchased options		(82,432	)		—
Foreign currency transactions		20			102,477
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		—			9,125,368
Investments — affiliated Underlying Funds		874,007			—
Futures contracts		(29,169	)		6,107,626
Purchased Options		(37,286	)		—
Forward foreign currency exchange contracts		150			—
Foreign currency translations		(1,590	)		(276,542	)

Net realized and unrealized gain		646,419			26,132,736

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,222,630		$	28,739,513

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


	Distribution and/or Service (12b-1) Fees				Transfer Agency Fees
Fund	Advisor		Service		Advisor		Institutional		Service
Multi-Strategy Alternatives Portfolio	$	45,972	$	13,616	$	2,299	$	190	$	1,089
Trend Driven Allocation Fund		—		342,595		—		47		27,407


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

Statements of Changes in Net Assets


	Multi-Strategy Alternatives Portfolio						Trend Driven Allocation Fund
	For the Six Months Ended June 30, 2023 (Unaudited)			For the Fiscal Year Ended December 31, 2022			For the Six Months Ended June 30, 2023 (Unaudited)			For the Fiscal Year Ended December 31, 2022

From operations:
Net investment income	$	576,211		$	1,559,129		$	2,606,777		$	404,319
Net realized gain (loss)		(159,693	)		(3,743,647	)		11,176,284			(33,971,393	)
Net change in unrealized gain (loss)		806,112			(1,315,124	)		14,956,452			(32,715,194	)

Net increase (decrease) in net assets resulting from operations		1,222,630			(3,499,642	)		28,739,513			(66,282,268	)


Distributions to shareholders:
From distributable earnings:
Advisor Shares		—			(806,855	)		—			—
Institutional Shares		—			(84,430	)		—			(20,604	)
Service Shares		—			(388,859	)		—			(10,871,371	)

Total distributions to shareholders		—			(1,280,144	)		—			(10,891,975	)


From share transactions:
Proceeds from sales of shares		4,498,041			76,038,713			7,456,106			25,924,207
Reinvestment of distributions		—			1,280,144			—			10,891,975
Cost of shares redeemed		(5,654,979	)		(65,417,529	)		(19,706,097	)		(49,855,165	)

Net increase (decrease) in net assets resulting from share transactions		(1,156,938	)		11,901,328			(12,249,991	)		(13,038,983	)

TOTAL INCREASE (DECREASE)		65,692			7,121,542			16,489,522			(90,213,226	)


Net Assets:

Beginning of period		36,759,190			29,637,648			267,439,475			357,652,701

End of period	$	36,824,882		$	36,759,190		$	283,928,997		$	267,439,475


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Multi-Strategy Alternatives Portfolio
	Institutional Shares
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data:

Net asset value, beginning of period	$	8.81		$	9.77		$	9.46		$	9.02		$	8.51		$	9.39

Net investment income^(a)(b)		0.16			0.38			0.23			0.25			0.30			0.24

Net realized and unrealized gain (loss)		0.14			(0.99	)		0.25			0.39			0.48			(0.87	)

Total from investment operations		0.30			(0.61	)		0.48			0.64			0.78			(0.63	)

Distributions to shareholders from net investment income		—			(0.35	)		(0.17	)		(0.20	)		(0.27	)		(0.25	)

Net asset value, end of period	$	9.11		$	8.81		$	9.77		$	9.46		$	9.02		$	8.51

Total Return^(c)		3.41	%		(6.24	)%		5.03	%		7.05	%		9.11	%		(6.74	)%

Net assets, end of period (in 000’s)	$	1,944		$	2,203		$	2,515		$	1,520		$	1,309		$	745

Ratio of net expenses to average net assets^(d)		0.21	%^(e)		0.20	%		0.22	%		0.21	%		0.25	%		0.22	%

Ratio of total expenses to average net assets^(d)		0.74	%^(e)		0.69	%		1.02	%		1.39	%		1.60	%		1.57	%

Ratio of net investment income to average net assets		3.55	%^(e)		4.08	%		2.29	%		2.73	%		3.30	%		2.62	%

Portfolio turnover rate^(f)		14	%		199	%		25	%		5	%		26	%		61	%

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

(b)	Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

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

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

(e)	Annualized.

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


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST 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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data:

Net asset value, beginning of period	$	8.81		$	9.76		$	9.45		$	9.02		$	8.52		$	9.41

Net investment income^(a)(b)		0.15			0.31			0.20			0.23			0.32			0.28

Net realized and unrealized gain (loss)		0.15			(0.95	)		0.26			0.38			0.43			(0.93	)

Total from investment operations		0.30			(0.64	)		0.46			0.61			0.75			(0.65	)

Distributions to shareholders from net investment income		—			(0.31	)		(0.15	)		(0.18	)		(0.25	)		(0.24	)

Net asset value, end of period	$	9.11		$	8.81		$	9.76		$	9.45		$	9.02		$	8.52

Total Return^(c)		3.41	%		(6.54	)%		4.84	%		6.70	%		8.82	%		(6.93	)%

Net assets, end of period (in 000’s)	$	11,302		$	11,356		$	6,538		$	3,472		$	2,857		$	811

Ratio of net expenses to average net assets^(d)		0.46	%^(e)		0.45	%		0.47	%		0.46	%		0.51	%		0.47	%

Ratio of total expenses to average net assets^(d)		0.99	%^(e)		0.88	%		1.28	%		1.65	%		1.86	%		1.95	%

Ratio of net investment income to average net assets		3.31	%^(e)		3.34	%		2.04	%		2.51	%		3.54	%		3.08	%

Portfolio turnover rate^(f)		14	%		199	%		25	%		5	%		26	%		61	%

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

(b)	Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

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

(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.		15

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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data:

Net asset value, beginning of period	$	8.77		$	9.73		$	9.42		$	8.99		$	8.49		$	9.36

Net investment income^(a)(b)		0.14			0.37			0.18			0.20			0.24			0.17

Net realized and unrealized gain (loss)		0.14			(1.01	)		0.26			0.39			0.49			(0.83	)

Total from investment operations		0.28			(0.64	)		0.44			0.59			0.73			(0.66	)

Distributions to shareholders from net investment income		—			(0.32	)		(0.13	)		(0.16	)		(0.23	)		(0.21	)

Net asset value, end of period	$	9.05		$	8.77		$	9.73		$	9.42		$	8.99		$	8.49

Total Return^(c)		3.19	%		(6.61	)%		4.66	%		6.56	%		8.60	%		(7.09	)%

Net assets, end of period (in 000’s)	$	23,579		$	23,200		$	20,585		$	17,698		$	15,410		$	13,460

Ratio of net expenses to average net assets^(d)		0.61	%^(e)		0.60	%		0.62	%		0.61	%		0.64	%		0.62	%

Ratio of total expenses to average net assets^(d)		1.14	%^(e)		1.09	%		1.44	%		1.79	%		2.01	%		1.93	%

Ratio of net investment income to average net assets		3.15	%^(e)		3.99	%		1.89	%		2.28	%		2.61	%		1.92	%

Portfolio turnover rate^(f)		14	%		199	%		25	%		5	%		26	%		61	%

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

(b)	Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(c)

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

(e)	Annualized.

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


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST TREND DRIVEN ALLOCATION FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Trend Driven Allocation Fund
	Institutional Shares
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data:

Net asset value, beginning of period	$	10.06		$	12.92		$	12.61		$	12.32		$	11.65		$	12.46

Net investment income (loss)^(a)		0.11			0.07			(0.04	)		0.02			0.15			0.14

Net realized and unrealized gain (loss)		1.01			(2.51	)		2.10			0.52			1.28			(0.64	)

Total from investment operations		1.12			(2.44	)		2.06			0.54			1.43			(0.50	)

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

Distributions to shareholders from net realized gains		—			(0.42	)		(1.75	)		(0.18	)		(0.54	)		(0.19	)

Total distributions		—			(0.42	)		(1.75	)		(0.25	)		(0.76	)		(0.31	)

Net asset value, end of period	$	11.18		$	10.06		$	12.92		$	12.61		$	12.32		$	11.65

Total Return^(b)		11.13	%		(19.00	)%		16.46	%		4.35	%		12.29	%		(4.08	)%

Net assets, end of period (in 000’s)	$	432		$	506		$	337		$	289		$	277		$	247

Ratio of net expenses to average net assets		0.66	%^(c)		0.66	%		0.65	%		0.60	%		0.59	%		0.51	%

Ratio of total expenses to average net assets		0.90	%^(c)		0.92	%		0.87	%		0.90	%		0.89	%		0.86	%

Ratio of net investment income (loss) to average net assets		2.15	%^(c)		0.63	%		(0.32	)%		0.13	%		1.18	%		1.13	%

Portfolio turnover rate^(d)		6	%		344	%		12	%		168	%		61	%		60	%

(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.		17

GOLDMAN SACHS VARIABLE INSURANCE TRUST TREND DRIVEN ALLOCATION FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Trend Driven Allocation Fund
	Service Shares
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data:

Net asset value, beginning of period	$	9.99		$	12.86		$	12.59		$	12.30		$	11.64		$	12.45

Net investment income (loss)^(a)		0.10			0.02			(0.08	)		(0.01	)		0.11			0.08

Net realized and unrealized gain (loss)		0.99			(2.47	)		2.10			0.51			1.28			(0.62	)

Total from investment operations		1.09			(2.45	)		2.02			0.50			1.39			(0.54	)

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

Distributions to shareholders from net realized gains		—			(0.42	)		(1.75	)		(0.18	)		(0.54	)		(0.19	)

Total distributions		—			(0.42	)		(1.75	)		(0.21	)		(0.73	)		(0.27	)

Net asset value, end of period	$	11.08		$	9.99		$	12.86		$	12.59		$	12.30		$	11.64

Total Return^(b)		10.91	%		(19.16	)%		16.17	%		4.10	%		11.94	%		(4.34	)%

Net assets, end of period (in 000’s)	$	283,497		$	266,934		$	357,316		$	335,784		$	345,219		$	395,842

Ratio of net expenses to average net assets		0.91	%^(c)		0.91	%		0.92	%		0.85	%		0.84	%		0.81	%

Ratio of total expenses to average net assets		1.16	%^(c)		1.17	%		1.14	%		1.15	%		1.14	%		1.11	%

Ratio of net investment income (loss) to average net assets		1.90	%^(c)		0.13	%		(0.58	)%		(0.12	)%		0.91	%		0.63	%

Portfolio turnover rate^(d)		6	%		344	%		12	%		168	%		61	%		60	%

(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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

Notes to Financial Statements

June 30, 2023 (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
Multi-Strategy Alternatives	Institutional, Service and Advisor	Diversified
Trend Driven Allocation	Institutional and Service	Diversified

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

The 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”). The Trend Driven Allocation Fund may invest in one or a combination of the following securities and instruments: pooled investment vehicles, including exchange-traded funds (“ETFs”) and other investment companies; equity securities of U.S. and non-U.S. issuers; U.S. fixed income securities; and derivatives that provide exposure to a broad spectrum of asset classes and geographic regions.

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.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination 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 each Fund and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and each Fund may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary.


		19

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

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 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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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.


20

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES 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:

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

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. 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 either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

i. 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.


		21

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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, 2023:



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

Assets
Fixed Income Underlying Funds	$	24,347,467		$	—	$	—
Equity Underlying Funds		5,976,945			—		—
Investment Companies		3,560,447			—		—
Exchange Traded Funds		2,239,118			—		—

Total	$	36,123,977		$	—	$	—

Derivative Type

Assets
Purchased Options	$	222,119		$	—	$	—

Total	$	222,119		$	—	$	—

Derivative Type

Liabilities^(a)
Futures Contracts	$	(35,390	)	$	—	$	—

Total	$	(35,390	)	$	—	$	—

TREND DRIVEN ALLOCATION FUND
Investment Type	Level 1			Level 2		Level 3

Assets
Exchange Traded Funds	$	71,668,602		$	—	$	—
Investment Companies		140,705,586			—		—

Total	$	212,374,188		$	—	$	—

Derivative Type

Assets^(a)
Futures Contracts	$	2,357,092		$	—	$	—

Total	$	2,357,092		$	—	$	—

Derivative Type

Liabilities^(a)
Futures Contracts	$	(1,492,666	)	$	—	$	—

Total	$	(1,492,666	)	$	—	$	—

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


22

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

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, 2023. 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.

Multi-Strategy Alternatives


Risk	Statements of Assets and Liabilities	Assets		Statements of Assets and Liabilities	Liabilities
Interest Rate	—	$	—	Variation margin on futures contracts	$	(35,390	)^(a)
Interest Rate	Purchased options contracts, at value		222,119	—		—

Total		$	222,119		$	(35,390	)

Trend Driven Allocation


Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Equity	Variation margin on futures contracts	$	2,357,092	^(a)	Variation margin on futures contracts	$	(94,161	)^(a)
Interest Rate	—		—		Variation margin on futures contracts		(1,398,505	)^(a)

Total		$	2,357,092			$	(1,492,666	)

(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, 2023, is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2023. 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:

Multi-Strategy Alternatives


Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts and purchased options/Net change in unrealized gain (loss) on futures contracts and purchased options	$	29,827		$	(1,435	)
Interest Rate	Net realized gain (loss) from futures contracts and purchased options/Net change in unrealized gain (loss) on futures contracts and purchased options		(90,146	)		(65,020	)

Total		$	(60,319	)	$	(66,455	)


		23

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Trend Driven Allocation


Risk	Statement 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	$	10,109,265		$	6,623,252
Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(353,188	)		(515,626	)

Total		$	(9,727,248	)	$	6,107,626

For the six months ended June 30, 2023, the relevant values for each derivative type were as follows:


	Average Number of Contracts⁽¹⁾
Fund	Futures Contracts		Purchased Options
Multi-Strategy Alternatives		33		258
Trend Driven Allocation		1,759		—

(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, 2023.

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 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, 2023, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate															Effective 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^
Multi-Strategy Alternatives		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%		—	%*
Trend Driven Allocation		0.79			0.71			0.68			0.66			0.65			0.79			0.64	**

^	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 fees 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 28, 2024, and prior to such date GSAM may not terminate the arrangement without approval of the trustees.

The Multi-Strategy Alternatives Portfolio invests in Institutional Shares of the Goldman Sachs Financial Square Government and Goldman Sachs VIT Government Money Market Funds and Trend Driven Allocation Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government, Goldman Sachs Financial Square Treasury Instruments, Goldman Sachs Financial Square Treasury Obligations, and Goldman Sachs Financial Square Treasury Solutions Funds, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management


24

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2023, GSAM waived $1,980 and $43,960 of the Multi-Strategy Alternatives Portfolio’s and Trend Driven Allocation Fund’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.

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 Multi-Strategy Alternatives Portfolio and Trend Driven Allocation Fund are 0.204% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 28, 2024, 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, 2023, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Other Expense Reimbursement		Total Expense Reductions
Multi-Strategy Alternatives	$	28,813	$	65,400	$	94,213
Trend Driven Allocation		208,686		125,070		333,756

F. Line of Credit Facility — As of June 30, 2023, the Funds participated in a $1,110,000,000 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


		25

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2023, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.

G. Other Transactions with Affiliates — The following table provides information about Goldman Sachs Variable Insurance Trust Trend Driven Allocation 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, 2023.


Investment Companies	Beginning Value as of December 31, 2022		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2023		Shares as of June 30, 2023		Dividend Income
Goldman Sachs Financial Square Government Fund	$	53,931,471	$	16,672,275	$	(13,974,092	)	$	56,629,654		56,629,654	$	1,278,944
Goldman Sachs Financial Square Treasury Instruments Fund		26,776,391		1,248,648		—			28,025,039		28,025,039		623,778
Goldman Sachs Financial Square Treasury Obligations Fund		26,777,206		1,248,648		—			28,025,854		28,025,854		642,099
Goldman Sachs Financial Square Treasury Solutions Fund		26,776,391		1,248,648		—			28,025,039		28,025,039		642,098

Total	$	134,261,459	$	20,418,219	$	(13,974,092	)	$	140,705,586			$	3,186,919

The Multi-Strategy Alternatives Portfolio invests primarily in Class R6 and Institutional 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, 2023:


Underlying Funds	Beginning Value as of December 31, 2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Market Value 06/30/2023		Shares as of June 30, 2023		Dividend Income
Goldman Sachs Core Fixed Income Fund	$	—	$	1,809,770	$	—		$	—		$	(23,252	)	$	1,786,518		194,610	$	9,770
Goldman Sachs Emerging Markets Debt Fund		2,550,458		1,990,909		(200,000	)		(10,686	)		84,900			4,415,581		487,910		90,909
Goldman Sachs Emerging Markets Equity Insights Fund		1,401,569		1,700,000		(200,000	)		(576	)		124,949			3,025,942		380,143		—
Goldman Sachs Energy Infrastructure Fund		166,361		2,333		(60,000	)		2,337			267			111,298		10,267		2,333
Goldman Sachs Financial Square Government Fund (Institutional Shares)		3,276,259		12,084,659		(13,594,859	)		—			—			1,766,059		1,766,059		57,638
Goldman Sachs Global Infrastructure Fund		2,544,911		487,139		(200,000	)		8,245			(590	)		2,839,705		232,763		37,139


26

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


Underlying Funds	Beginning Value as of December 31, 2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Gain (Loss)		Market Value 06/30/2023		Shares as of June 30, 2023		Dividend Income
Goldman Sachs High Yield Floating Rate Fund	$	1,539,318	$	669,030	$	(200,000	)	$	(3,986	)	$	29,671	$	2,034,033		231,931	$	69,030
Goldman Sachs High Yield Fund		2,057,530		868,042		(150,000	)		(10,316	)		48,349		2,813,605		519,115		68,042
Goldman Sachs Long Short Credit Strategies Fund		7,094,397		267,121		(900,000	)		(63,512	)		139,872		6,537,878		849,075		167,121
Goldman Sachs Managed Futures Strategy Fund		4,930,459		1,000,000		(300,000	)		(53,486	)		99,881		5,676,854		557,648		—
Goldman Sachs MarketBeta US Equity ETF		2,196,208		—		(1,026,923	)		(4,804	)		293,961		1,458,442		24,031		14,079
Goldman Sachs MarketBeta International Equity ETF		928,624		—		(239,705	)		27,362			64,395		780,676		15,147		16,930
Goldman Sachs Strategic Income Fund		1,146,354		25,597		(100,000	)		(557	)		11,604		1,082,998		121,685		25,597
Goldman Sachs VIT Government Money Market Fund (Institutional Shares) Overlay Fund		6,285,567		108,821		(4,600,000	)		—			—		1,794,388		1,794,388		108,821

Total	$	36,118,015	$	21,013,421	$	(21,771,487	)	$	(109,979	)	$	874,007	$	36,123,977			$	667,409

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, 2023, were as follows:


Fund	Purchases		Sales and Maturities
Multi-Strategy Alternatives	$	9,451,471	$	4,003,801
Trend Driven Allocation		4,511,462		10,349,946

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 Trend Driven 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


		27

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

7. SECURITIES LENDING (continued)

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, 2023, 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, 2023.

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, 2023, are reported under Investment Income on the Statements of Operations.

The Funds did not have any securities lending activity with affiliates of Goldman Sachs for the six months ended June 30, 2023.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2023.


Fund	Beginning Value as of December 31, 2022		Purchases at Cost		Proceeds from Sales			Ending value as of June 30, 2023
Multi-Strategy Alternatives	$	911,315	$	3,365,601	$	(4,276,916	)	$	—


28

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

8. TAX INFORMATION

As of June 30, 2023, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:


	Multi-Strategy Alternatives			Trend Driven Allocation
Capital loss carryforwards:
Perpetual Short-term	$	(1,748,216	)	$	(7,200,950	)
Perpetual Long-term		(1,812,000	)		(30,925,043	)
Total Capital loss carryforwards		(3,560,216	)		(38,125,993	)
Timing differences (Qualified late year ordinary loss deferral and Straddle loss deferral)	$	—		$	(4,120,292	)

As of June 30, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Multi-Strategy Alternatives			Trend Driven
Tax cost	$	37,537,223		$	188,861,609
Gross unrealized gain		540,466			23,512,579
Gross unrealized loss		(1,953,712	)		—
Net unrealized gain (loss)	$	(1,413,246	)	$	23,512,579

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, options contracts and foreign currency contracts.

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 RISK

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

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. 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.


		29

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

9. OTHER RISK (continued)

financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Funds or an Underlying Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund or an Underlying Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund or Underlying Fund’s liquidity and performance. 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, or economically tied to, emerging markets, these risks may be more pronounced.

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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from the Fund’s performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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 Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Investments in the Underlying Funds Risk — 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. 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.

Large Shareholder Transactions Risk — A Fund 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 Fund or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s or Underlying Fund’s NAV and liquidity. These transactions may also accelerate the


30

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

9. OTHER RISK (continued)

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 or Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s or Underlying Fund’s expense ratio. Similarly, large Fund or an Underlying Fund share purchases may adversely affect a Fund’s or Underlying Fund’s performance to the extent that the Fund or an Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund 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 a Fund 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, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund or an Underlying Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund or an Underlying Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s 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 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 a Fund’s or Underlying Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund or an Underlying 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 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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and/or an Underlying Fund and their investments. Additionally, a Fund and/or an Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund and the Underlying Fund has unsettled or open transactions defaults.

10. INDEMNIFICATIONS

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

11. 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.


		31

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Multi-Strategy Alternatives Portfolio
	For the Six Months Ended June 30, 2023 (Unaudited)						For the Fiscal Year Ended December 31, 2022
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		6,683		$	59,856			27,388		$	258,170
Reinvestment of distributions		—			—			9,562			84,430
Shares redeemed		(43,479	)		(385,957	)		(44,143	)		(411,218	)
		(36,796	)		(326,101	)		(7,193	)		(68,618	)
Service Shares
Shares sold		298,109			2,657,598			7,434,585			69,525,534
Reinvestment of distributions		—			—			43,989			388,859
Shares redeemed		(345,381	)		(3,115,639	)		(6,859,851	)		(62,785,354	)
		(47,272	)		(458,041	)		618,723			7,129,039
Advisor Share
Shares sold		199,986			1,780,587			680,336			6,255,009
Reinvestment of distributions		—			—			91,792			806,855
Shares redeemed		(240,858	)		(2,153,383	)		(240,786	)		(2,220,957	)
		(40,872	)		(372,796	)		531,342			4,840,907

NET INCREASE (DECREASE)		(124,940	)	$	(1,156,938	)		1,142,872		$	11,901,328


	Trend Driven Allocation Fund
	For the Six Months Ended June 30, 2023 (Unaudited)						For the Fiscal Year Ended December 31, 2022
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		1,130		$	12,091			25,026		$	296,816
Reinvestment of distributions		—			—			1,959			20,604
Shares redeemed		(12,758	)		(136,606	)		(2,759	)		(30,602	)
		(11,628	)		(124,515	)		24,226			286,818
Service Shares
Shares sold		705,089			7,444,015			2,260,227			25,627,391
Reinvestment of distributions		—			—			1,041,319			10,871,371
Shares redeemed		(1,851,284	)		(19,569,491	)		(4,360,235	)		(49,824,563	)
		(1,146,195	)		(12,125,476	)		(1,058,689	)		(13,325,801	)

NET INCREASE (DECREASE)		(1,157,823	)	$	(12,249,991	)		(1,034,463	)	$	(13,038,983	)


32

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Multi-Strategy Alternatives Portfolio and Goldman Sachs Trend Driven 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, 2024 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 13-14, 2023 (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;


		33

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

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 developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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.


34

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

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

Investment Performance

The Trustees also considered the investment performance of the Funds and 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, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2023. 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 Trend Driven 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 observed that the Trend Driven Allocation Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one-, five- and ten-year periods, and in the fourth quartile for the three-year period, and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2023. They noted that the Fund had underperformed the average performance of a group of competitor funds, as determined by the Investment Adviser, for the one-, three-, and five-year periods ended December 31, 2022. The Trustees also observed that in December 2021 the Fund had been repositioned from the Global Trends Allocation Fund, which involved changes to the Fund’s investment strategy and name, and that in April 2015 the Fund had been repositioned from the Global Markets Navigator Fund, which involved changes to the Fund’s investment objective, investment strategy, and benchmark. They further noted that the Fund had experienced certain portfolio management changes in 2022.

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 five-year period, in the third quartile for three-year period, and in the fourth quartile for the one-year period, and had outperformed the Fund’s benchmark index for the three- and five-year periods and underperformed the one-year period ended March 31, 2023. They noted that the Multi-Strategy Alternatives Portfolio had experienced certain portfolio management changes in early 2022 and a benchmark index change in 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 Trend Driven 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 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.


		35

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

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

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2022 and 2021, 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 Trend Driven 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 Trend Driven Allocation Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Trend Driven 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 amount 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 considered the Investment Adviser’s finding 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 Trend Driven Allocation Fund and certain Underlying Funds (and fees earned by the Investment Adviser for managing the


36

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

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

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 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’ 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 Trend Driven Allocation Fund’s and certain 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, 2024.


		37

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS

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 14-15, 2023, 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, 2022 through December 31, 2022 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the impact of local holidays in non-U.S. jurisdictions; and (4) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. 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.


38

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS


Fund Expenses — Six Month Period Ended June 30, 2023 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2023 through June 30, 2023, 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.


	Multi-Strategy Alternatives Portfolio							Trend Driven Allocation Fund
Share Class	Beginning Account Value 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 months ended 6/30/23*		Beginning Account Value 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 months ended 6/30/23*
Institutional

Actual	$	1,000.00	$	1,034.05		$	1.07	$	1,000.00	$	1,111.33		$	3.47
Hypothetical 5% return		1,000.00		1,023.74	+		1.07		1,000.00		1,021.51	+		3.32
Service

Actual		1,000.00		1,034.05			2.33		1,000.00		1,109.11			4.77
Hypothetical 5% return		1,000.00		1,022.50	+		2.32		1,000.00		1,020.27	+		4.57
Advisor

Actual		1,000.00		1,031.93			3.09		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,021.76	+		3.07		N/A		N/A			N/A

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, 2023. 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 Shares			Service Shares			Advisor Shares
Multi-Strategy Alternatives Portfolio		0.21	%		0.46	%		0.61	%
Trend Driven Allocation Fund		0.66			0.91			N/A


TRUSTEES		OFFICERS
Gregory G. Weaver, 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
John G. Chou
Joaquin Delgado
Eileen H. Dowling
James A. McNamara
Paul C. Wirth

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 Funds 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 the Funds voted proxies relating to portfolio securities for the 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

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

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

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

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

Funds holdings and allocations shown are as of June 30, 2023 and may not be representative of future investments. Funds holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

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

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

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs Multi-Strategy Alternatives Portfolio and Trend Driven Allocation Fund.

VITFOFSAR-23 330605-OTU-08/2023

Goldman

Sachs Variable Insurance Trust

Goldman Sachs Government

Money Market Fund

Semi-Annual Report

June 30, 2023

LOGO

Goldman Sachs Government Money Market Fund


TABLE OF CONTENTS

Market Review			1

Fund Basics			3

Schedule of Investments			5

Financial Statements			8

Financial Highlights			11

Notes to Financial Statements			13

Other Information			23

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.

MARKET REVIEW

Goldman Sachs VIT Government Money Market Fund

The following are highlights both of key factors affecting the money markets and of any key changes made to the Goldman Sachs VIT Government Money Market Fund (the “Fund”) during the six months ended June 30, 2023 (the “Reporting Period”). A fuller review will appear in the Fund’s annual shareholder report covering the 12 months ended December 31, 2023.

Market and Economic Review

•

U.S. Federal Reserve (“Fed”) policy had the greatest influence on the money markets during the Reporting Period.

•

When the Reporting Period began in January 2023, money market yields rallied on prospects of the Fed nearing an end to its interest rate hiking cycle given evidence of reduced U.S. inflation levels and improved economic growth prospects.

•

Two-year U.S. Treasury yields fell by approximately 20 basis points in January. (Remember, there is usually an inverse relationship between bond prices and yield movements, so that bond prices rise when yields decrease and vice versa. A basis point is 1/100^th of a percentage point.)

•

Money market volatility moderated amid a “Goldilocks” backdrop of easing inflation and rather steady economic growth and in anticipation of a slower pace of monetary policy tightening.

•

In February 2023, this “Goldilocks” scenario was interrupted by strength in economic growth and labor market data, which, in turn, generated higher yield volatility as markets anticipated a bumpier path to lowered inflation and a higher-for-longer interest rate environment.

•

The Fed stepped down its pace of interest rate increases from the 50 basis points it had hiked in December 2022 to 25 basis points, with Fed Chair Powell suggesting further rate hikes would be determined meeting by meeting.

•

Still, money market yields sold off as concerns around the persistence of inflation led many market participants to anticipate further rate tightening by the Fed.

•

Two-year U.S. Treasury yields rose to a high of 4.8% to end the month.

•

In early March 2023, amid strong U.S. economic data, the Fed initially suggested it might tighten monetary policy more than it had previously anticipated, which caused two-year U.S. Treasury yields to breach 5% for the first time since 2007.

•

However, yield momentum reversed sharply as the month progressed as investors sought “safe haven” securities amid banking stress in the U.S. and internationally. Short-term U.S. Treasury yields fell by more than 100 basis points from their cycle peak earlier in the month.

•

At its late-March meeting, Fed policymakers grappled with a challenging trade-off given the firm macroeconomic backdrop, such as resilient labor markets, and yet still-elevated inflation—all set against rising financial stability concerns. Ultimately, the Fed implemented another 25 basis point interest rate hike, projected a weak economic outlook for the rest of 2023, and struck a more cautious tone on the forward path for the targeted federal funds (“fed funds”) rate.

•

Although money market yields remained broadly unchanged during April 2023, sticky inflation data, ongoing banking sector stress, a looming U.S. debt ceiling deadline, signs of moderating economic growth and lingering investor concerns around credit tightening drove volatile swings within the money markets.

•

In early May 2023, the Fed raised the fed funds rate by 25 basis points to a range between 5.00% and 5.25%.

•

Policymakers signaled a willingness to pause future interest rate hikes given that inflation had begun to moderate and because tighter credit conditions driven by banking sector stress were “likely to weigh on economic activity, hiring and inflation.”

•

Money market yields sold off in May on concerns surrounding resolution of the U.S. debt ceiling and amid banking sector stress. U.S./China tensions, speculation about Fed policy, corporate earnings and a growing focus on the rise of artificial intelligence (“AI”) also drove market volatility.


		1

MARKET REVIEW

•

In early June 2023, resolution of U.S. debt ceiling negotiations led to risk relief and market optimism, with investor focus returning to the outlook of the economy and Fed monetary policy amid a persistently resilient U.S. labor market.

•

At its June meeting, the Fed left the target range for the fed funds rate unchanged, but Fed officials suggested they were inclined to implement another interest rate hike in July 2023 if economic activity and inflation did not cool as much as they “need to see.”

•

Fed Chair Powell noted the resilience in U.S. housing data and stated that a strong majority of Fed officials expected “two or more hikes” from that point — a sharpening of his language relative to “somewhat further” in his Congressional testimony given that same month.

•

The money market yield curve inverted during the Reporting Period, as the Fed raised short-term interest rates, meaning shorter-maturity yields were higher than longer-maturity yields. The three-month node of the U.S. Treasury yield curve rose 90 basis points during the Reporting Period; the six-month node rose 70 basis points; and the one-year node rose 68 basis points. Two-year U.S. Treasury yields increased 47 basis points during the Reporting Period to close June 2023 at 4.87%.

•

In this environment, the yields of money market funds increased.

Fund Changes and Highlights

No material changes were made to the Fund during the Reporting Period.


2

FUND BASICS

Government Money Market Fund

as of June 30, 2023

PERFORMANCE REVIEW¹



January 1, 2023 – June 30, 2023	Fund Total Return (based on NAV)²			SEC 7-Day Current Yield³			iMoneyNet Institutional Average⁴
Institutional Shares		2.33	%		5.00	%		4.45	%
Service Shares		2.21			4.75			4.45

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 2023. The iMoneyNet Institutional Average represents total return. Government & Agencies Institutional — Category includes the most broadly based of the government institutional funds. These funds may generally invest in U.S. treasuries, U.S. agencies, repurchase agreements, or government-backed floating rate notes.

YIELD SUMMARY AS OF JUNE 30, 2023



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		5.01	%		5.12	%		5.00	%		30		78
Service Shares		4.76			4.86			4.75			30		78

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.


		3

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.


4

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Schedule of Investments

June 30, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Government Agency Obligations – 15.5%
	Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.04%)
$	1,500,000		5.284	%^(a)		10/23/23	$	1,499,981
	3,000,000		5.289	^(a)		10/30/23		2,999,970
	Federal Farm Credit Banks Funding Corp. (FEDL01 + 0.08%)
	1,300,000		5.152	^(a)		09/13/24		1,298,850
	Federal Farm Credit Banks Funding Corp. (FEDL01 + 0.14%)
	700,000		5.210	^(a)		09/17/24		699,992
	200,000		5.212	^(a)		11/14/24		199,947
	Federal Farm Credit Banks Funding Corp. (Prime Rate – 3.00%)
	1,818,000		5.251	^(a)		03/22/24		1,817,740
	1,200,000		5.250	^(a)		01/24/25		1,199,911
	Federal Farm Credit Banks Funding Corp. (Prime Rate – 3.01%)
	1,585,000		5.245	^(a)		02/10/25		1,584,926
	Federal Farm Credit Banks Funding Corp. (SOFR + 0.06%)
	500,000		5.127	^(a)		04/29/24		499,629
	500,000		5.129	^(a)		07/22/24		499,477
	Federal Farm Credit Banks Funding Corp. (SOFR + 0.11%)
	3,838,000		5.165	^(a)		06/07/24		3,837,831
	Federal Farm Credit Banks Funding Corp. (SOFR + 0.14%)
	1,781,000		5.203	^(a)		11/26/24		1,780,280
	1,978,000		5.202	^(a)		11/26/24		1,977,200
	Federal Farm Credit Banks Funding Corp. (SOFR + 0.15%)
	1,173,000		5.210	^(a)		01/03/25		1,173,000
	807,000		5.210	^(a)		02/14/25		807,000
	Federal Farm Credit Banks Funding Corp. (SOFR + 0.16%)
	2,100,000		5.215	^(a)		04/05/24		2,099,969
	476,000		5.220	^(a)		01/30/25		476,000
	2,482,000		5.215	^(a)		02/10/25		2,482,000
	768,000		5.220	^(a)		04/10/25		768,000
	Federal Farm Credit Banks Funding Corp. (SOFR + 0.17%)
	4,300,000		5.225	^(a)		06/27/24		4,299,833
	1,909,000		5.230	^(a)		01/23/25		1,909,000
	3,442,000		5.225	^(a)		02/06/25		3,442,000
	Federal Farm Credit Banks Funding Corp. (SOFR + 0.18%)
	4,300,000		5.240	^(a)		10/16/24		4,300,000
	2,100,000		5.240	^(a)		12/19/24		2,100,255
	2,350,000		5.238	^(a)		12/19/24		2,350,285
	2,500,000		5.240	^(a)		01/03/25		2,500,000
	5,337,000		5.240	^(a)		01/17/25		5,337,000
	4,794,000		5.240	^(a)		03/07/25		4,794,000
	Federal Farm Credit Banks Funding Corp. (SOFR + 0.19%)
	2,400,000		5.250	^(a)		11/25/24		2,400,000
	5,300,000		5.250	^(a)		12/27/24		5,300,000
	Federal Farm Credit Banks Funding Corp. (SOFR + 0.20%)
	1,804,000		5.255	^(a)		06/02/25		1,804,000
	Federal Farm Credit Discount Notes
	400,000		4.947			01/12/24		389,925
	Federal Home Loan Bank Discount Notes
	5,100,000		4.881			07/26/23		5,083,354
	2,273,000		5.403			09/15/23		2,247,808
	6,167,000		5.184			09/19/23		6,098,334
	9,452,000		5.195			09/19/23		9,346,757
	1,663,000		5.394			09/19/23		1,644,483
	12,331,000		5.186			09/22/23		12,189,420


U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank Discount Notes – (continued)
	1,490,000		4.945			01/12/24		1,452,471
	3,857,000		5.059			02/06/24		3,744,918
	65,000		5.060			02/06/24		63,111
	4,212,000		5.070			02/06/24		4,089,602
	4,000,000		5.092			02/08/24		3,882,093
	2,035,000		5.093			02/09/24		1,974,745
	Federal Home Loan Banks
	5,230,000		4.667			11/14/23		5,229,866
	2,400,000		4.692			11/15/23		2,399,721
	2,400,000		4.697			11/17/23		2,399,764
	1,800,000		4.742			11/24/23		1,799,711
	2,100,000		4.690			11/29/23		2,099,912
	18,400,000		5.340			04/23/24		18,400,000
	20,990,000		5.330			04/26/24		20,990,000
	19,510,000		5.340			04/26/24		19,510,000
	13,150,000		5.370			05/21/24		13,150,000
	6,905,000		5.300			05/22/24		6,905,000
	15,210,000		5.360			06/11/24		15,210,000
	9,505,000		5.375			06/11/24		9,505,000
	6,595,000		5.490			07/15/24		6,595,000
	6,620,000		5.520			07/15/24		6,620,000
	10,305,000		5.500			07/19/24		10,305,000
	9,800,000		5.620	^(b)		07/30/24		9,800,000
	Federal Home Loan Banks (SOFR + 0.06%)
	200,000		5.128	^(a)		07/01/24		199,801
	Federal Home Loan Banks (SOFR + 0.08%)
	11,500,000		5.140	^(a)		07/20/23		11,500,000
	400,000		5.140	^(a)		03/01/24		399,813
	Federal Home Loan Banks (SOFR + 0.09%)
	25,800,000		5.150	^(a)		08/24/23		25,800,000
	Federal Home Loan Banks (SOFR + 0.11%)
	11,760,000		5.165	^(a)		07/21/23		11,760,000
	11,760,000		5.170	^(a)		08/18/23		11,760,000
	Federal Home Loan Banks (SOFR + 0.12%)
	19,715,000		5.180	^(a)		09/20/23		19,715,000
	Federal Home Loan Banks (SOFR + 0.15%)
	3,600,000		5.210	^(a)		02/23/24		3,600,000
	Federal Home Loan Banks (SOFR + 0.16%)
	4,000,000		5.220	^(a)		02/03/25		4,000,000
	Federal Home Loan Banks (SOFR + 0.17%)
	4,010,000		5.225	^(a)		01/17/25		4,010,000
	Federal Home Loan Banks (SOFR + 0.19%)
	14,400,000		5.250	^(a)		11/22/24		14,400,000
	Federal Home Loan Mortgage Corp.
	7,387,000		5.400			06/11/24		7,387,000
	7,387,000		5.380			06/12/24		7,387,000
	Federal National Mortgage Association
	9,632,000		5.505			07/26/24		9,632,000
	9,894,000		5.600	^(b)		07/31/24		9,894,000
	U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%)
	650,000		5.380	^(a)		07/07/23		650,000
	2,025,000		5.380	^(a)		07/07/23		2,025,000
	3,209,593		5.380	^(a)		07/07/23		3,209,592

	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	418,693,277


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, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Amortized Cost

U.S. Treasury Obligations – 13.9%
	United States Treasury Bills
$	3,849,100		5.353	%		07/13/23	$	3,842,364
	23,699,800		5.255			07/20/23		23,635,383
	87,444,300		5.363			09/07/23		86,582,017
	9,246,100		5.290			09/14/23		9,146,897
	1,176,100		5.468			12/07/23		1,148,829
	6,700,000		4.827			04/18/24		6,453,820
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.03%)
	80,554,600		5.277	^(a)		07/31/23		80,558,740
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.04%)
	7,650,500		5.282	^(a)		10/31/23		7,650,804
	45,457,100		5.284	^(a)		10/31/23		45,458,910
	4,639,400		5.285	^(a)		07/31/24		4,640,054
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.17%)
	27,003,000		5.415	^(a)		04/30/25		27,010,107
	26,357,700		5.418	^(a)		04/30/25		26,364,637
	United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.20%)
	52,807,800		5.445	^(a)		01/31/25		52,809,450

	TOTAL U.S. TREASURY OBLIGATIONS						$	375,302,012

	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	793,995,289



Repurchase Agreements^(c) – 71.2%
	BNP Paribas
$	2,500,000		5.050	%		07/03/23	$	2,500,000
	Maturity Value: $2,501,052
	Collateralized by U.S. Treasury Bonds, 2.750% to 6.000%, due 02/15/26 to 05/15/44, U.S. Treasury Floating Rate Notes, 5.174% to 5.418%, due 04/30/24 to 04/30/25, U.S. Treasury Inflation-Indexed Bonds, 2.375% to 3.625%, due 01/15/27 to 04/15/28, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 07/15/24, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/25 to 11/15/47, U.S. Treasury Notes, 0.375% to 4.000%, due 03/31/24 to 02/15/31 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/42 to 05/15/51. The aggregate market value of the collateral, including accrued interest, was $2,550,044.
	Joint Account III
	1,917,300,000		5.060			07/03/23		1,917,300,000
	Maturity Value: $1,918,108,462

	TOTAL REPURCHASE AGREEMENTS						$	1,919,800,000

	TOTAL INVESTMENTS – 100.6%						$	2,713,795,289

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%							(16,532,611	)

	NET ASSETS – 100.0%						$	2,697,262,678


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

(a)		Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2023.

(b)		All or a portion represents a forward commitment. Forward settling repurchase agreements will be collateralized at settlement.

(c)		Unless noted, all repurchase agreements were entered into on June 30, 2023. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.

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
MMY		—Money Market Yield
Prime		—Federal Reserve Bank Prime Loan Rate US
SOFR		—Secured Overnight Financing Rate
T-Bill		—Treasury Bill


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At June 30, 2023, the Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of July 3, 2023, as follows:


Principal Amount		Maturity Value			Collateral Value
	$1,917,300,000		$	1,918,108,462		$	1,973,405,069

REPURCHASE AGREEMENTS — At June 30, 2023, 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.		5.060	%	$	377,173,771
Bank of America, N.A.		5.060			314,311,475
Bank of Montreal		5.060			125,724,590
BofA Securities, Inc.		5.060			314,311,475
Credit Agricole Corporate and Investment Bank		5.060			282,880,328
Wells Fargo Securities, LLC		5.060			502,898,361

TOTAL				$	1,917,300,000

At June 30, 2023, the Joint Repurchase Agreement Account III was fully collateralized by $47,146,721 and the following:


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		3.000 to 6.500	%		08/01/46 to 02/01/53
Federal National Mortgage Association		1.500 to 7.000			01/01/24 to 02/01/57
Government National Mortgage Association		2.000 to 6.000			11/20/45 to 06/20/53


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, 2023 (Unaudited)



Assets:
Investments based on amortized cost	$	793,995,289
Repurchase agreements based on amortized cost		1,919,800,000
Cash		16,177
Receivables:
Interest		5,003,251
Fund shares sold		913,195
Investments sold		278,868
Reimbursement from investment advisor		22,417
Other assets		152,153

Total assets		2,720,181,350


Liabilities:
Payables:
Investments purchased		21,706,453
Fund shares redeemed		560,827
Management fees		338,307
Distribution and Service fees and Transfer Agency fees		208,876
Accrued expenses		104,209

Total liabilities		22,918,672


Net Assets:
Paid-in capital		2,697,202,793
Total distributable earnings (loss)		59,885

NET ASSETS	$	2,697,262,678

Net asset value, offering and redemption price per share	$	1.00
Net Assets:
Institutional Shares	$	1,888,826,455
Service Shares		808,436,223

Total Net Assets	$	2,697,262,678
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		1,888,784,512
Service Shares		808,418,262


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, 2023 (Unaudited)



Investment income:

Interest income	$	51,762,495


Expenses:
Management fees		1,701,925
Distribution and Service fees — Service Shares		896,442
Transfer Agency fees^(a)		212,721
Printing and mailing fees		77,758
Professional fees		56,387
Custody, accounting and administrative services		34,682
Trustee fees		13,725
Other		7,892

Total expenses		3,001,532

Less — expense reductions		(147,897	)

Net expenses		2,853,635

NET INVESTMENT INCOME	$	48,908,860

Net realized gain from investment transactions		93,817

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	49,002,677

(a) Institutional and Service Shares incurred Transfer Agency fees of $141,011 and $71,710, 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, 2023 (Unaudited)			For the Fiscal Year Ended December 31, 2022

From operations:
Net investment income	$	48,908,860		$	27,763,477
Net realized gain (loss) from investment transactions		93,817			(219,781	)

Net increase in net assets resulting from operations		49,002,677			27,543,696


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(33,048,518	)		(18,642,223	)
Service Shares		(15,884,420	)		(8,911,722	)

Total distributions to shareholders		(48,932,938	)		(27,553,945	)


From share transactions (at $1.00 per share):
Proceeds from sales of shares		1,596,108,738			2,307,084,458
Reinvestment of distributions		48,690,001			27,550,932
Cost of shares redeemed		(1,460,366,093	)		(846,623,441	)

Net increase in net assets resulting from share transactions		184,432,646			1,488,011,949

TOTAL INCREASE		184,502,385			1,488,001,700


Net assets:

Beginning of period		2,512,760,293			1,024,758,593

End of period	$	2,697,262,678		$	2,512,760,293


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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data:

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

Net investment income^(a)		0.023			0.016			—	^(b)		0.004			0.021			0.017

Distributions to shareholders from net investment income^(c)		(0.023	)		(0.016	)		—	^(b)		(0.004	)		(0.021	)		(0.017	)

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

Total return^(d)		2.33	%		1.58	%		0.01	%		0.43	%		2.11	%		1.74	%

Net assets, end of period (in 000’s)	$	1,888,826		$	1,834,293		$	523,751		$	582,216		$	363,783		$	411,447

Ratio of net expenses to average net assets		0.18	%^(e)		0.17	%		0.09	%		0.18	%		0.18	%		0.18	%

Ratio of total expenses to average net assets		0.20	%^(e)		0.20	%		0.21	%		0.20	%		0.21	%		0.23	%

Ratio of net investment income to average net assets		4.68	%^(e)		1.92	%		—	%^(f)		0.35	%		2.06	%		1.73	%

(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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund 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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data:

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

Net investment income^(a)		0.022			0.014			—	^(b)		0.003			0.018			0.015

Distributions to shareholders from net investment income^(c)		(0.022	)		(0.014	)		—	^(b)		(0.003	)		(0.018	)		(0.015	)

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

Total return^(d)		2.21	%		1.37	%		0.01	%		0.27	%		1.86	%		1.48	%

Net assets, end of period (in 000’s)	$	808,436		$	678,468		$	501,008		$	579,416		$	350,112		$	368,652

Ratio of net expenses to average net assets		0.43	%^(e)		0.38	%		0.09	%		0.33	%		0.43	%		0.43	%

Ratio of total expenses to average net assets		0.45	%^(e)		0.45	%		0.46	%		0.45	%		0.46	%		0.48	%

Ratio of net investment income to average net assets		4.43	%^(e)		1.48	%		—	%^(f)		0.19	%		1.81	%		1.48	%

(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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund 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, 2023 (Unaudited)

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. 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 the Valuation Procedures. 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, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As of the Fund’s most recent fiscal year end, December 31, 2022, the Fund’s capital loss carryforwards and certain timing differences, on a tax-basis were as follows:


Capital loss carryforward: Perpetual Short-Term	$	(210,225	)
Timing differences (Distributions Payable and Post-October Capital Loss Deferral)		(10,517	)

The amortized cost for the Fund stated in the accompanying Statement of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

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

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

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS


14

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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. With respect to the Fund’s investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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, 2023, all investments, including 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,


		15

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 28, 2024, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above. For the six months ended June 30, 2023, these expense reductions, including any fee waiver and Other Expense reimbursements, were as follows:

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 GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, 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, 2023			Contractual rate, if any			Ratio of net expenses to average net assets for the six months ended June 30, 2023
Management Fee		0.16	%		0.16	%		0.16	%		0.16	%
Distribution and Service Fees		N/A			N/A			0.25			0.25
Transfer Agency Fees		0.02			0.02			0.02			0.02
Other Expenses		—			0.02			—			0.02
Total Annual Fund Operating Expenses					0.20						0.45
Expense Reimbursements					(0.02	)					(0.02	)
Net Expenses					0.18	%					0.43	%

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

F. Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the six months ended June 30, 2023, the purchase and sale transactions and related net realized gain (loss) for the Fund with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:


Purchases	Sales	Net Realized Gain (Loss)

$—	$699,821	$	(179	)

G. Line of Credit Facility — As of June 30, 2023, the Fund participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having


16

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2023, the Fund did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.

5. OTHER RISKS

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

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate, the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

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 investments will generally decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from the Fund’s performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of the Fund’s investments. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect 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. 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.

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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate


		17

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

5. OTHER RISKS (continued)

changes, supply chain disruptions, sanctions, 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. INDEMNIFICATION

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

7. SUBSEQUENT EVENTS

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

8. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Six Months Ended June 30, 2023 (Unaudited)			For the Fiscal Year Ended December 31, 2022
Institutional Shares*
Shares sold		1,357,445,298			1,919,889,511
Reinvestment of distributions		32,804,474			18,639,420
Shares redeemed		(1,335,765,124	)		(627,979,771	)
		54,484,648			1,310,549,160
Service Shares*
Shares sold		238,663,440			387,194,947
Reinvestment of distributions		15,885,527			8,911,512
Shares redeemed		(124,600,969	)		(218,643,670	)
		129,947,998			177,462,789

NET INCREASE IN SHARES		184,432,646			1,488,011,949

*	Valued at $1.00 per share.


18

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;


		19

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)

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

(m)

The 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 developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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, 2022. 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. The Trustees considered that, since March 2022, the Federal Reserve had implemented a series of interest rate increases in response to inflationary pressures


20

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

impacting the broader economy, and the Fund’s yield has improved compared to other recent periods as a result. They noted that the Investment Adviser had subsequently been able to reduce the amount of fees waived and/or reimbursed relative to such amounts waived and/or reimbursed during recent challenging yield environments, including the near-zero interest rate environment following the market disruptions related to the COVID-19 pandemic and related actions by the Federal Reserve. The Trustees acknowledged, however, that the interest rate environment remained uncertain in light of broader economic conditions. The Trustees considered that, during the relevant period, the Investment Adviser had voluntarily waived fees for the Fund in order to maintain a competitive yield. The Trustees also considered that the Fund had maintained a stable net asset value per share. In addition, the Trustees observed that the U.S. Securities and Exchange Commission (“SEC”) was likely to adopt certain reforms to the regulatory framework governing money market funds and that compliance with those reforms could require a significant investment of resources by the Investment Adviser. 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 for a portion of the year in order to maintain a competitive yield. 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 2022 and 2021, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

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

The Trustees 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


		21

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

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

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 SEC 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, 2024.


22

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND


Fund Expenses — Six Month Period Ended June 30, 2023 (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 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 Months Ended 6/30/23*
Institutional Shares

Actual	$	1,000.00	$	1,023.32		$	0.90
Hypothetical 5% return	$	1,000.00	$	1,023.90	+	$	0.90
Service Shares

Actual	$	1,000.00	$	1,022.06		$	2.16
Hypothetical 5% return	$	1,000.00	$	1,022.66	+	$	2.16

Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year (or, since inception, if shorter); and then dividing that result by the number of days in the period. The annualized net expense ratios for the period were 0.18% and 0.43% for Institutional Shares and Service Shares, respectively.

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


		23


TRUSTEES		OFFICERS
Gregory G. Weaver, 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
John G. Chou
Joaquin Delgado
Eileen H. Dowling
James A. McNamara
Paul C. Wirth

GOLDMAN SACHS & CO. LLC

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

200 West Street, New York,

New York 10282

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

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

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

Fund holdings and allocations shown are as of June 30, 2023 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

VITMMSAR-23 330595-OTU-08/2023

Goldman

Sachs Variable Insurance Trust

Goldman Sachs Core Fixed Income Fund

Semi-Annual Report

June 30, 2023

LOGO

Goldman Sachs Variable Insurance Trust

∎

GOLDMAN SACHS CORE FIXED INCOME FUND


TABLE OF CONTENTS

Market Review			1

Fund Basics			3

Schedule of Investments			5

Financial Statements			22

Financial Highlights			25

Notes to Financial Statements			27

Other Information			45



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Variable Insurance Trust – Goldman Sachs Core Fixed Income Fund

The following are highlights both of key factors affecting the U.S. fixed income market and of any key changes made to the Goldman Sachs VIT Core Fixed Income Fund (the “Fund”) during the six months ended June 30, 2023 (the “Reporting Period”). A fuller review of the market and these changes will appear in the Fund’s annual shareholder report covering the 12 months ended December 31, 2023.

Market and Economic Review

•

The capital markets were rather volatile during the Reporting Period overall, with the U.S. fixed income market broadly influenced by U.S. Federal Reserve (“Fed”) monetary policy, inflationary trends and other macroeconomic data, geopolitical events, and U.S. and European banking stress. The Bloomberg U.S. Aggregate Bond Index, representing the broad U.S. fixed income market, returned 2.09% during the Reporting Period.

•

When the Reporting Period began in January 2023, riskier segments of the U.S. fixed income market performed well, with notable strength from high yield corporate bonds. Investors seemed optimistic the Fed might be nearing the end of its interest rate hiking schedule. Overall, signs of disinflation tempered fears of renewed aggressive monetary policy tightening.

•

In February 2023, U.S. spread, or non-government bond, sectors produced modestly negative returns overall, as the release of unexpectedly strong U.S. economic and labor market data raised concerns about the stickiness of inflation. This led market participants to anticipate further Fed tightening and fueled a rise in rate volatility.

•

At the beginning of the month, the Fed stepped down its pace of interest rate increases to 25 basis points but also indicated policymakers thought “ongoing” rate hikes would be appropriate, a modestly hawkish surprise. (A basis point is 1/100^th of a percentage point. Hawkish tends to suggest higher interest rates; opposite of dovish.)

•

U.S. spread sectors generated mixed returns overall during March 2023, as rate volatility continued.

•

Early in the month, after Fed Chair Jerome Powell opened the door to tighter Fed monetary policy, markets repriced the terminal federal funds rate higher and for longer. (A terminal rate is the ultimate interest rate level that a central bank targets for a cycle of rate hikes or cuts.) The two-year U.S. Treasury yield rose in response, breaching 5% for the first time since 2007.

•

The momentum reversed sharply mid-month, as a broad flight to quality ensued amid U.S. and European banking stress. Short-term U.S. Treasury yields fell by more than 100 basis points.

•

In this environment, Fed officials grappled with a difficult trade-off between the firm macroeconomic backdrop, including resilient labor markets and elevated inflation, and rising financial stability concerns.

•

Ultimately, at its March meeting, the Fed implemented a 25 basis point rate hike, projected a weak economic outlook for the rest of 2023, and struck a more cautious tone on the forward path for the federal funds target rate.

•

In April 2023, yields fluctuated in response to sticky inflation data, signs of moderating economic growth, developments in the banking sector and concerns over tightening credit conditions. The performance of U.S. spread sectors was rather flat overall, with better than consensus expected earnings and robust supply and demand providing support for investment grade and high yield corporate bonds.

•

In May 2023, U.S. spread sectors weakened on concerns surrounding U.S. debt ceiling negotiations and banking sector stress. Heightened U.S./China geopolitical tensions, speculation about Fed policy, the outlook for corporate earnings and the growing focus on the rise of artificial intelligence also drove market volatility.

•

At its policy meeting near the beginning of May, the Fed raised the federal funds rate by another 25 basis points, with policymakers signaling a willingness to pause further interest rate actions based on signs U.S. inflation was beginning to moderate and that tighter credit conditions from recent banking sector stress were “likely to weigh on economic activity, hiring, and inflation.”


		1

MARKET REVIEW

•

U.S. spread sectors broadly strengthened in June 2023, as investors priced in the view the U.S. would avoid recession and the Fed would stop tightening.

•

At its policy meeting that same month, the Fed opted for a hawkish pause. In other words, the Fed halted monetary policy action for the first time in more than a year but still maintained higher-for-longer messaging on interest rates.

•

According to the Fed’s median dot plot projection, which shows the interest rate projections of the members of the Federal Open Market Committee, policymakers increased their estimate for the peak federal funds rate at the end of 2023 from 5.1% to 5.6%.

•

During the Reporting Period, the U.S. Treasury yield curve generally maintained an inverted slope, meaning yields on shorter-term maturities were higher than those on longer-term maturities. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

•

Yields on maturities of five years and less climbed in response to the Fed’s hawkish monetary policy.

•

The seven- to 30-year portion of the U.S. Treasury yield curve ended the Reporting Period near where it started, though yields on maturities of 10 years and longer edged down as investors speculated the Fed was approaching the end of its interest rate hiking cycle.

•

The yield on the bellwether 10-year U.S. Treasury fell approximately seven basis points to end June 2023 at 3.81%.

•

The inversion in the U.S. Treasury yield curve between two-year and 30-year maturities increased during the Reporting Period. Historically, protracted yield curve inversions have preceded U.S. economic recessions.

•

During the Reporting Period overall, virtually all U.S. fixed income sectors broadly recorded gains on an absolute basis.

•

On a relative basis, U.S. corporate bonds, both high yield and investment grade, outperformed U.S. Treasury securities. In addition, emerging markets debt and municipal bonds outperformed U.S. Treasury securities. Securitized bonds overall, including U.S. mortgage-backed securities, commercial mortgage-backed securities and asset backed securities, more modestly outperformed U.S. Treasury securities during the Reporting Period.

Fund Changes and Highlights

No material changes were made to the Fund during the Reporting Period.


2

FUND BASICS

Core Fixed Income Fund

as of June 30, 2023

PERFORMANCE REVIEW



January 1, 2023 – June 30, 2023	Fund Total Return (based on NAV)¹			Bloomberg U.S. Aggregate Bond Index²
Institutional		2.50	%		2.09	%
Service		2.39			2.09

²	Bloomberg 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.


		3

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. Short-Term Investments represent investments in commercial paper. 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”), 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.


4

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

June 30, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Securities – 54.1%
	FHLMC
$	3,303		7.500	%		12/01/29		$	3,452
	996		5.000			10/01/33			994
	1,376		5.000			07/01/35			1,377
	1,963		5.000			12/01/35			1,961
	406		5.000			03/01/38			409
	894		5.000			06/01/41			899
	4,681		4.500			08/01/48			4,569
	5,433		4.500			11/01/48			5,303
	589,039		3.000			09/01/49			526,935
	427,945		4.000			03/01/50			407,463
	886,276		4.500			03/01/50			863,957
	297,112		3.000			10/01/50			264,579
	969,975		2.500			02/01/51			825,852
	1,949,481		2.000			05/01/51			1,592,304
	925,237		2.500			05/01/51			792,099
	922,397		2.500			05/01/51			783,679
	869,366		2.500			09/01/51			742,365
	3,941,743		2.000			03/01/52			3,213,391
	1,956,849		2.000			04/01/52			1,596,487
	777,357		4.500			04/01/52			748,732
	598,889		4.500			06/01/52			578,492
	406,984		6.000			12/01/52			419,361
	FNMA
	6		5.500			09/01/23			6
	6		5.500			10/01/23			6
	112		4.500			07/01/24			111
	895		9.000			11/01/25			900
	9,600		7.000			08/01/26			9,669
	2,964		8.000			10/01/29			3,070
	825		8.500			04/01/30			870
	1,554		8.000			05/01/30			1,592
	3,061		8.000			08/01/32			3,255
	3,789		4.500			08/01/39			3,715
	13,360		3.000			01/01/43			12,167
	7,229		3.000			01/01/43			6,580
	8,154		3.000			03/01/43			7,429
	20,835		3.000			03/01/43			18,891
	63,558		3.000			03/01/43			57,620
	18,587		3.000			04/01/43			16,849
	78,147		3.000			04/01/43			70,842
	15,148		3.000			04/01/43			13,731
	10,555		3.000			04/01/43			9,571
	8,163		3.000			04/01/43			7,415
	42,960		3.000			05/01/43			38,943
	39,021		3.000			05/01/43			35,367
	10,076		3.000			05/01/43			9,132
	283,448		4.000			12/01/44			272,007
	239,469		4.500			04/01/45			236,357
	29,711		4.500			05/01/45			29,306
	871,441		3.500			07/01/45			808,723
	569,721		4.000			08/01/45			546,726
	138,354		4.000			02/01/48			132,510
	162,866		4.000			03/01/48			155,987
	10,099		4.000			07/01/48			9,682


Mortgage-Backed Securities – (continued)
	FNMA – (continued)
	2,991		4.000			07/01/48			2,862
	276,012		4.500			07/01/48			269,406
	182,950		4.000			08/01/48			174,994
	147,758		5.000			11/01/48			148,011
	1,970,020		2.000			10/01/50			1,615,235
	596,758		3.000			10/01/50			531,415
	458,233		3.000			10/01/50			409,061
	604,063		3.000			10/01/50			539,242
	1,969,563		2.000			11/01/50			1,614,861
	76,721		2.500			03/01/51			65,825
	97,043		2.500			09/01/51			83,139
	388,244		2.500			10/01/51			332,496
	227,507		2.500			11/01/51			194,725
	176,240		2.500			11/01/51			150,880
	1,960,389		2.000			03/01/52			1,599,375
	1,991,997		2.500			04/01/52			1,689,015
	1,914,645		2.000			06/01/52			1,561,457
	1,504,250		6.000			11/01/52			1,539,654
	964,914		5.500			04/01/53			961,625
	3,000,000		3.500			TBA-30yr	^(a)		2,732,578
	4,000,000		4.000			TBA-30yr	^(a)		3,752,812
	10,000,000		5.000			TBA-30yr	^(a)		9,795,180
	1,004,382		3.500			09/01/62			901,651
	FNMA Series 2012-111, Class B
	5,045		7.000			10/25/42			5,414
	FNMA Series 2012-153, Class B
	13,641		7.000			07/25/42			14,676
	FTMA
	432,162		4.000			01/01/46			412,559
	GNMA
	1,467		7.000			11/15/25			1,471
	13		7.000			02/15/26			13
	472		7.000			04/15/26			473
	557		7.000			04/15/26			558
	640		7.000			03/15/27			643
	277		7.000			11/15/27			277
	1,408		7.000			11/15/27			1,434
	3,326		7.000			02/15/28			3,362
	537		7.000			04/15/28			538
	69		7.000			05/15/28			70
	1,399		7.000			06/15/28			1,419
	1,461		7.000			07/15/28			1,480
	618		7.000			07/15/28			629
	6,307		7.000			09/15/28			6,400
	45,387		6.000			08/20/34			46,229
	39,676		5.000			06/15/40			40,020
	166,581		4.000			08/20/43			160,349
	62,769		4.000			10/20/45			60,583
	187,900		3.500			04/20/47			175,659
	232,740		3.500			12/20/47			217,577
	957,071		4.000			07/20/48			916,571
	32,168		5.000			08/20/48			32,132
	103,423		4.500			09/20/48			101,243
	111,403		5.000			10/20/48			111,278


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Securities – (continued)
	GNMA – (continued)
$	309,390		5.000	%		11/20/48		$	309,044
	39,310		5.000			12/20/48			39,205
	240,670		4.500			01/20/49			235,446
	33,295		4.500			03/20/49			32,572
	672,746		3.000			08/20/49			607,282
	217,481		4.500			10/20/49			212,678
	434,663		3.000			03/20/50			391,827
	216,203		4.500			03/20/50			210,108
	677,772		3.500			02/20/51			632,349
	105,468		2.500			06/20/51			90,262
	127,438		2.500			09/20/51			109,065
	271,634		2.500			09/20/51			233,491
	80,273		2.500			09/20/51			69,001
	206,988		2.500			10/20/51			177,147
	861,176		3.000			11/20/51			771,744
	109,378		2.500			12/20/51			93,574
	82,593		2.500			01/20/52			70,659
	998,268		2.500			01/20/52			853,410
	519,100		3.000			02/20/52			464,130
	973,393		4.500			09/20/52			939,717
	967,018		4.500			10/20/52			933,865
	1,000,000		2.000			TBA-30yr	^(a)		839,978
	1,000,000		4.000			TBA-30yr	^(a)		945,528
	1,000,000		4.500			TBA-30yr	^(a)		964,864
	2,000,000		5.000			TBA-30yr	^(a)		1,965,088
	4,000,000		5.500			TBA-30yr	^(a)		3,982,401
	GNMA Series 2021-135, Class A
	1,003,827		2.000			08/20/51			834,442

	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $67,415,822)							$	65,881,122



Corporate Bonds – 28.1%
Aerospace/Defense – 0.8%
	Boeing Co. (The)
$	50,000		3.450	%^(b)		11/01/28		$	45,389
	25,000		5.150	^(b)		05/01/30			24,762
	25,000		3.250	^(b)		02/01/35			20,266
	325,000		5.705	^(b)		05/01/40			324,063
	100,000		5.805	^(b)		05/01/50			99,459
	Lockheed Martin Corp.^(b)
	150,000		5.250			01/15/33			155,509
	Northrop Grumman Corp.
	50,000		2.930	^(b)		01/15/25			48,068
	75,000		3.250	^(b)		01/15/28			70,142
	25,000		4.750			06/01/43			23,389
	50,000		5.250	^(b)		05/01/50			50,925
	Raytheon Technologies Corp.
	50,000		3.950	^(b)		08/16/25			48,987
	50,000		4.125	^(b)		11/16/28			48,158
	25,000		4.050	^(b)		05/04/47			21,247

									980,364


Corporate Bonds – (continued)
Agriculture – 0.4%
	Archer-Daniels-Midland Co.
	25,000		3.250	%^(b)		03/27/30			22,930
	100,000		2.900	^(b)		03/01/32			87,087
	Cargill, Inc.^(b)(c)
	200,000		4.750			04/24/33			197,051
	Philip Morris International, Inc.
	50,000		5.625	^(b)		11/17/29			50,946
	100,000		5.750	^(b)		11/17/32			102,482

									460,496

Auto Manufacturers – 0.5%
	General Motors Co.
	25,000		4.000			04/01/25			24,297
	General Motors Financial Co., Inc.
	125,000		4.300	^(b)		07/13/25			121,263
	125,000		1.500	^(b)		06/10/26			110,539
	125,000		2.350	^(b)		01/08/31			98,118
	358,000		2.700	^(b)		06/10/31			285,418

									639,635

Banks – 6.1%
	Bank of America Corp.
	(SOFR + 1.29%)
	140,000		5.080	^(b)(d)		01/20/27			138,368
	(3M U.S. T-Bill MMY + 1.30%)
	85,000		3.419	^(b)(d)		12/20/28			78,145
	(SOFR + 1.63%)
	370,000		5.202	^(b)(d)		04/25/29			366,032
	(SOFR + 2.15%)
	175,000		2.592	^(b)(d)		04/29/31			147,066
	(SOFR + 1.22%)
	110,000		2.299	^(b)(d)		07/21/32			87,936
	(SOFR + 1.83%)
	390,000		4.571	^(b)(d)		04/27/33			366,479
	(US 5 Year CMT T-Note + 1.20%)
	100,000		2.482	^(b)(d)		09/21/36			76,368
	Bank of America Corp.^(d), GMTN
	(3M U.S. T-Bill MMY + 1.63%)
	25,000		3.593			07/21/28			23,290
	Bank of America Corp.^(b), Series L
	25,000		4.183			11/25/27			23,758
	Bank of America Corp., MTN
	45,000		3.248	^(b)		10/21/27			41,924
	(3M U.S. T-Bill MMY + 1.84%)
	75,000		3.824	^(b)(d)		01/20/28			71,016
	(SOFR + 1.05%)
	400,000		2.551	^(b)(d)		02/04/28			361,060
	(SOFR + 2.04%)
	305,000		4.948	^(b)(d)		07/22/28			299,588
	(3M U.S. T-Bill MMY + 1.57%)
	50,000		4.271	^(b)(d)		07/23/29			47,421
	(3M U.S. T-Bill MMY + 1.45%)
	50,000		2.884	^(b)(d)		10/22/30			43,062


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)
	Bank of America Corp., MTN – (continued)
	(SOFR + 1.53%)
$	50,000		1.898	%^(b)(d)		07/23/31	$	39,803
	(SOFR + 1.33%)
	75,000		2.972	^(b)(d)		02/04/33		62,442
	(SOFR + 2.16%)
	73,000		5.015	^(b)(d)		07/22/33		71,257
	Bank of New York Mellon Corp. (The)^(b)(d)
	(SOFR + 1.76%)
	20,000		4.596			07/26/30		19,292
	Citigroup, Inc.
	220,000		3.400			05/01/26		209,262
	150,000		4.450			09/29/27		143,237
	(SOFR + 1.42%)
	75,000		2.976	^(b)(d)		11/05/30		65,128
	(SOFR + 1.35%)
	200,000		3.057	^(b) (d)		01/25/33		166,823
	(SOFR + 2.09%)
	165,000		4.910	^(b)(d)		05/24/33		159,558
	Fifth Third Bancorp^(b)
	30,000		2.375			01/28/25		28,153
	Huntington Bancshares, Inc.^(b)
	50,000		4.000			05/15/25		47,923
	JPMorgan Chase & Co.
	(3M U.S. T-Bill MMY + 1.15%)
	25,000		3.797	^(b)(d)		07/23/24		24,968
	(3M U.S. T-Bill MMY + 1.26%)
	50,000		4.023	^(b)(d)		12/05/24		49,561
	(SOFR + 1.16%)
	125,000		2.301	^(b)(d)		10/15/25		119,159
	(3M U.S. T-Bill MMY + 1.51%)
	100,000		3.960	^(b)(d)		01/29/27		96,257
	15,000		3.625	^(b)		12/01/27		14,078
	(3M U.S. T-Bill MMY + 1.60%)
	972,000		3.782	^(b)(d)		02/01/28		926,372
	(3M U.S. T-Bill MMY + 0.95%)
	45,000		3.509	^(b)(d)		01/23/29		41,673
	(3M U.S. T-Bill MMY + 3.79%)
	25,000		4.493	^(b)(d)		03/24/31		24,014
	(SOFR + 2.04%)
	25,000		2.522	^(b)(d)		04/22/31		21,173
	(SOFR + 1.26%)
	150,000		2.963	^(b)(d)		01/25/33		126,443
	(SOFR + 2.08%)
	165,000		4.912	^(b)(d)		07/25/33		161,318
	JPMorgan Chase & Co.^(b)(d), Series HH
	(SOFR + 3.13%)
	74,000		4.600			08/01/69		69,068
	Morgan Stanley
	25,000		3.625			01/20/27		23,749
	(SOFR + 1.30%)
	213,000		5.050	^(b)(d)		01/28/27		211,207
	20,000		3.950			04/23/27		18,948
	(SOFR + 1.00%)
	200,000		2.475	^(b)(d)		01/21/28		180,591


Corporate Bonds – (continued)
Banks – (continued)
	Morgan Stanley – (continued)
	(SOFR + 1.59%)
	305,000		5.164	%^(b)(d)		04/20/29		301,643
	(SOFR + 2.08%)
	165,000		4.889	^(b)(d)		07/20/33		158,706
	(SOFR + 1.36%)
	150,000		2.484	^(b)(d)		09/16/36		113,535
	Morgan Stanley, GMTN
	(3M U.S. T-Bill MMY + 1.89%)
	25,000		4.431	^(b)(d)		01/23/30		23,809
	(SOFR + 1.14%)
	400,000		2.699	^(b)(d)		01/22/31		340,503
	Morgan Stanley, MTN
	(SOFR + 1.15%)
	75,000		2.720	^(b)(d)		07/22/25		72,323
	(SOFR + 3.12%)
	50,000		3.622	^(b)(d)		04/01/31		45,086
	(SOFR + 1.03%)
	75,000		1.794	^(b)(d)		02/13/32		58,188
	Truist Financial Corp.^(b)(d), MTN
	(SOFR + 2.05%)
	50,000		6.047			06/08/27		50,027
	US Bancorp^(b)(d)
	(SOFR + 2.02%)
	145,000		5.775			06/12/29		144,943
	Wells Fargo & Co.
	175,000		3.000			10/23/26		162,612
	Wells Fargo & Co., GMTN
	50,000		4.300			07/22/27		47,996
	Wells Fargo & Co., MTN
	25,000		3.750	^(b)		01/24/24		24,703
	(SOFR + 1.98%)
	215,000		4.808	^(b)(d)		07/25/28		210,223
	(SOFR + 2.10%)
	408,000		4.897	^(b)(d)		07/25/33		391,103
	(3M U.S. T-Bill MMY + 4.50%)
	25,000		5.013	^(b)(d)		04/04/51		23,213

								7,461,583

Beverages – 0.5%
	Constellation Brands, Inc.
	50,000		4.400	^(b)		11/15/25		48,981
	50,000		3.600	^(b)		02/15/28		46,964
	25,000		3.150	^(b)		08/01/29		22,572
	100,000		2.250	^(b)		08/01/31		81,810
	90,000		4.750	^(b)		05/09/32		87,340
	Keurig Dr Pepper, Inc.
	225,000		4.597	^(b)		05/25/28		220,492
	25,000		3.800	^(b)		05/01/50		19,733
	100,000		4.500	^(b)		04/15/52		88,098

								615,990

Biotechnology – 0.6%
	Amgen, Inc.
	70,000		3.125	^(b)		05/01/25		67,080
	239,000		5.250	^(b)		03/02/30		239,643


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, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Bonds – (continued)
Biotechnology – (continued)
	Amgen, Inc. – (continued)
$	100,000		4.200	%^(b)		03/01/33	$	93,319
	238,000		5.250	^(b)		03/02/33		238,240
	Royalty Pharma PLC^(b)
	75,000		1.200			09/02/25		67,730

								706,012

Building Materials – 0.3%
	Carrier Global Corp.
	150,000		2.493	^(b)		02/15/27		136,821
	75,000		2.722	^(b)		02/15/30		64,636
	Johnson Controls International PLC / Tyco Fire & Security Finance SCA^(b)
	25,000		4.900			12/01/32		24,784
	Martin Marietta Materials, Inc.^(b)
	175,000		3.200			07/15/51		122,026
	Masco Corp.^(b)
	50,000		1.500			02/15/28		42,585

								390,852

Chemicals – 0.3%
	DuPont de Nemours, Inc.^(b)
	50,000		4.493			11/15/25		48,981
	Ecolab, Inc.^(b)
	4,000		2.750			08/18/55		2,568
	Huntsman International LLC^(b)
	25,000		4.500			05/01/29		22,890
	International Flavors & Fragrances, Inc.
	75,000		1.832	^(b)(c)		10/15/27		63,263
	150,000		2.300	^(b)(c)		11/01/30		118,875
	50,000		3.268	^(b)(c)		11/15/40		35,012
	Sherwin-Williams Co. (The)
	25,000		3.450	^(b)		06/01/27		23,580
	50,000		2.950	^(b)		08/15/29		44,219

								359,388

Commercial Services – 0.5%
	CoStar Group, Inc.^(b)(c)
	100,000		2.800			07/15/30		82,972
	Emory University,^(b) Series 2020
	140,000		2.143			09/01/30		117,560
	Global Payments, Inc.^(b)
	50,000		2.650			02/15/25		47,444
	PayPal Holdings, Inc.
	150,000		1.650	^(b)		06/01/25		140,397
	75,000		2.650	^(b)		10/01/26		69,742
	25,000		2.850	^(b)		10/01/29		22,197
	S&P Global, Inc.^(b)
	75,000		4.250			05/01/29		73,163

								553,475

Computers – 0.6%
	Apple, Inc.^(b)
	325,000		2.450			08/04/26		304,490


Corporate Bonds – (continued)
Computers – (continued)
	Dell International LLC / EMC Corp.
	52,000		5.850	%^(b)		07/15/25		52,186
	125,000		6.020	^(b)		06/15/26		126,794
	25,000		5.300	^(b)		10/01/29		24,803
	Hewlett Packard Enterprise Co.
	150,000		4.450	^(b)		10/02/23		149,415
	45,000		4.900	^(b)		10/15/25		44,388

								702,076

Cosmetics / Personal Care – 0.1%
	Colgate-Palmolive Co.^(b)
	100,000		3.250			08/15/32		91,742

Diversified Financial Services – 0.5%
	Air Lease Corp.^(b)
	75,000		3.375			07/01/25		70,925
	Air Lease Corp.^(b), GMTN
	75,000		3.750			06/01/26		70,941
	Air Lease Corp., MTN
	75,000		2.300	^(b)		02/01/25		70,622
	75,000		2.875	^(b)		01/15/26		69,445
	Ally Financial, Inc.^(b)
	25,000		1.450			10/02/23		24,642
	American Express Co.
	20,000		2.500	^(b)		07/30/24		19,338
	25,000		3.625	^(b)		12/05/24		24,289
	Aviation Capital Group LLC^(b)(c)
	50,000		1.950			01/30/26		44,508
	Capital One Financial Corp.^(b)
	45,000		3.300			10/30/24		43,237
	Discover Financial Services^(b)
	75,000		3.750			03/04/25		71,666
	Intercontinental Exchange, Inc.^(b)
	50,000		3.000			06/15/50		34,685
	Mastercard, Inc.^(b)
	25,000		3.300			03/26/27		23,881
	Nuveen LLC^(b)(c)
	25,000		4.000			11/01/28		23,594

								591,773

Electric – 1.2%
	American Electric Power Co., Inc.^(b)
	50,000		2.300			03/01/30		41,537
	Arizona Public Service Co.^(b)
	45,000		2.950			09/15/27		40,937
	Avangrid, Inc.^(b)
	25,000		3.200			04/15/25		23,790
	Berkshire Hathaway Energy Co.
	25,000		3.250	^(b)		04/15/28		23,001
	50,000		3.700	^(b)		07/15/30		45,887
	Dominion Energy, Inc.^(e)
	50,000		3.071			08/15/24		48,307
	Dominion Energy, Inc.^(b), Series C
	25,000		3.375			04/01/30		22,378


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)
Electric – (continued)
	Entergy Corp.^(b)
$	45,000		2.950	%		09/01/26	$	41,554
	Exelon Corp.
	50,000		4.050	^(b)		04/15/30		46,867
	25,000		4.700	^(b)		04/15/50		22,138
	FirstEnergy Corp.^(b)
	100,000		2.650			03/01/30		84,596
	FirstEnergy Corp.^(b), Series B
	50,000		2.250			09/01/30		40,437
	Florida Power & Light Co.^(b)
	68,000		4.125			02/01/42		59,672
	MidAmerican Energy Co.^(b)
	25,000		3.650			04/15/29		23,241
	NextEra Energy Capital Holdings, Inc.^(b)
	70,000		1.900			06/15/28		60,012
	NRG Energy, Inc.^(b)(c)
	75,000		3.750			06/15/24		72,480
	Ohio Power Co.^(b), Series P
	25,000		2.600			04/01/30		21,450
	Pacific Gas and Electric Co.
	25,000		2.100	^(b)		08/01/27		21,441
	50,000		2.500	^(b)		02/01/31		39,223
	25,000		3.300	^(b)		08/01/40		16,873
	25,000		3.500	^(b)		08/01/50		15,945
	Progress Energy, Inc.
	95,000		7.000			10/30/31		103,979
	Southern California Edison Co.^(b), Series A
	50,000		4.200			03/01/29		47,538
	Southern Co. (The)^(b)
	60,000		3.250			07/01/26		56,489
	Virginia Electric and Power Co.^(b)
	75,000		2.450			12/15/50		45,043
	Vistra Operations Co. LLC^(b)(c)
	125,000		3.550			07/15/24		120,728
	Xcel Energy, Inc.^(b)
	250,000		3.350			12/01/26		234,719

								1,420,262

Entertainment – 0.5%
	Warnermedia Holdings, Inc.
	250,000		4.054	^(b)		03/15/29		228,470
	375,000		4.279	^(b)		03/15/32		332,275

								560,745

Environmental Control – 0.3%
	Republic Services, Inc.
	75,000		2.500	^(b)		08/15/24		72,370
	100,000		1.750	^(b)		02/15/32		78,462
	Waste Connections, Inc.^(b)
	51,000		4.200			01/15/33		47,941
	Waste Management, Inc.
	75,000		3.150	^(b)		11/15/27		70,384
	50,000		1.150	^(b)		03/15/28		42,592
	50,000		4.150	^(b)		04/15/32		47,629

								359,378


Corporate Bonds – (continued)
Food – 0.2%
	General Mills, Inc.^(b)
	75,000		4.200			04/17/28		72,859
	Kraft Heinz Foods Co.^(b)
	95,000		3.750			04/01/30		88,198
	Mars, Inc.
	25,000		2.700	^(b)(c)		04/01/25		23,844
	25,000		3.200	^(b)(c)		04/01/30		22,641
	Sysco Corp.^(b)
	25,000		6.600			04/01/50		28,503
	Tyson Foods, Inc.
	50,000		3.900			09/28/23		49,827

								285,872

Gas – 0.1%
	East Ohio Gas Co. (The)
	25,000		1.300	^(b)(c)		06/15/25		22,915
	25,000		2.000	^(b)(c)		06/15/30		20,126
	NiSource, Inc.
	95,000		3.490	^(b)		05/15/27		89,519
	25,000		3.600	^(b)		05/01/30		22,521

								155,081

Hand/Machine Tools – 0.0%
	Stanley Black & Decker, Inc.^(b)
	24,000		4.250			11/15/28		22,861

Healthcare – Products – 0.4%
	DH Europe Finance II Sarl
	75,000		2.200	^(b)		11/15/24		71,795
	25,000		2.600	^(b)		11/15/29		22,008
	75,000		3.250	^(b)		11/15/39		61,104
	GE Healthcare Technologies, Inc.^(b)
	100,000		6.377			11/22/52		111,225
	STERIS Irish FinCo UnLtd Co.^(b)
	75,000		2.700			03/15/31		62,618
	Stryker Corp.^(b)
	100,000		1.950			06/15/30		83,586
	Thermo Fisher Scientific, Inc.^(b)
	25,000		1.750			10/15/28		21,539

								433,875

Healthcare – Services – 1.6%
	Adventist Health System^(b)
	30,000		2.952			03/01/29		26,256
	Banner Health^(b)
	120,000		2.338			01/01/30		102,103
	Baylor Scott & White Holdings,^(b) Series 2021
	40,000		1.777			11/15/30		31,809
	Centene Corp.
	150,000		4.250	^(b)		12/15/27		140,359
	110,000		2.625	^(b)		08/01/31		87,637
	CommonSpirit Health^(b)
	225,000		6.461			11/01/52		255,898
	HCA, Inc.^(b)
	80,000		3.500			09/01/30		70,076


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, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Bonds – (continued)
Healthcare – Services – (continued)
	Humana, Inc.^(b)
$	50,000		5.500	%		03/15/53	$	49,780
	Rush Obligated Group,^(b) Series 2020
	60,000		3.922			11/15/29		55,288
	Stanford Health Care,^(b) Series 2020
	40,000		3.310			08/15/30		35,933
	Sutter Health,^(b) Series 20A
	40,000		2.294			08/15/30		33,067
	UnitedHealth Group, Inc.
	275,000		5.300	^(b)		02/15/30		281,506
	525,000		5.350	^(b)		02/15/33		545,448
	100,000		5.875	^(b)		02/15/53		110,932
	168,000		5.050	^(b)		04/15/53		166,779

								1,992,871

Home Builders – 0.1%
	Lennar Corp.^(b)
	70,000		4.750			11/29/27		68,065

Insurance – 0.2%
	American International Group, Inc.
	25,000		3.400			06/30/30		22,157
	Arch Capital Group US, Inc.
	36,000		5.144			11/01/43		32,712
	Berkshire Hathaway Finance Corp.^(b)
	75,000		1.850			03/12/30		63,765
	Marsh & McLennan Cos., Inc.^(b)
	50,000		4.375			03/15/29		48,584
	Principal Financial Group, Inc.
	50,000		3.100	^(b)		11/15/26		46,218
	75,000		2.125	^(b)		06/15/30		60,930
	Willis North America, Inc.^(b)
	25,000		2.950			09/15/29		21,550

								295,916

Internet – 0.7%
	Amazon.com, Inc.
	335,000		5.200	^(b)		12/03/25		336,008
	45,000		4.800	^(b)		12/05/34		45,968
	15,000		3.875	^(b)		08/22/37		13,697
	50,000		3.100	^(b)		05/12/51		37,259
	Expedia Group, Inc.
	14,000		4.625	^(b)		08/01/27		13,585
	35,000		3.800	^(b)		02/15/28		32,768
	14,000		2.950	^(b)		03/15/31		11,849
	Meta Platforms, Inc.
	250,000		3.500	^(b)		08/15/27		237,372
	88,000		3.850	^(b)		08/15/32		81,734
	Netflix, Inc.^(b)(c)
	90,000		4.875			06/15/30		88,693

								898,933

Iron/Steel – 0.1%
	Steel Dynamics, Inc.
	20,000		2.400	^(b)		06/15/25		18,702


Corporate Bonds – (continued)
Iron/Steel – (continued)
	Steel Dynamics, Inc. – (continued)
	50,000		1.650	%^(b)		10/15/27		42,709

								61,411

Lodging – 0.2%
	Hyatt Hotels Corp.^(b)
	75,000		1.800			10/01/24		71,491
	Marriott International, Inc.^(b)
	125,000		5.000			10/15/27		124,086
	Marriott International, Inc.^(b), Series HH
	125,000		2.850			04/15/31		105,110

								300,687

Machinery-Diversified – 0.1%
	Otis Worldwide Corp.
	25,000		2.293	^(b)		04/05/27		22,699
	150,000		2.565	^(b)		02/15/30		129,354

								152,053

Media – 0.8%
	Charter Communications Operating LLC / Charter Communications Operating Capital^(b)
	320,000		4.908			07/23/25		313,810
	Comcast Corp.
	45,000		3.375	^(b)		08/15/25		43,445
	50,000		3.950	^(b)		10/15/25		48,723
	25,000		3.300	^(b)		02/01/27		23,734
	75,000		3.300	^(b)		04/01/27		70,940
	225,000		3.150	^(b)		02/15/28		210,014
	125,000		4.150	^(b)		10/15/28		121,122
	25,000		3.750	^(b)		04/01/40		21,061
	25,000		4.700	^(b)		10/15/48		23,508
	Fox Corp.
	25,000		4.030	^(b)		01/25/24		24,724
	25,000		4.709	^(b)		01/25/29		24,312
	Walt Disney Co. (The)^(b)
	25,000		3.700			09/15/24		24,475

								949,868

Mining – 0.1%
	Newmont Corp.^(b)
	75,000		2.250			10/01/30		61,588

Miscellaneous Manufacturing – 0.2%
	Eaton Corp.^(b)
	175,000		4.150			03/15/33		166,231
	General Electric Co., MTN
	50,000		6.750			03/15/32		56,402

								222,633

Oil & Gas – 0.1%
	Occidental Petroleum Corp.
	69,000		7.875			09/15/31		76,959
	Phillips 66^(b)
	25,000		1.300			02/15/26		22,614

								99,573


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)
Packaging & Containers – 0.0%
	Berry Global, Inc.^(b)
$	50,000		1.570	%		01/15/26	$	45,127

Pharmaceuticals – 1.6%
	AbbVie, Inc.
	49,000		4.300	^(b)		05/14/36		45,055
	125,000		4.050	^(b)		11/21/39		108,796
	148,000		4.250	^(b)		11/21/49		127,527
	AmerisourceBergen Corp.^(b)
	75,000		3.450			12/15/27		70,209
	Becton Dickinson and Co.
	12,000		3.363	^(b)		06/06/24		11,745
	100,000		2.823	^(b)		05/20/30		87,427
	Bristol-Myers Squibb Co.
	75,000		2.950	^(b)		03/15/32		66,245
	25,000		4.250	^(b)		10/26/49		22,193
	Cigna Group (The)
	50,000		2.400	^(b)		03/15/30		42,479
	250,000		2.375	^(b)		03/15/31		209,825
	125,000		4.800	^(b)		08/15/38		117,989
	75,000		4.900	^(b)		12/15/48		69,757
	CVS Health Corp.
	25,000		2.625	^(b)		08/15/24		24,180
	350,000		2.125	^(b)		09/15/31		280,922
	175,000		4.780	^(b)		03/25/38		161,320
	7,000		5.125	^(b)		07/20/45		6,469
	Pfizer Investment Enterprises Pte Ltd.^(b)
	275,000		4.750			05/19/33		274,078
	Pfizer, Inc.^(b)
	75,000		3.450			03/15/29		70,598
	Zoetis, Inc.
	45,000		3.000	^(b)		09/12/27		41,918
	150,000		2.000	^(b)		05/15/30		125,192

								1,963,924

Pipelines – 1.2%
	Cheniere Energy Partners LP^(b)(c)
	75,000		5.950			06/30/33		75,303
	Energy Transfer LP
	15,000		4.250	^(b)		04/01/24		14,772
	50,000		2.900	^(b)		05/15/25		47,464
	25,000		5.250	^(b)		04/15/29		24,403
	275,000		5.750	^(b)		02/15/33		276,746
	5,000		6.000	^(b)		06/15/48		4,747
	Energy Transfer LP,^(b) Series 5Y
	75,000		4.200			09/15/23		74,737
	Kinder Morgan, Inc.^(b)
	275,000		4.300			03/01/28		263,194
	MPLX LP
	75,000		2.650	^(b)		08/15/30		62,819
	35,000		4.500	^(b)		04/15/38		30,162
	25,000		5.500	^(b)		02/15/49		22,781
	Plains All American Pipeline LP / PAA Finance Corp.
	35,000		3.850	^(b)		10/15/23		34,777
	25,000		3.800	^(b)		09/15/30		22,199


Corporate Bonds – (continued)
Pipelines – (continued)
	Sabine Pass Liquefaction LLC
	75,000		5.625	%^(b)		03/01/25		74,750
	75,000		5.000	^(b)		03/15/27		73,844
	Targa Resources Corp.^(b)
	55,000		4.200			02/01/33		48,765
	Western Midstream Operating LP
	75,000		3.350	^(b)		02/01/25		71,748
	25,000		5.450	^(b)		04/01/44		21,235
	20,000		5.300	^(b)		03/01/48		16,735
	Williams Cos., Inc. (The)
	25,000		3.900	^(b)		01/15/25		24,296
	35,000		4.000	^(b)		09/15/25		33,815
	125,000		5.650	^(b)		03/15/33		126,708

								1,446,000

Real Estate Investment Trusts – 1.4%
	Agree LP^(b)
	170,000		4.800			10/01/32		158,043
	Alexandria Real Estate Equities, Inc.^(b)
	25,000		3.375			08/15/31		21,451
	American Homes 4 Rent LP
	50,000		4.900	^(b)		02/15/29		47,935
	30,000		2.375	^(b)		07/15/31		23,887
	American Tower Corp.
	75,000		3.375	^(b)		05/15/24		73,406
	100,000		2.400	^(b)		03/15/25		94,275
	75,000		2.100	^(b)		06/15/30		60,741
	Crown Castle, Inc.
	85,000		3.150	^(b)		07/15/23		84,924
	60,000		3.650	^(b)		09/01/27		56,088
	CubeSmart LP
	45,000		4.000	^(b)		11/15/25		42,686
	60,000		2.500	^(b)		02/15/32		47,652
	Essex Portfolio LP^(b)
	50,000		3.000			01/15/30		42,794
	Healthcare Realty Holdings LP^(b)
	25,000		2.050			03/15/31		18,621
	Host Hotels & Resorts LP,^(b) Series J
	42,000		2.900			12/15/31		33,172
	Invitation Homes Operating Partnership LP
	75,000		2.300	^(b)		11/15/28		63,836
	195,000		2.000	^(b)		08/15/31		151,198
	Kilroy Realty LP^(b)
	20,000		4.750			12/15/28		17,725
	Mid-America Apartments L.P.^(b)
	50,000		1.700			02/15/31		39,570
	National Retail Properties, Inc.
	35,000		3.900	^(b)		06/15/24		34,274
	45,000		4.000	^(b)		11/15/25		42,835
	Prologis L.P.
	25,000		1.750	^(b)		07/01/30		20,110
	125,000		4.625	^(b)		01/15/33		122,116
	Realty Income Corp.^(b)
	25,000		3.950			08/15/27		23,766


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, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Bonds – (continued)
Real Estate Investment Trusts – (continued)
	Regency Centers LP^(b)
$	100,000		2.950	%		09/15/29	$	85,755
	Spirit Realty LP^(b)
	75,000		3.400			01/15/30		63,951
	UDR, Inc., MTN
	25,000		2.100	^(b)		08/01/32		19,010
	100,000		1.900	^(b)		03/15/33		73,938
	Ventas Realty LP^(b)
	45,000		3.500			02/01/25		43,098
	WP Carey, Inc.
	20,000		4.600	^(b)		04/01/24		19,725
	30,000		4.000	^(b)		02/01/25		29,122
	25,000		3.850	^(b)		07/15/29		22,645
	25,000		2.400	^(b)		02/01/31		20,067

								1,698,416

Retail – 1.3%
	7-Eleven, Inc.^(b)(c)
	100,000		1.300			02/10/28		84,493
	AutoNation, Inc.
	83,000		4.500	^(b)		10/01/25		79,956
	25,000		1.950	^(b)		08/01/28		20,423
	Dollar Tree, Inc.
	50,000		4.000	^(b)		05/15/25		48,443
	50,000		4.200	^(b)		05/15/28		47,397
	Home Depot, Inc. (The)
	25,000		3.900	^(b)		12/06/28		24,196
	150,000		3.250	^(b)		04/15/32		134,793
	25,000		4.250	^(b)		04/01/46		22,169
	Lowe’s Cos., Inc.
	25,000		3.100	^(b)		05/03/27		23,348
	75,000		1.700	^(b)		09/15/28		63,771
	300,000		3.750	^(b)		04/01/32		271,253
	375,000		5.000	^(b)		04/15/33		370,942
	25,000		3.000	^(b)		10/15/50		16,379
	50,000		4.250	^(b)		04/01/52		40,798
	McDonald’s Corp., MTN
	79,000		4.600	^(b)		09/09/32		78,248
	25,000		4.200	^(b)		04/01/50		21,625
	Starbucks Corp.
	75,000		3.800	^(b)		08/15/25		72,639
	100,000		4.000	^(b)		11/15/28		95,985
	68,000		3.000	^(b)		02/14/32		59,037
	Tractor Supply Co.^(b)
	50,000		1.750			11/01/30		39,637
	Walgreens Boots Alliance, Inc.^(b)
	41,000		4.100			04/15/50		29,194

								1,644,726

Semiconductors – 0.6%
	Applied Materials, Inc.^(b)
	25,000		1.750			06/01/30		20,884
	Broadcom, Inc.
	74,000		4.150	^(b)(c)		04/15/32		67,008
	100,000		3.419	^(b)(c)		04/15/33		83,718


Corporate Bonds – (continued)
Semiconductors – (continued)
	Broadcom, Inc. – (continued)
	50,000		3.469	%^(b)(c)		04/15/34		40,981
	162,000		3.137	^(b)(c)		11/15/35		124,170
	100,000		3.500	^(b)(c)		02/15/41		74,857
	Intel Corp.
	175,000		5.200	^(b)		02/10/33		176,631
	75,000		3.050	^(b)		08/12/51		50,277
	Micron Technology, Inc.^(b)
	50,000		2.703			04/15/32		39,483

								678,009

Software – 1.6%
	Adobe, Inc.
	50,000		2.150	^(b)		02/01/27		45,965
	75,000		2.300	^(b)		02/01/30		65,802
	Fiserv, Inc.
	100,000		2.750	^(b)		07/01/24		97,035
	25,000		4.200	^(b)		10/01/28		23,955
	Intuit, Inc.^(b)
	25,000		1.350			07/15/27		21,914
	Oracle Corp.
	150,000		4.500	^(b)		05/06/28		145,976
	34,000		2.950	^(b)		04/01/30		29,681
	175,000		4.650	^(b)		05/06/30		169,263
	275,000		2.875	^(b)		03/25/31		234,372
	250,000		6.250	^(b)		11/09/32		265,238
	157,000		4.900	^(b)		02/06/33		152,413
	225,000		6.900	^(b)		11/09/52		252,128
	50,000		3.850	^(b)		04/01/60		35,075
	Roper Technologies, Inc.^(b)
	50,000		4.200			09/15/28		48,069
	ServiceNow, Inc.^(b)
	125,000		1.400			09/01/30		99,050
	Take-Two Interactive Software, Inc.^(b)
	85,000		3.700			04/14/27		80,525
	VMware, Inc.
	25,000		1.800	^(b)		08/15/28		20,999
	100,000		2.200	^(b)		08/15/31		78,580
	Workday, Inc.
	75,000		3.500	^(b)		04/01/27		71,088
	25,000		3.800	^(b)		04/01/32		22,497

								1,959,625

Telecommunications – 1.9%
	AT&T, Inc.
	288,000		2.300	^(b)		06/01/27		259,156
	150,000		4.350	^(b)		03/01/29		144,032
	50,000		2.750	^(b)		06/01/31		42,198
	478,000		2.550	^(b)		12/01/33		374,080
	25,000		4.900	^(b)		08/15/37		23,454
	60,000		4.850	^(b)		03/01/39		55,279
	75,000		3.500	^(b)		06/01/41		57,622
	25,000		4.350	^(b)		06/15/45		20,946
	25,000		5.150	^(b)		11/15/46		23,270


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Bonds – (continued)
Telecommunications – (continued)
	AT&T, Inc. – (continued)
$	25,000		4.500	%^(b)		03/09/48	$	21,157
	25,000		3.650	^(b)		06/01/51		18,343
	25,000		3.500	^(b)		09/15/53		17,699
	T-Mobile USA, Inc.
	49,000		3.500	^(b)		04/15/25		47,147
	75,000		1.500	^(b)		02/15/26		67,813
	153,000		3.750	^(b)		04/15/27		144,943
	25,000		4.750	^(b)		02/01/28		24,301
	175,000		2.050	^(b)		02/15/28		152,008
	83,000		3.875	^(b)		04/15/30		76,510
	75,000		2.875	^(b)		02/15/31		63,594
	75,000		3.500	^(b)		04/15/31		66,148
	500,000		5.200	^(b)		01/15/33		496,851
	25,000		3.000	^(b)		02/15/41		18,255
	Verizon Communications, Inc.
	108,000		4.329			09/21/28		104,065
	50,000		2.550	^(b)		03/21/31		41,759

								2,360,630

Transportation – 0.4%
	Burlington Northern Santa Fe LLC^(b)
	25,000		4.050			06/15/48		21,399
	CSX Corp.
	175,000		3.800	^(b)		03/01/28		167,112
	100,000		4.100	^(b)		11/15/32		94,622
	FedEx Corp.
	45,000		3.400	^(b)		02/15/28		41,906
	75,000		5.250	^(b)		05/15/50		72,068
	Union Pacific Corp.^(b)
	125,000		2.800			02/14/32		107,852

								504,959

	TOTAL CORPORATE BONDS
	(Cost $36,790,456)						$	34,196,474



Asset-Backed Securities – 6.7%
Collateralized Loan Obligations – 3.3%
	Cathedral Lake VIII Ltd., Series 2021-8A, Class C^(c)(d)
	(3 Mo. LIBOR + 2.620%) (Cayman Islands)
$	200,000		7.870	%		01/20/35	$	192,171
	CBAM Ltd., Series 2018-5A, Class A^(c)(d)
	(3 Mo. LIBOR + 1.020%) (Cayman Islands)
	525,000		6.280			04/17/31		518,759
	CFIP CLO Ltd., Series 2021-1A, Class A^(c)(d)
	(3 Mo. LIBOR + 1.220%) (Cayman Islands)
	700,000		6.470			01/20/35		681,141
	CFIP CLO Ltd., Series 2021-1A, Class C1^(c)(d)
	(3 Mo. LIBOR + 2.400%) (Cayman Islands)
	300,000		7.650			01/20/35		284,666
	Crown City CLO I, Series 2020-1A, Class A1AR^(c)(d)
	(3 Mo. LIBOR + 1.190%) (Cayman Islands)
	250,000		6.440			07/20/34		244,603


Asset-Backed Securities – (continued)
Collateralized Loan Obligations – (continued)
	Diameter Capital CLO 1 Ltd., Series 2021-1A, Class A1A^(c)(d)
	(3 Mo. LIBOR + 1.240%)
	425,000		6.500			07/15/36		417,102
	HalseyPoint CLO Ltd., Series 2020-3A, Class A1A^(c)(d)
	(3M USD LIBOR + 1.450%) (Cayman Islands)
	250,000		6.749			11/30/32		247,697
	Jamestown CLO XV Ltd., Series 2020-15A, Class A^(c)(d)
	(3 Mo. LIBOR + 1.340%) (Cayman Islands)
	300,000		6.600			04/15/33		296,468
	Marble Point CLO XVII Ltd., Series 2020-1A, Class A^(c)(d)
	(3 Mo. LIBOR + 1.300%) (Cayman Islands)
	500,000		6.550			04/20/33		490,211
	Pikes Peak CLO Ltd., Series 2023-12A, Class A^(c)(d)
	(TSFR3M + 2.100%) (United Kingdom)
	350,000		7.037			04/20/36		351,316
	Venture CLO Ltd., Series 2020-39A, Class A1^(c)(d)
	(3 Mo. LIBOR + 1.280%) (Cayman Islands)
	275,000		6.540			04/15/33		269,343

								3,993,477

Diversified Financial Services – 3.2%
	Barclays Dryrock Issuance Trust, Series 2023-1, Class A
	600,000		4.720			02/15/29		591,161
	Benefit Street Partners CLO Xxx Ltd., Series 2023-30A, Class A^(c)(d)
	(TSFR3M + 2.100%) (United Kingdom)
	350,000		6.805			04/25/36		351,252
	Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A
	300,000		4.950			10/15/27		298,078
	Discover Card Execution Note Trust, Series 2023-A1, Class A
	300,000		4.310			03/15/28		293,471
	Halseypoint CLO 7 Ltd., Series 2023-7A, Class A^(c)(d)
	(TSFR3M + 2.250%) (United Kingdom)
	600,000		7.509			07/20/36		600,000
	Hyundai Auto Lease Securitization Trust 2021-B, Series 2021-B, Class A4^(c)
	300,000		0.380			08/15/25		295,667
	Hyundai Auto Lease Securitization Trust 2022-A, Series 2022-A, Class A4^(c)
	300,000		1.320			12/15/25		289,206
	Hyundai Auto Receivables Trust 2023-A, Series 2023-A, Class A2A
	300,000		5.190			12/15/25		298,918
	Nissan Auto Receivables 2023-A Owner Trust, Series 2023-A, Class A2A
	300,000		5.340			02/17/26		298,884
	Toyota Lease Owner Trust 2023-A, Series 2023-A, Class A2^(c)
	300,000		5.300			08/20/25		298,978
	World Omni Auto Receivables Trust 2023-B, Series 2023-B, Class A2A
	300,000		5.250			11/16/26		298,887

								3,914,502


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, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – (continued)
Collateralized Debt Obligations – 0.2%
	Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A^(c)(d)
	(SOFR + 1.450%) (Cayman Islands)
$	250,000		6.517	%		01/15/37	$	245,474

	TOTAL ASSET-BACKED SECURITIES
	(Cost $8,254,497)						$	8,153,453



Foreign Bonds – 5.1%
Agriculture – 0.1%
	BAT Capital Corp. (United Kingdom)
$	25,000		3.222	%^(b)		08/15/24	$	24,256
	100,000		2.259	^(b)		03/25/28		85,725
	25,000		4.540	^(b)		08/15/47		18,447

								128,428

Banks – 2.1%
	Banco Santander SA (Spain)
	200,000		2.746			05/28/25		187,862
	Barclays PLC^(d) (United Kingdom)
	(SOFR + 2.71%)
	200,000		2.852	^(b)		05/07/26		187,488
	BNP Paribas SA (France)
	200,000		3.375	^(c)		01/09/25		192,168
	(SOFR + 1.00%)
	200,000		1.323	^(b)(c)(d)		01/13/27		177,496
	BPCE SA^(b)(c)(d) (France)
	(SOFR + 1.73%)
	250,000		3.116			10/19/32		193,467
	Credit Suisse AG (Switzerland)
	250,000		1.250			08/07/26		215,205
	Credit Suisse Group AG^(c)(d) (Switzerland)
	(SOFR + 5.02%)
	250,000		9.016	^(b)		11/15/33		299,079
	Deutsche Bank AG^(d) (Germany)
	(SOFR + 2.16%)
	150,000		2.222	^(b)		09/18/24		148,198
	HSBC Holdings PLC^(d) (United Kingdom)
	(SOFR + 1.54%)
	200,000		1.645	^(b)		04/18/26		184,673
	ING Groep NV^(c)(d) (Netherlands)
	(US 1 Year CMT T-Note + 1.10%)
	200,000		1.400	^(b)		07/01/26		182,263
	Macquarie Group Ltd.^(c)(d) (Australia)
	(SOFR + 1.07%)
	50,000		1.340	^(b)		01/12/27		44,488
	Toronto-Dominion Bank (The) (Canada)
	175,000		4.456			06/08/32		166,250
	UBS Group AG (Switzerland)
	250,000		4.550			04/17/26		240,235
	(US 1 Year CMT T-Note + 1.10%)
	200,000		2.746	^(b)(c)(d)		02/11/33		155,456


Foreign Bonds – (continued)
Banks – (continued)
	Westpac Banking Corp.^(d) (Australia)
	(US Treasury Yield Curve Rate T-Note Constant Maturity + 2.00%)
	25,000		4.110	%^(b)		07/24/34		21,812
	Westpac Banking Corp.^(d), GMTN (Australia)
	(5 Year USD Swap + 2.24%)
	25,000		4.322	^(b)		11/23/31		23,170

								2,619,310

Beverages – 0.7%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	335,000		4.700	^(b)		02/01/36		326,188
	115,000		4.900	^(b)		02/01/46		109,836
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	175,000		4.750	^(b)		01/23/29		174,344
	25,000		8.200			01/15/39		32,659
	25,000		4.950			01/15/42		24,386
	100,000		4.600	^(b)		04/15/48		92,850
	25,000		4.500	^(b)		06/01/50		23,105
	JDE Peet’s NV^(c) (Netherlands)
	150,000		1.375	^(b)		01/15/27		130,168

								913,536

Biotechnology – 0.0%
	CSL Finance PLC^(c) (Australia)
	25,000		3.850	^(b)		04/27/27		23,887

Commercial Services – 0.2%
	DP World Crescent Ltd., Series EMTN (United Arab Emirates)
	200,000		3.875			07/18/29		188,842

Diversified Financial Services – 0.5%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	250,000		2.450	^(b)		10/29/26		223,488
	225,000		3.000	^(b)		10/29/28		195,148
	Avolon Holdings Funding Ltd. (Ireland)
	25,000		3.950	^(b)(c)		07/01/24		24,254
	100,000		2.875	^(b)(c)		02/15/25		93,305
	25,000		4.250	^(b)(c)		04/15/26		23,283

								559,478

Electric – 0.2%
	Korea Hydro & Nuclear Power Co. Ltd.^(c) (South Korea)
	220,000		4.250			07/27/27		213,885

Machinery-Construction & Mining – 0.1%
	Weir Group PLC (The)^(c) (United Kingdom)
	200,000		2.200	^(b)		05/13/26		179,033

Mining – 0.3%
	Glencore Funding LLC (Australia)
	75,000		4.125	^(b)(c)		03/12/24		74,068
	25,000		4.625	^(c)		04/29/24		24,685
	75,000		1.625	^(b)(c)		04/27/26		67,620
	150,000		2.625	^(b)(c)		09/23/31		120,688


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

Foreign Bonds – (continued)
Mining – (continued)
	Newcrest Finance Pty Ltd.^(c) (Australia)
$	25,000		3.250	%^(b)		05/13/30	$	22,087
	Teck Resources Ltd. (Canada)
	18,000		3.900	^(b)		07/15/30		16,378

								325,526

Oil & Gas – 0.2%
	Saudi Arabian Oil Co. (Saudi Arabia)
	220,000		3.500			04/16/29		202,147

Pharmaceuticals – 0.2%
	Bayer US Finance II LLC^(c) (Germany)
	200,000		3.875	^(b)		12/15/23		197,891

Pipelines – 0.3%
	Enbridge, Inc. (Canada)
	111,000		5.700	^(b)		03/08/33		112,524
	125,000		2.500	^(b)		08/01/33		97,998
	Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)
	189,970		2.940			09/30/40		152,217

								362,739

Semiconductors – 0.2%
	NXP BV / NXP Funding LLC / NXP USA, Inc. (China)
	25,000		3.400	^(b)		05/01/30		22,143
	125,000		2.500	^(b)		05/11/31		101,885
	125,000		2.650	^(b)		02/15/32		101,065

								225,093

Transportation – 0.0%
	Canadian Pacific Railway Co. (Canada)
	25,000		2.050	^(b)		03/05/30		20,982

	TOTAL FOREIGN BONDS
	(Cost $6,726,533)						$	6,160,777



U.S. Government Agency Securities – 2.6%
	Federal Farm Credit Banks Funding Corp.
$	460,000		2.900	%^(f)		04/12/32	$	412,036
	230,000		3.300	^(f)		05/19/32		211,000
	130,000		3.500	^(f)		09/01/32		121,728
	600,000		2.850	^(f)		03/28/34		517,288
	340,000		3.080	^(f)		03/30/37		290,350
	Federal Home Loan Banks
	100,000		3.375	^(f)		12/08/23		99,115
	250,000		3.375	^(f)		09/10/32		229,086
	430,000		4.750	^(f)		12/10/32		444,014
	Federal National Mortgage Associations
	400,000		1.875	^(f)		09/24/26		369,159
	400,000		6.250	^(f)		05/15/29		442,395

	TOTAL U.S. GOVERNMENT AGENCY SECURITIES
	(Cost $3,424,917)						$	3,136,171



Commercial Mortgage-Backed Securities – 2.2%
	3650R Commercial Mortgage Trust Series 2021-PF1, Class AS^(d)
$	150,000		2.778	%		11/15/54	$	114,187
	BANK Series 2019-BN21, Class A5
	150,000		2.851			10/17/52		127,991
	BANK Series 2021-BN32, Class A5
	150,000		2.643			04/15/54		124,746
	BANK Series 2022-BNK43, Class A5
	200,000		4.399			08/15/55		187,400
	BANK5 Series 2023-5YR2, Class A3
	250,000		6.656			06/15/28		257,725
	BBCMS Mortgage Trust Series 2022-C17, Class A5
	450,000		4.441			09/15/55		423,131
	BX Commercial Mortgage Trust 2023-VLT2 Series 2023-VLT2, Class A^(d) (TSFR1M + 2.281%)^(c)
	250,000		7.428			06/15/40		248,993
	Bx Trust Series 2022-PSB, Class A^(d) (TSFR1M + 2.451%)^(c)
	89,262		7.598			08/15/39		88,816
	BX Trust Series 2021-ARIA, Class C^(d) (1 Mo. LIBOR + 1.646%)^(c)
	150,000		6.839			10/15/36		144,064
	Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
	100,000		3.006			01/15/53		85,777
	Citigroup Commercial Mortgage Trust 2023-PRM3 Series 2023-PRM3, Class A^(d)(c)
	200,000		6.360			07/10/28		203,736
	DOLP Trust Series 2021-NYC, Class A^(c)
	200,000		2.956			05/10/41		156,087
	EQUS Mortgage Trust Series 2021-EQAZ, Class A^(d) (1 Mo. LIBOR + 0.755%)^(c)
	199,996		5.948			10/15/38		194,257
	Freddie Mac Multifamily Structured Pass Through Certificates Series K152, Class A2^(d)
	200,000		3.780			11/25/32		190,907
	Freddie Mac Multifamily Structured Pass Through Certificates Series KF153, Class AS^(d) (SOFR + 0.680%)
	200,000		5.721			02/25/33		199,291

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $2,987,972)						$	2,747,108



Foreign Government Securities – 1.2%
Sovereign – 1.2%
	Indonesia Government International Bond^(b)
$	200,000		4.850	%		01/11/33	$	198,775
	200,000		3.050			03/12/51		145,710
	Israel Government AID Bond
	200,000		5.500	^(g)		12/04/23		199,868
	100,000		5.500	^(g)		04/26/24		99,805
	Mexico Government International Bond^(b)
	400,000		3.250			04/16/30		355,564
	110,000		1.450			10/25/33		88,639
	200,000		4.280			08/14/41		165,391


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, 2023 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Government Securities – (continued)
Sovereign – (continued)
	Peruvian Government International Bond^(b)
$	50,000		3.230	%		07/28/21	$	30,003
	Romanian Government International Bond^(c)
	40,000		3.000			02/27/27		36,250
	10,000		2.124			07/16/31		8,241
	30,000		2.625			12/02/40		19,848
	10,000		4.625			04/03/49		8,389
	Romanian Government International Bond, Series EMTN
	50,000		2.875			03/11/29		47,344
	Uruguay Government International Bond^(b)
	50,000		4.375			01/23/31		49,292

								1,453,119

	TOTAL FOREIGN GOVERNMENT SECURITIES
	(Cost $1,687,445)						$	1,453,119



Municipal Bonds – 1.0%
Arizona – 0.0%
	City of Tucson AZ
$	25,000		1.932	%^(b)		07/01/31	$	20,258

California – 0.5%
	California Health Facilities Financing Authority
	125,000		3.478	^(b)		06/01/29		115,683
	100,000		3.790	^(b)		06/01/32		91,669
	California Statewide Communities Development Authority
	50,000		1.877			02/01/31		39,171
	Municipal Improvement Corp. of Los Angeles
	35,000		1.648	^(b)		11/01/28		29,617
	80,000		2.074	^(b)		11/01/30		65,756
	Port of Oakland
	80,000		2.199	^(b)		05/01/31		66,698
	San Francisco Municipal Transportation Agency
	30,000		1.302			03/01/28		25,261
	San Jose Financing Authority
	25,000		1.812	^(b)		06/01/29		21,199
	25,000		1.862	^(b)		06/01/30		20,730
	State of California
	105,000		7.625	^(b)		03/01/40		131,984

								607,768

Florida – 0.0%
	State Board of Administration Finance Corp.
	70,000		2.154	^(b)		07/01/30		58,346

Illinois – 0.2%
	Chicago O’Hare International Airport
	85,000		2.346	^(b)		01/01/30		73,195
	State of Illinois GO Bonds
	25,000		5.100			06/01/33		24,567
	92,857		7.350	^(b)		07/01/35		100,075

								197,837


Municipal Bonds – (continued)
Louisiana – 0.1%
	City of New Orleans LA Water System Revenue
	25,000		1.008	%^(b)		12/01/26		21,703
	Louisiana Local Government Environmental Facilities & Community Development Auth, Series 2022-ELL A3
	140,000		4.275			02/01/36		131,685

								153,388

New York – 0.0%
	City of New York NY
	40,000		1.940	^(b)		03/01/29		34,256
	Metropolitan Transportation Authority
	25,000		5.989	^(b)		11/15/30		26,283
	New York City Transitional Finance Authority Future Tax Secured Revenue
	10,000		3.590	^(b)		08/01/27		9,549

								70,088

Ohio – 0.1%
	American Municipal Power, Inc.
	95,000		6.270	^(b)		02/15/50		104,201

Texas – 0.1%
	City of Houston TX Airport System Revenue
	30,000		2.235			07/01/29		25,980
	40,000		2.285			07/01/30		34,008

								59,988

	TOTAL MUNICIPAL BONDS
	(Cost $1,370,760)						$	1,271,874



Collateralized Mortgage Obligations – 0.3%
	Alternative Loan Trust Series 2005-38, Class A1^(d) (1 Year CMT + 1.500%)
$	39,491		5.476	%		09/25/35	$	36,531
	Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2^(d) (SOFR + 1.550%)^(c)
	44,000		6.617			10/25/41		43,128
	Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2^(d) (SOFR + 1.650%)^(c)
	42,000		6.717			12/25/41		40,636
	Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1^(d) (SOFR + 1.900%)^(c)
	37,494		6.967			04/25/42		37,579
	Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2^(d) (SOFR + 3.000%)^(c)
	36,000		8.067			04/25/42		35,870
	Federal Home Loan Mortgage Corporation Series 2020-DNA5, Class M2^(d) (SOFR + 2.800%)^(c)
	11,818		7.867			10/25/50		11,988
	Federal Home Loan Mortgage Corporation Series 2021-DNA5, Class M2^(d) (SOFR + 1.650%)^(c)
	21,873		6.717			01/25/34		21,842


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Collateralized Mortgage Obligations – (continued)
	Federal Home Loan Mortgage Corporation Series 2022-DNA1, Class M1A^(d) (SOFR + 1.000%)^(c)
$	80,508		6.067	%		01/25/42	$	79,213
	Federal Home Loan Mortgage Corporation Series 2022-DNA3, Class M1A^(d) (SOFR + 2.000%)^(c)
	31,412		7.067			04/25/42		31,451
	JPMorgan Mortgage Trust Series 2021-6, Class A3^(d)(c)
	91,423		2.500			10/25/51		73,463
	Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1^(d)(c)
	6,173		3.500			07/25/49		5,478

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $443,801)						$	417,179



U.S. Treasury Obligations – 18.0%
	U.S. Treasury Bonds
$	1,640,000		3.125	%^(f)		11/15/41	$	1,444,738
	1,550,000		2.750	^(f)		08/15/42		1,277,297
	2,310,000		2.750	^(f)		11/15/42		1,900,336
	230,000		3.000	^(f)		02/15/49		194,566
	230,000		2.875	^(f)		05/15/49		190,181
	420,000		2.250	^(f)		08/15/49		305,353
	2,930,000		2.375	^(f)		11/15/49		2,189,259
	610,000		2.000	^(f)		02/15/50		418,231
	480,000		2.375	^(f)		05/15/51		357,000
	170,000		2.000	^(f)		08/15/51		115,919
	160,000		2.250	^(f)		02/15/52		115,675
	1,630,000		4.000	^(f)		11/15/52		1,675,334
	U.S. Treasury Notes
	620,000		2.500	^(f)		05/31/24		603,798
	620,000		3.000	^(f)		06/30/24		605,372
	1,250,000		3.000	^(f)		07/31/24		1,218,457
	620,000		4.250	^(f)		09/30/24		611,814
	620,000		4.250	^(f)		12/31/24		611,378
	636,000		0.375	^(f)		12/31/25		573,245
	4,050,000		0.750	^(f)		03/31/26		3,660,504
	1,720,000		0.625	^(f)		07/31/26		1,532,412
	140,000		1.250	^(f)		03/31/28		122,500
	970,000		2.875	^(f)		05/15/28		915,362
	1,180,000		1.250	^(f)		06/30/28		1,027,337
	250,000		3.125	^(f)		11/15/28		238,184

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $25,106,605)						$	21,904,252


Shares	Dividend Rate	Value

Investment Company – 0.1%^(h)
Goldman Sachs Financial Square Government Fund — Institutional Shares
156,880	5.022%	$	156,880
(Cost $156,880)

TOTAL INVESTMENTS – 119.4%
(Cost $154,365,688)		$	145,478,409

LIABILITIES IN EXCESS OF ASSETS – (19.4)%			(23,665,664	)

NET ASSETS – 100.0%		$	121,812,745


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

(a)		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 $24,978,429 which represents approximately 20.5% of the Fund’s net assets as of June 30, 2023.

(b)		Securities with “Call” features. Maturity dates disclosed are the final maturity date.

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

(d)		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 or distribution rate disclosed is that which is in effect on June 30, 2023.

(e)		Step coupon.

(f)		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.

(g)		Guaranteed by the United States Government. Total market value of $299,673, which represents 0.2% of net assets as of June 30, 2023.

(h)		Represents an affiliated issuer.


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, 2023 (Unaudited)



Investment Abbreviations:
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Index
ESTRON		—Euro Short-Term Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GMTN		—Global Medium Term Note
GO		—General Obligation
LIBOR		—London Interbank Offered Rate
LP		—Limited Partnership
MMY		—Money Market Yield
MTN		—Medium Term Note
NIBOR		—Norwegian Interbank Offered Rate
PLC		—Public Limited Company
SONIO		—Sterling Overnight Index Average
SOFR		—Secured Overnight Financing Rate
TSFR		—Term Secured Overnight Financing Rate



Currency Abbreviations:
AUD		—Australian Dollar
CAD		—Canadian Dollar
CHF		—Swiss Franc
EUR		—Euro
GBP		—British Pound
JPY		—Japanese Yen
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
USD		—United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2023, 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.	GBP	236,270	USD	296,393		8/8/2023	$	3,742
Morgan Stanley Co., Inc.	USD	260,409	SEK	2,771,715		8/17/2023		2,843
Morgan Stanley Co., Inc.	CAD	327,417	USD	241,502		8/29/2023		5,884
Morgan Stanley Co., Inc.	USD	113,259	JPY	15,679,426		8/31/2023		3,558
Morgan Stanley Co., Inc.	USD	1,072,104	EUR	973,144		9/19/2023		5,932
Morgan Stanley Co., Inc.	CHF	325,025	USD	362,865		9/20/2023		3,405
Morgan Stanley Co., Inc.	USD	116,552	AUD	173,680		9/20/2023		590

TOTAL							$	25,954

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	USD	273,455	GBP	217,984		8/8/2023	$	(3,452	)
Morgan Stanley Co., Inc.	SEK	2,653,375	USD	249,337		8/17/2023		(2,769	)
Morgan Stanley Co., Inc.	USD	265,806	CAD	360,367		8/29/2023		(6,477	)
Morgan Stanley Co., Inc.	JPY	17,863,369	USD	129,035		8/31/2023		(4,053	)
Morgan Stanley Co., Inc.	EUR	811,490	USD	894,011		9/19/2023		(4,946	)
Morgan Stanley Co., Inc.	JPY	40,216,940	USD	293,142		9/20/2023		(10,859	)
Morgan Stanley Co., Inc.	USD	168,260	CAD	223,834		9/20/2023		(918	)
Morgan Stanley Co., Inc.	USD	164,201	EUR	152,269		9/20/2023		(2,633	)
Morgan Stanley Co., Inc.	USD	150,822	GBP	120,297		9/20/2023		(1,986	)
Morgan Stanley Co., Inc.	USD	108,562	NOK	1,188,839		9/20/2023		(2,510	)
Morgan Stanley Co., Inc.	USD	116,299	NZD	190,306		9/20/2023		(452	)
Morgan Stanley Co., Inc.	USD	121,834	SEK	1,312,524		9/20/2023		(337	)

TOTAL							$	(41,392	)


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)

FORWARD SALES CONTRACTS — At June 30, 2023, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)		Settlement Date		Principal Amount			Value
Federal National Mortgage Association		2.000	%		TBA-30yr		07/15/53	$	(8,000,000	)	$	(6,518,552	)
Federal National Mortgage Association		2.500			TBA-30yr		07/15/53		(1,000,000	)		(847,408	)
Federal National Mortgage Association		3.000			TBA-30yr		07/15/53		(4,000,000	)		(3,519,248	)
Federal National Mortgage Association		4.500			TBA-30yr		07/15/53		(2,000,000	)		(1,921,876	)
Federal National Mortgage Association		5.500			TBA-30yr		07/15/53		(9,000,000	)		(8,956,750	)
Federal National Mortgage Association		6.000			TBA-30yr		07/15/53		(2,000,000	)		(2,017,422	)
Government National Mortgage Association		3.000			TBA-30yr		07/15/53		(1,000,000	)		(893,089	)
Government National Mortgage Association		6.000			TBA-30yr		07/15/53		(1,000,000	)		(1,006,508	)

Total (Proceed Receivable $(25,822,461))											$	(25,680,853	)

(a)	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.

FUTURES CONTRACTS — At June 30, 2023, the Fund had the following futures contracts:


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

Long position contracts:

ICE 3MTH SONIA Future		2			09/17/24	$	596,361		$	(1,581	)
ICE 3MTH SONIA Future		20			12/17/24		5,976,942			(58,493	)
U.S. Treasury 2 Year Note		58			09/29/23		11,796,656			(87,816	)
U.S. Treasury 5 Year Note		35			09/29/23		3,749,922			(1,532	)
U.S. Treasury Ultra Bond		10			09/20/23		1,366,250			3,834

Total										(145,588	)

Short position contracts:

3MO EURO EURIBOR Future		(2	)		09/18/23		(524,322	)		799
EURO-BOBL Future		(7	)		09/07/23		(883,992	)		5,754
EURO-BUND Future		(1	)		09/07/23		(145,970	)		(989	)
ICE 3MTH SONIA Future		(18	)		12/19/23		(5,375,533	)		34,108
U.S. Treasury 10 Year Ultra Note		(11	)		09/20/23		(1,303,844	)		5,795
U.S. Treasury Long Bond		(1	)		09/20/23		(127,125	)		(317	)

Total										45,150

Total Futures Contracts									$	(100,438	)


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, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2023, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index^(a)	Financing Rate Received (Paid) by the Fund			Credit Spread at June 30, 2023^(b)			Counterparty	Termination Date		Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
General Electric Co.		1.000	%		1.200	%	Bank of America NA		06/20/2026	USD	175	$	2,101		$	—		$	2,101
Nordstrom, Inc.		1.000			0.252		Bank of America NA		06/20/2024	USD	225		(567	)		(212	)		(356	)
ICE CD JWN		1.000			1.033		Bank of America NA		12/20/2024	USD	100		(1,033	)		(1,928	)		894
ICE MEX		1.000			0.095				06/20/2028	USD	210		(200	)		(1,860	)		1,659
Republic of Indonesia		1.000			0.588				06/20/2028	USD	200		1,176			(146	)		1,322
Republic of Chile		1.000			1.225				06/20/2028	USD	90		1,102			(179	)		1,281
Markit CDX North America Investment Grade Index		1.000			1.136		Bank of America NA		06/20/2025	USD	4,500		51,133			8,820			42,313
Markit CDX North America Investment Grade Index		1.000			1.434		Bank of America NA		12/20/2025	USD	575		8,245			—			8,245
Markit CDX North America Investment Grade Index		1.000			1.493		Bank of America NA		06/20/2026	USD	4,775		71,291			23,491			47,803
ICE CDX Investment Grade Index		1.000			1.507		Bank of America NA		12/20/2026	USD	2,900		43,703			45,928			(2,225	)

TOTAL												$	176,951		$	73,914		$	103,037

(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.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund^(a)	Payments Received by the Fund	Termination Date	Notional Amounts (000’s)		Value			Upfront Premium Paid			Unrealized Appreciation (Depreciation)
1 Day SOFR^(b)	0.000%	04/19/2025	USD	250	$	2,286		$	(233	)	$	2,519
1 Day SOFR^(b)	0.000	05/14/2025	USD	2,970		30,650			—			30,650
0.000%^(c)	6 Month NIBOR	09/20/2025	CAD	2,520		(12,374	)		—			(12,374	)
3.500^(b)	6 Month NIBOR	09/20/2025	SEK	9,990		(8,332	)		—			(8,332	)
6 Month NIBOR^(b)	0.000	09/20/2025	EUR	930		1,044			—			1,044
6 Month NIBOR^(c)	5.000	09/20/2025	NZD	1,390		5,462			—			5,462
6 Month NIBOR^(d)	3.500	09/20/2025	AUD	1,280		15,448			—			15,448
0.000^(b)	FIX3FR	04/13/2028	EUR	710		(12	)		9,836			(9,848	)
0.000^(b)	1 Day ESTRON	04/22/2028	EUR	2,510		4,276			10,319			(6,043	)
12 Month BOJDTR^(b)	2.852	04/22/2028	EUR	2,510		(3,065	)		(8,893	)		5,828
6 Month NIBOR^(b)	0.000	09/20/2028	GBP	90		7,328			—			7,328
6 Month NIBOR^(b)	0.000	09/20/2028	JPY	395,000		(30,729	)		(32,247	)		1,518
1 Day ESTRON^(b)	2.350	07/04/2029	EUR	90		2,647			—			2,647
0.000^(b)	12 Month BOJDTR	03/31/2030	USD	2,080		(29,101	)		1,587			(30,688	)
1 Day ESTRON^(b)	0.000	07/28/2032	USD	1,400		24,685			—			24,685
0.000^(b)	6 Month NIBOR	09/20/2033	CHF	880		20,274			4,469			15,805
0.000^(b)	6 Month NIBOR	09/20/2033	USD	510		(174	)		2,205			(2,379	)
3.250^(b)	6 Month NIBOR	09/20/2033	EUR	230		5,648			4,069			1,579
4.000^(c)	6 Month NIBOR	09/20/2033	AUD	1,110		(23,794	)		—			(23,794	)
4.500^(c)	6 Month NIBOR	09/20/2033	NZD	280		407			970			(563	)
6 Month NIBOR^(b)	0.000	09/20/2033	JPY	225,000		(20,867	)		(19,630	)		(1,237	)


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


Payments Made by the Fund^(a)	Payments Received by the Fund		Termination Date		Notional Amounts (000’s)		Value			Upfront Premium Paid			Unrealized Appreciation (Depreciation)
6 Month NIBOR^(b)		3.000 %		09/20/2033	SEK	5,750	$	1,237		$	(5,619	)	$	6,856
6 Month NIBOR^(c)		0.000		09/20/2033	CAD	430		(9,318	)		(5,993	)		(3,325	)
6 Month NIBOR^(b)		3.500		09/20/2033	NOK	2,570		6,719			—			6,719
2.855%^(b)		1 Day ESTRON		07/04/2037	EUR	740		3,138			1,712			1,426
0.000^(b)		1 Day SOFR		07/28/2037	USD	3,440		(45,439	)		—			(45,439	)
2.152^(b)		1 Day SONIO		08/09/2037	EUR	1,190		(31,706	)		—			(31,706	)
0.000^(b)		1 Day SOFR		05/10/2038	USD	1,530		3,390			—			3,390
1 Day ESTRON^(b)		1.452		08/10/2042	EUR	3,040		97,219			—			97,219
1 Day SOFR^(b)		0.000		07/28/2047	USD	2,830		40,202			—			40,202
1.051^(b)		1 Day SONIO		08/11/2047	EUR	1,780		(46,367	)		—			(46,367	)
1 Day ESTRON^(b)		1.560		07/06/2052	EUR	570		23,688			(60	)		23,748
1 Day SOFR^(b)		0.000		05/11/2053	USD	1,240		(7,087	)		—			(7,087	)
6 Month NIBOR^(b)		2.500		09/20/2053	EUR	210		572			—			572

TOTAL							$	27,955		$	(37,508	)	$	65,463

(a)	Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2023.

(b)	Payments made annually.

(c)	Payments made semi-annually.

(d)	Payments made quarterly.

OVER THE COUNTER INTEREST RATE SWAPTIONS — At June 30, 2023, the Fund had the following written option contracts:


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

Written Option Contracts

Puts
6M IRS		Morgan Stanley Co., Inc.		JPY 0.400		01/08/2024		(46,000,000	)	$	(46,000,000	)	$	(3,185	)	$	(1,355	)	$	(1,830	)
3M IRS		Morgan Stanley Co., Inc.		2.908		05/14/2024		(3,450,000	)		(3,450,000	)		(52,058	)		(22,425	)		(29,633	)
3M IRS		Morgan Stanley Co., Inc.		2.935		05/14/2024		(1,150,000	)		(1,150,000	)		(17,108	)		(7,331	)		(9,777	)

Total Puts								(50,600,000	)					(72,351	)		(31,111	)	$	(41,240	)

Calls
3M IRS		Morgan Stanley Co., Inc.		2.935		05/14/2024		(1,150,000	)		(1,150,000	)		(1,734	)		(7,331	)		5,597
3M IRS		Morgan Stanley Co., Inc.		2.908		05/14/2024		(3,450,000	)		(3,450,000	)		(5,075	)		(22,425	)		17,350

Total Calls								(4,600,000	)					(6,809	)		(29,756	)	$	22,947

Total Written Option Contracts								(55,200,000	)				$	(79,160	)		(60,867	)	$	(18,293	)



Abbreviations:
3M IRS		—3 Months Interest Rate Swaptions
6M IRS		—6 Months Interest Rate Swaptions


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)


	Core Fixed Income Fund

Assets:
Investments in unaffiliated issuers, at value (cost $128,386,347)	$	145,321,529
Investments in affiliated issuers, at value (cost $156,880)		156,880
Cash		1,853,222
Foreign currency, at value (cost $8,406)		8,420
Receivables:
Investments sold on an extended-settlement basis		39,397,656
Collateral on certain derivative contracts^(a)		887,538
Interest and Dividends		813,530
Fund shares sold		98,343
Reimbursement from investment adviser		16,864
Unrealized gain on forward foreign currency exchange contracts		25,954
Variation margin on futures contracts		14,793
Other assets		1,455

Total assets		188,596,184


Liabilities:
Variation margin on futures contracts		59,592
Forward sale contracts, at value (proceeds received $25,822,461)		25,680,853
Unrealized loss on forward foreign currency exchange contracts		41,392
Written options, at value (premiums received $60,867)		79,160
Payables:
Investments purchased		40,695,267
Fund shares redeemed		49,941
Management fees		39,718
Distribution and Service fees and Transfer Agency fees		20,646
Accrued expenses		116,870

Total liabilities		66,783,439


Net Assets:
Paid-in capital		137,165,444
Total distributable earnings (loss)		(15,352,699	)

NET ASSETS	$	187,595,553
Net Assets:
Institutional	$	42,336,581
Service		79,476,164

Total Net Assets	$	121,812,745
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		4,459,576
Service		8,383,528
Net asset value, offering and redemption price per share:
Institutional		$9.49
Service		9.48

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


Fund	Futures		Swaps

Core Fixed Income Fund	$	288,102	$	629,436


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Statement of Operations

For the Six Months Ended June 30, 2023 (Unaudited)


	Core Fixed Income Fund

Investment income:
Interest	$	2,144,462
Dividends — affiliated issuers		24,030

Total investment income		2,168,492


Expenses:
Management fees		234,123
Distribution and Service fees — Service Shares		96,163
Professional fees		48,072
Custody, accounting and administrative services		39,607
Trustee fees		13,431
Transfer Agency fees^(a)		11,706
Printing and mailing costs		9,257
Other		21,268

Total expenses		473,627

Less — expense reductions		(130,046	)

Net expenses		343,581

NET INVESTMENT INCOME		1,824,911


Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(1,216,364	)
Futures contracts		(54,314	)
Swap contracts		57,177
Written options		1,648
Purchased options		(2,995	)
Forward foreign currency exchange contracts		(31,450	)
Foreign currency transactions		(1,792	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		2,349,095
Forward Sales Contracts		(173,454	)
Futures contracts		(33,211	)
Purchased options		5,259
Written options		(22,540	)
Swap contracts		25,352
Forward foreign currency exchange contracts		8,691
Foreign currency translations		(47,373	)

Net realized and unrealized gain		863,729

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,688,640

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


	Transfer Agency Fees
Fund	Institutional		Service
Core Fixed Income Fund	$	4,013	$	7,693


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Statements of Changes in Net Assets


	Core Fixed Income Fund
	For the Six Months Ended June 30, 2023 (Unaudited)			For the Fiscal Year Ended December 31, 2022

From operations:
Net investment income	$	1,824,911		$	1,921,787
Net realized loss		(1,248,090	)		(5,191,585	)
Net change in unrealized gain (loss)		2,111,819			(12,101,618	)

Net increase in net assets resulting from operations		2,688,640			15,371,416


Distributions to shareholders:
From distributable earnings:
Institutional Shares		(669,892	)		(498,802	)
Service Shares		(1,183,414	)		(1,038,833	)

Total distributions to shareholders		(1,853,306	)		(1,537,635	)


From share transactions:
Proceeds from sales of shares		12,120,409			33,277,943
Reinvestment of distributions		1,853,306			1,537,635
Cost of shares redeemed		(3,693,447	)		(10,255,336	)

Net increase in net assets resulting from share transactions		10,280,268			24,560,242

TOTAL INCREASE		11,115,602			7,651,191


Net Assets:

Beginning of period		110,697,143			103,045,952

End of period	$	121,812,745		$	110,697,143


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Core Fixed Income Fund
	Institutional Shares
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	9.41		$	11.13		$	11.53		$	10.85		$	10.20		$	10.66

Net investment income^(a)		0.16			0.21			0.12			0.18			0.26			0.29

Net realized and unrealized gain (loss)		0.08			(1.77	)		(0.36	)		0.86			0.69			(0.37	)

Total from investment operations		0.24			(1.56	)		(0.24	)		1.04			0.95			(0.08	)

Distributions to shareholders from net investment income		(0.16	)		(0.16	)		(0.14	)		(0.26	)		(0.30	)		(0.38	)

Distributions to shareholders from net realized gains		—			—			(0.02	)		(0.10	)		—			—

Total distributions		(0.16	)		(0.16	)		(0.16	)		(0.36	)		(0.30	)		(0.38	)

Net asset value, end of period	$	9.49		$	9.41		$	11.13		$	11.53		$	10.85		$	10.20

Total Return^(b)		2.50	%		(14.03	)%		(2.06	)%		9.64	%		9.28	%		(0.58	)%

Net assets, end of period (in 000’s)	$	42,337		$	38,157		$	31,179		$	25,194		$	17,421		$	2,657

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

Ratio of total expenses to average net assets		0.64	%^(c)		0.70	%		0.81	%		0.93	%		1.08	%		1.06	%

Ratio of net investment income to average net assets		3.28	%^(c)		2.07	%		1.05	%		1.61	%		2.41	%		2.88	%

Portfolio turnover rate^(d)		425	%		693	%		513	%		501	%		556	%		406	%

(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.		25

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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	9.40		$	11.13		$	11.53		$	10.85		$	10.21		$	10.65

Net investment income^(a)		0.14			0.18			0.09			0.16			0.25			0.25

Net realized and unrealized gain (loss)		0.08			(1.77	)		(0.34	)		0.85			0.66			(0.34	)

Total from investment operations		0.22			(1.59	)		(0.25	)		1.01			0.91			(0.09	)

Distributions to shareholders from net investment income		(0.14	)		(0.14	)		(0.13	)		(0.23	)		(0.27	)		(0.35	)

Distributions to shareholders from net realized gains		—			—			(0.02	)		(0.10	)		—			—

Total distributions		(0.14	)		(0.14	)		(0.15	)		(0.33	)		(0.27	)		(0.35	)

Net asset value, end of period	$	9.48		$	9.40		$	11.13		$	11.53		$	10.85		$	10.21

Total Return^(b)		2.39	%		(14.28	)%		(2.23	)%		9.37	%		9.00	%		(0.83	)%

Net assets, end of period (in 000’s)	$	79,476		$	72,540		$	71,867		$	46,631		$	37,524		$	36,416

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

Ratio of total expenses to average net assets		0.89	%^(c)		0.95	%		1.06	%		1.18	%		1.35	%		1.18	%

Ratio of net investment income to average net assets		3.03	%^(c)		1.82	%		0.85	%		1.39	%		2.33	%		2.46	%

Portfolio turnover rate^(d)		425	%		693	%		513	%		501	%		556	%		406	%

(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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Notes to Financial Statements

June 30, 2023 (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 the series of the Trust that is included in this report (the “Fund”), along with its corresponding share classes and respective diversification status under the Act:

Fund

Share Classes Offered

Diversified/

Non-diversified

Core Fixed Income

Institutional and Service

Diversified

Shares of the Trust are offered to a separate account of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment

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

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

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


		27

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Notes to Financial Statements (continued)

June 30, 2023 (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	Quarterly	Annually

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

E. Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. With respect to the Fund’s investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price


28

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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:

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market 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 Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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. 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. 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.

iii. 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 the 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 the 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 the Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments.


		29

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule 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 the 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, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Options — When the 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 the 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 the Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed


30

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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, the 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. The 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 the 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, the 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. The 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, the Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if the Fund sells protection through a credit default swap, the 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, the 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. The 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, the 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 the 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 the Fund bought credit protection.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.


		31

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2023:



CORE FIXED INCOME FUND
Investment Type	Level 1			Level 2			Level 3

Assets
Fixed Income
Mortgage-Backed Securities	$	—		$	65,881,122		$	—
Corporate Bonds		—			34,196,474			—
U.S. Treasury Obligations		21,904,252			—			—
Asset- Backed Securities		—			8,153,453			—
Foreign Bonds		—			6,160,777			—
U.S. Government Agency Securities		—			3,136,171			—
Commercial Mortgage-Backed Securities		—			2,747,108			—
Foreign Government Securities		—			1,453,119			—
Municipal Bonds		—			1,271,874			—
Collateralized Mortgage Obligations		—			417,179			—
Investment Company		156,880			—			—

Total	$	22,061,132		$	123,417,277		$	—

Liabilities
Forward Sales Contracts	$	—		$	(25,680,853	)	$	—

Derivative Type

Assets^(a)
Credit Default Swap Contracts	$	—		$	105,617		$	—
Forward Foreign Currency Contracts		—			25,954			—
Futures Contracts		50,290			—			—
Interest Rate Swap Contracts		—			294,645			—

Total	$	50,290		$	426,216		$	—

Liabilities
Credit Default Swap Contracts^(a)	$	—		$	(2,580	)	$	—
Forward Foreign Currency Contracts^(a)		—			(41,392	)		—
Futures Contracts^(a)		(150,728	)		—			—
Interest Rate Swap Contracts^(a)		—			(229,182	)		—
Written Option Contracts		—			(79,160	)		—

Total	$	(150,728	)	$	(352,314	)	$	—

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

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


32

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2023. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Core Fixed Income Fund


Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest Rate	Variation margin on futures and swaps contracts	$	344,935	^(a)	Variation margin on futures and swaps contracts and written options at value	$	(459,070	)^(a)
Credit	Unrealized gain on swap contracts		105,618	^(a)	Unrealized loss on swap contracts		(2,581	)^(a)
Currency	Receivables for unrealized gain on forward foreign currency exchange contracts forward foreign		25,954		Payable for unrealized loss on forward foreign currency exchange contracts		(41,392	)

Total		$	476,507			$	(503,043	)

(a)

Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Consolidated Schedule of Investments. Only the variation margin as of June 30, 2023, is reported within the Consolidated Statement of Assets and Liabilities.

The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2023. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Core Fixed Income Fund


Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	(11,641	)	$	112,653
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contractss, written option contracts and purchased options contracts		(31,450	)		8,691
Interest Rate	Net realized gain (loss) from futures contracts, written option, and purchased options/Net change in unrealized gain (loss) on futures contracts and swap contracts		13,157			(137,682	)

Total		$	(29,934	)	$	(16,338	)


	Average number of Contracts or Notional Amounts⁽¹⁾
Risk	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Written Options
Core Fixed Income Fund		159	$	73,185,927	$	361,988,750		390,000		50,813,333

(1)

Amounts disclosed represent average number of contracts for futures contracts, purchased options and written options, notional amounts for forward contracts and swap contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that each Fund held such derivatives during the six months ended June 30, 2023.


		33

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the six months ended June 30, 2023, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Core Fixed Income Fund		0.40	%		0.36	%		0.34	%		0.33	%		0.32	%		0.40	%		0.40	%

^	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 Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invest. For the six months ended June 30, 2023, GSAM waived $933 of the Fund’s management fee.

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

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

D. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Fund is 0.004%. These Other Expense limitations will remain in place through at least April 28, 2024, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended June 30, 2023, 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 Fund	$	933	$	129,113	$	130,046


34

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

E. Line of Credit Facility — As of June 30, 2023, the Fund participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2023, the Fund did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.

F. Other Transactions with Affiliates — The following table provides information about the Fund’s investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2023:


Fund	Beginning Value as of December 31, 2022		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2023		Shares as of June 30, 2023		Dividend Income
Core Fixed Income Fund	$	5,716,986	$	17,588,100	$	(23,148,206	)	$	156,880		156,880	$	24,030

6. PORTOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2023, 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	$	746,694,824	$	15,502,766	$	746,948,306	$	4,855,679

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, December 31, 2022, the Fund’s capital loss carryforwards and certain timing differences, on a tax-basis were as follows:


	Core Fixed Income Fund
Capital loss carryforwards:
Perpetual Short-term	$	(3,676,602	)
Perpetual Long-term		(2,032,083	)
Total Capital loss carryforwards	$	(5,708,685	)
Timing differences (Post October loss deferral, and straddle loss deferrals)	$	(92,755	)


		35

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

7. TAX INFORMATION (continued)

As of June 30, 2023, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Core Fixed Income Fund
Tax cost	$	153,992,762
Gross unrealized gain		499,084
Gross unrealized loss		(9,013,437	)
Net unrealized gain (loss)	$	(8,514,353	)

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.

8. OTHER RISKS

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

Derivatives Risk — The Fund’s use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Fund will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”), London Interbank Offered Rate (“LIBOR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.


36

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

8. OTHER RISKS (continued)

Some floating or variable rate obligations or investments of the Fund may reference (or may have previously referenced) the London Interbank Offered Rate (“LIBOR”). As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some LIBOR settings continue to be published but only on a temporary, synthetic and non-representative basis and are expected to cease being published in September 2024. Regulated entities have generally ceased entering into new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector actors have worked to establish alternative reference rates, like SOFR or Term SOFR, to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR which may affect the value, volatility, liquidity or return on certain of the Fund’s floating and variable rate obligations and investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions and entering into new trades. Certain of the Fund’s obligations or investments may have transitioned from LIBOR or may transition from LIBOR in the future. The transition from LIBOR to alternative reference rates may result in operational issues for the Fund or its obligations or investments. Any pricing adjustments to the Fund’s obligations or investments resulting from use of an alternative reference rate may also adversely affect the Fund’s performance and/or NAV. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on the Fund and its obligations and investments.

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

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

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


		37

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

8. OTHER RISKS (continued)

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 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 the Fund’s liquidity.

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

9. 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.

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Core Fixed Income Fund
	For the Six Months Ended June 30, 2023 (Unaudited)						For the Fiscal Year Ended December 31, 2022
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		383,025		$	3,685,169			1,549,382		$	15,081,808
Reinvestment of distributions		70,311			669,891			51,565			498,803
Shares redeemed		(47,991	)		(464,016	)		(346,895	)		(3,639,227	)
		405,345			3,891,044			1,254,052			11,941,384
Service Shares
Shares sold		878,033			8,435,240			1,821,761			18,196,134
Reinvestment of distributions		124,325			1,183,414			107,310			1,038,833
Shares redeemed		(336,334	)		(3,229,430	)		(669,929	)		(6,616,109	)
		666,024			6,389,224			1,259,142			12,618,858

NET INCREASE		1,071,369		$	10,280,268			2,513,194		$	24,560,242


38

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Core Fixed Income 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)

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

(c)

(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;

(i)

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


		39

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

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

(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)

(o)

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

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2023. The information on the Fund’s investment performance was provided for the one-, three- and five-


40

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

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

year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five-, and ten-year periods, and in the third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the three- and five-year periods and underperformed for the one-year period ended March 31, 2023. They also noted that the Fund had experienced certain portfolio management changes in 2021 and 2022.

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

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

Profitability


		41

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

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

Economies of Scale

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



First $1 billion	0.40	%

Next $1 billion	0.36

Next $3 billion	0.34

Next $3 billion	0.33

Over $8 billion	0.32

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

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund 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 Fund; (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 Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

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


42

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2024.


		43

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Liquidity Risk Management Program (Unaudited)

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

(2) the periodic classification (no less frequently than monthly) of the 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.


44

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND


Fund Expenses — Six Month Period Ended June 30, 2023 (Unaudited)


Share Class	Beginning Account Value 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 Months Ended 6/30/23*
Institutional Shares

Actual	$	1,000.00	$	1,025.04		$	2.12
Hypothetical 5% return		1,000.00		1,022.70	+		2.12
Service Shares

Actual		1,000.00		1,023.88			3.38
Hypothetical 5% return		1,000.00		1,021.46	+		3.37

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, 2023. 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 0.42% and 0.67% 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.


		45


TRUSTEES		OFFICERS
Gregory G. Weaver, 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
John G. Chou
Joaquin Delgado
Eileen H. Dowling
James A. McNamara
Paul C. Wirth

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 Fund 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).

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

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust Core Fixed Income Fund.

VITFISAR-23/330970-OTU-08/2023

Goldman

Sachs Variable Insurance Trust

Goldman Sachs International Equity Insights Fund

Goldman Sachs Large Cap Value Fund

Goldman Sachs Mid Cap Growth 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, 2023

LOGO

Goldman Sachs Variable Insurance Trust

∎

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

∎

GOLDMAN SACHS LARGE CAP VALUE FUND

∎

GOLDMAN SACHS MID CAP GROWTH 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

Market Review			1

Fund Basics			5

Schedules of Investments			19

Financial Statements			42

Financial Highlights

Goldman Sachs International Equity Insights Fund			50

Goldman Sachs Large Cap Value Fund			52

Goldman Sachs Mid Cap Growth Fund			54

Goldman Sachs Mid Cap Value Fund			56

Goldman Sachs Small Cap Equity Insights Fund			58

Goldman Sachs Strategic Growth Fund			60

Goldman Sachs U.S. Equity Insights Fund			62

Notes to Financial Statements			64

Other Information			90



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs VIT Equity Funds

The following are highlights both of key factors affecting the U.S. and international equity markets and of any key changes made to the Goldman Sachs VIT Equity Funds (the “Funds”) during the six months ended June 30, 2023 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended December 31, 2023.

Market and Economic Review

U.S. Equities

•

Overall, U.S. equities rallied during the Reporting Period following poor performance in 2022. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 16.89%, its best first-half showing since 2019 and second best since 1998. The Russell 3000^® Index generated a return of 16.17%.

•

The U.S. equity market’s strength was predominantly driven throughout the Reporting Period by disinflation momentum, an upswing in soft economic landing expectations and consumer resilience. (A soft landing, in economics, is a cyclical slowdown in economic growth that avoids recession.)

•

During the first quarter of 2023, the S&P 500 Index returned 7.53%, marking its second straight quarterly gain.

•

Following a stellar start to the calendar year, February 2023 proved to be a setback for the disinflation path after nonfarm payrolls data illustrated the largest job growth in six months, and the U.S. unemployment rate fell to a 53-year low, in turn pushing market forecasts for the U.S. Federal Reserve’s (“Fed”) terminal rate upward. (The terminal federal funds rate is the ultimate interest rate level the Fed sets as its target for a cycle of rate hikes or cuts.)

•

The January 2023 Producer Price Index (“PPI”) and core Personal Consumption Expenditure (“PCE”) Index saw their largest monthly increases since mid-2022, illustrating that more work was needed to combat inflation.

•

The bearish case was further supported by a disappointing fourth quarter 2022 corporate earnings season, as margins came under pressure by persistently high input costs and weaker demand. (Bearish refers to an expected downward movement in the prices of securities.)

•

Consensus forecasts for the Fed’s interest rate path took a dovish turn in March 2023 due to an abrupt banking crisis that escalated the risk of raising interest rates. Economic data in March also contributed to the dovish sentiment, as February 2023 PPI, PCE and personal income growth data were cooler than expected. (Dovish suggests lower interest rates; opposite of hawkish.)

•

On the geopolitical front, the most constructive takeaways came from China’s accelerated economic re-opening following its unanticipated zero-COVID policy pivot toward the end of 2022 as well as Europe’s warmer than anticipated weather that helped avoid an energy crisis.

•

During the second quarter of 2023, the S&P 500 Index returned 8.74%, marking its third consecutive quarterly gain.

•

In addition to those factors that drove strong performance throughout the Reporting Period, second quarter results were boosted by a better than consensus expected first quarter 2023 corporate earnings season and persistent enthusiasm around artificial intelligence (“AI”), including the possibility for a boom in AI-related chipmakers.

•

In turn, growth stocks significantly outperformed their value counterparts, as mega-cap technology stocks accounted for a vast majority of the S&P 500 Index’s rally in the quarter.

•

First quarter 2023 corporate earnings metrics, although supported by a lower bar, were well above their one-year averages due to a combination of ongoing pricing power, supply-chain normalization, cost-cutting initiatives and margin expansion.

•

Disinflation progress was highlighted by a cooler than consensus expected May 2023 Consumer Price Index reading, as the inflation rate fell to 4.0%, the lowest level in more than two years, on the back of lower energy


		1

MARKET REVIEW

prices. The May PPI and headline PCE Index data also came in below consensus market forecasts. Furthermore, transitory inflation pressures, such as supply-chain disruptions, continued to fade throughout the quarter.

•

The soft landing narrative continued to take form with a still-tight labor market and robust housing market helping to counteract the possibility of a recession.

•

Despite the S&P 500 Index’s strong second calendar quarter, there were numerous bearish takeaways.

•

These primarily surrounded the implacable higher-for-longer messaging from the Fed. Although the June Fed meeting left the federal funds rate unchanged, Fed Chair Powell made a hawkish statement that the Fed is open to additional rate hikes before year end.

•

Concentrated market leadership was another concern for investors that raised doubts about the sustainability of the U.S. equity market rally.

•

On the geopolitical front, a slower than consensus expected economic recovery in China presented an additional setback for the market.

•

During the Reporting Period overall, all segments of the U.S. equity markets gained ground, but large-cap stocks were strongest, followed by mid-cap stocks and then small-cap stocks. In a reversal from 2022, growth stocks meaningfully outperformed value stocks on a relative basis across the capitalization spectrum during the Reporting Period.

•

Eight of the 11 sectors of the S&P 500 Index gained during the Reporting Period. In another reversal from 2022, the best performing sectors by far within the S&P 500 Index during the Reporting Period were information technology, communication services and consumer discretionary. The weakest performing sectors during the Reporting Period were utilities, energy and health care.

International Equities

•

Representing the developed international equity markets, the MSCI EAFE Index (net) (“MSCI EAFE Index”) returned 11.67%, during the Reporting Period, underperforming the U.S. equity market, as represented by the 16.89% return of the S&P 500 Index.

•

During the first quarter of 2023, the MSCI EAFE Index returned 8.47%.

•

International equities rose solidly in January 2023, as markets performed well on the back of softening global inflationary pressures in the U.S. and Europe, the slowing pace of central bank interest rate hikes and receding concerns about recession. Additionally, China finally lifted its stringent zero-COVID policy, which increased global hopes around both the resolution of supply-chain disruptions as well as economic recovery driven by strong domestic consumption.

•

The MSCI EAFE Index then fell in February 2023. Market sentiment was governed by dampening expectations around potential peaking of interest rate hikes and continued geopolitical tensions between Russia and Ukraine one year after Russia’s initial invasion.

•

International equities gained in March 2023, with market sentiment boosted, as it had been at the start of the new calendar year, by speculation around the potential peaking of inflation, the slowing pace of central bank interest rate hikes and receding concerns about a global recession—all despite banking tensions that arose during the month in the U.S. and internationally.

•

During the second quarter of 2023, the MSCI EAFE Index returned 2.95%.

•

International equities continued to rise in April 2023, recovering slightly from the banking turmoil that plagued March.

•

Headline inflation in Europe fell sharply as energy prices continued to decline globally.

•

China continued to experience reopening-driven economic growth, even as geopolitical concerns around U.S./China tensions weakened investor sentiment toward the country.


2

MARKET REVIEW

•

The Japanese equity market rose for the fourth consecutive month, driven largely by new Bank of Japan governor Kazuo Ueda declaring a commitment to an ultra-loose monetary easing policy and famed U.S. investor Warren Buffet declaring he planned to add to his Japanese equity investments.

•

The MSCI EAFE Index fell in May 2023, as high inflation rates persisted globally, sustained wage growth raised concerns around peak monetary policy rates being higher than earlier expected, and worries around the U.S. debt ceiling loomed over the markets.

•

International equities rebounded in June 2023, as overall, the global economic outlook eased, reducing the risk of falling into a recession.

•

The Bank of England hiked its interest rates more than consensus expected to combat sticky inflation, encouraging other central banks to continue policy tightening.

•

China’s recovery-fueled momentum slowed, leading to its central bank cutting multiple key lending rates.

•

In Japan, import prices began to ease along with other inflation drivers.

•

Ten of the 11 sectors in the MSCI EAFE Index posted positive returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were information technology, consumer discretionary and industrials. The weakest performing sector and the only one to post a negative absolute return during the Reporting Period was real estate. Energy and materials generated positive total returns but also significantly lagged the MSCI EAFE Index during the Reporting Period.

•

The best performing countries within the MSCI EAFE Index were Ireland, Italy, Spain, the Netherlands and France. The weakest performing countries in the MSCI EAFE Index were Canada, Finland, Norway, Hong Kong and Israel, each of which posted a negative absolute return during the Reporting Period.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

Goldman Sachs VIT Mid Cap Growth Fund

•

The Fund underperformed its benchmark, the Russell Mid Cap^® Growth Index (with dividends reinvested) (the “Russell Index), during the Reporting Period.

•

Stock selection and sector allocation decisions overall detracted from the Fund’s performance during the Reporting Period.

•

Stock selection in consumer discretionary, financials and information technology detracted most from the Fund’s relative results during the Reporting Period.

•

Having an average underweighted allocation to information technology, the second-strongest performing sector in the Russell Index during the Reporting Period, also hurt.

•

Having a position, albeit modest, in cash during a Reporting Period when the Russell Index experienced a double-digit gain, further dampened results.

•

These detractors were only partially offset by the positive contributions made by effective stock selection in health care, energy and communication services.

•

Within health care, both stock selection and allocation positioning within the life sciences tools & services industry helped most.

•

Within energy, stock selection within the oil, gas & consumable fuels industry and having no exposure to the energy equipment & services industry boosted results most.

•

Within communication services, stock selection and allocation positioning within the media industry added the most value, partially offset by weak stock selection and allocation positioning within the entertainment industry, which detracted.


		3

MARKET REVIEW

Goldman Sachs VIT Small Cap Equity Insights Fund

•

The Fund outperformed its benchmark, the Russell 2000^® Index (with dividends reinvested) (the “Russell Index”), during the Reporting Period.

•

During the Reporting Period, the Fund outperformed the Russell Index on a relative basis, with all four of our quantitative model’s investment themes contributing positively. Stock selection overall, driven by these investment themes, boosted relative performance.

•

High Quality Business Models and Sentiment Analysis bolstered relative results most, followed by Fundamental Mispricings and Market Themes & Trends.

•

High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives.

•

Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment.

•

Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run.

•

Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

•

Stock selection in the financials, consumer discretionary and consumer staples sectors contributed the most positively to the Fund’s relative returns during the Reporting Period. Conversely, certain individual stock positions, especially in the energy, health care and communication services sectors, detracted from the Fund’s relative returns.


4

FUND BASICS

International Equity Insights Fund

as of June 30, 2023

PERFORMANCE REVIEW



January 1, 2023–June 30, 2023	Fund Total Return (based on NAV)¹			MSCI EAFE Standard Index²
Institutional		12.01	%		11.67	%
Service		11.82			11.67

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 6/30/23³



Holding	% of Net Assets		Line of Business
ASML Holding NV		2.6%	Semiconductors & Semiconductor Equipment
Novo Nordisk A/S, Class B		2.1	Pharmaceuticals, Biotechnology & Life Sciences
Roche Holding AG		1.7	Pharmaceuticals, Biotechnology & Life Sciences
AstraZeneca PLC ADR		1.4	Pharmaceuticals, Biotechnology & Life Sciences
SAP SE		1.4	Software & Services
Sanofi		1.3	Pharmaceuticals, Biotechnology & Life Sciences
Novartis AG		1.3	Pharmaceuticals, Biotechnology & Life Sciences
Shell PLC		1.3	Energy
Hermes International		1.2	Consumer Durables & Apparel
British American Tobacco PLC		1.1	Food, Beverage & Tobacco

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, 2023

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, 2023

PERFORMANCE REVIEW



January 1, 2023–June 30, 2023	Fund Total Return (based on NAV)¹			Russell 1000 Value Index²
Institutional		5.40	%		5.12	%
Service		5.27			5.12

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 6/30/23³



Holding	% of Net Assets		Line of Business
JPMorgan Chase & Co.		3.6%	Banks
Exxon Mobil Corp.		3.6	Energy
Walmart, Inc.		2.7	Consumer Staples Distribution & Retail
Johnson & Johnson		2.2	Pharmaceuticals, Biotechnology & Life Sciences
Bank of America Corp.		2.0	Banks
Eaton Corp. PLC		2.0	Capital Goods
Bristol-Myers Squibb Co.		1.9	Pharmaceuticals, Biotechnology & Life Sciences
Zimmer Biomet Holdings, Inc.		1.9	Health Care Equipment & Services
Oracle Corp.		1.9	Software & Services
BlackRock, Inc.		1.9	Financial Services

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, 2023

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 Growth Fund

as of June 30, 2023

PERFORMANCE REVIEW



January 1, 2023–June 30, 2023	Fund Total Return (based on NAV)¹			Russell Midcap Growth Index²
Institutional		12.45	%		15.94	%
Service		12.33			15.94

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 6/30/23^3, 4



Holding	% of Net Assets		Line of Business
Dexcom, Inc.		3.0%	Health Care Equipment & Services
Rockwell Automation, Inc.		2.7	Capital Goods
Trade Desk, Inc. (The), Class A		2.4	Media & Entertainment
West Pharmaceutical Services, Inc.		2.2	Pharmaceuticals, Biotechnology & Life Sciences
Trane Technologies PLC		2.1	Capital Goods
Ross Stores, Inc.		2.0	Consumer Discretionary Distribution & Retail
Martin Marietta Materials, Inc.		1.9	Materials
Mettler-Toledo International, Inc.		1.9	Pharmaceuticals, Biotechnology & Life Sciences
Insulet Corp.		1.8	Health Care Equipment & Services
CoStar Group, Inc.		1.8	Real Estate Management & Development

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

⁴	The top 10 holdings exclude investments in money market funds.


		9

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of June 30, 2023

LOGO

⁵

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

Mid Cap Value Fund

as of June 30, 2023

PERFORMANCE REVIEW



January 1, 2023–June 30, 2023	Fund Total Return (based on NAV)¹			Russell Midcap^® Value Index²
Institutional		5.37	%		5.23	%
Service		5.24			5.23

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 6/30/23³



Holding	% of Net Assets		Line of Business
Martin Marietta Materials, Inc.		2.4%	Materials
Marvell Technology, Inc.		2.2	Semiconductors & Semiconductor Equipment
Zimmer Biomet Holdings, Inc.		2.0	Health Care Equipment & Services
Yum! Brands, Inc.		2.0	Consumer Services
Cummins, Inc.		1.9	Capital Goods
Ross Stores, Inc.		1.9	Consumer Discretionary Distribution & Retail
AMETEK, Inc.		1.9	Capital Goods
Fortive Corp.		1.7	Capital Goods
Ball Corp.		1.7	Materials
ITT, Inc.		1.6	Capital Goods

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


		11

FUND BASICS

FUND vs. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2023

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.


12

FUND BASICS

Small Cap Equity Insights Fund

as of June 30, 2023

PERFORMANCE REVIEW



January 1, 2023–June 30, 2023	Fund Total Return (based on NAV)¹			Russell 2000^® Index²
Institutional		10.58	%		8.09	%
Service		10.52			8.09

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 6/30/23^3,4



Holding	% of Net Assets		Line of Business
Super Micro Computer, Inc.		1.0%	Technology Hardware & Equipment
Mueller Industries, Inc.		0.9	Capital Goods
American Equity Investment Life Holding Co.		0.9	Insurance
Axcelis Technologies, Inc.		0.9	Semiconductors & Semiconductor Equipment
Simpson Manufacturing Co., Inc.		0.8	Capital Goods
Atkore, Inc.		0.8	Capital Goods
Comfort Systems USA, Inc.		0.8	Capital Goods
M/I Homes, Inc.		0.8	Consumer Durables & Apparel
Asbury Automotive Group, Inc.		0.8	Consumer Discretionary Distribution & Retail
CommVault Systems, Inc.		0.8	Software & Services

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

⁴	The top 10 holdings exclude investments in money market funds.


		13

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁵

As of June 30, 2023

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 0.8% of the Fund’s net assets at June 30, 2023. 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.


14

FUND BASICS

Strategic Growth Fund

as of June 30, 2023

PERFORMANCE REVIEW



January 1, 2023–June 30, 2023	Fund Total Return (based on NAV)¹			Russell 1000® Growth Index²
Institutional		30.11	%		29.02	%
Service		29.93			29.02

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 6/30/23³



Holding	% of Net Assets		Line of Business
Apple, Inc.		13.6%	Technology Hardware & Equipment
Microsoft Corp.		11.9	Software & Services
NVIDIA Corp.		6.5	Semiconductors & Semiconductor Equipment
Amazon.com, Inc.		6.1	Consumer Discretionary Distribution & Retail
Alphabet, Inc., Class A		4.1	Media & Entertainment
Mastercard, Inc., Class A		3.0	Financial Services
Eli Lilly & Co.		2.6	Pharmaceuticals, Biotechnology & Life Sciences
Alphabet, Inc., Class C		2.5	Media & Entertainment
Tesla, Inc.		2.4	Automobiles & Components
Marvell Technology, Inc.		1.9	Semiconductors & Semiconductor Equipment

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, 2023

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

FUND BASICS

U.S. Equity Insights Fund

as of June 30, 2023

PERFORMANCE REVIEW



January 1, 2023–June 30, 2023	Fund Total Return (based on NAV)¹			S&P 500 Index²
Institutional		14.42	%		16.89	%
Service		14.29			16.89

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 6/30/23³



Holding	% of Net Assets		Line of Business
Microsoft Corp.		6.9%	Software & Services
Apple, Inc.		6.7	Technology Hardware & Equipment
NVIDIA Corp.		3.5	Semiconductors & Semiconductor Equipment
Berkshire Hathaway, Inc., Class B		2.7	Financial Services
Alphabet, Inc., Class C		2.7	Media & Entertainment
Amazon.com, Inc.		2.7	Consumer Discretionary Distribution & Retail
Alphabet, Inc., Class A		1.8	Media & Entertainment
Coca-Cola Co. (The)		1.6	Food, Beverage & Tobacco
Tesla, Inc.		1.6	Automobiles & Components
Bank of America Corp.		1.5	Banks

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


		17

FUND BASICS

FUND vs. BENCHMARK SECTOR ALLOCATIONS⁴

As of June 30, 2023

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.


18

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 97.9%
Australia – 7.5%
	15,263	ASX Ltd. (Financial Services)	$	642,313
	35,864	BHP Group Ltd. (Materials)		1,078,142
	15,943	BlueScope Steel Ltd. (Materials)		219,421
	4,281	Cochlear Ltd. (Health Care Equipment & Services)		655,884
	12,651	Commonwealth Bank of Australia (Banks)		846,944
	1,077	Fortescue Metals Group Ltd. (Materials)		15,981
	137,403	Glencore PLC (Materials)		779,060
	15,709	Goodman Group REIT (Equity Real Estate Investment Trusts)		211,174
	2,820	National Australia Bank Ltd. (Banks)		49,598
	40,267	Perseus Mining Ltd. (Materials)		44,732
	137,195	Qantas Airways Ltd. (Transportation)*		568,552
	120,809	Scentre Group REIT (Equity Real Estate Investment Trusts)		213,652
	3,532	Seven Group Holdings Ltd. (Capital Goods)		58,248
	64,449	Telstra Group Ltd. (Telecommunication Services)		184,885
	13,464	WiseTech Global Ltd. (Software & Services)		722,186
	37,883	Woodside Energy Group Ltd. (Energy)		876,294
	32,734	Woolworths Group Ltd. (Consumer Staples Distribution & Retail)		867,328

				8,034,394

Austria – 0.6%
	2,172	BAWAG Group AG (Banks)*^(a)		100,134
	2,814	Erste Group Bank AG (Banks)		98,709
	5,333	Raiffeisen Bank International AG (Banks)*		84,629
	8,885	Strabag SE (Capital Goods)		361,150

				644,622

Belgium – 0.5%
	3,506	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)		198,711
	685	D’ieteren Group (Consumer Discretionary Distribution & Retail)		121,235
	3,739	KBC Ancora (Banks)		170,946
	863	Melexis NV (Semiconductors & Semiconductor Equipment)		84,745

				575,637

China – 0.7%
	9,500	BOC Aviation Ltd. (Capital Goods)^(a)		76,999
	128,500	BOC Hong Kong Holdings Ltd. (Banks)		393,638
	243,100	Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)		270,468

				741,105


Common Stocks – (continued)
Denmark – 3.0%
	13	AP Moller — Maersk A/S, Class A (Transportation)		22,668
	2,036	Carlsberg AS, Class B (Food, Beverage & Tobacco)		326,027
	1,011	Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*		383,127
	2,941	Jyske Bank A/S (Banks)*		223,729
	13,971	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)		2,256,873

				3,212,424

Finland – 1.4%
	10,467	Kone OYJ, Class B (Capital Goods)		546,844
	1,948	Konecranes OYJ (Capital Goods)		78,456
	26,193	Nokia OYJ (Technology Hardware & Equipment)		109,745
	15,766	Sampo OYJ, Class A (Insurance)		708,090

				1,443,135

France – 11.0%
	4,306	Adevinta ASA (Media & Entertainment)*		28,296
	5,348	Airbus SE (Capital Goods)		773,223
	21,671	AXA SA (Insurance)		640,407
	3,329	Dassault Aviation SA (Capital Goods)		666,969
	18,708	Dassault Systemes (Software & Services)		828,970
	12,607	Edenred (Financial Services)		844,472
	6,278	Eiffage SA (Capital Goods)		655,477
	51,921	Engie SA (Utilities)		864,636
	2,613	EssilorLuxottica SA (Health Care Equipment & Services)		492,734
	573	Hermes International (Consumer Durables & Apparel)		1,245,542
	8,975	Legrand SA (Capital Goods)		890,355
	663	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)		625,151
	13,130	Rexel SA (Capital Goods)		324,494
	5,459	Safran SA (Capital Goods)		855,479
	6,044	Societe Generale SA (Banks)		157,182
	5,211	Thales SA (Capital Goods)		780,759
	6,267	Vinci SA (Capital Goods)		728,197
	7,710	Worldline SA (Financial Services)*^(a)		282,340

				11,684,683

Germany – 7.2%
	8,326	Bayerische Motoren Werke AG (Automobiles & Components)		1,024,157
	1,190	Beiersdorf AG (Household & Personal Products)		157,584
	553	Carl Zeiss Meditec AG (Health Care Equipment & Services)		59,804
	14,273	Deutsche Bank AG (Financial Services)		150,049
	183	Deutsche Boerse AG (Financial Services)		33,784


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Germany – (continued)
	13,341	Deutsche Lufthansa AG (Transportation)*	$	136,793
	61,631	E.ON SE (Utilities)		787,300
	7,940	Fresenius SE & Co. KGaA (Health Care Equipment & Services)		220,230
	4,192	GEA Group AG (Capital Goods)		175,503
	1,652	HUGO BOSS AG (Consumer Durables & Apparel)		129,122
	26,643	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		1,097,219
	2,251	MTU Aero Engines AG (Capital Goods)		583,840
	2,657	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Insurance)		997,472
	323	Nemetschek SE (Software & Services)		24,114
	10,881	SAP SE (Software & Services)		1,486,426
	3,678	Siemens AG (Capital Goods)		613,126

				7,676,523

Hong Kong – 1.7%
	33,600	AIA Group Ltd. (Insurance)		341,258
	10,700	Hong Kong Exchanges & Clearing Ltd. (Financial Services)		405,413
	13,900	Jardine Matheson Holdings Ltd. (Capital Goods)		697,502
	24,000	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		303,231
	35,000	Swire Pacific Ltd., Class B (Real Estate Management & Development)		44,164

				1,791,568

Italy – 2.2%
	8,158	Banca Mediolanum SpA (Financial Services)		73,794
	51,694	Banco BPM SpA (Banks)		240,110
	79,599	Enel SpA (Utilities)		536,691
	165	Ferrari NV (Automobiles & Components)		53,946
	24,014	Leonardo SpA (Capital Goods)		272,676
	7,731	Prysmian SpA (Capital Goods)		323,339
	549	Reply SpA (Software & Services)		62,417
	27,430	UniCredit SpA (Banks)		637,846
	23,614	Unipol Gruppo SpA (Insurance)		126,193

				2,327,012

Japan – 24.4%
	3,700	Air Water, Inc. (Materials)		51,366
	17,000	Aisan Industry Co. Ltd. (Automobiles & Components)		138,749
	5,600	Aisin Corp. (Automobiles & Components)		172,933
	1,300	Amiyaki Tei Co. Ltd. (Consumer Services)		32,900


Common Stocks – (continued)
Japan – (continued)
	4,700	Asahi Kasei Corp. (Materials)		31,824
	20,100	Asia Pile Holdings Corp. (Materials)		86,095
	49,300	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		734,199
	11,400	Avex, Inc. (Media & Entertainment)		119,658
	8,900	Axell Corp. (Semiconductors & Semiconductor Equipment)		102,060
	1,000	Canon Marketing Japan, Inc. (Technology Hardware & Equipment)		24,902
	1,100	Capcom Co. Ltd. (Media & Entertainment)		43,605
	3,400	Chubu Electric Power Co., Inc. (Utilities)		41,478
	1,000	Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco)		10,608
	5,300	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		150,550
	9,500	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		251,009
	4,800	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		70,315
	20,900	Eagle Industry Co. Ltd. (Automobiles & Components)		254,478
	300	Enplas Corp. (Technology Hardware & Equipment)		12,222
	2,300	FCC Co. Ltd. (Automobiles & Components)		29,953
	22,200	Fujikura Ltd. (Capital Goods)		186,396
	5,900	Fujitsu Ltd. (Software & Services)		763,949
	23,600	Gree, Inc. (Media & Entertainment)		104,996
	3,400	H2O Retailing Corp. (Consumer Staples Distribution & Retail)		34,754
	17,700	Heiwa Corp. (Consumer Services)		307,839
	2,500	Inaba Denki Sangyo Co. Ltd. (Capital Goods)		57,038
	14,100	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary Distribution & Retail)		143,343
	1,600	J Front Retailing Co. Ltd. (Consumer Discretionary Distribution & Retail)		15,346
	5,600	Japan Medical Dynamic Marketing, Inc. (Health Care Equipment & Services)		39,683
	36,000	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		788,616
	51,300	JFE Holdings, Inc. (Materials)		733,414
	19,700	JGC Holdings Corp. (Capital Goods)		256,148
	7,100	Kamigumi Co. Ltd. (Transportation)		160,985
	1,600	Kato Sangyo Co. Ltd. (Consumer Staples Distribution & Retail)		43,965
	18,300	KDDI Corp. (Telecommunication Services)		565,161
	72,000	Kobe Steel Ltd. (Materials)		663,192
	700	Komatsu Ltd. (Capital Goods)		18,934
	13,200	Kyoei Steel Ltd. (Materials)		186,572


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	1,300	Lion Corp. (Household & Personal Products)	$	12,120
	5,600	Mandom Corp. (Household & Personal Products)		56,386
	8,400	Maruichi Steel Tube Ltd. (Materials)		192,961
	41,400	Mazda Motor Corp. (Automobiles & Components)		400,097
	8,800	Mimasu Semiconductor Industry Co. Ltd. (Semiconductors & Semiconductor Equipment)		191,495
	4,000	Miraial Co. Ltd. (Semiconductors & Semiconductor Equipment)		44,163
	28,700	Mirarth Holdings, Inc. (Real Estate Management & Development)		88,450
	17,900	Mitsubishi Corp. (Capital Goods)		865,410
	11,000	Mitsubishi Electric Corp. (Capital Goods)		155,505
	146,300	Mitsubishi HC Capital, Inc. (Financial Services)		868,643
	17,300	Mitsubishi Heavy Industries Ltd. (Capital Goods)		808,001
	8,600	Mitsubishi Shokuhin Co. Ltd. (Consumer Staples Distribution & Retail)		221,826
	8,300	MIXI, Inc. (Media & Entertainment)		154,497
	1,300	Mizuho Leasing Co. Ltd. (Financial Services)		42,471
	1,700	MS&AD Insurance Group Holdings, Inc. (Insurance)		60,201
	15,200	NEC Corp. (Software & Services)		737,390
	10,100	Nexon Co. Ltd. (Media & Entertainment)		193,685
	2,500	NIPPON EXPRESS HOLDINGS, Inc. (Transportation)		141,020
	2,000	Nippon Kayaku Co. Ltd. (Materials)		17,113
	21,100	Nippon Paint Holdings Co. Ltd. (Materials)		174,624
	400	Nippon Road Co. Ltd. (The) (Capital Goods)		25,998
	4,000	Nippon Sanso Holdings Corp. (Materials)		86,904
	9,800	Nippon Steel Corp. (Materials)		205,107
	397,500	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		470,364
	149,500	Nissan Motor Co. Ltd. (Automobiles & Components)		613,568
	2,400	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		57,063
	4,600	Niterra Co. Ltd. (Automobiles & Components)		92,293
	2,100	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		37,891
	45,600	ORIX Corp. (Financial Services)		831,571
	13,500	Osaka Gas Co. Ltd. (Utilities)		206,926


Common Stocks – (continued)
Japan – (continued)
	23,500	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		862,019
	17,800	Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment)*		335,927
	1,500	Ricoh Leasing Co. Ltd. (Financial Services)		43,863
	2,800	Riken Corp. (Automobiles & Components)		60,879
	29,400	Riken Technos Corp. (Materials)		133,979
	29,500	Round One Corp. (Consumer Services)		116,860
	4,800	Sakata INX Corp. (Materials)		40,585
	2,500	Sankyu, Inc. (Transportation)		82,746
	6,500	Sanoh Industrial Co. Ltd. (Automobiles & Components)		38,952
	68,200	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		580,877
	5,000	Sanyo Special Steel Co. Ltd. (Materials)		99,104
	3,300	SBI Holdings, Inc. (Financial Services)		63,644
	7,000	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)		797,294
	14,500	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		209,484
	10,100	Sekisui House Ltd. (Consumer Durables & Apparel)		204,016
	15,400	Seven & i Holdings Co. Ltd. (Consumer Staples Distribution & Retail)		665,313
	6,900	Shikoku Electric Power Co., Inc. (Utilities)*		47,023
	15,800	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		666,436
	8,800	SoftBank Group Corp. (Telecommunication Services)		415,005
	7,700	Sompo Holdings, Inc. (Insurance)		345,493
	1,400	SPK Corp. (Consumer Discretionary Distribution & Retail)		17,446
	20,400	Subaru Corp. (Automobiles & Components)		384,209
	28,600	Sumitomo Corp. (Capital Goods)		606,748
	22,800	Sumitomo Heavy Industries Ltd. (Capital Goods)		546,091
	45,200	Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		200,922
	1,400	Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		52,663


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	2,400	Takashimaya Co. Ltd. (Consumer Discretionary Distribution & Retail)	$	33,549
	3,900	Tanseisha Co. Ltd. (Commercial & Professional Services)		21,401
	16,900	Tokyo Century Corp. (Financial Services)		610,307
	4,300	Tokyo Tekko Co. Ltd. (Materials)		98,478
	101,300	Tokyu Fudosan Holdings Corp. (Real Estate Management & Development)		580,632
	1,900	TOPPAN, Inc. (Commercial & Professional Services)		41,062
	8,800	Toyo Engineering Corp. (Capital Goods)*		36,116
	59,900	Toyota Motor Corp. (Automobiles & Components)		962,718
	11,800	Tv Tokyo Holdings Corp. (Media & Entertainment)		276,198
	9,800	Yamaichi Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		162,128
	3,100	Yellow Hat Ltd. (Consumer Discretionary Distribution & Retail)		39,918

				25,963,063

Macau – 0.1%
	20,000	Sands China Ltd. (Consumer Services)*		68,494

Malta – 0.1%
	4,031	Kambi Group PLC (Consumer Services)*		74,152

Netherlands – 6.1%
	3,768	ASML Holding NV (Semiconductors & Semiconductor Equipment)		2,733,039
	491	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		53,251
	839	Euronext NV (Financial Services)^(a)		57,064
	5,058	EXOR NV (Financial Services)		451,551
	5,751	Heineken Holding NV (Food, Beverage & Tobacco)		500,464
	2,929	Heineken NV (Food, Beverage & Tobacco)		301,209
	20,149	Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail)		686,940
	45,103	Shell PLC (Energy)		1,358,648
	15,465	Universal Music Group NV (Media & Entertainment)		343,552

				6,485,718

New Zealand – 0.0%
	86,128	Air New Zealand Ltd. (Transportation)*		41,347


Common Stocks – (continued)
Norway – 1.0%
	35,653	DNB Bank ASA (Banks)		666,736
	9,162	Kongsberg Gruppen ASA (Capital Goods)		416,451

				1,083,187

Portugal – 0.5%
	19,536	Jeronimo Martins SGPS SA (Consumer Staples Distribution & Retail)		538,189
	11,013	NOS SGPS SA (Telecommunication Services)		39,129

				577,318

Singapore – 0.7%
	40,100	Oversea-Chinese Banking Corp. Ltd. (Banks)		364,789
	69,000	Sembcorp Industries Ltd. (Utilities)		294,014
	753	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		37,562

				696,365

Spain – 2.6%
	2,808	Amadeus IT Group SA (Consumer Services)*		213,830
	56,847	Banco Bilbao Vizcaya Argentaria SA (Banks)		436,739
	42,836	Bankinter SA (Banks)		263,646
	56,223	Iberdrola SA (Utilities)		734,205
	28,723	Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail)		1,114,102
	4,685	Merlin Properties Socimi SA REIT (Equity Real Estate Investment Trusts)		40,129

				2,802,651

Sweden – 5.3%
	12,534	Epiroc AB, Class B (Capital Goods)		202,869
	6,084	Evolution AB (Consumer Services)^(a)		770,988
	37,399	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary Distribution & Retail)		643,162
	42,697	Hexagon AB, Class B (Technology Hardware & Equipment)		525,187
	2,001	Industrivarden AB, Class A (Financial Services)		55,496
	11,817	Investor AB, Class A (Financial Services)		236,498
	42,324	Investor AB, Class B (Financial Services)		846,695
	3,035	Saab AB, Class B (Capital Goods)		164,303
	16,427	Skandinaviska Enskilda Banken AB, Class A (Banks)		181,687
	49,640	SSAB AB, Class A (Materials)		353,228
	42,242	SSAB AB, Class B (Materials)		292,912


22		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)
Sweden – (continued)
	44,952	Swedbank AB, Class A (Banks)	$	758,615
	8,123	Swedish Orphan Biovitrum AB (Pharmaceuticals, Biotechnology & Life Sciences)*		158,766
	18,820	Volvo AB, Class B (Capital Goods)		389,480
	24,248	Volvo Car AB, Class B (Automobiles & Components)*		96,476

				5,676,362

Switzerland – 4.3%
	27,518	ABB Ltd. (Capital Goods)		1,082,581
	25	Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco)		314,325
	3	Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco)		372,357
	6,105	Cie Financiere Richemont SA (Consumer Durables & Apparel)		1,037,044
	3,224	Julius Baer Group Ltd. (Financial Services)		203,459
	13,892	Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences)		1,400,583
	616	Sonova Holding AG (Health Care Equipment & Services)		164,372

				4,574,721

United Kingdom – 8.9%
	21,532	AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		1,541,045
	109,003	Aviva PLC (Insurance)		548,422
	1,367	BAE Systems PLC (Capital Goods)		16,119
	47,945	Barratt Developments PLC (Consumer Durables & Apparel)		251,986
	3,067	Bellway PLC (Consumer Durables & Apparel)		77,549
	12,726	BP PLC ADR (Energy)		449,101
	36,268	British American Tobacco PLC (Food, Beverage & Tobacco)		1,205,021
	7,554	Burberry Group PLC (Consumer Durables & Apparel)		203,833
	31,125	Centrica PLC (Utilities)		49,076
	29,500	CK Hutchison Holdings Ltd. (Capital Goods)		180,049
	33,084	Compass Group PLC (Consumer Services)		926,457
	33,369	Imperial Brands PLC (Food, Beverage & Tobacco)		738,606
	12,418	Informa PLC (Media & Entertainment)		114,657
	6,799	Lancashire Holdings Ltd. (Insurance)		49,909
	114,950	NatWest Group PLC (Banks)		351,344
	5,186	Next PLC (Consumer Discretionary Distribution & Retail)		454,741
	207,937	Rolls-Royce Holdings PLC (Capital Goods)*		399,863
	26,756	Smiths Group PLC (Capital Goods)		559,783


Common Stocks – (continued)
United Kingdom – (continued)
	11,579	SSE PLC (Utilities)		271,529
	72,795	Standard Chartered PLC (Banks)		633,324
	7,045	Vesuvius PLC (Capital Goods)		35,691
	13,632	Vodafone Group PLC ADR (Telecommunication Services)		128,822
	25,593	WPP PLC (Media & Entertainment)		268,261

				9,455,188

United States – 8.1%
	7,596	Experian PLC (Commercial & Professional Services)		291,542
	30,041	GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		1,070,661
	2,505	Holcim AG (Materials)*		168,855
	8,394	Nestle SA (Food, Beverage & Tobacco)		1,009,728
	756	QIAGEN NV (Pharmaceuticals, Biotechnology & Life Sciences)*		33,982
	5,762	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		1,760,119
	96,900	Samsonite International SA (Consumer Durables & Apparel)*^(a)		274,013
	13,295	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		1,431,284
	5,276	Schneider Electric SE (Capital Goods)		958,527
	62,283	Stellantis NV (Automobiles & Components)		1,094,985
	33,715	Tenaris SA (Energy)		504,345

				8,598,041

	TOTAL COMMON STOCKS
	(Cost $94,896,860)		$	104,227,710


Shares		Description	Rate			Value

Preferred Stocks – 0.7%
Germany – 0.7%
	866	Bayerische Motoren Werke AG (Automobiles & Components)		8.49	%	$	98,685
	4,502	Volkswagen AG (Automobiles & Components)		23.01			605,396

	TOTAL PREFERRED STOCKS
	(Cost $680,000)					$	704,081

	TOTAL INVESTMENTS – 98.6%
	(Cost $95,576,860)					$	104,931,791

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%						1,500,597

	NET ASSETS – 100.0%					$	106,432,388


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)


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

*		Non-income producing security.

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



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


Sector Name	% of Market Value
Industrials		18.4	%
Financials		16.4
Consumer Discretionary		14.8
Health Care		14.1
Information Technology		10.4
Consumer Staples		8.7
Materials		5.5
Utilities		3.7
Communication Services		3.3
Energy		3.0
Real Estate		1.7

TOTAL INVESTMENTS		100.0	%

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2023, 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		8		09/15/23	$	386,460	$	6,964
FTSE 100 Index		1		09/15/23		95,777		(721	)
TOPIX Index		1		09/07/23		158,564		5,579

Total Futures Contracts							$	11,822


24		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, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 99.8%
Automobiles & Components – 1.3%
	47,766	Aptiv PLC*	$	4,876,431

Banks – 6.7%
	267,048	Bank of America Corp.		7,661,607
	96,460	JPMorgan Chase & Co.		14,029,143
	32,729	M&T Bank Corp.		4,050,541

				25,741,291

Capital Goods – 9.4%
	22,893	Caterpillar, Inc.		5,632,822
	37,557	Eaton Corp. PLC		7,552,713
	62,302	General Electric Co.		6,843,875
	12,556	Illinois Tool Works, Inc.		3,141,009
	34,953	L3Harris Technologies, Inc.		6,842,749
	65,905	Stanley Black & Decker, Inc.		6,175,957

				36,189,125

Commercial & Professional Services – 0.7%
	19,561	Waste Connections, Inc.		2,795,854

Consumer Discretionary Distribution & Retail – 3.1%
	22,978	Amazon.com, Inc.*		2,995,412
	114,467	Foot Locker, Inc.		3,103,200
	50,591	Ross Stores, Inc.		5,672,769

				11,771,381

Consumer Durables & Apparel – 1.3%
	45,723	NIKE, Inc., Class B		5,046,447

Consumer Staples Distribution & Retail – 2.7%
	65,620	Walmart, Inc.		10,314,152

Energy – 7.6%
	51,179	Chesapeake Energy Corp.		4,282,659
	53,501	EOG Resources, Inc.		6,122,654
	130,466	Exxon Mobil Corp.		13,992,479
	35,798	Hess Corp.		4,866,738

				29,264,530

Equity Real Estate Investment Trusts – 3.8%
	15,361	American Tower Corp. REIT		2,979,112
	29,922	AvalonBay Communities, Inc. REIT		5,663,337
	49,078	Prologis, Inc. REIT		6,018,435

				14,660,884

Financial Services – 8.8%
	37,483	American Express Co.		6,529,539
	20,540	Berkshire Hathaway, Inc., Class B*		7,004,140
	10,399	BlackRock, Inc.		7,187,165
	67,147	Fidelity National Information Services, Inc.		3,672,941
	85,650	Nasdaq, Inc.		4,269,652
	76,950	PayPal Holdings, Inc.*		5,134,873

				33,798,310

Food, Beverage & Tobacco – 3.0%
	96,580	Coca-Cola Co. (The)		5,816,048
	158,923	Kraft Heinz Co. (The)		5,641,766

				11,457,814


Common Stocks – (continued)
Health Care Equipment & Services – 7.2%
	110,314	Boston Scientific Corp.*		5,966,884
	43,400	Centene Corp.*		2,927,330
	12,396	Cooper Cos., Inc. (The)		4,752,998
	100,063	CVS Health Corp.		6,917,355
	50,091	Zimmer Biomet Holdings, Inc.		7,293,250

				27,857,817

Household & Personal Products – 1.5%
	74,818	Colgate-Palmolive Co.		5,763,979

Insurance – 2.6%
	44,414	Allstate Corp. (The)		4,842,903
	48,268	Globe Life, Inc.		5,291,138

				10,134,041

Materials – 7.3%
	66,934	Ball Corp.		3,896,228
	152,495	Freeport-McMoRan, Inc.		6,099,800
	17,731	Linde PLC		6,756,930
	13,949	Martin Marietta Materials, Inc.		6,440,114
	19,291	Sherwin-Williams Co. (The)		5,122,146

				28,315,218

Media & Entertainment – 3.4%
	53,882	Alphabet, Inc., Class A*		6,449,675
	46,401	Omnicom Group, Inc.		4,415,055
	184,472	Snap, Inc., Class A*		2,184,149

				13,048,879

Pharmaceuticals, Biotechnology & Life Sciences – 7.8%
	68,944	AstraZeneca PLC ADR (United Kingdom)		4,934,322
	115,526	Bristol-Myers Squibb Co.		7,387,888
	72,794	Gilead Sciences, Inc.		5,610,233
	51,702	Johnson & Johnson		8,557,715
	18,284	Neurocrine Biosciences, Inc.*		1,724,181
	7,127	Waters Corp.*		1,899,631

				30,113,970

Semiconductors & Semiconductor Equipment – 3.6%
	18,158	Applied Materials, Inc.		2,624,557
	6,089	KLA Corp.		2,953,287
	88,924	Marvell Technology, Inc.		5,315,876
	44,534	Micron Technology, Inc.		2,810,541

				13,704,261

Software & Services – 4.0%
	6,983	Adobe, Inc.*		3,414,617
	60,372	Oracle Corp.		7,189,702
	23,471	Salesforce, Inc.*		4,958,483

				15,562,802

Technology Hardware & Equipment – 2.5%
	11,568	Arista Networks, Inc.*		1,874,710
	85,777	Dell Technologies, Inc., Class C		4,641,394
	18,127	Keysight Technologies, Inc.*		3,035,366

				9,551,470


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Telecommunication Services – 1.7%
	414,904	AT&T, Inc.	$	6,617,719

Transportation – 3.5%
	25,835	Norfolk Southern Corp.		5,858,345
	11,257	Old Dominion Freight Line, Inc.		4,162,276
	65,398	United Airlines Holdings, Inc.*		3,588,388

				13,609,009

Utilities – 6.3%
	59,668	Ameren Corp.		4,873,086
	30,716	Atmos Energy Corp.		3,573,499
	33,771	CMS Energy Corp.		1,984,046
	102,909	Exelon Corp.		4,192,513
	84,714	NextEra Energy, Inc.		6,285,779
	56,925	Xcel Energy, Inc.		3,539,027

				24,447,950

	TOTAL COMMON STOCKS
	(Cost $333,191,712)		$	384,643,334


Shares	Dividend Rate	Value

Investment Company – 0.2%^(a)
Goldman Sachs Financial Square Government Fund — Institutional Shares
855,090	5.022%	$	855,090
(Cost $855,090)

TOTAL INVESTMENTS – 100.0%
(Cost $334,046,802)		$	385,498,424

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%			21,925

NET ASSETS – 100.0%		$	385,520,349


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

*		Non-income producing security.

(a)		Represents an affiliated issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP GROWTH FUND

Schedule of Investments

June 30, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 95.2%
Automobiles & Components – 1.5%
	8,776	Aptiv PLC*	$	895,942

Capital Goods – 13.8%
	6,668	AMETEK, Inc.		1,079,416
	4,513	Chart Industries, Inc.*		721,132
	2,686	Cummins, Inc.		658,500
	9,173	Fortive Corp.		685,865
	7,975	ITT, Inc.		743,350
	1,531	L3Harris Technologies, Inc.		299,724
	5,068	Rockwell Automation, Inc.		1,669,652
	6,814	Trane Technologies PLC		1,303,246
	4,736	Woodward, Inc.		563,158
	6,965	Xylem, Inc.		784,398

				8,508,441

Commercial & Professional Services – 0.8%
	1,628	Paycom Software, Inc.		522,979

Consumer Discretionary Distribution & Retail – 5.2%
	7,516	Etsy, Inc.*		635,929
	1,497	RH*		493,396
	10,879	Ross Stores, Inc.		1,219,862
	1,868	Ulta Beauty, Inc.*		879,072

				3,228,259

Consumer Durables & Apparel – 1.5%
	2,418	Lululemon Athletica, Inc.*		915,213

Consumer Services – 3.6%
	2,366	Domino’s Pizza, Inc.		797,318
	6,583	Expedia Group, Inc.*		720,115
	5,320	Yum! Brands, Inc.		737,086

				2,254,519

Energy – 2.8%
	6,407	Cheniere Energy, Inc.		976,171
	3,472	Hess Corp.		472,018
	3,732	Targa Resources Corp.		284,005

				1,732,194

Equity Real Estate Investment Trusts – 1.2%
	5,584	Ryman Hospitality Properties, Inc. REIT		518,865
	870	SBA Communications Corp. REIT		201,631

				720,496

Financial Services – 3.6%
	5,870	Discover Financial Services		685,910
	1,115	Jack Henry & Associates, Inc.		186,573
	2,204	MSCI, Inc.		1,034,315
	4,503	Tradeweb Markets, Inc., Class A		308,365

				2,215,163

Food, Beverage & Tobacco – 3.1%
	10,648	McCormick & Co., Inc.		928,825
	58,987	Utz Brands, Inc.		965,027

				1,893,852


Common Stocks – (continued)
Health Care Equipment & Services – 10.1%
	1,828	Align Technology, Inc.*		646,454
	1,563	Cooper Cos., Inc. (The)		599,301
	14,555	Dexcom, Inc.*		1,870,463
	3,914	Insulet Corp.*		1,128,563
	5,176	Veeva Systems, Inc., Class A*		1,023,450
	6,742	Zimmer Biomet Holdings, Inc.		981,635

				6,249,866

Materials – 6.3%
	9,375	Ashland, Inc.		814,782
	1,584	Avery Dennison Corp.		272,131
	17,099	Ball Corp.		995,333
	2,577	Martin Marietta Materials, Inc.		1,189,775
	4,294	PPG Industries, Inc.		636,800

				3,908,821

Media & Entertainment – 3.9%
	10,373	Live Nation Entertainment, Inc.*		945,084
	19,234	Trade Desk, Inc. (The), Class A*		1,485,250

				2,430,334

Pharmaceuticals, Biotechnology & Life Sciences – 11.1%
	3,107	Alnylam Pharmaceuticals, Inc.*		590,144
	3,500	Apellis Pharmaceuticals, Inc.*		318,850
	422	Argenx SE ADR (Netherlands) *		164,466
	1,057	Biogen, Inc.*		301,087
	4,308	BioMarin Pharmaceutical, Inc.*		373,417
	6,156	Exact Sciences Corp.*		578,048
	1,167	Illumina, Inc.*		218,801
	897	Mettler-Toledo International, Inc.*		1,176,541
	5,740	Neurocrine Biosciences, Inc.*		541,282
	4,260	Sarepta Therapeutics, Inc.*		487,855
	3,972	Seagen, Inc.*		764,451
	3,581	West Pharmaceutical Services, Inc.		1,369,625

				6,884,567

Real Estate Management & Development – 1.8%
	12,310	CoStar Group, Inc.*		1,095,590

Semiconductors & Semiconductor Equipment – 6.1%
	5,544	Enphase Energy, Inc.*		928,509
	8,475	Entegris, Inc.		939,200
	15,544	Marvell Technology, Inc.		929,220
	5,391	MKS Instruments, Inc.		582,767
	4,068	ON Semiconductor Corp.*		384,751

				3,764,447

Software & Services – 11.9%
	1,700	ANSYS, Inc.*		561,459
	2,009	Cadence Design Systems, Inc.*		471,151
	6,986	Crowdstrike Holdings, Inc., Class A*		1,026,034
	10,471	Datadog, Inc., Class A*		1,030,137
	9,015	DocuSign, Inc.*		460,576
	14,582	Dynatrace, Inc.*		750,535
	774	Fair Isaac Corp.*		626,329
	2,036	HubSpot, Inc.*		1,083,335


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP GROWTH FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Software & Services – (continued)
	1,166	MongoDB, Inc.*	$	479,214
	6,049	Zscaler, Inc.*		884,969

				7,373,739

Technology Hardware & Equipment – 4.4%
	11,813	Amphenol Corp., Class A		1,003,515
	4,037	Arista Networks, Inc.*		654,236
	6,349	Keysight Technologies, Inc.*		1,063,140

				2,720,891

Transportation – 2.5%
	2,873	Old Dominion Freight Line, Inc.		1,062,292
	1,449	Saia, Inc.*		496,152

				1,558,444

	TOTAL COMMON STOCKS
	(Cost $47,454,765)		$	58,873,757


Shares	Dividend Rate	Value

Investment Company – 4.7%^(a)
Goldman Sachs Financial Square Government Fund — Institutional Shares
2,933,066	5.022%	$	2,933,066
(Cost $2,933,066)

TOTAL INVESTMENTS – 99.9%
(Cost $50,387,831)		$	61,806,823

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			14,968

NET ASSETS – 100.0%		$	61,821,791


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

*		Non-income producing security.

(a)		Represents an affiliated issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


28		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, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 98.3%
Automobiles & Components – 0.4%
	18,525	Aptiv PLC*	$	1,891,217

Banks – 2.8%
	76,007	Citizens Financial Group, Inc.		1,982,263
	58,367	East West Bancorp, Inc.		3,081,194
	34,541	M&T Bank Corp.		4,274,794
	47,530	Pinnacle Financial Partners, Inc.		2,692,574

				12,030,825

Capital Goods – 17.0%
	30,980	Allegion PLC		3,718,220
	50,518	AMETEK, Inc.		8,177,854
	25,258	Chart Industries, Inc.*		4,035,976
	34,089	Cummins, Inc.		8,357,259
	38,498	Fastenal Co.		2,270,997
	97,134	Fortive Corp.		7,262,709
	75,586	ITT, Inc.		7,045,371
	13,097	L3Harris Technologies, Inc.		2,564,000
	14,826	Rockwell Automation, Inc.		4,884,426
	73,124	Stanley Black & Decker, Inc.		6,852,450
	22,716	Trane Technologies PLC		4,344,662
	2,731	TransDigm Group, Inc.		2,441,978
	9,044	United Rentals, Inc.		4,027,926
	44,725	Woodward, Inc.		5,318,250
	23,647	Xylem, Inc.		2,663,125

				73,965,203

Consumer Discretionary Distribution & Retail – 4.3%
	10,090	Burlington Stores, Inc.*		1,588,065
	33,076	Etsy, Inc.*		2,798,560
	118,206	Foot Locker, Inc.		3,204,565
	8,732	RH*		2,877,980
	73,957	Ross Stores, Inc.		8,292,798

				18,761,968

Consumer Durables & Apparel – 0.9%
	31,589	Lennar Corp., Class A		3,958,418

Consumer Services – 3.2%
	90,419	Las Vegas Sands Corp.*		5,244,302
	61,364	Yum! Brands, Inc.		8,501,982

				13,746,284

Consumer Staples Distribution & Retail – 1.4%
	102,665	Grocery Outlet Holding Corp.*		3,142,575
	51,728	Performance Food Group Co.*		3,116,095

				6,258,670

Energy – 4.3%
	25,697	Cheniere Energy, Inc.		3,915,195
	37,355	Chesapeake Energy Corp.		3,125,866
	108,941	Devon Energy Corp.		5,266,208
	19,927	Diamondback Energy, Inc.		2,617,611
	157,592	Marathon Oil Corp.		3,627,768

				18,552,648


Common Stocks – (continued)
Equity Real Estate Investment Trusts – 8.6%
	44,246	Alexandria Real Estate Equities, Inc. REIT		5,021,479
	91,486	Americold Realty Trust, Inc. REIT		2,954,998
	33,934	AvalonBay Communities, Inc. REIT		6,422,688
	82,176	CubeSmart REIT		3,669,980
	25,833	EastGroup Properties, Inc. REIT		4,484,609
	45,228	Equity LifeStyle Properties, Inc. REIT		3,025,301
	81,311	Invitation Homes, Inc. REIT		2,797,098
	46,253	Regency Centers Corp. REIT		2,857,048
	72,409	Ventas, Inc. REIT		3,422,773
	90,618	VICI Properties, Inc. REIT		2,848,124

				37,504,098

Financial Services – 6.6%
	135,594	Carlyle Group, Inc. (The)		4,332,228
	70,605	Fidelity National Information Services, Inc.		3,862,094
	20,513	Jack Henry & Associates, Inc.		3,432,440
	6,772	MSCI, Inc.		3,178,032
	86,167	Nasdaq, Inc.		4,295,425
	51,256	Raymond James Financial, Inc.		5,318,835
	56,758	Voya Financial, Inc.		4,070,116

				28,489,170

Food, Beverage & Tobacco – 3.0%
	99,104	Coca-Cola Europacific Partners PLC (United Kingdom)		6,385,271
	43,151	McCormick & Co., Inc.		3,764,062
	169,804	Utz Brands, Inc.		2,777,993

				12,927,326

Health Care Equipment & Services – 5.3%
	28,717	AmerisourceBergen Corp.		5,526,012
	32,011	Centene Corp.*		2,159,142
	17,574	Cooper Cos., Inc. (The)		6,738,399
	59,188	Zimmer Biomet Holdings, Inc.		8,617,773

				23,041,326

Insurance – 6.2%
	46,299	Allstate Corp. (The)		5,048,443
	17,244	American Financial Group, Inc.		2,047,725
	68,580	Arch Capital Group Ltd.*		5,133,213
	23,865	Arthur J Gallagher & Co.		5,240,038
	31,636	Globe Life, Inc.		3,467,938
	1,247	Markel Group, Inc.*		1,724,826
	85,323	Unum Group		4,069,907

				26,732,090

Materials – 9.3%
	72,237	Ashland, Inc.		6,278,118
	69,164	ATI, Inc.*		3,059,124
	123,072	Ball Corp.		7,164,021
	27,095	Celanese Corp.		3,137,601
	22,507	Martin Marietta Materials, Inc.		10,391,257
	26,542	PPG Industries, Inc.		3,936,178
	60,808	Steel Dynamics, Inc.		6,623,815

				40,590,114


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Media & Entertainment – 3.0%
	41,489	Electronic Arts, Inc.	$	5,381,124
	31,207	Live Nation Entertainment, Inc.*		2,843,270
	81,998	Match Group, Inc.*		3,431,616
	98,380	Warner Bros Discovery, Inc.*		1,233,685

				12,889,695

Pharmaceuticals, Biotechnology & Life Sciences – 2.3%
	8,506	Biogen, Inc.*		2,422,934
	28,172	BioMarin Pharmaceutical, Inc.*		2,441,949
	1,286	Mettler-Toledo International, Inc.*		1,686,769
	8,132	Sarepta Therapeutics, Inc.*		931,277
	6,407	West Pharmaceutical Services, Inc.		2,450,485

				9,933,414

Semiconductors & Semiconductor Equipment – 3.1%
	158,749	Marvell Technology, Inc.		9,490,015
	37,137	MKS Instruments, Inc.		4,014,510

				13,504,525

Software & Services – 1.7%
	8,907	ANSYS, Inc.*		2,941,715
	34,121	DocuSign, Inc.*		1,743,242
	50,183	Dynatrace, Inc.*		2,582,919

				7,267,876

Technology Hardware & Equipment – 4.2%
	28,580	Keysight Technologies, Inc.*		4,785,721
	12,977	Motorola Solutions, Inc.		3,805,895
	567,157	Viavi Solutions, Inc.*		6,425,889
	10,723	Zebra Technologies Corp., Class A*		3,172,185

				18,189,690

Transportation – 2.7%
	16,396	Old Dominion Freight Line, Inc.		6,062,421
	8,797	Saia, Inc.*		3,012,181
	50,489	United Airlines Holdings, Inc.*		2,770,331

				11,844,933

Utilities – 8.0%
	203,146	AES Corp. (The)		4,211,216
	37,412	Ameren Corp.		3,055,438
	20,981	American Water Works Co., Inc.		2,995,038
	94,600	CMS Energy Corp.		5,557,750
	44,275	Eversource Energy		3,139,983
	70,426	FirstEnergy Corp.		2,738,163
	75,611	NiSource, Inc.		2,067,961
	53,877	WEC Energy Group, Inc.		4,754,106
	103,592	Xcel Energy, Inc.		6,440,315

				34,959,970

	TOTAL COMMON STOCKS
	(Cost $360,267,125)		$	427,039,460


Shares	Dividend Rate	Value

Investment Company – 2.1%^(a)
Goldman Sachs Financial Square Government Fund — Institutional Shares
8,997,935	5.022%	$	8,997,935
(Cost $8,997,935)

TOTAL INVESTMENTS – 100.4%
(Cost $369,265,060)		$	436,037,395

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)%			(1,760,027	)

NET ASSETS – 100.0%		$	434,277,368


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

*		Non-income producing security.

(a)		Represents an affiliated issuer.



Investment Abbreviations:
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


30		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, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 97.5%
Automobiles & Components – 0.6%
	1,608	Adient PLC*	$	61,619
	16,394	American Axle & Manufacturing Holdings, Inc.*		135,578
	2,548	Fox Factory Holding Corp.*		276,483
	2,959	Luminar Technologies, Inc.*^(a)		20,358
	2,096	Modine Manufacturing Co.*		69,210
	1,247	Visteon Corp.*		179,082

				742,330

Banks – 6.9%
	17,298	Amalgamated Financial Corp.		278,325
	13,053	Ameris Bancorp		446,543
	10,575	Associated Banc-Corp.		171,632
	4,175	Axos Financial, Inc.*		164,662
	1,555	BancFirst Corp.		143,060
	5,025	Bancorp, Inc. (The)*		164,066
	25,552	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		699,103
	2,528	Banner Corp.		110,398
	6,116	Business First Bancshares, Inc.		92,168
	4,475	Carter Bankshares, Inc.*		66,185
	19,396	Central Pacific Financial Corp.		304,711
	2,753	Community Trust Bancorp, Inc.		97,924
	2,380	Enterprise Financial Services Corp.		93,058
	4,506	Esquire Financial Holdings, Inc.		206,104
	2,569	Financial Institutions, Inc.		40,436
	37,467	First BanCorp. (Puerto Rico)		457,847
	2,534	First Bancorp, Inc. (The)		61,678
	11,628	Glacier Bancorp, Inc.		362,445
	10,243	Hancock Whitney Corp.		393,126
	1,328	Heartland Financial USA, Inc.		37,011
	22,443	Heritage Financial Corp.		362,903
	2,784	Home Bancorp, Inc.		92,457
	4,850	HomeTrust Bancshares, Inc.		101,317
	10,328	International Bancshares Corp.		456,498
	14,481	Macatawa Bank Corp.		134,384
	4,142	Metrocity Bankshares, Inc.		74,100
	12,835	National Bank Holdings Corp., Class A		372,728
	1,876	Northeast Bank		78,173
	3,958	Northeast Community Bancorp, Inc.^(a)		58,895
	18,984	Old Second Bancorp, Inc.		247,931
	2,113	Origin Bancorp, Inc.		61,911
	7,975	Pathward Financial, Inc.		369,721
	2,199	Renasant Corp.		57,460
	5,932	Seacoast Banking Corp. of Florida		131,097
	994	Sierra Bancorp		16,868
	10,924	TrustCo Bank Corp.		312,536
	7,446	UMB Financial Corp.		453,461
	37,331	Valley National Bancorp		289,315
	7,600	Veritex Holdings, Inc.		136,268
	1,615	Westamerica BanCorp		61,855

				8,260,360


Common Stocks – (continued)
Capital Goods – 13.6%
	4,828	AAON, Inc.		457,743
	6,469	AAR Corp.*		373,649
	2,133	AeroVironment, Inc.*		218,163
	1,399	Allied Motion Technologies, Inc.		55,876
	6,176	Applied Industrial Technologies, Inc.		894,470
	3,692	Arcosa, Inc.		279,743
	7,367	Array Technologies, Inc.*		166,494
	6,375	Atkore, Inc.*		994,117
	1,297	Barnes Group, Inc.		54,720
	2,290	Chart Industries, Inc.*		365,919
	2,722	Columbus McKinnon Corp.		110,649
	6,015	Comfort Systems USA, Inc.		987,663
	1,914	Douglas Dynamics, Inc.		57,190
	2,358	Ducommun, Inc.*		102,738
	2,416	Dycom Industries, Inc.*		274,578
	4,830	Encore Wire Corp.		898,042
	8,590	Franklin Electric Co., Inc.		883,911
	79,785	FTC Solar, Inc.*		256,908
	8,679	GMS, Inc.*		600,587
	7,705	Griffon Corp.		310,511
	862	Herc Holdings, Inc.		117,965
	642	IES Holdings, Inc.*		36,517
	1,988	JELD-WEN Holding, Inc.*		34,870
	3,950	Kennametal, Inc.		112,140
	7,039	Kratos Defense & Security Solutions, Inc.*		100,939
	6,873	Manitowoc Co., Inc. (The)*		129,419
	8,466	Masterbrand, Inc.*		98,460
	419	Moog, Inc., Class A		45,432
	12,281	Mueller Industries, Inc.		1,071,886
	953	National Presto Industries, Inc.		69,760
	16,490	NEXTracker, Inc., Class A*		656,467
	2,315	Northwest Pipe Co.*		70,006
	21,762	NOW, Inc.*		225,454
	530	Omega Flex, Inc.		55,003
	1,493	Parsons Corp.*		71,873
	9,327	Powell Industries, Inc.		565,123
	4,784	REV Group, Inc.		63,436
	12,447	Rush Enterprises, Inc., Class A		756,031
	2,708	Shoals Technologies Group, Inc., Class A*		69,216
	7,317	Simpson Manufacturing Co., Inc.		1,013,405
	12,592	Sterling Infrastructure, Inc.*		702,634
	2,749	Titan International, Inc.*		31,559
	32,932	Triumph Group, Inc.*		407,369
	646	UFP Industries, Inc.		62,694
	8,586	Vicor Corp.*		463,644
	4,952	Wabash National Corp.		126,969
	4,878	Watts Water Technologies, Inc., Class A		896,235

				16,398,177

Commercial & Professional Services – 3.3%
	22,319	ACV Auctions, Inc., Class A*		385,449
	11,766	Alight, Inc., Class A*		108,718


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Commercial & Professional Services – (continued)
	2,389	BrightView Holdings, Inc.*	$	17,153
	4,518	CBIZ, Inc.*		240,719
	14,498	Ennis, Inc.		295,469
	2,267	ExlService Holdings, Inc.*		342,453
	8,359	Exponent, Inc.		780,062
	8,980	Franklin Covey Co.*		392,247
	22,944	Healthcare Services Group, Inc.		342,554
	4,599	IBEX Holdings Ltd.*		97,637
	7,290	Legalzoom.com, Inc.*		88,063
	574	Montrose Environmental Group, Inc.*		24,177
	1,783	NV5 Global, Inc.*		197,503
	60,293	Steelcase, Inc., Class A		464,859
	5,580	Viad Corp.*		149,990

				3,927,053

Consumer Discretionary Distribution & Retail – 2.9%
	3,826	Asbury Automotive Group, Inc.*		919,847
	18,349	CarParts.com, Inc.*		77,983
	2,464	Carvana Co.*^(a)		63,867
	3,078	Group 1 Automotive, Inc.		794,432
	9,101	Monro, Inc.		369,774
	2,283	Overstock.com, Inc.*		74,357
	6,086	Sally Beauty Holdings, Inc.*		75,162
	8,407	Sonic Automotive, Inc., Class A		400,762
	15,634	Urban Outfitters, Inc.*		517,954
	16,150	Warby Parker, Inc., Class A*		188,794
	143	Winmark Corp.		47,543

				3,530,475

Consumer Durables & Apparel – 2.7%
	2,191	Dream Finders Homes, Inc., Class A*		53,877
	18,102	G-III Apparel Group Ltd.*		348,826
	6,418	Green Brick Partners, Inc.*		364,542
	1,284	Hovnanian Enterprises, Inc., Class A*		127,386
	6,607	LGI Homes, Inc.*		891,218
	10,680	M/I Homes, Inc.*		931,189
	2,411	Malibu Boats, Inc., Class A*		141,429
	1,630	MasterCraft Boat Holdings, Inc.*		49,959
	4,261	Taylor Morrison Home Corp.*		207,809
	4,201	Topgolf Callaway Brands Corp.*		83,390

				3,199,625

Consumer Services – 4.5%
	151	Biglari Holdings, Inc., Class B*		29,768
	1,350	Brinker International, Inc.*		49,410
	9,900	Chuy’s Holdings, Inc.*		404,118
	39,205	Coursera, Inc.*		510,449
	4,741	Dave & Buster’s Entertainment, Inc.*		211,259
	5,578	Duolingo, Inc.*		797,319
	4,579	Everi Holdings, Inc.*		66,212
	33,072	First Watch Restaurant Group, Inc.*		558,917
	9,746	Frontdoor, Inc.*		310,898
	22,658	International Game Technology PLC		722,564
	8,378	Krispy Kreme, Inc.		123,408
	21,048	Laureate Education, Inc.		254,470


Common Stocks – (continued)
Consumer Services – (continued)
	993	Monarch Casino & Resort, Inc.		69,957
	10,197	PlayAGS, Inc.*		57,613
	24,043	Portillo’s, Inc., Class A*		541,689
	918	Red Rock Resorts, Inc., Class A		42,944
	82,615	Sabre Corp.*		263,542
	1,356	Shake Shack, Inc., Class A*		105,388
	14,037	Xponential Fitness, Inc., Class A*		242,138

				5,362,063

Consumer Staples Distribution & Retail – 0.8%
	4,176	Chefs’ Warehouse, Inc. (The)*		149,333
	2,984	Natural Grocers by Vitamin Cottage, Inc.		36,584
	8,513	PriceSmart, Inc.		630,473
	5,686	Sprouts Farmers Market, Inc.*		208,847

				1,025,237

Energy – 5.6%
	4,306	Amplify Energy Corp.*		29,152
	713	Arch Resources, Inc.		80,398
	30,487	Ardmore Shipping Corp. (Ireland)		376,514
	8,758	Borr Drilling Ltd. (Mexico) *		65,948
	7,462	ChampionX Corp.		231,620
	2,350	CONSOL Energy, Inc.		159,353
	2,543	Delek US Holdings, Inc.		60,905
	57,998	DHT Holdings, Inc.		494,723
	3,828	DMC Global, Inc.*		67,985
	11,242	Dorian LPG Ltd.		288,357
	2,573	Dril-Quip, Inc.*		59,874
	28,200	Golar LNG Ltd. (Cameroon)		568,794
	940	Green Plains, Inc.*		30,306
	17,087	International Seaways, Inc.		653,407
	11,922	Kosmos Energy Ltd. (Ghana) *		71,413
	1,596	Nabors Industries Ltd.*		148,476
	148,134	Nordic American Tankers Ltd.		543,652
	4,017	Oil States International, Inc.*		30,007
	2,854	Patterson-UTI Energy, Inc.		34,162
	4,537	PBF Energy, Inc., Class A		185,745
	11,024	Peabody Energy Corp.		238,780
	23,160	RPC, Inc.		165,594
	15,673	Scorpio Tankers, Inc. (Monaco)		740,236
	49,301	Teekay Corp. (Bermuda) *		297,778
	15,605	Teekay Tankers Ltd., Class A (Canada)		596,579
	4,787	Tidewater, Inc.*		265,391
	1,968	Vitesse Energy, Inc.		44,083
	2,349	Weatherford International PLC*		156,021

				6,685,253

Equity Real Estate Investment Trusts – 7.4%
	6,361	American Assets Trust, Inc. REIT		122,131
	5,818	Apple Hospitality REIT, Inc. REIT		87,910
	10,377	Centerspace REIT		636,733
	47,170	Chatham Lodging Trust REIT		441,511


32		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)
Equity Real Estate Investment Trusts – (continued)
	3,201	Community Healthcare Trust, Inc. REIT	$	105,697
	83,311	DiamondRock Hospitality Co. REIT		667,321
	21,987	Equity Commonwealth REIT		445,457
	23,379	Essential Properties Realty Trust, Inc. REIT		550,342
	353	Four Corners Property Trust, Inc. REIT		8,966
	46,466	Independence Realty Trust, Inc. REIT		846,611
	5,027	Kite Realty Group Trust REIT		112,303
	61,362	LXP Industrial Trust REIT		598,280
	5,516	Macerich Co. (The) REIT		62,165
	14,882	NexPoint Residential Trust, Inc. REIT		676,833
	41,989	Outfront Media, Inc. REIT		660,067
	3,790	Plymouth Industrial REIT, Inc. REIT		87,246
	65,763	RLJ Lodging Trust REIT		675,386
	8,772	Ryman Hospitality Properties, Inc. REIT		815,094
	45,235	Service Properties Trust REIT		393,092
	10,828	SITE Centers Corp. REIT		143,146
	48,291	Summit Hotel Properties, Inc. REIT		314,374
	1,852	Tanger Factory Outlet Centers, Inc. REIT		40,874
	4,767	Terreno Realty Corp. REIT		286,497
	8,898	Xenia Hotels & Resorts, Inc. REIT		109,534

				8,887,570

Financial Services – 4.0%
	15,770	A-Mark Precious Metals, Inc.		590,350
	907	Arbor Realty Trust, Inc. REIT		13,442
	41,061	ARMOUR Residential REIT, Inc. REIT		218,855
	29,758	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		656,461
	1,484	Blackstone Mortgage Trust, Inc., Class A REIT		30,882
	21,653	BrightSpire Capital, Inc. REIT		145,725
	20,406	EVERTEC, Inc. (Puerto Rico)		751,553
	6,939	I3 Verticals, Inc., Class A*		158,626
	13,556	KKR Real Estate Finance Trust, Inc. REIT		164,977
	6,747	LendingClub Corp.*		65,783
	33,259	MFA Financial, Inc. REIT		373,831
	12,090	Nexpoint Real Estate Finance, Inc. REIT		188,483
	18,954	NMI Holdings, Inc., Class A*^(b)		489,392
	22,986	Open Lending Corp.*		241,583
	3,501	Pagseguro Digital Ltd., Class A (Brazil)*		33,049
	2,642	Repay Holdings Corp.*		20,687
	16,514	StoneCo Ltd., Class A (Brazil)*		210,388
	2,479	Two Harbors Investment Corp. REIT		34,409
	10,063	Upstart Holdings, Inc.*^(a)		360,356

				4,748,832


Common Stocks – (continued)
Food, Beverage & Tobacco – 1.7%
	2,731	B&G Foods, Inc.^(a)		38,016
	1,018	Coca-Cola Consolidated, Inc.		647,468
	5,916	John B. Sanfilippo & Son, Inc.		693,769
	2,232	National Beverage Corp.*		107,917
	47,488	Primo Water Corp.		595,500

				2,082,670

Health Care Equipment & Services – 6.8%
	6,922	Accolade, Inc.*		93,239
	33,757	Alignment Healthcare, Inc.*		194,103
	9,650	Alphatec Holdings, Inc.*		173,507
	1,254	AMN Healthcare Services, Inc.*		136,836
	26,921	AngioDynamics, Inc.*		280,786
	15,669	Artivion, Inc.*		269,350
	6,452	AtriCure, Inc.*		318,471
	43,225	Brookdale Senior Living, Inc.*		182,409
	13,981	Cano Health, Inc.*		19,434
	2,409	Guardant Health, Inc.*		86,242
	1,333	Health Catalyst, Inc.*		16,662
	50,068	Hims & Hers Health, Inc.*		470,639
	12,607	Inari Medical, Inc.*		732,971
	1,638	Inmode Ltd.*		61,179
	3,942	iRadimed Corp.		188,191
	21,752	Joint Corp. (The)*		293,652
	2,233	Lantheus Holdings, Inc.*		187,393
	5,371	LeMaitre Vascular, Inc.		361,361
	5,172	LivaNova PLC*		265,996
	2,435	National HealthCare Corp.		150,532
	11,464	NextGen Healthcare, Inc.*		185,946
	1,496	Owens & Minor, Inc.*		28,484
	17,377	Pediatrix Medical Group, Inc.*		246,927
	24,714	Pennant Group, Inc. (The)*		303,488
	4,236	PetIQ, Inc.*		64,260
	5,305	Phreesia, Inc.*		164,508
	10,764	Progyny, Inc.*		423,456
	6,888	Pulmonx Corp.*		90,302
	20,432	Select Medical Holdings Corp.		650,964
	4,169	SI-BONE, Inc.*		112,480
	8,507	Surgery Partners, Inc.*		382,730
	2,727	Surmodics, Inc.*		85,382
	3,419	TransMedics Group, Inc.*		287,128
	3,384	Utah Medical Products, Inc.		315,389
	12,694	Varex Imaging Corp.*		299,198

				8,123,595

Household & Personal Products – 0.9%
	17,939	Beauty Health Co. (The)*		150,150
	7,745	elf Beauty, Inc.*		884,711

				1,034,861

Insurance – 5.0%
	20,062	American Equity Investment Life Holding Co.		1,045,431
	11,338	BRP Group, Inc., Class A*		280,956
	35,479	CNO Financial Group, Inc.		839,788


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Insurance – (continued)
	29,733	Crawford & Co., Class A	$	329,739
	16,663	Employers Holdings, Inc.		623,363
	1,170	Enstar Group Ltd.*		285,761
	62,100	Genworth Financial, Inc., Class A*		310,500
	13,196	Goosehead Insurance, Inc., Class A*		829,896
	3,693	Hippo Holdings, Inc.*		61,045
	355	Investors Title Co.		51,830
	12,187	James River Group Holdings Ltd.		222,535
	14,049	Lemonade, Inc.*^(a)		236,726
	5,296	Oscar Health, Inc., Class A*		42,686
	7,388	Palomar Holdings, Inc.*		428,799
	10,411	Stewart Information Services Corp.		428,308

				6,017,363

Materials – 4.3%
	9,411	Aspen Aerogels, Inc.*		74,253
	11,362	ATI, Inc.*		502,541
	13,657	Carpenter Technology Corp.		766,567
	82,966	Coeur Mining, Inc.*		235,624
	4,223	Commercial Metals Co.		222,383
	23,846	Constellium SE*		410,151
	8,192	Haynes International, Inc.		416,317
	4,951	Innospec, Inc.		497,278
	9,241	LSB Industries, Inc.*		91,024
	10,705	Minerals Technologies, Inc.		617,572
	800	Olympic Steel, Inc.		39,200
	12,502	Orion SA (Germany)		265,292
	5,153	Piedmont Lithium, Inc.*		297,380
	19,349	Summit Materials, Inc., Class A*		732,360

				5,167,942

Media & Entertainment – 1.7%
	5,730	Bumble, Inc., Class A*		96,149
	130	Daily Journal Corp.*		37,606
	7,491	DHI Group, Inc.*		28,691
	22,388	EW Scripps Co. (The), Class A*		204,850
	14,111	fuboTV, Inc.*^(a)		29,351
	15,125	Gray Television, Inc.		119,185
	1,887	IMAX Corp.*		32,060
	2,302	Madison Square Garden Entertainment Corp.*		77,393
	9,164	TechTarget, Inc.*		285,275
	22,833	Thryv Holdings, Inc.*		561,692
	92,711	Vimeo, Inc.*		381,969
	3,718	Vivid Seats, Inc., Class A*		29,447
	11,289	ZipRecruiter, Inc., Class A*		200,493

				2,084,161

Pharmaceuticals, Biotechnology & Life Sciences – 9.9%
	5,921	89bio, Inc.*		112,203
	25,392	ACADIA Pharmaceuticals, Inc.*		608,138
	34,353	Adaptive Biotechnologies Corp.*		230,509
	21,423	ADMA Biologics, Inc.*		79,051
	87,464	Agenus, Inc.*		139,942
	13,412	Alkermes PLC*		419,796


Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	2,970	Allogene Therapeutics, Inc.*^(a)		14,761
	3,920	ALX Oncology Holdings, Inc.*		29,439
	39,257	Amicus Therapeutics, Inc.*		493,068
	4,207	Amphastar Pharmaceuticals, Inc.*		241,776
	1,569	Arcturus Therapeutics Holdings, Inc.*		44,999
	5,269	Arrowhead Pharmaceuticals, Inc.*		187,893
	5,495	Arvinas, Inc.*		136,386
	1,435	Astria Therapeutics, Inc.*		11,954
	3,894	Atea Pharmaceuticals, Inc.*		14,564
	54,790	Aurinia Pharmaceuticals, Inc. (Canada)*		530,367
	2,522	Axsome Therapeutics, Inc.*		181,231
	2,959	Beam Therapeutics, Inc.*		94,481
	10,845	BioCryst Pharmaceuticals, Inc.*		76,349
	22,577	Biohaven Ltd.*		540,042
	647	Blueprint Medicines Corp.*		40,890
	25,550	CareDx, Inc.*		217,175
	14,547	Catalyst Pharmaceuticals, Inc.*		195,512
	1,025	Celldex Therapeutics, Inc.*		34,778
	1,828	Collegium Pharmaceutical, Inc.*		39,284
	9,470	CryoPort, Inc.*		163,357
	19,623	Deciphera Pharmaceuticals, Inc.*		276,292
	6,528	Denali Therapeutics, Inc.*		192,641
	5,273	Dyne Therapeutics, Inc.*		59,321
	4,299	Eagle Pharmaceuticals, Inc.*		83,573
	2,171	Edgewise Therapeutics, Inc.*		16,825
	5,471	Enanta Pharmaceuticals, Inc.*		117,079
	6,717	Erasca, Inc.*		18,539
	6,409	Generation Bio Co.*		35,249
	8,175	Harmony Biosciences Holdings, Inc.*		287,678
	7,627	Ideaya Biosciences, Inc.*		179,234
	1,420	Insmed, Inc.*		29,962
	1,003	Intellia Therapeutics, Inc.*		40,902
	31,018	Iovance Biotherapeutics, Inc.*		218,367
	4,457	iTeos Therapeutics, Inc.*		59,011
	751	IVERIC bio, Inc.*		29,544
	5,193	KalVista Pharmaceuticals, Inc.*		46,737
	27,664	Karyopharm Therapeutics, Inc.*		49,519
	11,116	Kiniksa Pharmaceuticals Ltd., Class A*		156,513
	32,638	Kodiak Sciences, Inc.*		225,202
	5,992	MacroGenics, Inc.*		32,057
	758	Madrigal Pharmaceuticals, Inc.*		175,098
	7,067	MeiraGTx Holdings PLC*		47,490
	445	Mesa Laboratories, Inc.		57,182
	13,310	NanoString Technologies, Inc.*		53,906
	4,261	Nkarta, Inc.*		9,332
	2,459	Nurix Therapeutics, Inc.*		24,565
	17,985	Pacific Biosciences of California, Inc.*		239,201
	2,732	Phibro Animal Health Corp., Class A		37,428
	11,834	PMV Pharmaceuticals, Inc.*		74,081
	11,372	Prestige Consumer Healthcare, Inc.*		675,838
	259	Prothena Corp. PLC (Ireland)*		17,685


34		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)
	10,405	PTC Therapeutics, Inc.*	$	423,171
	2,871	Rallybio Corp.*		16,250
	7,335	Replimune Group, Inc.*		170,319
	16,461	Rocket Pharmaceuticals, Inc.*		327,080
	12,336	Sana Biotechnology, Inc.*		73,523
	14,011	Selecta Biosciences, Inc.*		15,692
	11,278	SpringWorks Therapeutics, Inc.*		295,709
	45,539	Sutro Biopharma, Inc.*		211,756
	18,558	TG Therapeutics, Inc.*		460,981
	2,409	Travere Therapeutics, Inc.*		37,002
	48,172	Vanda Pharmaceuticals, Inc.*		317,453
	4,925	Vaxcyte, Inc.*		245,955
	5,391	Veracyte, Inc.*		137,309
	9,712	Vericel Corp.*		364,880
	1,425	Vir Biotechnology, Inc.*		34,955
	2,439	Viridian Therapeutics, Inc.*		58,024
	7,653	X4 Pharmaceuticals, Inc.*		14,847
	28,624	Y-mAbs Therapeutics, Inc.*		194,357

				11,843,259

Real Estate Management & Development – 0.8%
	10,200	Anywhere Real Estate, Inc.*		68,136
	60,364	Compass, Inc., Class A*		211,274
	18,884	Newmark Group, Inc., Class A		117,458
	46,431	Redfin Corp.*		576,673

				973,541

Semiconductors & Semiconductor Equipment – 2.1%
	1,258	Aehr Test Systems*		51,892
	273	Ambarella, Inc.*		22,842
	5,683	Axcelis Technologies, Inc.*		1,041,864
	748	Cohu, Inc.*		31,087
	5,961	Diodes, Inc.*		551,333
	10,326	FormFactor, Inc.*		353,356
	12,743	MaxLinear, Inc.*		402,169
	865	Power Integrations, Inc.		81,889
	512	Synaptics, Inc.*		43,715

				2,580,147

Software & Services – 5.6%
	6,579	Alarm.com Holdings, Inc.*		340,003
	1,853	American Software, Inc., Class A		19,475
	6,312	Appian Corp., Class A*		300,451
	23,751	Asana, Inc., Class A*		523,472
	1,047	BlackLine, Inc.*		56,350
	558	Box, Inc., Class A*		16,394
	1,713	C3.ai, Inc., Class A*^(a)		62,405
	29,324	Clear Secure, Inc., Class A		679,437
	12,441	CommVault Systems, Inc.*		903,465
	18,745	Fastly, Inc., Class A*		295,609
	3,438	Marathon Digital Holdings, Inc.*		47,651
	372	MicroStrategy, Inc., Class A*		127,380
	3,792	PagerDuty, Inc.*		85,244
	3,341	Perficient, Inc.*		278,405
	7,883	PROS Holdings, Inc.*		242,796
	4,932	Rapid7, Inc.*		223,321


Common Stocks – (continued)
Software & Services – (continued)
	4,505	Red Violet, Inc.*^(a)		92,668
	2,376	Riot Platforms, Inc.*		28,084
	19,908	Sapiens International Corp. NV (Israel)		529,553
	13,660	SolarWinds Corp.*		140,152
	3,511	Sprout Social, Inc., Class A*		162,068
	3,435	SPS Commerce, Inc.*		659,726
	6,261	Squarespace, Inc., Class A*		197,472
	633	Tenable Holdings, Inc.*		27,567
	2,272	Varonis Systems, Inc.*		60,549
	26,433	Yext, Inc.*		298,957
	23,746	Zeta Global Holdings Corp., Class A*		202,791
	13,303	Zuora, Inc., Class A*		145,934

				6,747,379

Technology Hardware & Equipment – 5.1%
	6,306	Advanced Energy Industries, Inc.		702,804
	2,825	Badger Meter, Inc.		416,857
	2,178	ePlus, Inc.*		122,621
	4,900	Extreme Networks, Inc.*		127,645
	2,471	Fabrinet (Thailand) *		320,933
	20,156	Harmonic, Inc.*		325,922
	16,325	IonQ, Inc.*		220,877
	2,478	Methode Electronics, Inc.		83,062
	1,126	Napco Security Technologies, Inc.		39,016
	23,366	NetScout Systems, Inc.*		723,178
	3,447	nLight, Inc.*		53,153
	1,797	PC Connection, Inc.		81,045
	10,662	Sanmina Corp.*		642,599
	4,892	Super Micro Computer, Inc.*		1,219,331
	8,502	TTM Technologies, Inc.*		118,178
	65,757	Viavi Solutions, Inc.*		745,027
	5,234	Vishay Precision Group, Inc.*		194,443

				6,136,691

Telecommunication Services – 0.0%
	700	Bandwidth, Inc., Class A*		9,576
	40,720	Globalstar, Inc.*		43,978
	630	Ooma, Inc.*		9,431

				62,985

Transportation – 1.2%
	21,701	Costamare, Inc. (Monaco)		209,849
	5,770	Frontier Group Holdings, Inc.*		55,796
	5,147	Joby Aviation, Inc.*		52,808
	24,764	Marten Transport Ltd.		532,426
	3,699	PAM Transportation Services, Inc.*		99,022
	19,572	Sun Country Airlines Holdings, Inc.*		439,979

				1,389,880

Utilities – 0.1%
	2,968	Montauk Renewables, Inc.*		22,082
	1,073	Ormat Technologies, Inc.		86,334

				108,416

	TOTAL COMMON STOCKS
	(Cost $107,979,618)		$	117,119,865


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, 2023 (Unaudited)


Shares		Dividend Rate	Value

Investment Company – 1.0%^(c)
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,176,220	5.022%	$	1,176,220
	(Cost $1,176,220)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $109,155,838)		$	118,296,085



Securities Lending Reinvestment Vehicle – 0.8%^(c)
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	912,449	5.022%	$	912,449
	(Cost $912,449)

	TOTAL INVESTMENTS – 99.3%
	(Cost $110,068,287)		$	119,208,534

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%			897,939

	NET ASSETS – 100.0%		$	120,106,473


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

*		Non-income producing security.

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

(b)		All or portion of security is pledged as collateral for futures contracts. Total market value of securities pledged as collateral on futures contracts amounts to $271,110, which represents approximately 0.2% of net assets as of June 30, 2023.

(c)		Represents an affiliated issuer.



Investment Abbreviations:
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2023, 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

09/15/23

1,903,700

17,300


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

June 30, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 99.2%
Automobiles & Components – 2.9%
	17,418	Aptiv PLC*	$	1,778,203
	32,866	Tesla, Inc.*		8,603,333

				10,381,536

Capital Goods – 2.7%
	4,237	Boeing Co. (The)*		894,685
	19,833	Caterpillar, Inc.		4,879,910
	2,698	Deere & Co.		1,093,203
	8,870	Rockwell Automation, Inc.		2,922,221

				9,790,019

Commercial & Professional Services – 0.8%
	19,503	Waste Connections, Inc.		2,787,564

Consumer Discretionary Distribution & Retail – 9.3%
	168,807	Amazon.com, Inc.*		22,005,680
	14,760	Etsy, Inc.*		1,248,844
	14,959	Lowe’s Cos., Inc.		3,376,246
	6,464	RH*		2,130,470
	41,605	Ross Stores, Inc.		4,665,169

				33,426,409

Consumer Durables & Apparel – 2.1%
	11,079	Lululemon Athletica, Inc.*		4,193,401
	31,926	NIKE, Inc., Class B		3,523,673

				7,717,074

Consumer Services – 1.4%
	785	Chipotle Mexican Grill, Inc.*		1,679,115
	11,062	McDonald’s Corp.		3,301,011

				4,980,126

Energy – 0.3%
	7,148	Cheniere Energy, Inc.		1,089,069

Equity Real Estate Investment Trusts – 1.5%
	12,891	American Tower Corp. REIT		2,500,080
	3,590	Equinix, Inc. REIT		2,814,345

				5,314,425

Financial Services – 5.6%
	39,601	Charles Schwab Corp. (The)		2,244,585
	27,841	Mastercard, Inc., Class A		10,949,865
	5,915	MSCI, Inc.		2,775,851
	17,590	Visa, Inc., Class A		4,177,273

				20,147,574

Food, Beverage & Tobacco – 2.4%
	36,697	Coca-Cola Co. (The)		2,209,893
	48,912	McCormick & Co., Inc.		4,266,594
	8,850	Mondelez International, Inc., Class A		645,519
	29,799	Monster Beverage Corp.*		1,711,655

				8,833,661

Health Care Equipment & Services – 3.5%
	71,624	Boston Scientific Corp.*		3,874,142
	3,893	Humana, Inc.		1,740,677
	7,161	Insulet Corp.*		2,064,803


Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	11,476	Intuitive Surgical, Inc.*		3,924,103
	5,111	Veeva Systems, Inc., Class A*		1,010,598

				12,614,323

Household & Personal Products – 1.6%
	9,167	Estee Lauder Cos., Inc. (The), Class A		1,800,216
	25,737	Procter & Gamble Co. (The)		3,905,332

				5,705,548

Materials – 4.1%
	31,070	Freeport-McMoRan, Inc.		1,242,800
	12,041	Linde PLC		4,588,584
	6,060	Martin Marietta Materials, Inc.		2,797,842
	23,343	Sherwin-Williams Co. (The)		6,198,033

				14,827,259

Media & Entertainment – 7.7%
	122,111	Alphabet, Inc., Class A*		14,616,687
	75,784	Alphabet, Inc., Class C*		9,167,590
	7,489	Meta Platforms, Inc., Class A*		2,149,193
	154,031	Snap, Inc., Class A*		1,823,727

				27,757,197

Pharmaceuticals, Biotechnology & Life Sciences – 7.9%
	10,096	Alnylam Pharmaceuticals, Inc.*		1,917,634
	5,421	Argenx SE ADR (Netherlands)*		2,112,726
	49,244	AstraZeneca PLC ADR (United Kingdom)		3,524,393
	3,873	Biogen, Inc.*		1,103,224
	23,155	BioMarin Pharmaceutical, Inc.*		2,007,075
	19,866	Eli Lilly & Co.		9,316,757
	10,147	Exact Sciences Corp.*		952,803
	23,095	Gilead Sciences, Inc.		1,779,932
	5,556	Illumina, Inc.*		1,041,695
	15,475	Sarepta Therapeutics, Inc.*		1,772,197
	4,527	Waters Corp.*		1,206,627
	4,526	West Pharmaceutical Services, Inc.		1,731,059

				28,466,122

Real Estate Management & Development – 0.8%
	32,922	CoStar Group, Inc.*		2,930,058

Semiconductors & Semiconductor Equipment – 10.1%
	13,141	Enphase Energy, Inc.*		2,200,855
	7,006	KLA Corp.		3,398,050
	115,150	Marvell Technology, Inc.		6,883,667
	55,396	NVIDIA Corp.		23,433,616
	5,560	ON Semiconductor Corp.*		525,865

				36,442,053

Software & Services – 19.1%
	19,708	Accenture PLC, Class A		6,081,495
	2,214	Adobe, Inc.*		1,082,624
	9,009	Atlassian Corp., Class A*		1,511,800
	11,048	Intuit, Inc.		5,062,083
	126,400	Microsoft Corp.		43,044,256
	35,375	Oracle Corp.		4,212,809


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Software & Services – (continued)
	19,764	Salesforce, Inc.*	$	4,175,342
	1,303	ServiceNow, Inc.*		732,247
	18,046	Snowflake, Inc., Class A*		3,175,735

				69,078,391

Technology Hardware & Equipment – 14.0%
	17,392	Amphenol Corp., Class A		1,477,451
	252,293	Apple, Inc.		48,937,273

				50,414,724

Transportation – 1.4%
	13,633	Old Dominion Freight Line, Inc.		5,040,802

	TOTAL INVESTMENTS – 99.2%
	(Cost $184,783,619)		$	357,743,934

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%			3,002,352

	NET ASSETS – 100.0%		$	360,746,286


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

*		Non-income producing security.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments

June 30, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 98.1%
Automobiles & Components – 2.9%
	97,193	General Motors Co.	$	3,747,762
	2,554	Lear Corp.		366,626
	18,736	Tesla, Inc.*		4,904,523
	1,332	Thor Industries, Inc.		137,862

				9,156,773

Banks – 2.9%
	166,900	Bank of America Corp.		4,788,361
	46,092	Citigroup, Inc.		2,122,076
	15,069	JPMorgan Chase & Co.		2,191,635

				9,102,072

Capital Goods – 4.8%
	23,509	AMETEK, Inc.		3,805,637
	4,828	Boeing Co. (The)*		1,019,480
	40,809	Howmet Aerospace, Inc.		2,022,494
	56,998	Johnson Controls International PLC		3,883,844
	8,407	Lockheed Martin Corp.		3,870,415
	585	RBC Bearings, Inc.*		127,220
	6,570	Textron, Inc.		444,329

				15,173,419

Commercial & Professional Services – 3.0%
	6,594	Automatic Data Processing, Inc.		1,449,295
	7,146	Cintas Corp.		3,552,134
	4,113	Concentrix Corp.		332,125
	2,099	Equifax, Inc.		493,895
	23,619	Republic Services, Inc.		3,617,722

				9,445,171

Consumer Discretionary Distribution & Retail – 6.4%
	64,913	Amazon.com, Inc.*		8,462,059
	28,952	CarMax, Inc.*		2,423,282
	59,287	Chewy, Inc., Class A*		2,340,058
	2,978	Five Below, Inc.*		585,296
	58,961	LKQ Corp.		3,435,658
	1,134	MercadoLibre, Inc. (Brazil)*		1,343,336
	1,010	O’Reilly Automotive, Inc.*		964,853
	7,711	Ross Stores, Inc.		864,635

				20,419,177

Consumer Durables & Apparel – 2.0%
	2,433	Crocs, Inc.*		273,567
	4,525	Garmin Ltd.		471,912
	6,940	Lennar Corp., Class A		869,651
	9,024	Lululemon Athletica, Inc.*		3,415,584
	27,245	Skechers USA, Inc., Class A*		1,434,722

				6,465,436

Consumer Services – 1.5%
	5,190	Airbnb, Inc., Class A*		665,150
	17,376	Hilton Worldwide Holdings, Inc.		2,529,077
	5,754	Norwegian Cruise Line Holdings Ltd.*		125,265
	12,949	Starbucks Corp.		1,282,728

				4,602,220


Common Stocks – (continued)
Consumer Staples Distribution & Retail – 1.6%
	7,114	Costco Wholesale Corp.		3,830,036
	12,654	Kroger Co. (The)		594,738
	3,385	Walmart, Inc.		532,054

				4,956,828

Energy – 2.1%
	20,913	Cheniere Energy, Inc.		3,186,305
	4,668	Exxon Mobil Corp.		500,643
	8,059	Marathon Petroleum Corp.		939,679
	17,297	Valero Energy Corp.		2,028,938

				6,655,565

Equity Real Estate Investment Trusts – 5.0%
	1,490	AvalonBay Communities, Inc. REIT		282,012
	6,133	Brixmor Property Group, Inc. REIT		134,926
	9,902	First Industrial Realty Trust, Inc. REIT		521,241
	40,616	Healthpeak Properties, Inc. REIT		816,382
	185,097	Host Hotels & Resorts, Inc. REIT		3,115,182
	6,340	Lamar Advertising Co., Class A REIT		629,245
	5,966	Mid-America Apartment Communities, Inc. REIT		905,997
	148,122	Park Hotels & Resorts, Inc. REIT		1,898,924
	33,892	Prologis, Inc. REIT		4,156,176
	3,940	Rexford Industrial Realty, Inc. REIT		205,747
	68,854	Ventas, Inc. REIT		3,254,729

				15,920,561

Financial Services – 7.0%
	8,773	Ally Financial, Inc.		236,959
	38,911	Bank of New York Mellon Corp. (The)		1,732,318
	25,132	Berkshire Hathaway, Inc., Class B*		8,570,012
	20,680	CME Group, Inc.		3,831,797
	2,187	Moody’s Corp.		760,464
	2,539	MSCI, Inc.		1,191,527
	7,315	S&P Global, Inc.		2,932,510
	50,219	Synchrony Financial		1,703,429
	44,283	Toast, Inc., Class A*		999,467
	659	Visa, Inc., Class A		156,499

				22,114,982

Food, Beverage & Tobacco – 4.2%
	85,076	Coca-Cola Co. (The)		5,123,277
	49,057	Kraft Heinz Co. (The)		1,741,523
	53,082	Mondelez International, Inc., Class A		3,871,801
	43,288	Monster Beverage Corp.*		2,486,463

				13,223,064

Health Care Equipment & Services – 5.3%
	34,416	Boston Scientific Corp.*		1,861,562
	37,622	Centene Corp.*		2,537,604
	27,467	CVS Health Corp.		1,898,794
	2,998	Edwards Lifesciences Corp.*		282,801
	9,216	Elevance Health, Inc.		4,094,577
	8,484	Envista Holdings Corp.*		287,099


The accompanying notes are an integral part of these financial statements.		39

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Health Care Equipment & Services – (continued)
	1,455	HCA Healthcare, Inc.	$	441,563
	2,186	Humana, Inc.		977,426
	4,245	Intuitive Surgical, Inc.*		1,451,535
	1,801	Penumbra, Inc.*		619,652
	4,596	UnitedHealth Group, Inc.		2,209,021

				16,661,634

Household & Personal Products – 1.0%
	23,182	Kimberly-Clark Corp.		3,200,507

Insurance – 4.1%
	23,900	Arch Capital Group Ltd.*		1,788,915
	17,022	Chubb Ltd.		3,277,756
	8,696	Globe Life, Inc.		953,255
	56,783	MetLife, Inc.		3,209,943
	7,441	Progressive Corp. (The)		984,965
	23,673	Prudential Financial, Inc.		2,088,432
	3,422	Travelers Cos., Inc. (The)		594,265

				12,897,531

Materials – 3.0%
	32,731	Element Solutions, Inc.		628,435
	6,282	Linde PLC		2,393,944
	11,079	Mosaic Co. (The)		387,765
	15,117	Sherwin-Williams Co. (The)		4,013,866
	9,613	Vulcan Materials Co.		2,167,155

				9,591,165

Media & Entertainment – 7.2%
	47,411	Alphabet, Inc., Class A*		5,675,097
	70,087	Alphabet, Inc., Class C*		8,478,424
	12,960	Meta Platforms, Inc., Class A*		3,719,261
	7,354	Netflix, Inc.*		3,239,364
	22,752	Trade Desk, Inc. (The), Class A*		1,756,909

				22,869,055

Pharmaceuticals, Biotechnology & Life Sciences – 8.0%
	20,434	AbbVie, Inc.		2,753,073
	14,855	Agilent Technologies, Inc.		1,786,314
	1,629	BioMarin Pharmaceutical, Inc.*		141,202
	66,511	Bristol-Myers Squibb Co.		4,253,379
	10,321	Bruker Corp.		762,928
	136,174	Elanco Animal Health, Inc.*		1,369,910
	25,499	Gilead Sciences, Inc.		1,965,208
	32,818	Incyte Corp.*		2,042,921
	3,089	Johnson & Johnson		511,291
	835	Mettler-Toledo International, Inc.*		1,095,219
	10,543	Moderna, Inc.*		1,280,975
	7,584	Organon & Co.		157,823
	15,247	QIAGEN NV*		686,572
	77,653	Royalty Pharma PLC, Class A		2,387,053
	1,672	Sarepta Therapeutics, Inc.*		191,477
	11,567	Vertex Pharmaceuticals, Inc.*		4,070,543

				25,455,888

Real Estate Management & Development – 0.2%
	6,226	CoStar Group, Inc.*		554,114


Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – 5.2%
	6,198	Applied Materials, Inc.	$	895,859
	9,490	Intel Corp.		317,346
	1,363	KLA Corp.		661,082
	27,982	Microchip Technology, Inc.		2,506,907
	25,848	NVIDIA Corp.		10,934,221
	5,511	NXP Semiconductors NV (China)		1,127,992

				16,443,407

Software & Services – 11.5%
	13,077	Autodesk, Inc.*		2,675,685
	49,829	Fortinet, Inc.*		3,766,574
	5,701	Gartner, Inc.*		1,997,117
	1,314	Intuit, Inc.		602,062
	63,827	Microsoft Corp.		21,735,646
	480	Palo Alto Networks, Inc.*		122,645
	13,738	Salesforce, Inc.*		2,902,290
	2,606	ServiceNow, Inc.*		1,464,494
	11,201	Splunk, Inc.*		1,188,314

				36,454,827

Technology Hardware & Equipment – 8.7%
	15,743	Amphenol Corp., Class A		1,337,368
	109,252	Apple, Inc.		21,191,610
	16,842	Arista Networks, Inc.*		2,729,415
	78,913	Hewlett Packard Enterprise Co.		1,325,738
	2,232	Teledyne Technologies, Inc.*		917,598

				27,501,729

Transportation – 0.4%
	401	Ryder System, Inc.		34,001
	12,313	Uber Technologies, Inc.*		531,552
	4,012	Union Pacific Corp.		820,935

				1,386,488

Utilities – 0.1%
	13,219	AES Corp. (The)		274,030

	TOTAL COMMON STOCKS
	(Cost $242,485,320)		$	310,525,643


Shares		Dividend Rate	Value

Investment Company – 0.6%^(a)
	Goldman Sachs Financial Square Government Fund — Institutional Shares,
	1,788,518	5.022%	$	1,788,518
	(Cost $1,788,518)

	TOTAL INVESTMENTS – 98.7%
	(Cost $244,273,838)		$	312,314,161

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%			4,211,638

	NET ASSETS – 100.0%		$	316,525,799


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND


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

*		Non-income producing security.

(a)		Represents an affiliated issuer.



Investment Abbreviations:
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2023, 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

09/15/23

4,937,075

110,495


The accompanying notes are an integral part of these financial statements.		41

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Assets and Liabilities

June 30, 2023 (Unaudited)


	International Equity Insights Fund		Large Cap Value Fund		Mid Cap Growth Fund		Mid Cap Value Fund

Assets:
Investments in unaffiliated issuers, at value (cost $95,576,860, $333,191,712, $47,454,765 and $360,267,125, respectively)	$	104,931,791	$	384,643,334	$	58,873,757	$	427,039,460
Investments in affiliated issuers, at value (cost $—, $855,090, $2,933,066 and $8,997,935, respectively)		—		855,090		2,933,066		8,997,935
Cash		564,939		633,071		124,320		2,394,826
Foreign currency, at value (cost $572,611, $—, $ — and $—, respectively)		566,144		—		—		—
Receivables:
Foreign tax reclaims		423,006		3,072		—		—
Dividends		152,805		220,210		15,358		510,375
Collateral on certain derivative contracts		41,428		—		—		—
Reimbursement from investment adviser		10,987		10,442		10,252		—
Fund shares sold		2,592		130,225		85		2,094,760
Securities lending income		674		—		—		—
Investments sold		—		369,847		—		—
Variation margin on futures contracts		5,068		—		—		—
Other assets		45,502		1,448		103,218		2,029

Total assets		106,744,936		386,866,739		62,060,056		441,039,385


Liabilities:
Payables:
Management fees		90,853		211,189		39,562		250,766
Fund shares redeemed		62,080		543,563		54,393		225,757
Distribution and Service fees and Transfer Agency fees		9,531		57,336		14,008		28,280
Investments purchased		—		397,669		—		6,019,304
Accrued expenses		150,084		136,633		130,302		237,910

Total liabilities		312,548		1,346,390		238,265		6,762,017


Net Assets:
Paid-in capital		104,514,456		311,708,176		50,628,074		369,364,928
Total distributable earnings		1,917,932		73,812,173		11,193,717		64,912,440

NET ASSETS	$	106,432,388	$	385,520,349	$	61,821,791	$	434,277,368
Net Assets:
Institutional	$	68,095,225	$	142,973,908	$	1,352,793	$	318,084,113
Service		38,337,163		242,546,441		60,468,998		116,193,255

Total Net Assets	$	106,432,388	$	385,520,349	$	61,821,791	$	434,277,368
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		7,934,020		16,260,966		129,137		20,277,944
Service		4,450,174		27,602,000		6,204,739		7,327,174
Net asset value, offering and redemption price per share:
Institutional		$8.58		$8.79		$10.48		$15.69
Service		8.61		8.79		9.75		15.86


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Assets and Liabilities (continued)

June 30, 2023 (Unaudited)


	Small Cap Equity Insights Fund			Strategic Growth Fund		U.S. Equity Insights Fund

Assets:

Investments in unaffiliated issuers, at value (cost $107,979,618, $184,783,619 and $242,485,320, respectively)^(a)	$	117,119,865		$	357,743,934	$	310,525,643
Investments in affiliated issuers, at value (cost $1,176,220, $— and $1,788,518, respectively)		1,176,220			—		1,788,518
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		912,449			—		—
Cash		1,879,257			—		4,727,747
Receivables:
Dividends		124,643			68,755		248,407
Fund shares sold		105,846			11,233		16,915
Reimbursement from investment adviser		2,793			5,970		9,458
Securities lending income		1,382			—		58
Foreign tax reclaims		1,092			999		1,006
Investments sold		—			3,785,882		—
Collateral on certain derivative contracts		—			—		271,096
Variation margin on futures contracts		5,600			—		57,750
Other assets		1,272			792		35,656

Total assets		121,330,419			361,617,565		317,682,254


Liabilities:
Due to custodian (Overdraft)		—			42,555		—
Payables:
Payable upon return of securities loaned		912,449			—		—
Fund shares redeemed		127,903			434,367		844,567
Management fees		67,462			206,288		137,718
Distribution and Service fees and Transfer Agency fees		7,426			52,942		17,142
Accrued expenses		108,706			135,127		157,028

Total liabilities		1,223,946			871,279		1,156,455


Net Assets:

Paid-in capital		122,215,960			181,266,671		255,057,946
Total distributable earnings (loss)		(2,109,487	)		179,479,615		61,467,853

NET ASSETS	$	120,106,473		$	360,746,286	$	316,525,799
Net Assets:
Institutional	$	94,692,063		$	153,422,708	$	272,588,228
Service		25,414,410			207,323,578		43,937,571

Total Net Assets	$	120,106,473		$	360,746,286	$	316,525,799
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		8,231,723			12,820,348		15,004,420
Service		2,239,457			17,490,021		2,399,664
Net asset value, offering and redemption price per share:
Institutional		$11.50			$11.97		$18.17
Service		11.35			11.85		18.31

(a)	Includes loaned securities having a market value of $901,618, $— and $— for Variable Insurance Trust Small Cap Equity Insights Fund, Variable Insurance Trust Strategic Growth Fund and Variable Insurance Trust U.S. Equity Insights Fund, respectively.


The accompanying notes are an integral part of these financial statements.		43

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Operations

For the Six Months Ended June 30, 2023 (Unaudited)


	International Equity Insights Fund			Large Cap Value Fund			Mid Cap Growth Fund			Mid Cap Value Fund

Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $302,574, $4,468, $— and $—, respectively)	$	2,208,706		$	3,831,183		$	176,583		$	3,601,121
Securities lending income — affiliated issuer		10,910			—			71			347
Dividends — affiliated issuers		1,263			62,030			50,993			118,330

Total investment income		2,220,879			3,893,213			227,647			3,719,798


Expenses:

Management fees		416,147			1,358,652			249,293			1,567,956
Distribution and/or Service (12b-1) fees		47,624			295,053			70,134			123,702
Custody, accounting and administrative services		34,755			11,584			17,912			17,869
Professional fees		33,848			37,269			41,309			37,525
Trustee fees		13,415			13,650			13,281			13,663
Transfer Agency fees^(a)		10,275			37,740			5,731			40,726
Printing and mailing costs		7,865			8,007			5,360			15,686
Other		19,997			20,757			10,101			19,497

Total expenses		583,926			1,782,712			413,121			1,836,624

Less — expense reductions		(118,100	)		(184,886	)		(133,814	)		(12,834	)

Net expenses		465,826			1,597,826			279,307			1,823,790

NET INVESTMENT INCOME (LOSS)		1,755,053			2,295,387			(51,660	)		1,896,008


Realized and unrealized gain (loss):

Net realized gain (loss) from:
Investments — unaffiliated issuers		2,562,161			9,985,719			439,558			475,835
Futures contracts		121,206			—			—			—
Foreign currency transactions		(61,965	)		(45	)		—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		6,988,530			7,508,464			6,155,619			15,219,380
Futures contracts		36,654			—			—			—
Foreign currency translations		(18,287	)		76			—			—

Net realized and unrealized gain		9,628,299			17,494,214			6,595,177			15,695,215

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,383,352		$	19,789,601		$	6,543,517		$	17,591,223

(a)	Class specific Transfer Agency fees were as follows:


	Transfer Agency Fees
Fund	Institutional		Service
International Equity Insights Fund	$	6,465	$	3,810
Large Cap Value Fund		14,136		23,604
Mid Cap Growth Fund		120		5,611
Mid Cap Value Fund		30,830		9,896


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Operations (continued)

For the Six Months Ended June 30, 2023 (Unaudited)


	Small Cap Equity Insights Fund			Strategic Growth Fund			U.S. Equity Insights Fund

Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $2,729, $1,470 and $4,456, respectively)	$	1,070,266		$	993,245		$	2,179,082
Dividends — affiliated issuers		23,428			83,720			19,552
Securities lending income — affiliated issuer		5,799			—			62

Total investment income		1,099,493			1,076,965			2,198,696


Expenses:
Management fees		398,628			1,053,189			908,871
Professional fees		38,154			37,617			38,248
Distribution and/or Service (12b-1) fees		28,716			202,153			52,510
Printing and mailing costs		13,551			7,483			8,748
Trustee fees		13,422			13,524			13,560
Custody, accounting and administrative services		11,624			8,743			9,634
Transfer Agency fees^(a)		11,389			29,667			29,319
Other		13,717			18,075			18,421

Total expenses		529,201			1,370,451			1,079,311

Less — expense reductions		(37,983	)		(67,739	)		(208,423	)

Net expenses		491,218			1,302,712			870,888

NET INVESTMENT INCOME (LOSS)		608,275			(225,747	)		1,327,808


Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		1,910,946			6,541,505			4,991,347
Futures contracts		42,883			—			262,832
Foreign currency transactions		—			(33	)		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		8,960,583			72,295,206			33,683,553
Futures contracts		58,053			—			126,673
Foreign currency translations		—			31			—

Net realized and unrealized gain		10,972,465			78,836,709			39,064,405

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,580,740		$	78,610,962		$	40,392,213

(a)	Class specific Transfer Agency fees were as follows:


	Transfer Agency Fees
Fund	Institutional		Service
Small Cap Equity Insights Fund	$	9,092	$	2,297
Strategic Growth Fund		13,495		16,172
U.S. Equity Insights Fund		25,118		4,201


The accompanying notes are an integral part of these financial statements.		45

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Changes in Net Assets


	International Equity Insights Fund						Large Cap Value Fund
	For the Six Months Ended June 30, 2023 (Unaudited)			For the Fiscal Year Ended December 31, 2022			For the Six Months Ended June 30, 2023 (Unaudited)			For the Fiscal Year Ended December 31, 2022

From operations:
Net investment income	$	1,755,053		$	2,825,395		$	2,295,387		$	5,142,633
Net realized gain (loss)		2,621,402			(11,194,236	)		9,985,674			42,900,507
Net change in unrealized gain (loss)		7,006,897			(6,519,448	)		7,508,540			(79,174,841	)

Net increase (decrease) in net assets resulting from operations		11,383,352			(14,888,289	)		19,789,601			(31,131,701	)


Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(1,971,488	)		—			(16,379,536	)
Service Shares		—			(1,049,519	)		—			(26,593,972	)

Total distributions to shareholders		—			(3,021,007	)		—			(42,973,508	)


From share transactions:
Proceeds from sales of shares		8,565,104			15,434,881			10,457,365			18,097,425
Reinvestment of distributions		—			3,021,007			—			42,973,507
Cost of shares redeemed		(6,840,071	)		(14,773,365	)		(28,262,253	)		(90,692,163	)

Net increase (decrease) in net assets resulting from share transactions		1,725,033			3,682,523			(17,804,888	)		(29,621,231	)

TOTAL INCREASE (DECREASE)		13,108,385			(14,226,773	)		1,984,713			(103,726,440	)


Net Assets:

Beginning of period		93,324,003			107,550,776			383,535,636			487,262,076

End of period	$	106,432,388		$	93,324,003		$	385,520,349		$	383,535,636


46		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 Growth Fund						Mid Cap Value Fund
	For the Six Months Ended June 30, 2023 (Unaudited)			For the Fiscal Year Ended December 31, 2022			For the Six Months Ended June 30, 2023 (Unaudited)			For the Fiscal Year Ended December 31, 2022

From operations:
Net investment income (loss)	$	(51,660	)	$	(199,882	)	$	1,896,008		$	3,521,135
Net realized gain (loss)		439,558			(375,140	)		475,835			41,579,679
Net change in unrealized gain (loss)		6,155,619			(18,870,736	)		15,219,380			(104,300,273	)

Net increase (decrease) in net assets resulting from operations		6,543,517			(19,445,758	)		17,591,223			(59,199,459	)


Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(39,168	)		—			(50,260,812	)
Service Shares		—			(1,904,522	)		—			(15,201,358	)

Total distributions to shareholders		—			(1,943,690	)		—			(65,462,170	)


From share transactions:
Proceeds from sales of shares		7,986,572			7,276,149			107,283,102			93,206,792
Reinvestment of distributions		—			1,943,690			—			65,462,169
Cost of shares redeemed		(5,126,093	)		(12,881,102	)		(91,497,399	)		(185,704,513	)

Net increase (decrease) in net assets resulting from share transactions		2,860,479			(3,661,263	)		15,785,703			(27,035,552	)

TOTAL INCREASE (DECREASE)		9,403,996			(25,050,711	)		33,376,926			(151,697,181	)


Net Assets:

Beginning of period		52,417,795			77,468,506			400,900,442			552,597,623

End of period	$	61,821,791		$	52,417,795		$	434,277,368		$	400,900,442


The accompanying notes are an integral part of these financial statements.		47

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statements of Changes in Net Assets (continued)


	Small Cap Equity Insights Fund						Strategic Growth Fund
	For the Six Months Ended June 30, 2023 (Unaudited)			For the Fiscal Year Ended December 31, 2022			For the Six Months Ended June 30, 2023 (Unaudited)			For the Fiscal Year Ended December 31, 2022

From operations:
Net investment income (loss)	$	608,275		$	701,104		$	(225,747	)	$	(682,580	)
Net realized gain (loss)		1,953,829			(13,710,495	)		6,541,472			40,371,059
Net change in unrealized gain (loss)		9,018,636			(12,850,682	)		72,295,237			(166,086,540	)

Net increase (decrease) in net assets resulting from operations		11,580,740			(25,860,073	)		78,610,962			(126,398,061	)


Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(1,287,501	)		—			(23,862,524	)
Service Shares		—			(266,792	)		—			(22,574,843	)

Total distributions to shareholders		—			(1,554,293	)		—			(46,437,367	)


From share transactions:
Proceeds from sales of shares		6,846,419			21,488,587			85,177,714			20,861,765
Reinvestment of distributions		—			1,554,293			—			46,437,367
Cost of shares redeemed		(7,814,526	)		(16,964,615	)		(40,324,297	)		(107,108,519	)

Net increase (decrease) in net assets resulting from share transactions		(968,107	)		6,078,265			44,853,417			(39,809,387	)

TOTAL INCREASE (DECREASE)		10,612,633			(21,336,101	)		123,464,379			(212,644,815	)


Net Assets:

Beginning of period		109,493,840			130,829,941			237,281,907			449,926,722

End of period	$	120,106,473		$	109,493,840		$	360,746,286		$	237,281,907


48		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)


	U.S. Equity Insights Fund
	For the Six Months Ended June 30, 2023 (Unaudited)			For the Fiscal Year Ended December 31, 2022

From operations:
Net investment income	$	1,327,808		$	2,624,280
Net realized gain (loss)		5,254,179			(12,596,431	)
Net change in unrealized gain (loss)		33,810,226			(63,839,389	)

Net increase (decrease) in net assets resulting from operations		40,392,213			(73,811,540	)


Distributions to shareholders:
From distributable earnings:
Institutional Shares		—			(3,548,809	)
Service Shares		—			(509,957	)

Total distributions to shareholders		—			(4,058,766	)


From share transactions:
Proceeds from sales of shares		12,631,685			19,568,290
Reinvestment of distributions		—			4,058,766
Cost of shares redeemed		(20,606,457	)		(40,965,728	)

Net decrease in net assets resulting from share transactions		(7,974,772	)		(17,338,672	)

TOTAL INCREASE (DECREASE)		32,417,441			(95,208,978	)


Net Assets:

Beginning of period		284,108,358			379,317,336

End of period	$	316,525,799		$	284,108,358


The accompanying notes are an integral part of these financial statements.		49

GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs International Equity Insights Fund
	Institutional Shares
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	7.66		$	9.16		$	8.62		$	8.19		$	7.08		$	10.88

Net investment income^(a)		0.14	^(b)		0.25	^(c)		0.21			0.12			0.17			0.19

Net realized and unrealized gain (loss)		0.78			(1.49	)		0.83			0.43			1.14			(1.94	)

Total from investment operations		0.92			(1.24	)		1.04			0.55			1.31			(1.75	)

Distributions to shareholders from net investment income		—			(0.26	)		(0.27	)		(0.12	)		(0.20	)		(0.21	)

Distributions to shareholders from net realized gains		—			—			(0.23	)		—			—	^(d)		(1.84	)

Total distributions		—			(0.26	)		(0.50	)		(0.12	)		(0.20	)		(2.05	)

Net asset value, end of period	$	8.58		$	7.66		$	9.16		$	8.62		$	8.19		$	7.08

Total Return^(e)		12.01	%		(13.55	)%		12.17	%		6.79	%		18.45	%		(16.28	)%

Net assets, end of period (in 000’s)	$	68,095		$	59,170		$	63,179		$	50,114		$	43,632		$	37,829

Ratio of net expenses to average net assets		0.81	%^(f)		0.83	%		0.85	%		0.87	%		0.90	%		0.87	%

Ratio of total expenses to average net assets		1.04	%^(f)		0.99	%		1.14	%		1.37	%		1.31	%		1.23	%

Ratio of net investment income to average net assets		3.53	%^(b)^(f)		3.09	%^(c)		2.22	%		1.59	%		3.21	%		1.79	%

Portfolio turnover rate^(g)		82	%		164	%		167	%		175	%		146	%		156	%

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

(b)	Reflects income recognized from special dividends which amounted to $0.02 per share and 0.26% of average net assets.

(c)	Reflects income recognized from special dividends which amounted to $0.04 per share and 0.45% of average net assets.

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

(e)

(f)	Annualized.

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


50		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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	7.70		$	9.20		$	8.66		$	8.23		$	7.11		$	10.91

Net investment income^(a)		0.13	^(b)		0.22	^(c)		0.19			0.10			0.15			0.14

Net realized and unrealized gain (loss)		0.78			(1.48	)		0.83			0.44			1.15			(1.93	)

Total from investment operations		0.91			(1.26	)		1.02			0.54			1.30			(1.79	)

Distributions to shareholders from net investment income		—			(0.24	)		(0.25	)		(0.11	)		(0.18	)		(0.17	)

Distributions to shareholders from net realized gains		—			—			(0.23	)		—			—	^(d)		(1.84	)

Total distributions		—			(0.24	)		(0.48	)		(0.11	)		(0.18	)		(2.01	)

Net asset value, end of period	$	8.61		$	7.70		$	9.20		$	8.66		$	8.23		$	7.11

Total Return^(e)		11.82	%		(13.72	)%		11.81	%		6.53	%		18.23	%		(16.55	)%

Net assets, end of period (in 000’s)	$	38,337		$	34,154		$	44,372		$	47,685		$	48,884		$	43,923

Ratio of net expenses to average net assets		1.06	%^(f)		1.09	%		1.10	%		1.12	%		1.15	%		1.12	%

Ratio of total expenses to average net assets		1.30	%^(f)		1.25	%		1.40	%		1.61	%		1.55	%		1.43	%

Ratio of net investment income to average net assets		3.22	%^(b)^(f)		2.74	%^(c)		1.97	%		1.30	%		1.89	%		1.30	%

Portfolio turnover rate^(g)		82	%		164	%		167	%		175	%		146	%		156	%

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

(b)	Reflects income recognized from special dividends which amounted to $0.02 per share and 0.26% of average net assets.

(c)	Reflects income recognized from special dividends which amounted to $0.04 per share and 0.45% of average net assets.

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

(e)

(f)	Annualized.

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


The accompanying notes are an integral part of these financial statements.		51

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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	8.34		$	9.97		$	9.27		$	9.19		$	7.67		$	9.06

Net investment income^(a)		0.06			0.13			0.11			0.12			0.13			0.12

Net realized and unrealized gain (loss)		0.39			(0.72	)		2.09			0.24			1.86			(0.88	)

Total from investment operations		0.45			(0.59	)		2.20			0.36			1.99			(0.76	)

Distributions to shareholders from net investment income		—			(0.13	)		(0.13	)		(0.12	)		(0.14	)		(0.12	)

Distributions to shareholders from net realized gains		—			(0.91	)		(1.37	)		(0.16	)		(0.33	)		(0.51	)

Total distributions		—			(1.04	)		(1.50	)		(0.28	)		(0.47	)		(0.63	)

Net asset value, end of period	$	8.79		$	8.34		$	9.97		$	9.27		$	9.19		$	7.67

Total Return^(b)		5.40	%		(6.37	)%		24.13	%		3.97	%		25.93	%		(8.46	)%

Net assets, end of period (in 000’s)	$	142,974		$	145,165		$	179,541		$	160,076		$	163,814		$	150,963

Ratio of net expenses to average net assets		0.70	%^(c)		0.70	%		0.69	%		0.71	%		0.73	%		0.71	%

Ratio of total expenses to average net assets		0.79	%^(c)		0.80	%		0.79	%		0.81	%		0.83	%		0.81	%

Ratio of net investment income to average net assets		1.36	%^(c)		1.38	%		1.08	%		1.44	%		1.46	%		1.32	%

Portfolio turnover rate^(d)		37	%		46	%		54	%		58	%		58	%		125	%

(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.


52		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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	8.35		$	9.98		$	9.27		$	9.19		$	7.67		$	9.06

Net investment income^(a)		0.05			0.11			0.09			0.10			0.11			0.10

Net realized and unrealized gain (loss)		0.39			(0.72	)		2.09			0.24			1.85			(0.88	)

Total from investment operations		0.44			(0.61	)		2.18			0.34			1.96			(0.78	)

Distributions to shareholders from net investment income		—			(0.11	)		(0.10	)		(0.10	)		(0.11	)		(0.10	)

Distributions to shareholders from net realized gains		—			(0.91	)		(1.37	)		(0.16	)		(0.33	)		(0.51	)

Total distributions		—			(1.02	)		(1.47	)		(0.26	)		(0.44	)		(0.61	)

Net asset value, end of period	$	8.79		$	8.35		$	9.98		$	9.27		$	9.19		$	7.67

Total Return^(b)		5.27	%		(6.57	)%		23.93	%		3.73	%		25.61	%		(8.72	)%

Net assets, end of period (in 000’s)	$	242,546		$	238,371		$	307,721		$	299,564		$	306,058		$	282,891

Ratio of net expenses to average net assets		0.93	%^(c)		0.93	%		0.92	%		0.94	%		0.98	%		0.96	%

Ratio of total expenses to average net assets		1.04	%^(c)		1.05	%		1.04	%		1.06	%		1.08	%		1.06	%

Ratio of net investment income to average net assets		1.13	%^(c)		1.15	%		0.84	%		1.21	%		1.21	%		1.07	%

Portfolio turnover rate^(d)		37	%		46	%		54	%		58	%		58	%		125	%

(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.		53

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Mid Cap Growth Fund
	Institutional Shares
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,^(a)
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	9.32		$	13.05		$	13.93		$	11.50		$	10.51		$	31.13

Net investment loss^(b)		—	^(c)		(0.02	)		(0.07	)		(0.04	)		(0.01	)		(0.02	)

Net realized and unrealized gain (loss)		1.16			(3.38	)		1.71			5.06			3.59			(1.30	)

Total from investment operations		1.16			(3.40	)		1.64			5.02			3.58			(1.32	)

Distributions to shareholders from net realized gains		—			(0.33	)		(2.52	)		(2.59	)		(2.59	)		(19.30	)

Net asset value, end of period	$	10.48		$	9.32		$	13.05		$	13.93		$	11.50		$	10.51

Total Return^(d)		12.45	%		(26.20	)%		11.65	%		44.33	%		34.35	%		(4.17	)%

Net assets, end of period (in 000’s)	$	1,353		$	1,132		$	483		$	151		$	94		$	59

Ratio of net expenses to average net assets		0.83	%^(e)		0.82	%		0.83	%		0.85	%		0.88	%		0.85	%

Ratio of total expenses to average net assets		1.20	%^(e)		1.20	%		1.33	%		1.23	%		1.26	%		1.20	%

Ratio of net investment loss to average net assets		(0.03	)%^(e)		(0.16	)%		(0.47	)%		(0.34	)%		(0.12	)%		(0.08	)%

Portfolio turnover rate^(f)		29	%		59	%		50	%		71	%		75	%		59	%

(a)	All per share amounts representing data prior to May 17, 2019 have been adjusted to reflect a 4 to 1 reverse stock split which occurred on that date.

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

(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.


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

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP GROWTH FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Mid Cap Growth Fund
	Service Shares
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,^(a)
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	8.68		$	12.20		$	13.19		$	11.00		$	10.15		$	30.80

Net investment loss^(b)		(0.01	)		(0.03	)		(0.09	)		(0.06	)		(0.02	)		(0.07	)

Net realized and unrealized gain (loss)		1.08			(3.16	)		1.62			4.84			3.46			(1.28	)

Total from investment operations		1.07			(3.19	)		1.53			4.78			3.44			(1.35	)

Distributions to shareholders from net realized gains		—			(0.33	)		(2.52	)		(2.59	)		(2.59	)		(19.30	)

Net asset value, end of period	$	9.75		$	8.68		$	12.20		$	13.19		$	11.00		$	10.15

Total Return^(c)		12.33	%		(26.30	)%		11.48	%		44.16	%		34.06	%		(4.34	)%

Net assets, end of period (in 000’s)	$	60,469		$	51,286		$	76,986		$	82,134		$	73,406		$	59,910

Ratio of net expenses to average net assets		0.98	%^(d)		0.98	%		0.99	%		1.01	%		1.04	%		1.01	%

Ratio of total expenses to average net assets		1.45	%^(d)		1.51	%		1.43	%		1.48	%		1.51	%		1.44	%

Ratio of net investment loss to average net assets		(0.18	)%^(d)		(0.36	)%		(0.62	)%		(0.50	)%		(0.28	)%		(0.24	)%

Portfolio turnover rate^(e)		29	%		59	%		50	%		71	%		75	%		59	%

(a)	All per share amounts representing data prior to May 17, 2019 have been adjusted to reflect a 4 to 1 reverse stock split which occurred on that date.

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

(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.		55

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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	14.89		$	19.53		$	17.23		$	16.22		$	12.89		$	16.93

Net investment income^(a)		0.07			0.16			0.09			0.10			0.13			0.13

Net realized and unrealized gain (loss)		0.73			(1.98	)		5.20			1.26			3.93			(1.86	)

Total from investment operations		0.80			(1.82	)		5.29			1.36			4.06			(1.73	)

Distributions to shareholders from net investment income		—			(0.13	)		(0.10	)		(0.10	)		(0.13	)		(0.23	)

Distributions to shareholders from net realized gains		—			(2.69	)		(2.89	)		(0.25	)		(0.60	)		(2.08	)

Total distributions		—			(2.82	)		(2.99	)		(0.35	)		(0.73	)		(2.31	)

Net asset value, end of period	$	15.69		$	14.89		$	19.53		$	17.23		$	16.22		$	12.89

Total Return^(b)		5.37	%		(9.99	)%		30.95	%		8.38	%		31.53	%		(10.46	)%

Net assets, end of period (in 000’s)	$	318,084		$	311,440		$	383,315		$	327,376		$	335,229		$	300,056

Ratio of net expenses to average net assets		0.84	%^(c)		0.83	%		0.83	%		0.84	%		0.87	%		0.84	%

Ratio of total expenses to average net assets		0.84	%^(c)		0.85	%		0.85	%		0.90	%		0.90	%		0.86	%

Ratio of net investment income to average net assets		0.97	%^(c)		0.89	%		0.46	%		0.68	%		0.85	%		0.75	%

Portfolio turnover rate^(d)		48	%		75	%		63	%		111	%		89	%		109	%

(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.


56		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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	15.07		$	19.73		$	17.39		$	16.37		$	13.01		$	16.95

Net investment income^(a)		0.06			0.10			0.04			0.06			0.10			0.07

Net realized and unrealized gain (loss)		0.73			(1.99	)		5.24			1.28			3.95			(1.84	)

Total from investment operations		0.79			(1.89	)		5.28			1.34			4.05			(1.77	)

Distributions to shareholders from net investment income		—			(0.08	)		(0.05	)		(0.07	)		(0.09	)		(0.09	)

Distributions to shareholders from net realized gains		—			(2.69	)		(2.89	)		(0.25	)		(0.60	)		(2.08	)

Total distributions		—			(2.77	)		(2.94	)		(0.32	)		(0.69	)		(2.17	)

Net asset value, end of period	$	15.86		$	15.07		$	19.73		$	17.39		$	16.37		$	13.01

Total Return^(b)		5.24	%		(10.23	)%		30.57	%		8.17	%		31.17	%		(10.70	)%

Net assets, end of period (in 000’s)	$	116,193		$	89,460		$	169,283		$	158,909		$	174,896		$	76,835

Ratio of net expenses to average net assets		1.08	%^(c)		1.08	%		1.08	%		1.09	%		1.12	%		1.09	%

Ratio of total expenses to average net assets		1.09	%^(c)		1.10	%		1.10	%		1.14	%		1.16	%		1.11	%

Ratio of net investment income to average net assets		0.80	%^(c)		0.56	%		0.21	%		0.39	%		0.66	%		0.42	%

Portfolio turnover rate^(d)		48	%		75	%		63	%		111	%		89	%		109	%

(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.		57

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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	10.40		$	13.08		$	13.51		$	12.62		$	10.37		$	13.66

Net investment income^(a)		0.06	^(b)		0.07	^(c)		0.05	^(d)		0.05			0.06			0.07	^(e)

Net realized and unrealized gain (loss)		1.04			(2.59	)		3.17			1.03			2.51			(1.21	)

Total from investment operations		1.10			(2.52	)		3.22			1.08			2.57			(1.14	)

Distributions to shareholders from net investment income		—			(0.04	)		(0.08	)		(0.03	)		(0.06	)		(0.07	)

Distributions to shareholders from net realized gains		—			(0.12	)		(3.57	)		(0.16	)		(0.26	)		(2.08	)

Total distributions		—			(0.16	)		(3.65	)		(0.19	)		(0.32	)		(2.15	)

Net asset value, end of period	$	11.50		$	10.40		$	13.08		$	13.51		$	12.62		$	10.37

Total Return^(f)		10.58	%		(19.38	)%		23.79	%		8.56	%		24.84	%		(8.62	)%

Net assets, end of period (in 000’s)	$	94,692		$	87,877		$	108,716		$	84,887		$	79,791		$	68,951

Ratio of net expenses to average net assets		0.81	%^(g)		0.81	%		0.81	%		0.81	%		0.86	%		0.81	%

Ratio of total expenses to average net assets		0.88	%^(g)		0.95	%		0.93	%		1.08	%		1.05	%		0.98	%

Ratio of net investment income to average net assets		1.12	%^(b)(g)		0.65	%^(c)		0.34	%^(d)		0.46	%		0.51	%		0.46	%^(e)

Portfolio turnover rate^(h)		78	%		163	%		172	%		147	%		125	%		116	%

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

(b)	Reflects income recognized from special dividends which amounted to $0.03 per share and 0.26% of average net assets.

(c)	Reflects income recognized from special dividends which amounted to $0.02 per share and 0.21% of average net assets.

(d)	Reflects income recognized from special dividends which amounted to $0.03 per share and 0.22% of average net assets.

(e)	Reflects income recognized from special dividends which amounted to $0.02 per share and 0.17% of average net assets.

(f)

(g)	Annualized.

(h)	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 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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	10.27		$	12.93		$	13.39		$	12.51		$	10.28		$	13.55

Net investment income^(a)		0.05	^(b)		0.05	^(c)		0.01	^(d)		0.02			0.03			0.03	^(e)

Net realized and unrealized gain (loss)		1.03			(2.58	)		3.14			1.02			2.49			(1.19	)

Total from investment operations		1.08			(2.53	)		3.15			1.04			2.52			(1.16	)

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

Distributions to shareholders from net realized gains		—			(0.12	)		(3.57	)		(0.16	)		(0.26	)		(2.08	)

Total distributions		—			(0.13	)		(3.61	)		(0.16	)		(0.29	)		(2.11	)

Net asset value, end of period	$	11.35		$	10.27		$	12.93		$	13.39		$	12.51		$	10.28

Total Return^(f)		10.52	%		(19.64	)%		23.50	%		8.34	%		24.53	%		(8.82	)%

Net assets, end of period (in 000’s)	$	25,414		$	21,617		$	22,114		$	17,239		$	15,742		$	16,537

Ratio of net expenses to average net assets		1.06	%^(g)		1.06	%		1.06	%		1.06	%		1.10	%		1.06	%

Ratio of total expenses to average net assets		1.13	%^(g)		1.20	%		1.18	%		1.33	%		1.30	%		1.23	%

Ratio of net investment income to average net assets		0.87	%^(b)(g)		0.43	%^(c)		0.09	%^(d)		0.22	%		0.27	%		0.19	%^(e)

Portfolio turnover rate^(h)		78	%		163	%		172	%		147	%		125	%		116	%

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

(b)	Reflects income recognized from special dividends which amounted to $0.03 per share and 0.26% of average net assets.

(c)	Reflects income recognized from special dividends which amounted to $0.02 per share and 0.21% of average net assets.

(d)	Reflects income recognized from special dividends which amounted to $0.03 per share and 0.22% of average net assets.

(e)	Reflects income recognized from special dividends which amounted to $0.02 per share and 0.17% of average net assets.

(f)

(g)	Annualized.

(h)	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 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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	9.20		$	16.63		$	15.43		$	11.90		$	9.78		$	19.73

Net investment income (loss)^(a)		—	^(b)		(0.01	)		(0.05	)		—	^(b)		0.03			0.06

Net realized and unrealized gain (loss)		2.77			(5.24	)		3.46			4.79			3.43			(0.18	)

Total from investment operations		2.77			(5.25	)		3.41			4.79			3.46			(0.12	)

Distributions to shareholders from net investment income		—			—			—			(0.01	)		(0.04	)		(0.10	)

Distributions to shareholders from net realized gains		—			(2.18	)		(2.21	)		(1.25	)		(1.30	)		(9.73	)

Total distributions		—			(2.18	)		(2.21	)		(1.26	)		(1.34	)		(9.83	)

Net asset value, end of period	$	11.97		$	9.20		$	16.63		$	15.43		$	11.90		$	9.78

Total Return^(c)		30.11	%		(32.52	)%		21.93	%		40.37	%		35.53	%		(1.04	)%

Net assets, end of period (in 000’s)	$	153,423		$	122,077		$	187,144		$	167,930		$	129,686		$	102,199

Ratio of net expenses to average net assets		0.74	%^(d)		0.74	%		0.73	%		0.74	%		0.77	%		0.74	%

Ratio of total expenses to average net assets		0.79	%^(d)		0.82	%		0.79	%		0.81	%		0.85	%		0.82	%

Ratio of net investment income (loss) to average net assets		(0.02	)%^(d)		(0.11	)%		(0.27	)%		(0.01	)%		0.29	%		0.30	%

Portfolio turnover rate^(e)		29	%		29	%		20	%		45	%		44	%		41	%

(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.


60		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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	9.12		$	16.55		$	15.41		$	11.91		$	9.78		$	19.68

Net investment income (loss)^(a)		(0.01	)		(0.05	)		(0.09	)		(0.03	)		0.01			0.01

Net realized and unrealized gain (loss)		2.74			(5.20	)		3.44			4.78			3.43			(0.18	)

Total from investment operations		2.73			(5.25	)		3.35			4.75			3.44			(0.17	)

Distributions to shareholders from net investment income		—			—			—			—			(0.01	)		—

Distributions to shareholders from net realized gains		—			(2.18	)		(2.21	)		(1.25	)		(1.30	)		(9.73	)

Total distributions		—			(2.18	)		(2.21	)		(1.25	)		(1.31	)		(9.73	)

Net asset value, end of period	$	11.85		$	9.12		$	16.55		$	15.41		$	11.91		$	9.78

Total Return^(b)		29.93	%		(32.68	)%		21.56	%		39.98	%		35.32	%		(1.32	)%

Net assets, end of period (in 000’s)	$	207,324		$	115,205		$	262,782		$	257,714		$	241,375		$	139,414

Ratio of net expenses to average net assets		0.99	%^(c)		0.99	%		0.98	%		0.99	%		1.02	%		0.99	%

Ratio of total expenses to average net assets		1.04	%^(c)		1.07	%		1.04	%		1.06	%		1.10	%		1.07	%

Ratio of net investment income (loss) to average net assets		(0.26	)%^(c)		(0.38	)%		(0.52	)%		(0.24	)%		0.04	%		0.04	%

Portfolio turnover rate^(d)		29	%		29	%		20	%		45	%		44	%		41	%

(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.		61

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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	15.88		$	20.06		$	20.08		$	17.93		$	15.03		$	19.41

Net investment income^(a)		0.08			0.15			0.18			0.15			0.21			0.22

Net realized and unrealized gain (loss)		2.21			(4.10	)		5.61			2.98			3.57			(1.38	)

Total from investment operations		2.29			(3.95	)		5.79			3.13			3.78			(1.16	)

Distributions to shareholders from net investment income		—			(0.14	)		(0.19	)		(0.16	)		(0.23	)		(0.25	)

Distributions to shareholders from net realized gains		—			(0.09	)		(5.62	)		(0.82	)		(0.65	)		(2.97	)

Total distributions		—			(0.23	)		(5.81	)		(0.98	)		(0.88	)		(3.22	)

Net asset value, end of period	$	18.17		$	15.88		$	20.06		$	20.08		$	17.93		$	15.03

Total Return^(b)		14.42	%		(19.74	)%		29.41	%		17.49	%		25.21	%		(6.19	)%

Net assets, end of period (in 000’s)	$	272,588		$	242,239		$	317,468		$	267,592		$	256,930		$	235,553

Ratio of net expenses to average net assets		0.56	%^(c)		0.56	%		0.55	%		0.56	%		0.58	%		0.58	%

Ratio of total expenses to average net assets		0.70	%^(c)		0.72	%		0.71	%		0.75	%		0.76	%		0.73	%

Ratio of net investment income to average net assets		0.94	%^(c)		0.86	%		0.81	%		0.85	%		1.24	%		1.12	%

Portfolio turnover rate^(d)		100	%		203	%		206	%		203	%		187	%		160	%

(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.


62		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, 2023 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2023 (Unaudited)			2022			2021			2020			2019			2018

Per Share Data

Net asset value, beginning of period	$	16.02		$	20.23		$	20.21		$	18.04		$	15.12		$	19.48

Net investment income^(a)		0.06			0.11			0.14			0.12			0.18			0.18

Net realized and unrealized gain (loss)		2.23			(4.13	)		5.64			2.99			3.58			(1.37	)

Total from investment operations		2.29			(4.02	)		5.78			3.11			3.76			(1.19	)

Distributions to shareholders from net investment income		—			(0.10	)		(0.14	)		(0.12	)		(0.19	)		(0.20	)

Distributions to shareholders from net realized gains		—			(0.09	)		(5.62	)		(0.82	)		(0.65	)		(2.97	)

Total distributions		—			(0.19	)		(5.76	)		(0.94	)		(0.84	)		(3.17	)

Net asset value, end of period	$	18.31		$	16.02		$	20.23		$	20.21		$	18.04		$	15.12

Total Return^(b)		14.29	%		(19.90	)%		29.11	%		17.27	%		24.93	%		(6.36	)%

Net assets, end of period (in 000’s)	$	43,938		$	41,870		$	61,849		$	54,149		$	55,201		$	53,208

Ratio of net expenses to average net assets		0.77	%^(c)		0.77	%		0.77	%		0.77	%		0.79	%		0.79	%

Ratio of total expenses to average net assets		0.95	%^(c)		0.97	%		0.93	%		1.00	%		1.01	%		0.97	%

Ratio of net investment income to average net assets		0.72	%^(c)		0.64	%		0.60	%		0.63	%		1.03	%		0.88	%

Portfolio turnover rate^(d)		100	%		203	%		206	%		203	%		187	%		160	%

(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.		63

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements

June 30, 2023 (Unaudited)

1. ORGANIZATION


Fund	Share Classes Offered	Diversified/ Non-diversified
International Equity Insights	Institutional and Service	Diversified
Large Cap Value	Institutional and Service	Diversified
Mid Cap Growth	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.

Goldman Sachs Asset Management, L.P. (“GSAM” or the “Investment Adviser”), 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 POLICES

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, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.


64

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICES (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).


		65

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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


66

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.

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 the Valuation Procedures. 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, 2023:



INTERNATIONAL EQUITY INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	697,502		$	28,563,093	$	—
Europe		2,643,308			56,354,106		—
North America		1,070,661			7,527,380		—
Oceania		—			8,075,741		—

Total	$	4,411,471		$	100,520,320	$	—

Derivative Type

Assets^(b)
Futures Contracts	$	12,543		$	—	$	—

Total	$	12,543		$	—	$	—

Derivative Type

Liabilities^(b)
Futures Contracts	$	(721	)	$	—	$	—

Total	$	(721	)	$	—	$	—

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third party fair value service for certain international equity securities resulting in a Level 2 classification.

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


		67

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



LARGE CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	4,934,322	$	—	$	—
North America		379,709,012		—		—
Investment Company		855,090		—		—

Total	$	385,498,424	$	—	$	—

MID CAP GROWTH FUND
Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	164,466	$	—	$	—
North America		58,709,291		—		—
Investment Company		2,933,066		—		—

Total	$	61,806,823	$	—	$	—

MID CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	6,385,271	$	—	$	—
North America		420,654,189		—		—
Investment Company		8,997,935		—		—

Total	$	436,037,395	$	—	$	—

SMALL CAP EQUITY INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	640,207	$	—	$	—
Asia		850,486		—		—
Europe		1,609,576		—		—
North America		113,776,159		—		—
South America		243,437		—		—
Investment Company		1,176,220		—		—
Securities Lending Reinvestment Vehicle		912,449		—		—

Total	$	119,208,534	$	—	$	—

Derivative Type

Assets^(b)
Futures Contracts	$	17,300	$	—	$	—

Total	$	17,300	$	—	$	—

(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 noted in table.

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


68

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



STRATEGIC GROWTH FUND
Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	5,637,119	$	—	$	—
North America		352,106,815		—		—

Total	$	357,743,934	$	—	$	—

U.S. EQUITY INSIGHTS FUND
Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	1,127,992	$	—	$	—
North America		308,054,315		—		—
South America		1,343,336		—		—
Investment Company		1,788,518		—		—

Total	$	312,314,161	$	—	$	—

Derivative Type

Assets^(b)
Futures Contracts	$	110,495	$	—	$	—

Total	$	110,495	$	—	$	—

(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 noted in table.

(b)	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 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, 2023. 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)
International Equity Insights	Equity	Variation margin on futures contracts	$	12,543	Variation margin on futures contracts	$	(721	)
Small Cap Equity Insights	Equity	Variation margin on futures contracts		17,300	—		—
U.S. Equity Insights	Equity	Variation margin on futures contracts		110,495	—		—

(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, 2023 is reported within the Statements of Assets and Liabilities.


		69

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

International Equity Insights


Risk	Statement 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	$121,206	$	36,654

Small Cap Equity Insights


Risk	Statement 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	$42,883	$	58,053

U.S. Equity Insights


Risk	Statement 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	$262,832	$	126,673

For the six months ended June 30, 2023, the average number of futures contracts for certain Funds were as follows:


	Average Number of Contracts⁽¹⁾
Fund	Futures Contracts
International Equity Insights		16
Small Cap Equity Insights		20
U.S. Equity Insights		9

(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, 2023.

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.


70

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2023, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate															Effective 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^
International Equity Insights		0.81	%		0.73	%		0.69	%		0.68	%		0.67	%		0.81	%		0.79	%*
Large Cap Value		0.72			0.65			0.62			0.60			0.59			0.72			0.68	*
Mid Cap Growth		0.87			0.87			0.78			0.74			0.73			0.87			0.81	*
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 28, 2024, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

The International Equity Insights, Large Cap Value, Mid Cap Growth, 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, 2023, with respect to the Funds’ investments in an affiliated Underlying Fund GSAM waived $2,083, $1,751, $4,262, $812, and $3,065 of the Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights and Strategic Growth Funds’ management fees, respectively.

B. Distribution and/or Service (12b-1) Plans — 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, 2023 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 six months ended June 30, 2023 for the Mid Cap Growth 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 28, 2024, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

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 28, 2024, and prior to such date Goldman Sachs may not terminate the arrangement without approval of the Board of Trustees.


		71

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 International Equity Insights, Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds are 0.004%, 0.004%, 0.004%, 0.054%, 0.094%, 0.014% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 28, 2024, 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, 2023, 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
International Equity Insights	$	10,275	$	—	$	—	$	107,825	$	118,100
Large Cap Value		77,563		—		23,604		83,719		184,886
Mid Cap Growth		18,943		28,054		—		86,817		133,814
Mid Cap Value		4,262		—		—		8,572		12,834
Small Cap Equity Insights		812		—		—		37,171		37,983
Strategic Growth		3,065		—		—		64,674		67,739
U.S. Equity Insights		117,273		8,402		—		82,748		208,423

E. Line of Credit Facility — As of June 30, 2023, the Funds participated in a $1,110,000,000 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, 2023, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.

F. Other Transactions with Affiliates — For the six months ended June 30, 2023, Goldman Sachs earned $602, $215 and $2,022 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Large Cap Value, Mid Cap Growth and Strategic Growth Funds, respectively.


72

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

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, 2023:


Fund	Beginning Value as of December 31, 2022		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2023		Shares as of June 30, 2023		Dividend Income
International Equity Insights	$	—	$	3,203,269	$	(3,203,269	)	$	—		—	$	1,263
Large Cap Value		394,821		20,734,948		(20,274,679	)		855,090		855,090		62,030
Mid Cap Growth		2,865,404		12,256,514		(12,188,852	)		2,933,066		2,933,066		50,993
Mid Cap Value		2,407,505		102,279,942		(95,689,512	)		8,997,935		8,997,935		118,330
Small Cap Equity Insights		852,072		6,798,612		(6,474,464	)		1,176,220		1,176,220		23,428
Strategic Growth		2,849,066		65,472,738		(68,321,804	)		—		—		83,720
U.S. Equity Insights		—		7,451,244		(5,662,726	)		1,788,518		1,788,518		19,552

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, 2023, were as follows:


Fund	Purchases		Sales and Maturities
International Equity Insights	$	86,549,125	$	82,789,323
Large Cap Value		139,730,564		152,812,976
Mid Cap Growth		18,880,764		16,248,655
Mid Cap Value		207,296,290		196,301,926
Small Cap Equity Insights		88,245,967		89,183,075
Strategic Growth		131,415,194		86,849,079
U.S. Equity Insights		293,807,436		304,188,650

7. SECURITIES LENDING

The Large Cap Value, Mid Cap Growth, 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 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 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


		73

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

7. SECURITIES LENDING (continued)

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 International Equity Insights, Large Cap Value, Mid Cap Growth, 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.

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, 2023, 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, 2023				Amounts payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2023
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
International Equity Insights	$	1,204	$	—	$	—
Small Cap Equity Insights		649		412		289,424
U.S. Equity Insights		7		—		—


74

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

7. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2023:


Fund	Beginning Value as of December 31, 2022		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2023
International Equity Insights	$	166,392	$	5,539,882	$	(5,706,274	)	$	—
Mid Cap Growth		—		47,908		(47,908	)		—
Mid Cap Value		—		233,900		(233,900	)		—
Small Cap Equity Insights		1,025,843		3,943,205		(4,056,599	)		912,449
U.S. Equity Insights		—		614,000		(614,000	)		—

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2022, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:


	International Equity Insights			Large Cap Value			Mid Cap Growth			Mid Cap Value
Capital loss carryforwards
Perpetual short-term	$	(11,394,712	)	$	—		$	(184,177	)	$	—
Total capital loss carryforwards	$	(11,394,712	)	$	—		$	(184,177	)	$	—
Timing differences (Real Estate Investment Trusts, late year ordinary loss deferral, post October loss deferral, and straddle loss deferrals)	$	(181,062	)	$	54,783		$	(102,750	)	$	(861,362	)

				Small Cap Equity Insights			Strategic Growth			U.S. Equity Insights
Capital loss carryforwards
Perpetual short-term				$	(11,118,251	)	$	—		$	(10,171,033	)
Total capital loss carryforwards				$	(11,118,251	)	$	—		$	(10,171,033	)
Timing differences (Real Estate Investment Trusts, late year ordinary loss deferral, post October loss deferral, and straddle loss deferrals)				$	(2,297,849	)	$	(532,698	)	$	4,606


		75

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

8. TAX INFORMATION (continued)

As of June 30, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	International Equity Insights			Large Cap Value			Mid Cap Growth			Mid Cap Value
Tax cost	$	96,090,668		$	336,019,877		$	50,714,077		$	374,330,992
Gross unrealized gain		10,983,781			66,925,056			12,441,047			70,324,828
Gross unrealized loss		(2,142,658	)		(17,446,509	)		(1,348,301	)		(8,618,425	)
Net unrealized gain (loss)	$	8,841,123		$	49,478,547		$	11,092,746		$	61,706,403

				Small Cap Equity Insights			Strategic Growth			U.S. Equity Insights
Tax cost				$	110,922,752		$	186,185,144		$	247,854,075
Gross unrealized gain					14,138,068			174,770,453			68,701,975
Gross unrealized loss					(5,852,286	)		(3,211,663	)		(4,241,889	)
Net unrealized gain (loss)				$	8,285,782		$	171,558,790		$	64,460,086

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 real estate investment trust investments and passive foreign investment company investments.

9. OTHER RISKS

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

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; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in


76

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

9. OTHER RISKS (continued)

registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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, or economically tied to, 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.

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, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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


		77

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

9. OTHER RISKS (continued)

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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, 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.

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


78

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	International Equity Insights Fund
	For the Six Months Ended June 30, 2023 (Unaudited)						For the Fiscal Year Ended December 31, 2022
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		543,207		$	4,413,316			1,306,039		$	10,885,092
Reinvestment of distributions		—			—			253,079			1,971,488
Shares redeemed		(331,569	)		(2,727,727	)		(733,445	)		(5,861,784	)
		211,638			1,685,589			825,673			6,994,796
Service Shares
Shares sold		511,694			4,151,788			522,850			4,549,789
Reinvestment of distributions		—			—			134,038			1,049,519
Shares redeemed		(497,001	)		(4,112,344	)		(1,042,479	)		(8,911,581	)
		14,693			39,444			(385,591	)		(3,312,273	)

NET INCREASE		226,331		$	1,725,033			440,082		$	3,682,523


	Large Cap Value Fund
	For the Six Months Ended June 30, 2023 (Unaudited)						For the Fiscal Year Ended December 31, 2022
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		353,433		$	2,964,339			950,934		$	8,789,990
Reinvestment of distributions		—			—			1,876,236			16,379,536
Shares redeemed		(1,496,826	)		(12,693,989	)		(3,426,119	)		(32,079,665	)
		(1,143,393	)		(9,729,650	)		(598,949	)		(6,910,139	)
Service Shares
Shares sold		885,474		$	7,493,026			996,820			9,307,435
Reinvestment of distributions		—			—			3,046,274			26,593,971
Shares redeemed		(1,846,743	)		(15,568,264	)		(6,321,557	)		(58,612,498	)
		(961,269	)		(8,075,238	)		(2,278,463	)		(22,711,092	)

NET DECREASE		(2,104,662	)	$	(17,804,888	)		(2,877,412	)	$	(29,621,231	)


		79

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Mid Cap Growth Fund
	For the Six Months Ended June 30, 2023 (Unaudited)						For the Fiscal Year Ended December 31, 2022
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		7,629		$	75,000			82,652		$	879,904
Reinvestment of distributions		—			—			3,921			39,168
Shares redeemed		—			—			(2,047	)		(19,226	)
		7,629			75,000			84,526			899,846
Service Shares
Shares sold		859,671		$	7,911,572			689,640			6,396,245
Reinvestment of distributions		—			—			204,787			1,904,522
Shares redeemed		(566,421	)		(5,126,093	)		(1,294,096	)		(12,861,876	)
		293,250			2,785,479			(399,669	)		(4,561,109	)

NET INCREASE (DECREASE)		300,879		$	2,860,479			(315,143	)	$	(3,661,263	)


	Mid Cap Value Fund
	For the Six Months Ended June 30, 2023 (Unaudited)						For the Fiscal Year Ended December 31, 2022
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		482,484		$	7,273,887			644,665		$	11,319,610
Reinvestment of distributions		—			—			3,213,607			50,260,811
Shares redeemed		(1,126,448	)		(17,048,061	)		(2,565,377	)		(45,341,378	)
		(643,964	)		(9,774,174	)		1,292,895			16,239,043
Service Shares
Shares sold		6,438,479		$	100,009,215			4,528,288			81,887,182
Reinvestment of distributions		—			—			959,682			15,201,358
Shares redeemed		(5,048,319	)		(74,449,338	)		(8,132,136	)		(140,363,135	)
		1,390,160			25,559,877			(2,644,166	)		(43,274,595	)

NET INCREASE (DECREASE)		746,196		$	15,785,703			(1,351,271	)	$	(27,035,552	)


80

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small Cap Equity Insights Fund
	For the Six Months Ended June 30, 2023 (Unaudited)						For the Fiscal Year Ended December 31, 2022
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		410,764		$	4,479,679			1,292,071		$	14,688,216
Reinvestment of distributions		—			—			116,516			1,287,501
Shares redeemed		(631,924	)		(6,893,631	)		(1,264,967	)		(14,195,917	)
		(221,160	)		(2,413,952	)		143,620			1,779,800
Service Shares
Shares sold		219,491		$	2,366,740			623,675			6,800,371
Reinvestment of distributions		—			—			24,431			266,792
Shares redeemed		(85,082	)		(920,895	)		(253,528	)		(2,768,698	)
		134,409			1,445,845			394,578			4,298,465

NET INCREASE (DECREASE)		(86,751	)	$	(968,107	)		538,198		$	6,078,265


	Strategic Growth Fund
	For the Six Months Ended June 30, 2023 (Unaudited)						For the Fiscal Year Ended December 31, 2022
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		376,567		$	3,982,655			650,339		$	8,099,060
Reinvestment of distributions		—			—			2,405,496			23,862,524
Shares redeemed		(831,784	)		(8,784,719	)		(1,036,439	)		(12,855,382	)
		(455,217	)		(4,802,064	)		2,019,396			19,106,202
Service Shares
Shares sold		7,967,427		$	81,195,059			1,076,390			12,762,705
Reinvestment of distributions		—			—			2,294,192			22,574,843
Shares redeemed		(3,110,127	)		(31,539,578	)		(6,611,696	)		(94,253,137	)
		4,857,300			49,655,481			(3,241,114	)		(58,915,589	)

NET INCREASE (DECREASE)		4,402,083		$	44,853,417			(1,221,718	)	$	(39,809,387	)


		81

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	U.S. Equity Insights Fund
	For the Six Months Ended June 30, 2023 (Unaudited)						For the Fiscal Year Ended December 31, 2022
	Shares			Dollars			Shares			Dollars
Institutional Shares
Shares sold		731,552		$	12,232,041			1,049,282		$	18,219,119
Reinvestment of distributions		—			—			210,737			3,548,809
Shares redeemed		(984,996	)		(16,591,766	)		(1,826,212	)		(31,436,133	)
		(253,444	)		(4,359,725	)		(566,193	)		(9,668,205	)
Service Shares
Shares sold		23,596		$	399,644			78,305			1,349,171
Reinvestment of distributions		—			—			30,015			509,957
Shares redeemed		(237,915	)		(4,014,691	)		(550,922	)		(9,529,595	)
		(214,319	)		(3,615,047	)		(442,602	)		(7,670,467	)

NET DECREASE		(467,763	)	$	(7,974,772	)		(1,008,795	)	$	(17,338,672	)


82

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Mid Cap Growth Fund, Goldman Sachs International Equity Insights Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Strategic Growth Fund, and Goldman Sachs U.S. Equity Insights 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.

(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 Mid Cap Growth Fund, Mid Cap Value Fund, Small Cap Equity Insights 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 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;


		83

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

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

(g)

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

(h)

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

(i)

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

(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 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 Mid Cap Growth 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)

(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


84

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

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

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

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, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2023. 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 Growth Fund, Mid Cap Value Fund, Small Cap Equity Insights 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 Mid Cap Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, five-, and ten-year periods, and in the third quartile for the three-year period, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three- and five-year periods ended March 31, 2023. They observed that the International Equity Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods, and in the third quartile for the five- and ten-year periods, and had outperformed the Fund’s benchmark index for the three-year period and underperformed for the one-, five-, and ten-year periods ended March 31, 2023. The Trustees noted that the Mid Cap Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three- and five-year periods, and in the third quartile for the one- and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2023. They considered that the Large Cap Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five-year period, in the third quartile for the one- and three-year periods, and in the fourth quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the one- and five-year periods and underperformed for the three- and ten-year periods ended March 31, 2023. The Trustees observed that the Small Cap Equity Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the ten-year period, and in the third quartile for the one-, three-, and five-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2023. They considered that the Strategic Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five-, and ten-year periods, and in the third quartile for the one-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2023. The Trustees observed that the U.S. Equity Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the ten-year period, in the third quartile for the three-year period, and in the fourth quartile for the one- and five-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2023.

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


		85

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

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

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 and Strategic Growth 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 of the Funds 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


	Mid Cap Growth 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


86

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

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

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 Mid Cap Growth Fund, International Equity Insights 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 Distribution and Service fees paid by Mid Cap Growth Fund and U.S. Equity Insights Fund. 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. They also noted that the Investment Adviser had passed along savings to shareholders of the Mid Cap Growth Fund and Mid Cap Value Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

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 Mid Cap Growth 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 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 Funds’ securities lending cash collateral of the Mid Cap Growth 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

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


		87

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

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

the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by 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, 2024.


88

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS

Liquidity Risk Management Program (Unaudited)


		89

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS


Fund Expenses — Six Month Period Ended June 30, 2023 (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 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.

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 informationinthis 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.


	International Equity Insights Fund							Large Cap Value Fund							Mid Cap Growth Fund							Mid Cap Value Fund
Share Class	Beginning Account Value 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 months ended 6/30/23*		Beginning Account Value 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 months ended 6/30/23*		Beginning Account Value 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 months ended 6/30/23*		Beginning Account Value 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 months ended 6/30/23*
Institutional

Actual	$	1,000.00	$	1,120.10		$	4.28	$	1,000.00	$	1,053.96		$	3.58	$	1,000.00	$	1,124.46		$	4.36	$	1,000.00	$	1,053.73		$	4.25
Hypothetical 5% return		1,000.00		1,020.76	+		4.08		1,000.00		1,021.31	+		3.52		1,000.00		1,020.69	+		4.15		1,000.00		1,020.65	+		4.19
Service

Actual		1,000.00		1,118.18			5.59		1,000.00		1,052.70			4.75		1,000.00		1,123.27			5.15		1,000.00		1,052.42			5.51
Hypothetical 5% return		1,000.00		1,019.52	+		5.33		1,000.00		1,020.17	+		4.67		1,000.00		1,019.95	+		4.90		1,000.00		1,019.42	+		5.42

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 Shares	Service Shares
International Equity Insights Fund	0.81%		1.06	%
Large Cap Value Fund	0.70		0.93
Mid Cap Growth Fund	0.83		0.98
Mid Cap Value Fund	0.84		1.08

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS


Fund Expenses — Six Month Period Ended June 30, 2023 (Unaudited) (continued)

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.


	Small Cap Equity Insights Fund							Strategic Growth Fund							U.S. Equity Insights Fund
Share Class	Beginning Account Value 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 months ended 6/30/23*		Beginning Account Value 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 months ended 6/30/23*		Beginning Account Value 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 months ended 6/30/23*
Institutional

Actual	$	1,000.00	$	1,105.77		$	4.24	$	1,000.00	$	1,301.09		$	4.23	$	1,000.00	$	1,144.21		$	3.00
Hypothetical 5% return		1,000.00		1,020.77	+		4.07		1,000.00		1,021.12	+		3.72		1,000.00		1,022.00	+		2.83
Service

Actual		1,000.00		1,105.16			5.54		1,000.00		1,299.34			5.66		1,000.00		1,142.95			4.11
Hypothetical 5% return		1,000.00		1,019.53	+		5.32		1,000.00		1,019.88	+		4.97		1,000.00		1,020.96	+		3.88

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 Shares	Service Shares
Small Cap Equity Insights Fund	0.81%		1.06	%
Strategic Growth Fund	0.74		0.99
U.S. Equity Insights Fund	0.56		0.77


TRUSTEES		OFFICERS
Gregory G. Weaver, 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
John G. Chou
Joaquin Delgado
Eileen H. Dowling
James A. McNamara
Paul C. Wirth

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

This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust Funds.

VITEQTYSAR-23/330600-OTU-08/2023

Goldman

Sachs Variable Insurance Trust

Goldman Sachs Buffered S&P 500 Fund — Jan/Jul

Goldman Sachs Buffered S&P 500 Fund — Mar/Sep

Goldman Sachs Buffered S&P 500 Fund — May/Nov

Semi-Annual Report

June 30, 2023

LOGO

Goldman Sachs Variable Insurance Trust

∎

Goldman Sachs Buffered S&P 500 Fund — Jan/Jul

∎

Goldman Sachs Buffered S&P 500 Fund — Mar/Sep

∎

Goldman Sachs Buffered S&P 500 Fund — May/Nov


TABLE OF CONTENTS

Market Review			1

Fund Basics			6

Schedules of Investments			12

Financial Statements			15

Financial Highlights			19

Notes to Financial Statements			25

Other Information			38



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Variable Insurance Trust – Goldman Sachs Buffered S&P 500 Funds

The following are highlights both of key factors affecting the U.S. equity markets and of any key changes made to the Goldman Sachs VIT — Goldman Sachs Buffered S&P 500 Funds (the “Funds”) during the six months ended June 30, 2023 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended December 31, 2023.

Market and Economic Review

U.S. Equities

•

During the first quarter of 2023, the S&P 500 Index returned 7.53%, marking its second straight quarterly gain.

•

During the second quarter of 2023, the S&P 500 Index returned 8.74%, marking its third consecutive quarterly gain.

•

In turn, growth stocks significantly outperformed their value counterparts, as mega-cap technology stocks accounted for a vast majority of the S&P 500 Index’s rally in the quarter.

•


		1

MARKET REVIEW

•

The soft landing narrative continued to take form with a still-tight labor market and robust housing market helping to counteract the possibility of a recession.

•

Despite the S&P 500 Index’s strong second calendar quarter, there were numerous bearish takeaways.

•

Concentrated market leadership was another concern for investors that raised doubts about the sustainability of the U.S. equity market rally.

•

On the geopolitical front, a slower than consensus expected economic recovery in China presented an additional setback for the market.

•

Fund Changes and Highlights

Each Fund seeks to achieve a total return, for a specified Outcome Period (as described below), that tracks the S&P 500 Price Return Index (the “Underlying Index”) up to a “cap” while providing a downside “buffer” against losses over the Outcome Period.

Goldman Sachs Buffered S&P 500 Fund — Jan/Jul

•

The Fund underperformed its primary benchmark, the S&P 500^® Total Return Index (net, USD, unhedged), during the Reporting Period.

•

Such underperformance was primarily driven by the limited upside participation in the U.S. equity market rally due to the Fund’s targeted outcome strategy.

•

The Fund seeks to provide equity exposure up to a Cap, implemented via short call positions, with a Buffer from downside risk.

•

The Cap represents the maximum percentage return a Fund can achieve for the duration of an Outcome Period. The Buffer provides downside protection against approximately the first 5% of losses of the S&P 500 Price Return Index over each Outcome Period, before the deduction of Fund fees and expenses.

•

If the value of the S&P 500 Price Return Index increases over an Outcome Period, the Fund seeks to provide investment returns that track the performance of the S&P 500 Price Return Index up to the Cap for the Outcome Period. If the value of the S&P 500 Price Return Index increases in excess of the Cap during an Outcome Period, the Fund, and therefore its investors, will not fully participate in those excess gains.

•

During the Reporting Period, the S&P 500 Price Return Index delivered strong performance that exceeded the Cap, leading to reduced upside participation of the Fund.

•

As described in the Fund’s prospectus, the Fund’s performance is subject to a Cap that represents the maximum percentage return the Fund can achieve for the duration of a six-month Outcome Period. The Fund also seeks to provide a downside Buffer against certain losses over an Outcome Period.


2

MARKET REVIEW

•

The Fund’s initial Outcome Period commenced on January 1, 2023 and ended on June 30, 2023. The Fund’s Cap is based on the cost of providing the Buffer and will differ from one Outcome Period to the next.

•

The Cap and Buffer for the Fund for the initial Outcome Period are listed in the tables below. The tables below show the Cap and Buffer before and after Fund Fees and Expenses for each share class. The Cap and Buffer were further reduced by any brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses incurred by the Fund.


Share Class	Cap (before Fund Fees and Expenses)	Cap (after Fund Fees and Expenses)*
Institutional Shares	7.95%	7.60%
Service Shares	7.95%	7.47%

Share Class	Buffer (before Fund Fees and Expenses)	Buffer (after Fund Fees and Expenses)*
Institutional Shares	5.00%	4.65%
Service Shares	5.00%	4.52%

*	Fund Fees and Expenses are derived from the "Annual Fund Operating Expenses" tables included in the Fund’s Prospectus dated October 5, 2022. Actual Fund Fees and Expenses may differ over the next Outcome Period.

•

The Fund’s next Outcome Period commenced on July 1, 2023 and will end on December 31, 2023. The Fund’s Cap is based on the cost of providing the Buffer and will differ from one Outcome Period to the next.

•

The Cap and Buffer for the Fund for the next Outcome Period are listed in the tables below. The Fund’s returns will be further reduced by any brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses incurred by the Fund.


Share Class	Cap (before Fund Fees and Expenses)	Cap (after Fund Fees and Expenses)*
Institutional Shares	2.87%	2.52%
Service Shares	2.87%	2.39%

Share Class	Buffer (before Fund Fees and Expenses)	Buffer (after Fund Fees and Expenses)*
Institutional Shares	5.00%	4.65%
Service Shares	5.00%	4.52%

*	Fund Fees and Expenses are derived from the “Annual Fund Operating Expenses” tables included in the Fund’s Prospectus dated April 28, 2023. Actual Fund Fees and Expenses may differ over the next Outcome Period.

Goldman Sachs Buffered S&P 500 Fund — Mar/Sep

•

The Fund underperformed its primary benchmark, the S&P 500^® Total Return Index (net, USD, unhedged), during the Reporting Period.

•

Such underperformance was primarily driven by the limited upside participation in the U.S. equity market rally due to the Fund’s targeted outcome strategy.

•

The Fund seeks to provide equity exposure up to a Cap, implemented via short call positions, with a Buffer from downside risk.

•


		3

MARKET REVIEW

Outcome Period. If the value of the S&P 500 Price Return Index increases in excess of the Cap during an Outcome Period, the Fund, and therefore its investors, will not fully participate in those excess gains.

•

During the Reporting Period, the S&P 500 Price Return Index delivered strong performance that exceeded the Cap, leading to reduced upside participation of the Fund.

•

The Fund’s current Outcome Period commenced on March 1, 2023 and will end on August 31, 2023. The Fund’s Cap is based on the cost of providing the Buffer and will differ from one Outcome Period to the next.

•

The Cap and Buffer for the Fund for the current Outcome Period are listed in the tables below. The Fund’s returns will be further reduced by any brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses incurred by the Fund.


Share Class	Cap (before Fund Fees and Expenses)	Cap (after Fund Fees and Expenses)*
Institutional Shares	5.50%	5.15%
Service Shares	5.50%	5.03%

Share Class	Buffer (before Fund Fees and Expenses)	Buffer (after Fund Fees and Expenses)*
Institutional Shares	5.00%	4.65%
Service Shares	5.00%	4.53%

*	Fund Fees and Expenses are derived from the “Annual Fund Operating Expenses” tables included in the Fund’s Prospectus dated October 5, 2022. Actual Fund Fees and Expenses may differ over the next Outcome Period.

Goldman Sachs Buffered S&P 500 Fund — May/Nov

•

The Fund underperformed its primary benchmark, the S&P 500^® Total Return Index (net, USD, unhedged), during the Reporting Period.

•

Such underperformance was primarily driven by the limited upside participation in the U.S. equity market rally due to the Fund’s targeted outcome strategy.

•

The Fund seeks to provide equity exposure up to a Cap, implemented via short call positions, with a Buffer from downside risk.

•

During the Reporting Period, the S&P 500 Price Return Index delivered strong performance that exceeded the Cap, leading to reduced upside participation of the Fund.

•


4

MARKET REVIEW

•

The Fund’s current Outcome Period commenced on May 1, 2023 and will end on October 31, 2023. The Fund’s Cap is based on the cost of providing the Buffer and will differ from one Outcome Period to the next.

•


Share Class	Cap (before Fund Fees and Expenses)	Cap (after Fund Fees and Expenses)*
Institutional Shares	4.70%	4.35%
Service Shares	4.70%	4.23%

Share Class	Buffer (before Fund Fees and Expenses)	Buffer (after Fund Fees and Expenses)*
Institutional Shares	5.00%	4.65%
Service Shares	5.00%	4.52%

*	Fund Fees and Expenses are derived from the “Annual Fund Operating Expenses” tables included in the Fund’s Prospectus dated April 28, 2023. Actual Fund Fees and Expenses may differ over the next Outcome Period.


		5

FUND BASICS

Goldman Sachs Buffered S&P 500 Fund — Jan/Jul

as of June 30, 2023

PERFORMANCE REVIEW



January 1, 2023 – June 30, 2023	Fund Total Return (based on NAV)¹			S&P 500 (Net Total Return, Unhedged, USD)²
Institutional		9.60	%		16.60	%
Service		9.60			16.60

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.


6

FUND BASICS

FUND COMPOSITION³

Percentage of Net Assets

LOGO

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The 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.


		7

FUND BASICS

Goldman Sachs Buffered S&P 500 Fund — Mar/Sep

as of June 30, 2023

PERFORMANCE REVIEW



February 28, 2023 – June 30, 2023	Fund Total Return (based on NAV)¹			S&P 500 (Net Total Return, Unhedged, USD)²
Institutional		6.30	%		12.54	%
Service		6.20			12.54

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.


8

FUND BASICS

FUND COMPOSITION³

Percentage of Net Assets

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 graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but does not represent the Fund’s market exposure due to the exclusion of certain derivatives 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.


		9

FUND BASICS

Goldman Sachs Buffered S&P 500 Fund — May/Nov

as of June 30, 2023

PERFORMANCE REVIEW



April 28, 2023 – June 30, 2023	Fund Total Return (based on NAV)¹			S&P 500 (Net Total Return, Unhedged, USD)²
Institutional		3.60	%		6.97	%
Service		3.60			6.97

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.


10

FUND BASICS

FUND COMPOSITION³

Percentage of Net Assets

LOGO

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.


		11

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

Schedule of Investments

June 30, 2023 (Unaudited)


Shares		Distribution Rate	Value

Investment Companies^(a) – 43.0%
Goldman Sachs Financial Square Government Fund — Institutional Class
308,354		5.022%	$	308,354
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Class
511,416		4.997		511,416
Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Class
511,694		5.000		511,694
Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Class
511,709		4.993		511,709
Goldman Sachs Variable Insurance Trust Government Money Market Fund — Institutional Class
511,663		5.021		511,663

TOTAL INVESTMENT COMPANIES
(Cost $2,354,836)			$	2,354,836

Principal Amount			Interest Rate			Maturity Date		Value

Short-term Investments^(b) – 35.9%
	FHLB
$	500,000			0.000	%		08/09/23	$	496,935
	United States Treasury Bill
	1,500,000			0.000			11/16/23		1,470,647

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $1,968,075)							$	1,967,582

	TOTAL INVESTMENTS – 78.9%
	(Cost $4,322,911)							$	4,322,418

	OTHER ASSETS IN EXCESS OF LIABILITIES – 21.1%								1,157,808

	NET ASSETS – 100.0%							$	5,480,226


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

(a)		Represents an affiliated issuer.

(b)		Issued with a zero coupon. Income is recognized through the accretion of discount.



Investment Abbreviation:
FHLB		—Federal Home Loan Bank

ADDITIONAL INVESTMENT INFORMATION

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2023, the Fund had the following purchased and written options:


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

Purchased option contracts

Calls

S&P 500 Index	$	4,450.380	12/29/2023		12		$	5,340,456		$	267,048		$	267,048		$	—

Written option contracts

Calls

S&P 500 Index		4,578.110	12/29/2023		(12	)		(5,493,732	)		(170,868	)		(170,868	)		—

Puts

S&P 500 Index		4,227.860	12/29/2023		(12	)		(5,073,432	)		(96,108	)		(96,108	)		—

Total written option contracts					(24	)	$	(10,567,164	)	$	(266,976	)	$	(266,976	)	$	—

TOTAL					(12	)	$	(5,226,708	)	$	72		$	72		$	—


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

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

Schedule of Investments

June 30, 2023 (Unaudited)


Shares	Distribution Rate	Value

Investment Companies^(a) – 46.0%
Goldman Sachs Financial Square Government Fund — Institutional Class
411,353	5.022%	$	411,353
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Class
507,840	4.997		507,840
Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Class
508,035	5.000		508,035
Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Class
508,047	4.993		508,047
Goldman Sachs Variable Insurance Trust Government Money Market Fund — Institutional Class
508,035	5.021		508,035

TOTAL INVESTMENT COMPANIES
(Cost $2,443,310)		$	2,443,310


Principal Amount		Interest Rate	Maturity Date		Value

Short-term Investments^(b) – 37.1%
	FHLB
$	500,000	0.000%		08/30/23	$	496,085
	United States Treasury Bill
	1,500,000	0.000		11/02/23		1,473,569

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $1,970,554)				$	1,969,654

	TOTAL INVESTMENTS – 83.1%
	(Cost $4,413,864)				$	4,412,964

	OTHER ASSETS IN EXCESS OF LIABILITIES – 16.9%					901,186

	NET ASSETS – 100.0%				$	5,314,150


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

(a)		Represents an affiliated issuer.

(b)		Issued with a zero coupon. Income is recognized through the accretion of discount.



Investment Abbreviation:
FHLB		—Federal Home Loan Bank

ADDITIONAL INVESTMENT INFORMATION

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2023, the Fund had the following purchased and written options:


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

Purchased option contracts

Calls

S&P 500 Index	$	3,970.150	08/31/2023		13		$	5,161,195		$	673,220		$	330,317		$	342,903

Written option contracts

Calls

S&P 500 Index	$	4,188.510	08/31/2023		(13	)		(5,445,063	)		(407,817	)		(175,487	)		(232,330	)

Puts

S&P 500 Index	$	3,771.640	08/31/2023		(13	)		(4,903,132	)		(8,229	)		(154,830	)		146,601

Total written option contracts					(26	)	$	(10,348,195	)	$	(416,046	)	$	(330,317	)	$	(85,729	)

TOTAL					(13	)	$	(5,187,000	)	$	257,174		$	—		$	257,174


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

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

Schedule of Investments

June 30, 2023 (Unaudited)


Shares	Distribution Rate	Value

Investment Companies^(a) – 41.3%
Goldman Sachs Financial Square Government Fund — Institutional Class
138,613	5.022%	$	138,613
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Class
500,000	4.997		500,000
Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Class
504,013	5.000		504,013
Goldman Sachs Financial Square Treasury Solutions Fund —Institutional Class
500,000	4.993		500,000
Goldman Sachs Variable Insurance Trust Government Money Market Fund — Institutional Class
500,000	5.021		500,000

TOTAL INVESTMENT COMPANIES
(Cost $2,142,626)		$	2,142,626


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments^(b) – 37.9%
	FHLB
$	500,000		0.000	%		08/25/23	$	495,713
	United States Treasury Bill
	1,500,000		0.000			11/16/23		1,470,647

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $1,966,879)						$	1,966,360

	TOTAL INVESTMENTS – 79.3%
	(Cost $4,109,505)						$	4,108,986

	OTHER ASSETS IN EXCESS OF LIABILITIES – 20.7%							1,072,939

	NET ASSETS – 100.0%						$	5,181,925


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

(a)		Represents an affiliated issuer.

(b)		Issued with a zero coupon. Income is recognized through the accretion of discount.



Investment Abbreviation:
FHLB		—Federal Home Loan Bank

ADDITIONAL INVESTMENT INFORMATION

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2023, the Fund had the following purchased and written options:


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

Purchased option contracts

Calls

S&P 500 Index	$	4,169.480	10/31/2023		12		$	5,003,376		$	465,360		$	303,504		$	161,856

Written option contracts

Calls

S&P 500 Index	$	4,365.460	10/31/2023		(12	)		(5,238,552	)		(273,134	)		(161,052	)		(112,082	)

Puts

S&P 500 Index	$	3,961.010	10/31/2023		(12	)		(4,753,212	)		(36,918	)		(142,452	)		105,534

Total written option contracts					(24	)	$	(9,991,764	)	$	(310,052	)	$	(303,504	)	$	(6,548	)

TOTAL					(12	)	$	(4,988,388	)	$	155,308		$	—		$	155,308


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

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Statements of Assets and Liabilities

June 30, 2023 (Unaudited)


	Buffered S&P 500 Fund — Jan/Jul		Buffered S&P 500 Fund — Mar/Sep		Buffered S&P 500 Fund — May/Nov

Assets:
Investments, at value (cost $1,968,075, $1,970,554 and $1,966,879, respectively)	$	1,967,582	$	1,969,654	$	1,966,360
Investments of affiliated issuers, at value (cost $2,354,836, $2,443,310 and $2,142,626, respectively)		2,354,836		2,443,310		2,142,626
Purchased options contracts, at value (premium paid $267,048, $330,317 and $303,504, respectively)		267,048		673,220		465,360
Cash		92,865		90,657		76,885
Receivables:
Investments sold		794,144		—		—
Collateral on options contracts^(a)		604,551		513,055		786,369
Investments sold on an extended-settlement basis		266,976		—		—
Deferred offering costs		63,025		47,102		53,781
Reimbursement from investment adviser		15,748		15,821		14,975
Dividends and Interest		12,149		9,977		14,324
Other assets		291		13		—

Total assets		6,439,215		5,762,809		5,520,680


Liabilities:
Written option contracts, at value (premium received $266,976, $330,317 and $303,504, respectively)		266,976		416,046		310,052
Payables:
Investments purchased		406,960		9,909		2,477
Investments purchased on an extended — settlement basis		267,048		—		—
Offering expense		—		—		8,888
Management fees		1,912		1,827		1,833
Distribution and Service fees and Transfer Agency fees		90		87		98
Accrued expenses		16,003		20,790		15,407

Total liabilities		958,989		448,659		338,755


Net Assets:
Paid-in capital		4,999,998		5,000,000		5,000,000
Total distributable earnings		480,228		314,150		181,925

NET ASSETS	$	5,480,226	$	5,314,150	$	5,181,925
Net Assets:
Institutional	$	5,425,425	$	5,261,009	$	5,130,106
Service		54,801		53,141		51,819

Total Net Assets	$	5,480,226	$	5,314,150	$	5,181,925
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		495,000		495,000		495,000
Service		5,000		5,000		5,000
Net asset value, offering and redemption price per share:
Institutional		$10.96		$10.63		$10.36
Service		10.96		10.62		10.36

(a) Segregated for initial margin requirements and/or collateral on options.


The accompanying notes are an integral part of these financial statements.		15

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Statements of Operations

For the Six Months Ended June 30, 2023 (Unaudited)


	Buffered S&P 500 Fund — Jan/Jul			Buffered S&P 500 Fund — Mar/Sep^(a)			Buffered S&P 500 Fund —May/Nov^(b)

Investment income:
Dividends — affiliated issuers	$	56,305		$	36,977		$	16,522
Interest		43,174			32,403			16,220

Total investment income		99,479			69,380			32,742


Expenses:
Amortization of offering costs		32,232			21,726			11,219
Professional fees		27,912			18,814			9,715
Custody, accounting and administrative services		15,168			10,213			5,271
Management fees		13,069			8,585			4,230
Trustee fees		7,838			7,255			929
Printing and mailing costs		7,439			5,014			2,589
Transfer Agency fees^(a)		523			344			175
Distribution and/or Service (12b-1) fees		65			43			22
Registration fees		24			8			—
Organization costs		—			12,000			12,000
Other		4,132			2,752			1,454

Total expenses		108,402			86,754			47,604

Less — expense reductions		(91,636	)		(75,926	)		(41,998	)

Net expenses		16,766			10,828			5,606

NET INVESTMENT INCOME		82,713			58,552			27,136


Realized and unrealized gain (loss) from transactions:
Net realized gain (loss) from:
Investments — unaffiliated issuers		(71	)		(676	)		—
Purchased options		429,754			—			—
Written options		(33,020	)		—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(540	)		(900	)		(519	)
Purchased options		3,221			342,903			161,856
Written options		(6,135	)		(85,729	)		(6,548	)

Net realized and unrealized gain		393,209			255,598			154,789

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	475,922		$	314,150		$	181,925

(a) Commenced operations on February 28, 2023.

(b) Commenced operations on April 28, 2023.


	Transfer Agency Fees
	Institutional		Service Class
Buffered S&P 500 Fund — Jan/Jul	$	518	$	5
Buffered S&P 500 Fund — Mar/Sep		340		4
Buffered S&P 500 Fund — May/Nov		173		2


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

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Statements of Changes in Net Assets


	Buffered S&P 500 Fund — Jan/Jul					Buffered S&P 500 Fund — Mar/Sep^(b)
	For the Six Months Ended June 30, 2023 (Unaudited)			For the Period Ended December 31, 2022^(a)		For the Period Ended June 30, 2023 (Unaudited)

From operations:
Net investment income	$	82,713		$	1,343	$	58,552
Net realized gain (loss)		396,663			—		(676	)
Net change in unrealized gain (loss)		(3,454	)		2,961		256,274

Net increase in net assets resulting from operations		475,922			4,304		314,150


From share transactions:
Proceeds from sales of shares		—			5,000,000		5,000,020
Cost of shares redeemed		—			—		(20	)

Net increase in net assets resulting from share transactions		—			5,000,000		5,000,000

TOTAL INCREASE		475,922			5,004,304		5,314,150


Net assets:

Beginning of period		5,004,304			—		—

End of period	$	5,480,226		$	5,004,304	$	5,314,150

(a) Commenced operations on December 30, 2022.

(b) Commenced operations on February 28, 2023.


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

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Statements of Changes in Net Assets (continued)


	Buffered S&P 500 Fund — May/Nov^(a)
	For the Period Ended June 30, 2023 (Unaudited)

From operations:
Net investment income	$	27,136
Net realized gain		—
Net unrealized gain		154,789

Net increase in net assets resulting from operations		181,925


From share transactions:
Proceeds from sales of shares		5,000,020
Cost of shares redeemed		(20	)

Net increase in net assets resulting from share transactions		5,000,000

TOTAL INCREASE		5,181,925


Net assets:

Beginning of period		—

End of period	$	5,181,925

(a) Commenced operations on April 28, 2023.


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

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

Financial Highlights

Selected Share Data for a Share Outstanding Throughout each Period


	Goldman Sachs Buffered S&P 500 Fund — Jan/Jul
	Institutional Shares
	Six Months Ended June 30, 2023 (Unaudited)			Period Ended December 31, 2022^(a)

Per Share Data

Net asset value, beginning of period	$	10.00		$	10.00

Net investment income^(b)(c)		0.17			0.00	^(d)

Net realized and unrealized gain (loss)		0.79			0.00	^(d)

Total from investment operations		0.96			—

Net asset value, end of period	$	10.96		$	10.00

Total return^(e)		9.60	%		—	%

Net assets, end of period (in 000s)	$	5,425		$	4,954

Ratio of net expenses to average net assets^(f)(g)		0.64	%		0.54	%

Ratio of total expenses to average net assets^(f)(g)		3.52	%		66.87	%

Ratio of net investment income to average net assets^(c)(g)		3.16	%		4.90	%

Portfolio turnover rate^(h)		—	%		—	%

(a)	Commenced operations on December 30, 2022.

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

(c)	Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

(e)

(f)	Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(g)	Annualized.

(h)	There were no long-term transactions for the period ended June 30, 2023.


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

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

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout each Period


	Goldman Sachs Buffered S&P 500 Fund — Jan/Jul
	Service Shares
	Six Months Ended June 30, 2023 (Unaudited)			Period Ended December 31, 2022^(a)

Per Share Data

Net asset value, beginning of period	$	10.00		$	10.00

Net investment income^(b)(c)		0.17			0.00	^(d)

Net realized and unrealized gain (loss)		0.79			0.00	^(d)

Total from investment operations		0.96			—

Net asset value, end of period	$	10.96		$	10.00

Total return^(e)		9.60	%		—	%

Net assets, end of period (in 000s)	$	55		$	50

Ratio of net expenses to average net assets^(f)(g)		0.64	%		0.79	%

Ratio of total expenses to average net assets^(f)(g)		3.77	%		67.12	%

Ratio of net investment income to average net assets^(c)(g)		3.16	%		4.65	%

Portfolio turnover rate^(h)		—	%		—	%

(a)	Commenced operations on December 30, 2022.

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

(c)	Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

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

(e)

(f)	Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(g)	Annualized.

(h)	There were no long-term transactions for the period ended June 30, 2023.


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

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

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout the Period


	Goldman Sachs Buffered S&P 500 Fund — Mar/Sep
	Institutional Shares
	Period Ended June 30, 2023 (Unaudited)^(a)

Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(b)(c)		0.12

Net realized and unrealized gain		0.51

Total from investment operations		0.63

Net asset value, end of period	$	10.63

Total return^(d)		6.30	%

Net assets, end of period (in 000s)	$	5,261

Ratio of net expenses to average net assets^(e)^(f)		0.63	%

Ratio of total expenses to average net assets^(e)^(f)		4.03	%

Ratio of net investment income to average net assets^(c)^(f)		3.41	%

Portfolio turnover rate^(g)		—	%

(a)	Commenced operations on February 28, 2023.

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

(c)	Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(d)

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

(e)	Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(f)	Annualized.

(g)	There were no long-term transactions for the period ended June 30, 2023.


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

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

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout the Period


	Goldman Sachs Buffered S&P 500 Fund — Mar/Sep
	Service Shares
	Period Ended June 30, 2023 (Unaudited)^(a)

Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(b)(c)		0.12

Net realized and unrealized gain		0.50

Total from investment operations		0.62

Net asset value, end of period	$	10.62

Total return^(d)		6.20	%

Net assets, end of period (in 000s)	$	53

Ratio of net expenses to average net assets^(e)^(f)		0.63	%

Ratio of total expenses to average net assets^(e)^(f)		4.28	%

Ratio of net investment income to average net assets^(c)^(f)		3.41	%

Portfolio turnover rate^(g)		—	%

(a)	Commenced operations on February 28, 2023.

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

(c)	Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(d)

(e)	Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(f)	Annualized.

(g)	There were no long-term transactions for the period ended June 30, 2023.


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

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

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout the Period


	Goldman Sachs Buffered S&P 500 Fund — May/Nov
	Institutional Shares
	Period Ended June 30, 2023 (Unaudited)^(a)

Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(b)(c)		0.05

Net realized and unrealized gain		0.31

Total from investment operations		0.36

Net asset value, end of period	$	10.36

Total return^(d)		3.60	%

Net assets, end of period (in 000s)	$	5,130

Ratio of net expenses to average net assets^(e)^(f)		0.66	%

Ratio of total expenses to average net assets^(e)^(f)		3.47	%

Ratio of net investment income to average net assets^(c)^(f)		3.21	%

Portfolio turnover rate^(g)		—	%

(a)	Commenced operations on April 28, 2023.

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

(c)	Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(d)

(e)	Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(f)	Annualized.

(g)	There were no long-term transactions for the period ended June 30, 2023.


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

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

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout the Period


	Goldman Sachs Buffered S&P 500 Fund — May/Nov
	Service Shares
	Period Ended June 30, 2023 (Unaudited)^(a)

Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(b)(c)		0.05

Net realized and unrealized gain		0.31

Total from investment operations		0.36

Net asset value, end of period	$	10.36

Total return^(d)		3.60	%

Net assets, end of period (in 000s)	$	52

Ratio of net expenses to average net assets^(e)^(f)		0.66	%

Ratio of total expenses to average net assets^(e)^(f)		3.73	%

Ratio of net investment income to average net assets^(c)^(f)		3.21	%

Portfolio turnover rate^(g)		—	%

(a)	Commenced operations on April 28, 2023.

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

(c)	Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

(d)

(e)	Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(f)	Annualized.

(g)	There were no long-term transactions for the period ended June 30, 2023.


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

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Notes to Financial Statements

June 30, 2023 (Unaudited)

1. ORGANIZATION


Fund	Share Classes Offered		Diversified/ Non-diversified
Buffered S&P 500 Fund — Jan/Jul		Institutional and Service		Non-diversified
Buffered S&P 500 Fund — Mar/Sep		Institutional and Service		Non-diversified
Buffered S&P 500 Fund — May/Nov		Institutional and Service		Non-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.

The Funds seek to achieve a total return for a specified Outcome Period that tracks the S&P 500 Price Return Index (the “Underlying Index”) up to a “cap” while providing a downside “buffer” against losses over a six-month Outcome Period. After the conclusion of an Outcome Period, another six-month Outcome Period will begin. In order to implement the buffer and cap, the Fund will primarily invest in FLexible EXchange^® Options (“FLEX Options”) and over-the counter (“OTC”) and listed options that reference the Underlying Index (together with FLEX Options, “S&P 500 Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange. Through FLEX Options, the Fund could customize key contract terms such as exercise prices and expiration dates.

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 a management agreement (the “Agreement”) with the Trust.

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. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.


		25

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D. Offering and Organization Costs — Offering costs paid in connection with the initial offering of shares of each Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations for the applicable Fund. Organization costs paid in connection with the organization of each Fund were expensed on the first day of operations for the applicable Fund.

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


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Buffered S&P 500 Fund — Jan/Jul	Annually	Annually
Buffered S&P 500 Fund — Mar/Sep	Annually	Annually
Buffered S&P 500 Fund — May/Nov	Annually	Annually

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


26

GOLDMAN SACHS VIT BUFFERED S&P 500 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:

Equity Securities — Equity securities traded on a United States (“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 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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, Goldman Sachs VIT Government Money Market Fund and Goldman Sachs Financial Square Treasury Solutions Fund (“Underlying Money Market Funds”) 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 Money Market Funds’ accounting policies and investment holdings, please see the Underlying Money Market Funds’ shareholder report.


		27

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. 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.

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 the Valuation Procedures. 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, 2023:



BUFFERED S&P 500 Fund — Jan/Jul
Investment Type	Level 1		Level 2			Level 3

Assets
Investment Companies	$	2,354,836	$	—		$	—
Short-Term Investments		1,967,582		—			—

Total	$	4,322,418	$	—		$	—

Derivative Type

Assets
Purchased Option Contracts	$	—	$	267,048		$	—

Liabilities
Written Option Contracts	$	—	$	(266,976	)	$	—

BUFFERED S&P 500 Fund — Mar/Sep
Investment Type	Level 1		Level 2			Level 3

Assets
Investment Companies	$	2,443,310	$	—		$	—
Short-Term Investments		1,969,654		—			—

Total	$	4,412,964	$	—		$	—


28

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



BUFFERED S&P 500 Fund — Mar/Sep (continued)

Derivative Type	Level 1		Level 2			Level 3

Assets
Purchased Option Contracts	$	—	$	673,220		$	—

Liabilities
Written Option Contracts	$	—	$	(416,046	)	$	—

BUFFERED S&P 500 Fund — May/Nov
Investment Type	Level 1		Level 2			Level 3

Assets
Investment Companies	$	2,142,626	$	—		$	—
Short-Term Investments		1,966,360		—			—

Total	$	4,108,986	$	—		$	—

Derivative Type

Assets
Purchased Option Contracts	$	—	$	465,360		$	—

Liabilities
Written Option Contracts	$	—	$	(310,052	)	$	—

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

4. INVESTMENTS IN DERIVATIVES

BUFFERED S&P 500 Fund — Jan/Jul

Risk

Statement of Assets and Liabilities

Assets

Statement of Assets and Liabilities

Liabilities

Equity

Purchased options contracts, at value

267,048

Written options contracts, at value

(266,976

)

BUFFERED S&P 500 Fund — Mar/Sep

Risk

Statement of Assets and Liabilities

Assets

Statement of Assets and Liabilities

Liabilities

Equity

Purchased options contracts, at value

673,220

Written options contracts, at value

(416,046

)

BUFFERED S&P 500 Fund — May/Nov

Risk

Statement of Assets and Liabilities

Assets

Statement of Assets and Liabilities

Liabilities

Equity

Purchased options contracts, at value

465,360

Written options contracts, at value

(310,052

)


		29

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

BUFFERED S&P 500 Fund — Jan/Jul


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

Equity	Net realized gain (loss) from purchased options and written options/Net change in unrealized gain on purchased options and written options	$	396,734	$	(2,914	)

BUFFERED S&P 500 Fund — Mar/Sep


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

Equity	Net realized gain (loss) from purchased options and written options/Net change in unrealized gain on purchased options and written options	$	—	$	257,174

BUFFERED S&P 500 Fund — May/Nov


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

Equity	Net realized gain (loss) from purchased options and written options/Net change in unrealized gain on purchased options and written options	$	—	$	155,308

For the six months ended June 30, 2023, the relevant values for each derivative type was as follows:


	Average Number of Contracts, Shares/Units^(a)
Fund	Purchased Options		Written options
Buffered S&P 500 Fund — Jan/Jul		1,283		2,567
Buffered S&P 500 Fund — Mar/Sep		1,300		2,600
Buffered S&P 500 Fund — May/Nov		1,200		2,400

(a)	Amounts disclosed represent average number of contracts for shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the period ended June 30, 2023.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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


30

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended June 30, 2023, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate															Effective 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^
Buffered S&P 500 Fund — Jan/Jul		0.50	%		0.45	%		0.43	%		0.42	%		0.41	%		0.50	%		0.44	%
Buffered S&P 500 Fund — Mar/Sep		0.50			0.45			0.43			0.42			0.41			0.50			0.42
Buffered S&P 500 Fund — May/Nov		0.50			0.45			0.43			0.42			0.41			0.50			0.43

^	The 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 Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, Goldman Sachs Financial Square Treasury Instruments Fund, Goldman Sachs Financial Square Treasury Obligations Fund, Goldman Sachs VIT Money Market Fund and Goldman Sachs Financial Square Treasury Solutions Fund, which are affiliated Underlying Money Market Funds. 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 Money Market Funds in which the Funds invest, except those management fees it earns from the Funds’ investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended June 30, 2023 management fee waived by GSAM for each Fund was as follows:


Fund Name	Management Fee Waived
Buffered S&P 500 Fund — Jan/Jul	$	1,634
Buffered S&P 500 Fund — Mar/Sep		1,338
Buffered S&P 500 Fund — May/Nov		480

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of the Service Shares of each Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act (the “Plan”). Under the 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. Goldman Sachs has agreed to a voluntary temporary fee waiver equal to 0.25% of the Service Fees on the Service Shares of the Funds. Such voluntary waiver may be discontinued or modified at any time without notice.

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, 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 Buffered S&P 500 Fund — Jan/Jul, Buffered S&P 500 Fund — Mar/Sep and Buffered S&P 500 Fund — May/Nov are 0.184%, 0.184%, and


		31

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

0.184%, respectively. These Other Expense limitations will remain in place through at least April 28, 2024, 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 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, 2023, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Distribution and Service Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Buffered S&P 500 Fund — Jan/Jul	$	1,634	$	65	$	89,937	$	91,636
Buffered S&P 500 Fund — Mar/Sep		1,338		43		74,545		75,926
Buffered S&P 500 Fund — May/Nov		480		22		41,496		41,998

F. Other Transactions with Affiliates — The Funds invest primarily in Institutional Shares of the Underlying Money Market Funds. These Underlying Money Market Funds are considered to be affiliated with the Funds. The tables below show the transactions in and earnings from investments in these Underlying Money Market Funds for the six months ended June 30, 2023:

Buffered S&P 500 Fund — Jan/Jul


Underlying Fund	Beginning Value as of December 31, 2022		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2023		Shares as of June 30, 2023		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Class	$	949,142	$	1,894,014	$	(2,534,802	)	$	308,354		308,354	$	4,153
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Class		500,109		11,307		—			511,416		511,416		13,532
Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Class		500,114		11,580		—			511,694		511,694		12,365
Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Class		500,114		11,595		—			511,709		511,709		14,305
Goldman Sachs Variable Insurance Trust Government Money Market Fund — Institutional Shares		500,114		11,663		—			511,663		511,663		11,950

Total	$	2,949,479	$	1,940,159	$	(2,534,802	)	$	2,354,836			$	56,305


32

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Buffered S&P 500 Fund — Mar/Sep


Underlying Fund	Beginning Value as of February 28, 2023		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2023		Shares as of June 30, 2023		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	—	$	735,810	$	(324,457	)	$	411,353		411,353	$	3,487
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares		—		507,840		—			507,840		507,840		8,142
Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Shares		—		508,035		—			508,035		508,035		8,276
Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Shares		—		508,047		—			508,047		508,047		8,922
Goldman Sachs Variable Insurance Trust Government Money Market Fund — Institutional Shares				508,035		—			508,035		508,035		8,150

Total	$	—	$	2,767,767	$	(324,457	)	$	2,443,310			$	36,977

Buffered S&P 500 Fund — May/Nov


Underlying Fund	Beginning Value as of April 28, 2023		Purchases at Cost		Proceeds from Sales			Ending Value as of June 30, 2023		Shares as of June 30, 2023		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Shares	$	—	$	469,611	$	(330,998	)	$	138,613		138,613	$	611
Goldman Sachs Financial Square Funds — Treasury Instruments Fund		—		500,000		—			500,000		500,000		4,350
Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Shares		—		504,013		—			504,013		504,013		4,090
Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Shares		—		500,000		—			500,000		500,000		3,749
Goldman Sachs Variable Insurance Trust Government Money Market Fund — Institutional Shares		—		500,000		—			500,000		500,000		3,722

Total	$	—	$	2,473,624	$	(330,998	)	$	2,142,626			$	16,522

6. PORTFOLIO SECURITIES TRANSACTIONS

For the six months ended June 30, 2023, there were no purchases and proceeds from sales and maturities of long-term securities for the Buffered S&P 500 Fund — Jan/Jul, Buffered S&P 500 Fund — Mar/Sep and Buffered S&P 500 Fund — May/Nov.


		33

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

7. TAX INFORMATION

As of June 30, 2023, the Funds aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Buffered S&P 500 Fund — Jan/Jul			Buffered S&P 500 Fund — Mar/Sep			Buffered S&P 500 Fund — May/Nov
Tax Cost	$	4,592,873		$	4,744,181		$	4,413,009
Gross unrealized gain		—			—			—
Gross unrealized loss		(270,455	)		(331,217	)		(304,023	)
Net unrealized losses	$	(270,455	)	$	(331,217	)	$	(304,023	)

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

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

8. OTHER RISKS

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

Buffered Loss Risk — The Funds seek to provide a downside Buffer against losses of the Underlying Index over a specified Outcome Period and will implement the Buffer by primarily investing in S&P 500 Options. There can be no guarantee that the Funds will be successful in their strategy to provide buffered protection against losses if the value of the Underlying Index decreases over an Outcome Period. A shareholder may lose their entire investment. Each Fund’s strategy seeks to deliver returns that match the Underlying Index (up to the Cap before Fund fees and expenses), while limiting downside losses, if shares are bought on the day on which the Fund enters into the S&P Options and held until those S&P Options expire at the end of the Outcome Period. In the event an investor purchases shares after the date on which the S&P 500 Options were entered into or sells shares prior to the expiration of the S&P Options, the Buffer that a Fund seeks to provide may not be fully available. The Funds do not provide principal protection and an investor may experience significant losses on their investment, including the loss of their entire investment. The Buffer is not guaranteed and may not be achieved.

Capped Upside Return Risk — Each Fund’s strategy seeks to provide returns only up to the Cap over an Outcome Period before Fund fees and expenses. In the event that the value of the Underlying Index increases in excess of the Cap during an Outcome Period, a Fund will not participate in those gains beyond the Cap. In the event an investor purchases shares after the commencement of an Outcome Period and a Fund has risen in value to a level near the Cap for that Outcome Period, there will likely be little or no ability for that investor to experience investment gains for the remainder of that Outcome Period. A new Cap is established on or before the first day of each Outcome Period and is dependent on prevailing market conditions. Accordingly, the Cap may increase or decrease from one Outcome Period to the next. The Cap is based on the market costs associated with a series of S&P Options (or other derivatives) that are purchased and sold in order to seek to obtain the relevant market exposure and the Buffer. The market conditions and other factors that influence the Cap can include, but are not limited to, interest rate levels, the volatility of the Underlying Index, and relationship of put and calls on the underlying S&P 500 Options. Depending on those factors, it is possible that the Cap will limit a Fund’s returns during an Outcome Period to a level substantially less than an investor might expect from another comparable equity product that does not employ a Cap and Buffer.

Derivatives Risk — The Funds’ use of derivatives, including FLEX Options, and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments,


34

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

8. OTHER RISKS (continued)

may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. 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.

FLEX Options Risk — The Funds utilize FLEX Options guaranteed for settlement by the Options Clearing Corporation (the “OCC”), and bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts, which is a form of counterparty risk. Additionally, FLEX Options may be less liquid than certain other securities, such as standardized options. In a less liquid market, a Fund may have difficulty closing out certain FLEX Options positions at desired times and prices (and may have to pay a premium or accept a discounted price). The Funds may experience substantial downside from certain FLEX Option positions, and FLEX Option positions may expire worthless. The value of the FLEX Options will be affected by, among other things, changes in the value of the Underlying Index, changes in interest rates, changes in the actual and implied volatility of the Underlying Index and the remaining time until the FLEX Options expire. The value of FLEX Options does not increase or decrease at the same rate as the level of the Underlying Index (although they generally move in the same direction).

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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from a Fund’s performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Funds’ investments, which would make it harder for the Funds to sell their investments at an advantageous time.


		35

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

8. OTHER RISKS (continued)

general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Funds and their investments. Additionally, the Funds may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

Non-Diversification Risk — The Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Funds may be more susceptible to adverse developments affecting any single issuer held in their portfolios, and may be more susceptible to greater losses because of these developments.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the 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.

10. SUBSEQUENT EVENTS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Goldman Sachs Buffered S&P 500 Fund — Jan/Jul
	For the Six Months Ended June 30, 2023 (Unaudited)				For the Period Ended December 31, 2022^(a)
	Shares		Dollars		Shares		Dollars
Institutional Shares
Shares sold		—	$	—		495,000	$	4,950,000
		—		—		495,000		4,950,000
Service Shares
Shares sold		—		—		5,000		50,000
		—		—		5,000		50,000

NET INCREASE		—	$	—		500,000	$	5,000,000

(a)	Commenced operations on December 30, 2022.


36

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Goldman Sachs Buffered S&P 500 Fund — Mar/Sep
	For the Period Ended June 30, 2023 (Unaudited)^(a)
	Shares			Dollars
Institutional Shares
Shares sold		495,001		$	4,950,010
Shares redeemed		(1	)		(10	)
		495,000			4,950,000
Service Shares
Shares sold		5,001			50,010
Shares redeemed		(1	)		(10	)
		5,000			50,000

NET INCREASE		500,000		$	5,000,000

(a)	Commenced operations on February 28, 2023.


	Goldman Sachs Buffered S&P 500 Fund — May/Nov
	For the Period Ended June 30, 2023 (Unaudited)^(a)
	Shares			Dollars
Institutional Shares
Shares sold		495,001		$	4,950,010
Shares redeemed		(1	)		(10	)
		495,000			4,950,000
Service Shares
Shares sold		5,001			50,010
Shares redeemed		(1	)		(10	)
		5,000			50,000

NET INCREASE		500,000		$	5,000,000

(a)	Commenced operations on April 28, 2023


		37

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS


Fund Expenses — Six Months Period Ended June 30, 2023 (Unaudited)

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

The Example is intended to help you understand your ongoing costs (in dollars) of investing in of Institutional or Service Shares of a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2023 through June 30, 2023, which represents a period of 181 days of a 365 day year.

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 ratios 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 and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees and do not include expenses of Underlying Funds in which the Funds invest. 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.


	Buffered S&P 500 Fund — Jan/Jul							Buffered S&P 500 Fund — Mar/Sep							Buffered S&P 500 Fund — May/Nov
Share Class	Beginning Account Value 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 months ended 6/30/23*		Beginning Account Value 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 months ended 6/30/23*		Beginning Account Value 1/1/23		Ending Account Value 6/30/23			Expenses Paid for the 6 months ended 6/30/23*

Institutional

Actual		1,000.00	$	1,000.00		$	3.17		1,000.00	$	1,063.00		$	2.17		1,000.00	$	1,000.00		$	1.10
Hypothetical 5% return		1,000.00		1,021.62	+		3.21		1,000.00		1,014.61	+		2.12		1,000.00		1,005.08	+		3.28

Service

Actual		1,000.00	$	1,000.00		$	3.17		1,000.00		1,062.00		$	2.17		1,000.00		1,000.00			1.10
Hypothetical 5% return		1,000.00		1,021.62	+		3.21		1,000.00		1.014.61	+		2.12		1,000.00		1,005.08	+		3.28

Expenses for each share class 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, 2023. 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
Buffered S&P 500 Fund — Jan/Jul		0.64		0.64
Buffered S&P 500 Fund — Mar/Sep		0.63		0.63
Buffered S&P 500 Fund — May/Nov		0.66		0.66

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.

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Buffered S&P 500 Fund – Mar/Sep and Goldman Sachs Buffered S&P 500 Fund – May/Nov (Unaudited)

Background

The Goldman Sachs Buffered S&P 500 Fund – Mar/Sep and Goldman Sachs Buffered S&P 500 Fund – May/Nov (the “Funds”) are newly-organized investment portfolios of Goldman Sachs Variable Insurance Trust (the “Trust”) that commenced investment operations on February 28, 2023 and April 28, 2023, respectively. At a meeting held on June 14-15, 2022 (the “Meeting”) in connection with the Funds’ organization, the Board of Trustees, including all of the Trustees present who are not parties to the Funds’ investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).

At the Meeting, the Trustees reviewed the Management Agreement, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by each Fund; a comparison of each Fund’s proposed management fee and anticipated expenses with those paid by other similar mutual funds; the Investment Adviser’s proposal to limit certain expenses of the Funds that exceed a specified level; and potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Funds. Various information was also provided at a prior meeting at which the Funds were discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior meetings of the Trustees, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

Nature, Extent, and Quality of the Services to be Provided under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to each Fund by the Investment Adviser and its affiliates. The Trustees also considered information about each Fund’s structure, investment objective, strategies, and other characteristics. The Trustees considered the experience and capabilities of the investment team and noted that the Funds’ portfolio managers were currently managing other series of the Trust. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Funds. In this regard, the Trustees noted that, although the Funds were new (and therefore had no performance data to evaluate), the Investment Adviser’s management of the Funds likely would benefit the Funds and their shareholders.

Costs of Services to Be Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement and the fee rates to be payable by each Fund thereunder. In this regard, the Trustees considered information on the services to be 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 information on the proposed management fees and each Fund’s projected total operating expense ratios (both gross and net of expense limitations), and those were compared to similar information for comparable mutual funds advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of each Fund’s fee rates and total operating expense ratios were prepared by a third-party provider of mutual fund data. The Trustees believed that this information was useful in evaluating the reasonableness of the management fees and total expenses expected to be paid by each Fund.

The Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed a specified level. In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Funds, but considered the Investment Adviser’s representations that (i) such data would be provided after the Funds commenced operations, and (ii) the Funds were not expected to be profitable to the Investment Adviser and its affiliates initially.

The Trustees noted the competitive nature of the fund marketplace, and that many of the Funds’ shareholders would be investing in the Funds in part because of the Funds’ relationship with the Investment Adviser. They also noted that shareholders would be able to redeem their shares if they believe that the Funds’ fees and expenses are too high or if they are dissatisfied with the performance of the Funds.


		39

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Buffered S&P 500 Fund – Mar/Sep and Goldman Sachs Buffered S&P 500 Fund – May/Nov (Unaudited) (continued)

Economies of Scale

The Trustees considered the proposed breakpoints in the fee rates payable under the Management Agreement at the following annual percentage rates of the average daily net assets of each Fund:


Average Daily Net Assets	Management Fee Annual Rate

First $1 billion		0.50	%

Next $1 billion		0.45	%

Next $3 billion		0.43	%

Next $3 billion		0.42	%

Over $8 billion		0.41	%

The Trustees noted that the breakpoints were meant to share potential economies of scale, if any, with each Fund and its shareholders as assets under management reach those asset levels. The Trustees considered each Fund’s projected asset levels and information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group, as well as the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed a specified level. Upon reviewing these matters, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationship with the Funds, 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 by the Funds 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 open to doing business with other areas of Goldman Sachs.

Conclusion

In connection with their consideration of the Management Agreement for the Funds at the Meeting, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee that would be payable by each Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s anticipated costs and each Fund’s reasonably anticipated asset levels. The Trustees unanimously concluded that the Investment Adviser’s management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved with respect to each Fund.


40

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Buffered S&P 500 Fund — Jan/Jul, Goldman Sachs Buffered S&P 500 Fund — Mar/Sep and Goldman Sachs Buffered S&P 500 Fund — May/Nov (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 general investment outlooks in the markets in which the Fund invests;

(c)

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

(d)

fee and expense information for the Fund, including:

(i)

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

(ii)

(e)

with respect to the 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)

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

(h)

(i)

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

(j)

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

(k)

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


		41

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

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

(l)

(m)

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 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 developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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. The Trustees noted that the Goldman Sachs Buffered S&P 500 Fund — Jan/Jul had launched on December 30, 2022, the Goldman Sachs Buffered S&P 500 Fund — Mar/Sep had launched on February 28, 2023, and the Goldman Sachs Buffered S&P 500 Fund — May/Nov had launched on April 28, 2023, and each Fund did not yet have a meaningful performance history.

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


42

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

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

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 noted that the Goldman Sachs Buffered S&P 500 Fund — Jan/Jul had launched on December 30, 2022, the Goldman Sachs Buffered S&P 500 Fund — Mar/Sep had launched on February 28, 2023, and the Goldman Sachs Buffered S&P 500 Fund — May/Nov had launched on April 28, 2023, and each Fund did not yet have a meaningful performance history.

Economies of Scale


	Goldman Sachs Buffered S&P 500 Fund — Jan/Jul			Goldman Sachs Buffered S&P 500 Fund — Mar/Sep			Goldman Sachs Buffered S&P 500 Fund — May/Nov

First $1 billion		0.50	%		0.50	%		0.50	%

Next $1 billion		0.45			0.45			0.45

Next $3 billion		0.43			0.43			0.43

Next $3 billion		0.42			0.42			0.42

Over $8 billion		0.41			0.41			0.41

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 undertaking 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.

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) trading efficiencies resulting from aggregation of orders of the Funds 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 Funds 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) 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; (g) 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; (h) 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 (i) 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.


		43

GOLDMAN SACHS VIT BUFFERED S&P 500 FUNDS

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

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.

Conclusion


44


TRUSTEES		OFFICERS
Gregory G. Weaver, 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
John G. Chou
Joaquin Delgado
Eileen H. Dowling
James A. McNamara
Paul C. Wirth

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

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

VITBSP500SAR-23 330601-OTU-1851787

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. Kathryn A. Cassidy is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Reports to Shareholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


(a)(1)		Goldman Sachs Variable Insurance Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on August 24, 2022.

(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 25, 2023

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 25, 2023

/s/ Joseph F. DiMaria
By: Joseph F. DiMaria
Principal Financial Officer of
Goldman Sachs Variable Insurance Trust

Date: August 25, 2023