Goldman Sachs Variable Insurance Trust

Transfer Agency Fees

Institutional

Service

Core Fixed Income Fund

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES PORTFOLIO

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GOLDMAN SACHS TREND DRIVEN ALLOCATION FUND

TABLE OF CONTENTS


Market Review			1

Schedules of Investments			13

Financial Statements			18

Financial Highlights

Goldman Sachs Multi-Strategy Alternatives Portfolio			21

Goldman Sachs Trend Driven Allocation Fund			24

Notes to Financial Statements			26

Report of Independent Registered Public Accounting Firm			40

Other Information			41

Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the SEC on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

Goldman Sachs Variable Insurance Trust Funds — Goldman Sachs VIT Multi Asset Strategies Funds

Market Review

Ongoing inflation trends and macroeconomic data, central bank monetary policy, interest rate volatility, geopolitical events, and U.S. and European banking stress had the greatest influence on the capital markets during the 12-month period ended December 31, 2023 (the “Reporting Period”).

During the first quarter of 2023, when the Reporting Period began, investors focused on the evolution of the European energy crisis, the speed of China’s economic reopening and the pace of U.S. disinflation. In the U.S., inflation was not moderating as quickly as U.S. Federal Reserve (“Fed”) policymakers had hoped, and they maintained a hawkish stance, raising the target federal funds (“fed funds”) rate twice during the quarter—by 25 basis points each time. (Hawkish tends to suggest higher interest rates; opposite of dovish. A basis point is 1/100th of a percentage point.) In March 2023, investor sentiment was dominated by worries about the U.S. and European banking sectors. Swift response 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.

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. In May, the Fed raised the fed funds rate by 25 basis points to a range between 5.00% and 5.25%. The European Central Bank and Bank of England also raised their policy rates 50 basis points and 75 basis points, respectively. In June, the Fed left the fed funds rate unchanged, but according to the Fed’s median dot plot projection, policymakers increased their estimate for the peak 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.) 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 information 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.

During the third quarter of 2023, most asset classes posted losses despite a relatively benign macroeconomic backdrop. Inflation data continued to improve across major developed markets, leading central banks to signal that they were at, or close to, their peak policy rates. In the U.S., economic growth remained resilient, while upward momentum in inflation and the labor market began to weaken—a welcome development for the Fed as it sought to reach its inflation target on a sustainable basis. Policymakers, having raised the fed funds rate by 25 basis points at their July meeting, remained on hold at their September meeting. Elsewhere, Europe and U.K. inflation surprised to the downside; China continued its efforts in support of its economy; and the Bank of Japan began to gradually normalize its monetary policy. In addition, investors had to grapple with some unexpected events during the third quarter. In August, for example, Fitch Ratings downgraded its U.S. credit rating from AAA to AA+, and the markets confronted the possibility of a U.S. government shutdown, which was then narrowly avoided in September. For the third quarter overall, global equities produced negative returns, with developed markets equities performing the worst. U.S. equities and emerging markets equities also declined. In global fixed income, bond yields rose amid significant interest rate volatility. Investors remained wary of inflation, as data indicated it might be stickier, or more persistent, than consensus expected, and markets seemed to expect the Fed and other developed markets central banks to keep interest rates higher for longer.

Most asset classes generated gains during the fourth quarter of 2023, benefiting from a positive backdrop that included strong economic growth, resilient labor markets, subdued inflationary pressures across developed economies, and signals from major central banks regarding the end of their rate hiking cycles. Broadly, the performance of the capital markets was driven by investors’ reactions to lower inflation and a dovish Fed. As a result of a significant slowdown in inflation, the potential of an economic “soft

INVESTMENT OBJECTIVE

The Portfolio seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Multi-Asset Solutions (“MAS”) Group discusses the Goldman Sachs Variable Insurance Trust – Goldman Sachs Multi-Strategy Alternatives Portfolio’s (the “Portfolio”) performance and positioning for the 12-month period ended December 31, 2023 (the “Reporting Period”).

How did the Portfolio perform during the Reporting Period?

During the Reporting Period, the Portfolio’s Institutional, Service and Advisor Shares generated average annual total returns of 7.90%, 7.77% and 7.53%, respectively. These returns compare to the 5.01% average annual total return of the Portfolio’s benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index during the same period.

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

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

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

During the Reporting Period, the Portfolio generated positive absolute returns, largely because of long-term strategic asset allocation. Short-term dynamic allocation and selection within the Underlying Funds also bolstered performance. Medium-term dynamic allocation detracted slightly from the Portfolio’s returns.

Long-term strategic asset allocation added to the Portfolio’s performance during the Reporting Period, with most strategic allocations contributing positively. Among the exceptions were a strategic allocation to U.S. Treasury futures and the Portfolio’s U.S. interest rate options strategy, which seeks to profit if interest rates fall, remain constant or rise less than anticipated. Both of these strategic allocations detracted from the Portfolio’s performance, as U.S. Treasury yields rose during the Reporting Period. (Our long U.S. interest rate options strategy is a macroeconomic hedge that buys options on short-term interest rates, including call options. A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.) Among liquid alternatives strategies, the Portfolio was hampered by its strategic allocation to managed futures.

Medium-term dynamic allocation detracted modestly from the Portfolio’s performance during the Reporting Period. Specifically, the Portfolio was hindered by our medium-term dynamic views that it has decreased exposure to corporate credit and an increased duration position. (Duration is a measure of a portfolio’s sensitivity to changes in interest rates.)

Short-term dynamic allocations, which are primarily implemented through the use of derivatives and exchange-traded funds (“ETFs”), had a positive impact on the Portfolio’s performance during the Reporting Period. Within equities, the Portfolio benefited most from its short-term dynamic allocations to the energy sector and to the Eurozone banking sector. In fixed income, the Portfolio was helped by its short-term dynamic allocation to emerging markets debt, though this was offset somewhat by its short-term dynamic allocation to two-year and 10-year U.S. Treasury futures, which hurt.

Overall, security selection within the Underlying Funds added to the Portfolio’s returns, with many fixed income and equity Underlying Funds outperforming their benchmark indices during the Reporting Period. The Goldman Sachs Strategic Income Fund and Goldman Sachs Emerging Markets Equity Insights Fund outperformed their respective benchmark indices the most during the Reporting Period. In addition, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index between May 2023, when it was added as an Underlying Fund, and the end of the Reporting Period. The Goldman Sachs High Yield Fund and Goldman Sachs Global Infrastructure Fund underperformed their respective benchmark indices most during the Reporting Period. The performance of liquid alternative Underlying Funds was positive overall, with the Goldman Sachs Long Short Credit Strategies Fund significantly outperforming its cash benchmark. On the other hand, the Goldman Sachs Managed Futures Strategy Fund underperformed its cash benchmark during the Reporting Period.

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

At the beginning of the Reporting Period, the Portfolio was positioned, in terms of its total net assets, with 35.7% in liquid alternative strategies, 29.5% in real assets/satellite asset classes, 16.19% in directional views and the balance in cash. Liquid alternatives strategies generally include, but are not limited to, momentum or trend trading strategies (investment decisions based on trends in asset prices over time), hedge fund beta (long term total returns consistent with investment results that approximate the return and risk patterns of a diversified universe of hedge funds), managed risk investment strategies (which seek to manage extreme risk scenarios by implementing daily and monthly risk targets across a diversified mix of asset classes) and unconstrained fixed income strategies (which have the ability to move across various fixed income sectors). Real assets/satellite asset classes generally include, but are not limited to, commodities, global real estate securities, global infrastructure securities, master limited partnerships, emerging markets equities and emerging markets debt. Directional views include more traditional beta investments, such as U.S. equities and non-U.S. developed markets equities. This above sector breakout is inclusive of derivative exposure across all asset classes.

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

During the Reporting Period, we made adjustments to the Portfolio’s long-term strategic asset allocation. Specifically, during May 2023, we increased the Portfolio’s strategic allocations to core fixed income, high yield corporate bonds, high yield loans and emerging markets debt.

Within medium-term dynamic allocations, in January 2023, we increased the Portfolio’s exposures to U.S. large-cap equities, emerging markets equities and emerging markets debt. In February, we further increased the Portfolio’s exposure to emerging markets debt, while reducing its exposure to U.S. large-cap equities. During April, we added to the Portfolio’s emerging markets debt exposure. In May, we increased the Portfolio’s exposure to managed futures and reduced its exposure to corporate credit. We also decreased exposure to emerging markets equities overall. Additionally, we increased the Portfolio’s exposure to global infrastructure securities. During August, we reduced the Portfolio’s investments in two-year U.S. Treasury futures. In October, we increased exposures to high yield corporate bonds and global infrastructure securities. We decreased the Portfolio’s investments in 10-year U.S. Treasury futures and non-U.S. developed markets equities. During November, we further increased the Portfolio’s exposure to high yield corporate bonds and increased its exposure to high yield loans. We increased both of these exposures again during December, while reducing the Portfolio’s exposure to non-U.S. developed markets equities and its investments in two-year U.S. Treasury futures.

During the Reporting Period, we continued to express our short-term dynamic views mainly through the use of ETFs and derivatives. Using these instruments, we maintained tactical exposures to U.S. equities, non-U.S. developed markets equities, fixed income and currencies. Among notable short-term tactical allocations were investments in Eurozone bank futures, U.S. dollar/Japanese yen currency forwards, U.S. dollar/Brazilian real currency forwards and energy master limited partnerships. In October 2023, we increased the Portfolio’s overall equity risk by increasing its exposure to non-U.S. developed markets equities.

Regarding Underlying Funds, as mentioned previously, we added the Goldman Sachs Core Fixed Income Fund as an Underlying Fund in May 2023.

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

At the end of the Reporting Period, the Portfolio was positioned, in terms of its total net assets, with 41.00% in liquid alternative strategies, 50.19% in real assets/satellite asset classes, 7.10% in directional views and the balance in cash. This above sector breakout is inclusive of derivative exposure across all asset classes.

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

During the Reporting Period, the Portfolio employed equity index futures to effect long exposures in European large-cap equities (neutral impact on performance) and emerging markets equities (negative impact).

Within fixed income during the Reporting Period, the Portfolio used interest rate futures to express views on the U.S. Treasury yield curve (negative impact) and on the German government bond yield curve (positive impact). The Portfolio also used interest rate options in a macroeconomic hedge that seeks to profit if interest rates fall, remain constant or rise less than anticipated (negative impact). Finally, within short-term tactical views on currencies, the Portfolio employed forward foreign currency exchange contracts (neutral impact).

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

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

At the end of the Reporting Period, we believed the U.S. was still in the late stages of the economic cycle. Although our base case was for a “soft landing” in 2024, we thought the risks of a recession remained above average as long as the Fed maintained its restrictive posture. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without

Multi-Strategy Alternatives Portfolio

as of December 31, 2023

OVERALL UNDERLYING FUND AND ETF WEIGHTINGS¹

Percentage of Net Assets

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The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each Underlying Fund and ETF reflects the value of that Underlying Fund or ETF as a percentage of net assets of the Portfolio. Figures in the graph above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. Underlying sector allocations of exchange traded funds and investment companies held by the Portfolio are not reflected in the graph above. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

Performance Summary

December 31, 2023

The following graph shows the value, as of December 31, 2023, of a $10,000 investment made on April 25, 2014 (commencement of the Fund’s operations) in Advisor Shares at NAV. For comparative purposes, the performance of the Portfolio’s benchmark, the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Multi-Strategy Alternatives Portfolio’s Lifetime Performance

Performance of a $10,000 investment, with distributions reinvested, from April 25, 2014 through December 31, 2023.

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Average Annual Total Returns through December 31, 2023*	One Year	Five Years	Since Inception

Institutional (Commenced on April 25, 2014)	7.90%	4.41%	1.59%


Service (Commenced on April 25, 2014)	7.77%	4.16%	1.35%


Advisor (Commenced on April 25, 2014)	7.53%	4.00%	1.20%

*	These returns assume reinvestment of all distributions at NAV. Because Institutional, Service and Advisor Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Returns.

INVESTMENT OBJECTIVE

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies (“QIS”) Team discusses the Variable Insurance Trust – Goldman Sachs Trend Driven Allocation Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 15.85% and 15.57%, respectively. These returns compare to the 15.90% average annual total return of the Fund’s blended benchmark during the same time period. The components of the Fund’s blended benchmark, which is comprised 60% of the MSCI World Index (Net, USD, Hedged) and 40% of the Bloomberg U.S. Treasury Index (Total Return, Unhedged, USD), generated average annual total returns of 24.30% and 4.05%, respectively, during the same time period.

During the Reporting Period, the Fund’s overall annualized volatility was 11.13%, more than the Fund’s blended benchmark’s annualized volatility of 10.54% during the same time period. By way of comparison, the S&P 500^® Index’s annualized volatility was 15.15% during the Reporting Period.

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

The Fund primarily seeks to achieve its investment objective by investing in a portfolio of equity and fixed income asset classes, with the expectation of investing at least 50% of its assets in equities and a minimum of 30% of its assets in fixed income, assuming normal market conditions. The Investment Adviser makes investment decisions based upon its analysis of macro factors, most notably “trends” from around the world. The trends analyzed by the Investment Adviser are based on, but are not limited to, relative considerations around the prices and volatility of the underlying markets. If recent prices are higher than measures of historical prices for an asset, the Investment Adviser generally considers there to be a positive (strong) trend for these assets, whereas recent prices below such measures generally indicate negative (poor) trends. If the current measure of volatility is elevated relative to historic realizations of this volatility measure for an asset, the Investment Adviser generally considers there to be a negative (poor) trend for this asset, whereas volatility that is less elevated indicates positive (strong) trends. As a result of the trends analysis, the Investment Adviser may allocate more of the Fund’s assets to investments with relatively strong recent trends and allocate assets away from investments with relatively poor recent trends.

In addition, as a continuing part of the Fund’s investment strategy, the Investment Adviser seeks to manage volatility and limit losses by allocating the Fund’s assets away from risky investments in distressed or volatile market environments. In this context, volatility is a statistical measurement of the magnitude of up and/or down fluctuations in the value of a financial instrument or index. While the Investment Adviser attempts to manage the Fund’s volatility, there can be no guarantee that the Fund will be successful.

During the Reporting Period, the Fund performed in line with its blended benchmark. Because of heightened equity market volatility driven by geopolitical tensions in the Middle East, the Fund’s drawdown control and volatility management mechanisms were activated in October, actively de-risking the Fund into cash. (A drawdown is a peak-to-trough decline during a specific time period and is a measure of downside volatility.) The increase in the Fund’s cash allocation detracted slightly from its relative performance for the Reporting Period overall. On the positive side, the Fund benefited from its underweight versus the blended benchmark in fixed income, which added to relative returns.

From an absolute return perspective, the Fund was helped by its allocations to U.S. large-cap equities, which posted gains amid a rally in the information technology sector. Exposure to European and Japanese equities added further to absolute performance. The Fund also benefited from its participation in the fed funds market. Conversely, allocations to U.S. Treasury securities detracted from the Fund’s absolute returns.

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

As part of our investment approach, we seek to mitigate the Fund’s volatility. As mentioned earlier, for the Reporting Period overall, the Fund’s overall annualized volatility was 11.13%, more than its blended benchmark’s annualized volatility of 10.54%. By way of comparison, the S&P 500^® Index’s annualized volatility was 15.15% during the Reporting Period.

How was the Fund positioned during the Reporting Period?

During the Reporting Period, we managed the Fund’s allocations across equity and fixed income markets based upon an analysis of market factors and trends from around the world. At the beginning of the Reporting Period, the Fund’s total assets were allocated 69.5% to equities, 30.5% to fixed income and 0% to cash. (Many of these positions were implemented through the use of

exchanged-traded index future contracts.) Within the equity allocation, the Fund had significant exposure to U.S. large-cap equities and, to a lesser extent, to European, Japanese and U.K. equities. Within the fixed income allocation, the Fund had substantial exposure to U.S. Treasury securities at the beginning of the Reporting Period.

Between January and September 2023, we made no significant changes to the Fund’s allocations. In October, as equity market volatility increased, we reduced the Fund’s allocations to U.S. large-cap equities, Japanese equities, European equities and U.K. equities. We also decreased its allocation to U.S. Treasury securities and increased its cash position. In November, we unwound these changes, and at the end of the Reporting Period, the Fund’s allocations were near where they were at the beginning of the Reporting Period.

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

During the Reporting Period, the Fund employed exchange-traded equity index futures to gain exposure to U.S. large-cap stocks and to European, Japanese and U.K. equities. The use of these instruments had a positive impact overall on absolute returns. In addition, the Fund used bond futures to gain exposure to U.S. Treasury securities, which had a negative impact on the Fund’s performance during the Reporting Period.

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

At the end of the Reporting Period, the Fund’s total assets were allocated 69.0% to equities, 31% to fixed income and 0% to cash. (Many of these positions were implemented through the use of exchanged-traded index future contracts.) Within the equity allocation, the Fund had significant exposure to U.S. large-cap equities and, to a lesser extent, to European, Japanese and U.K. equities. Within the fixed income allocation, the Fund had substantial exposure to U.S. Treasury securities at the end of the Reporting Period.

Going forward, we intend to position the Fund based on analyses of trends from around the world, while dynamically managing the volatility, or risk, of the overall portfolio. In general, the Fund will seek to invest at least 50% of its assets in equity investments and at least 30% of its assets in fixed income investments. The Fund may deviate from these strategic allocations in order to allocate more of the Fund’s assets to investments with relatively strong recent trends and allocate assets away from investments with relatively poor recent trends. When volatility increases, our goal is to preserve capital by proportionally increasing the Fund’s cash exposure and reducing its exposure to riskier asset classes. There is no guarantee the Fund’s dynamic management strategy will cause it to achieve its investment objective.

Trend Driven Allocation Fund

as of December 31, 2023

FUND COMPOSITION¹

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The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. 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.

Performance Summary

December 31, 2023

The following graph shows the value, as of December 31, 2023, of a $10,000 investment made on January 1, 2014 in Service Shares at NAV. For comparative purposes, the performance of the Fund’s blended benchmark, the Allocation Composite Index, (comprised of the Morgan Stanley Capital International (MSCI) World Index (Net, USD, Hedged) (60%) and the Bloomberg U.S. Treasury Index (Total Return, USD, Unhedged) (40%)) is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Trend Driven Allocation Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2014 through December 31, 2023.

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Average Annual Total Returns through December 31, 2023*	One Year	Five Years	Ten Years

Institutional	15.85%	5.07%	3.66%


Service	15.57%	4.81%	3.41%

*	These returns assume reinvestment of all distributions at NAV. Because Institutional and Service Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Return.

Index Definitions

ICE BofAML Three-Month T-Bill Index measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90-day maturity, as reported by Bank of America Merrill Lynch.

MSCI ACWI Investable Market Index captures large, mid and small cap representation across 23 developed markets and 27 emerging markets countries.

MSCI Emerging Markets Index captures large-cap and mid-cap representation across 26 emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

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.

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

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

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


Shares	Description	Value

Underlying Funds (Class R6 Shares)^(a)– 90.0%

Equity – 16.8%
258,348	Goldman Sachs Global Infrastructure Fund	$	3,219,022
386,922	Goldman Sachs Emerging Markets Equity Insights Fund		3,134,071
4,466	Goldman Sachs Energy Infrastructure Fund		49,255

			6,402,348


Fixed Income – 73.2%
866,585	Goldman Sachs Long Short Credit Strategies Fund		6,863,356
558,562	Goldman Sachs Managed Futures Strategy Fund		5,490,662
478,172	Goldman Sachs Emerging Markets Debt Fund		4,542,639
757,078	Goldman Sachs High Yield Fund		4,254,780
388,593	Goldman Sachs High Yield Floating Rate Fund		3,458,481
221,396	Goldman Sachs Core Fixed Income Fund		2,061,193
124,143	Goldman Sachs Strategic Income Fund		1,165,702

			27,836,813

TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) (Cost $33,612,750)			34,239,161



Exchange Traded Funds – 4.9%

16,873	Goldman Sachs MarketBeta U.S. Equity ETF^(a)(b)		1,102,650
8,847	Goldman Sachs MarketBeta International Equity ETF^(a)		475,349
2,255	iShares 7-10 Year Treasury Bond ETF		217,360
2,343	iShares MSCI Brazil ETF		81,911


TOTAL EXCHANGE TRADED FUNDS (Cost $1,579,562)			1,877,270


Shares	Dividend Rate	Value

Investment Companies (Institutional Shares) – 3.1%^(a)

Goldman Sachs Financial Square Government Fund
635,024	5.248%		635,024

Goldman Sachs VIT Government Money Market Fund
536,056	5.270		536,056


Total Investment Companies (Cost $1,171,080)			1,171,080


TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE (Cost $36,363,392)			37,287,511

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2023, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Gain

Morgan Stanley Co., Inc.
	USD	78,378	BRL	380,000	2/2/2024	$	286
	EUR	50,000	USD	54,185	3/20/2024		1,184



TOTAL						$	1,470

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss

Morgan Stanley Co., Inc.
	BRL	380,000		USD	78,701		1/3/2024		(473)
	USD	77,265		BRL	380,000		1/3/2024		(962)
	USD	57,660		CHF	50,000		3/20/2024		(2,267)



TOTAL								$	(3,702)

FUTURES CONTRACTS — At December 31, 2023, the Portfolio had the following futures contracts:


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

Long position contracts:
EURO STOXX 50 Index	2		03/15/24	$	100,305		$	(312)
EURO-BUND Week Op Mar24	1		03/07/24		151,429			4,818
U.S. Treasury 10 Year Note	9		03/19/24		1,014,609			30,652



Total								35,158



Short position contracts:
Euro Bund Future	(1)		03/07/24		(151,429	)		766



Total Futures Contracts							$	35,924

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At December 31, 2023, the Fund had the following purchased option contracts:


											Premiums Paid		Unrealized
	Exercise		Expiration		Number of				Market		(Received) by		Appreciation/
Description	Rate		Date		Contracts		Notional Amount		Value		the Fund		(Depreciation)
Purchased Option Contracts: Calls
3 Month Secured Overnight
Financing Rate		$96.75		06/12/2026		6	$	1,453,650	$	11,850	$	9,314	$	2,536
3 Month Secured Overnight
Financing Rate		97.50		12/12/2025		26		6,300,775		27,463		31,260		(3,798)
3 Month Secured Overnight
Financing Rate		96.50		12/12/2025		5		1,211,688		11,281		9,024		2,257
3 Month Secured Overnight
Financing Rate		97.50		09/12/2025		28		6,783,000		28,000		31,565		(3,565)
3 Month Secured Overnight
Financing Rate		96.63		09/12/2025		1		242,250		1,969		1,860		109
3 Month Secured Overnight
Financing Rate		96.50		09/12/2025		5		1,211,250		10,719		8,512		2,207
3 Month Secured Overnight
Financing Rate		97.25		06/13/2025		24		5,807,400		25,950		29,712		(3,762)
3 Month Secured Overnight
Financing Rate		96.75		06/13/2025		6		1,451,850		11,663		9,764		1,899
3 Month Secured Overnight
Financing Rate		96.63		06/13/2025		1		241,975		1,750		1,723		27
3 Month Secured Overnight
Financing Rate		96.25		06/13/2025		5		1,209,875		11,375		9,199		2,176
3 Month Secured Overnight
Financing Rate		98.00		03/14/2025		13		3,138,850		5,363		4,093		1,270
3 Month Secured Overnight
Financing Rate		97.25		03/14/2025		18		4,346,100		14,737		32,665		(17,927)
3 Month Secured Overnight
Financing Rate		97.00		03/14/2025		18		4,346,100		18,450		23,892		(5,442)
3 Month Secured Overnight
Financing Rate		96.50		03/14/2025		1		241,450		1,537		1,693		(156)
3 Month Secured Overnight
Financing Rate		98.00		12/13/2024		20		4,813,500		5,500		4,047		1,454
3 Month Secured Overnight
Financing Rate		97.25		12/13/2024		21		5,054,175		11,550		33,518		(21,969)
3 Month Secured Overnight
Financing Rate		96.25		12/13/2024		1		240,675		1,337		1,574		(237)
3 Month Secured Overnight
Financing Rate		97.25		09/13/2024		12		2,877,150		3,300		15,979		(12,679)
3 Month Secured Overnight
Financing Rate		96.00		09/13/2024		1		239,763		975		1,421		(446)
3 Month Secured Overnight
Financing Rate		95.38		09/13/2024		5		1,198,813		8,781		20,390		(11,609)
3 Month Secured Overnight
Financing Rate		95.25		09/13/2024		4		959,050		7,850		15,996		(8,146)
3 Month Secured Overnight
Financing Rate		98.50		06/14/2024		47		11,219,487		2,056		7,034		(4,978)
3 Month Secured Overnight
Financing Rate		97.75		06/14/2024		40		9,548,500		2,750		53,460		(50,710)
3 Month Secured Overnight
Financing Rate		97.25		06/14/2024		8		1,909,700		800		7,667		(6,867)
3 Month Secured Overnight
Financing Rate		95.38		06/14/2024		5		1,193,562		4,094		18,375		(14,282)
3 Month Secured Overnight
Financing Rate		95.13		06/14/2024		4		954,850		4,725		14,119		(9,394)
3 Month Secured Overnight
Financing Rate		97.75		03/15/2024		46		10,926,725		862		54,441		(53,578)


Shares	Dividend Rate	Value

Investment Companies (Institutional Shares) – 68.9%^(a)
Goldman Sachs Financial Square Government Fund
40,408,374	5.248%	$	40,408,374
Goldman Sachs Financial Square Treasury Instruments Fund
38,864,945	5.206		38,864,945
Goldman Sachs Financial Square Treasury Obligations Fund
38,870,537	5.241		38,870,537
Goldman Sachs Financial Square Treasury Solutions Fund
38,392,063	5.231		38,392,063
Goldman Sachs VIT Government Money Market Fund
35,050,510	5.270		35,050,510


Total Investment Companies
(Cost $191,586,429)			191,586,429


	Description

Exchange-Traded Funds – 25.0%

75,565	iShares Core S&P 500 ETF		36,092,111
76,300	Vanguard S&P 500 ETF		33,327,840

TOTAL EXCHANGE-TRADED FUNDS
(Cost $41,770,457)			69,419,951

TOTAL INVESTMENTS – 93.9%
(Cost $233,356,886)		$	261,006,380

OTHER ASSETS IN EXCESS OF LIABILITIES – 6.1%			17,006,589

NET ASSETS – 100.0%		$	278,012,969

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

(a)	Represents an affiliated issuer.

FUTURES CONTRACTS — At December 31, 2023, the Fund had the following futures contracts:


	Multi-Strategy Alternatives Portfolio			Trend Driven Allocation Fund

Assets:

Investments in affiliated issuers, at value (cost $36,081,010 and $191,586,429, respectively)^(a)	$	36,988,240		$	191,586,429
Investments in unaffiliated issuers, at value (cost $282,382 and $41,770,457, respectively)		299,271			69,419,951
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		6,700			—
Purchased Options, at value (premiums paid $491,642 and $–, respectively)		240,056			—
Cash		609,445			8,113,476
Foreign Currency, at value (cost $– and $210,979, respectively)		—			218,392
Receivables:
Reimbursement from investment adviser		8,975			3,928
Due from broker		6,242			—
Dividends		6,012			507,445
Fund shares sold		4,289			129,201
Collateral for futures contracts		—			8,513,209
Unrealized gain on forward foreign currency exchange contracts		1,470			—
Variation margin on futures contracts		150			—
Other assets		5,609			—

Total assets		38,176,459			278,492,031



Liabilities:

Variation margin on futures contracts		—			119,610
Unrealized loss on forward foreign currency exchange contracts		3,702			—
Payables:
Distribution and Service fees and Transfer Agency fees		59,233			63,082
Fund shares redeemed		13,064			80,609
Payable upon return of securities loaned		6,700			—
Management fees		—			149,871
Accrued expenses		49,270			65,890

Total liabilities		131,969			479,062


Net Assets:

Paid-in Capital		41,984,156			275,331,784
Total distributable earnings (loss)		(3,939,666	)		2,681,185

NET ASSETS	$	38,044,490		$	278,012,969
Net Assets:
Institutional	$	1,979,415		$	441,961
Service		12,055,069			277,571,008
Advisor		24,010,006			—
Total Net Assets	$	38,044,490		$	278,012,969
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		222,735			38,651
Service		1,355,623			24,455,403
Advisor		2,716,108			—
Net asset value, offering and redemption price per share:
Institutional	$	8.89		$	11.43
Service		8.89			11.35
Advisor		8.84			—

(a)

Includes loaned securities having a market value of $6,535 and $–, respectively.


	Multi-Strategy Alternatives Portfolio			Trend Driven Allocation Fund

Investment income:

Dividends — affiliated Underlying Funds	$	1,517,736		$	7,021,522

Securities lending income, net of rebates received or paid to borrowers – affiliated issuer		7,432			—

Dividends — unaffiliated issuers		5,767			1,386,276


Total Investment Income		1,530,935			8,407,798



Expenses:

Distribution and/or Service (12b-1) fees^(a)		106,960			687,361

Professional fees		70,760			62,837

Custody, accounting and administrative services		64,041			54,037

Management fees		54,701			2,175,600

Printing and mailing costs		50,240			40,667

Trustee fees		21,513			20,329

Shareholder Administration fees — Service Shares		14,214			—

Transfer Agency fees^(a)		7,293			55,079

Shareholder meeting expense		1,480			10,982

Other		10,677			28,167


Total expenses		401,879			3,135,059


Less — expense reductions		(201,504	)		(613,589	)


Net expenses		200,375			2,521,470


NET INVESTMENT INCOME		1,330,560			5,886,328



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		16,667			3,613,645

Investment — affiliated Underlying Funds		(121,496	)		—

Futures contracts		(47,283	)		8,151,940

Foreign currency transactions		41			93,649

Purchased Options		(133,344	)		—

Forward foreign currency exchange contracts		(1,682	)		—

Capital gain distributions from affiliated Underlying Funds		2,817			—

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		16,889			11,313,902

Investment — affiliated Underlying Funds		1,676,504			—

Futures contracts		42,145			10,549,348

Foreign currency translations		(1,617	)		140,370

Purchased Options		(27,138	)		—

Forward foreign currency exchange contracts		(2,082	)		—

Net realized and unrealized gain		1,420,421			33,862,854

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,750,981		$	39,749,182

(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	Service		Advisor		Institutional		Service		Advisor
Multi-Strategy Alternatives Portfolio	$	14,214	$	92,746	$	382	$	2,274	$	4,637
Trend Driven Allocation Fund		687,361		–		90		54,989		–


	Multi-Strategy Alternatives Portfolio						Trend Driven Allocation Fund

	For the Fiscal Year Ended December 31, 2023			For the Fiscal Year Ended December 31, 2022			For the Fiscal Year Ended December 31, 2023			For the Fiscal Year Ended December 31, 2022

From operations:

Net investment income	$	1,330,560		$	1,559,129		$	5,886,328		$	404,319

Net realized gain (loss)		(284,280	)		(3,743,647	)		11,859,234			(33,971,393)

Net change in unrealized gain (loss)		1,704,701			(1,315,124	)		22,003,620			(32,715,194)


Net increase (decrease) in net assets resulting from operations		2,750,981			(3,499,642	)		39,749,182			(66,282,268)



Distributions to shareholders:

From distributable earnings:

Institutional Shares		(130,485	)		(84,430	)		(8,240	)		(20,604)

Service Shares		(765,139	)		(388,859	)		(4,606,548	)		(10,871,371)

Advisor Shares		(1,504,491	)		(806,855	)		–			–


Total distributions to shareholders		(2,400,115	)		(1,280,144	)		(4,614,788	)		(10,891,975)



From share transactions:

Proceeds from sales of shares		7,733,501			76,038,713			12,946,328			25,924,207

Reinvestment of distributions		2,400,115			1,280,144			4,614,788			10,891,975

Cost of shares redeemed		(9,199,182	)		(65,417,529	)		(42,122,016	)		(49,855,165)


Net increase (decrease) in net assets resulting from share transactions		934,434			11,901,328			(24,560,900	)		(13,038,983)


TOTAL INCREASE (DECREASE)		1,285,300			7,121,542			10,573,494			(90,213,226)



Net Assets:

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


End of year	$	38,044,490		$	36,759,190		$	278,012,969		$	267,439,475


	Goldman Sachs Multi-Strategy Alternatives Portfolio

	Institutional Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

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


Net investment income^(a)(b)			0.36				0.38				0.23				0.25				0.30

Net realized and unrealized gain (loss)			0.35				(0.99	)			0.25				0.39				0.48


Total from investment operations			0.71				(0.61	)			0.48				0.64				0.78


Distributions to shareholders from net investment income			(0.63	)			(0.35	)			(0.17	)			(0.20	)			(0.27)


Net asset value, end of year		$	8.89			$	8.81			$	9.77			$	9.46			$	9.02


Total Return^(c)			7.90	%			(6.24	)%			5.03	%			7.05	%			9.11%


Net assets, end of year (in 000’s)		$	1,979			$	2,203			$	2,515			$	1,520			$	1,309

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

Ratio of total expenses to average net assets^(d)			0.77	%			0.69	%			1.02	%			1.39	%			1.60%

Ratio of net investment income to average net assets			3.98	%			4.08	%			2.29	%			2.73	%			3.30%

Portfolio turnover rate^(e)			23	%			199	%			25	%			5	%			26%

(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 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.

(d)

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

(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.


	Goldman Sachs Multi-Strategy Alternatives Portfolio

	Service Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

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


Net investment income^(a)(b)			0.34				0.31				0.20				0.23				0.32

Net realized and unrealized gain (loss)			0.34				(0.95	)			0.26				0.38				0.43


Total from investment operations			0.68				(0.64	)			0.46				0.61				0.75


Distributions to shareholders from net investment income			(0.60	)			(0.31	)			(0.15	)			(0.18	)			(0.25)


Net asset value, end of year		$	8.89			$	8.81			$	9.76			$	9.45			$	9.02


Total Return^(c)			7.77	%			(6.54	)%			4.84	%			6.70	%			8.82%


Net assets, end of year (in 000’s)		$	12,055			$	11,356			$	6,538			$	3,472			$	2,857

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

Ratio of total expenses to average net assets^(d)			1.02	%			0.88	%			1.28	%			1.65	%			1.86%

Ratio of net investment income to average net assets			3.74	%			3.34	%			2.04	%			2.51	%			3.54%

Portfolio turnover rate^(e)			23	%			199	%			25	%			5	%			26%

(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)


	Goldman Sachs Multi-Strategy Alternatives Portfolio

	Advisor Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

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


Net investment income^(a)(b)			0.32				0.37				0.18				0.20				0.24

Net realized and unrealized gain (loss)			0.34				(1.01	)			0.26				0.39				0.49


Total from investment operations			0.66				(0.64	)			0.44				0.59				0.73


Distributions to shareholders from net investment income			(0.59	)			(0.32	)			(0.13	)			(0.16	)			(0.23)


Net asset value, end of year		$	8.84			$	8.77			$	9.73			$	9.42			$	8.99


Total Return^(c)			7.53	%			(6.61	)%			4.66	%			6.56	%			8.60%


Net assets, end of year (in 000’s)		$	24,010			$	23,200			$	20,585			$	17,698			$	15,410

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

Ratio of total expenses to average net assets^(d)			1.17	%			1.09	%			1.44	%			1.79	%			2.01%

Ratio of net investment income to average net assets			3.58	%			3.99	%			1.89	%			2.28	%			2.61%

Portfolio turnover rate^(e)			23	%			199	%			25	%			5	%			26%

(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)


	Goldman Sachs Trend Driven Allocation Fund

	Institutional Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

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


Net investment income (loss)^(a)			0.26				0.07				(0.04	)			0.02				0.15

Net realized and unrealized gain (loss)			1.33				(2.51	)			2.10				0.52				1.28


Total from investment operations			1.59				(2.44	)			2.06				0.54				1.43


Distributions to shareholders from net investment income			(0.22	)			–				–				(0.07	)			(0.22)

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


Total distributions			(0.22	)			(0.42	)			(1.75	)			(0.25	)			(0.76)


Net asset value, end of year		$	11.43			$	10.06			$	12.92			$	12.61			$	12.32


Total Return^(b)			15.85	%			(19.00	)%			16.46	%			4.35	%			12.29%


Net assets, end of year (in 000’s)		$	442			$	506			$	337			$	289			$	277

Ratio of net expenses to average net assets			0.67	%			0.66	%			0.65	%			0.60	%			0.59%

Ratio of total expenses to average net assets			0.89	%			0.92	%			0.87	%			0.90	%			0.89%

Ratio of net investment income (loss) to average net assets			2.38	%			0.63	%			(0.32	)%			0.13	%			1.18%

Portfolio turnover rate^(c)			10	%			344	%			12	%			168	%			61%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


	Goldman Sachs Trend Driven Allocation Fund

	Service Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

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


Net investment income (loss)^(a)			0.23				0.02				(0.08	)			(0.01	)			0.11

Net realized and unrealized gain (loss)			1.32				(2.47	)			2.10				0.51				1.28


Total from investment operations			1.55				(2.45	)			2.02				0.50				1.39


Distributions to shareholders from net investment income			(0.19	)			–				–				(0.03	)			(0.19)

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


Total distributions			(0.19	)			(0.42	)			(1.75	)			(0.21	)			(0.73)


Net asset value, end of year		$	11.35			$	9.99			$	12.86			$	12.59			$	12.30


Total Return^(b)			15.57	%			(19.16	)%			16.17	%			4.10	%			11.94%


Net assets, end of year (in 000’s)		$	277,571			$	266,934			$	357,316			$	335,784			$	345,219

Ratio of net expenses to average net assets			0.92	%			0.91	%			0.92	%			0.85	%			0.84%

Ratio of total expenses to average net assets			1.14	%			1.17	%			1.14	%			1.15	%			1.14%

Ratio of net investment income (loss) to average net assets			2.14	%			0.13	%			(0.58	)%			(0.12	)%			0.91%

Portfolio turnover rate^(c)			10	%			344	%			12	%			168	%			61%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

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.

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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.

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:

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

Underlying Funds (including Money Market Funds) — Underlying Funds include 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, 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.

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 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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of 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 December 31, 2023:


Multi-Strategy Alternatives Portfolio

Investment Type	Level 1			Level 2			Level 3



Assets

Fixed Income Underlying Funds	$	27,836,813		$	—		$	—

Equity Underlying Funds		6,402,348

Exchange-Traded Funds		1,877,270			—			—

Investment Companies		1,171,080			—			—

Securities Lending Reinvestment Vehicle		6,700			—			—



Total	$	37,294,211		$	—		$	—



Derivative Type



Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	1,470		$	—

Futures Contracts^(a)		36,236			—			—

Purchased Options Contracts		240,056			—			—



Total	$	276,292		$	1,470		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(3,702	)	$	—

Futures Contracts^(a)		(312	)		—			—



Total	$	(312	)	$	(3,702	)	$	—



Trend Driven Allocation Fund

Investment Type	Level 1			Level 2			Level 3



Assets

Exchange-Traded Funds	$	69,419,951		$	—		$	—

Investment Companies		191,586,429			—			—



Total	$	261,006,380		$	—		$	—



Derivative Type



Assets

Futures Contracts^(a)	$	5,419,983		$	—		$	—



Liabilities

Futures Contracts^(a)	$	(113,834	)	$	—		$	—

(a)

Amount shown represents unrealized gain (loss) at fiscal year end.

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of December 31, 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 Portfolio

Risk	Statements for Assets and Liabilities	Assets¹		Statements for Assets and Liabilities	Liabilities¹

Currency	Receivables for unrealized gain on forward foreign currency exchange contracts	$	1,470	Payable for unrealized loss on forward foreign currency exchange contracts	$	(3,702	)
Equity			—	Variation margin on futures contracts		(312	)
Interest Rate	Purchased options at value/Variation margin on futures contracts		276,292			—

Total		$	277,762		$	(4,014	)

Trend Driven Allocation Fund

Risk	Statements for Assets and Liabilities	Assets¹		Statements for Assets and Liabilities	Liabilities¹
Equity	Variation margin on futures contracts	$	2,453,583	Variation margin on futures contracts	$	(113,834	)
Interest Rate	Variation margin on futures contracts		2,966,400			—

Total		$	5,419,983		$	(113,834	)

⁽¹⁾

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 December 31, 2023 is reported within the Statements of Assets and Liabilities.

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 31, 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:

4. INVESTMENTS IN DERIVATIVES (continued)


Multi-Strategy Alternatives Portfolio

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

Currency	Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts	$	(1,682	)	$	(2,082	)

Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		26,038			3,794

Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures		(206,665	)		11,213

Total		$	(182,309	)	$	12,925

Trend Driven Allocation Fund

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		13,500,104			6,700,069

Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(5,348,164	)		3,849,279

Total		$	8,151,940		$	10,549,348

For the fiscal year ended December 31, 2023, the relevant values for each derivative type were as follows:


	Average number of Contracts or Notional Amounts^(a)



Fund	Futures Contracts		Forward Contracts	Purchased Options



Multi-Strategy Alternatives Portfolio		23	152,192	310



Trend Driven Allocation Fund		1,660	–	–

(a)

Amounts disclosed represent average number of contracts for futures and purchased options and notional amounts for forward 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 fiscal year ended December 31, 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 fiscal year ended December 31, 2023, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate

Fund	First $1 billion	Next $1 billion	Next $3 billion	Next $3 billion	Over $8 billion	Effective Rate	Effective Net Management Rate^



Multi-Strategy Alternatives Portfolio	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	—%^*



Trend Driven Allocation Fund	0.79	0.71	0.68	0.66	0.65	0.78	0.64

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 Multi-Strategy Alternatives Portfolio invests in Institutional Shares of the Goldman Sachs Financial Square Government and Goldman Sachs VIT Government Money Market Funds and the 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 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 fiscal year ended December 31, 2023 GSAM waived $3,882 and $88,097 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 fiscal year ended December 31, 2023, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions



Multi-Strategy Alternatives Portfolio	$	58,584	$	142,920	$	201,504



Trend Driven Allocation Fund		418,568		195,021		613,589

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F. Line of Credit Facility — As of December 31, 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 fiscal year ended December 31, 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 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 table below shows the transactions in and earnings from investments in these Underlying Funds for the fiscal year ended December 31, 2023:

Multi-Strategy Alternatives Portfolio


Underlying Fund	Beginning value as of December 31, 2022	Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Ending value as of December 31, 2023		Shares as of December 31, 2023		Dividend Income		Capital Gain Distribution


Goldman Sachs Core Fixed Income Fund
	$ –	$	2,149,149	$	(100,000	)	$	(3,448	)	$	15,492		$	2,061,193		221,396	$	49,150	$	–

Goldman Sachs Emerging Markets Debt Fund
	2,550,458		2,111,328		(400,000	)		(26,591	)		307,444			4,542,639		478,172		211,328		–

Goldman Sachs Emerging Markets Equity Insights Fund
	1,401,569		2,018,096		(470,000	)		(76	)		184,482			3,134,071		386,922		118,096		–

Goldman Sachs Energy Infrastructure Fund
	166,361		6,125		(129,999	)		9,937			(3,169	)		49,255		4,466		3,308		2,817

Goldman Sachs Financial Square Government Fund
	3,276,259		15,696,842		(18,338,077	)		–			–			635,024		635,024		94,260		–

Goldman Sachs Global Infrastructure Fund
	2,544,911		1,081,775		(541,552	)		327			133,561			3,219,022		258,348		70,223		–

Goldman Sachs High Yield Floating Rate Fund
	1,539,318		2,151,781		(300,000	)		(5,460	)		72,842			3,458,481		388,593		171,781		–

Goldman Sachs High Yield Fund
	2,057,530		2,265,770		(257,749	)		(17,880	)		207,109			4,254,780		757,078		158,021		–

Goldman Sachs Long Short Credit Strategies Fund
	7,094,397		705,600		(1,200,000	)		(83,268	)		346,627			6,863,356		866,585		405,600		–

Goldman Sachs Managed Futures Strategy Fund
	4,930,459		1,397,864		(700,000	)		(128,747	)		(8,914	)		5,490,662		558,562		7,864		–

Goldman Sachs MarketBeta U.S. Equity ETF
	2,196,208		200,153		(1,679,375	)		94,133			291,531			1,102,650		16,873		22,760		–

Goldman Sachs MarketBeta International Equity ETF
	928,624		–		(537,172	)		38,216			45,681			475,349		8,847		20,687		–

Goldman Sachs Strategic Income Fund
	1,146,354		147,856		(213,687	)		1,361			83,818			1,165,702		124,143		34,169		–

Goldman Sachs VIT Government Money Market Fund
	6,285,567		150,489		(5,900,000	)		–			–			536,056		536,056		150,489		–

Total	$ 36,118,015	$	30,082,828	$	(30,767,611	)	$	(121,496	)	$	1,676,504		$	36,988,240			$	1,517,736	$	2,817

As of December 31, 2023, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 8% of the Institutional Shares of the Trend Driven Allocation Fund.

The following table provides information about Trend Driven Allocation Fund’s investments in the Institutional Shares of the Goldman Sachs VIT Government Money Market Fund, 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 fiscal year ended December 31, 2023:

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Trend Driven Allocation Fund


Underlying Fund	Beginning value as of December 31, 2022	Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Ending value as of December 31, 2023		Shares as of December 31, 2023		Dividend Income		Capital Gain Distribution

Goldman Sachs Financial Square Government Fund
	$ 53,931,471	$	114,224,484	$	(127,747,581	)	$	–	$	–	$	40,408,374		40,408,374	$	2,685,914	$	–

Goldman Sachs Financial Square Treasury Instruments Fund
	26,776,391		13,345,757		(1,257,203	)		–		–		38,864,945		38,864,945		1,416,756		–

Goldman Sachs Financial Square Treasury Obligations Fund
	26,777,206		13,823,416		(1,730,085	)		–		–		38,870,537		38,870,537		1,439,446		–

Goldman Sachs Financial Square Treasury Solutions Fund
	26,776,391		13,345,757		(1,730,085	)		–		–		38,392,063		38,392,063		1,428,807		–

Goldman Sachs VIT Government Money Market Fund
	–		35,050,510		–			–		–		35,050,510		35,050,510		50,599		–

Total	$ 134,261,459	$	189,789,924	$	(132,464,954	)	$	–	$	–	$	191,586,429			$	7,021,522	$	–

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2023, were as follows:


Fund	Purchases		Sales

Multi-Strategy Alternatives Portfolio	$	15,298,855	$	6,783,799

Trend Driven Allocation Fund		6,652,896		19,539,477

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 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.

7. SECURITIES LENDING (continued)

In the event of a default by a borrower with respect to any loan, GSAL will and BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of December 31, 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 December 31, 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 fiscal year ended December 31, 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 Fiscal Year Ended December 31, 2023
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs		Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of December 31, 2023

Trend Driven Allocation Fund	$	—	$	3,840	$	—

The following table provides information about the Funds’ investment in the Government Money Market Fund for the year ended December 31, 2023.


	Beginning value as		Purchases		Proceeds		Ending value as
Fund	of December 31, 2022		at Cost		from Sales		of December 31, 2023

Multi-Strategy Alternatives Portfolio	$	911,315	$	3,942,735	$	(4,847,350)	$	6,700

8. TAX INFORMATION

The tax character of distributions paid during the year ended December 31, 2023 were as follows:


	Multi-Strategy Alternatives Portfolio		Trend Driven Allocation Fund



Distributions paid from:

Ordinary Income	$	2,400,115	$	4,614,788

The tax character of distributions paid during the fiscal year ended December 31, 2022 were as follows:


	Multi-Strategy Alternatives Portfolio		Trend Driven Allocation Fund


Distributions paid from:

Ordinary Income	$	1,280,144	$	4,200,089

Net long-term capital gains		—		6,691,886



Total distributions	$	1,280,144	$	10,891,975

8. TAX INFORMATION (continued)

As of December 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:


	Multi-Strategy Alternatives Portfolio			Trend Driven Allocation Fund



Undistributed ordinary income — net	$	201,552		$	1,150,715



Capital loss carryforwards:

Perpetual Short-Term		(1,821,585	)		—

Perpetual Long-Term		(2,036,338	)		(21,617,307)



Total capital loss carryforwards		(3,857,923	)		(21,617,307)



Timing differences — –		(6,295	)		—

Unrealized gains (losses) — net		(277,000	)		23,147,777



Total accumulated earnings (losses) — net	$	(3,939,666	)	$	2,681,185

As of December 31, 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 Portfolio			Trend Driven Allocation Fund



Tax Cost	$	37,851,038		$	243,954,185



Gross unrealized gain		1,274,756			23,147,777

Gross unrealized loss		(1,551,756	)		—



Net unrealized gain (loss)	$	(277,000	)	$	23,147,777

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

The Funds’ 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.

9. OTHER RISKS (continued)

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; 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 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 exchange 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 Fund 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 an Underlying Fund’s NAV and liquidity. These transactions may also accelerate the realization

9. OTHER RISKS (continued)

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 an 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 Underlying Fund share purchases may adversely affect a Fund’s or Underlying Fund’s performance to the extent that the Fund or the 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, 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 have unsettled or open transactions defaults.

10. INDEMNIFICATIONS

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

11. OTHER MATTERS

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust II and Goldman Sachs Trust, in July 2023, the Board voted to nominate Cheryl K. Beebe, John G. Chou, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. Messrs. Chou and Wirth and Ms. Dowling were serving as Trustees of the Trust. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees (except Messrs. Chou and Wirth and Ms. Dowling) was elected to serve as Trustees alongside the current Trustees of the Trust, effective January 1, 2024. Each of Messrs. Chou and Wirth and Ms. Dowling was also elected at the meeting and continue to serve as Trustees of the Trust.

12. SUBSEQUENT EVENTS


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

13. SUMMARY OF SHARE TRANSACTIONS


Share activity is as follows:

	Multi-Strategy Alternatives Portfolio

	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2023						December 31, 2022



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		8,153		$	73,373			27,388		$	258,170

Reinvestment of distributions		14,677			130,485			9,562			84,430

Shares redeemed		(50,253	)		(447,734	)		(44,143	)		(411,218)



		(27,423	)		(243,876	)		(7,193	)		(68,618)



Service Shares

Shares sold		470,659			4,228,888			7,434,585			69,525,534

Reinvestment of distributions		86,067			765,139			43,989			388,859

Shares redeemed		(489,436	)		(4,417,319	)		(6,859,851	)		(62,785,354)



		67,290			576,708			618,723			7,129,039



Advisor Shares

Shares sold		381,565			3,431,240			680,336			6,255,009

Reinvestment of distributions		170,191			1,504,491			91,792			806,855

Shares redeemed		(482,187	)		(4,334,129	)		(240,786	)		(2,220,957)



		69,569			601,602			531,342			4,840,907



NET INCREASE IN SHARES		109,436		$	934,434			1,142,872		$	11,901,328



	Trend Driven Allocation Fund

	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2023						December 31, 2022



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		1,130		$	12,091			25,026		$	296,816

Reinvestment of distributions		746			8,240			1,959			20,604

Shares redeemed		(13,506	)		(144,781	)		(2,759	)		(30,602)



		(11,630	)		(124,450	)		24,226			286,818



Service Shares

Shares sold		1,203,792			12,934,237			2,260,227			25,627,391

Reinvestment of distributions		419,923			4,606,548			1,041,319			10,871,371

Shares redeemed		(3,895,032	)		(41,977,235	)		(4,360,235	)		(49,824,563)



		(2,271,317	)		(24,436,450	)		(1,058,689	)		(13,325,801)



NET DECREASE IN SHARES		(2,282,947	)	$	(24,560,900	)		(1,034,463	)	$	(13,038,983)

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Multi-Strategy Alternatives Portfolio and Goldman Sachs Trend Driven Allocation Fund (two of the funds constituting Goldman Sachs Variable Insurance Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2023, the related statements of operations for the year ended December 31, 2023, the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2023 and each of the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 15, 2024

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

Fund Expenses — Six Month Period Ended December 31, 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 July 1, 2023 through December 31, 2023, which represents a period of 184 days of a 365 day year.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the 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 7/1/23	Ending Account Value 12/31/23	Expenses Paid for the 6 months ended 12/31/23*	Beginning Account Value 7/1/23	Ending Account Value 12/31/23	Expenses Paid for the 6 months ended 12/31/23*
Institutional
Actual	$1,000.00	$1,043.50	$1.13	$1,000.00	$1,042.50	$3.45
Hypothetical 5% return	1,000.00	1,024.10⁺	1.12	1,000.00	1,021.83⁺	3.41
Service
Actual	1,000.00	1,042.20	2.42	1,000.00	1,042.00	4.74
Hypothetical 5% return	1,000.00	1,022.84⁺	2.40	1,000.00	1,020.57⁺	4.69
Advisor
Actual	1,000.00	1,042.00	3.19	N/A	N/A	N/A
Hypothetical 5% return	1,000.00	1,022.08⁺	3.16	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 December 31, 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	Advisor			Institutional	Service
Multi-Strategy Alternatives Portfolio		0.62	%	0.22%		0.47	%
Trend Driven Allocation Fund		N/A		0.67		0.92

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Variable Insurance Trust (“the Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling, and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:


Proposal Election of Trustees	For		Withheld

Cheryl K. Beebe		932,148,752		26,776,872

John G. Chou		930,378,362		28,547,262

Eileen H. Dowling		932,188,448		26,737,175

Lawrence Hughes		932,346,926		26,578,698

John F. Killian		931,754,574		27,171,049

Steven D. Krichmar		932,002,203		26,923,420

Michael Latham		931,832,553		27,093,071

Lawrence W. Stranghoener		931,376,144		27,549,480

Paul C. Wirth		932,041,013		26,884,610

Trustees and Officers (Unaudited)

Independent Trustees



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Gregory G. Weaver Age: 72	Chair of the Board of Trustees	Since 2023 (Trustee since 2015)	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Chair of the Board of Trustees — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	Verizon Communications Inc.

Dwight L. Bush Age: 66	Trustee	Since 2020	The Honorable Dwight Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014- 2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, he served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Variable insurance Trust and Goldman Sachs Trust.	102	MoneyLion, Inc. (an operator of a data- driven, digital financial platform)

Kathryn A. Cassidy Age: 69	Trustee	Since 2015	Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014- December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	Vertical Aerospace Ltd. (an aerospace and technology company)

John G. Chou Age: 67	Trustee	Since 2022	Mr. Chou is retired. Formerly, he was Executive Vice President and Special Advisor to the Chairman and CEO (2021-2022); Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017) of Cencora, Inc. (a pharmaceutical and healthcare company. Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	None

Joaquin Delgado Age: 63	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Variable insurance Trust and Goldman Sachs Trust.	102	Stepan Company (a specialty chemical manufacturer)

Trustees and Officers (Unaudited) (continued)

Independent Trustees



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Eileen H. Dowling Age: 61	Trustee	Since 2021	Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). As Managing Director, she held senior management positions, including Global Head of Global Consultant Relations (2017-2021), Multinational Corporations (2019-2021), the Institutional Product Group (2015-2019) and Institutional Marketing (2013- 2016). Ms. Dowling was a member of the Global Operating Committee and Product Executive Committee of BlackRock. Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	None

Paul C. Wirth Age: 66	Trustee	Since 2022	Mr. Wirth is retired. He is Executive Advisor, My Next Season LLC (a career transition advisory firm) (2023 – Present) Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley. Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	None

Trustees and Officers (Unaudited) (continued)

Interested Trustee*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 61	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	192	None

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

¹	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Robert Griffith. Information is provided as of December 31, 2023.

Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of December 31, 2023, Goldman Sachs Trust consisted of 87 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 68 portfolios (37 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; and Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

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

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



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

James A. McNamara 200 West Street New York, NY 10282 Age: 61	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Robert Griffith 200 West Street New York, NY 10282 Age: 49	Secretary	Since 2023	Managing Director, Goldman Sachs (September 2022 – Present); General Counsel, Exchange Traded Concepts, LLC (October 2021 – September 2022); Vice President, Goldman Sachs (August 2011 – October 2021); Associate General Counsel, Goldman Sachs (December 2014 – Present); Assistant General Counsel, Goldman Sachs (August 2011 – December 2014); Vice President and Counsel, Nomura Holding America, Inc. (2010 – 2011); and Associate, Simpson Thacher & Bartlett LLP (2005 – 2010). Secretary — Goldman Sachs Variable Insurance Trust; (previously Assistant Secretary (2022)); Goldman Sachs Trust (previously Assistant Secretary (2022)); Goldman Sachs Trust II (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust II; (previously Assistant Secretary (2022)); and Goldman Sachs Real Estate Diversified Income Fund (previously Assistant Secretary (2022)).

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹	Information is provided as of December 31, 2023.

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

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2023, 3.31% and 8.99% of the dividends paid from net investment company taxable income by the Multi-Strategy Alternatives Portfolio and Trend Driven Allocation Fund, respectively, qualify for the dividends received deduction available to corporations.

For the year ended December 31, 2023, the Multi-Strategy Alternatives Portfolio has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the Multi-Strategy Alternatives Portfolio from sources within foreign countries and possessions of the United States was $0.0275 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the Portfolio during the year ended December 31, 2023 from foreign sources was 6.91%. The total amount of foreign taxes paid by the Portfolio was $0.0039 per share.

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham* Cheryl K. Beebe* James A. McNamara Dwight L. Bush Lawrence W. Stranghoener* Kathryn A. Cassidy Paul C. Wirth John G. Chou *Effective January 1, 2024 Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes* Joseph F. DiMaria, Principal Financial Officer, John F. Killian* Principal Accounting Officer and Treasurer Steven D. Krichmar* Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser 200 West Street, New York New York 10282 Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns. The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov. The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice. Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. Fund holdings and allocations shown are as of December 31, 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. References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark. The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust Funds. © 2024 Goldman Sachs. All rights reserved. VITFOFAR-24/356416-OTU-1966361

Goldman Sachs Variable Insurance Trust Goldman Sachs Government Money Market Fund Annual Report December 31, 2023

Goldman Sachs Government Money Market Fund


TABLE OF CONTENTS

Fund Basics			1

Schedule of Investments			6

Financial Statements			11

Financial Highlights			14

Notes to Financial Statements			15

Report of Independent Registered Public Accounting Firm			21

Other Information			22

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 bank account or 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 is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

INVESTMENT OBJECTIVE

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Government Money Market Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

The Fund’s Institutional Shares’ standardized 7-day current yield was 5.25% and their standardized 7-day effective yield was 5.38% as of December 31, 2023. The Institutional Shares’ one-month simple average yield was 5.25% as of December 31, 2023. The Institutional Shares’ 7-day distribution yield as of December 31, 2023 was 5.27%.

The Fund’s Service Shares’ standardized 7-day current yield was 5.00% and their standardized 7-day effective yield was 5.12% as of December 31, 2023. The Service Shares’ one-month simple average yield was 5.00% as of December 31, 2023. The Service Shares’ 7-day distribution yield as of December 31, 2023 was 5.02%.

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

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

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

During the Reporting Period, the money markets were most influenced by Federal Reserve (“Fed”) policy and the outlook for the U.S. economy.

In the first quarter of 2023, when the Reporting Period began, the Fed continued tightening monetary policy, raising the targeted federal funds (“fed funds”) rate twice—by 25 basis points in both February and March. (A basis point is 1/100th of a percentage point.) In mid-March, Silicon Valley Bank and Signature Bank failed, marking the largest U.S. regional bank failure since the 2008 financial crisis. That same month, the Swiss government brokered a deal for UBS to purchase Credit Suisse, which was on the brink of collapse. During the quarter overall, a tight labor market and firm inflation supported the U.S. dollar, though economic growth headwinds from tighter financial and credit conditions led to dovish monetary policy expectations, weighing on the currency. (Dovish tends to suggest lower interest rates; opposite of hawkish.)

In the second quarter of 2023, the Fed raised the fed funds rate by another 25 basis points at its May policy meeting and signaled a willingness to pause on further rate actions, as U.S. inflation had started to moderate. Also in May, First Republic Bank was seized by the Federal Deposit Insurance Corporation and sold to JPMorgan Chase. In early June, the resolution of U.S. debt ceiling negotiations, coupled with the easing of banking sector stress, improved investor sentiment overall. Fed policymakers left interest rates unchanged at their June meeting, though Fed Chair Jerome Powell suggested hiking rates “at consecutive meetings is not off the table.” The Fed’s June dot plot showed a median projection of two additional rate hikes in 2023. (The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.)

During the third quarter of 2023, Fed officials hiked the fed funds rate by an additional 25 basis points at their July policy meeting but remained on hold at their September meeting. Resilient U.S. economic data and market expectations that policy rates would stay higher for longer pushed up the 10-year U.S. Treasury yield, which hit 4.63% on September 27th—its highest level since 2007. In August, Fitch Ratings downgraded long-term U.S. sovereign debt from AAA to AA+, reflecting U.S. governance and medium-term fiscal challenges. Subsequently, Moody’s Investors Service took ratings action on 27 U.S. banks in response to profitability concerns, low regulatory capital among regional banks compared to larger banks and global peers, and potential losses on loans (particularly for those with large commercial real estate exposure). The U.S. labor market remained strong, continuing to make progress toward rebalancing itself from pandemic-era extremes. Inflation eased overall, but there was a reacceleration in some key components. Nevertheless, the U.S. remained on a disinflationary path, supporting market expectations that the Fed may have reached the end of its current interest rate hiking cycle.

The fourth quarter of 2023 marked an important inflection point. In October, U.S. Treasury yields rose to multi-year highs, with the 10-year U.S. Treasury yield briefly breaching 5% for the first time since 2007. The increase was driven, in our view, by better than previously anticipated U.S. economic growth prospects, which dampened market expectations for Fed interest rate cuts in 2024. The

Fed left the fed funds rate unchanged in October, as tighter financial conditions, led by higher long-term interest rates, alleviated the need, as determined by the Fed, for further policy tightening. November 2023 saw the greatest easing of U.S. financial conditions in any month during the previous 40 years. The easing was largely the result of a significant drop in interest rates, with the 10-year U.S. Treasury yield falling approximately 51 basis points during the month. Weaker inflation data and ongoing disinflation trends suggested the Fed might have reached the peak of its monetary policy tightening cycle. At their November meeting, Fed policymakers left the fed funds rate unchanged in a range between 5.25% and 5.50%. At its December meeting, the Fed again left the target range for the fed funds rate unchanged. Meeting minutes indicated that Fed policymakers viewed the fed funds rate as “likely at or near its peak for this tightening cycle.” There were also comments in the minutes on inflation progress to date and the Fed’s inflation outlook, risks to economic growth from keeping rates too high, and how long the policy rate might need to remain restrictive. Perhaps most significantly, the Fed indicated that three interest rate cuts were possible in 2024.

In this environment, the yields of taxable money market funds increased. Investments in U.S. taxable money market funds rose during the Reporting Period, from approximately $4.5 trillion to $5.7 trillion, according to iMoneyNet. U.S. tax-exempt money market fund investments increased during the Reporting Period from $108 billion to $122 billion, according to iMoneyNet.

Yields rose along the money market yield curve, as the Fed raised the fed funds rate and tightened monetary policy. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.) That said, the money market yield curve inverted during the Reporting Period. (In an inverted yield curve, shorter-term yields are higher than longer-term yields.) At the start of the Reporting Period, six-month and one-year yields were modestly above that of the very front-end, or short-term end, of the curve. As the Reporting Period progressed, the middle segment of the yield curve rose well above the one-year segment, though this inversion eased slightly toward the end of the Reporting Period.

Money market funds overall remained a viable investment for investors seeking stability, liquidity and yield amid ongoing uncertainty and elevated volatility in the financial markets broadly.

During the Reporting Period, the Securities & Exchange Commission (“SEC”) adopted changes to the rules that govern money market funds. While some of these changes have already taken effect, the remaining changes will take effect either by April 2, 2024 or October 2, 2024.

1. Effective October 2, 2023, institutional and retail money market funds were no longer permitted to temporarily restrict redemptions (a “redemption gate”) and/or impose a liquidity fee on redemptions (up to 2%) if the applicable fund’s portfolio liquidity fell below the required minimums. Government money market funds are exempt from requirements relating to these redemption gates and/or liquidity fees.

2. Effective April 2, 2024, institutional and retail money market funds will be permitted to impose a discretionary liquidity fee on redemptions (up to 2%), if the applicable fund’s board of trustees (or its delegate) determines that it is in the best interests of the fund to do so. Government money market funds will continue to be exempt from requirements relating to these discretionary liquidity fees. Institutional and retail money market funds may choose to rely on this modified discretionary liquidity fee framework prior to April 2, 2024.

3. Effective April 2, 2024, all money market funds will be required to increase their minimum levels of daily and weekly liquid assets from 10% and 30%, respectively, to 25% and 50%, respectively.

4. Effective October 2, 2024, institutional money market funds will be required to impose a mandatory liquidity fee on redemptions, if the applicable fund experiences total daily net redemptions that exceed 5% of net assets, unless the fee is de minimis (i.e., less than 1 basis point of the value of the shares redeemed). Government and retail money market funds will be exempt from these requirements.

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

The Fund’s yields increased during the Reporting Period, largely because of the economic and market factors discussed above. The Fund remained highly liquid throughout.

The Fund continued to be flexibly guided by shifting marketing conditions, and we positioned the Fund to seek to take advantage of the Fed’s monetary policy. During the Reporting Period, the Fund’s positioning along the money market yield curve and in specific securities was predicated on market expectations around interest rates and Fed rate hikes and/or pauses in the near term. The overall strategy of the Fund shifted as the Reporting Period progressed from shorter weighted average maturities and weighted average life to longer weighted average maturities and weighted average life, as we sought to take advantage of the gradually shifting monetary policy actions of the Fed.

Indeed, duration management and positioning play a key role in our management philosophy. (Duration is a measure of a fund’s sensitivity to changes in interest rates.) That said, it should be noted that regardless of interest rate conditions, we manage the Fund consistently. Our investment approach has always been tri-fold—to seek preservation of capital, daily liquidity and maximization of yield potential. We manage interest, liquidity and credit risk daily. Whether interest rates are historically low, high or in-between, we intend to continue to use our actively managed approach to provide the best possible return within the framework of the Fund’s guidelines and objectives.

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

On December 31, 2022, the Fund’s weighted average maturity was 6 days. At any given time, the Fund’s decisions around weighted average maturity positioning are based on how market interest rates compare with our near-term expectations, including supply dynamics and monetary policy. At the end of the Reporting Period, the Fund’s weighted average maturity was 51 days. Lengthening weighted average maturities, albeit within historical ranges, during the Reporting Period was additive to Fund performance overall given the slowing rate increases and then pauses of the Fed—and as easing began to be priced into the market.

Throughout the Reporting Period, we focused on U.S. government agency repurchase agreements, U.S. Treasuries, U.S. government agency securities, U.S. Treasury repurchase agreements and floating rate, or variable rate, demand notes when and where we saw what we considered to be attractive opportunities. The Fund primarily held instruments with an effective maturity of one year or less.

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

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

During the Reporting Period, we managed the weighted average life of the Fund between 39 days and 116 days. The weighted average life of the Fund was 40 days as of December 31, 2022 and was 113 days on December 31, 2023. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

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

How was the Fund invested during the Reporting Period?

The Fund had investments in U.S. government agency repurchase agreements, U.S. Treasury securities, U.S. government agency securities, U.S. Treasury repurchase agreements and floating rate, or variable rate, demand notes during the Reporting Period.

Adding most to Fund performance during the Reporting Period tended to be its floating rate exposure and its overnight repurchase agreement positions—as well as its shorter duration position, especially during the first half of the Reporting Period when rates were rising more significantly. Conversely, the Fund’s fixed rate positions, albeit a modest percentage of Fund assets, detracted from performance during the Reporting Period.

Throughout, we stayed true to our investment discipline, favoring liquidity and high quality credits over added yield. The primary focal points for our team are consistently managing interest rate risk and credit risk. We were able to navigate interest rate risk by adjusting the Fund’s weighted average maturity longer or shorter as market conditions shifted and to mitigate potential credit risk by buying high quality, creditworthy names, strategies which added to the Fund’s performance during the Reporting Period. Throughout the Reporting Period, we managed the Fund’s allocations to different sub-sectors of the money market depending on their relative value. We also adapted a flexible approach to our duration management and positioning so that we could take advantage of opportunities wherever they may arise.

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

We made adjustments to the Fund’s weighted average maturity, weighted average life and specific security type composition allocations based on then-current market conditions, our near-term view, and anticipated and actual Fed monetary policy statements. As interest rates were rising, we tended to focus on Treasury floating rate securities and shorter-duration securities, when applicable. Then, as Fed statements and economic data shifted, we changed our allocation strategy for the Fund accordingly. More specifically, later in the Reporting Period, we extended the Fund’s weighted average maturity and weighted average life to extend the Fund’s duration positioning given our shifting outlook on interest rates. We implemented this strategy by reducing the Fund’s allocation to Treasury floating rate securities and overnight repurchase agreements.

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

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

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

At the end of the Reporting Period, with inflationary pressures subsiding, U.S. economic data had begun to support the possibility of a soft landing. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.) In our view, the Fed had reached an inflection point with respect to policy rates, and we believed it was likely the Fed would begin to lower rates in the first half of 2024.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Obligations – 18.4%

Federal Farm Credit Banks Funding Corp.
$	400,000		4.947	%	01/12/24	$	399,432
Federal Farm Credit Banks Funding Corp. (FEDL01 + 0.075%)
	1,300,000		5.412	^(a)	09/13/24		1,299,331
Federal Farm Credit Banks Funding Corp. (FEDL01 + 0.140%)
	700,000		5.470	^(a)	09/17/24		699,995
	200,000		5.472	^(a)	11/14/24		199,966
	751,000		5.473	^(a)	05/19/25		750,678
Federal Farm Credit Banks Funding Corp. (FEDL01 + 0.150%)
	1,040,000		5.480	^(a)	09/26/25		1,040,000
Federal Farm Credit Banks Funding Corp. (FEDL01 + 0.155%)
	1,728,000		5.485	^(a)	06/27/25		1,728,000
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.000%)
	1,818,000		5.501	^(a)	03/22/24		1,817,921
	1,200,000		5.501	^(a)	01/24/25		1,199,939
	2,078,000		5.500	^(a)	07/28/25		2,078,000
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.005%)
	1,585,000		5.495	^(a)	02/10/25		1,584,949
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.020%)
	1,514,000		5.480	^(a)	09/08/25		1,514,000
Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.040%)
	1,768,000		5.460	^(a)	06/18/25		1,768,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.060%)
	500,000		5.467	^(a)	04/29/24		499,854
	500,000		5.469	^(a)	07/22/24		499,726
Federal Farm Credit Banks Funding Corp. (SOFR + 0.090%)
	946,000		5.490	^(a)	03/07/25		946,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.110%)
	3,842,000		5.510	^(a)	03/11/25		3,842,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.115%)
	993,000		5.515	^(a)	12/03/24		993,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.125%)
	2,690,000		5.525	^(a)	02/04/25		2,690,000
	1,043,000		5.525	^(a)	02/10/25		1,043,000
	5,863,000		5.525	^(a)	03/24/25		5,863,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.130%)
	1,561,000		5.530	^(a)	08/13/25		1,561,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.135%)
	1,654,000		5.535	^(a)	04/29/25		1,654,103
	850,000		5.535	^(a)	06/03/25		850,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.140%)
	1,978,000		5.542	^(a)	11/26/24		1,977,487
	1,781,000		5.543	^(a)	11/26/24		1,780,538
	2,699,000		5.540	^(a)	08/22/25		2,699,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.145%)
	2,117,000		5.545	^(a)	04/28/25		2,117,000
	686,000		5.545	^(a)	06/27/25		686,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.150%)
	1,173,000		5.550	^(a)	01/03/25		1,173,000
	807,000		5.550	^(a)	02/14/25		807,000
	1,661,000		5.550	^(a)	05/27/25		1,661,000
	2,003,000		5.550	^(a)	12/15/25		2,003,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.155%)
	2,100,000		5.555	^(a)	04/05/24		2,099,989
	2,482,000		5.555	^(a)	02/10/25		2,482,000
	1,989,000		5.556	^(a)	09/15/25		1,988,831
	3,220,000		5.555	^(a)	11/28/25		3,220,000
	2,463,000		5.555	^(a)	12/01/25		2,463,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Obligations – (continued)

Federal Farm Credit Banks Funding Corp. (SOFR + 0.160%)
$	476,000		5.560	%^(a)	01/30/25	$	476,000
	768,000		5.560	^(a)	04/10/25		768,000
	2,306,000		5.560	^(a)	07/21/25		2,306,000
	3,323,000		5.560	^(a)	08/04/25		3,323,000
	756,000		5.560	^(a)	10/27/25		756,000
	1,554,000		5.560	^(a)	11/03/25		1,554,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.165%)
	2,871,000		5.565	^(a)	06/27/24		2,870,945
	3,442,000		5.565	^(a)	02/06/25		3,442,000
	5,626,000		5.565	^(a)	08/14/25		5,626,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.170%)
	1,909,000		5.570	^(a)	01/23/25		1,909,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.180%)
	4,300,000		5.580	^(a)	10/16/24		4,300,000
	2,350,000		5.578	^(a)	12/19/24		2,350,187
	2,100,000		5.580	^(a)	12/19/24		2,100,168
	2,500,000		5.580	^(a)	01/03/25		2,500,000
	5,337,000		5.580	^(a)	01/17/25		5,337,000
	4,794,000		5.580	^(a)	03/07/25		4,794,000
	784,000		5.577	^(a)	04/28/25		784,282
Federal Farm Credit Banks Funding Corp. (SOFR + 0.190%)
	2,400,000		5.590	^(a)	11/25/24		2,400,000
	5,300,000		5.590	^(a)	12/27/24		5,300,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.195%)
	1,804,000		5.595	^(a)	06/02/25		1,804,000
Federal Farm Credit Banks Funding Corp. (SOFR + 0.200%)
	427,000		5.595	^(a)	12/05/24		427,257
Federal Home Loan Bank
	1,490,000		4.945		01/12/24		1,487,883
	3,857,000		5.059		02/06/24		3,838,659
	65,000		5.060		02/06/24		64,691
	4,212,000		5.070		02/06/24		4,191,971
	4,000,000		5.092		02/08/24		3,979,818
	2,035,000		5.093		02/09/24		2,024,462
	18,400,000		5.340		04/23/24		18,400,000
	2,980,000		5.407		04/25/24		2,930,347
	4,324,000		5.422		04/25/24		4,251,954
	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		07/30/24		9,800,000
	8,260,000		5.550		08/12/24		8,260,000
	8,220,000		5.620		08/26/24		8,220,000
	1,750,000		5.245		10/25/24		1,678,656
	1,750,000		5.243		10/31/24		1,677,293
Federal Home Loan Bank (SOFR + 0.060%)
	200,000		5.469	^(a)	07/01/24		199,901
Federal Home Loan Bank (SOFR + 0.075%)
	400,000		5.480	^(a)	03/01/24		399,954
Federal Home Loan Bank (SOFR + 0.095%)
	9,345,000		5.495	^(a)	03/13/25		9,345,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Government Agency Obligations – (continued)

Federal Home Loan Bank (SOFR + 0.115%)
$	4,910,000		5.515	%^(a)	11/06/24	$	4,910,000
Federal Home Loan Bank (SOFR + 0.120%)
	4,755,000		5.520	^(a)	01/03/25		4,755,000
	9,465,000		5.520	^(a)	04/17/25		9,465,000
Federal Home Loan Bank (SOFR + 0.125%)
	4,755,000		5.525	^(a)	02/03/25		4,755,000
	4,045,000		5.525	^(a)	03/24/25		4,045,000
	1,895,000		5.525	^(a)	05/28/25		1,895,000
Federal Home Loan Bank (SOFR + 0.130%)
	9,145,000		5.530	^(a)	05/09/25		9,145,000
Federal Home Loan Bank (SOFR + 0.135%)
	4,755,000		5.535	^(a)	05/02/25		4,755,000
Federal Home Loan Bank (SOFR + 0.140%)
	4,735,000		5.540	^(a)	08/25/25		4,735,000
Federal Home Loan Bank (SOFR + 0.150%)
	3,600,000		5.550	^(a)	02/23/24		3,600,000
	5,185,000		5.550	^(a)	05/28/25		5,185,000
	5,085,000		5.550	^(a)	06/06/25		5,085,000
	470,000		5.550	^(a)	09/02/25		470,000
Federal Home Loan Bank (SOFR + 0.155%)
	4,575,000		5.555	^(a)	07/08/25		4,575,000
	6,495,000		5.555	^(a)	08/21/25		6,495,000
	4,325,000		5.555	^(a)	08/22/25		4,325,000
	3,320,000		5.555	^(a)	09/26/25		3,320,000
	2,365,000		5.555	^(a)	11/14/25		2,365,000
	3,850,000		5.555	^(a)	12/08/25		3,850,000
Federal Home Loan Bank (SOFR + 0.160%)
	4,000,000		5.560	^(a)	02/03/25		4,000,000
	7,980,000		5.560	^(a)	07/10/25		7,980,000
	6,790,000		5.560	^(a)	07/14/25		6,790,000
	2,920,000		5.560	^(a)	07/25/25		2,920,000
	1,785,000		5.560	^(a)	08/08/25		1,785,000
Federal Home Loan Bank (SOFR + 0.165%)
	4,010,000		5.565	^(a)	01/17/25		4,010,000
Federal Home Loan Bank (SOFR + 0.190%)
	14,400,000		5.590	^(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
	9,894,000		5.600		07/31/24		9,894,000
U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.000%)
	550,000		5.520	^(a)	09/15/26		550,000
	1,875,000		5.520	^(a)	03/15/30		1,875,000
	3,131,798		5.520	^(a)	12/15/33		3,131,798


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	468,187,965



U.S. Treasury Obligations – 22.5%

United States Treasury Bills
	7,972,200		5.392		01/18/24		7,952,304
	17,667,000		5.457		01/25/24		17,604,454
	334,600		5.458		01/25/24		333,415
	267,500		5.459		01/25/24		266,553
	152,700		5.460		01/25/24		152,159
	731,900		5.462		01/25/24		729,309
	11,053,400		5.473		02/01/24		11,002,716
	2,339,100		5.527		02/13/24		2,324,139


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations – (continued)

$	2,334,400		5.387	%	02/20/24	$	2,317,314
	2,527,700		5.506		02/27/24		2,506,346
	869,100		5.508		02/27/24		861,758
	4,279,800		5.580		04/04/24		4,220,125
	853,500		5.421		04/09/24		841,201
	431,800		5.558		04/11/24		425,342
	1,279,700		5.566		04/11/24		1,260,560
	1,599,600		5.571		04/11/24		1,575,675
	2,849,700		5.379		04/16/24		2,805,983
	620,400		5.384		04/16/24		610,882
	4,317,700		5.394		04/16/24		4,251,462
	1,118,100		5.399		04/16/24		1,100,947
	810,500		5.389		04/23/24		797,221
	731,700		5.395		04/23/24		719,712
	48,670,600		5.400		04/23/24		47,873,168
	24,320,600		5.564		04/25/24		23,906,897
	2,803,600		5.379	^(b)	04/30/24		2,755,320
	70,991,600		5.390	^(b)	04/30/24		69,769,076
	7,024,400		5.558		05/02/24		6,897,344
	232,700		5.480		05/09/24		228,319
	4,807,200		5.483		05/09/24		4,716,694
	360,900		5.490		05/09/24		354,105
	3,163,200		5.494		05/09/24		3,103,646
	50,012,600		5.354		06/20/24		48,793,918
	80,000,000		5.301		06/27/24		77,990,578
	4,200,400		5.421		10/31/24		4,019,071
	1,280,600		5.432		10/31/24		1,225,317
	2,019,500		5.452		10/31/24		1,932,319
	12,000,000		5.506		10/31/24		11,481,967
	5,142,000		4.890		11/29/24		4,908,970
	1,163,500		5.195		11/29/24		1,110,771
	45,000,000		5.282		11/29/24		42,960,651
	44,990,000		4.899		12/26/24		42,922,709
United States Treasury Floating Rate Note
	3,750,400		5.174		11/15/24		3,658,235
	419,500		5.182		11/15/24		403,763
	1,240,500		5.184		11/15/24		1,210,015
	890,400		5.225		11/15/24		856,999
	445,000		5.243		11/15/24		428,307
	1,636,400		4.994		11/30/24		1,595,072
	1,408,200		5.135		12/15/24		1,354,776
	5,142,100		4.805		12/31/24		5,103,882
	939,500		5.064		12/31/24		932,517
	1,644,100		5.066		12/31/24		1,631,880
	1,168,900		5.069		12/31/24		1,160,212
	1,644,100		5.070		12/31/24		1,631,880
	1,168,900		5.072		12/31/24		1,131,416
	1,873,000		5.073		12/31/24		1,841,733
	704,100		5.074		12/31/24		698,867
	701,300		5.076		12/31/24		678,811
	938,800		5.083		12/31/24		911,000
	352,100		5.084		12/31/24		349,483
	2,348,800		5.089		12/31/24		2,331,343
	1,174,400		5.109		12/31/24		1,165,671
	4,675,400		5.113		12/31/24		4,640,650
	3,039,200		5.115		12/31/24		2,976,296
	935,200		5.121		12/31/24		905,210


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

U.S. Treasury Obligations – (continued)

United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.037%)
$	4,639,400		5.367	%^(a)	07/31/24	$	4,639,751
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%)
	29,438,000		5.461	^(a)	07/31/25		29,412,366
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.169%)
	14,809,000		5.500	^(a)	04/30/25		14,808,419
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%)
	849,100		5.499	^(a)	10/31/25		847,927
	20,970,700		5.509	^(a)	10/31/25		20,941,714


TOTAL U.S. TREASURY OBLIGATIONS						$	569,858,612


TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	1,038,046,577



Repurchase Agreements^(c)– 60.4%

Bank of America, NA
	19,000,000		5.690		04/17/24	$	19,000,000
Maturity Value: $19,549,559
Settlement Date: 10/17/23
Collateralized by Federal National Mortgage Association, 3.500%, due 03/01/45. The market value of the collateral, including accrued interest, was $19,570,000.
	8,000,000		5.660		04/19/24	$	8,000,000
Maturity Value: $8,228,916
Settlement Date: 10/20/23
Collateralized by Federal National Mortgage Association, 3.000% to 3.500%, due 03/01/45 to 08/01/46. The aggregate market value of the collateral, including accrued interest, was $8,240,000.

BNP Paribas
	7,000,000		5.250	^(d)	01/07/24	$	7,000,000
Maturity Value: $7,185,792
Settlement Date: 12/15/23
Collateralized by a U.S. Treasury Inflation-Indexed Bond, 1.000%, due 02/15/48, a U.S. Treasury Inflation-Indexed Note, 0.500%, due 04/15/24, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/42 to 08/15/46 and a U.S. Treasury Note, 3.625%, due 03/31/30. The aggregate market value of the collateral, including accrued interest, was $7,140,050.
	10,000,000		5.260	^(d)	01/07/24	$	10,000,000
Maturity Value: $10,265,922
Settlement Date: 12/15/23
Collateralized by Federal National Mortgage Association, 3.000%, due 09/01/51, Government National Mortgage Association, 4.000%, due 04/20/52 and U.S. Treasury Notes, 4.125% to 4.375%, due 08/15/26 to 08/31/30. The aggregate market value of the collateral, including accrued interest, was $10,299,818.
	8,600,000		5.490	^(d)	01/07/24	$	8,600,000
Maturity Value: $8,840,004
Settlement Date: 08/30/23
Collateralized by Government National Mortgage Association, 4.000%, due 04/20/52 and a U.S. Treasury Note, 4.125%, due 08/31/30. The aggregate market value of the collateral, including accrued interest, was $8,857,832.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Fixed Income Clearing Corp.
$	9,000,000		5.310	%	01/02/24	$	9,000,000
Maturity Value: $9,005,310
Settlement Date: 12/29/23
Collateralized by a U.S. Treasury Note, 0.250%, due 07/31/25. The market value of the collateral, including accrued interest, was $9,180,000.
	35,000,000		5.330		01/02/24	$	35,000,000
Maturity Value: $35,020,728
Settlement Date: 12/29/23
Collateralized by a U.S. Treasury Bill, 4.500%, due 07/15/26. The market value of the collateral, including accrued interest, was $35,700,000.

Joint Account III
	1,328,400,000		5.350		01/02/24	$	1,328,400,000
Maturity Value: $1,329,189,686
Settlement Date: 12/29/23

Royal Bank of Canada
	10,000,000		5.240	^(d)	01/07/24	$	10,000,000
Maturity Value: $10,263,456
Settlement Date: 12/15/23
Collateralized by Federal Home Loan Mortgage Corp., 4.000%, due 04/01/52 and Federal National Mortgage Association, 4.000% to 6.000%, due 09/01/52 to 09/01/53. The aggregate market value of the collateral, including accrued interest, was $10,199,999.
	10,000,000		5.270	^(d)	01/07/24	$	10,000,000
Maturity Value: $10,260,572
Settlement Date: 12/19/23
Collateralized by Federal Home Loan Mortgage Corp., 4.000%, due 04/01/52 and Federal National Mortgage Association, 4.500% to 6.000%, due 09/01/48 to 09/01/53. The aggregate market value of the collateral, including accrued interest, was $10,200,000.
	17,000,000		5.500	^(d)	01/07/24	$	17,000,000
Maturity Value: $17,472,695
Settlement Date: 09/07/23
Collateralized by Federal Home Loan Mortgage Corp., 4.000%, due 04/01/52 and Federal National Mortgage Association, 3.500% to 4.000%, due 09/01/45 to 08/01/59. The aggregate market value of the collateral, including accrued interest, was $17,340,002.
	17,000,000		5.500	^(d)	01/07/24	$	17,000,000
Maturity Value: $17,470,097
Settlement Date: 09/08/23
Collateralized by Federal Home Loan Mortgage Corp., 4.000%, due 04/01/52 and Federal National Mortgage Association, 2.500% to 5.500%, due 10/01/45 to 03/01/53. The aggregate market value of the collateral, including accrued interest, was $17,340,001.
	17,200,000		5.500	^(d)	01/07/24	$	17,200,000
Maturity Value: $17,680,883
Settlement Date: 08/30/23
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.500%, due 04/01/33 to 08/01/53 and Federal National Mortgage Association, 2.000% to 6.000%, due 10/01/45 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $17,543,998.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost

Repurchase Agreements^(c)– (continued)

Royal Bank of Canada – (continued)
$	17,200,000		5.500	%^(d)	01/07/24	$	17,200,000
Maturity Value: $17,678,256
Settlement Date: 08/31/23
Collateralized by Federal Home Loan Mortgage Corp., 4.000%, due 04/01/52 and Federal National Mortgage Association, 2.500% to 6.000%, due 10/01/45 to 09/01/62. The aggregate market value of the collateral, including accrued interest, was $17,544,001.

Wells Fargo Securities, LLC
	15,000,000		5.360		01/04/24	$	15,000,000
Maturity Value: $15,015,633
Settlement Date: 12/28/23
Collateralized by Federal National Mortgage Association, 6.000%, due 10/01/53. The market value of the collateral, including accrued interest, was $15,450,000.
	5,000,000		5.430		03/22/24	$	5,000,000
Maturity Value: $5,070,138
Settlement Date: 12/20/23
Collateralized by Federal National Mortgage Association, 6.000%, due 10/01/53. The market value of the collateral, including accrued interest, was $5,150,001.


TOTAL REPURCHASE AGREEMENTS						$	1,533,400,000


TOTAL INVESTMENTS – 101.3%						$	2,571,446,577


LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)%							(33,356,666)


NET ASSETS – 100.0%						$	2,538,089,911



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 December 31, 2023.
(b)		All or a portion represents a forward commitment.
(c)		Unless noted, all repurchase agreements were entered into on December 31, 2023. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.
(d)		The instrument is subject to a demand feature. Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

		Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.



Investment Abbreviations:
FEDL01		—US Federal Funds Effective Rate

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III— At December 31, 2023, the Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of January 2, 2024, as follows:


Fund	Principal Amount	Maturity Value		Collateral Value Allocation

Government Money Market Fund	$1,328,400,000		$1,329,189,686		$1,365,566,224

REPURCHASE AGREEMENTS— At December 31, 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.		5.360%		$241,527,273

Bank of America, N.A.		5.350		241,527,273

Bank of Montreal		5.340		120,763,636

BofA Securities, Inc.		5.350		241,527,273

Credit Agricole Corporate and Investment Bank		5.340		96,610,909

Wells Fargo Securities, LLC		5.350		386,443,636

Total				$1,328,400,000

At December 31, 2023, the Joint Repurchase Agreement Account III was fully collateralized by:


Issuer	Interest Rate		Maturity Dates

Federal Home Loan Bank		4.250%		10/19/2038

Federal Home Loan Mortgage Corp.		3.000% to 6.500		08/01/46 to 02/01/53

Federal National Mortgage Association		2.000 to 7.000		08/01/33 to 12/01/53

Government National Mortgage Association		2.000 to 7.500		12/20/26 to 12/20/53

U.S. Treasury Bills		–		3/12/24 to 3/21/2024

U.S. Treasury Bonds		1.375		8/15/2050

U.S. Treasury Notes		0.375 to 4.875		05/15/26 to 05/15/32


	Goldman Sachs Government Money Market Fund

Assets:
Investments based on amortized cost	$	1,038,046,577
Repurchase agreements based on amortized cost		1,533,400,000
Cash		20,093,583
Receivables:
Fund shares sold		11,417,197
Interest		7,728,545
Investments sold		2,754,976
Reimbursement from investment adviser		128,333
Other assets		43,821

Total assets		2,613,613,032



Liabilities:
Payables:
Investments purchased		72,524,396
Fund shares redeemed		2,185,340
Management fees		343,439
Distribution and Service fees and Transfer Agency fees		208,000
Accrued expenses		261,946

Total liabilities		75,523,121


Net Assets:
Paid-in Capital		2,538,020,167
Total distributable earnings (loss)		69,744

NET ASSETS	$	2,538,089,911


Net asset value, offering and redemption price per share	$	1.00
Net Assets:
Institutional Shares	$	1,756,706,849
Service Shares		781,383,062
Total Net Assets	$	2,538,089,911
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional Shares		1,756,658,468
Service Shares		781,361,680


	Goldman Sachs Government Money Market Fund

Investment income:
Interest income	$	118,175,520


Expenses:

Management fees		3,676,946

Distribution and Service fees—Service Shares		1,889,792

Transfer Agency fees^(a)		459,577

Printing and mailing costs		345,411

Shareholder meeting expense		96,216

Professional fees		95,446

Custody, accounting and administrative services		87,756

Trustee fees		24,523

Other		39,513

Total expenses		6,715,180

Less — expense reductions		(500,726	)

Net expenses		6,214,454

NET INVESTMENT INCOME		111,961,066



Net realized gain from investment transactions		316,911

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	112,277,977

(a)

Institutional and Service Shares incurred Transfer Agency fees of $308,405 and $151,172, respectively.


	Goldman Sachs Government Money Market Fund^.
	For the Fiscal Year Ended December 31, 2023			For the Fiscal Year Ended December 31, 2022

From operations:

Net investment income	$	111,961,066		$	27,763,477

Net realized gain (loss) from investment transactions		316,911			(219,781	)


Net increase in net assets resulting from operations		112,277,977			27,543,696



Distributions to shareholders:

From distributable earnings:

Institutional Shares		(76,620,390	)		(18,642,223	)

Service Shares		(35,577,989	)		(8,911,722	)


Total distributions to shareholders		(112,198,379	)		(27,553,945	)



From share transactions (at $1.00 per share):

Proceeds from sales of shares		2,274,304,705			2,307,084,458

Reinvestment of distributions		111,955,715			27,550,932

Cost of shares redeemed		(2,361,010,400	)		(846,623,441	)


Net increase in net assets resulting from share transactions		25,250,020			1,488,011,949


TOTAL INCREASE		25,329,618			1,488,001,700



Net Assets:

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


End of year	$	2,538,089,911		$	2,512,760,293


	Goldman Sachs Government Money Market Fund

	Institutional Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

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


Net investment income^(a)			0.050				0.016				–	^(b)			0.004				0.021

Distributions to shareholders from net investment income^(c)			(0.050	)			(0.016	)			–	^(b)			(0.004	)			(0.021	)


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


Total Return^(d)			5.05	%			1.58	%			0.01	%			0.43	%			2.11	%


Net assets, end of year (in 000’s)		$	1,756,707			$	1,834,293			$	523,751			$	582,216			$	363,783

Ratio of net expenses to average net assets			0.19	%			0.17	%			0.09	%			0.18	%			0.18	%

Ratio of total expenses to average net assets			0.21	%			0.20	%			0.21	%			0.20	%			0.21	%

Ratio of net investment income to average net assets			4.96	%			1.92	%			–	%^(e)			0.35	%			2.06	%

(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.

(e)

Amount is less than 0.005%.


	Goldman Sachs Government Money Market Fund

	Service Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

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


Net investment income^(a)			0.047				0.014				–	^(b)			0.003				0.018

Distributions to shareholders from net investment income^(c)			(0.047	)			(0.014	)			–	^(b)			(0.003	)			(0.018	)


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


Total Return^(d)			4.79	%			1.37	%			0.01	%			0.27	%			1.86	%


Net assets, end of year (in 000’s)		$	781,383			$	678,468			$	501,008			$	579,416			$	350,112

Ratio of net expenses to average net assets			0.44	%			0.38	%			0.09	%			0.33	%			0.43	%

Ratio of total expenses to average net assets			0.46	%			0.45	%			0.46	%			0.45	%			0.46	%

Ratio of net investment income to average net assets			4.70	%			1.48	%			–	%^(e)			0.19	%			1.81	%

(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.

(e)

Amount is less than 0.005%.

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.

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The tax character of distributions paid during the fiscal year ended December 31, 2023 was as follows:


		Goldman Sachs Government Money Market Fund

Distributions paid from:

Ordinary Income		$ 112,198,379

The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:


		Goldman Sachs Government Money Market Fund

Distributions paid from:

Ordinary Income		$ 27,553,945

As of December 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:


			Goldman Sachs Government Money Market Fund

Undistributed ordinary income — net			$ 59,089

Undistributed long-term capital gains			10,732

Total undistributed earnings			$ 69,821

Unrealized gains (losses) — net			(77)

Total accumulated earnings (losses) — net			$ 69,744

For the period ended December 31, 2023, the Goldman Sachs Government Money Market Fund utilized $210,225 in Capital Loss Carryforwards.

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.

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is 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 December 31, 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/or Service (12b-1) Plans — The Trust, on behalf of the Service Shares of the Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.

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

D. Other Expense Agreements — GSAM has agreed to limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent that such expenses exceed, on an annual basis, 0.004% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This Other Expense limitation will remain in place through at least April 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 year ended December 31, 2023, these expense reductions, including any fee waiver and Other Expense reimbursements, were as follows:


Fund	Other Expense Reimbursements	Total Expense Reductions

Goldman Sachs Government Money Market Fund	$ 500,726	$ 500,726

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 fiscal year ended December 31, 2023			Contractual rate, if any			Ratio of net expenses to average net assets for the fiscal year ended December 31, 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		—			0.03			—			0.03


Total Annual Fund Operating Expenses					0.21						0.46


Other Reimbursements					(0.02	)					(0.02)



Net Expenses					0.19	%					0.44%

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.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended December 31, 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:


Fund	Purchases		Sales		Net Realized Gain/(Loss)


Goldman Sachs Government Money Market Fund	$	—	$	699,821	$	(179)

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

Interest Rate Risk — When interest rates increase, a 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 Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out current income, or minimize the volatility of the Fund’s NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments.

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

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.

6. IDEMNIFICATION

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

7. OTHER MATTERS

Exemptive Orders — Pursuant to SEC exemptive orders, the Funds may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust II and Goldman Sachs Trust, in July 2023, the Board voted to nominate Cheryl K. Beebe, John G. Chou, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. Messrs. Chou and Wirth and Ms. Dowling were serving as Trustees of the Trust at the time of their nominations. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees (except Messrs. Chou and Wirth and Ms. Dowling) was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024. Each of Messrs. Chou and Wirth and Ms. Dowling was also elected at the meeting and continue to serve as Trustees of the Trust.

8. SUBSEQUENT EVENTS

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

9. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Goldman Sachs Government Money Market Fund

	For the Fiscal Year Ended December 31, 2023			For the Fiscal Year Ended December 31, 2022



	Shares			Shares



Institutional Shares*

Shares sold		1,959,289,446			1,919,889,511

Reinvestment of distributions		76,375,080			18,639,420

Shares redeemed		(2,113,305,922	)		(627,979,771)



		(77,641,396	)		1,310,549,160



Service Shares*

Shares sold		315,015,259			387,194,947

Reinvestment of distributions		35,580,635			8,911,512

Shares redeemed		(247,704,478	)		(218,643,670)



		102,891,416			177,462,789



NET INCREASE IN SHARES		25,250,020			1,488,011,949

Valued at $1.00 per share.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Government Money Market Fund (one of the funds constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 15, 2024

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

Fund Expenses — Six Month Period Ended December 31, 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.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2023, through December 31, 2023, which represents a period of 184 days of a 365 day year.

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

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

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


	Goldman Sachs Variable Insurance Trust Government Money Market Fund
Share Class	Beginning Account Value 7/1/23		Ending Account Value 12/31/23		Expenses Paid for the 6 months ended 12/31/23*
Institutional Shares
Actual		$1,000.00		$1,026.50		$0.97
Hypothetical 5% return		1,000.00		1,024.25⁺		0.97
Service Shares
Actual		1,000.00		1,025.30		2.25
Hypothetical 5% return		1,000.00		1,022.99⁺		2.24

+	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.

The annualized net expense ratios for the period were as follows:


Fund	Institutional Shares	Service Shares
Goldman Sachs Variable Insurance Trust Government Money Market Fund	0.19%	0.44%

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Variable Insurance Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:


Proposal Election of Trustees	For	Withheld

Cheryl K. Beebe	932,148,752	26,776,872

John G. Chou	930,378,362	28,547,262

Eileen H. Dowling	932,188,448	26,737,175

Lawrence Hughes	932,346,926	26,578,698

John F. Killian	931,754,574	27,171,049

Steven D. Krichmar	932,002,203	26,923,420

Michael Latham	931,832,553	27,093,071

Lawrence W. Stranghoener	931,376,144	27,549,480

Paul C. Wirth	932,041,013	26,884,610

Trustees and Officers (Unaudited)

Independent Trustees



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Gregory G. Weaver Age: 72	Chair of the Board of Trustees	Since 2023 (Trustee since 2015)	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Chair of the Board of Trustees — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	Verizon Communications Inc.

Dwight L. Bush Age: 66	Trustee	Since 2020	The Honorable Dwight Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, he served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	MoneyLion, Inc. (an operator of a datadriven, digital financial platform)

Kathryn A. Cassidy Age: 69	Trustee	Since 2015	Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014- December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	Vertical Aerospace Ltd. (an aerospace and technology company)

John G. Chou Age: 67	Trustee	Since 2022	Mr. Chou is retired. Formerly, he was Executive Vice President and Special Advisor to the Chairman and CEO (2021-2022); Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017) of Cencora, Inc. (a pharmaceutical and healthcare company. Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	None

Joaquin Delgado Age: 63	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	Stepan Company (a specialty chemical manufacturer)

Trustees and Officers (Unaudited) (continued)

Independent Trustees



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Eileen H. Dowling Age: 61	Trustee	Since 2021	Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). As Managing Director, she held senior management positions, including Global Head of Global Consultant Relations (2017-2021), Multinational Corporations (2019-2021), the Institutional Product Group (2015-2019) and Institutional Marketing (2013-2016). Ms. Dowling was a member of the Global Operating Committee and Product Executive Committee of BlackRock. Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	None

Paul C. Wirth Age: 66	Trustee	Since 2022	Mr. Wirth is retired. He is Executive Advisor, My Next Season LLC (a career transition advisory firm) (2023 – Present) Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley. Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	None

Trustees and Officers (Unaudited) (continued)

Interested Trustee*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 61	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	192	None

¹	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Robert Griffith. Information is provided as of December 31, 2023.

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

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



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

James A. McNamara 200 West Street New York, NY 10282 Age: 61	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Robert Griffith 200 West Street New York, NY 10282 Age: 49	Secretary	Since 2023	Managing Director, Goldman Sachs (September 2022 – Present); General Counsel, Exchange Traded Concepts, LLC (October 2021 – September 2022); Vice President, Goldman Sachs (August 2011 – October 2021); Associate General Counsel, Goldman Sachs (December 2014 – Present); Assistant General Counsel, Goldman Sachs (August 2011 – December 2014); Vice President and Counsel, Nomura Holding America, Inc. (2010 – 2011); and Associate, Simpson Thacher & Bartlett LLP (2005 – 2010). Secretary—Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2022)); Goldman Sachs Trust (previously Assistant Secretary (2022)); Goldman Sachs Trust II (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust II (previously Assistant Secretary (2022)); and Goldman Sachs Real Estate Diversified Income Fund (previously Assistant Secretary (2022)).

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550.

¹	Information is provided as of December 31, 2023.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2023, the Government Money Market Fund designated 99.78% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

Goldman Sachs Variable Insurance Trust Goldman Sachs Core Fixed Income Fund Annual Report December 31, 2023

Goldman Sachs Variable Insurance Trust

∎ GOLDMAN SACHS CORE FIXED INCOME FUND

TABLE OF CONTENTS


Market Review			1

Schedule of Investments			8

Financial Statements			24

Financial Highlights			27

Notes to Financial Statements			29

Report of Independent Registered Public Accounting Firm			41

Other Information			42



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT OBJECTIVE

The Fund seeks a total return consisting of capital appreciation and income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fixed Income Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Core Fixed Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 6.08% and 5.83%, respectively. This compares to the 5.53% average annual total return of the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index (the “Bloomberg Index”), during the same time period.

What economic and market factors most influenced the U.S. fixed income market and the Fund during the Reporting Period?

During the Reporting Period, the U.S. fixed income market and Fund were most influenced by interest rate volatility, which was driven by market expectations for U.S. Federal Reserve (“Fed”) monetary policy, and investor optimism about the potential of an economic “soft landing.” (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

In the first quarter of 2023, when the Reporting Period began, the U.S. fixed income market broadly reflected optimism that the Fed might be nearing the end of its interest rate hiking cycle. Overall, signs of disinflation tempered investor fears of renewed aggressive monetary policy tightening, while economic reopening in China and abating recession risks in Europe supported the economic growth outlook. At the beginning of February, the Fed stepped down its pace of interest rate increases to 25 basis points from 50 basis points in December 2022 and 75 basis points at each of the four previous policy meetings prior to December. Fed policymakers also indicated they thought “ongoing” rate hikes would be appropriate, a modestly hawkish surprise. (A basis point is 1/100th of a percentage point. Hawkish tends to suggest higher interest rates; opposite of dovish.) Also in February, the release of unexpectedly strong U.S. economic and labor market data raised concerns about the “stickiness,” or persistence, of inflation, leading market participants to anticipate further monetary policy tightening. Bond prices fell amid a rise in interest rate volatility. The volatility continued into March as Fed Chair Powell opened the door to tighter Fed monetary policy, leading markets to reprice the terminal federal funds rate higher and for longer. The two-year U.S. Treasury yield rose in response, breaching 5% for the first time since 2007. The momentum reversed sharply in mid-March given a broad flight to quality that ensued amid U.S. and European banking stress, and short-term U.S. Treasury yields fell by more than 100 basis points, though the U.S. Treasury yield curve, or spectrum of maturities, remained inverted. (In 2022, before the Reporting Period started, the U.S. Treasury yield curve inverted between two-year and 10-year maturities, meaning two-year yields were higher than 10-year yields. Historically, an inverted U.S. Treasury yield curve often precedes an economic recession.) 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. 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 rate.

During the second quarter of 2023, bond yields were broadly volatile, fluctuating in response to sticky inflation data, signs of moderating economic growth, developments in the banking sector and concerns over tightening credit conditions. In May, the Fed raised the federal funds rate 25 basis points, with its continued hawkish language, along with political infighting related to the U.S. debt ceiling, driving up bond yields. Market conditions improved during June, as investors priced in the view the U.S. would avoid recession. 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.

July 2023 was a mixed month for U.S. fixed income overall, as spread, or non-government bond, sectors delivered strong performance and U.S. Treasury securities faltered amid continued Fed tightening. The Fed raised the federal funds rate by 25 basis points to a range between 5.25% and 5.50%, stating that incoming data would determine upcoming policy actions. During August, spread sectors broadly weakened amidst deteriorating risk sentiment, driven in part by investor concerns about China’s property market and worries about softening economic growth in Europe. Investors also remained wary of inflation, as data indicated it might be stickier than consensus expected. U.S. Treasury yields rose, with the 10-year U.S. Treasury yield hitting 4.36% on August 22nd, its highest level since 2007. In August, Fitch Ratings downgraded long-term U.S. sovereign debt from AAA to AA+, reflecting U.S. governance and medium-term fiscal challenges. Although the Fed left the federal funds rate unchanged at its September meeting, policymakers suggested there would likely be one more rate hike in 2023. Bond yields rose, with the 10-year U.S. Treasury yield climbing above 4.5% for the first time since 2007, as markets anticipated the Fed would keep interest rates higher for longer.

In October 2023, bond yields rose to multi-year highs, with the 10-year U.S. Treasury yield briefly breaching 5% for the first time since 2007. The increase was driven, in our view, by better than previously anticipated U.S. economic growth prospects, which dampened market expectations for Fed interest rate cuts in 2024. November 2023 then saw the greatest easing of U.S. financial conditions in any month during the previous 40 years. Factors behind the easing included ongoing disinflation, soft landing optimism and expectations of a dovish Fed pivot. (Dovish suggests lower interest rates; opposite of hawkish.) Bond yields plunged, with the 10-year U.S. Treasury yield falling approximately 67 basis points in November. At both their November and December meetings, Fed policymakers left the federal funds rate unchanged at a range between 5.25% and 5.50%. In December, the Fed signaled it may have reached the peak of its current monetary policy tightening cycle, with its median dot plot projection showing 75 basis points of rate cuts in 2024. (The dot plot shows interest rate projections of the members of the Federal Open Market Committee.) Following the Fed meeting, U.S. financial conditions eased further, and the 10-year U.S. Treasury yield fell below 4% for the first time since August 2023.

During the Reporting Period overall, spread sectors generally produced positive total returns that outperformed U.S. Treasury securities. Sovereign emerging markets debt and corporate bonds were the strongest performers. Asset backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), agency securities and mortgage-backed securities also delivered positive, albeit more modest, total returns. Lower quality securities broadly outperformed those of higher quality during the Reporting Period.

U.S. Treasury yields were volatile during the Reporting Period. The yield on a two-year Treasury started the Reporting Period at 4.43%, peaked at 5.22% in October, and closed the Reporting Period at 4.25%. The yield on the bellwether 10-year Treasury began the Reporting Period at 3.88%, peaked in October at 4.99% and finished the Reporting Period at 3.88%. This resulted in a steeper, less inverted U.S. Treasury yield curve by the end of the Reporting Period. (In a steeper yield curve, the differential in yields between longer-term and shorter-term maturities widens.)

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

During the Reporting Period, the Fund’s cross-sector strategy contributed positively to its relative performance. In our cross-sector strategy, we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Bloomberg Index. In addition, security selection, which capitalizes on our fundamental research capabilities, bolstered the Fund’s returns. Our currency strategy did not have a material impact on the Fund’s results during the Reporting Period.

The Fund’s combined tactical duration and yield curve positioning added slightly to its relative performance during the Reporting Period.

Which fixed income market sectors most affected Fund performance during the Reporting Period?

During the Reporting Period, the Fund’s overweight position versus the Bloomberg Index in corporate credit and collateralized loan obligations added to relative returns. However, the Fund was hurt by our credit-interest rate paired strategy, which we used to partially hedge the Fund’s overweight in corporate credit, as interest rates rose and volatility persisted.

As for individual issue selection, the Fund’s positions in the investment grade corporate bonds of certain financial and industrial companies added to relative performance during the Reporting Period. In the securitized sector, selection of pass-through mortgage securities had a positive impact on the Fund’s relative returns. (Pass-through mortgage securities consist of a pool of residential mortgage loans in which homeowners’ monthly payments of principal, interest and prepayments pass from the mortgage servicer through a government agency or investment bank to investors.) In the government sector, the Fund benefited from its U.S. relative value trades. (A relative value trade is the simultaneous purchase of one security and sale of a related security as a unit.) Regarding country selection, the Fund’s long positions in the U.K., Sweden and Switzerland versus its short positions in Europe, Australia and Japan added to relative performance during the Reporting Period.

In addition, the Fund’s overweight relative to the Bloomberg Index in the intermediate-term segment of the credit curve contributed positively to returns. The Fund’s lower credit quality bias added further to relative performance. During the Reporting Period, the Fund maintained an overweight position in BBB-rated corporate bonds due to what we saw as the strength of corporate balance sheets and because we believed management teams would be conservative with their capital in order to retain investment grade status.

Did the Fund’s duration and yield curve positioning help or hurt its results during the Reporting Period?

During the Reporting Period, the Fund’s combined tactical duration and yield curve positioning added modestly to its relative returns. In terms of duration positioning, the Fund benefited from our active duration management, wherein we made small tactical shifts relative to the Bloomberg Index over the course of the Reporting Period, as well as from our systematic auction strategy. (Through our systematic auction strategy, we participate in bond auctions intra-month and rebalance the Fund’s duration/market value exposure leading into month end.) The Fund’s yield curve positioning also bolstered relative performance, led by its U.S. Treasury yield curve steepener positions. (A steepening position seeks to take advantage of a widening differential between yields at the shorter- and longer-term ends of a range of maturities.)

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

As market conditions warranted during the Reporting Period, currency transactions were carried out using forward foreign exchange contracts. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Forward foreign exchange contracts had a negative impact on Fund performance during the Reporting Period. In addition, Treasury futures were employed for hedging purposes and to take active views on the U.S. Treasury yield curve as well as for duration management. During the Reporting Period, Treasury futures overall had a positive impact on the Fund’s results. Swaptions (options on interest rate swap contracts), which were used to express our interest rate views and to hedge volatility and yield curve risks in the Fund, had a negative impact on the Fund’s performance during the Reporting Period. Interest rate swaps were employed as a cost-efficient means to assist in implementing rates viewpoints and to hedge portfolio exposure as needed, more easily facilitating duration and cross-sector positioning. The use of interest rate swaps during the Reporting Period had a neutral impact on the Fund’s performance. Fed funds futures and Secured Overnight Financing Rate (“SOFR”) futures were employed to hedge the Fund’s interest rate exposure and to facilitate duration management. During the Reporting Period, the use of Fed funds futures had a positive impact on the Fund’s performance, while the use of SOFR futures had a neutral impact. The Fund also utilized index credit default swaps as well as individual credit default swaps to implement specific credit-related investment strategies, including management of the Fund’s exposure to credit spreads, which collectively had a positive impact on the Fund’s results during the Reporting Period. In addition, the Fund employed mortgage-backed securities forward agreements (known as “TBAs”) to express investment views and to efficiently manage certain of its mortgage-backed securities positions, which had a positive impact on performance.

We employ derivatives and similar instruments to efficiently manage the Fund. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement.

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

During the Reporting Period, we made a number of changes in the Fund’s weightings. After spreads tightened at the start of 2023, we decreased the Fund’s overweight position versus the Bloomberg Index in pass-through mortgage securities. In the second calendar quarter, we added to the Fund’s overweight in pass-through mortgage securities, as we sought to take advantage of widening spreads stemming from interest rate volatility. In addition, deteriorating valuations and weaker economic growth led us to move the Fund to a more defensive stance by reducing its credit beta and adjusting the credit-interest rate paired strategy. (Credit beta is a measure of exposure to corporate bond market risk.) In September 2023, we moderated the Fund’s overweight in investment grade corporate bonds due to significant economic uncertainty. In November, we decreased the Fund’s overweight in pass-through mortgage securities after the sector rallied on the back of a stronger macroeconomic picture. In December, after the Fed’s policy meeting, we further reduced the Fund’s overweight in pass-through mortgage securities and decreased its overweight in corporate credit. During the fourth quarter overall, we trimmed the Fund’s short position in Japanese interest rates, as the Bank of Japan began to shift its monetary policy and Japanese rates started to rise.

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

At the end of the Reporting Period, we believed three factors would dominate fixed income market sentiment in 2024. The first, in our view, would be Fed policy. Given that the Fed has signaled its next policy action is likely to be interest rate cuts, we believed the speed of those rate cuts, when they are made, and by how many basis points they are cut during 2024 will likely drive bond market performance in the near term. In addition, we expected to see lagging effects from the Fed’s monetary policy tightening, which could increase stress in some pockets of the corporate bond market. The second key factor should be the path of inflation and economic growth. In our opinion, the Fed wants to see more progress on disinflation before it begins to cut interest rates, so we planned to continue monitoring the cumulative impact of the Fed’s interest rate hiking cycle. We believed U.S. economic growth may deteriorate, though remain positive overall, the longer the Fed keeps policy rates at high levels. The third key factor, in our view, may well be a combination of geopolitical tensions, including the ongoing Middle East and Russia/Ukraine conflicts, and deglobalization trends (within U.S./China, in particular).

At the end of the Reporting Period, we thought fixed income valuations reflected a rather optimistic economic outlook. As a result, we had modestly reduced the Fund’s exposure to spread sectors. In our view, risks would lean toward the downside should incoming data fall short of investors’ soft landing expectations. Looking ahead, we believed further disinflation progress, along with higher term premiums, would increase what we considered the protective benefits of U.S. bond yields when paired with spread sector exposures. (Term premium is the compensation that investors generally receive for the added risk of owning longer-term bonds.) We had a neutral view on interest rates at the end of the Reporting Period, as we thought some of the factors leading to higher term premiums across the yield curve could persist, such as the market’s assessment of where long-term equilibrium rates may settle. (Long-term equilibrium rates refer to the interest rates that support the economy at full employment/maximum output while keeping inflation constant.) Accordingly, the Fund was overweight the intermediate maturity portion of the U.S. Treasury yield curve at the end of the Reporting Period and was positioned for the curve to steepen. We believed this positioning would make the Fund less sensitive to an expansion in term premiums and could also perform well in a scenario where medium-term economic growth expectations moderate.

FUND COMPOSITION¹

As of December 31, 2023

LOGO

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

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

“U.S. Government Agency Security” include agency securities offered by companies such as Federal Farm Credit Bank (“FFCB”) and the 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.

Performance Summary

December 31, 2023

The following graph shows the value, as of December 31, 2023, of a $10,000 investment made on January 1, 2014 in Service Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end return.

Core Fixed Income Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2014 through December 31, 2023.

LOGO



Average Annual Total Returns through December 31, 2023*	One Year	Five Years	Ten Years

Institutional	6.08%	1.37%	1.88%


Service	5.83%	1.13%	1.64%

*	These returns assume reinvestment of all distributions at NAV. Because Institutional and Service Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Returns.


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Securities – 35.9%

FHLMC
	$2,883		7.500	%	12/01/29	$	3,042
	907		5.000		10/01/33		915
	1,271		5.000		07/01/35		1,284
	1,844		5.000		12/01/35		1,877
	379		5.000		03/01/38		385
	872		5.000		06/01/41		889
	4,446		4.500		08/01/48		4,385
	5,335		4.500		11/01/48		5,264
	563,503		3.000		09/01/49		509,302
	408,741		4.000		03/01/50		392,938
	833,823		4.500		03/01/50		822,979
	283,438		3.000		10/01/50		254,094
	933,391		2.500		02/01/51		799,899
	1,885,994		2.000		05/01/51		1,547,749
	884,426		2.500		05/01/51		759,335
	885,456		2.500		05/01/51		765,461
	830,360		2.500		09/01/51		714,458
	771,558		4.500		04/01/52		750,432
	571,294		4.500		06/01/52		556,423
	388,291		6.000		12/01/52		401,734
FNMA
	55		4.500		07/01/24		56
	566		9.000		11/01/25		567
	6,573		7.000		08/01/26		6,647
	2,494		8.000		10/01/29		2,601
	777		8.500		04/01/30		825
	1,466		8.000		05/01/30		1,505
	2,806		8.000		08/01/32		3,017
	3,623		4.500		08/01/39		3,616
	6,511		3.000		01/01/43		6,024
	12,464		3.000		01/01/43		11,536
	7,630		3.000		03/01/43		7,073
	19,619		3.000		03/01/43		18,049
	59,920		3.000		03/01/43		55,098
	7,555		3.000		04/01/43		6,969
	9,667		3.000		04/01/43		8,897
	14,291		3.000		04/01/43		13,138
	17,765		3.000		04/01/43		16,338
	73,329		3.000		04/01/43		67,440
	9,800		3.000		05/01/43		9,008
	36,325		3.000		05/01/43		33,389
	40,704		3.000		05/01/43		37,433
	266,301		4.000		12/01/44		257,035
	224,641		4.500		04/01/45		224,387
	27,956		4.500		05/01/45		27,889
	540,798		4.000		08/01/45		522,762
	130,678		4.000		02/01/48		126,116
	153,867		4.000		03/01/48		148,447
	2,779		4.000		07/01/48		2,680
	9,387		4.000		07/01/48		9,059
	258,517		4.500		07/01/48		255,074
	172,405		4.000		08/01/48		166,278
	137,425		5.000		11/01/48		139,147
	1,905,630		2.000		10/01/50		1,567,437
	437,554		3.000		10/01/50		394,579
	568,508		3.000		10/01/50		509,651
	573,056		3.000		10/01/50		516,772
	1,905,709		2.000		11/01/50		1,567,501


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Securities – (continued)

FNMA – (continued)
	$74,713		2.500	%	03/01/51	$	64,705
	92,977		2.500		09/01/51		80,290
	370,675		2.500		10/01/51		319,643
	169,619		2.500		11/01/51		146,368
	218,804		2.500		11/01/51		188,626
	1,445,083		6.000		11/01/52		1,489,694
	918,917		5.500		04/01/53		924,433
	1,970,053		6.500		09/01/53		2,029,050
	2,000,000		2.000		TBA-30yr^(a)		1,634,386
	2,000,000		2.500		TBA-30yr^(a)		1,701,414
	3,000,000		3.500		TBA-30yr^(a)		2,749,902
	1,000,000		6.000		TBA-30yr^(a)		1,015,380
	1,000,000		6.500		TBA-30yr^(a)		1,024,531
	1,000,000		7.000		TBA-30yr^(a)		1,031,368
	1,000,000		7.000		TBA-30yr^(a)		1,031,055
	964,453		3.500		09/01/62		869,914
FNMA, Series 2012-111, Class B
	4,739		7.000		10/25/42		5,139
FNMA, Series 2012-153, Class B
	12,722		7.000		07/25/42		13,896
GNMA
	1,061		7.000		11/15/25		1,063
	307		7.000		04/15/26		308
	467		7.000		04/15/26		468
	564		7.000		03/15/27		567
	238		7.000		11/15/27		239
	1,237		7.000		11/15/27		1,265
	2,804		7.000		02/15/28		2,840
	62		7.000		05/15/28		63
	1,216		7.000		06/15/28		1,236
	567		7.000		07/15/28		578
	1,227		7.000		07/15/28		1,246
	5,761		7.000		09/15/28		5,859
	42,356		6.000		08/20/34		44,149
	37,441		5.000		06/15/40		38,168
	157,153		4.000		08/20/43		153,289
	59,448		4.000		10/20/45		57,890
	177,922		3.500		04/20/47		167,994
	219,752		3.500		12/20/47		207,101
	900,918		4.000		07/20/48		871,401
	29,888		5.000		08/20/48		30,013
	97,468		4.500		09/20/48		96,142
	104,694		5.000		10/20/48		105,133
	286,957		5.000		11/20/48		288,162
	36,691		5.000		12/20/48		36,833
	227,302		4.500		01/20/49		223,997
	31,009		4.500		03/20/49		30,558
	632,559		3.000		08/20/49		576,702
	204,064		4.500		10/20/49		201,665
	410,895		3.000		03/20/50		375,150
	203,999		4.500		03/20/50		200,476
	634,993		3.500		02/20/51		596,184
	821,345		3.000		11/20/51		743,814
	960,051		3.000		11/20/51		864,308
	966,879		2.500		01/20/52		835,014
	940,947		4.500		09/20/52		918,740
	935,299		4.500		10/20/52		913,518
	1,000,000		2.000		TBA-30yr^(a)		845,836


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Securities – (continued)

GNMA – (continued)
	$1,000,000		2.500	%	TBA-30yr^(a)	$	875,408
	1,000,000		3.000		TBA-30yr^(a)		904,568
	2,000,000		5.000		TBA-30yr^(a)		1,986,190
	1,000,000		5.500		TBA-30yr^(a)		1,006,050
	1,000,000		6.000		TBA-30yr^(a)		1,016,353
	1,000,000		6.500		TBA-30yr^(a)		1,023,468
GNMA, Series 2021-135, Class A
	959,079		2.000		08/20/51		804,103


TOTAL MORTGAGE-BACKED SECURITIES (Cost $49,256,087)							48,410,788



Corporate Bonds – 26.1%

Aerospace/Defense – 1.2%
Boeing Co. (The)
	50,000		3.450		11/01/28^(b)		47,084
	25,000		5.150		05/01/30^(b)		25,453
	25,000		3.250		02/01/35^(b)		21,108
	325,000		5.705		05/01/40^(b)		336,846
	100,000		5.805		05/01/50^(b)		103,717
L3Harris Technologies, Inc.
	50,000		5.600		07/31/53^(b)		53,404
Lockheed Martin Corp.
	150,000		5.250		01/15/33^(b)		159,194
Northrop Grumman Corp.
	75,000		3.250		01/15/28^(b)		71,715
	25,000		4.750		06/01/43		23,937
	50,000		5.250		05/01/50^(b)		51,504
RTX Corp.
	50,000		3.950		08/16/25^(b)		49,292
	50,000		4.125		11/16/28^(b)		48,844
	600,000		6.100		03/15/34^(b)		650,594
	25,000		4.050		05/04/47^(b)		20,853

							1,663,545

Agriculture – 0.2%
Archer-Daniels-Midland Co.
	25,000		3.250		03/27/30^(b)		23,346
	100,000		2.900		03/01/32^(b)		88,929
Philip Morris International, Inc.
	50,000		5.625		11/17/29^(b)		52,447
	100,000		5.750		11/17/32^(b)		104,992

							269,714

Auto Manufacturers – 0.5%
General Motors Co.
	25,000		4.000		04/01/25		24,571
General Motors Financial Co., Inc.
	125,000		4.300		07/13/25^(b)		122,975
	125,000		1.500		06/10/26^(b)		114,605
	125,000		2.350		01/08/31^(b)		103,375
	358,000		2.700		06/10/31^(b)		300,337

							665,863

Banks – 5.8%
Bank of America Corp.
(SOFR + 1.290%)
	140,000		5.080		01/20/27^(b)(c)		139,753
(TSFR3M + 1.302%)
	85,000		3.419		12/20/28^(b)(c)		80,024


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Banks – (continued)
(SOFR + 1.630%)
	$370,000		5.202	%	04/25/29^(b)(c)	$	372,257
(SOFR + 2.150%)
	175,000		2.592		04/29/31^(b)(c)		150,714
(SOFR + 1.220%)
	110,000		2.299		07/21/32^(b)(c)		89,851
(SOFR + 1.830%)
	390,000		4.571		04/27/33^(b)(c)		372,005
(US 5 Year CMT T-Note + 1.200%)
	100,000		2.482		09/21/36^(b)(c)		79,343
Bank of America Corp., GMTN
(TSFR3M + 1.632%)
	25,000		3.593		07/21/28^(b)(c)		23,724
Bank of America Corp., MTN
	45,000		3.248		10/21/27^(b)		42,833
(TSFR3M + 1.837%)
	75,000		3.824		01/20/28^(b)(c)		72,114
(SOFR + 1.050%)
	400,000		2.551		02/04/28^(b)(c)		370,640
(SOFR + 2.040%)
	305,000		4.948		07/22/28^(b)(c)		304,735
(TSFR3M + 1.572%)
	50,000		4.271		07/23/29^(b)(c)		48,250
(SOFR + 1.530%)
	50,000		1.898		07/23/31^(b)(c)		40,839
(SOFR + 1.330%)
	75,000		2.972		02/04/33^(b)(c)		63,732
(SOFR + 2.160%)
	73,000		5.015		07/22/33^(b)(c)		72,172
Bank of America Corp., Series L
	25,000		4.183		11/25/27^(b)		24,313
Bank of America Corp., Series N
(SOFR + 1.220%)
	50,000		2.651		03/11/32^(b)(c)		42,255
Bank of New York Mellon Corp. (The)
(SOFR + 1.755%)
	20,000		4.596		07/26/30^(b)(c)		19,894
Citigroup, Inc.
	220,000		3.400		05/01/26		212,358
	150,000		4.450		09/29/27		146,533
(SOFR + 1.422%)
	75,000		2.976		11/05/30^(b)(c)		66,857
(SOFR + 1.351%)
	200,000		3.057		01/25/33^(b)(c)		170,688
(SOFR + 2.086%)
	165,000		4.910		05/24/33^(b)(c)		161,576
Fifth Third Bancorp
	30,000		2.375		01/28/25^(b)		29,025
Huntington Bancshares, Inc.
	50,000		4.000		05/15/25^(b)		48,993
JPMorgan Chase & Co.
(SOFR + 1.160%)
	125,000		2.301		10/15/25^(b)(c)		121,790
(TSFR3M + 1.507%)
	100,000		3.960		01/29/27^(b)(c)		97,687
	15,000		3.625		12/01/27^(b)		14,382


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Banks – (continued)
(TSFR3M + 1.599%)
	$972,000		3.782	%	02/01/28^(b)(c)	$	938,670
(TSFR3M + 1.207%)
	45,000		3.509		01/23/29^(b)(c)		42,601
(TSFR3M + 3.790%)
	25,000		4.493		03/24/31^(b)(c)		24,383
(SOFR + 2.040%)
	25,000		2.522		04/22/31^(b)(c)		21,635
(SOFR + 1.260%)
	150,000		2.963		01/25/33^(b)(c)		128,445
(SOFR + 2.080%)
	165,000		4.912		07/25/33^(b)(c)		163,167
JPMorgan Chase & Co., Series HH
(TSFR3M + 3.125%)
	74,000		4.600		12/31/99^(b)(c)		71,282
M&T Bank Corp.
(SOFR + 2.800%)
	265,000		7.413		10/30/29^(b)(c)		285,408
Morgan Stanley
	25,000		3.625		01/20/27		24,250
	20,000		3.950		04/23/27		19,412
(SOFR + 1.295%)
	213,000		5.050		01/28/27^(b)(c)		213,180
(SOFR + 1.000%)
	200,000		2.475		01/21/28^(b)(c)		185,620
(SOFR + 2.076%)
	165,000		4.889		07/20/33^(b)(c)		160,920
(SOFR + 1.360%)
	150,000		2.484		09/16/36^(b)(c)		119,066
Morgan Stanley, GMTN
(TSFR3M + 1.890%)
	25,000		4.431		01/23/30^(b)(c)		24,353
(SOFR + 1.143%)
	400,000		2.699		01/22/31^(b)(c)		350,388
Morgan Stanley, MTN
(SOFR + 1.152%)
	75,000		2.720		07/22/25^(b)(c)		73,795
(SOFR + 1.590%)
	305,000		5.164		04/20/29^(b)(c)		306,424
(SOFR + 3.120%)
	50,000		3.622		04/01/31^(b)(c)		46,074
(SOFR + 1.034%)
	75,000		1.794		02/13/32^(b)(c)		59,843
Truist Financial Corp., MTN
(SOFR + 2.050%)
	50,000		6.047		06/08/27^(b)(c)		50,897
US Bancorp
(SOFR + 2.020%)
	145,000		5.775		06/12/29^(b)(c)		148,932
Wells Fargo & Co.
	175,000		3.000		10/23/26		166,179
Wells Fargo & Co., GMTN
	50,000		4.300		07/22/27		48,960
Wells Fargo & Co., MTN
	25,000		3.750		01/24/24^(b)		24,970
(SOFR + 1.980%)
	215,000		4.808		07/25/28^(b)(c)		213,560


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Banks – (continued)
(SOFR + 2.100%)
	$408,000		4.897	%	07/25/33^(b)(c)	$	397,727
(TSFR3M + 4.502%)
	25,000		5.013		04/04/51^(b)(c)		23,846

							7,813,324

Beverages – 0.4%
Constellation Brands, Inc.
	50,000		4.400		11/15/25^(b)		49,431
	50,000		3.600		02/15/28^(b)		48,020
	25,000		3.150		08/01/29^(b)		23,255
	100,000		2.250		08/01/31^(b)		84,117
Keurig Dr Pepper, Inc.
	225,000		4.597		05/25/28^(b)		225,387
	25,000		3.800		05/01/50^(b)		20,284
	100,000		4.500		04/15/52^(b)		91,486

							541,980

Biotechnology – 0.5%
Amgen, Inc.
	70,000		3.125		05/01/25^(b)		68,246
	239,000		5.250		03/02/30^(b)		245,771
	238,000		5.250		03/02/33^(b)		243,938
Royalty Pharma PLC
	75,000		1.200		09/02/25^(b)		70,020

							627,975

Building Materials – 0.5%
Carrier Global Corp.
	150,000		2.493		02/15/27^(b)		141,173
	75,000		2.722		02/15/30^(b)		67,147
	255,000		5.900		03/15/34^(b)(d)		275,999
Martin Marietta Materials, Inc.
	175,000		3.200		07/15/51^(b)		130,030
Masco Corp.
	50,000		1.500		02/15/28^(b)		43,780

							658,129

Chemicals – 0.3%
DuPont de Nemours, Inc.
	50,000		4.493		11/15/25^(b)		49,687
Ecolab, Inc.
	4,000		2.750		08/18/55^(b)		2,701
Huntsman International LLC
	25,000		4.500		05/01/29^(b)		24,123
International Flavors & Fragrances, Inc.
	75,000		1.832		10/15/27^(b)(d)		65,714
	150,000		2.300		11/01/30^(b)(d)		124,446
	50,000		3.268		11/15/40^(b)(d)		35,945
Sherwin-Williams Co. (The)
	25,000		3.450		06/01/27^(b)		24,148
	50,000		2.950		08/15/29^(b)		46,327

							373,091

Commercial Services – 0.4%
CoStar Group, Inc.
	100,000		2.800		07/15/30^(b)(d)		85,570
Emory University, Series 2020
	140,000		2.143		09/01/30^(b)		120,425
Global Payments, Inc.
	50,000		2.650		02/15/25^(b)		48,460


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Commercial Services – (continued)
PayPal Holdings, Inc.
	$150,000		1.650	%	06/01/25^(b)	$	143,209
	75,000		2.650		10/01/26^(b)		71,258
	25,000		2.850		10/01/29^(b)		22,897
S&P Global, Inc.
	75,000		4.250		05/01/29^(b)		74,786

							566,605

Computers – 0.2%
Dell International LLC / EMC Corp.
	52,000		5.850		07/15/25^(b)		52,536
	125,000		6.020		06/15/26^(b)		127,918
	25,000		5.300		10/01/29^(b)		25,756
Hewlett Packard Enterprise Co.
	45,000		4.900		10/15/25^(b)		44,843

							251,053

Cosmetics/Personal Care – 0.1%
Colgate-Palmolive Co.
	$100,000		3.250		08/15/32^(b)		92,889

Diversified Financial Services – 0.4%
Air Lease Corp.
	75,000		3.375		07/01/25^(b)		72,639
Air Lease Corp., GMTN
	75,000		3.750		06/01/26^(b)		72,466
Air Lease Corp., MTN
	75,000		2.300		02/01/25^(b)		72,367
	75,000		2.875		01/15/26^(b)		71,499
American Express Co.
	25,000		3.625		12/05/24^(b)		24,587
Aviation Capital Group LLC
	50,000		1.950		01/30/26^(b)(d)		46,320
Capital One Financial Corp.
	45,000		3.300		10/30/24^(b)		44,234
Discover Financial Services
	75,000		3.750		03/04/25^(b)		73,274
Intercontinental Exchange, Inc.
	50,000		3.000		06/15/50^(b)		35,793
Mastercard, Inc.
	25,000		3.300		03/26/27^(b)		24,248
Nuveen LLC
	25,000		4.000		11/01/28^(b)(d)		24,383

							561,810

Electric – 1.1%
American Electric Power Co., Inc.
	50,000		2.300		03/01/30^(b)		42,743
Arizona Public Service Co.
	45,000		2.950		09/15/27^(b)		42,510
Avangrid, Inc.
	25,000		3.200		04/15/25^(b)		24,309
Berkshire Hathaway Energy Co.
	25,000		3.250		04/15/28^(b)		23,751
	50,000		3.700		07/15/30^(b)		47,362
Dominion Energy, Inc.
	50,000		3.071		08/15/24^(e)		49,143
Dominion Energy, Inc., Series C
	25,000		3.375		04/01/30^(b)		23,035
Entergy Corp.
	45,000		2.950		09/01/26^(b)		42,761


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Electric – (continued)
Exelon Corp.
	$50,000		4.050	%	04/15/30^(b)	$	47,778
	25,000		4.700		04/15/50^(b)		22,589
FirstEnergy Corp.
	100,000		2.650		03/01/30^(b)		86,879
FirstEnergy Corp., Series B
	50,000		2.250		09/01/30^(b)		42,125
Florida Power & Light Co.
	68,000		4.125		02/01/42^(b)		61,242
MidAmerican Energy Co.
	25,000		3.650		04/15/29^(b)		23,899
NextEra Energy Capital Holdings, Inc.
	70,000		1.900		06/15/28^(b)		62,124
NRG Energy, Inc.
	75,000		3.750		06/15/24^(b)(d)		74,056
Ohio Power Co., Series P
	25,000		2.600		04/01/30^(b)		21,911
Pacific Gas and Electric Co.
	25,000		2.100		08/01/27^(b)		22,546
	50,000		2.500		02/01/31^(b)		41,299
	25,000		3.300		08/01/40^(b)		18,324
	25,000		3.500		08/01/50^(b)		17,322
Progress Energy, Inc.
	95,000		7.000		10/30/31		107,323
Southern California Edison Co., Series A
	50,000		4.200		03/01/29^(b)		49,009
Southern Co. (The)
	60,000		3.250		07/01/26^(b)		57,875
Virginia Electric and Power Co.
	75,000		2.450		12/15/50^(b)		46,235
Vistra Operations Co. LLC
	125,000		3.550		07/15/24^(b)(d)		123,110
Xcel Energy, Inc.
	250,000		3.350		12/01/26^(b)		240,933

							1,462,193

Entertainment – 0.4%
Warnermedia Holdings, Inc.
	250,000		4.054		03/15/29^(b)		237,055
	375,000		4.279		03/15/32^(b)		343,076

							580,131

Environmental Control – 0.5%
Republic Services, Inc.
	100,000		1.750		02/15/32^(b)		81,445
Veralto Corp.
	410,000		5.450		09/18/33^(b)(d)		425,375
Waste Management, Inc.
	75,000		3.150		11/15/27^(b)		71,861
	50,000		1.150		03/15/28^(b)		44,007

							622,688

Food – 0.6%
General Mills, Inc.
	75,000		4.200		04/17/28^(b)		74,021
J M Smucker Co. (The)
	179,000		5.900		11/15/28^(b)		188,476
	315,000		6.200		11/15/33^(b)		343,604
Kraft Heinz Foods Co.
	95,000		3.750		04/01/30^(b)		90,743


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Food – (continued)
Mars, Inc.
	$25,000		2.700	%	04/01/25^(b)(d)	$	24,332
	25,000		3.200		04/01/30^(b)(d)		23,091
Sysco Corp.
	25,000		6.600		04/01/50^(b)		29,282

							773,549

Gas – 0.1%
East Ohio Gas Co. (The)
	25,000		1.300		06/15/25^(b)(d)		23,642
	25,000		2.000		06/15/30^(b)(d)		20,746
NiSource, Inc.
	95,000		3.490		05/15/27^(b)		91,509
	25,000		3.600		05/01/30^(b)		23,325

							159,222

Hand/Machine Tools – 0.0%
Stanley Black & Decker, Inc.
	24,000		4.250		11/15/28^(b)		23,506

Healthcare-Products – 0.3%
DH Europe Finance II Sarl
	25,000		2.600		11/15/29^(b)		22,619
	75,000		3.250		11/15/39^(b)		62,252
GE Healthcare Technologies, Inc.
	100,000		6.377		11/22/52^(b)		116,220
STERIS Irish FinCo UnLtd Co.
	75,000		2.700		03/15/31^(b)		64,489
Stryker Corp.
	100,000		1.950		06/15/30^(b)		85,521
Thermo Fisher Scientific, Inc.
	25,000		1.750		10/15/28^(b)		22,305

							373,406

Healthcare-Services – 1.5%
Adventist Health System
	30,000		2.952		03/01/29^(b)		27,086
Banner Health
	120,000		2.338		01/01/30^(b)		103,603
Baylor Scott & White Holdings, Series 2021
	40,000		1.777		11/15/30^(b)		33,291
Centene Corp.
	150,000		4.250		12/15/27^(b)		144,879
	110,000		2.625		08/01/31^(b)		91,727
CommonSpirit Health
	225,000		6.461		11/01/52^(b)		264,028
HCA, Inc.
	80,000		3.500		09/01/30^(b)		72,564
Humana, Inc.
	18,000		5.500		03/15/53^(b)		18,664
Rush Obligated Group, Series 2020
	60,000		3.922		11/15/29^(b)		57,004
Stanford Health Care, Series 2020
	40,000		3.310		08/15/30^(b)		36,931
Sutter Health, Series 20A
	40,000		2.294		08/15/30^(b)		34,284
UnitedHealth Group, Inc.
	275,000		5.300		02/15/30^(b)		287,724
	525,000		5.350		02/15/33^(b)		555,287
	100,000		5.875		02/15/53^(b)		113,244


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Healthcare-Services – (continued)
UnitedHealth Group, Inc. – (continued)
	$168,000		5.050	%	04/15/53^(b)	$	169,942

							2,010,258

Home Builders – 0.0%
Lennar Corp.
	70,000		4.750		11/29/27^(b)		70,006

Insurance – 0.2%
American International Group, Inc.
	25,000		3.400		06/30/30^(b)		23,001
Arch Capital Group US, Inc.
	36,000		5.144		11/01/43		34,199
Berkshire Hathaway Finance Corp.
	75,000		1.850		03/12/30^(b)		65,322
Marsh & McLennan Cos., Inc.
	50,000		4.375		03/15/29^(b)		49,794
Principal Financial Group, Inc.
	50,000		3.100		11/15/26^(b)		47,683
	75,000		2.125		06/15/30^(b)		63,364
Willis North America, Inc.
	25,000		2.950		09/15/29^(b)		22,416

							305,779

Internet – 0.8%
Amazon.com, Inc.
	335,000		5.200		12/03/25^(b)		339,083
	45,000		4.800		12/05/34^(b)		46,572
	15,000		3.875		08/22/37^(b)		13,922
	50,000		3.100		05/12/51^(b)		37,371
Expedia Group, Inc.
	14,000		4.625		08/01/27^(b)		13,962
	35,000		3.800		02/15/28^(b)		33,702
	14,000		2.950		03/15/31^(b)		12,363
Meta Platforms, Inc.
	250,000		3.500		08/15/27^(b)		243,331
Netflix, Inc.
	210,000		5.875		11/15/28		221,836
	90,000		4.875		06/15/30^(b)(d)		91,013

							1,053,155

Iron/Steel – 0.0%
Steel Dynamics, Inc.
	20,000		2.400		06/15/25^(b)		19,157
	50,000		1.650		10/15/27^(b)		44,548

							63,705

Lodging – 0.2%
Hyatt Hotels Corp.
	75,000		1.800		10/01/24^(b)		72,789
Marriott International, Inc.
	125,000		5.000		10/15/27^(b)		126,564
Marriott International, Inc., Series HH
	125,000		2.850		04/15/31^(b)		108,417

							307,770

Machinery-Diversified – 0.2%
Ingersoll Rand, Inc.
	90,000		5.700		08/14/33^(b)		95,224
Otis Worldwide Corp.
	25,000		2.293		04/05/27^(b)		23,296


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Machinery-Diversified – (continued)
Otis Worldwide Corp. – (continued)
	$150,000		2.565	%	02/15/30^(b)	$	133,551

							252,071

Media – 0.7%
Charter Communications Operating LLC / Charter
Communications Operating Capital
	320,000		4.908		07/23/25^(b)		317,014
Comcast Corp.
	50,000		3.950		10/15/25^(b)		49,355
	25,000		3.300		02/01/27^(b)		24,134
	75,000		3.300		04/01/27^(b)		72,202
	225,000		3.150		02/15/28^(b)		214,546
	125,000		4.150		10/15/28^(b)		123,270
	25,000		3.750		04/01/40^(b)		21,510
	25,000		4.700		10/15/48^(b)		23,886
Fox Corp.
	25,000		4.030		01/25/24^(b)		24,967
	25,000		4.709		01/25/29^(b)		24,878

							895,762

Mining – 0.1%
Newmont Corp.
	75,000		2.250		10/01/30^(b)		64,818
Newmont Corp. / Newcrest Finance Pty Ltd.
	25,000		3.250		05/13/30^(b)(d)		22,498

							87,316

Oil & Gas – 0.1%
Occidental Petroleum Corp.
	69,000		7.875		09/15/31		78,395
Phillips 66
	25,000		1.300		02/15/26^(b)		23,210

							101,605

Packaging & Containers – 0.0%
Berry Global, Inc.
	50,000		1.570		01/15/26^(b)		46,496

Pharmaceuticals – 1.3%
AbbVie, Inc.
	49,000		4.300		05/14/36^(b)		46,983
	125,000		4.050		11/21/39^(b)		113,047
	148,000		4.250		11/21/49^(b)		132,087
Becton Dickinson and Co.
	100,000		2.823		05/20/30^(b)		89,392
Bristol-Myers Squibb Co.
	75,000		2.950		03/15/32^(b)		66,668
	25,000		4.250		10/26/49^(b)		21,693
	105,000		6.250		11/15/53^(b)		120,287
Cencora, Inc.
	75,000		3.450		12/15/27^(b)		72,264
Cigna Group (The)
	50,000		2.400		03/15/30^(b)		43,806
	250,000		2.375		03/15/31^(b)		213,353
	125,000		4.800		08/15/38^(b)		121,086
	75,000		4.900		12/15/48^(b)		71,401
CVS Health Corp.
	350,000		2.125		09/15/31^(b)		289,593
	175,000		4.780		03/25/38^(b)		165,430


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Pharmaceuticals – (continued)
Pfizer, Inc.
	$75,000		3.450	%	03/15/29^(b)	$	72,223
Zoetis, Inc.
	45,000		3.000		09/12/27^(b)		42,720
	150,000		2.000		05/15/30^(b)		129,265

							1,811,298

Pipelines – 1.2%
Cheniere Energy Partners LP
	75,000		5.950		06/30/33^(b)(d)		76,987
Columbia Pipelines Operating Co. LLC
	240,000		6.036		11/15/33^(b)(d)		251,601
Energy Transfer LP
	15,000		4.250		04/01/24^(b)		14,929
	50,000		2.900		05/15/25^(b)		48,488
	25,000		5.250		04/15/29^(b)		25,197
	275,000		5.750		02/15/33^(b)		284,176
	5,000		6.000		06/15/48^(b)		5,053
Kinder Morgan, Inc.
	275,000		4.300		03/01/28^(b)		271,732
MPLX LP
	75,000		2.650		08/15/30^(b)		64,788
	35,000		4.500		04/15/38^(b)		31,164
	25,000		5.500		02/15/49^(b)		24,218
Plains All American Pipeline LP / PAA Finance Corp.
	25,000		3.800		09/15/30^(b)		23,028
Sabine Pass Liquefaction LLC
	75,000		5.625		03/01/25^(b)		75,145
	75,000		5.000		03/15/27^(b)		75,319
Targa Resources Corp.
	55,000		4.200		02/01/33^(b)		50,642
Western Midstream Operating LP
	75,000		3.100		02/01/25^(b)		73,058
	25,000		5.450		04/01/44^(b)		22,658
	20,000		5.300		03/01/48^(b)		17,498
Williams Cos., Inc. (The)
	25,000		3.900		01/15/25^(b)		24,603
	35,000		4.000		09/15/25^(b)		34,360
	125,000		5.650		03/15/33^(b)		130,687

							1,625,331

REITS – 1.3%
Agree LP
	170,000		4.800		10/01/32^(b)		160,727
Alexandria Real Estate Equities, Inc.
	25,000		3.375		08/15/31^(b)		22,555
American Homes 4 Rent LP
	50,000		4.900		02/15/29^(b)		49,537
	30,000		2.375		07/15/31^(b)		24,755
American Tower Corp.
	100,000		2.400		03/15/25^(b)		96,727
	75,000		2.100		06/15/30^(b)		62,954
Crown Castle, Inc.
	60,000		3.650		09/01/27^(b)		57,081
CubeSmart LP
	45,000		4.000		11/15/25^(b)		43,915
	60,000		2.500		02/15/32^(b)		49,850
Essex Portfolio LP
	50,000		3.000		01/15/30^(b)		44,556


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

REITS – (continued)
Healthcare Realty Holdings LP
	$25,000		2.050	%	03/15/31^(b)	$	19,360
Host Hotels & Resorts LP, Series J
	42,000		2.900		12/15/31^(b)		35,292
Invitation Homes Operating Partnership LP
	75,000		2.300		11/15/28^(b)		66,779
	195,000		2.000		08/15/31^(b)		155,042
Kilroy Realty LP
	20,000		4.750		12/15/28^(b)		19,053
Mid-America Apartments L.P.
	50,000		1.700		02/15/31^(b)		40,685
National Retail Properties, Inc.
	35,000		3.900		06/15/24^(b)		34,700
	45,000		4.000		11/15/25^(b)		44,077
Prologis L.P.
	25,000		1.750		07/01/30^(b)		20,979
	125,000		4.625		01/15/33^(b)		125,690
Realty Income Corp.
	25,000		3.950		08/15/27^(b)		24,323
Regency Centers LP
	100,000		2.950		09/15/29^(b)		89,634
Retail Opportunity Investments Partnership LP
	200,000		6.750		10/15/28^(b)		210,306
Spirit Realty LP
	75,000		3.400		01/15/30^(b)		68,286
UDR, Inc., MTN
	25,000		2.100		08/01/32^(b)		19,650
	100,000		1.900		03/15/33^(b)		76,517
Ventas Realty LP
	45,000		3.500		02/01/25^(b)		43,975
WP Carey, Inc.
	20,000		4.600		04/01/24^(b)		19,906
	30,000		4.000		02/01/25^(b)		29,555
	25,000		3.850		07/15/29^(b)		23,441
	25,000		2.400		02/01/31^(b)		21,133

							1,801,040

Retail – 0.7%
7-Eleven, Inc.
	100,000		1.300		02/10/28^(b)(d)		87,441
AutoNation, Inc.
	83,000		4.500		10/01/25^(b)		81,315
	25,000		1.950		08/01/28^(b)		21,510
Dollar Tree, Inc.
	50,000		4.000		05/15/25^(b)		49,113
	50,000		4.200		05/15/28^(b)		48,927
Home Depot, Inc. (The)
	25,000		3.900		12/06/28^(b)		24,642
	150,000		3.250		04/15/32^(b)		138,653
	25,000		4.250		04/01/46^(b)		22,631
Lowe’s Cos., Inc.
	25,000		3.100		05/03/27^(b)		23,963
	75,000		1.700		09/15/28^(b)		66,360
	25,000		3.000		10/15/50^(b)		17,027
	50,000		4.250		04/01/52^(b)		42,384
McDonald’s Corp., MTN
	79,000		4.600		09/09/32^(b)		80,031
	25,000		4.200		04/01/50^(b)		22,214


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Retail – (continued)
Starbucks Corp.
	$100,000		4.000	%	11/15/28^(b)	$	98,491
Tractor Supply Co.
	50,000		1.750		11/01/30^(b)		41,005
Walgreens Boots Alliance, Inc.
	41,000		4.100		04/15/50^(b)		29,762

							895,469

Semiconductors – 0.5%
Applied Materials, Inc.
	25,000		1.750		06/01/30^(b)		21,290
Broadcom, Inc.
	74,000		4.150		04/15/32^(b)(d)		69,839
	100,000		3.419		04/15/33^(b)(d)		87,846
	50,000		3.469		04/15/34^(b)(d)		43,521
	162,000		3.137		11/15/35^(b)(d)		133,049
	100,000		3.500		02/15/41^(b)(d)		79,364
Intel Corp.
	175,000		5.200		02/10/33^(b)		182,845
	75,000		3.050		08/12/51^(b)		53,055
Micron Technology, Inc.
	50,000		2.703		04/15/32^(b)		41,969

							712,778

Software – 1.5%
Adobe, Inc.
	50,000		2.150		02/01/27^(b)		46,904
	75,000		2.300		02/01/30^(b)		67,281
Black Knight InfoServ LLC
	75,000		3.625		09/01/28^(b)(d)		71,428
Fiserv, Inc.
	25,000		4.200		10/01/28^(b)		24,473
Intuit, Inc.
	25,000		1.350		07/15/27^(b)		22,560
Oracle Corp.
	150,000		4.500		05/06/28^(b)		150,042
	34,000		2.950		04/01/30^(b)		30,687
	175,000		4.650		05/06/30^(b)		174,135
	275,000		2.875		03/25/31^(b)		243,534
	250,000		6.250		11/09/32^(b)		271,858
	157,000		4.900		02/06/33^(b)		156,258
	225,000		6.900		11/09/52^(b)		263,719
	50,000		3.850		04/01/60^(b)		36,384
Roper Technologies, Inc.
	50,000		4.200		09/15/28^(b)		49,160
ServiceNow, Inc.
	125,000		1.400		09/01/30^(b)		102,806
Take-Two Interactive Software, Inc.
	85,000		3.700		04/14/27^(b)		82,336
VMware, Inc.
	25,000		1.800		08/15/28^(b)		21,940
	100,000		2.200		08/15/31^(b)		82,761
Workday, Inc.
	75,000		3.500		04/01/27^(b)		72,526
	25,000		3.800		04/01/32^(b)		23,296

							1,994,088

Telecommunications – 1.9%
AT&T, Inc.
	288,000		2.300		06/01/27^(b)		267,451


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Bonds – (continued)

Telecommunications – (continued)
AT&T, Inc. – (continued)
	$150,000		4.350	%	03/01/29^(b)	$	148,088
	50,000		2.750		06/01/31^(b)		43,806
	478,000		2.550		12/01/33^(b)		389,976
	25,000		4.900		08/15/37^(b)		24,202
	60,000		4.850		03/01/39^(b)		57,382
	75,000		3.500		06/01/41^(b)		59,608
	25,000		4.350		06/15/45^(b)		21,629
	25,000		5.150		11/15/46^(b)		24,087
	25,000		4.500		03/09/48^(b)		21,901
	25,000		3.650		06/01/51^(b)		18,870
T-Mobile USA, Inc.
	49,000		3.500		04/15/25^(b)		47,986
	75,000		1.500		02/15/26^(b)		69,862
	153,000		3.750		04/15/27^(b)		148,471
	25,000		4.750		02/01/28^(b)		24,903
	175,000		2.050		02/15/28^(b)		157,945
	83,000		3.875		04/15/30^(b)		78,799
	75,000		2.875		02/15/31^(b)		66,049
	75,000		3.500		04/15/31^(b)		68,603
	500,000		5.200		01/15/33^(b)		512,275
	25,000		3.000		02/15/41^(b)		18,740
Verizon Communications, Inc.
	108,000		4.329		09/21/28		106,892
	200,000		2.550		03/21/31^(b)		172,484

							2,550,009

Transportation – 0.4%
Burlington Northern Santa Fe LLC
	25,000		4.050		06/15/48^(b)		21,697
CSX Corp.
	175,000		3.800		03/01/28^(b)		171,961
	100,000		4.100		11/15/32^(b)		97,203
FedEx Corp.
	45,000		3.400		02/15/28^(b)		43,172
	75,000		5.250		05/15/50^(b)		74,859
Union Pacific Corp.
	125,000		2.800		02/14/32^(b)		110,948

							519,840

TOTAL CORPORATE BONDS (Cost $36,668,902)							35,184,449



Asset- Backed Securities – 9.1%

Collateralized Debt Obligations – 0.2%
Arbor Realty Commercial Real Estate Notes Ltd., Series 2022- FL1, Class A (SOFR + 1.450%)
	250,000		6.788		01/15/37^(b)(c)(d)		248,444

Collateralized Loan Obligations – 4.7%
Allegro CLO VIII Ltd., Series 2018-2A, Class A (TSFR3M + 1.362%)
	380,680		6.755		07/15/31^(b)(c)(d)		380,668
AMMC CLO XI Ltd., Series 2012-11A, Class A1R2 (TSFR3M + 1.272%)
	386,425		6.662		04/30/31^(b)(c)(d)		385,846
Cathedral Lake VIII Ltd., Series 2021-8A, Class C (TSFR3M + 2.882%)
	200,000		8.294		01/20/35^(b)(c)(d)		199,002


Principal Amount		Interest Rate			Maturity Date	Value

Asset- Backed Securities – (continued)

Collateralized Loan Obligations – (continued)
CBAM Ltd., Series 2018-5A, Class A (TSFR3M + 1.282%)
	$499,936		6.684	%	04/17/31^(b)(c)(d)	$	499,404
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1 (TSFR3M +1.242%)
	245,907		6.657		04/20/31^(b)(c)(d)		245,859
CFIP CLO Ltd., Series 2021-1A, Class A (TSFR3M + 1.482%)
	700,000		6.897		01/20/35^(b)(c)(d)		699,188
CFIP CLO Ltd., Series 2021-1A, Class C1 (TSFR3M + 2.662%)
	300,000		8.077		01/20/35^(b)(c)(d)		297,609
Crown City CLO I, Series 2020-1A, Class A1AR (TSFR3M + 1.452%)
	250,000		6.867		07/20/34^(b)(c)(d)		249,108
Diameter Capital CLO 1 Ltd., Series 2021-1A, Class A1A (TSFR3M + 1.502%)
	425,000		6.895		07/15/36^(b)(c)(d)		424,249
HalseyPoint CLO Ltd., Series 2020-3A, Class A1A (TSFR3M + 1.712%)
	250,000		7.102		11/30/32^(b)(c)(d)		250,098
Hayfin US XII Ltd., Series 2018-8A, Class A (TSFR3M + 1.382%)
	237,690		6.797		04/20/31^(b)(c)(d)		237,679
Jamestown CLO XV Ltd., Series 2020-15A, Class A (TSFR3M + 1.602%)
	300,000		6.995		04/15/33^(b)(c)(d)		298,852
JP Morgan Mortgage Trust, Series 2023-HE3, Class A1 (SOFR + 1.600%)
	140,000		6.937		05/25/54^(b)(c)(d)		140,000
Marble Point CLO XVII Ltd., Series 2020-1A, Class A (TSFR3M +1.562%)
	500,000		6.977		04/20/33^(b)(c)(d)		499,502
OCP CLO Ltd., Series 2019-16A, Class AR (TSFR3M + 1.262%)
	250,000		6.668		04/10/33^(b)(c)(d)		249,504
Pikes Peak CLO 12 Ltd., Series 2023-12A, Class A (TSFR3M + 2.100%)
	350,000		7.516		04/20/36^(b)(c)(d)		351,970
Post CLO Ltd., Series 2018-1A, Class A (TSFR3M + 1.312%)
	394,044		6.705		04/16/31^(b)(c)(d)		394,034
Southwick Park CLO LLC, Series 2019-4A, Class A1R (TSFR3M +1.322%)
	250,000		6.737		07/20/32^(b)(c)(d)		249,271
Venture CLO Ltd., Series 2020-39A, Class A1 (TSFR3M + 1.542%)
	275,000		6.935		04/15/33^(b)(c)(d)		273,009

							6,324,852

Diversified Financial Services – 4.2%
Bank of America Auto Trust, Series 2023-2A, Class A2
	225,000		5.850		08/17/26^(b)(d)		226,318
Barclays Dryrock Issuance Trust, Series 2023-1, Class A
	600,000		4.720		02/15/29		599,879
Barclays Dryrock Issuance Trust, Series 2023-2, Class A (SOFR +0.900%)
	300,000		6.227		08/15/28^(c)		300,674
Benefit Street Partners CLO Xxx Ltd., Series 2023-30A, Class A
(TSFR3M + 2.100%)
	350,000		7.478		04/25/36^(b)(c)(d)		351,761
Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A
	300,000		4.950		10/15/27		300,770


Principal Amount		Interest Rate			Maturity Date	Value

Asset- Backed Securities – (continued)

Diversified Financial Services – (continued)
Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1
	$275,000		5.230	%	12/08/27	$	277,111
Discover Card Execution Note Trust, Series 2023-A1, Class A
	300,000		4.310		03/15/28		295,463
Ford Credit Auto Owner Trust, Series 2023-C, Class A2A
	450,000		5.680		09/15/26^(b)		452,386
GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class A2A
	325,000		5.890		11/16/26^(b)		326,651
HalseyPoint CLO Ltd., Series 2023-7A, Class A (TSFR3M + 2.250%)
	600,000		7.509		07/20/36^(b)(c)(d)		604,439
Honda Auto Receivables Owner Trust, Series 2023-4, Class A3
	525,000		5.670		06/21/28^(b)		536,140
Hyundai Auto Lease Securitization Trust, Series 2022-A, Class A4
	300,000		1.320		12/15/25^(b)(d)		295,498
Hyundai Auto Receivables Trust, Series 2023-A, Class A2A
	242,469		5.190		12/15/25^(b)		242,126
Nissan Auto Receivables Owner Trust, Series 2023-A, Class A2A
	290,684		5.340		02/17/26^(b)		290,136
Santander Drive Auto Receivables Trust, Series 2023-6, Class A2
	400,000		6.080		05/17/27^(b)		401,375
World Omni Auto Receivables Trust, Series 2023-B, Class A2A
	257,443		5.250		11/16/26^(b)		257,104

							5,757,831

TOTAL ASSET- BACKED SECURITIES (Cost $12,305,322)							12,331,127



Foreign Bonds – 4.6%
Agriculture – 0.1%
BAT Capital Corp. (United Kingdom)
	25,000		3.222		08/15/24^(b)		24,603
	100,000		2.259		03/25/28^(b)		89,456
	25,000		4.540		08/15/47^(b)		19,228

							133,287

Banks – 2.2%
Banco Santander SA (Spain)
	200,000		2.746		05/28/25		193,059
	400,000		6.921		08/08/33		426,699
Barclays PLC (United Kingdom)
(SOFR + 2.714%)
	200,000		2.852		05/07/26^(b)(c)		193,061
BNP Paribas SA (France)
	200,000		3.375		01/09/25^(d)		195,817
(SOFR + 1.004%)
	200,000		1.323		01/13/27^(b)(c)(d)		184,464
BPCE SA (France)
(SOFR + 1.730%)
	250,000		3.116		10/19/32^(b)(c)(d)		203,649
Credit Suisse AG (Switzerland)
	250,000		1.250		08/07/26		226,772
HSBC Holdings PLC (United Kingdom)
(SOFR + 1.538%)
	200,000		1.645		04/18/26^(b)(c)		190,084


Principal Amount		Interest Rate			Maturity Date	Value

Foreign Bonds – (continued)

Banks – (continued)
ING Groep NV (Netherlands)
(US 1 Year CMT T-Note + 1.100%)
	$200,000		1.400	%	07/01/26^(b)(c)(d)	$	188,170
Macquarie Group Ltd. (Australia)
(SOFR + 1.069%)
	50,000		1.340		01/12/27^(b)(c)(d)		45,931
Toronto-Dominion Bank (The) (Canada)
	175,000		4.456		06/08/32		170,051
UBS Group AG (Switzerland)
	250,000		4.550		04/17/26		246,622
(US 1 Year CMT T-Note + 1.100%)
	200,000		2.746		02/11/33^(b)(c)(d)		163,762
(SOFR + 5.020%)
	250,000		9.016		11/15/33^(b)(c)(d)		307,491
Westpac Banking Corp. (Australia)
(US 5 Year CMT T-Note + 2.000%)
	25,000		4.110		07/24/34^(b)(c)		22,916
Westpac Banking Corp., GMTN (Australia)
(USISOA05 + 2.236%)
	25,000		4.322		11/23/31^(b)(c)		24,046

							2,982,594

Beverages – 0.7%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	335,000		4.700		02/01/36^(b)		334,343
	70,000		4.900		02/01/46^(b)		69,063
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	175,000		4.750		01/23/29^(b)		177,930
	25,000		8.200		01/15/39		33,395
	40,000		5.450		01/23/39^(b)		42,203
	25,000		4.950		01/15/42		25,053
	100,000		4.600		04/15/48^(b)		94,874
JDE Peet’s NV (Netherlands)
	150,000		1.375		01/15/27^(b)(d)		134,810

							911,671

Biotechnology – 0.0%
CSL Finance PLC (Australia)
	25,000		3.850		04/27/27^(b)(d)		24,334

Coal – 0.0%
Teck Resources Ltd. (Canada)
	18,000		3.900		07/15/30^(b)		16,739

Commercial Services – 0.2%
DP World Crescent Ltd., EMTN (United Arab Emirates)
	200,000		3.875		07/18/29		189,224

Diversified Financial Services – 0.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	250,000		2.450		10/29/26^(b)		231,577
	225,000		3.000		10/29/28^(b)		205,403
Avolon Holdings Funding Ltd. (Ireland)
	25,000		3.950		07/01/24^(b)(d)		24,682
	100,000		2.875		02/15/25^(b)(d)		96,568


Principal Amount		Interest Rate			Maturity Date	Value

Foreign Bonds – (continued)

Diversified Financial Services – (continued)
Avolon Holdings Funding Ltd. (Ireland) – (continued)
	$25,000		4.250	%	04/15/26^(b)(d)	$	24,179

							582,409

Machinery-Construction & Mining – 0.1%
Weir Group PLC (The) (United Kingdom)
	200,000		2.200		05/13/26^(b)(d)		185,736

Mining – 0.2%
Glencore Funding LLC (Australia)
	75,000		4.125		03/12/24^(b)(d)		74,667
	25,000		4.625		04/29/24^(d)		24,886
	75,000		1.625		04/27/26^(b)(d)		69,465
	150,000		2.625		09/23/31^(b)(d)		127,416

							296,434

Oil & Gas – 0.2%
Saudi Arabian Oil Co. (Saudi Arabia)
	220,000		3.500		04/16/29		207,831

Pipelines – 0.3%
Enbridge, Inc. (Canada)
	111,000		5.700		03/08/33^(b)		115,373
	125,000		2.500		08/01/33^(b)		102,325
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)
	186,624		2.940		09/30/40		153,498

							371,196

Semiconductors – 0.2%
NXP BV / NXP Funding LLC / NXP USA, Inc. (China)
	25,000		3.400		05/01/30^(b)		22,970
	125,000		2.500		05/11/31^(b)		106,317
	125,000		2.650		02/15/32^(b)		105,363

							234,650

Transportation – 0.0%
Canadian Pacific Railway Co. (Canada)
	25,000		2.050		03/05/30^(b)		21,426

TOTAL FOREIGN BONDS (Cost $6,489,284)							6,157,531



Commercial Mortgage-Backed Securities – 3.1%

3650R Commercial Mortgage Trust, Series 2021-PF1, Class AS
	150,000		2.778		11/15/54^(c)		121,179
BANK, Series 2019-BN21, Class A5
	150,000		2.851		10/17/52^(b)		132,620
BANK, Series 2021-BN32, Class A5
	150,000		2.643		04/15/54^(b)		128,485
BANK, Series 2022-BNK43, Class A5
	200,000		4.399		08/15/55^(b)		190,802
BANK, Series 2023-BNK46, Class A4
	200,000		5.745		08/15/56^(b)		210,947
BANK5, Series 2023-5YR2, Class A3
	250,000		6.656		07/15/56^(b)(c)		264,986
BANK5, Series 2023-5YR3, Class A3
	200,000		6.724		09/15/56^(b)(c)		213,088
BBCMS Mortgage Trust, Series 2023-C21, Class AS
	175,000		6.296		09/15/56^(b)(c)		181,423
Benchmark Mortgage Trust, Series 2021-B31, Class A5
	250,000		2.669		12/15/54^(b)		210,935


Principal Amount		Interest Rate			Maturity Date	Value

Commercial Mortgage-Backed Securities – (continued)

BMO Mortgage Trust, Series 2023-C7, Class A5
	$200,000		6.160	%	12/15/56^(b)	$	216,480
BX Commercial Mortgage Trust, Series 2023-VLT2, Class A
	250,000		7.643		06/15/40^(c)(d)		249,394
BX Trust, Series 2021-ARIA, Class C
	50,000		7.122		10/15/36^(c)(d)		48,320
BX Trust, Series 2022-PSB, Class A
	88,577		7.813		08/15/39^(c)(d)		88,528
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A4
	100,000		3.006		01/15/53^(b)		88,787
Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A
	200,000		6.360		07/10/28^(c)(d)		205,404
DOLP Trust, Series 2021-NYC, Class A
	200,000		2.956		05/10/41^(d)		164,707
EQUS Mortgage Trust, Series 2021-EQAZ, Class A
	199,996		6.231		10/15/38^(b)(c)(d)		195,724
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-152, Class A2
	200,000		3.780		11/25/32^(b)(c)		189,825
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-161, Class A2
	300,000		4.900		10/25/33^(b)		309,079
Freddie Mac Multifamily Structured Pass Through Certificates, Series K510, Class A2
	100,000		5.069		10/25/28^(b)(c)		102,121
Freddie Mac Multifamily Structured Pass Through Certificates, Series KF153, Class AS
	200,000		6.011		02/25/33^(b)(c)		199,518
GS Mortgage Securities Trust, Series 2017-GS7, Class A4
	200,000		3.430		08/10/50^(b)		184,342
MSWF Commercial Mortgage Trust, Series 2023-2, Class A2
	325,000		6.890		12/15/56^(b)		340,267

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $4,337,123)							4,236,961



U.S. Government Agency Securities – 2.3%

Federal Farm Credit Banks Funding Corp.
	460,000		2.900		04/12/32		416,758
	230,000		3.300		05/19/32		213,774
	130,000		3.500		09/01/32		122,147
	600,000		2.850		03/28/34		524,286
	340,000		3.080		03/30/37		291,025
Federal Home Loan Banks
	250,000		3.375		09/10/32		231,410
	430,000		4.750		12/10/32		444,357
Federal National Mortgage Association
	400,000		1.875		09/24/26		377,637
	400,000		6.250		05/15/29		443,754

TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $3,318,808)							3,065,148



Foreign Government Securities – 1.1%

Sovereign – 1.1%
Indonesia Government International Bond
	200,000		4.850		01/11/33^(b)		203,444


Principal Amount		Interest Rate			Maturity Date	Value

Foreign Government Securities – (continued)

Sovereign – (continued)
Indonesia Government International Bond – (continued)
	$200,000		3.050	%	03/12/51	$	152,312
Israel Government AID Bond
	100,000		5.500		04/26/24^(f)		100,042
Mexico Government International Bond
	400,000		3.250		04/16/30^(b)		361,500
	110,000		1.450		10/25/33^(b)		94,406
	200,000		4.280		08/14/41^(b)		165,572
Panama Government International Bond
	200,000		6.875		01/31/36^(b)		199,428
Peruvian Government International Bond
	50,000		3.230		07/28/21^(b)		31,078
Romanian Government International Bond
	40,000		3.000		02/27/27^(d)		37,249
	10,000		2.124		07/16/31^(d)		8,776
	30,000		2.625		12/02/40^(d)		22,210
	10,000		4.625		04/03/49^(d)		9,253
Romanian Government International Bond, EMTN
	50,000		2.875		03/11/29		49,900

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $1,624,971)							1,435,170



Municipal Bonds – 0.9%

Arizona – 0.0%
City of Tucson AZ, Series A
	25,000		1.932		07/01/31		20,553

California – 0.5%
California Health Facilities Financing Authority
	125,000		3.478		06/01/29		119,161
	100,000		3.790		06/01/32		93,562
California Statewide Communities Development Authority
	50,000		1.877		02/01/31		41,908
Municipal Improvement Corp. of Los Angeles, Series A
	35,000		1.648		11/01/28		30,818
	80,000		2.074		11/01/30		68,437
Port of Oakland, Series R
	80,000		2.199		05/01/31		67,846
San Francisco Municipal Transportation Agency, Series A
	30,000		1.302		03/01/28		26,340
San Jose Financing Authority
	25,000		1.812		06/01/29		21,740
	25,000		1.862		06/01/30		21,198
State of California
	105,000		7.625		03/01/40		131,785

							622,795

Florida – 0.0%
State Board of Administration Finance Corp., Series A
	70,000		2.154		07/01/30		59,710

Illinois – 0.1%
Chicago O’Hare International Airport, Series D
	85,000		2.346		01/01/30		75,181
State of Illinois GO Bonds
	25,000		5.100		06/01/33		24,736
	85,714		7.350		07/01/35		93,100

							193,017


Principal Amount		Interest Rate			Maturity Date	Value

Municipal Bonds – (continued)

Louisiana – 0.1%
City of New Orleans LA Water System Revenue
	$25,000		1.008	%	12/01/26	$	22,479
Louisiana Local Government Environmental Facilities & Community Development Auth, Series 2022-ELL, Class A3
	140,000		4.275		02/01/36		135,971

							158,450

New York – 0.1%
City of New York NY, Series 2
	40,000		1.940		03/01/29		35,397
Metropolitan Transportation Authority, Series A2
	25,000		5.989		11/15/30		26,595
New York City Transitional Finance Authority Future Tax Secured Revenue, Series B2
	10,000		3.590		08/01/27		9,753

							71,745

Ohio – 0.1%
American Municipal Power, Inc., Series E
	95,000		6.270		02/15/50		103,564

TOTAL MUNICIPAL BONDS (Cost $1,291,326)							1,229,834



Collateralized Mortgage Obligations – 0.5%

Alternative Loan Trust, Series 2005-38, Class A1 (Federal Reserve US 12 mo. Cumulative Avg 1 yr. CMT + 1.500%)
	37,699		6.512		09/25/35^(b)(c)		33,531
Angel Oak Mortgage Trust, Series 2021-6, Class A1
	68,222		1.458		09/25/66^(b)(c)(d)		54,738
Chase Home Lending Mortgage Trust, Series 2023-RPL2, Class A1
	147,777		3.250		03/25/63^(b)(c)(d)		130,939
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2 (SOFR + 1.550%)
	44,000		6.887		10/25/41^(b)(c)(d)		44,009
Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2 (SOFR + 1.650%)
	42,000		6.987		12/25/41^(b)(c)(d)		41,456
Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M1 (SOFR + 1.900%)
	30,144		7.237		04/25/42^(b)(c)(d)		30,327
Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2 (SOFR + 3.000%)
	36,000		8.337		04/25/42^(b)(c)(d)		36,863
Connecticut Avenue Securities Trust, Series 2023-R03, Class 2M2 (SOFR + 3.900%)
	30,000		9.237		04/25/43^(b)(c)(d)		32,116
Connecticut Avenue Securities Trust, Series 2023-R08, Class 1M2 (SOFR + 2.500%)
	50,000		7.837		10/25/43^(b)(c)(d)		51,102
Federal Home Loan Mortgage Corporation, Series 2020-DNA5, Class M2 (SOFR + 2.800%)
	9,309		8.137		10/25/50^(b)(c)(d)		9,444
Federal Home Loan Mortgage Corporation, Series 2021-DNA5, Class M2 (SOFR + 1.650%)
	18,721		6.987		01/25/34^(b)(c)(d)		18,796


Principal Amount		Interest Rate			Maturity Date	Value

Collateralized Mortgage Obligations – (continued)

Federal Home Loan Mortgage Corporation, Series 2022-DNA1, Class M1A (SOFR + 1.000%)
	$71,222		6.337	%	01/25/42^(b)(c)(d)	$	70,988
Federal Home Loan Mortgage Corporation, Series 2022-DNA3, Class M1A (SOFR + 2.000%)
	27,386		7.337		04/25/42^(b)(c)(d)		27,648
JP Morgan Mortgage Trust, Series 2021-6, Class A3
	89,276		2.500		10/25/51^(b)(c)(d)		73,080
JP Morgan Mortgage Trust, Series 2023-10, Class A6
	48,910		6.000		05/25/54^(b)(c)(d)		48,846
Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1
	5,726		3.500		07/25/49^(b)(c)(d)		5,149

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $724,480)							709,032



U.S. Treasury Obligations – 20.1%

U.S. Treasury Bonds
	1,640,000		3.125	^(g)	11/15/41		1,427,569
	1,550,000		2.750	^(g)	08/15/42		1,258,648
	2,310,000		2.750	^(g)	11/15/42		1,869,656
	220,000		4.750	^(g)	11/15/43		236,397
	230,000		3.000	^(g)	02/15/49		187,594
	230,000		2.875	^(g)	05/15/49		183,245
	420,000		2.250	^(g)	08/15/49		294,000
	2,930,000		2.375	^(g)	11/15/49		2,106,853
	610,000		2.000	^(g)	02/15/50		402,314
	480,000		2.375	^(g)	05/15/51		343,500
	170,000		2.000	^(g)	08/15/51		111,323
	160,000		2.250	^(g)	02/15/52		111,200
	1,630,000		4.000	^(g)	11/15/52		1,611,917
U.S. Treasury Inflation Indexed Bonds
	393,330		1.500		02/15/53		358,009
U.S. Treasury Notes
	620,000		2.500	^(g)	05/31/24		612,977
	620,000		3.000	^(g)	06/30/24		613,413
	1,250,000		3.000	^(g)	07/31/24		1,235,010
	620,000		4.250	^(g)	09/30/24		616,852
	620,000		4.250	^(g)	12/31/24		616,827
	636,000		0.375	^(g)	12/31/25		589,542
	4,050,000		0.750	^(g)	03/31/26		3,758,906
	1,720,000		0.625	^(g)	07/31/26		1,575,547
	620,000		4.375	^(g)	08/15/26		624,311
	640,000		0.750	^(g)	08/31/26		586,900
	640,000		2.625	^(g)	05/31/27		612,750
	660,000		0.500	^(g)	06/30/27		586,214
	140,000		1.250	^(g)	03/31/28		125,573
	970,000		2.875	^(g)	05/15/28		930,215
	1,180,000		1.250	^(g)	06/30/28		1,052,413
	250,000		3.125	^(g)	11/15/28		241,543
	1,160,000		3.750	^(g)	12/31/28		1,154,965
	1,150,000		3.750	^(g)	12/31/30		1,140,990

TOTAL U.S. TREASURY OBLIGATIONS (Cost $30,391,917)							27,177,173


Shares		Dividend Rate	Value

Investment Company – 0.7%^(h)

Goldman Sachs Financial Square Government Fund - Institutional Shares
	896,009	5.248%	$	896,009
(Cost $896,009)

TOTAL INVESTMENTS – 104.4% (Cost $147,304,229)			$	140,833,222

LIABILITIES IN EXCESS OF OTHER ASSETS – (4.4)%				(5,931,838	)

NET ASSETS – 100.0%			$	134,901,384


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 $17,845,909 which represents approximately 13.2% of the Fund’s net assets as of December 31, 2023.

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

(c)		Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2023.

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

(e)		Step coupon.

(f)		Guaranteed by the United States Government. Total market value of $100,042, which represents 0.1% of net assets as of December 31, 2023.

(g)		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.

(h)		Represents an affiliated issuer.



Investment Abbreviations:
BBSW		—Bank Bill Swap Rate
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Index
CORRA		—Canadian Overnight Repo Rate Average
ESTRON		—Euro Short-Term Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GMTN		—Global Medium Term Note
GNMA		—Insured by Government National Mortgage Association
GO		—General Obligation
LP		—Limited Partnership
Mo.		—Month
MTN		—Medium Term Note
NIBOR		—Norwegian Interbank Offered Rate
PLC		—Public Limited Company
SOFR		—Secured Overnight Financing Rate
SONIO		—Sterling Overnight Index Average
STIBOR		—Stockholm Interbank Offered Rate
TSFR		—Term Secured Overnight Financing Rate



Currency Abbreviations:
AUD		Australian Dollar
CAD		Canadian Dollar
CHF		Swiss Franc
EUR		Euro
GBP		British Pound



Currency Abbreviations: (continued)
JPY		Japanese Yen
NOK		Norwegian Krone
NZD		New Zealand Dollar
SEK		Swedish Krona
USD		United States Dollar

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 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	274,786	USD	334,125	1/10/2024	$	16,146
	SEK	2,464,352	USD	227,856	1/30/2024		16,765
	CAD	330,474	USD	241,552	2/9/2024		7,985
	EUR	845,718	USD	917,918	2/14/2024		17,336
	AUD	123,850	USD	83,375	3/20/2024		1,220
	CAD	180,894	USD	134,611	3/20/2024		2,052
	CHF	242,933	USD	278,755	3/20/2024		12,408
	EUR	120,301	USD	132,020	3/20/2024		1,201
	GBP	93,852	USD	118,928	3/20/2024		746
	NOK	991,643	USD	94,097	3/20/2024		3,675
	NZD	155,689	USD	96,711	3/20/2024		1,728
	SEK	1,056,856	USD	103,245	3/20/2024		1,860
	JPY	28,164,635	USD	195,761	3/21/2024		6,459

TOTAL						$	89,581

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Loss
Morgan Stanley Co., Inc.
	USD	369,797	GBP	304,123	1/10/2024		(17,870	)
	USD	238,640	SEK	2,579,932	1/30/2024		(17,454	)
	USD	237,949	CAD	325,544	2/9/2024		(7,866	)
	USD	106,565	AUD	163,644	2/12/2024		(5,100	)
	USD	116,878	JPY	17,133,736	2/13/2024		(5,433	)
	USD	1,119,802	EUR	1,031,723	2/14/2024		(21,149	)
	USD	83,123	AUD	126,242	3/20/2024		(3,106	)
	USD	119,717	CAD	162,213	3/20/2024		(2,833	)
	USD	287,526	CHF	248,026	3/20/2024		(9,742	)
	USD	119,845	EUR	111,010	3/20/2024		(3,086	)
	USD	111,994	GBP	89,011	3/20/2024		(1,507	)
	USD	74,509	NOK	816,049	3/20/2024		(5,950	)
	USD	85,918	NZD	140,214	3/20/2024		(2,736	)
	USD	93,648	SEK	979,224	3/20/2024		(3,736	)
	USD	244,391	JPY	34,122,409	3/21/2024		(605	)

TOTAL						$	(108,173	)

FORWARD SALES CONTRACTS — At December 31, 2023, the Fund had the following forward sales contracts:


	Interest			Principal
Description	Rate	Maturity Date ^(a)	Settlement Date	Amount			Value
Federal National Mortgage Association	3.000%	TBA-30yr	01/15/54	$	(3,000,000	)	$	(2,651,037	)
Federal National Mortgage Association	4.500	TBA-30yr	01/15/54		(3,000,000	)		(2,910,467	)
Federal National Mortgage Association	5.000	TBA-30yr	01/15/54		(2,000,000	)		(1,979,364	)
Federal National Mortgage Association	5.500	TBA-30yr	01/15/54		(3,000,000	)		(3,014,310	)

ADDITIONAL INVESTMENT INFORMATION (continued)


	Interest			Principal
Description	Rate	Maturity Date ^(a)	Settlement Date	Amount			Value
Government National Mortgage Association	6.500%	TBA-30yr	01/15/54	$	(1,000,000	)	$	(1,023,468	)

Total (Proceed Receivable $11,494,580)							$	(11,578,646	)

(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 December 31, 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	42	03/19/24	$	4,734,843		$	29,932
U.S. Treasury 2 Year Note	32	03/28/24		6,588,500			7,955
U.S. Treasury 5 Year Note	78	03/28/24		8,477,625			81,172
U.S. Treasury Long Bond	19	03/19/24		2,366,094			38,763
U.S. Treasury Ultra Bond	16	03/19/24		2,129,500			91,988

Total						$	249,810
Short position contracts:
Euro Bund Future	(1)	03/07/24		(151,429	)		(3,744	)
EURO-BOBL Future	(13)	03/07/24		(1,711,686	)		(23,366	)
Euro-OAT Future	(1)	03/07/24		(145,081	)		142
U.S. Treasury 10 Year Ultra Note	(10)	03/19/24		(1,177,812	)		(50,736	)

Total						$	(77,704	)

Total Futures Contracts						$	172,106

SWAP CONTRACTS — At December 31, 2023, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Received (Paid) by the Fund	Credit Spread at December 31, 2023^(a)	Counterparty	Termination Date	Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Nordstrom, Inc.^(b)	1.000%	0.213%	Bank of America NA	06/20/2024		225	$	480		$	(102	)	$	582
ICE CD JWN^(b)	1.000%	0.260	Bank of America NA	12/20/2024		100		260			(1,928	)		2,188
Markit CDX North America Investment Grade Index^(b)	1.000%	1.119	Bank of America NA	06/20/2025		4,500		50,338			6,566			43,772
Markit CDX North America Investment Grade Index^(b)	1.000%	1.462	Bank of America NA	12/20/2025		575		8,406			–			8,406
General Electric Co.^(b)	1.000%	1.688	Bank of America NA	06/20/2026		175		2,955			–			2,955
Markit CDX North America Investment Grade Index^(b)	1.000%	1.640	Bank of America NA	06/20/2026		4,775		78,298			19,507			58,791
ICE CDX Investment Grade Index^(b)	1.000%	1.747	Bank of America NA	12/20/2026		2,900		50,654			45,927			4,727
ICE CDX Investment Grade Index^(b)	1.000%	2.011	Bank of America NA	06/20/2028		1,008		20,274			14,606			5,668
Chile Government International Bond^(b)	1.000%	2.302	Bank of America NA	12/20/2028		90		2,072			1,436			636
Mexico Government International Bond^(b)	1.000%	0.541	Bank of America NA	12/20/2028		210		1,135			(2,201	)		3,336
CMBX Index^(c)	0.500%	1.766	Morgan Stanley Co., Inc	04/17/2065		300		(5,297	)		(5,612	)		315

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index

Financing
Rate
Received
(Paid) by the
Fund

Credit
Spread at
December
31, 2023^(a)

Counterparty

Termination Date

Notional

Amount (000’s)

Value

Upfront Premium
(Received) Paid

Unrealized
Appreciation/
(Depreciation)

TOTAL

209,575

78,199

131,376

(a)

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

(b)

Payments made quarterly.

(c)

Payments made monthly.

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 (Received) Paid			Unrealized Appreciation/ (Depreciation)
1 Day SOFR^(b)	3.500%	4/19/2025	USD	250	$	1,819		$	(233	)	$	2,052
3 Month BBSW^(c)	3.750	3/20/2026	AUD	4,340		2,346			–			2,346
3.750%^(d)	CORRA	3/20/2026	CAD	2,600		6,196			–			6,196
1 Day SOFR^(b)	1.250	3/20/2026	CHF	1,850		(8,426	)		(9,203	)		777
1 Day ESTRON^(b)	3.000	3/20/2026	EUR	7,430		(106,959	)		(79,071	)		(27,888	)
5.250 ^(b)	1 Day SONIO	3/20/2026	GBP	2,240		78,801			61,521			17,280
4.250 ^(b)	6 Month NIBOR	3/20/2026	NOK	30,700		29,690			22,990			6,700
3.500 ^(b)	3 Month STIBOR	3/20/2026	SEK	31,430		50,436			32,438			17,998
4.000 ^(b)	1 Day SOFR	3/20/2026	USD	2,200		7,524			696			6,828
0.500 ^(b)	12 Month BOJDTR	8/2/2026	JPY	197,380		4,463			6,108			(1,645	)
3.000 ^(b)	1 Day ESTRON	10/20/2027	EUR	2,790		52,322			10,018			42,304
3.731 ^(b)	1 Day SOFR	11/28/2027	USD	1,250		14,357			4,562			9,795
2.673 ^(b)	1 Day ESTRON	4/22/2028	EUR	2,510		63,925			10,319			53,606
1 Day ESTRON^(b)	2.852	4/22/2028	EUR	2,510		(62,573	)		(8,893	)		(53,680	)
12 Month BOJDTR^(b)	0.500	8/3/2028	JPY	413,390		8,890			–			8,890
2.500 ^(b)	1 Day ESTRON	10/19/2028	EUR	1,490		28,007			10,417			17,590
4.750 ^(b)	1 Day SONIO	3/20/2029	GBP	590		50,011			28,872			21,139
4.250 ^(b)	1 Day SOFR	3/20/2029	USD	1,480		55,158			46,962			8,196
12 Month BOJDTR^(b)	0.500	3/21/2029	JPY	1,195,000		4,858			–			4,858
1 Day SOFR^(b)	2.680	7/28/2032	USD	1,400		35,291			–			35,291
1.250 ^(b)	12 Month BOJDTR	8/2/2033	JPY	84,700		1,392			1,994			(602	)
12 Month BOJDTR^(b)	1.250	8/3/2033	JPY	104,000		(1,697	)		(2,062	)		365
4.306 ^(b)	1 Day SOFR	10/5/2033	USD	2,230		80,123			10,024			70,099
3.000 ^(b)	1 Day ESTRON	11/10/2033	EUR	2,090		43,732			29,970			13,762
4.250 ^(d)	6 Month BBSW	3/20/2034	AUD	420		1,574			–			1,574
CORRA^(d)	3.250	3/20/2034	CAD	70		(1,004	)		–			(1,004	)
1.500 ^(b)	1 Day SOFR	3/20/2034	CHF	300		11,404			10,899			505
3.000 ^(b)	1 Day ESTRON	3/20/2034	EUR	280		14,782			14,057			725
4.250 ^(b)	1 Day SONIO	3/20/2034	GBP	80		8,558			4,322			4,236
6 Month NIBOR^(b)	3.750	3/20/2034	NOK	320		(1,238	)		(846	)		(392	)
4.750 ^(d)	3 Month NZD BKBM	3/20/2034	NZD	440		14,479			509			13,970
3 Month STIBOR^(b)	3.000	3/20/2034	SEK	6,700		(40,431	)		(24,669	)		(15,762	)
4.250 ^(b)	1 Day SOFR	3/20/2034	USD	170		11,824			10,814			1,010
2.910^(b)	1 Day SOFR	7/28/2037	USD	3,440		(75,229	)		–			(75,229	)
2.152^(b)	1 Day ESTRON	8/9/2037	EUR	1,830		(44,832	)		–			(44,832	)
3.391^(b)	1 Day SOFR	5/10/2038	USD	4,350		(26,136	)		–			(26,136	)
1.500^(b)	12 Month BOJDTR	8/3/2038	JPY	113,000		(5,897	)		–			(5,897	)
1 Day ESTRON^(b)	1.452	8/10/2042	EUR	4,700		171,565			–			171,565
1 Day SOFR^(b)	2.080	7/28/2047	USD	3,410		77,470			–			77,470
1.051^(b)	1 Day ESTRON	8/11/2047	EUR	2,760		(85,293	)		–			(85,293	)
1 Day SOFR^(b)	2.564	5/11/2053	USD	3,700		39,321			(976	)		40,297
1 Day ESTRON^(b)	2.000	5/17/2053	EUR	780		2,703			–			2,703
1 Day ESTRON^(b)	2.500	11/10/2053	EUR	940		(45,138	)		(32,532	)		(12,606	)
1 Day SOFR^(b)	3.614	11/15/2053	USD	1,190		(51,345	)		(7,883	)		(43,462	)

ADDITIONAL INVESTMENT INFORMATION (continued)

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 (Received) Paid			Unrealized Appreciation/ (Depreciation)
1 Day SOFR^(b)	3.513%	11/29/2053	USD	400	$	(14,434	)	$	(6,798	)	$	(7,636	)
1 Day ESTRON^(b)	2.500	3/20/2054	EUR	230		(10,492	)		(6,771	)		(3,721	)

TOTAL					$	391,897		$	137,555		$	254,342

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2023.

(b)

Payments made annually.

(c)

Payments made quarterly.

(d)

Payments made semi-annually.

OVER-THE-COUNTER - INTEREST RATE SWAPTIONS — At December 31, 2023, the Fund had the following written option contracts:


Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts			Notional Amount		Market Value			Premiums Paid (Received) by the Fund		Unrealized Appreciation/ (Depreciation)
Purchased Option Contracts:
Puts
3M IRS	Morgan Stanley Co., Inc		EUR 3.80		03/14/2024		7,140,000		$	7,140,000	$	572		$	2,128	$	(1,556)
3M IRS	Morgan Stanley Co., Inc		3.43		03/14/2024		3,570,000			3,570,000		1,379			3,902		(2,522)
Total purchased option contracts							10,710,000		$	10,710,000	$	1,951		$	6,030	$	(4,078)

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts			Notional Amount		Market Value			Premiums Paid (Received) by the Fund		Unrealized Appreciation/ (Depreciation)
Written Option Contracts:
Puts
3M IRS	Morgan Stanley Co., Inc		EUR 3.65		03/14/2024		(10,710,000	)	$	(10,710,000)	$	(1,615	)	$	(5,202)	$	3,587



Abbreviations:
3M IRS		—3 Months Interest Rate Swaptions


	Core Fixed Income Fund

Assets:

Investments in unaffiliated issuers, at value (cost $146,408,220)	$	139,937,213
Investments in affiliated issuers, at value (cost $896,009)		896,009
Purchased Options, at value (premiums paid $6,030)		1,951
Cash		2,014,884
Foreign Currency, at value (cost $13,058)		13,050
Receivables:
Investments sold on an extended-settlement basis		38,703,518
Collateral on certain derivative contracts^(a)		1,000,562
Interest and dividends		947,114
Fund shares sold		100,109
Reimbursement from investment adviser		14,566
Unrealized gain on forward foreign currency exchange contracts		89,581
Unrealized gain on swap contracts		131,376
Variation margin on futures contracts		87,247
Upfront payments received on swap contracts		78,199
Other assets		1,140

Total assets		184,016,519



Liabilities:

Written options, at value (premiums received $5,202)		1,615
Forward sale contracts, at value (proceeds received $11,494,580)		11,578,646
Unrealized loss on forward foreign currency exchange contracts		108,173
Payables:
Investments purchased		37,236,422
Management fees		44,779
Fund shares redeemed		22,095
Distribution and Service fees and Transfer Agency fees		20,469
Accrued expenses		102,936

Total liabilities		49,115,135


Net Assets:

Paid-in Capital		147,419,293
Total distributable earnings (loss)		(12,517,909	)

NET ASSETS	$	134,901,384
Net Assets:
Institutional	$	47,420,966
Service		87,480,418
Total Net Assets	$	134,901,384
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		4,898,121
Service		9,048,285
Net asset value, offering and redemption price per share:
Institutional	$	9.68
Service		9.67

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


Fund	Futures		Forwards	Swaps
Core Fixed Income Fund	$	439,488	$(50,000)	$	611,074


	Core Fixed Income Fund

Investment income:

Interest	$	4,649,355

Dividends — affiliated issuers		55,203


Total Investment Income		4,704,558



Expenses:

Management fees		486,158

Service fees — Service		198,961

Professional fees		107,915

Custody, accounting and administrative services		71,400

Transfer Agency fees^(a)		24,308

Trustee fees		21,641

Printing and mailing costs		17,206

Shareholder meeting expense		4,896

Other		24,825


Total expenses		957,310


Less — expense reductions		(240,444	)


Net expenses		716,866


NET INVESTMENT INCOME		3,987,692



Realized and Unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(2,479,873	)

Forward sales contracts		894,356

Swap Contracts		221,180

Foreign currency transactions		(2,805	)

Purchased Options		(10,899	)

Written options		(11,088	)

Forward foreign currency exchange contracts		(34,040	)

Futures contracts		(53,539	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		4,765,367

Swap Contracts		242,570

Futures contracts		239,333

Forward foreign currency exchange contracts		5,537

Purchased Options		1,181

Written options		(660	)

Foreign currency translations		(130,032	)

Forward sales contracts		(399,128	)


Net realized and unrealized gain		3,247,460


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,235,152

(a)

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


	Core Fixed Income Fund^.
	For the Fiscal Year Ended December 31, 2023			For the Fiscal Year Ended December 31, 2022

From operations:

Net investment income	$	3,987,692		$	1,921,787

Net realized loss		(1,476,708	)		(5,191,585	)

Net change in unrealized gain (loss)		4,724,168			(12,101,618	)


Net increase (decrease) in net assets resulting from operations		7,235,152			(15,371,416	)



Distributions to shareholders:

From distributable earnings:

Institutional Shares		(1,301,980	)		(498,802	)

Service Shares		(2,263,048	)		(1,038,833	)


Total distributions to shareholders		(3,565,028	)		(1,537,635	)



From share transactions:

Proceeds from sales of shares		25,601,052			33,277,943

Reinvestment of distributions		3,565,028			1,537,635

Cost of shares redeemed		(8,631,963	)		(10,255,336	)


Net increase in net assets resulting from share transactions		20,534,117			24,560,242


TOTAL INCREASE		24,204,241			7,651,191



Net Assets:

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


End of year	$	134,901,384		$	110,697,143


	Goldman Sachs Core Fixed Income Fund

	Institutional Shares
	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

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


Net investment income^(a)			0.33				0.21				0.12				0.18				0.26

Net realized and unrealized gain (loss)			0.23				(1.77	)			(0.36	)			0.86				0.69


Total from investment operations			0.56				(1.56	)			(0.24	)			1.04				0.95


Distributions to shareholders from net investment income			(0.29	)			(0.16	)			(0.14	)			(0.26	)			(0.30	)

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


Total distributions			(0.29	)			(0.16	)			(0.16	)			(0.36	)			(0.30	)


Net asset value, end of year		$	9.68			$	9.41			$	11.13			$	11.53			$	10.85


Total Return^(b)			6.08	%			(14.03	)%			(2.06	)%			9.64	%			9.28	%


Net assets, end of year (in 000’s)		$	47,421			$	38,157			$	31,179			$	25,194			$	17,421

Ratio of net expenses to average net assets			0.43	%			0.41	%			0.41	%			0.41	%			0.44	%

Ratio of total expenses to average net assets			0.62	%			0.70	%			0.81	%			0.93	%			1.08	%

Ratio of net investment income to average net assets			3.45	%			2.07	%			1.09	%			1.61	%			2.41	%

Portfolio turnover rate^(c)			841	%			693	%			513	%			501	%			556	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


	Goldman Sachs Core Fixed Income Fund

	Service Shares
	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

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


Net investment income^(a)			0.30				0.18				0.09				0.16				0.25

Net realized and unrealized gain (loss)			0.24				(1.77	)			(0.34	)			0.85				0.66


Total from investment operations			0.54				(1.59	)			(0.25	)			1.01				0.91


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

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


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


Net asset value, end of year		$	9.67			$	9.40			$	11.13			$	11.53			$	10.85


Total Return^(b)			5.83	%			(14.28	)%			(2.23	)%			9.37	%			9.00	%


Net assets, end of year (in 000’s)		$	87,480			$	72,540			$	71,867			$	46,631			$	37,524

Ratio of net expenses to average net assets			0.68	%			0.66	%			0.66	%			0.66	%			0.68	%

Ratio of total expenses to average net assets			0.87	%			0.95	%			1.06	%			1.18	%			1.35	%

Ratio of net investment income to average net assets			3.19	%			1.82	%			0.85	%			1.39	%			2.33	%

Portfolio turnover rate^(c)			841	%			693	%			513	%			501	%			556	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

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 Fund	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.

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


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid

Core Fixed Income Fund	Quarterly	Annually

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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 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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

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.

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 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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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 Fund’s investments and derivatives classified in the fair value hierarchy as of December 31, 2023:


Core Fixed Income Fund

Investment Type	Level 1		Level 2			Level 3



Assets

Fixed Income

Asset- Backed Securities	$	—	$	12,331,127		$	—

Collateralized Mortgage Obligations		—		709,032			—

Commercial Mortgage-Backed Securities		—		4,236,961			—

Corporate Bond		—		35,184,449			—

Foreign Bond		—		6,157,531			—

Foreign Government Securities		—		1,435,170			—

Mortgage-Backed Securities		—		48,410,788			—

Municipal Bond		—		1,229,834			—

U.S. Government Agency Securities		—		3,065,148			—

U.S. Treasury Obligations		27,177,173		—			—

Investment Company		896,009		—			—



Total	$	28,073,182	$	112,760,040		$	—



Liabilities

Fixed Income

Forward Sales Contracts	$	—	$	(11,578,646	)	$	—



Derivative Type



Assets

Credit Default Swap Contracts^(a)	$	—	$	131,376		$	—

Forward Foreign Currency Exchange Contracts^(a)		—		89,581			—

Futures Contracts^(a)		249,952		—			—

Interest Rate Swap Contracts^(a)		—		660,127			—

Purchased Options Contracts		—		1,951			—



Total	$	249,952	$	883,035		$	—



Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—	$	(108,173	)	$	—

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



Futures Contracts^(a)	$	(77,846	)	$	—		$	—

Interest Rate Swap Contracts^(a)		—			(405,785	)		—

Written Options Contracts		—			(1,615	)		—



Total	$	(77,846	)	$	(515,573	)	$	—

(a)

Amount shown represents unrealized gain (loss) at fiscal year end.

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of December 31, 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	Statement of Assets and Liabilities	Assets¹		Statement of Assets and Liabilities	Liabilities¹

Credit	Receivable for unrealized gain on swap contracts	$	131,376		$	—
Currency	Receivables for unrealized gain on forward foreign currency exchange contracts		89,581	Payable for unrealized loss on forward foreign currency exchange contracts	$	(108,173	)
Interest Rate	Purchased options at value, Variation margin on futures and swaps contracts		912,031	Written options at value, Variation margin on futures and swaps contracts		(485,246	)

Total		$	1,132,988		$	(593,419	)

Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of December 31, 2023 is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 31, 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)
Currency	Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts	$	(34,040	)	$	5,537
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		158,225			140,992
Interest Rate	Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts		(12,571	)		341,432

Total		$	111,614		$	487,961

4. INVESTMENTS IN DERIVATIVES (continued)

Average number of Contracts or Notional Amounts^(a)

Fund

Futures Contracts

Forward Contracts

Swap Contracts

Purchased Options

Written Options

Core Fixed Income Fund

165

86,101,210

1,310,102,447

5,580,000

40,529,167

(a)

Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended December 31, 2023.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the fiscal year ended December 31, 2023, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate

Fund	First $1 billion	Next $1 billion	Next $3 billion	Next $3 billion	Over $8 billion	Effective Rate	Effective Net Management Rate^{^}



Core Fixed Income Fund	0.40%	0.36%	0.34%	0.33%	0.32%	0.40%	0.40%

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 fiscal year ended December 31, 2023, GSAM waived $1,922 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.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended December 31, 2023, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver	Other Expense Reimbursements	Total Expense Reductions



Core Fixed Income Fund	$ 1,922	$ 238,522	$ 240,444

E. Line of Credit Facility — As of December 31, 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 fiscal year ended December 31, 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 fiscal year ended December 31, 2023:


Fund	Beginning value as of December 31, 2022		Purchases at Cost		Proceeds from Sales			Ending value as of December 31, 2023		Shares as of December 31, 2023		Dividend Income



Core Fixed Income Fund	$	5,716,986	$	33,529,835	$	(38,350,812	)	$	896,009	$	896,009	$	55,203

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2023, were as follows:


Fund	Purchase of U.S. Government and Agency Obligations	Purchases (Excluding U.S. Governement 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 Fund	$ 26,317,001	$ 1,489,202,296	$ 10,654,365	$ 1,487,584,435

7. TAX INFORMATION

The tax character of distributions paid during the year ended December 31, 2023 were as follows:


		Core Fixed Income Fund



Distributions paid from:

Ordinary Income		$ 3,565,028



The tax character of distributions paid during the fiscal year ended December 31, 2022 were as follows:
		Core Fixed Income Fund



Distributions paid from:

Ordinary Income		$ 1,537,635



As of December 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:

7. TAX INFORMATION (continued)


	Core Fixed Income Fund

Undistributed ordinary income — net	$	704,411

Capital loss carryforwards:

Perpetual Short-Term		(4,056,433	)

Perpetual Long-Term		(3,071,886	)

Total capital loss carryforwards		(7,128,319	)

Timing differences (straddle loss deferrals)		(55,349	)

Unrealized gains (losses) — net		(6,038,652	)

Total accumulated earnings (losses) — net	$	(12,517,909	)

As of December 31, 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	$	147,201,171

Gross unrealized gain		2,573,209

Gross unrealized loss		(8,611,861	)

Net unrealized gain (loss)	$	(6,038,652	)

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 amortizations 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.

8. OTHER RISKS (continued)

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; 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 the 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 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 the 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 the 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 the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in, 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 the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. 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 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, 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, 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 the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

8. 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.

Mortgage-Backed and Other Asset-Backed Securities Risks — Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

9. IDEMNIFICATIONS

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

10. OTHER MATTERS

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust II and Goldman Sachs Trust, in July 2023, the Board voted to nominate Cheryl K. Beebe, John G. Chou, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. Messrs. Chou and Wirth and Ms. Dowling were serving as Trustees of the Trust at the time of their nominations. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees (except Messrs. Chou and Wirth and Ms. Dowling) was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024. Each of Messrs. Chou and Wirth and Ms. Dowling was also elected at the meeting and continue to serve as Trustees of the Trust.

11. SUBSEQUENT EVENTS

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

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Core Fixed Income Fund

	For the Fiscal Year Ended December 31, 2023						For the Fiscal Year Ended December 31, 2022



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		954,001		$	8,976,795			1,549,382		$	15,081,809

Reinvestment of distributions		138,907			1,301,980			51,565			498,802

Shares redeemed		(249,018	)		(2,354,053	)		(346,895	)		(3,639,227)



		843,890			7,924,722			1,254,052			11,941,384



Service Shares

Shares sold		1,754,431			16,624,257			1,821,761			18,196,134

Reinvestment of distributions		241,675			2,263,048			107,310			1,038,833

Shares redeemed		(665,325	)		(6,277,910	)		(669,929	)		(6,616,109)



		1,330,781			12,609,395			1,259,142			12,618,858



NET INCREASE IN SHARES		2,174,671		$	20,534,117			2,513,194		$	24,560,242

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs Core Fixed Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Core Fixed Income Fund (one of the funds constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 15, 2024

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

Fund Expenses — Six Month Period Ended December 31, 2023 (Unaudited)

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


	Core Fixed Income Fund
Share Class	Beginning Account Value 7/1/23		Ending Account Value 12/31/23		Expenses Paid for the 6 months ended 12/31/23*
Institutional
Actual		$1,000.00		$1,034.90		$2.21
Hypothetical 5% return		1,000.00		1,023.04⁺		2.19
Service
Actual		1,000.00		1,033.60		3.49
Hypothetical 5% return		1,000.00		1,021.78⁺		3.47

+	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.

Voting Results of Special Meeting of Shareholders (Unaudited)


Proposal Election of Trustees	For	Withheld

Cheryl K. Beebe	932,148,752	26,776,872

John G. Chou	930,378,362	28,547,262

Eileen H. Dowling	932,188,448	26,737,175

Lawrence Hughes	932,346,926	26,578,698

John F. Killian	931,754,574	27,171,049

Steven D. Krichmar	932,002,203	26,923,420

Michael Latham	931,832,553	27,093,071

Lawrence W. Stranghoener	931,376,144	27,549,480

Paul C. Wirth	932,041,013	26,884,610

Trustees and Officers (Unaudited)

Independent Trustees



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Gregory G. Weaver Age: 72	Chair of the Board of Trustees	Since 2023 (Trustee since 2015)	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Chair of the Board of Trustees — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	Verizon Communications Inc.

Dwight L. Bush Age: 66	Trustee	Since 2020	The Honorable Dwight Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014- 2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, he served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	MoneyLion, Inc. (an operator of a data- driven, digital financial platform)

Kathryn A. Cassidy Age: 69	Trustee	Since 2015	Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014- December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	Vertical Aerospace Ltd. (an aerospace and technology company)

John G. Chou Age: 67	Trustee	Since 2022	Mr. Chou is retired. Formerly, he was Executive Vice President and Special Advisor to the Chairman and CEO (2021-2022); Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017) of Cencora, Inc. (a pharmaceutical and healthcare company. Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	None

Joaquin Delgado Age: 63	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	Stepan Company (a specialty chemical manufacturer)

Trustees and Officers (Unaudited) (continued)

Independent Trustees



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Eileen H. Dowling Age: 61	Trustee	Since 2021	Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). As Managing Director, she held senior management positions, including Global Head of Global Consultant Relations (2017-2021), Multinational Corporations (2019-2021), the Institutional Product Group (2015-2019) and Institutional Marketing (2013- 2016). Ms. Dowling was a member of the Global Operating Committee and Product Executive Committee of BlackRock. Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	None

Paul C. Wirth Age: 66	Trustee	Since 2022	Mr. Wirth is retired. He is Executive Advisor, My Next Season LLC (a career transition advisory firm) (2023 – Present) Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley. Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	None

Trustees and Officers (Unaudited) (continued)

Interested Trustee*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 61	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	192	None

¹	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Robert Griffith. Information is provided as of December 31, 2023.

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of December 31, 2023, Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust consisted of 87 portfolios; Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 68 portfolios (37 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; and Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

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

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

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



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

James A. McNamara 200 West Street New York, NY 10282 Age: 61	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Robert Griffith 200 West Street New York, NY 10282 Age: 49	Secretary	Since 2023	Managing Director, Goldman Sachs (September 2022 – Present); General Counsel, Exchange Traded Concepts, LLC (October 2021 – September 2022); Vice President, Goldman Sachs (August 2011 – October 2021); Associate General Counsel, Goldman Sachs (December 2014 – Present); Assistant General Counsel, Goldman Sachs (August 2011 – December 2014); Vice President and Counsel, Nomura Holding America, Inc. (2010 – 2011); and Associate, Simpson Thacher & Bartlett LLP (2005 – 2010). Secretary—Goldman Sachs Variable Insurance Trust; (previously Assistant Secretary (2022));Goldman Sachs Trust (previously Assistant Secretary (2022)); Goldman Sachs Trust II (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust II; (previously Assistant Secretary (2022)); and Goldman Sachs Real Estate Diversified Income Fund (previously Assistant Secretary (2022)).

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹	Information is provided as of December 31, 2023.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2023, the Core Fixed Income Fund designated 100% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham* Cheryl K. Beebe* James A. McNamara Dwight L. Bush Lawrence W. Stranghoener* Kathryn A. Cassidy Paul C. Wirth John G. Chou * Effective January 1, 2024 Joaquin Delgado Eileen H. Dowling OFFICERS Lawrence Hughes* James A. McNamara, President John F. Killian* Joseph F. DiMaria, Principal Financial Officer, Steven D. Kirchmar* Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser 200 West Street, New York New York 10282 Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns. The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov. The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice. Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. The website links provided are for your convenience only and are not an endorsement or recommendation by Goldman Sachs Asset Management of any of these websites or the products or services offered. Goldman Sachs Asset Management is not responsible for the accuracy and validity of the content of these websites. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. Fund holdings and allocations shown are as of December 31, 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. References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark. The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust Funds. © 2024 Goldman Sachs. All rights reserved. VITFIAR-24/356409-OTU-02/2024

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 Annual Report December 31, 2023

Goldman Sachs Variable Insurance Trust

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

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GOLDMAN SACHS LARGE CAP VALUE FUND

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GOLDMAN SACHS MID CAP GROWTH FUND

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GOLDMAN SACHS MID CAP VALUE FUND

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GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

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GOLDMAN SACHS STRATEGIC GROWTH FUND

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GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

TABLE OF CONTENTS


Market Review			1

Schedules of Investments			47

Financial Statements			73

Financial Highlights

Goldman Sachs International Equity Insights Fund			81

Goldman Sachs Large Cap Value Fund			83

Goldman Sachs Mid Cap Growth Fund			85

Goldman Sachs Mid Cap Value Fund			87

Goldman Sachs Small Cap Equity Insights Fund			89

Goldman Sachs Strategic Growth Fund			91

Goldman Sachs U.S. Equity Insights Fund			93

Notes to Financial Statements			95

Report of Independent Registered Public Accounting Firm			113

Other Information			114



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

Goldman Sachs Variable Insurance Trust Funds

Market Review

U.S. Equities

In a sharp reversal from 2022, the S&P 500^® Index (the “S&P 500 Index”), representing the U.S. equity market, returned 26.29% during the 12 months ended December 31, 2023 (the “Reporting Period”), closing the calendar year with the best fourth quarter since 2003. Such strong performance, however, masks volatility and a wide range of challenges.

In the first quarter of 2023, the S&P 500 Index gained 7.53%, marking its second straight quarterly gain. Among the factors behind the market’s strength were disinflation narrative momentum, soft economic landing expectations, and a lowered bar for fourth quarter 2022 corporate earnings. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.) Following a stellar start to the year, February proved to be a setback for the disinflation path after nonfarm payrolls illustrated the largest job growth in six months, and the unemployment rate fell to a 53-year low, which pushed market forecasts for the Fed’s terminal rate up. In addition, January inflation data saw their largest monthly increases since mid-2022, illustrating that more work was needed to combat inflation. While fourth quarter 2022 corporate earnings did disappoint as margins came under pressure by persistently high input costs and weaker demand, the labor market outlook appeared to be positive due to supply-chain enhancements, ongoing consumer resilience and consensus expectations for inflation pressures to diminish as 2023 progressed. Consensus forecasts for the Fed’s interest rate path took a dovish turn in March due to an abrupt banking crisis that escalated the risk of raising rates. Economic data in March also contributed to the dovish sentiment.

The S&P 500 Index returned 8.74% in the second quarter of 2023. The market’s strength was predominately driven by disinflation momentum, an upswing in soft landing expectations, consumer resilience, a better than consensus expected first quarter corporate earnings season, and persistent enthusiasm around artificial intelligence (“AI”), including the possibility for a boom in AI-related chipmakers. Growth stocks significantly outperformed their value counterparts, as mega-cap technology stocks accounted for the vast majority of the S&P 500 Index’ rally in the quarter. Inflation reached its lowest level in more than two years on the back of lower energy prices. The soft landing narrative took form with a still-tight labor market and robust housing market helping to counteract the possibility of a recession. First quarter corporate earnings metrics, though supported by a lower bar, were well above their one-year averages due to a combination of pricing power, supply-chain normalizations, cost-cutting initiatives and margin expansion. Despite U.S. equity market strength in the quarter, the implacable “higher for longer” messaging from the Fed remained an overhang. Concentrated leadership was another critical 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 a setback for the market.

In the third quarter of 2023, the S&P 500 Index returned -3.27%, marking its first quarterly decline of the calendar year. The S&P 500 Index started off strong in the first two months of the quarter, reaching its year-to-date 2023 high at the end of July before a sharp pullback in September. Although economic activity remained resilient, the market declined mostly due to a pickup in soft landing concerns, surging energy prices and disinflationary pressures on corporate earnings. Concerns about a looming threat of a federal government shutdown, consumer impacts from student loan repayments resuming, and a strike against automakers by the United Auto Workers union that began in September further weighed on investor sentiment. The Fed acted in line with consensus forecasts, hiking interest rates by 25 basis points in July and keeping rates unchanged at 5.25%-5.50% in September. (A basis point is 1/100th of a percentage point.) However, the Fed’s “higher for longer” narrative appeared to gain further recognition from investors. On the earnings front, S&P 500 Index companies saw earnings decline 4.21% in the second calendar quarter from a year earlier, marking the third consecutive quarter of negative earnings growth.

The S&P 500 Index gained 11.69% in the fourth quarter of 2023, finishing the year nearly eclipsing its all-time high. The quarter saw a broadening of market leadership following the mega-cap dominance for most of the calendar year. U.S. equity markets began the quarter with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed interest rate regime. The market then shifted direction in November and December. November saw the most significant easing in financial conditions of any month in more than four decades. Market sentiment took a positive turn on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances

on record—all underpinning soft landing and disinflation traction themes. The Fed held interest rates unchanged throughout the quarter, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards. Near the end of the quarter, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.) U.S. economic data provided further evidence of disinflation momentum, with November’s annualized core Consumer Price Index dropping to its lowest level since September 2021 and core Personal Consumption Expenditure Index increasing 1.9% on a six-month annualized basis, measuring below the Fed’s inflation target of 2% for the first time in more than three years. Market seasonality proved to be another tailwind to equities during the quarter, as November and December historically represent the strongest two-month period for U.S. stocks.

For the Reporting Period overall, nine of the 11 sectors in the S&P 500 Index posted positive absolute returns. Information technology was the best performing sector in the S&P 500 Index, as measured by total return, followed by communication services and consumer discretionary. The weakest performing sectors in the S&P 500 Index during the Reporting Period were utilities and energy—the only two to post negative absolute returns.

Within the U.S. equity market, all capitalization segments posted double-digit positive returns, with large-cap stocks, as measured by the Russell 1000^® Index, performing best. Mid-cap stocks, as measured by the Russell Midcap^® Index, and small-cap stocks, as measured by the Russell 2000^® Index, followed, with these two market segments posting returns similar to each other. From a style perspective, growth-oriented stocks materially outperformed value-oriented stocks across the capitalization spectrum but most significantly within the large-cap segment of the market. (All as measured by the FTSE Russell indices.)

International Equities

International equities rallied strongly but lagged the U.S. equity market during the Reporting Period. The MSCI Europe, Australasia, Far East (EAFE) Index (Net, USD, Unhedged) (the “MSCI EAFE Index”) posted a return of 18.24%.*

International equities performed well during the first quarter of 2023 overall. Markets gained in January on the back of consensus expectations around peaking inflation in the U.S. and Europe, the slowing pace of central bank interest rate hikes and receding concerns about recession. China finally lifted its stringent zero-COVID policy, which increased global hopes around the resolution of supply-chain disruptions and economic recovery driven by strong domestic consumption. Several companies announced job cuts, but the overall job market remained in good shape, raising optimism around the mild impact of a potential impending global recession. February saw a pullback in international equity market performance, as market sentiment was governed by dampening expectations around potential peaking of interest rate hikes, ongoing geopolitical tensions between Russia and Ukraine, and a re-escalation of U.S./China tensions. Japan saw its highest level of inflation in 40 years. However, international equities rebounded in March, with market sentiment most influenced 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 U.S. and European regional banking tensions.

During the second quarter of 2023, international equities gained, albeit more modestly than in the prior quarter. International equity markets recovered slightly in April from the banking turmoil that plagued March. In Europe, although manufacturing lagged, headline inflation fell sharply as energy prices fell globally. China enjoyed strong economic growth, but geopolitical concerns around U.S./China tensions continued to weaken investor sentiment toward the country. The Japanese equity market rose for the fourth consecutive month, particularly notable in light of the new Bank of Japan governor declaring a commitment to a loose monetary easing policy and famed investor Warren Buffett declaring that he planned to add to his Japanese equity investments. In May, international equities declined. Globally, high inflation rates persisted, dampening market sentiment, while sustained wage growth raised concerns around peak central bank policy rates potentially being higher than consensus expected. In the U.K., inflation hit a 31-year high. Concerns surrounding the U.S. debt ceiling also loomed over the markets during the month. International equities then rebounded in June. The Bank of England (“BoE”) hiked its interest rates more than consensus expected to combat persistent inflation, encouraging other central banks to continue policy tightening. China’s recovery-fueled momentum slowed. In Japan, import prices began to ease along with other inflation drivers.

The third quarter of 2023 was a challenging one for international equities, marked by persistent inflation, contractionary economic concerns, particularly in Europe, and further interest rate hikes. Recession fears were renewed by a steep rise in oil prices. Further, a selloff in global bond markets put increased pressure on risk assets. In Europe, concerns persisted around the contractionary effect of elevated interest rates on the economy as the European Central Bank (“ECB”) raised rates twice in the quarter. However,

inflation in Europe fell to a two-year low, and the ECB suggested its September hike may be the last. The U.K. equity market gained modestly for the quarter, largely supported by its energy sector, which benefited from increased oil prices. The market also benefited from sterling, its currency, depreciation relative to the U.S. dollar. Additionally, U.K. markets showed signs of improving consumer confidence. The BoE raised rates more than consensus expected in July and once more in August before ending its run of 14 consecutive rate hikes in September. The Japanese equity market also gained modestly during the quarter, with weakness in the yen and strong domestic demand major tailwinds. In July, the Bank of Japan endorsed higher bond yields and signaled toward a potential end to negative interest rates by calendar year end. In China, lower economic growth and real estate market concerns continued to plague its equity market, despite new stimulus policies.

International equities rallied strongly in the fourth quarter of 2023, fueled by expectations of interest rate cuts in 2024 amid falling inflation numbers and a fizzling out of the “higher for longer” narrative. In Europe, equities were weak in October but then recovered to close out the year. Headline inflation in December ticked up from November; however, core inflation fell. U.K. equities posted positive returns overall but lagged other geographies during the quarter due to sterling appreciation and a large exposure to the underperforming energy sector. Although U.K. GDP growth entered negative territory during the quarter, markets were buoyed by expectations of an ending rate hike cycle. As a result, domestic small-cap and mid-cap stocks performed especially well. The Japanese equity market similarly posted positive, albeit modest, returns for the quarter. Yen appreciation was a headwind for Japanese equities. Further, expectations of rate cuts and dovish U.S. Fed moves were positive news for Japanese equities. The December 2023 Bank of Japan Tankan survey signaled toward improving business sentiment. However, the Bank of Japan’s December meeting, though not featuring any policy or rate changes, slightly dampened consensus expectations of an imminent end to its negative policy rates.

For the Reporting Period overall, all 11 sectors of the MSCI EAFE Index gained, led by information technology, industrials and consumer discretionary. Consumer staples, real estate and health care were the weakest performers on the basis of total return, though still produced positive absolute returns during the Reporting Period.

From a country perspective, Italy, Ireland and Spain were the strongest constituents of the MSCI EAFE Index during the Reporting Period, based on total return. The only individual country constituents of the MSCI EAFE Index to post negative absolute returns during the Reporting Period were Hong Kong, Canada and Finland.

*All index returns are expressed in U.S. dollar terms.

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discuss the Goldman Sachs Variable Insurance Trust — Goldman Sachs International Equity Insights Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 18.71% and 18.43%, respectively. These returns compare to the 18.24% average annual total return of the Fund’s benchmark, the MSCI Europe, Australasia, Far East (EAFE) Index (net, USD, unhedged) (the “MSCI EAFE Index”), during the same time period.

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

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

Which investment themes helped and which hurt within the Team’s stock selection strategy?

In keeping with our investment approach, we use our quantitative model and four investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by the Fund’s different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

As mentioned, during the Reporting Period, all four of our investment themes contributed positively to the Fund’s relative returns. Sentiment Analysis added most, followed by Fundamental Mispricings, High Quality Business Models and Market Themes & Trends. 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. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

How did the Fund’s sector and industry allocations affect relative performance during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than making sector or industry bets. Consequently, the Fund is similar to its benchmark, the MSCI EAFE Index, in terms of its sector and industry allocations and style. Relative performance is primarily driven by stock selection, not by sector or industry allocations.

Did stock selection help or hurt Fund performance during the Reporting Period?

We seek to outpace the MSCI EAFE Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. At the same time, we strive to maintain a risk profile similar to the MSCI EAFE Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the benchmark index.

During the Reporting Period, stock selection overall helped the Fund’s performance, with investments in the consumer discretionary, industrials and real estate sectors contributing most positively to results relative to the MSCI EAFE Index. Holdings in the energy, consumer staples and financials sectors detracted from relative results during the Reporting Period.

Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period?

The Fund benefited most from overweight positions in Japan-based semiconductor production equipment manufacturer SCREEN Holdings, Japan-based heavy machinery maker Mitsubishi Heavy Industries and Japan-based steel producer and other metals supplier Kobe Steel. The overweight in SCREEN Holdings was fueled mainly by our Sentiment Analysis and Fundamental Mispricings investment themes. The overweight in Mitsubishi Heavy Industries was based primarily on our Sentiment Analysis and Market Themes & Trends investment themes. The overweight in Kobe Steel was driven by our Sentiment Analysis and Fundamental Mispricings investment themes.

Which individual positions detracted from the Fund’s results during the Reporting Period?

Detracting most from the Fund’s results relative to the MSCI EAFE Index were overweight positions in U.K.-based multinational tobacco products manufacturer British American Tobacco, Denmark-based biotechnology company Genmab and Norway-based international energy company Equinor. The overweight in British American Tobacco was implemented because of our Fundamental Mispricings and High Quality Business Models themes. The overweight in Genmab was based primarily on our High Quality Business Models and Sentiment Analysis investment themes. The overweight in Equinor was driven primarily by our Market Themes & Trends and Fundamental Mispricings investment themes.

Which countries helped or hurt the Fund’s relative performance during the Reporting Period?

Compared to the MSCI EAFE Index, the Fund was helped most by its positioning in Japan, France and Germany. Positioning in the U.K., Australia and Norway detracted most from the Fund’s relative results during the Reporting Period.

How did the Fund use derivatives during the Reporting Period?

During the Reporting Period, we used equity index futures contracts, on an opportunistic basis, to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of stock futures. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Did you make any enhancements to your quantitative models during the Reporting Period?

We continuously look for ways to improve our investment process. During the Reporting Period, within our Sentiment Analysis investment theme, we implemented an enhancement across all regions except Japan that aims to improve our sentiment identification in earnings call reports by utilizing many of the latest developments in machine learning and natural language processing (“NLP”). In our High Quality Business Models investment theme, we implemented a new signal across all regions that aims to apply U.S. consumer spending data to non-U.S. companies to help predict their future returns. Across all regions, we implemented two new signals within our Market Themes & Trends investment theme. The first signal leverages advanced machine learning algorithms to capture nuanced behavior of our existing suite of more than a hundred alpha factors. The second signal aims to apply NLP techniques to account for fine-grained linguistic meaning of documents when quantifying company linkages for text-based cross-stock momentum factors.

In fact, we introduced several new signals and enhancements during the Reporting Period that leverage machine learning techniques, such as NLP, as well as those that are based on different types of alternative data sources. The Team’s new NLP-based signals utilize the transformer architecture to be able to extract insights from different bodies of text. For example, within the Sentiment Analysis investment theme, we introduced a suite of signals that seeks to identify changes in sentiment within company regulatory filings and documents by using advanced NLP models to synthesize the context of the language used within the document. In addition to the NLP-based signals, we also introduced a new signal that seeks to capture the level of attention stocks receive as a result of being mentioned in news articles and blog posts. We believe companies that receive outsized attention in the media experience positive, but temporary, price trends that ultimately revert over the longer term. We also introduced new signals within the Market Themes & Trends investment theme. The first signal introduced in all regions except Japan leverages NLP and topic modeling techniques to identify economic linkages between companies based on their current descriptions. Additionally, we implemented a suite of signals that leverage word embedding techniques to capture the meanings of the words and language used with employer reviews in order to identify the economic linkages between companies mentioned.

Lastly, we extended a signal from our U.S. regional models to the U.K. and Europe regional models that focuses on consumers’ spending growth trends, as we believe companies with exposure to segments of the market that are exhibiting changes in consumer spending trends may also experience a similar impact to their expected sales growth.

What changes did you make to the Fund’s country weightings during the Reporting Period?

During the Reporting Period, we increased the Fund’s positions relative to the MSCI EAFE Index in Germany, Japan, Switzerland and Hong Kong. We decreased the Fund’s positions relative to the MSCI EAFE Index in Sweden, France, Australia, Norway, Denmark and the U.K.

What were the Fund’s sector and country weightings at the end of the Reporting Period?

As of December 31, 2023, the Fund was overweight the financials, information technology and real estate sectors relative to the MSCI EAFE Index. The Fund was underweight consumer staples, health care and energy and was rather neutral to the MSCI EAFE Index in consumer discretionary, industrials, utilities, materials and communication services on the same date.

In terms of countries, the Fund was overweight relative to the MSCI EAFE Index in Germany, Switzerland and Japan at the end of the Reporting Period. Compared to the MSCI EAFE Index, the Fund was underweight in the U.K. and was relatively neutral compared to the MSCI EAFE Index in the remaining constituents of the MSCI EAFE Index at the end of the Reporting Period.

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

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

What is your strategy going forward for the Fund?

Looking ahead, we continue to believe that less expensive stocks should outpace more expensive stocks, and stocks with good momentum are likely to outperform those with poor momentum. We intend to maintain our focus on seeking companies about which fundamental research analysts are becoming more positive as well as profitable companies with sustainable earnings and a track record of using their capital to enhance shareholder value. As such, we anticipate remaining fully invested with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide strong, uncorrelated returns over the long term. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals and improve our trading execution as we seek to provide the most value to our shareholders.

International Equity Insights Fund

as of December 31, 2023

TOP TEN HOLDINGS AS OF 12/31/23¹



Holding	% of Net Assets	Line of Business	Country

ASML Holding NV	2.7%	Semiconductors & Semiconductor Equipment	Netherlands

Nestle SA	2.1	Food Products	United States

Roche Holding AG	1.9	Pharmaceuticals	United States

Novo Nordisk A/S, Class B	1.9	Pharmaceuticals	Denmark

SAP SE	1.9	Software	Germany

Novartis AG	1.8	Pharmaceuticals	Switzerland

Shell PLC	1.5	Oil, Gas & Consumable Fuels	Netherlands

Air Liquide SA	1.4	Chemicals	France

BHP Group Ltd.	1.3	Metals & Mining	Australia

UBS Group AG	1.3	Capital Markets	Switzerland

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of December 31, 2023

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Performance Summary

December 31, 2023

The following graph shows the value, as of December 31, 2023, of a $10,000 investment made on January 1, 2014 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI EAFE Standard Index (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

International Equity Insights Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2014 through December 31, 2023.

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Average Annual Total Returns through December 31, 2023*	One Year	Five Years	Ten Years

Institutional	18.71%	7.80%	3.44%


Service	18.43%	7.55%	3.19%

*	These returns assume reinvestment of all distributions at NAV. Because Institutional and Service Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Returns.

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Large Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 13.01% and 12.71%, respectively. These returns compare to the 11.46% average annual total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”) during the same time period.

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

The Fund posted double-digit positive absolute returns that outperformed the Russell Index on a relative basis during the Reporting Period due primarily to stock selection decisions overall. Sector allocation positioning as a whole detracted, albeit modestly.

Which equity market sectors most significantly affected Fund performance?

Stock selection in the information technology, industrials and materials sectors contributed most positively to the Fund’s relative results during the Reporting Period. Having an overweighted allocation to information technology, the second-strongest sector in the Russell Index during the Reporting Period, also boosted relative results. Only partially offsetting these positive contributors was stock selection in the financials, utilities and energy sectors, which detracted from the Fund’s relative results during the Reporting Period. Allocation positioning in the financials and utilities sectors further dampened the Fund’s relative performance.

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

Relative to the Russell Index, the Fund benefited most from positions in technology infrastructure and computer company Dell Technologies, customer relationship management software provider Salesforce and industrials conglomerate General Electric.

Shares of Dell Technologies, a new purchase for the Fund during the Reporting Period, appreciated on the back of strong artificial intelligence (“AI”)-induced momentum, as investors saw the company as a beneficiary of the investment cycle and as the company demonstrated the ability to surpass consensus expectations. Most of the company’s stock strength came after it announced second quarter 2023 results well ahead of consensus estimates, as the company stated it was seeing AI-related benefits come to fruition. The results were driven by AI servers and better margins on its personal computers. The company additionally saw improved cash flow, an alleviation of working capital issues, and an excess of cash that should bode well, in our view, for return of capital plans. At the end of the Reporting Period, we believed the personal computer market was close to bottoming, as units sold were back to pre-pandemic levels and channel inventory had come down substantially. As consensus expectations had been heavily de-risked, we believed estimates should move higher as the company shows execution and the ability to return to historically free cash flow conversion levels in the near term. Further, Dell Technologies maintains, in our opinion, a strong balance sheet, and we expected even more return of capital going forward.

Salesforce’s strength commenced in the beginning of 2023 when the company announced a 10% reduction in its workforce along with a broader reduction in costs across the business. Furthermore, it was announced that Elliot Investment Management initiated a multi-billion dollar stake in the company, which was reflected positively in its stock price. In March 2023, the company reported its fourth quarter 2022 earnings, which largely beat consensus expectations, driven by growth in its cloud-based customer relationship management business that has more than 150,000 customers globally. The company’s stock gained further on the news that Elliot Investment Management dropped its plan to nominate directors to Salesforce’s Board of Directors after its strong earnings. The company kept this momentum going as it reported first quarter 2023 earnings better than consensus expected across virtually all metrics. Finally, the company reported a solid third quarter 2023, illustrating a slight beat of consensus expectations on revenue and margins. Further, Salesforce’s management narrowed its full fiscal year guidance to the upper end of its previous range and increased its margin guidance on ongoing strength. Its commentary focused on positive traction in AI products and improvement in the overall spending environment. At the end of the Reporting Period, we remained positive on the company, as it has demonstrated, in our opinion, impressive margin expansion, and we continued to have confidence in the capital return opportunity in Salesforce’s stock. We further believed its management is well equipped to navigate relatively conservative guidance and is focused on margin expansion by being more disciplined with capital. In our view, an improving spending environment should bode well for the company.

General Electric’s (“GE”) share price appreciated in January 2023 on the news of a solid fourth quarter 2022 earnings release, with the company’s core business reporting results ahead of consensus expectations. Additionally, investors reacted positively to GE’s newly-deleveraged business in the wake of the then-recent spinoff of its healthcare segment. GE’s stock appreciated further after the company reaffirmed its 2023 guidance and announced its expectations for greater aerospace profits. The company continued this trend by announcing two big quarters ahead of consensus expectations, as GE then had the fastest free cash flow and earnings growth rates of large-cap industrial companies. Such momentum was further illustrated in its third quarter 2023 earnings results, wherein the company continued to demonstrate strong execution, leading to a beat of consensus expectations in earnings and another guidance raise for the next quarter given that its onshore business turned profitable, free cash flow improved, and the company updated the timing for its next spinoff to early second quarter 2024. At the end of the Reporting Period, we continued to like GE for its leading aerospace exposure, which we believed was still below mid-cycle—as well as the improvement and energy transition opportunities within its power business—all, in our view, at an attractive valuation. We also continued to believe the company’s balance sheet was strong and effective management execution was illustrating a promising path ahead.

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

Among those companies detracting most from the Fund’s results relative to the Russell Index were positions in pharmaceuticals company Bristol-Myers Squibb, wealth management and securities brokerage firm Charles Schwab and regional bank First Republic Bank.

Much of the negative performance of Bristol-Myers Squibb was attributed to ongoing pessimism around the declining sales of Revlimid, a cancer drug threatened by generic alternatives. The company did report third quarter 2023 bottom-line earnings ahead of consensus expectations in October 2023, but the company’s stock continued to decline through November, as Revlimid sales continued to struggle. Additionally, investors reacted negatively to an announcement mid-November that the U.S. Food and Drug Administration delayed approval of earlier use of another cancer treatment drug. Overall, at the end of the Reporting Period, we believed generics erosion had already been accounted for by investors, and the company’s future growth profile would be determined by sales from its new product portfolios, which, in our view, was on track to potentially offset its patent cliff. (Patent cliff refers to a sharp decline in revenue or profitability when a firm’s patents expire, opening them up to competition. Patent cliffs are particularly salient in the pharmaceutical industry, when generic drug makers may begin grabbing market share.) As more pipeline wins come in, we believed the stock should perform well. We maintain conviction that the company was well positioned financially, with a strong balance sheet and enough products in its pipeline to renew its growth trajectory.

During the Reporting Period, Charles Schwab’s share price initially depreciated along with the broader financial sector, as regional bank fears spread, causing concerns around possible outflows from the brokerage firm. While the stock declined, the company saw an elevated level of inflows, as a bank-type run did not occur, and customers saw the company as more of a safe haven amid the volatile market environment. The company also demonstrated it had ample liquidity and could continue to operate even in a deposit flight scenario. Ultimately, while we like the company in the longer term, we exited the Fund position, as we believed Charles Schwab might face further pressure from client cash sorting, as customers moved money from bank accounts into other asset classes to take advantage of higher rates.

First Republic Bank engages in the provision of private banking, business banking, real estate lending and wealth management. In the first quarter of 2023, its stock price declined, driven by broader fears in the banking industry, as regional banks demonstrated an asset-liability mismatch in invested securities that caused concerns among customers and led to withdrawals of balances in favor of larger financial institutions. While we had liked its underlying business, we decided to sell the Fund’s position in First Republic Bank, as perception often drives stock prices and fear around the solvency of regional banks caused volatility in the sub-industry.

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

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

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

During the Reporting Period, in addition to the purchase of Dell Technologies, mentioned earlier, we established a Fund position in Danaher, a global science and technology conglomerate. The company had struggled in the first half of 2023 given the soft biotechnology spending environment and as the company was forced to lower its guidance. We bought its shares because we became more comfortable with the macroeconomic conditions, as we believed most of the poor spending conditions were priced in and that emerging biotechnology spending had bottomed. Further, we believe the bioprocessing end-market for tools may well be the first to recover, as we expect excess channel inventory to normalize—an area in which Danaher has meaningful exposure.

We initiated a Fund position in global payment and travel company American Express during the Reporting Period. Its stock price declined in line with the rest of the financials sector in March 2023, dropping 12% in one week, and we viewed this as an attractive entry point from a valuation standpoint. We believe the company is well positioned, as it is more insulated from inflation than its peers. We are also optimistic about the company because there is high visibility into card fee growth accelerating due to its premium customer base, new customer acquisition driving spending growth, and corporate spending increasing as it is still not at pre-pandemic levels.

Conversely, in addition to those sales already mentioned, we sold the Fund’s position in ConocoPhillips, an oil and natural gas exploration and production company, during the Reporting Period. While we like the company in the longer term, we decided to reallocate capital given our reservations around its valuation and medium-term catalysts. We ultimately sold the position in favor of what we saw as other more attractive risk/reward opportunities.

We exited the Fund’s position in multinational investment bank and financial services company Morgan Stanley during the Reporting Period. While we still like the company in the long term, its stock had been a relative outperformer versus its peers during the Reporting period, causing it to trade a relative premium. Further, its management had guided to flat net interest income in the near term. Given the events in the industry, investors were focused on this metric and on margin headwinds the company faced. In turn, we preferred to rotate capital into companies in which we had more conviction for the medium to long term.

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

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

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

At the end of December 2023, the Fund had overweighted positions relative to the Russell Index in the materials and health care sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in financials and energy and was rather neutrally weighted to the Russell Index in the communication services, consumer discretionary, consumer staples, industrials, information technology, real estate and utilities sectors.

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

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

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

Following a weak 2022, major U.S. equity indices reversed course in 2023, recording strong calendar year performance chiefly driven by a momentous rally from some of the largest mega-cap technology names, dubbed the “Magnificent Seven.” U.S. equities especially surged in the last two months of the fourth quarter of 2023, as the broader market and economy proved to be resilient—overcoming adversities from a banking crisis uprise that challenged depositors’ faith in regional banks, uncertainty surrounding the delayed effects of the Federal Reserve’s (“Fed”) monetary tightening regime on the U.S. economy, and heightened geopolitical tensions in Europe and the Middle East. At the end of 2023, we remained constructive on the U.S. equity market given that inflation was rather steadily approaching the Fed’s 2% target, a recession did not appear imminent, and then-recent economic data releases evidenced economic resilience, including a healthy labor market.

At the end of the Reporting Period, we believed there were several tailwinds to economic growth going forward, including strong real household income growth, a recovery in manufacturing activity, and an increased willingness of Fed officials to cut interest rates if disinflation persists. In our view, the Fed will likely take a cautious approach to cutting rates, although the latest Summary of Economic Projections published that the Fed’s voting members forecast a median federal funds rate of 4.6% by the end of 2024, penciling in 75 basis points of rate cuts to the Fed’s benchmark rate. (A basis point is 1/100th of a percentage point.)

In our view, throughout the coming year, market participants may well need to adapt to disruption from constant innovation, as governments and companies continue to invest in AI research, technology-enabled health care, and sustainability trends. We believe each of these themes had and will continue to transform industries long term, creating growth opportunities as well as a wide dispersion between companies. It is possible that election year uncertainty in 2024 may suppress risk appetite and increase volatility, though historically, once uncertainty is resolved, equity market performance is more correlated to fiscal and monetary policy. Ultimately, while the Fed seems to have steered away from a hard landing scenario during its tightening cycle, external shocks or an unexpected pivot to policy easing may rekindle inflation in a way that would require a recession to bring it lower.

We believe our extensive bottom-up research approach can be beneficial to navigating these evolving themes and heightened volatility, while also positioning investors to benefit from the next upcycle. Regardless of market direction, we intend to stay true to our quality-first investment approach and seek to invest in businesses with healthy balance sheets, relatively stable cash flows and differentiated business models aligned to secular tailwinds. We continue to test our models and re-evaluate our assumptions with increasing information, remain focused on the long-term investment horizon and believe this fundamental approach can generate added value in the long run. As always, we maintain our focus on undervalued companies that we believe have comparatively greater control of their own destiny, such as innovators with differentiated products, companies with low cost structures or companies that have been investing in their own businesses and may be poised to gain market share.

Large Cap Value Fund

as of December 31, 2023

TOP TEN HOLDINGS AS OF 12/31/23¹



Holding	% of Net Assets	Line of Business

Exxon Mobil Corp.	3.7%	Energy

JPMorgan Chase & Co.	3.4	Financials

CVS Health Corp.	2.3	Health Care

Walmart, Inc.	2.3	Consumer Staples

Danaher Corp.	2.2	Health Care

BlackRock, Inc.	2.1	Financials

Eaton Corp. PLC	2.0	Industrials

Bank of America Corp.	2.0	Financials

General Electric Co.	1.9	Industrials

Alphabet, Inc., Class A	1.9	Communication Services

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of December 31, 2023

LOGO

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

Performance Summary

December 31, 2023

The following graph shows the value, as of December 31, 2023, of a $10,000 investment made on January 1, 2014 in Service Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000^® Value Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Large Cap Value Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2014 through December 31, 2023.

LOGO



Average Annual Total Returns through December 31, 2023*	One Year	Five Years	Ten Years

Institutional	13.01%	11.45%	7.61%


Service	12.71%	11.20%	7.35%

*	These returns assume reinvestment of all distributions at NAV. Because Institutional and Service Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Returns.

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust – Goldman Sachs Mid Cap Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 18.68% and 18.45%, respectively. These returns compare to the 25.87% average annual total return of the Fund’s benchmark, the Russell Midcap^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same time period.

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

During the Reporting Period, the Fund generated double-digit positive absolute returns but underperformed the Russell Index on a relative basis. Stock selection and sector positioning overall detracted from relative performance.

Which equity market sectors helped and hurt Fund performance?

Our bottom-up approach focuses on security selection, and therefore, we do not make active sector-level investment decisions. The Fund’s sector positioning is a result of our stock selection. That said, on a sector level, stock selection in consumer discretionary, financials and information technology detracted most from relative returns during the Reporting Period. Allocation positioning in financials and information technology also hurt. Partially offsetting these detractors was effective stock selection in the energy and communication services sectors, which contributed positively. Having no exposure to utilities, which was the second-weakest sector in the Russell Index during the Reporting Period, also proved beneficial.

Which individual stocks added to the Fund’s relative performance during the Reporting Period?

During the Reporting Period, the Fund was helped most versus the Russell Index by investments in CrowdStrike Holdings, Zscaler and Seagen.

CrowdStrike Holdings, a cybersecurity products and services provider, was a new purchase for the Fund during the Reporting Period. Since the beginning of 2023, the company showed a strong pipeline, with product momentum and partnerships driving investor confidence and stock performance. Heightened demand for digital security services fueled its business forward, with CrowdStrike Holdings posting second and third quarter 2023 results showing all headline metrics above consensus expectations. At the end of the Reporting Period, we believed the company had more room for growth, as it prioritizes market scaling and product innovation going forward. We continued to believe CrowdStrike Holdings offers a quality product, is gaining share in end markets and has healthy looking profitability metrics.

Zscaler engages in the provision of a cloud-based Internet security platform. Its stock traded higher in May 2023 after releasing preliminary fiscal third quarter results early, raising forecasts far above consensus expectations and illustrating better than expected demand, which was driven by its cross-sell and bundling strategies. Such results proved the company’s ability to perform well even in a difficult macroeconomic environment after the combination of interest rate hikes, rising inflation, supply-chain shortages and heightened geopolitical tensions took a hit on cybersecurity companies. The company’s stock rose further through the end of the calendar year, following its fiscal fourth quarter earnings report announced in September 2023, which delivered another beat of consensus expectations across all metrics and a rise in guidance for its next fiscal year. In our view, Zscaler continued to have solid fundamentals, shown by the breadth of its product portfolio and strong cybersecurity demand. At the end of the Reporting Period, we believed the company was well positioned and saw strength in its upsell and cross-sell abilities. We viewed Zscaler as having the most compelling technology, platform and consolidation opportunity of vendors in the industry, and we expected additional large deal momentum going forward.

The share price of biotechnology company Seagen appreciated at the beginning of 2023 after reporting both a strong fourth quarter 2022 earnings beat of consensus expectations on revenue and earnings per share and the reiteration of its management team’s confidence in the U.S. Food and Drug Administration review process for its bladder cancer drug Padcev. Following this positive performance, in mid-March 2023 it was announced that Pfizer would be acquiring Seagen for a premium, which caused its stock to appreciate further. Based on this announcement, we elected to liquidate the Fund’s position in Seagen and collect the profits from the transaction news.

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

The Fund’s investments in First Republic Bank, Etsy and Keysight Technologies detracted most from its relative performance during the Reporting Period.

First Republic Bank, a regional bank, engages in the provision of private banking, business banking, real estate lending and wealth management. In the first quarter of 2023, its stock price declined, driven by broader fears in the banking industry, as regional banks demonstrated an asset-liability mismatch in invested securities that caused concerns among customers and led to withdrawals of balances in favor of larger financial institutions. While we had liked its underlying business, we decided to sell the Fund’s position in First Republic Bank, as perception often drives stock prices and fear around the solvency of regional banks caused volatility in the sub-industry.

Etsy is a vintage and craft e-commerce company. Its stock declined during the Reporting Period, as its earnings reports were announced with cautious outlooks. Although the company delivered a clean beat of consensus expectations for its second quarter 2023 earnings report, its stock sold off further, driven by broader market uncertainties, as the company faced macroeconomic pressures around consumer discretionary spending persisting at then-current levels and potential negative impacts from federal student loan payments resuming later in the year. Etsy’s shares saw improvement in November and December 2023, as it reported solid performance in its third quarter 2023 earnings results, with an increase in active buyers and sellers, reaching an all-time high for active buyers. Further, in December, the company preannounced a positive fourth quarter 2023 update with a more optimistic outlook. Etsy additionally announced a restructuring plan, reducing its headcount to increase operational efficiencies, reduce costs and better align with its business needs. Despite market uncertainties, we believed Etsy had taken steps to improve its operational efficiencies to adjust to the changing environment. In turn, at the end of the Reporting Period, we believed the company had increased its growth runway by expanding internationally and launching targeted marketing campaigns. We also thought the company was well positioned to outperform its peers once the macroeconomic environment normalizes. Further, we believed the differentiated offerings on the Etsy platform would likely attract consumers. In our view, the company has demonstrated its resilient customer engagement, maintaining most of its pandemic share gains along with increasing transaction fees.

Keysight Technologies is a communications, networking and electronics industries company. Its stock declined during the Reporting Period, as its management communicated disappointing guidance and outlooks even as the company had relatively in-line to slight beats of consensus expectations in its earnings reports. Its management’s conservative tone in the light of the weakening economic outlook caused investors to be pessimistic about the company’s forward outlook, as they digested possible slowing order growth. While we believed demand was close to the bottom for Keysight Technologies, especially in manufacturing, we also felt there was limited visibility into a recovery. Additionally, we did not see a near-term catalyst to drive positive performance for the stock, and we expected the company’s earnings growth to slow. As a result, we decided to sell the Fund’s position in the company and allocate resources to what we believed were more prudent uses of capital with better risk/reward prospects.

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

The Fund did not use derivatives or similar instruments within its investment process during the Reporting Period.

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

In addition to the purchase of CrowdStrike Holdings, mentioned earlier, we initiated a Fund position in off-price apparel and home accessories retailer Ross Stores during the Reporting Period. Off-price remained our most favored segment of defensive retail, and the combination of Ross Stores’ underlying fundamentals remaining healthy and the risk/reward appearing relatively more attractive to us prompted our decision to purchase its stock. We believe the stock could perform well, as the company’s previous guidance does not assume any trade down benefits or store traffic improvements. Further, strong store traffic suggests, in our view, lower-income consumers are finding greater spending capacity as inflation moderates.

Conversely, in addition to the sales already mentioned, we exited the Fund’s position in computational software company Cadence Design Systems during the Reporting Period. The company announced second quarter 2023 earnings, issuing third quarter 2023 guidance weaker than consensus expected. The company is facing increased regulatory risk and the potential for more stringent export restrictions that could impact its longer-term profitability. We ultimately decided to sell the position and reallocate the proceeds to what we saw as better risk/reward opportunities.

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

Changes to the Fund’s sector weightings relative to the Russell Index are due to our stock selection. As a result of these decisions during the Reporting Period, the Fund’s exposure compared to the Russell Index to consumer discretionary and information technology increased. The Fund’s allocations compared to the Russell Index in consumer staples, financials and health care decreased. The Fund’s position in cash also decreased during the Reporting Period.

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

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

How was the Fund positioned relative to the Russell Index at the end of the Reporting Period?

As mentioned, the Fund’s sector positioning relative to the Russell Index is the result of our stock selection, as we take a pure bottom-up, research-intensive approach to investing. From that perspective, then, at the end of the Reporting Period, the Fund’s portfolio was broadly diversified with overweight positions compared to the Russell Index in the materials, information technology, health care and real estate sectors. The Fund had underweighted allocations relative to the Russell Index in the financials, consumer staples and communication services sectors and was relatively neutrally weighted compared to the Russell Index in the consumer discretionary, energy and industrials sectors at the end of the Reporting Period. The Fund had no exposure to the utilities sector at the end of the Reporting Period.

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

We believe our extensive bottom-up research approach can be beneficial to navigating these evolving themes and heightened volatility, while also positioning investors to benefit from the next upcycle. Regardless of market direction, we intend to stay true to our quality-first investment approach and seek to invest in businesses with healthy balance sheets, relatively stable cash flows and differentiated business models aligned to secular tailwinds. We continue to test our models and re-evaluate our assumptions with increasing information, remain focused on the long-term investment horizon and believe this fundamental approach can generate added value in the long run. As always, we maintain our focus on seeking companies that we believe will generate long-term growth in today’s ever-changing market conditions.

Mid Cap Growth Fund

as of December 31, 2023

TOP TEN HOLDINGS AS OF 12/31/23¹



Holding	% of Net Assets	Line of Business

Rockwell Automation, Inc.	3.0%	Industrials

Ross Stores, Inc.	2.7	Consumer Discretionary

Crowdstrike Holdings, Inc., Class A	2.7	Information Technology

Insulet Corp.	2.3	Health Care

MSCI, Inc.	2.2	Financials

Cencora, Inc.	2.2	Health Care

Dexcom, Inc.	2.2	Health Care

CoStar Group, Inc.	2.0	Real Estate

Datadog, Inc., Class A	2.0	Information Technology

Amphenol Corp., Class A	2.0	Information Technology

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of December 31, 2023

LOGO

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.7% of the Fund’s net assets at December 31, 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.

Performance Summary

December 31, 2023

The following graph shows the value, as of December 31, 2023, of a $10,000 investment made on January 1, 2014 in Service Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell Midcap^® Growth Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Mid Cap Growth Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2014 through December 31, 2023.

LOGO



Average Annual Total Returns through December 31, 2023*	One Year	Five Years	Ten Years

Institutional	18.68%	13.67%	9.51%


Service	18.45%	13.48%	9.33%

*	These returns assume reinvestment of all distributions at NAV. Because Institutional and Service Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Returns.

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Mid Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 11.42% and 11.11%, respectively. These returns compare to the 12.71% average annual total return of the Fund’s benchmark, the Russell Midcap^® Value Index (with dividends reinvested) (the “Russell Index”), during the same time period.

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

The Fund posted double-digit positive absolute returns but underperformed the Russell Index on a relative basis during the Reporting Period due primarily to stock selection decisions overall. Sector allocation positioning as a whole contributed positively, albeit modestly.

Which equity market sectors most significantly affected Fund performance?

Detracting most from the Fund’s relative results during the Reporting Period were the utilities, consumer discretionary and financials sectors, wherein stock selection proved especially challenging. Allocation positioning in the consumer discretionary sector further dampened the Fund’s relative results. Contributing most positively to the Fund’s relative results during the Reporting Period was effective stock selection in the materials, health care and consumer staples sectors.

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

The Fund benefited most relative to the Russell Index from positions in semiconductor company Marvell Technology, building materials company Martin Marietta Materials and pharmaceuticals company West Pharmaceutical Services.

Marvell Technology was a new purchase for the Fund during the Reporting Period. While it missed performance expectations in early 2023 due to China’s economic weakness, macroeconomic headwinds and storage weakness as customer digestion of inventory took place, most of Marvel Technology’s outperformance was attributed to the second quarter of 2023. Even during such time, we saw the company take share and be levered to more recession-resistant and growth-leaning end markets. In April 2023, the company posted a small beat of consensus expectations and raised its first quarter 2023 earnings report. But its stock rallied more after the company gave added visibility on its artificial intelligence (“AI”)-related pipeline. The company stated it expects its AI-related business to double its revenue in each of the next two years, which sparked investor optimism. Its management also announced it expects inventory digestion to resolve faster than it had previously expected. Further, in November 2023, the company’s stock performed well after competitors reported strong results and news surrounding positive data center trends, as investors believed there could be reacceleration in this end market. At the end of the Reporting Period, we believed Marvell Technology was well positioned to capitalize on the race to build out data centers to handle AI workloads. As a competitor currently dominates with 100% share of AI processing, we believe such complete dominance is unsustainable and that, as the market shifts from training to inference, other semiconductor companies may well capture market share. Given the fact that Marvell Technology develops semiconductors that allow faster connection speeds between servers, we believed the company was well positioned to be a leading vendor of choice as AI demand and cloud spending remain strong. Additionally, Marvell Technology develops Application-Specific Integrated Circuit (“ASIC”) chips, which are used by customers to drive faster processing speeds via simultaneously running multiple algorithms. The company’s critical intellectual property is part of the “picks and shovels” for AI, and as a result, should benefit from strategic investments to reshore semiconductor capacity in developed nations, in our view. We thus maintained our conviction in Marvell Technology at the end of the Reporting Period and believed the company is likely to continue to benefit from strong market leadership and the accelerating adoption and development of AI-enabled technologies.

Throughout the Reporting Period, Martin Marietta Materials drove earnings growth by implementing strong pricing in an improving cost environment while experiencing a growing backlog of projects across its geographies. The company reported solid earnings with its second quarter 2023 earnings per share coming in more than double consensus expectations. The company increased revenues and earnings the following quarter as well. Its stock also rose significantly during the Reporting Period, as it proved to be a major beneficiary of government infrastructure investment programs. It has additionally taken a meaningful approach to improving its emissions while being thoughtful about water consumption and waste. At the end of the Reporting Period, we continued to believe in Martin Marietta Materials, as we foresaw structurally improving unit probability, bottoming volumes as residential lead indicators stabilize, accelerating earnings outlook, and attractive valuation risk/reward. In our view, the company continued to show superior

pricing to its peers and gross profit per ton looked set to materially accelerate in 2024. We also believed the company remained well positioned to capitalize on the emerging reshoring trends widely expected to support steady and sustainable construction activity over the long term.

West Pharmaceutical Services manufactures and markets pharmaceuticals, biologics, vaccines and consumer health care products. Its stock price appreciated through the first three quarters of the Reporting Period, outperforming the industry’s growth with much of its positive momentum coming from solid earnings results featuring better than consensus expected forward guidance. The company’s leading market share position in the drug packaging space and its role as a key supplier for new biologics drove growth throughout the calendar year. The company’s stock price gained further after obesity drug trial studies showed positive results, igniting a rally in the pharmaceutical space and lifting West Pharmaceutical Services as it provides components that could be used in the next generation of diabetes and weight loss treatments. While we continued to like the growth prospects of the company, we decided to exit the Fund’s position, as its stock had appreciated significantly during the Reporting Period. We reallocated the profits to what we considered to be better risk/reward opportunities elsewhere.

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

Detracting from the Fund’s results relative to the Russell Index were positions in utility and power generation company AES, specialty chemical solutions provider Ashland and regional bank First Republic Bank.

Shares of AES were mostly weaker during the Reporting Period due to high leverage and financing needs for the company’s renewables development. The company’s stock came under pressure when it announced its first quarter 2023 earnings roughly in line with consensus expectations, but investors were concerned with AES’ ability to hit its growth targets with its then-current plan to exit coal assets by 2025. The company’s earnings growth was driven by tax credits more than it expected rather than earnings before interest, taxes, depreciation and amortization (“EBITDA”) growth, which hurt investor sentiment alongside the company’s illustrated need for more financing than it previously anticipated. The market was also unimpressed when the company reported its second quarter 2023 earnings, again largely in line with consensus expectations. The company’s shares traded lower still when it announced that its Chief Operating Officer would step down. At the end of the Reporting Period, we continued to believe in AES given that the stock remained inexpensive and highly leveraged to the renewable energy secular growth theme. In our view, the company should benefit from the Inflation Reduction Act in the U.S. and has strong utility growth opportunities driven by renewables, growth in its jurisdictions and past underinvestment.

Ashland struggled during the Reporting Period, as significant destocking drove outsized earnings headwinds, which took longer than it expected to stabilize. That said, we believed such a trend was close to its trough and that the company’s management had outlined a plan for the next year to better frame possible downside risk. Most of Ashland’s negative performance occurred after the company’s second quarter 2023 earnings release, in which its management noted that China’s economic re-opening was progressing at a slower pace than widely expected. Further, it stated that although the destocking that Ashland saw in December 2022 had slowed, it was still persistent throughout the quarter. With the second half of 2023 uncertain, Ashland lowered its fiscal year 2023 sales and EBITDA guidance, causing its stock price to drop. At the end of the Reporting Period, we continued to like Ashland given what we saw as the company’s opportunity for self-help margin expansion, the diversified nature of its business, and its strong management team. Further, given the valuation pullback, we believed the company was trading at an attractive level for strength in a normalized environment.

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

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

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

In addition to the purchase of Marvell Technology, mentioned earlier, we initiated a Fund position in financial software and services provider Fidelity National Information Services during the Reporting Period. We saw potential for value creation with the company’s decision to separate its WorldPay business, redirecting focus to the company’s core legacy business. We believe in the company because a large portion of its business is highly defensive, and commercial momentum has continued to build, driving revenue growth. We also remain confident that Fidelity National Information Services’ global footprint in the banking industry is well positioned to continue to take advantage of accelerating payments innovation globally.

Conversely, in addition to the sales already mentioned, we exited the Fund’s position in utility company Ameren during the Reporting Period. The company beat consensus earnings expectations throughout the Reporting Period with a high quality management team, in our view. However, the company spent the second half of the calendar year in a regulatory battle, wherein the Illinois Public Utilities Commission ultimately issued disappointing regulatory decisions to Ameren, which we believed would negatively affect its earnings going forward. Following these results, we elected to sell the Fund’s position in Ameren in favor of what we saw as more attractive risk/reward opportunities in other names in the utilities sector in which we had more confidence.

We sold the Fund’s position in network and service enabling solutions and optical products provider Viavi Solutions during the Reporting Period. After several consecutive quarters of beating consensus expectations and raising guidance, Viavi Solutions reported a disappointing third quarter 2023. Its Network Services Enablement business segment was negatively impacted by a major slowdown in order placement by various services providers. It remained unclear when this business would come back, and so we decided to sell the Fund position for what we considered to be better risk/reward opportunities elsewhere.

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

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

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

At the end of December 2023, the Fund had overweighted positions relative to the Russell Index in materials. On the same date, the Fund had underweighted positions compared to the Russell Index in real estate and communication services and was rather neutrally weighted to the Russell Index in consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology and utilities.

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

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

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

Mid Cap Value Fund

as of December 31, 2023

TOP TEN HOLDINGS AS OF 12/31/23¹



Holding	% of Net Assets	Line of Business

Marvell Technology, Inc.	2.5%	Information Technology

Zimmer Biomet Holdings, Inc.	1.9	Health Care

Steel Dynamics, Inc.	1.9	Materials

Martin Marietta Materials, Inc.	1.9	Materials

Fidelity National Information Services, Inc.	1.9	Financials

AMETEK, Inc.	1.8	Industrials

United Rentals, Inc.	1.7	Industrials

Lennar Corp., Class A	1.6	Consumer Discretionary

Fortive Corp.	1.6	Industrials

Stanley Black & Decker, Inc.	1.6	Industrials

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of December 31, 2023

LOGO

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.9% of the Fund’s net assets at December 31, 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.

Performance Summary

December 31, 2023

The following graph shows the value, as of December 31, 2023, of a $10,000 investment made on January 1, 2014 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell Midcap Value^® Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Mid Cap Value Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2014 through December 31, 2023.

LOGO



Average Annual Total Returns through December 31, 2023*	One Year	Five Years	Ten Years

Institutional	11.42%	13.36%	8.10%


Service	11.11%	13.06%	7.82%

*	These returns assume reinvestment of all distributions at NAV. Because Institutional and Service Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Returns.

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Small Cap Equity Insights Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 19.28% and 18.95%, respectively. These returns compare to the 16.93% average annual total return of the Fund’s benchmark, the Russell 2000^® Index (with dividends reinvested) (the “Russell Index”) during the same time period.

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

The Fund uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, namely Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends.

During the Reporting Period, the Fund 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.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

During the Reporting Period, each of our four investment themes contributed positively to the Fund’s relative performance. High Quality Business Models bolstered relative results most, followed by Fundamental Mispricings, Sentiment Analysis 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. 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. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

How did the Fund’s sector and industry allocations affect relative performance?

In constructing the Fund’s portfolio, our quantitative model focuses on stock selection rather than making sector or industry bets. Consequently, the Fund is similar to its benchmark, the Russell Index, in terms of its sector and industry allocations and style. Relative performance is primarily driven by stock selection, not by sector or industry allocations.

Did stock selection help or hurt Fund performance during the Reporting Period?

We seek to outpace the Russell Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. At the same time, we strive to maintain a risk profile similar to the Russell Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the Russell Index.

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

Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period?

The Fund benefited most from overweight positions in single-family home builder M/I Homes, cosmetics and skin care products company elf Beauty and insurance company Goosehead Insurance. The overweight in M/I Homes was established predominantly due to our High Quality Business Models and Sentiment Analysis investment themes. The Fund was overweight elf Beauty largely because of our High Quality Business Models investment theme. The overweight in Goosehead Insurance was driven by our Fundamental Mispricings investment theme.

Which individual positions detracted from the Fund’s results during the Reporting Period?

Detracting most from the Fund’s results relative to the Russell Index were overweight positions in outdoor and billboard media company Outfront Media and identity security company Clear Secure and a rather neutral position in commercial stage biopharmaceutical company TG Therapeutics. The overweight in Outfront Media was established primarily as a result of our Fundamental Mispricings and Sentiment Analysis investment themes. The Fund was overweight Clear Secure largely because of our High Quality Business Models investment theme. The Fund had a neutral position in TG Therapeutics driven primarily by our Sentiment Analysis investment theme.

How did the Fund use derivatives during the Reporting Period?

During the Reporting Period, we used equity index futures contracts, on an opportunistic basis, to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on the Fund’s performance during the Reporting Period.

Did you make any enhancements to your quantitative models during the Reporting Period?

We continuously look for ways to improve our investment process. During the Reporting Period, we implemented a couple of new signals within our Sentiment Analysis investment theme. The first enhancement implemented aims to improve our sentiment identification in earnings call reports by utilizing many of the latest developments in machine learning and natural language processing (“NLP”). The second signal implemented in the U.S. region aims to capitalize upon price dislocations that are caused by uninformed exchange-traded fund trading. Finally, we implemented two new signals within our Market Themes & Trends investment theme. The first signal leverages advanced machine learning algorithms to capture nuanced behavior of our existing suite of more than a hundred alpha factors. The second signal aims to apply NLP techniques to account for fine-grained linguistic meaning of documents when quantifying company linkages for text-based cross-stock momentum factors.

In fact, we introduced several new signals and enhancements during the Reporting Period that leverage machine learning techniques, such as NLP, as well as those that are based on different types of alternative data sources. The Team’s new NLP-based signals utilize the transformer architecture to be able to extract insights from different bodies of text. For example, within the Sentiment Analysis investment theme, we introduced a suite of signals that seeks to identify changes in sentiment within company regulatory filings and documents by using advanced NLP models to synthesize the context of the language used within the document. In addition to the NLP-based signals, we also introduced a new signal that seeks to capture the level of attention stocks receive as a result of being mentioned in news articles and blog posts. We believe companies that receive outsized attention in the media experience positive, but temporary, price trends that ultimately revert over the longer term. We also introduced new signals within the Market Themes & Trends investment theme. The first signal introduced leverages NLP and topic modeling techniques to identify economic linkages between companies based on their current descriptions. Additionally, we implemented a suite of signals that leverage word embedding techniques to capture the meanings of the words and language used with employer reviews in order to identify the economic linkages between companies mentioned.

Lastly, within our High Quality Business Models investment theme, we introduced two suites of signals within the U.S. that are both based on jobs posting data. The first signals focus on the duration that jobs postings remain outstanding. We believe companies that are appealing to prospective employees can fulfill jobs postings quicker and are therefore better positioned for growth over the long term. The second suite of signals focus on the types of roles the company is trying to hire for, as we believe companies seeking to employ for high-in-demand roles will have to pay increased costs for the set of skills required and thus have their prospects for future growth be more challenged.

What was the Fund’s sector positioning relative to its benchmark index at the end of the Reporting Period?

As of December 31, 2023, the Fund was overweight the consumer discretionary and real estate sectors relative to the Russell Index. The Fund was underweight utilities, health care and industrials and was rather neutrally weighted in information technology, financials, communication services, energy, materials and consumer staples compared to the Russell Index on the same date.

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

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

Small Cap Equity Insights Fund

as of December 31, 2023

TOP TEN HOLDINGS AS OF 12/31/23¹^,2



Holding	% of Net Assets	Line of Business

Super Micro Computer, Inc.	1.1%	Technology Hardware, Storage & Peripherals

Ryman Hospitality Properties, Inc. REIT	0.9	Hotel & Resort REITs

M/I Homes, Inc.	0.9	Household Durables

Duolingo, Inc.	0.9	Diversified Consumer Services

Academy Sports & Outdoors, Inc.	0.8	Specialty Retail

Encore Wire Corp.	0.8	Electrical Equipment

Qualys, Inc.	0.8	Software

Summit Materials, Inc., Class A	0.8	Construction Materials

Varonis Systems, Inc.	0.8	Software

Comfort Systems USA, Inc.	0.8	Construction & Engineering

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

The Fund’s overall top ten holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund) which represents 1.7% of the Fund’s net assets as of December 31, 2023.

FUND VS. BENCHMARK SECTOR ALLOCATIONS³

As of December 31, 2023

LOGO

Performance Summary

December 31, 2023

The following graph shows the value, as of December 31, 2023, of a $10,000 investment made on January 1, 2014 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000^® Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Small Cap Equity Insights Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2014 through December 31, 2023.

LOGO



Average Annual Total Returns through December 31, 2023*	One Year	Five Years	Ten Years

Institutional	19.28%	10.04%	7.80%


Service	18.95%	9.76%	7.53%

*	These returns assume reinvestment of all distributions at NAV. Because Institutional and Service Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Returns.

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity U.S. Equity Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Strategic Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 41.94% and 41.65%, respectively. These returns compare to the 42.68% average annual total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same time period.

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

The Fund generated robust double-digit positive absolute returns but modestly underperformed the Russell Index on a relative basis during the Reporting Period. Sector allocation as a whole detracted, while stock selection overall contributed positively to the Fund’s relative results.

Which equity market sectors most significantly affected Fund performance?

Detracting most from the Fund’s relative results during the Reporting Period was weak stock selection in the consumer staples and financials sectors. Having an overweighted allocation to health care, which lagged the Russell Index during the Reporting Period, and having a position in cash when the Russell Index rallied strongly, also hurt. Offsetting these detractors was effective stock selection in the information technology and industrials sectors, which contributed positively to relative results. Having underweighted allocations to industrials and energy, each of which underperformed the Russell Index during the Reporting Period, also helped.

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

Detracting from the Fund’s results relative to the Russell Index were positions in specialty flavoring and food seasonings company McCormick & Company, social media conglomerate Meta Platforms and rare disease biopharmaceutical company Sarepta Therapeutics.

During the Reporting Period, McCormick & Company’s share price experienced volatility, as the company faced a challenging inflationary environment, hurting its performance. The company did see a few months of growth after reporting its first quarter 2023 earnings in late March, beating consensus expectations with an optimistic growth outlook through new products and its heat platform. However, the company’s stock fell sharply after reporting disappointing third quarter 2023 results, with earnings per share dropping, as the company continued to battle higher interest expenses and high borrowing costs. Furthermore, investors were concerned about its volume miss, driven by a lower recovery in China, which was shielded by pricing gains. Despite these headwinds, at the end of the Reporting Period, we continued to believe in the company, as, in our view, its U.S. consumer business is improving; it is gaining share globally; and its flavor solutions business grew significantly in the last months of the calendar year. Additionally, we continued to see tailwinds from its cost savings, supply chain and cost structure optimization programs going into 2024. Finally, its de-leveraging was occurring quickly with merger and acquisition opportunities coming back on its radar.

Meta Platforms was a new purchase for the Fund during the Reporting Period, but it was an underweight within the Fund’s portfolio, and so its strong performance led it to be a relative detractor. Meta Platforms has been focusing its efforts on different new devices to diversify and enter new markets, ramping up spending, especially on its metaverse construction project. As of the second quarter of 2023, the company was already demonstrating improving cost efficiency and better engagement trends. Trading throughout the third calendar quarter was mixed, as the company faced headwinds related to its advertising business, weaker growth and rising costs. Due to broader market pressures on companies, Meta Platforms was dealing with a downturn in digital advertising, as companies cut back on spending. However, at the end of the Reporting Period, we saw profit growth opportunities within its AI investments as well as in its plans to boost engagement and monetization within reels and messaging and grow its new app Threads’ userbase. We believed the company can combat headwinds within advertising as it furthers its AI capabilities, anticipating digital advertising revenue to be a new growth driver. We were also optimistic that the company can maintain its attractive operating margins and that the broader industry has positive tailwinds. While the company executed well ahead of our expectations during the Reporting Period, detracting from the Fund’s portfolio on a relative basis, we still believed that much of that is priced into its premium valuation. We thus continued to prefer other names in the technology industry. At the end of the Reporting Period, we believed in Meta Platform’s

potential for growth and its ability to align its many apps to evolving consumptions habits within short-form video, messaging, commerce, augmented reality and social connections, but we intend to maintain the Fund’s underweight position in its stock for the near term.

Shares of Sarepta Therapeutics depreciated following the news in October 2023 that its study on its Duchenne Muscular Dystrophy treatment did not meet its primary endpoint. The outcome lowered the odds of approval in older patients and raised further questions surrounding whether the drug can stay in the market for four-to-five year olds. We ultimately decided to exit the Fund’s position, as without a clear catalyst to disprove the worst-case scenario, we saw a more difficult path up to our previous estimates for the company. As the company’s fate on this matter lies solely with the U.S. Food and Drug Administration, we decided it more prudent to sell the position in favor of what we saw as better risk/reward prospects elsewhere.

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

Among those stocks the Fund benefited most from relative to the Russell Index were positions in semiconductor manufacturer and designer NVIDIA, customer relationship management software provider Salesforce and biotechnology company Seagen.

NVIDIA was the best performing stock in the S&P 500 Index during the Reporting Period, initially rising as investors had broad-based positive sentiment toward artificial intelligence (“AI”)-related companies. This positive momentum was then boosted throughout the Reporting Period, as NVIDIA consistently reported earnings that surpassed any bullish consensus expectations. Its second quarter 2023 revenue doubled from the previous year, as investment in AI propelled the company forward faster than widely anticipated. The company also impressed investors with strong third quarter 2023 earnings results that again saw outperformance with upbeat guidance looking forward. Overall, its strong performance during the Reporting Period was largely attributed to increased data center demand, with companies increasingly focusing on AI. Also, NVIDIA’s non-data center business coming off a trough, new product launches in gaming and professional visualization, a new product cycle related to Hopper, and strength in China as consumers were demanding more of the lower-specification chip products as they feared the possibility of further restrictions past the high end all boosted the company’s performance. At the end of the Reporting Period, we continued to view NVIDIA as one of the best positioned semiconductor companies over the long run, and we were increasingly bullish on consumer-levered semiconductor names. We believed NVIDIA’s competitive moats, compelling intellectual property and high growth end markets, particular toward AI and autonomous vehicles, should propel the company going forward.

The share price of Seagen appreciated at the beginning of 2023 after reporting both a strong fourth quarter 2022 earnings beat of consensus expectations on revenue and earnings per share and the reiteration of its management team’s confidence in the U.S. Food and Drug Administration review process for its bladder cancer drug Padcev. Following this positive performance, in mid-March 2023 it was announced that Pfizer would be acquiring Seagen for a premium, which caused its stock to appreciate further. Based on this announcement, we elected to liquidate the Fund’s position in Seagen and collect the profits from the transaction news.

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

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

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

In addition to the purchase of Meta Platforms, mentioned earlier, we initiated a Fund position in semiconductor company Advanced Micro Devices (“AMD”) during the Reporting Period. We believe AMD should perform well given its ongoing diversification away from personal computers to embedded and data center computing. Further, the company, in our view, has a strong portfolio of offerings and should take share with its data center graphics processing units (“GPUs”). The personal computer end market is likely to be stable and grow from here, in our opinion. As such, we believe the company has the ability to gain market share and compound earnings going forward. Overall, we anticipate increasing revenue from the company and believe AMD is well positioned in growing automotive, telecommunications, and industrial end markets.

We established a Fund position in financial business software company Intuit during the Reporting Period. We believe Intuit is a high quality business demonstrating durable revenue growth driven by pricing power, the opportunity to integrate generative AI into its offerings, its move to target up-market customers, international growth opportunities, and product cross-sell abilities. The company has had ongoing subscriber growth and a high level of recurring revenue in defensive categories that has allowed it to withstand macroeconomic headwinds relatively well. Overall, we believe near-term headwinds the business may face were reflected in its stock already. We further believe the company has a multitude of levers for long-term growth and potential margin expansion opportunity going forward.

Conversely, in addition to those sales already mentioned, we exited the Fund’s position in health care and insurance business UnitedHealth Group during the Reporting Period. While we continue to monitor the company, its stock price had been underperforming, in our opinion, due to softness within the company’s fundamentals, lack of guided visibility, and the probability of the company experiencing adverse cyclical factors due to Medicaid policy changes going forward. Therefore, we opted to sell the position and reallocate the proceeds to what we considered to be more attractive risk/reward opportunities.

We eliminated the Fund’s position in agricultural, construction and forestry machinery company Deere & Company during the Reporting Period. While we continue to like the company’s operations around being a dominant equipment provider with leading autonomous solutions, we decided to sell the position as we became more negative on the agricultural cycle. We believe 2023 may have been a peak year in terms of earnings for the company and that cyclical headwinds may present themselves in the macroeconomic environment in the months ahead. Overall, we believe the risk/reward potential is more attractive with other names in the industrials sector.

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

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

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

At the end of December 2023, the Fund had overweighted positions relative to the Russell Index in the materials and real estate sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in communication services, consumer staples and industrials and was rather neutrally weighted to the Russell Index in the consumer discretionary, energy, financials, health care, and information technology sectors at the end of the Reporting Period. The Fund had no exposure to the utilities sector at the end of the Reporting Period.

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

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

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

Strategic Growth Fund

as of December 31, 2023

TOP TEN HOLDINGS AS OF 12/31/23¹



Holding	% of Net Assets	Line of Business

Microsoft Corp.	12.3%	Information Technology

Apple, Inc.	12.3	Information Technology

Amazon.com, Inc.	6.6	Consumer Discretionary

NVIDIA Corp.	4.6	Information Technology

Alphabet, Inc., Class A	4.3	Communication Services

Mastercard, Inc., Class A	3.2	Financials

Eli Lilly & Co.	2.9	Health Care

Alphabet, Inc., Class C	2.7	Communication Services

Tesla, Inc.	2.1	Consumer Discretionary

Advanced Micro Devices, Inc.	1.9	Information Technology

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of December 31, 2023

LOGO

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.7% of the Fund’s net assets at December 31, 2023. Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above.

Performance Summary

December 31, 2023

The following graph shows the value, as of December 31, 2023, of a $10,000 investment made on January 1, 2014 in Service Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000^® Growth Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Strategic Growth Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2014 through December 31, 2023.

LOGO



Average Annual Total Returns through December 31, 2023*	One Year	Five Years	Ten Years

Institutional	41.94%	17.32%	13.16%


Service	41.65%	17.05%	12.88%

*	These returns assume reinvestment of all distributions at NAV. Because Institutional and Service Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Returns.

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital and dividend income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs U.S. Equity Insights Fund’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns of 23.81% and 23.59%, respectively. These returns compare to the 26.29% average annual total return of the Fund’s benchmark, the Standard & Poor’s 500^® Index (with dividends reinvested) (the “S&P 500^® Index”) during the same time period.

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

During the Reporting Period, the Fund posted healthy double-digit gains but underperformed the S&P 500^® Index on a relative basis, with three of our four quantitative model’s investment themes detracting from results. Stock selection overall, driven by these investment themes, also dampened relative performance.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

During the Reporting Period, three of our four investment themes detracted from the Fund’s relative performance, with Fundamental Mispricings hurting most, followed by High Quality Business Models and Sentiment Analysis. The Market Themes & Trends investment theme contributed positively, albeit modestly, to the Fund’s relative performance. Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment.

How did the Fund’s sector and industry allocations affect relative performance?

In constructing the Fund’s portfolio, our quantitative model focuses on stock selection rather than making sector or industry bets. Consequently, the Fund is similar to its benchmark, the S&P 500^® Index, in terms of its sector and industry allocations and style. Relative performance is primarily driven by stock selection, not by sector or industry allocations.

Did stock selection help or hurt Fund performance during the Reporting Period?

We seek to outpace the S&P 500^® Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. At the same time, we strive to maintain a risk profile similar to the S&P 500^® Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Fundamental Mispricings characteristics than the benchmark index.

During the Reporting Period, stock selection detracted from the Fund’s performance, with investments in the consumer discretionary, industrials and health care sectors hurting most relative to the S&P 500^® Index. Stock selection in the consumer staples, utilities and financials sectors contributed positively to the Fund’s results relative to the S&P 500^® Index during the Reporting Period.

Which individual positions detracted from the Fund’s results during the Reporting Period?

Detracting most from the Fund’s results relative to the S&P 500^® Index were underweight positions in social media giant Meta Platforms and semiconductor device developer Broadcom and an overweight position in health and pharmacy services provider CVS Health. The Fund had an underweight position in Meta Platforms based primarily on our High Quality Business Models investment theme. The Fund’s underweight in Broadcom was due to our Sentiment Analysis investment theme. The overweight in CVS Health was established primarily because of our Fundamental Mispricings investment theme.

Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period?

The Fund benefited most from overweight positions in cybersecurity company Palo Alto Networks and information technology infrastructure manufacturer Dell Technologies and an underweight position in pharmaceuticals company Pfizer. The overweight in Palo Alto Networks was established primarily because of our High Quality Business Models and Sentiment Analysis investment themes. The Fund was overweight Dell Technologies due mostly to our High Quality Business Models investment theme. The Fund’s underweight in Pfizer was driven primarily by our High Quality Business Models and Sentiment Analysis investment themes.

How did the Fund use derivatives during the Reporting Period?

During the Reporting Period, we used equity index futures contracts, on an opportunistic basis, to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of futures contracts. The use of these derivatives did not have a material impact on the Fund’s performance during the Reporting Period.

Did you make any enhancements to your quantitative models during the Reporting Period?

In fact, we introduced several new signals and enhancements during the Reporting Period that leverage machine learning techniques, such as NLP, as well as those that are based on different types of alternative data sources. The Team’s new NLP-based signals utilize the transformer architecture to be able to extract insights from different bodies of text. For example, within the Sentiment Analysis investment theme, we introduced a suite of signals that seeks to identify changes in sentiment within company regulatory filings and documents by using advanced NLP models to synthesize the context of the language used within the document. In addition to the NLP-based signals, we also introduced a new signal that seeks to capture the level of attention stocks receive as a result of being mentioned in news articles and blog posts. We believe companies that receive outsized attention in the media experience positive, but temporary, price trends that ultimately revert over the longer term. We also introduced new signals within the Market Themes & Trends investment theme. The first signal introduced leverages NLP and topic modeling techniques to identify economic linkages between companies based on their current descriptions. Additionally, we implemented a suite of signals that leverage word embedding techniques to capture the meanings of the words and language used with employer reviews in order to identify the economic linkages between companies mentioned.

What was the Fund’s sector positioning relative to its benchmark index at the end of the Reporting Period?

As of December 31, 2023, the Fund was overweight the consumer discretionary, information technology and real estate sectors relative to the S&P 500^® Index. The Fund was underweight health care, industrials, utilities and energy and was rather neutrally weighted in financials, materials, communication services and consumer staples compared to the benchmark index on the same date.

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

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

U.S. Equity Insights Fund

as of December 31, 2023

TOP TEN HOLDINGS AS OF 12/31/23¹



Holding	% of Net Assets	Line of Business

Microsoft Corp.	8.1%	Information Technology

Apple, Inc.	8.1	Information Technology

Amazon.com, Inc.	3.9	Consumer Discretionary

Alphabet, Inc., Class C	3.1	Communication Services

Meta Platforms, Inc., Class A	3.0	Communication Services

Berkshire Hathaway, Inc., Class B	2.7	Financials

NVIDIA Corp.	2.6	Information Technology

Visa, Inc., Class A	2.1	Financials

Alphabet, Inc., Class A	1.9	Communication Services

Tesla, Inc.	1.7	Consumer Discretionary

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS²

As of December 31, 2023

LOGO

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

Performance Summary

December 31, 2023

The following graph shows the value, as of December 31, 2023, of a $10,000 investment made on January 1, 2014 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the S&P 500^® Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

U.S. Equity Insights Fund’s 10 Year Performance

Performance of a $10,000 investment, with distributions reinvested, from January 1, 2014 through December 31, 2023.

LOGO



Average Annual Total Returns through December 31, 2023*	One Year	Five Years	Ten Years

Institutional	23.81%	13.60%	10.97%


Service	23.59%	13.37%	10.74%

*	These returns assume reinvestment of all distributions at NAV. Because Institutional and Service Shares do not involve sales charge, such a charge is not applied to their Average Annual Total Returns.

Index Definitions

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

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

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

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

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

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.

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

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

It is not possible to invest directly in an index.


Shares	Description	Value

Common Stocks – 97.1%

Australia – 6.8%
23,252	ANZ Group Holdings Ltd. (Banks)	$	410,817
10,998	Aristocrat Leisure Ltd. (Consumer Services)		305,563
41,263	BHP Group Ltd. (Materials)		1,409,735
19,678	BlueScope Steel Ltd. (Materials)		313,716
64,927	Brambles Ltd. (Commercial & Professional Services)		601,801
10,748	Challenger Ltd. (Financial Services)		47,580
2,441	Cochlear Ltd. (Health Care Equipment & Services)		496,611
533	Commonwealth Bank of Australia (Banks)		40,624
45,885	Glencore PLC (Materials)		275,817
21,195	Goodman Group REIT (Equity Real Estate Investment Trusts (REITs))		364,911
7,311	IDP Education Ltd. (Consumer Services)		99,730
715	Macquarie Group Ltd. (Financial Services)		89,505
2,820	National Australia Bank Ltd. (Banks)		58,941
9,913	Northern Star Resources Ltd. (Materials)		91,974
12,134	Perseus Mining Ltd. (Materials)		15,262
3,407	Rio Tinto PLC ADR (Materials)		253,685
292,271	Scentre Group REIT (Equity Real Estate Investment Trusts (REITs))		595,184
57,369	Stockland REIT (Equity Real Estate Investment Trusts (REITs))		173,979
24,663	Suncorp Group Ltd. (Insurance)		233,543
167,928	Telstra Group Ltd. (Telecommunication Services)		453,789
30,173	Woolworths Group Ltd. (Consumer Staples Distribution & Retail)		765,488

			7,098,255


Austria – 0.9%
6,452	BAWAG Group AG (Banks)*^(a)		341,447
5,713	Erste Group Bank AG (Banks)		231,405
8,027	Strabag SE (Capital Goods)		366,862

			939,714


Belgium – 0.3%
2,847	Euronav NV (Energy)		50,193
3,739	KBC Ancora (Banks)		171,600
878	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)		76,537

			298,330


Shares	Description	Value

Common Stocks – (continued)

China – 0.8%
27,285	Prosus NV (Consumer Discretionary Distribution & Retail)*	$	812,823


Denmark – 2.7%
1,618	Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*		515,904
19,575	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)		2,028,580
2,111	Pandora A/S (Consumer Durables & Apparel)		291,857
958	Sydbank AS (Banks)		41,667

			2,878,008


Finland – 1.0%
20,335	Nokia OYJ (Technology Hardware & Equipment)		69,260
78,835	Nordea Bank Abp (Banks)		978,689

			1,047,949


France – 9.6%
7,636	Air Liquide SA (Materials)		1,486,694
1,151	Airbus SE (Capital Goods)		177,816
6,099	Cie de Saint-Gobain SA (Capital Goods)		449,785
6,569	Cie Generale des Etablissements Michelin SCA (Automobiles & Components)		236,002
2,770	Dassault Aviation SA (Capital Goods)		548,821
18,708	Dassault Systemes (Software & Services)		915,706
1,715	Edenred SE (Financial Services)		102,634
6,278	Eiffage SA (Capital Goods)		673,947
33,983	Engie SA (Utilities)		598,655
996	Gecina SA REIT (Equity Real Estate Investment Trusts (REITs))		121,252
593	Hermes International SCA (Consumer Durables & Apparel)		1,260,431
682	Kering (Consumer Durables & Apparel)		302,057
8,975	Legrand SA (Capital Goods)		934,623
523	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)		424,957
2,315	Publicis Groupe SA (Media & Entertainment)		215,091
10,571	Rexel SA (Capital Goods)		290,134
3,011	Safran SA (Capital Goods)		530,871
2,760	Thales SA (Capital Goods)		408,681
12,039	Veolia Environnement SA (Utilities)		380,513

			10,058,670


Georgia – 0.1%
3,731	TBC Bank Group PLC (Banks)		134,587


Shares	Description	Value

Common Stocks – (continued)

Germany – 9.6%
4,751	Allianz SE (Insurance)	$	1,269,664
495	Atoss Software AG (Software & Services)		114,172
1,238	Brenntag SE (Capital Goods)		113,782
5,892	Commerzbank AG (Banks)		70,031
1,412	Continental AG (Automobiles & Components)		119,923
2,334	Deutsche Boerse AG (Financial Services)		480,652
23,191	Deutsche Telekom AG (Telecommunication Services)		557,588
829	DWS Group GmbH & Co. KGaA (Financial Services)^(a)		31,862
71,879	E.ON SE (Utilities)		965,699
3,543	Fresenius SE & Co. KGaA (Health Care Equipment & Services)		109,817
9,579	FUCHS SE (Materials)		343,292
966	GEA Group AG (Capital Goods)		40,161
2,465	Hannover Rueck SE (Insurance)		589,391
321	Hapag-Lloyd AG (Transportation)^(a)(b)		47,802
7,881	Henkel AG & Co. KGaA (Household & Personal Products)		565,451
12,700	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		530,385
855	MTU Aero Engines AG (Capital Goods)		184,206
2,457	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Insurance)		1,019,198
12,694	SAP SE (Software & Services)		1,953,881
4,988	Siemens AG (Capital Goods)		935,796

			10,042,753


Hong Kong – 1.8%
153,600	AIA Group Ltd. (Insurance)		1,336,763
5,900	Jardine Matheson Holdings Ltd. (Capital Goods)		250,750
31,000	Swire Pacific Ltd., Class A (Real Estate Management & Development)		262,559
35,000	Swire Pacific Ltd., Class B (Real Estate Management & Development)		45,828

			1,895,900


Italy – 2.2%
64,697	Banca Mediolanum SpA (Financial Services)		611,059
37,866	Banco BPM SpA (Banks)		200,650
43,056	Enel SpA (Utilities)		320,329
973	Prysmian SpA (Capital Goods)		44,354
38,302	UniCredit SpA (Banks)		1,042,952


Shares	Description	Value

Common Stocks – (continued)

Italy – (continued)
23,614	Unipol Gruppo SpA (Insurance)	$	134,765

			2,354,109


Japan – 22.9%
4,900	Advantest Corp. (Semiconductors & Semiconductor Equipment)		165,108
6,900	Aisin Corp. (Automobiles & Components)		240,543
7,700	Alfresa Holdings Corp. (Health Care Equipment & Services)		130,717
3,300	Amada Co. Ltd. (Capital Goods)		34,304
1,800	Asahi Group Holdings Ltd. (Food, Beverage & Tobacco)		67,025
2,500	Brother Industries Ltd. (Technology Hardware & Equipment)		39,812
5,000	Casio Computer Co. Ltd. (Consumer Durables & Apparel)		43,296
17,200	Central Japan Railway Co. (Transportation)		436,541
16,500	Chubu Electric Power Co., Inc. (Utilities)		213,037
10,300	Computer Engineering & Consulting Ltd. (Software & Services)		114,166
2,500	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		73,828
3,900	Daiichi Jitsugyo Co. Ltd. (Capital Goods)		54,245
47,000	Daiwa Securities Group, Inc. (Financial Services)		315,472
4,800	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		74,065
53,500	ENEOS Holdings, Inc. (Energy)		212,194
14,700	Fujikura Kasei Co. Ltd. (Materials)		44,536
107,400	Honda Motor Co. Ltd. (Automobiles & Components)		1,107,854
3,200	Icom, Inc. (Technology Hardware & Equipment)		81,597
6,000	Inaba Seisakusho Co. Ltd. (Commercial & Professional Services)		62,360
1,400	Itoki Corp. (Commercial & Professional Services)		13,322
5,600	IwaiCosmo Holdings, Inc. (Financial Services)		72,835
1,600	J Front Retailing Co. Ltd. (Consumer Discretionary Distribution & Retail)		14,530
119	Japan Metropolitan Fund Invest REIT (Equity Real Estate Investment Trusts (REITs))		85,894
35,000	Japan Post Bank Co. Ltd. (Banks)		356,193
40,900	JFE Holdings, Inc. (Materials)		632,773


Shares	Description	Value

Common Stocks – (continued)

Japan – (continued)
1,900	J-Oil Mills, Inc. (Food, Beverage & Tobacco)	$	26,030
15,800	JSP Corp. (Materials)		205,082
18,300	KDDI Corp. (Telecommunication Services)		580,449
4,000	Kitagawa Corp. (Capital Goods)*		39,388
3,500	Kobayashi Pharmaceutical Co. Ltd. (Household & Personal Products)		168,371
23,100	Kobe Steel Ltd. (Materials)		297,747
8,100	Kokuyo Co. Ltd. (Commercial & Professional Services)		131,499
4,600	Kurita Water Industries Ltd. (Capital Goods)		179,424
13,200	Kyoei Steel Ltd. (Materials)		186,591
9,100	Kyokuto Securities Co. Ltd. (Financial Services)		62,013
11,000	Mars Group Holdings Corp. (Consumer Durables & Apparel)		192,359
24,100	Marusan Securities Co. Ltd. (Financial Services)		143,646
27,200	Mazda Motor Corp. (Automobiles & Components)		290,743
7,100	Mimasu Semiconductor Industry Co. Ltd. (Semiconductors & Semiconductor Equipment)		160,567
56,400	Mitsubishi Electric Corp. (Capital Goods)		797,726
29,600	Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)		405,759
56,500	Mitsubishi HC Capital, Inc. (Financial Services)		378,539
4,900	Mitsubishi Logisnext Co. Ltd. (Capital Goods)		47,891
5,100	Mitsubishi Shokuhin Co. Ltd. (Consumer Staples Distribution & Retail)		173,616
53,300	Mitsubishi UFJ Financial Group, Inc. (Banks)		457,428
20,800	Mizuho Financial Group, Inc. (Banks)		354,803
1,300	Mizuho Leasing Co. Ltd. (Financial Services)		44,515
6,000	Mochida Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		138,896
16,000	MS&AD Insurance Group Holdings, Inc. (Insurance)		629,101
2,200	Nakamoto Packs Co. Ltd. (Commercial & Professional Services)		25,910
5,800	NEC Corp. (Software & Services)		342,700
19,900	NGK Insulators Ltd. (Capital Goods)		237,325


Shares	Description	Value

Common Stocks – (continued)

Japan – (continued)
4,300	Nihon Parkerizing Co. Ltd. (Materials)	$	34,598
2,000	Nippon Sanso Holdings Corp. (Materials)		53,405
28,300	Nippon Steel Corp. (Materials)		646,479
403,400	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		492,585
8,400	Nippon Yusen KK (Transportation)		259,421
2,400	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		72,980
14,400	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)		193,927
22,100	Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		579,914
2,800	Okamura Corp. (Commercial & Professional Services)		43,181
47,500	ORIX Corp. (Financial Services)		892,106
1,800	Otsuka Corp. (Software & Services)		74,079
14,000	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		523,558
7,800	Panasonic Holdings Corp. (Consumer Durables & Apparel)		76,811
15,400	Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment)*		275,367
9,300	Sac’s Bar Holdings, Inc. (Consumer Discretionary Distribution & Retail)		53,015
4,800	Sakata INX Corp. (Materials)		46,077
10,300	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)		868,195
20,200	SCSK Corp. (Software & Services)		399,928
13,600	Sekisui House Ltd. (Consumer Durables & Apparel)		301,461
2,500	Seven & i Holdings Co. Ltd. (Consumer Staples Distribution & Retail)		98,874
24,900	Sintokogio Ltd. (Capital Goods)		187,776
13,000	SoftBank Group Corp. (Telecommunication Services)		573,800
2,600	Sompo Holdings, Inc. (Insurance)		127,214
10,800	SPK Corp. (Consumer Discretionary Distribution & Retail)		141,282
8,200	SRA Holdings (Software & Services)		207,019
20,700	Subaru Corp. (Automobiles & Components)		377,556


Shares	Description	Value

Common Stocks – (continued)

Japan – (continued)
36,300	Sumitomo Electric Industries Ltd. (Automobiles & Components)	$	460,596
6,000	Sumitomo Mitsui Financial Group, Inc. (Banks)		291,959
19,200	Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development)		568,973
7,400	Suntory Beverage & Food Ltd. (Food, Beverage & Tobacco)		243,311
1,400	Suzuken Co. Ltd. (Health Care Equipment & Services)		46,299
13,400	Taiho Kogyo Co. Ltd. (Automobiles & Components)		75,311
5,200	Takara & Co. Ltd. (Commercial & Professional Services)		100,204
24,000	Takashimaya Co. Ltd. (Consumer Discretionary Distribution & Retail)		326,581
91,800	Tokai Tokyo Financial Holdings, Inc. (Financial Services)		341,700
14,700	Tokio Marine Holdings, Inc. (Insurance)		366,045
5,200	Tokyo Century Corp. (Financial Services)		56,146
2,900	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		515,446
4,300	Tokyo Tekko Co. Ltd. (Materials)		125,368
76,700	Tokyu Fudosan Holdings Corp. (Real Estate Management & Development)		488,764
9,600	TOPPAN Holdings, Inc. (Commercial & Professional Services)		267,356
1,200	Torii Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		30,217
6,700	Toyo Tire Corp. (Automobiles & Components)		111,769
8,700	Toyota Motor Corp. (Automobiles & Components)		159,416
7,200	Trend Micro, Inc. (Software & Services)		384,264
7,700	ZERIA Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		109,954

			24,054,652


Luxembourg – 0.2%
3,202	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)		208,874


Shares	Description	Value

Common Stocks – (continued)

Macau – 0.0%
4,400	Sands China Ltd. (Consumer Services)*	$	12,879


Netherlands – 5.9%
115	Adyen NV (Financial Services)*^(a)		148,458
568	ASM International NV (Semiconductors & Semiconductor Equipment)		295,630
3,678	ASML Holding NV (Semiconductors & Semiconductor Equipment)		2,776,476
491	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		74,129
4,250	Eurocommercial Properties NV REIT (Equity Real Estate Investment Trusts (REITs))		104,220
15,826	ING Groep NV (Banks)		237,304
33,253	Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail)		956,737
2,178	NSI NV REIT (Equity Real Estate Investment Trusts (REITs))		45,107
46,296	Shell PLC (Energy)		1,523,291

			6,161,352


New Zealand – 0.6%
96,870	Spark New Zealand Ltd. (Telecommunication Services)		317,204
3,925	Xero Ltd. (Software & Services)*		299,433

			616,637


Norway – 0.7%
7,957	Kongsberg Gruppen ASA (Capital Goods)		364,279
114,841	PGS ASA (Energy)*		96,528
9,451	Protector Forsikring ASA (Insurance)		167,441
3,980	SpareBank 1 SR-Bank ASA (Banks)		50,474
4,300	TGS ASA (Energy)		55,840
5,178	Wallenius Wilhelmsen ASA (Transportation)		45,359

			779,921


Portugal – 0.5%
19,536	Jeronimo Martins SGPS SA (Consumer Staples Distribution & Retail)		497,202


Singapore – 0.6%
34,200	Keppel Corp. Ltd. (Capital Goods)		182,998
3,400	Oversea-Chinese Banking Corp. Ltd. (Banks)		33,454


Shares	Description	Value

Common Stocks – (continued)

Singapore – (continued)
19,700	United Overseas Bank Ltd. (Banks)	$	425,189

			641,641


South Africa – 0.2%
6,130	Anglo American PLC (Materials)		153,414


Spain – 2.7%
10,624	Amadeus IT Group SA (Consumer Services)		763,032
97,147	Banco Santander SA (Banks)		406,335
54,638	Bankinter SA (Banks)		350,429
45,116	CaixaBank SA (Banks)		185,803
26,492	Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail)		1,155,954

			2,861,553


Sweden – 3.3%
1,103	Epiroc AB, Class B (Capital Goods)		19,344
3,096	Evolution AB (Consumer Services)^(a)		368,766
6,611	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary Distribution & Retail)		115,957
34,087	Investor AB, Class B (Financial Services)		790,468
10,038	Nyfosa AB (Real Estate Management & Development)		95,485
17,141	Skandinaviska Enskilda Banken AB, Class A (Banks)		236,558
5,941	SKF AB, Class B (Capital Goods)		119,061
43,024	SSAB AB, Class A (Materials)		327,697
41,658	SSAB AB, Class B (Materials)		318,955
634	Swedbank AB, Class A (Banks)		12,818
5,576	Trelleborg AB, Class B (Capital Goods)		187,153
29,778	Volvo AB, Class B (Capital Goods)		774,824
9,347	Wihlborgs Fastigheter AB (Real Estate Management & Development)		87,455

			3,454,541


Switzerland – 6.6%
31,255	ABB Ltd. (Capital Goods)		1,387,665
6,277	Julius Baer Group Ltd. (Financial Services)		352,128
3,198	Logitech International SA (Technology Hardware & Equipment)		304,093
1,440	Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences)		607,084
18,632	Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences)		1,882,027


Shares	Description	Value

Common Stocks – (continued)

Switzerland – (continued)
605	Sika AG (Materials)	$	197,276
491	Sonova Holding AG (Health Care Equipment & Services)		160,581
44,792	UBS Group AG (Financial Services)		1,391,310
1,149	Zurich Insurance Group AG (Insurance)		600,728

			6,882,892


United Kingdom – 8.2%
1,471	3i Group PLC (Financial Services)		45,277
13,060	AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		879,591
90,989	Aviva PLC (Insurance)		503,482
25,454	BAE Systems PLC (Capital Goods)		360,301
38,115	Balfour Beatty PLC (Capital Goods)		160,908
18,310	Beazley PLC (Insurance)		121,681
3,067	Bellway PLC (Consumer Durables & Apparel)		100,179
19,176	BP PLC ADR (Energy)		678,830
38,787	British American Tobacco PLC (Food, Beverage & Tobacco)		1,134,877
31,125	Centrica PLC (Utilities)		55,798
29,500	CK Hutchison Holdings Ltd. (Capital Goods)		158,492
13,016	Compass Group PLC (Consumer Services)		356,161
23,790	Direct Line Insurance Group PLC (Insurance)*		55,093
6,322	Dunelm Group PLC (Consumer Discretionary Distribution & Retail)		88,218
100,483	HSBC Holdings PLC (Banks)		812,905
24,572	Informa PLC (Media & Entertainment)		244,403
5,648	Investec PLC (Financial Services)		38,197
3,801	Lancashire Holdings Ltd. (Insurance)		30,232
69,594	M&G PLC (Financial Services)		196,959
13,797	Marks & Spencer Group PLC (Consumer Staples Distribution & Retail)		47,815
82,454	National Grid PLC (Utilities)		1,110,765
114,950	NatWest Group PLC (Banks)		320,183
28,126	Redrow PLC (Consumer Durables & Apparel)		220,662
157,464	Rolls-Royce Holdings PLC (Capital Goods)*		600,626
6,689	Sage Group PLC (The) (Software & Services)		99,859
3,634	Smiths Group PLC (Capital Goods)		81,567
1,464	SSE PLC (Utilities)		34,559


Shares	Description		Value

Common Stocks – (continued)

United Kingdom – (continued)
7,045	Vesuvius PLC (Capital Goods)		$	43,201

				8,580,821


United States – 8.9%
6,217	CRH PLC (Materials)			429,968
3,683	Ferguson PLC (Capital Goods)			705,397
13,316	GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)			493,491
6,492	Holcim AG (Materials)*			509,891
19,122	Nestle SA (Food, Beverage & Tobacco)			2,216,620
7,014	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)			2,038,925
9,652	Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences)			959,146
6,274	Schneider Electric SE (Capital Goods)			1,262,995
22,452	Stellantis NV (Automobiles & Components)			526,065
11,452	Tenaris SA (Energy)			199,186

				9,341,684

TOTAL COMMON STOCKS (Cost $89,550,133)				101,809,161


Shares	Description	Rate	Value

Preferred Stocks – 0.7%

Germany – 0.7%
2,396	Bayerische Motoren Werke AG (Automobiles & Components)	9.48%		238,409
921	FUCHS SE (Materials)	2.65		40,975
5,193	Henkel AG & Co. KGaA (Household & Personal Products)	2.54		417,735

TOTAL PREFERRED STOCKS (Cost $669,893)				697,119


Shares	Dividend Rate	Value

Investment Company – 0.0%^(c)
Goldman Sachs Financial Square Government Fund - Institutional Shares
824	5.248%		824
(Cost $824)

TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE
(Cost $90,220,850)			102,507,104


Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.0%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
46,704	5.248%	$	46,704
(Cost $46,704)

TOTAL INVESTMENTS – 97.8%
(Cost $90,267,554)		$	102,553,808

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.2%			2,349,291

NET ASSETS – 100.0%		$	104,903,099

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

Non-income producing security.

^(a)

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

^(b)

All or a portion of security is on loan.

^(c)

Represents an affiliated issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


Sector Name	% of Market Value
Financials		21.6	%
Industrials		15.7
Consumer Discretionary		11.5
Health Care		11.2
Information Technology		10.8
Materials		8.2
Consumer Staples		7.5
Real Estate		3.9
Utilities		3.6
Communication Services		3.3
Energy		2.7
Investment Company		0.0
Securities Lending Reinvestment Vehicle		0.0

TOTAL INVESTMENTS		100.0	%


Shares	Description	Value

Common Stocks – 99.7%

Automobile Components – 1.1%
33,129	Aptiv PLC*	$	2,972,334


Automobiles – 0.8%
60,455	General Motors Co.		2,171,544


Banks – 7.5%
163,211	Bank of America Corp.		5,495,314
23,271	East West Bancorp, Inc.		1,674,349
55,596	JPMorgan Chase & Co.		9,456,880
31,841	M&T Bank Corp.		4,364,764

			20,991,307


Beverages – 1.4%
66,981	Coca-Cola Co. (The)		3,947,190


Biotechnology – 2.1%
13,560	Amgen, Inc.		3,905,551
3,980	Biogen, Inc.*		1,029,905
3,003	Karuna Therapeutics, Inc.*		950,479

			5,885,935


Capital Markets – 4.7%
7,084	BlackRock, Inc.		5,750,791
47,364	KKR & Co., Inc.		3,924,107
58,584	Nasdaq, Inc.		3,406,074

			13,080,972


Chemicals – 3.2%
11,985	Linde PLC		4,922,359
13,384	Sherwin-Williams Co. (The)		4,174,470

			9,096,829


Commercial Services & Supplies – 1.1%
20,147	Waste Connections, Inc.		3,007,343


Communications Equipment – 0.6%
7,814	Arista Networks, Inc.*		1,840,275


Construction Materials – 1.5%
8,716	Martin Marietta Materials, Inc.		4,348,500


Consumer Finance – 1.6%
24,467	American Express Co.		4,583,648


Consumer Staples Distribution & Retail – 2.3%
41,001	Walmart, Inc.		6,463,808


Containers & Packaging – 1.2%
57,677	Ball Corp.		3,317,581


Diversified Telecommunication Services – 1.6%
119,698	Verizon Communications, Inc.		4,512,615


Electric Utilities – 3.1%
71,404	Exelon Corp.		2,563,404
58,056	NextEra Energy, Inc.		3,526,321
44,319	Xcel Energy, Inc.		2,743,789

			8,833,514


Electrical Equipment – 2.0%
23,449	Eaton Corp. PLC		5,646,988


Financial Services – 3.5%
14,050	Berkshire Hathaway, Inc., Class B*		5,011,073


Shares	Description	Value

Common Stocks – (continued)

Financial Services – (continued)
45,947	Fidelity National Information Services, Inc.	$	2,760,036
8,148	Visa, Inc., Class A		2,121,332

			9,892,441


Food Products – 1.3%
52,311	Mondelez International, Inc., Class A		3,788,886


Ground Transportation – 2.4%
17,690	Norfolk Southern Corp.		4,181,562
6,070	Old Dominion Freight Line, Inc.		2,460,353

			6,641,915


Health Care Equipment & Supplies – 4.4%
74,630	Boston Scientific Corp.*		4,314,360
8,594	Cooper Cos., Inc. (The)		3,252,314
40,320	Zimmer Biomet Holdings, Inc.		4,906,944

			12,473,618


Health Care Providers & Services – 2.3%
81,889	CVS Health Corp.		6,465,955


Household Products – 1.4%
51,214	Colgate-Palmolive Co.		4,082,268


Industrial Conglomerates – 3.4%
42,526	General Electric Co.		5,427,594
19,044	Honeywell International, Inc.		3,993,717

			9,421,311


Industrial REITs – 1.6%
34,061	Prologis, Inc. REIT		4,540,331


Insurance – 3.0%
30,841	Allstate Corp. (The)		4,317,123
33,497	Globe Life, Inc.		4,077,255

			8,394,378


Interactive Media & Services – 1.9%
37,344	Alphabet, Inc., Class A*		5,216,583


Life Sciences Tools & Services – 2.2%
26,948	Danaher Corp.		6,234,150


Machinery – 4.2%
15,875	Caterpillar, Inc.		4,693,761
10,258	Illinois Tool Works, Inc.		2,686,980
44,557	Stanley Black & Decker, Inc.		4,371,042

			11,751,783


Media – 1.0%
31,397	Omnicom Group, Inc.		2,716,154


Metals & Mining – 1.6%
103,065	Freeport-McMoRan, Inc.		4,387,477


Multi-Utilities – 1.8%
41,112	Ameren Corp.		2,974,042
35,366	CMS Energy Corp.		2,053,704

			5,027,746


Oil, Gas & Consumable Fuels – 6.5%
36,298	Chesapeake Energy Corp.		2,792,768
41,957	EOG Resources, Inc.		5,074,699


Shares	Description	Value

Common Stocks – (continued)

Oil, Gas & Consumable Fuels – (continued)
102,635	Exxon Mobil Corp.	$	10,261,448

			18,128,915


Personal Care Products – 1.3%
168,299	Kenvue, Inc.		3,623,477


Pharmaceuticals – 4.6%
51,863	AstraZeneca PLC ADR (United Kingdom)		3,492,973
101,194	Bristol-Myers Squibb Co.		5,192,264
27,478	Johnson & Johnson		4,306,902

			12,992,139


Residential REITs – 1.4%
20,428	AvalonBay Communities, Inc. REIT		3,824,530


Semiconductors & Semiconductor Equipment – 5.1%
23,522	Advanced Micro Devices, Inc.*		3,467,378
12,602	Applied Materials, Inc.		2,042,406
2,877	KLA Corp.		1,672,400
67,794	Marvell Technology, Inc.		4,088,656
34,422	Micron Technology, Inc.		2,937,574

			14,208,414


Software – 2.7%
35,656	Oracle Corp.		3,759,212
14,177	Salesforce, Inc.*		3,730,536

			7,489,748


Specialized REITs – 1.5%
10,631	American Tower Corp. REIT		2,295,020
12,935	Extra Space Storage, Inc. REIT		2,073,869

			4,368,889


Specialty Retail – 1.9%
70,989	Foot Locker, Inc.		2,211,308


Shares	Description	Value

Common Stocks – (continued)

Specialty Retail – (continued)
22,888	Ross Stores, Inc.	$	3,167,470

			5,378,778


Technology Hardware, Storage & Peripherals – 1.6%
57,980	Dell Technologies, Inc., Class C		4,435,470


Textiles, Apparel & Luxury Goods – 1.3%
33,626	NIKE, Inc., Class B		3,650,775

TOTAL COMMON STOCKS (Cost $219,542,688)			279,836,514


Shares	Dividend Rate	Value

Investment Company – 0.2%^(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
570,736	5.248%		570,736

(Cost $570,736)


TOTAL INVESTMENTS – 99.9% (Cost $220,113,424)		$	280,407,250


OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			290,323


NET ASSETS – 100.0%		$	280,697,573


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


Shares	Description	Value

Common Stocks – 99.4%

Aerospace & Defense – 1.7%
2,979	L3Harris Technologies, Inc.	$	627,437
3,109	Woodward, Inc.		423,228

			1,050,665


Automobile Components – 0.6%
8,407	Mobileye Global, Inc., Class A (Israel)*		364,191


Biotechnology – 5.5%
2,807	Alnylam Pharmaceuticals, Inc.*		537,288
2,472	Biogen, Inc.*		639,680
6,186	BioMarin Pharmaceutical, Inc.*		596,454
7,082	Exact Sciences Corp.*		523,926
1,441	Karuna Therapeutics, Inc.*		456,091
4,846	Neurocrine Biosciences, Inc.*		638,509

			3,391,948


Broadline Retail – 1.2%
8,909	Etsy, Inc.*		722,075


Building Products – 1.8%
4,712	Trane Technologies PLC		1,149,257


Capital Markets – 4.1%
9,146	KKR & Co., Inc.		757,746
2,455	MSCI, Inc.		1,388,671
4,710	Tradeweb Markets, Inc., Class A		428,045

			2,574,462


Chemicals – 1.8%
9,516	Ashland, Inc.		802,294
2,097	PPG Industries, Inc.		313,606

			1,115,900


Communications Equipment – 1.2%
3,120	Arista Networks, Inc.*		734,791


Construction Materials – 1.6%
1,984	Martin Marietta Materials, Inc.		989,837


Consumer Finance – 1.1%
6,339	Discover Financial Services		712,504


Containers & Packaging – 1.6%
17,301	Ball Corp.		995,154


Electrical Equipment – 4.4%
5,391	AMETEK, Inc.		888,922
6,030	Rockwell Automation, Inc.		1,872,194

			2,761,116


Electronic Equipment, Instruments & Components – 2.0%
12,355	Amphenol Corp., Class A		1,224,751


Entertainment – 1.0%
6,369	Live Nation Entertainment, Inc.*		596,138


Financial Services – 1.1%
5,144	Fidelity National Information Services, Inc.		309,000
2,398	Jack Henry & Associates, Inc.		391,857

			700,857


Food Products – 1.3%
11,962	McCormick & Co., Inc.		818,440


Shares	Description	Value

Common Stocks – (continued)

Ground Transportation – 2.8%
3,004	Old Dominion Freight Line, Inc.	$	1,217,611
1,134	Saia, Inc.*		496,942

			1,714,553


Health Care Equipment & Supplies – 8.4%
2,923	Align Technology, Inc.*		800,902
1,635	Cooper Cos., Inc. (The)		618,749
10,885	Dexcom, Inc.*		1,350,720
6,705	Insulet Corp.*		1,454,851
8,415	Zimmer Biomet Holdings, Inc.		1,024,106

			5,249,328


Health Care Providers & Services – 2.2%
6,635	Cencora, Inc.		1,362,696


Hotel & Resort REITs – 1.0%
5,840	Ryman Hospitality Properties, Inc. REIT		642,750


Hotels, Restaurants & Leisure – 5.4%
2,538	Domino’s Pizza, Inc.		1,046,240
7,650	Expedia Group, Inc.*		1,161,193
8,850	Yum! Brands, Inc.		1,156,341

			3,363,774


IT Services – 1.0%
3,630	Cloudflare, Inc., Class A*		302,234
803	MongoDB, Inc.*		328,307

			630,541


Life Sciences Tools & Services – 4.6%
7,149	Agilent Technologies, Inc.		993,925
910	Mettler-Toledo International, Inc.*		1,103,794
2,088	West Pharmaceutical Services, Inc.		735,227

			2,832,946


Machinery – 5.6%
3,555	Chart Industries, Inc.*		484,653
2,810	Cummins, Inc.		673,192
9,594	Fortive Corp.		706,406
5,527	ITT, Inc.		659,482
8,611	Xylem, Inc.		984,754

			3,508,487


Media – 2.0%
16,973	Trade Desk, Inc. (The), Class A*		1,221,377


Oil, Gas & Consumable Fuels – 3.1%
5,205	Cheniere Energy, Inc.		888,546
2,934	Chesapeake Energy Corp.		225,742
3,524	Hess Corp.		508,020
3,789	Targa Resources Corp.		329,150

			1,951,458


Professional Services – 2.6%
4,227	Equifax, Inc.		1,045,295
2,598	Paycom Software, Inc.		537,059

			1,582,354


Real Estate Management & Development – 2.0%
14,565	CoStar Group, Inc.*		1,272,835


Shares	Description	Value

Common Stocks – (continued)

Semiconductors & Semiconductor Equipment – 4.9%
5,630	ARM Holdings PLC ADR*^(a)	$	423,066
5,520	Enphase Energy, Inc.*		729,413
3,148	Entegris, Inc.		377,193
4,410	Lattice Semiconductor Corp.*		304,246
16,202	Marvell Technology, Inc.		977,143
2,597	MKS Instruments, Inc.		267,153

			3,078,214


Software – 16.5%
2,984	ANSYS, Inc.*		1,082,834
7,690	AppLovin Corp., Class A*		306,446
6,537	Crowdstrike Holdings, Inc., Class A*		1,669,027
10,425	Datadog, Inc., Class A*		1,265,386
9,151	DocuSign, Inc.*		544,027
17,595	Dynatrace, Inc.*		962,271
974	Fair Isaac Corp.*		1,133,746
1,544	HubSpot, Inc.*		896,354
7,532	Klaviyo, Inc., Class A*		209,239
2,859	Manhattan Associates, Inc.*		615,600
1,625	Monday.com Ltd.*		305,191
19,144	Palantir Technologies, Inc., Class A*		328,702
4,419	Zscaler, Inc.*		979,074

			10,297,897


Specialty Retail – 4.2%
12,097	Ross Stores, Inc.		1,674,104
1,860	Ulta Beauty, Inc.*		911,381

			2,585,485


Textiles, Apparel & Luxury Goods – 1.1%
1,360	Lululemon Athletica, Inc.*		695,354

TOTAL COMMON STOCKS (Cost $47,949,120)			61,892,135


Shares	Dividend Rate	Value

Investment Company – 0.5%^(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
342,086	5.248%		342,086

(Cost $342,086)


TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $48,291,206)			62,234,221


Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.7%^(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
423,829	5.248%	$	423,829

(Cost $423,829)


TOTAL INVESTMENTS – 100.6% (Cost $48,715,035)		$	62,658,050


LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%			(396,640	)


NET ASSETS – 100.0%		$	62,261,410


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

*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Represents an affiliated issuer.




Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


Shares	Description	Value

Common Stocks – 98.6%

Aerospace & Defense – 2.1%
16,034	L3Harris Technologies, Inc.	$	3,377,081
44,869	Woodward, Inc.		6,108,017

			9,485,098


Automobiles – 0.7%
83,031	General Motors Co.		2,982,474


Banks – 5.1%
94,815	Citizens Financial Group, Inc.		3,142,169
91,131	East West Bancorp, Inc.		6,556,876
51,104	M&T Bank Corp.		7,005,336
70,018	Pinnacle Financial Partners, Inc.		6,106,970

			22,811,351


Beverages – 0.9%
59,777	Coca-Cola Europacific Partners PLC (United Kingdom)		3,989,517


Biotechnology – 1.4%
16,945	Biogen, Inc.*		4,384,858
6,303	Karuna Therapeutics, Inc.*		1,994,962

			6,379,820


Broadline Retail – 0.7%
40,008	Etsy, Inc.*		3,242,648


Building Products – 2.1%
40,249	Allegion PLC		5,099,146
17,323	Trane Technologies PLC		4,225,080

			9,324,226


Capital Markets – 3.8%
63,128	KKR & Co., Inc.		5,230,155
86,864	Nasdaq, Inc.		5,050,273
60,232	Raymond James Financial, Inc.		6,715,868

			16,996,296


Chemicals – 3.7%
80,032	Ashland, Inc.		6,747,498
29,496	Celanese Corp.		4,582,793
35,940	PPG Industries, Inc.		5,374,827

			16,705,118


Communications Equipment – 0.6%
8,948	Motorola Solutions, Inc.		2,801,529


Construction Materials – 1.9%
16,700	Martin Marietta Materials, Inc.		8,331,797


Consumer Staples Distribution & Retail – 0.7%
47,395	Performance Food Group Co.*		3,277,364


Containers & Packaging – 2.3%
15,599	Avery Dennison Corp.		3,153,494
123,465	Ball Corp.		7,101,707

			10,255,201


Electric Utilities – 3.3%
99,773	Eversource Energy		6,157,990
99,748	FirstEnergy Corp.		3,656,762
78,073	Xcel Energy, Inc.		4,833,499

			14,648,251


Electrical Equipment – 2.8%
47,719	AMETEK, Inc.		7,868,386


Shares	Description	Value

Common Stocks – (continued)

Electrical Equipment – (continued)
14,572	Rockwell Automation, Inc.	$	4,524,314

			12,392,700


Electronic Equipment, Instruments & Components – 1.7%
22,288	Keysight Technologies, Inc.*		3,545,798
15,564	Zebra Technologies Corp., Class A*		4,254,108

			7,799,906


Entertainment – 1.5%
33,682	Electronic Arts, Inc.		4,608,034
182,915	Warner Bros Discovery, Inc.*		2,081,573

			6,689,607


Financial Services – 2.5%
138,262	Fidelity National Information Services, Inc.		8,305,398
45,439	Voya Financial, Inc.		3,315,229

			11,620,627


Food Products – 1.8%
82,185	McCormick & Co., Inc.		5,623,098
142,087	Utz Brands, Inc.		2,307,493

			7,930,591


Ground Transportation – 0.9%
5,146	Old Dominion Freight Line, Inc.		2,085,828
4,590	Saia, Inc.*		2,011,430

			4,097,258


Health Care Equipment & Supplies – 3.3%
17,627	Cooper Cos., Inc. (The)		6,670,762
68,554	Zimmer Biomet Holdings, Inc.		8,343,022

			15,013,784


Health Care Providers & Services – 1.3%
28,810	Cencora, Inc.		5,916,998


Health Care REITs – 1.0%
94,993	Ventas, Inc. REIT		4,734,451


Hotels, Restaurants & Leisure – 3.3%
45,472	Royal Caribbean Cruises Ltd.*		5,888,169
44,507	Wyndham Hotels & Resorts, Inc.		3,578,808
41,360	Yum! Brands, Inc.		5,404,098

			14,871,075


Household Durables – 1.6%
49,535	Lennar Corp., Class A		7,382,696


Independent Power and Renewable Electricity Producers – 0.8%
186,402	AES Corp. (The)		3,588,239


Industrial REITs – 1.0%
63,898	Americold Realty Trust, Inc. REIT		1,934,193
15,095	EastGroup Properties, Inc. REIT		2,770,536

			4,704,729


Insurance – 6.3%
46,449	Allstate Corp. (The)		6,501,931
27,023	American Financial Group, Inc.		3,212,765
55,836	Arch Capital Group Ltd.*		4,146,940
21,740	Arthur J Gallagher & Co.		4,888,891


Shares	Description	Value

Common Stocks – (continued)

Insurance – (continued)
47,651	Globe Life, Inc.	$	5,800,080
82,902	Unum Group		3,748,828

			28,299,435


Interactive Media & Services – 0.7%
82,663	Match Group, Inc.*		3,017,199


Life Sciences Tools & Services – 1.2%
4,617	Mettler-Toledo International, Inc.*		5,600,236


Machinery – 7.7%
9,621	Chart Industries, Inc.*		1,311,631
21,406	Cummins, Inc.		5,128,235
97,443	Fortive Corp.		7,174,728
16,040	IDEX Corp.		3,482,444
53,380	ITT, Inc.		6,369,302
72,506	Stanley Black & Decker, Inc.		7,112,839
36,979	Xylem, Inc.		4,228,918

			34,808,097


Metals & Mining – 1.9%
70,580	Steel Dynamics, Inc.		8,335,498


Multi-Utilities – 3.4%
88,286	CMS Energy Corp.		5,126,768
169,308	NiSource, Inc.		4,495,127
66,810	WEC Energy Group, Inc.		5,623,398

			15,245,293


Office REITs – 1.5%
54,847	Alexandria Real Estate Equities, Inc. REIT		6,952,954


Oil, Gas & Consumable Fuels – 4.8%
19,636	Cheniere Energy, Inc.		3,352,062
45,984	Chesapeake Energy Corp.		3,538,009
50,399	Devon Energy Corp.		2,283,075
25,788	Diamondback Energy, Inc.		3,999,203
245,278	Marathon Oil Corp.		5,925,916
17,314	Phillips 66		2,305,186

			21,403,451


Passenger Airlines – 0.8%
84,673	United Airlines Holdings, Inc.*		3,493,608


Residential REITs – 2.5%
34,044	AvalonBay Communities, Inc. REIT		6,373,718
29,002	Equity LifeStyle Properties, Inc. REIT		2,045,801
81,056	Invitation Homes, Inc. REIT		2,764,820

			11,184,339


Retail REITs – 1.0%
63,787	Regency Centers Corp. REIT		4,273,729


Semiconductors & Semiconductor Equipment – 4.2%
51,458	ARM Holdings PLC ADR*^(a)		3,866,811
186,025	Marvell Technology, Inc.		11,219,168
36,637	MKS Instruments, Inc.		3,768,848

			18,854,827


Shares	Description	Value

Common Stocks – (continued)

Software – 2.2%
11,593	ANSYS, Inc.*	$	4,206,868
71,109	Dynatrace, Inc.*		3,888,951
58,792	Klaviyo, Inc., Class A*		1,633,242

			9,729,061


Specialized REITs – 2.1%
24,972	Extra Space Storage, Inc. REIT		4,003,761
161,926	VICI Properties, Inc. REIT		5,162,201

			9,165,962


Specialty Retail – 3.3%
102,356	Foot Locker, Inc.		3,188,389
7,141	RH*		2,081,459
46,577	Ross Stores, Inc.		6,445,791
6,561	Ulta Beauty, Inc.*		3,214,824

			14,930,463


Trading Companies & Distributors – 2.2%
33,202	Fastenal Co.		2,150,494
13,210	United Rentals, Inc.		7,574,878

			9,725,372

TOTAL COMMON STOCKS (Cost $363,637,798)			442,992,875


Shares	Dividend Rate	Value

Investment Company – 1.2%^(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
5,349,937	5.248%		5,349,937
(Cost $5,349,937)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $368,987,735)			448,342,812



Securities Lending Reinvestment Vehicle – 0.9%^(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
3,873,716	5.248%		3,873,716
(Cost $3,873,716)

TOTAL INVESTMENTS – 100.7% (Cost $372,861,451)		$	452,216,528

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%			(3,225,499)

NET ASSETS – 100.0%		$	448,991,029


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

*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Represents an affiliated issuer.


Shares	Description	Value

Common Stocks – 97.0%

Aerospace & Defense – 0.5%
3,408	AAR Corp.*	$	212,659
2,629	National Presto Industries, Inc.		211,056
8,851	Triumph Group, Inc.*		146,750

			570,465


Automobile Components – 2.0%
13,996	Adient PLC*		508,895
31,385	American Axle & Manufacturing Holdings, Inc.*		276,502
15,801	Atmus Filtration Technologies, Inc.*^(a)		371,166
1,740	Dorman Products, Inc.*		145,133
52,098	Goodyear Tire & Rubber Co. (The)*		746,043
3,877	Modine Manufacturing Co.*		231,457
1,393	Patrick Industries, Inc.		139,787
752	XPEL, Inc.*		40,495

			2,459,478


Banks – 9.0%
10,173	Amalgamated Financial Corp.		274,061
10,179	Ameris Bancorp		539,996
6,241	Axos Financial, Inc.*		340,758
4,879	BancFirst Corp.		474,873
11,484	Bancorp, Inc. (The)*		442,823
5,911	BankUnited, Inc.		191,694
3,325	Banner Corp.		178,087
3,654	Business First Bancshares, Inc.		90,071
5,551	Byline Bancorp, Inc.		130,782
1,043	Capital City Bank Group, Inc.		30,695
7,345	Central Pacific Financial Corp.		144,550
1,035	Civista Bancshares, Inc.		19,085
3,484	Community Trust Bancorp, Inc.		152,808
23,633	CVB Financial Corp.		477,150
349	Enterprise Financial Services Corp.		15,583
2,297	Esquire Financial Holdings, Inc.		114,758
2,569	Financial Institutions, Inc.		54,720
584	First Bancorp, Inc. (The)		16,480
29,709	First BanCorp. (Puerto Rico)		488,713
23,282	First Commonwealth Financial Corp.		359,474
3,431	First Financial Bancorp		81,486
2,785	First Financial Bankshares, Inc.		84,385
3,608	Fulton Financial Corp.		59,388
8,182	Hancock Whitney Corp.		397,563
17,146	Hanmi Financial Corp.		332,632
2,495	Heartland Financial USA, Inc.		93,837
4,644	Heritage Commerce Corp.		46,068
18,260	Heritage Financial Corp.		390,581
2,784	Home Bancorp, Inc.		116,956
4,850	HomeTrust Bancshares, Inc.		130,562
2,682	Hope Bancorp, Inc.		32,399
9,686	International Bancshares Corp.		526,144
1,192	Lakeland Bancorp, Inc.		17,630
33,227	Macatawa Bank Corp.		374,801
3,055	Metrocity Bankshares, Inc.		73,381
10,504	National Bank Holdings Corp., Class A		390,644


Shares	Description	Value

Common Stocks – (continued)

Banks – (continued)
3,958	Northeast Community Bancorp, Inc.	$	70,215
11,783	OFG Bancorp (Puerto Rico)		441,627
8,188	Old Second Bancorp, Inc.		126,423
7,744	Pathward Financial, Inc.		409,890
2,227	Preferred Bank		162,682
12,233	Provident Financial Services, Inc.		220,561
2,199	Renasant Corp.		74,062
1,919	Sierra Bancorp		43,273
12,858	Southside Bancshares, Inc.		402,713
8,020	Texas Capital Bancshares, Inc.*		518,333
852	Timberland Bancorp, Inc.		26,804
10,924	TrustCo Bank Corp.		339,190
6,495	UMB Financial Corp.		542,657
238	Westamerica BanCorp		13,426

			11,077,474


Beverages – 0.7%
85	Coca-Cola Consolidated, Inc.		78,914
49,365	Primo Water Corp.		742,943

			821,857


Biotechnology – 6.5%
6,599	ACADIA Pharmaceuticals, Inc.*		206,615
62,415	ADMA Biologics, Inc.*		282,116
6,537	Aldeyra Therapeutics, Inc.*		22,945
11,194	Alkermes PLC*		310,521
2,970	Allogene Therapeutics, Inc.*		9,534
2,010	Alpine Immune Sciences, Inc.*		38,311
4,446	AnaptysBio, Inc.*		95,233
855	Apogee Therapeutics, Inc.*		23,889
428	Arcellx, Inc.*		23,754
4,621	Arcturus Therapeutics Holdings, Inc.*		145,700
9,778	Arcus Biosciences, Inc.*		186,760
71,044	Aurinia Pharmaceuticals, Inc. (Canada)*		638,685
13,036	BioCryst Pharmaceuticals, Inc.*		78,086
3,548	Biohaven Ltd.*		151,854
3,470	Bridgebio Pharma, Inc.*		140,084
6,525	Cogent Biosciences, Inc.*		38,367
24,484	Coherus Biosciences, Inc.*		81,532
997	Day One Biopharmaceuticals, Inc.*		14,556
19,623	Deciphera Pharmaceuticals, Inc.*		316,519
9,173	Design Therapeutics, Inc.*		24,308
5,968	Eagle Pharmaceuticals, Inc.*		31,213
5,471	Enanta Pharmaceuticals, Inc.*		51,482
6,409	Generation Bio Co.*		10,575
9,827	Halozyme Therapeutics, Inc.*		363,206
3,849	Inozyme Pharma, Inc.*		16,397
22,887	Iovance Biotherapeutics, Inc.*		186,071
8,300	Ironwood Pharmaceuticals, Inc.*		94,952
10,901	iTeos Therapeutics, Inc.*		119,366
26,450	Kiniksa Pharmaceuticals Ltd., Class A*		463,933
17,823	Kodiak Sciences, Inc.*		54,182
542	Krystal Biotech, Inc.*		67,240
1,141	Kymera Therapeutics, Inc.*		29,050


Shares	Description	Value

Common Stocks – (continued)

Biotechnology – (continued)
22,579	MacroGenics, Inc.*	$	217,210
93,470	MannKind Corp.*		340,231
2,347	Mural Oncology PLC*		13,894
8,147	Nurix Therapeutics, Inc.*		84,077
8,200	Olema Pharmaceuticals, Inc.*		115,046
25,897	PMV Pharmaceuticals, Inc.*		80,281
25,514	Poseida Therapeutics, Inc.*		85,727
8,468	Precigen, Inc.*		11,347
2,456	Relay Therapeutics, Inc.*		27,040
3,226	REVOLUTION Medicines, Inc.*		92,522
13,269	Rigel Pharmaceuticals, Inc.*		19,240
5,370	Rocket Pharmaceuticals, Inc.*		160,939
6,951	SpringWorks Therapeutics, Inc.*		253,711
45,539	Sutro Biopharma, Inc.*		195,362
17,795	TG Therapeutics, Inc.*		303,939
12,876	Veracyte, Inc.*		354,219
16,508	Vericel Corp.*		587,850
7,963	Verve Therapeutics, Inc.*		111,004
26,750	Viking Therapeutics, Inc.*		497,817
28,624	Y-mAbs Therapeutics, Inc.*		195,216

			8,063,708


Broadline Retail – 0.1%
343	Dillard’s, Inc., Class A		138,452


Building Products – 1.1%
3,865	AAON, Inc.		285,508
1,770	American Woodmark Corp.*		164,344
22,760	Masterbrand, Inc.*		337,986
11,526	PGT Innovations, Inc.*		469,108
2,295	Quanex Building Products Corp.		70,158
1,091	Resideo Technologies, Inc.*		20,533

			1,347,637


Capital Markets – 0.6%
2,381	AssetMark Financial Holdings, Inc.*		71,311
7,530	Moelis & Co., Class A		422,659
6,804	Open Lending Corp.*		57,902
559	Piper Sandler Cos.		97,752
652	StoneX Group, Inc.*		48,137

			697,761


Chemicals – 1.5%
847	HB Fuller Co.		68,954
6,922	Innospec, Inc.		853,067
694	Koppers Holdings, Inc.		35,547
3,465	Mativ Holdings, Inc.		53,049
8,080	Minerals Technologies, Inc.		576,185
10,580	Orion SA (Germany)		293,384

			1,880,186


Commercial Services & Supplies – 0.8%
613	Cimpress PLC (Ireland)*		49,071
8,222	Deluxe Corp.		176,362
15,944	Ennis, Inc.		349,333
30,316	Healthcare Services Group, Inc.*		314,377
3,627	Steelcase, Inc., Class A		49,037

			938,180


Shares	Description	Value

Common Stocks – (continued)

Communications Equipment – 0.9%
16,855	NetScout Systems, Inc.*	$	369,967
78,974	Viavi Solutions, Inc.*		795,268

			1,165,235


Construction & Engineering – 2.3%
4,505	Comfort Systems USA, Inc.		926,543
2,416	Dycom Industries, Inc.*		278,057
7,569	Fluor Corp.*		296,478
3,693	IES Holdings, Inc.*		292,559
1,634	Northwest Pipe Co.*		49,445
16,599	Primoris Services Corp.		551,253
5,136	Sterling Infrastructure, Inc.*		451,609

			2,845,944


Construction Materials – 0.8%
24,569	Summit Materials, Inc., Class A*		944,924


Consumer Finance – 0.3%
986	Nelnet, Inc., Class A		86,985
6,016	Regional Management Corp.		150,881
1,925	Upstart Holdings, Inc.*^(a)		78,656
347	World Acceptance Corp.*		45,294

			361,816


Consumer Staples Distribution & Retail – 0.2%
2,984	Natural Grocers by Vitamin
	Cottage, Inc.		47,744
537	PriceSmart, Inc.		40,694
2,483	Weis Markets, Inc.		158,813

			247,251


Distributors – 0.0%
968	Weyco Group, Inc.		30,357


Diversified Consumer Services – 3.4%
6,560	Adtalem Global Education, Inc.*		386,712
42,038	Coursera, Inc.*		814,276
4,659	Duolingo, Inc.*		1,056,894
16,981	European Wax Center, Inc., Class A*		230,772
18,791	Frontdoor, Inc.*		661,819
115	Graham Holdings Co., Class B		80,100
9,545	Laureate Education, Inc.		130,862
11,752	Perdoceo Education Corp.		206,365
7,339	Strategic Education, Inc.		677,903

			4,245,703


Diversified REITs – 0.1%
6,361	American Assets Trust, Inc. REIT		143,186


Diversified Telecommunication Services – 0.2%
27,600	Liberty Latin America Ltd., Class C (Puerto Rico)*		202,584


Electrical Equipment – 2.7%
807	Allient, Inc.		24,380
5,062	Atkore, Inc.*		809,920
4,524	Encore Wire Corp.		966,326
1,961	Enovix Corp.*^(a)		24,552
3,733	Fluence Energy, Inc.*		89,032
52,518	FTC Solar, Inc.*		36,385
4,792	NEXTracker, Inc., Class A*		224,505


Shares	Description	Value

Common Stocks – (continued)

Electrical Equipment – (continued)
5,333	Powell Industries, Inc.	$	471,437
1,054	Shoals Technologies Group, Inc., Class A*		16,379
20,691	Thermon Group Holdings, Inc.*		673,906

			3,336,822


Electronic Equipment, Instruments & Components – 2.1%
3,829	Badger Meter, Inc.		591,083
613	Bel Fuse, Inc., Class B		40,930
4,658	Belden, Inc.		359,830
4,252	Benchmark Electronics, Inc.		117,525
5,368	ePlus, Inc.*		428,581
2,471	Fabrinet (Thailand)*		470,305
3,252	Itron, Inc.*		245,559
1,531	PC Connection, Inc.		102,899
2,058	Sanmina Corp.*		105,719
3,868	Vishay Precision Group, Inc.*		131,783

			2,594,214


Energy Equipment & Services – 1.6%
18,358	Archrock, Inc.		282,713
5,198	Atlas Energy Solutions, Inc.		89,510
20,315	Borr Drilling Ltd. (Mexico)*		149,518
406	ChampionX Corp.		11,859
7,094	Dril-Quip, Inc.*		165,077
4,609	Helix Energy Solutions Group, Inc.*		47,381
1,519	Helmerich & Payne, Inc.		55,018
4,905	Kodiak Gas Services, Inc.		98,493
4,518	Nabors Industries Ltd.*		368,804
18,034	Oil States International, Inc.*		122,451
18,354	ProFrac Holding Corp., Class A*		155,642
29,742	ProPetro Holding Corp.*		249,238
23,160	RPC, Inc.		168,605

			1,964,309


Entertainment – 0.0%
2,419	Cinemark Holdings, Inc.*		34,084
1,099	Madison Square Garden Entertainment Corp.*		34,937
3,179	Vivid Seats, Inc., Class A*		20,091

			89,112


Financial Services – 3.0%
9,673	A-Mark Precious Metals, Inc.		292,608
29,758	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		736,213
9,078	Essent Group Ltd.		478,774
11,460	I3 Verticals, Inc., Class A*		242,608
88,623	Marqeta, Inc., Class A*		618,589
3,126	Merchants Bancorp		133,105
1,954	NMI Holdings, Inc., Class A*^(b)		57,995
30,844	Pagseguro Digital Ltd., Class A (Brazil)*		384,625
10,731	Payoneer Global, Inc.*		55,908
5,826	Remitly Global, Inc.*		113,141
42,409	StoneCo Ltd., Class A (Brazil)*		764,634

			3,878,200


Shares	Description	Value

Common Stocks – (continued)

Food Products – 0.2%
462	Cal-Maine Foods, Inc.	$	26,514
1,473	J & J Snack Foods Corp.		246,197

			272,711


Gas Utilities – 0.2%
5,457	Northwest Natural Holding Co.		212,496


Ground Transportation – 0.2%
185	ArcBest Corp.		22,239
6,601	Marten Transport Ltd.		138,489
3,699	PAM Transportation Services, Inc.*		76,865

			237,593


Health Care Equipment & Supplies – 1.7%
11,571	Artivion, Inc.*		206,890
6,452	AtriCure, Inc.*		230,272
24,523	Embecta Corp.		464,220
5,986	Inmode Ltd.*		133,129
3,404	iRadimed Corp.		161,588
238	LeMaitre Vascular, Inc.		13,509
2,157	Merit Medical Systems, Inc.*		163,846
4,689	Pulmonx Corp.*		59,785
2,727	Surmodics, Inc.*		99,126
1,834	Tactile Systems Technology, Inc.*		26,226
429	TransMedics Group, Inc.*		33,861
3,002	Utah Medical Products, Inc.		252,828
14,124	Varex Imaging Corp.*		289,542

			2,134,822


Health Care Providers & Services – 3.1%
18,915	Agiliti, Inc.*		149,807
27,258	Alignment Healthcare, Inc.*		234,691
48,119	Brookdale Senior Living, Inc.*		280,053
5,296	Community Health Systems, Inc.*		16,576
13,607	HealthEquity, Inc.*		902,144
46,983	Hims & Hers Health, Inc.*		418,149
24,024	Joint Corp. (The)*		230,871
1,685	ModivCare, Inc.*		74,123
20,839	OPKO Health, Inc.*		31,467
3,418	Option Care Health, Inc.*		115,152
4,279	Pediatrix Medical Group, Inc.*		39,795
29,018	Pennant Group, Inc. (The)*		403,931
7,035	PetIQ, Inc.*		138,941
1,762	Progyny, Inc.*		65,511
17,957	Select Medical Holdings Corp.		421,989
8,507	Surgery Partners, Inc.*		272,139

			3,795,339


Health Care REITs – 0.1%
2,506	LTC Properties, Inc. REIT		80,493


Health Care Technology – 0.4%
11,111	American Well Corp., Class A*		16,555
9,620	Health Catalyst, Inc.*		89,081
4,078	Phreesia, Inc.*		94,406
6,984	Schrodinger, Inc.*		250,027

			450,069


Shares	Description	Value

Common Stocks – (continued)

Hotel & Resort REITs – 3.1%
47,170	Chatham Lodging Trust REIT	$	505,662
83,311	DiamondRock Hospitality Co. REIT		782,290
68,965	RLJ Lodging Trust REIT		808,270
9,888	Ryman Hospitality Properties, Inc. REIT		1,088,273
77,773	Service Properties Trust REIT		664,182
4,190	Xenia Hotels & Resorts, Inc. REIT		57,068

			3,905,745


Hotels, Restaurants & Leisure – 1.8%
4,056	Cheesecake Factory, Inc. (The)		142,000
13,410	Chuy’s Holdings, Inc.*		512,664
4,258	Dine Brands Global, Inc.		211,410
28,188	Everi Holdings, Inc.*		317,679
6,299	International Game Technology PLC		172,656
2,393	Life Time Group Holdings, Inc.*		36,086
993	Monarch Casino & Resort, Inc.		68,666
5,905	PlayAGS, Inc.*		49,779
24,201	Portillo’s, Inc., Class A*		385,522
2,329	Sabre Corp.*		10,248
2,681	Shake Shack, Inc., Class A*		198,716
10,207	Xponential Fitness, Inc., Class A*		131,568

			2,236,994


Household Durables – 2.1%
4,522	Beazer Homes USA, Inc.*^(b)		152,798
1,148	Century Communities, Inc.		104,629
4,990	Dream Finders Homes, Inc., Class A*		177,295
6,418	Green Brick Partners, Inc.*		333,351
410	Helen of Troy Ltd.*		49,532
553	Hovnanian Enterprises, Inc., Class A*		86,058
4,365	LGI Homes, Inc.*		581,243
7,712	M/I Homes, Inc.*		1,062,251
943	MDC Holdings, Inc.		52,101

			2,599,258


Household Products – 0.0%
49	WD-40 Co.		11,714


Industrial REITs – 0.8%
80,787	LXP Industrial Trust REIT		801,407
4,767	Terreno Realty Corp. REIT		298,748

			1,100,155


Insurance – 2.3%
12,981	Ambac Financial Group, Inc.*		213,927
1,260	BRP Group, Inc., Class A*		30,265
12,127	CNO Financial Group, Inc.		338,343
27,976	Crawford & Co., Class A		368,724
16,663	Employers Holdings, Inc.		656,522
5,362	Genworth Financial, Inc., Class A*		35,818
7,317	Goosehead Insurance, Inc., Class A*		554,629
20,273	James River Group Holdings Ltd.		187,323


Shares	Description	Value

Common Stocks – (continued)

Insurance – (continued)
5,666	Palomar Holdings, Inc.*	$	314,463
4,938	Universal Insurance Holdings, Inc.		78,909

			2,778,923


Interactive Media & Services – 1.8%
32,098	Bumble, Inc., Class A*		473,125
18,942	Cars.com, Inc.*		359,330
23,658	Eventbrite, Inc., Class A*		197,781
31,981	fuboTV, Inc.*		101,700
21,384	Grindr, Inc. (Singapore)*^(a)		187,751
148,336	Vimeo, Inc.*		581,477
4,320	Yelp, Inc.*		204,509
12,465	ZipRecruiter, Inc., Class A*		173,263

			2,278,936


IT Services – 0.9%
2,363	DigitalOcean Holdings, Inc.*		86,698
18,086	Fastly, Inc., Class A*		321,931
4,158	Information Services Group, Inc.		19,584
1,272	Perficient, Inc.*		83,723
17,100	Rackspace Technology, Inc.*		34,200
29,372	Thoughtworks Holding, Inc.*		141,279
660	Tucows, Inc., Class A*		17,820
56,145	Unisys Corp.*		315,535

			1,020,770


Leisure Products – 0.5%
1,034	Acushnet Holdings Corp.		65,318
3,008	Clarus Corp.		20,740
28,780	Funko, Inc., Class A*		222,469
12,859	MasterCraft Boat Holdings, Inc.*		291,128
931	Sturm Ruger & Co., Inc.		42,314

			641,969


Life Sciences Tools & Services – 0.5%
5,505	Adaptive Biotechnologies Corp.*		26,975
4,248	Mesa Laboratories, Inc.		445,063
31,768	NanoString Technologies, Inc.*		23,775
3,763	Quanterix Corp.*		102,880

			598,693


Machinery – 2.9%
2,290	Chart Industries, Inc.*		312,196
5,565	Douglas Dynamics, Inc.		165,169
3,290	Federal Signal Corp.		252,475
8,590	Franklin Electric Co., Inc.		830,224
2,759	Gorman-Rupp Co. (The)		98,027
502	John Bean Technologies Corp.		49,924
530	Omega Flex, Inc.		37,370
1,343	Proto Labs, Inc.*		52,323
1,468	Standex International Corp.		232,502
1,642	Terex Corp.		94,349
20,909	Trinity Industries, Inc.		555,970
24,298	Wabash National Corp.		622,515
1,461	Watts Water Technologies, Inc., Class A		304,385

			3,607,429


Marine Transportation – 0.1%
1,004	Costamare, Inc. (Monaco)		10,451


Shares	Description	Value

Common Stocks – (continued)

Marine Transportation – (continued)
9,580	Golden Ocean Group Ltd. (Norway)	$	93,501

			103,952


Media – 0.6%
3,233	AMC Networks, Inc., Class A*		60,748
130	Daily Journal Corp.*		44,307
11,975	EW Scripps Co. (The), Class A*		95,680
17,648	Magnite, Inc.*		164,832
708	TechTarget, Inc.*		24,681
16,023	Thryv Holdings, Inc.*		326,068
2,024	WideOpenWest, Inc.*		8,197

			724,513


Metals & Mining – 2.4%
588	Alpha Metallurgical Resources, Inc.		199,285
769	Arch Resources, Inc.		127,608
19,029	ATI, Inc.*		865,249
12,472	Carpenter Technology Corp.		883,018
7,605	Coeur Mining, Inc.*		24,792
8,192	Haynes International, Inc.		467,353
2,514	Olympic Steel, Inc.		167,684
4,731	Ryerson Holding Corp.		164,071
7,955	SunCoke Energy, Inc.		85,437

			2,984,497


Mortgage Real Estate Investment Trusts (REITs) – 1.4%
1,452	Angel Oak Mortgage REIT, Inc. REIT		15,391
26,381	Arbor Realty Trust, Inc. REIT		400,464
8,888	ARMOUR Residential REIT, Inc. REIT		171,716
9,247	BrightSpire Capital, Inc. REIT		68,798
27,262	Invesco Mortgage Capital, Inc. REIT		241,541
14,456	Ladder Capital Corp. REIT		166,389
9,925	PennyMac Mortgage Investment Trust REIT		148,379
40,193	Two Harbors Investment Corp. REIT		559,888

			1,772,566


Multi-Utilities – 0.7%
1,637	Avista Corp.		58,506
14,443	Black Hills Corp.		779,200

			837,706


Office REITs – 0.2%
13,519	Equity Commonwealth REIT		259,565


Oil, Gas & Consumable Fuels – 4.5%
2,350	CONSOL Energy, Inc.		236,246
1,317	CVR Energy, Inc.		39,905
58,433	DHT Holdings, Inc.		573,228
4,460	Encore Energy Corp. (Canada)*		17,528
17,040	Equitrans Midstream Corp.		173,467
3,055	Excelerate Energy, Inc., Class A		47,230
18,957	Golar LNG Ltd. (Cameroon)		435,821
9,480	International Seaways, Inc.		431,150
52,455	Kosmos Energy Ltd. (Ghana)*		351,973


Shares	Description	Value

Common Stocks – (continued)

Oil, Gas & Consumable Fuels – (continued)
9,663	Magnolia Oil & Gas Corp., Class A	$	205,725
1,613	Matador Resources Co.		91,715
2,545	Murphy Oil Corp.		108,570
153,773	Nordic American Tankers Ltd.		645,847
4,523	PBF Energy, Inc., Class A		198,831
8,517	Peabody Energy Corp.		207,134
12,078	Scorpio Tankers, Inc. (Monaco)		734,342
45,051	Teekay Corp. (Bermuda)*		322,115
14,220	Teekay Tankers Ltd., Class A (Canada)		710,573

			5,531,400


Passenger Airlines – 0.1%
3,339	SkyWest, Inc.*		174,296


Personal Care Products – 1.4%
6,274	elf Beauty, Inc.*		905,589
42,093	Herbalife Ltd.*		642,339
1,221	Inter Parfums, Inc.		175,837

			1,723,765


Pharmaceuticals – 1.1%
1,653	Amylyx Pharmaceuticals, Inc.*		24,332
16,366	Assertio Holdings, Inc.*		17,512
102	Axsome Therapeutics, Inc.*		8,118
6,737	Intra-Cellular Therapies, Inc.*		482,504
19,359	Phibro Animal Health Corp., Class A		224,177
9,656	Prestige Consumer Healthcare, Inc.*		591,140

			1,347,783


Professional Services – 3.6%
102,733	Alight, Inc., Class A*		876,313
7,122	Asure Software, Inc.*		67,801
13,300	CBIZ, Inc.*		832,447
28,894	ExlService Holdings, Inc.*		891,380
624	Exponent, Inc.		54,937
4,776	Franklin Covey Co.*		207,899
3,837	IBEX Holdings Ltd.*		72,941
12,647	Parsons Corp.*		793,093
46,855	Upwork, Inc.*		696,734

			4,493,545


Real Estate Management & Development – 0.6%
14,490	Compass, Inc., Class A*		54,482
26,984	Douglas Elliman, Inc.		79,603
9,786	Forestar Group, Inc.*		323,623
4,582	Newmark Group, Inc., Class A		50,219
20,886	Redfin Corp.*		215,543

			723,470


Residential REITs – 0.8%
3,202	Centerspace REIT		186,356
17,245	NexPoint Residential Trust, Inc. REIT		593,745
5,713	UMH Properties, Inc. REIT		87,523

			867,624


Shares	Description	Value

Common Stocks – (continued)

Retail REITs – 1.2%
941	Alexander’s, Inc. REIT	$	200,969
24,102	Kite Realty Group Trust REIT		550,972
5,516	Macerich Co. (The) REIT		85,112
22,670	NETSTREIT Corp. REIT		404,660
2,910	Tanger, Inc. REIT		80,665
4,956	Urban Edge Properties REIT		90,695

			1,413,073


Semiconductors & Semiconductor Equipment – 1.8%
1,389	ACM Research, Inc., Class A*		27,141
626	Amkor Technology, Inc.		20,827
5,463	Axcelis Technologies, Inc.*		708,496
3,366	Cohu, Inc.*		119,123
5,871	FormFactor, Inc.*		244,879
6,037	Ichor Holdings Ltd.*		203,024
745	Onto Innovation, Inc.*		113,911
4,989	PDF Solutions, Inc.*		160,346
1,226	Photronics, Inc.*		38,460
4,799	Rambus, Inc.*		327,532
1,390	SiTime Corp.*		169,691
307	Synaptics, Inc.*		35,023

			2,168,453


Software – 6.8%
3,674	A10 Networks, Inc.		48,387
5,859	ACI Worldwide, Inc.*		179,285
6,579	Alarm.com Holdings, Inc.*		425,135
5,293	Amplitude, Inc., Class A*		67,327
2,877	Appfolio, Inc., Class A*		498,411
6,119	Asana, Inc., Class A*		116,322
5,748	Braze, Inc., Class A*		305,391
1,077	C3.ai, Inc., Class A*^(a)		30,921
13,579	Cleanspark, Inc.*		149,776
36,151	Clear Secure, Inc., Class A		746,518
6,600	Everbridge, Inc.*		160,446
4,316	Expensify, Inc., Class A*		10,661
5,735	Instructure Holdings, Inc.*		154,902
4,782	Intapp, Inc.*		181,812
4,758	LiveRamp Holdings, Inc.*		180,233
4,473	Marathon Digital Holdings, Inc.*^(a)		105,071
655	MicroStrategy, Inc., Class A*		413,711
11,033	Q2 Holdings, Inc.*		478,943
4,878	Qualys, Inc.*		957,454
2,301	Rapid7, Inc.*		131,387
4,505	Red Violet, Inc.*		89,965
12,500	Riot Platforms, Inc.*		193,375
4,865	Sapiens International Corp. NV (Israel)		140,793
19,513	SolarWinds Corp.*		243,717
3,435	SPS Commerce, Inc.*		665,840
12,232	Tenable Holdings, Inc.*		563,406
20,553	Varonis Systems, Inc.*		930,640
2,110	Weave Communications, Inc.*		24,202
15,346	Yext, Inc.*		90,388
5,718	Zeta Global Holdings Corp., Class A*		50,433
9,029	Zuora, Inc., Class A*		84,873

			8,419,725


Shares	Description	Value

Common Stocks – (continued)

Specialized REITs – 0.3%
10,281	Four Corners Property Trust, Inc. REIT	$	260,109
23,161	Uniti Group, Inc. REIT		133,871

			393,980


Specialty Retail – 3.0%
2,901	Aaron’s Co., Inc. (The)		31,563
2,193	Abercrombie & Fitch Co., Class A*		193,466
15,548	Academy Sports & Outdoors, Inc.		1,026,168
6,659	American Eagle Outfitters, Inc.		140,904
750	Boot Barn Holdings, Inc.*		57,570
31,660	CarParts.com, Inc.*		100,046
5,888	Carvana Co.*		311,711
4,051	Cato Corp. (The), Class A		28,924
18,111	Foot Locker, Inc.		564,158
674	Group 1 Automotive, Inc.		205,395
989	Haverty Furniture Cos., Inc.		35,110
1,798	Sleep Number Corp.*		26,664
1,676	Tilly’s, Inc., Class A*		12,637
16,425	Urban Outfitters, Inc.*		586,208
8,226	Warby Parker, Inc., Class A*		115,987
143	Winmark Corp.		59,710
7,321	Zumiez, Inc.*		148,909

			3,645,130


Technology Hardware, Storage & Peripherals – 1.6%
14,852	Eastman Kodak Co.*		57,923
4,612	Super Micro Computer, Inc.*		1,311,007
35,114	Xerox Holdings Corp.		643,640

			2,012,570


Textiles, Apparel & Luxury Goods – 0.5%
6,639	Oxford Industries, Inc.		663,900


Trading Companies & Distributors – 1.2%
2,345	H&E Equipment Services, Inc.		122,690
668	Herc Holdings, Inc.		99,459
742	McGrath RentCorp		88,758
26,298	MRC Global, Inc.*		289,541
28,760	NOW, Inc.*		325,563
9,714	Rush Enterprises, Inc., Class A		488,614

			1,414,625


Water Utilities – 0.0%
535	York Water Co. (The)		20,662


Wireless Telecommunication Services – 0.1%
3,458	Telephone and Data Systems, Inc.		63,454

TOTAL COMMON STOCKS (Cost $103,338,825)			119,769,218


Shares		Dividend Rate	Value

Investment Company – 1.7%^(c)

Goldman Sachs Financial Square Government Fund - Institutional Shares
	2,158,240	5.248%	$	2,158,240
(Cost $2,158,240)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $105,497,065)				121,927,458



Securities Lending Reinvestment Vehicle – 0.6%^(c)

Goldman Sachs Financial Square Government Fund – Institutional Shares
	802,485	5.248%		802,485
(Cost $802,485)

TOTAL INVESTMENTS – 99.3% (Cost $106,299,550)			$	122,729,943

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%				906,058

NET ASSETS – 100.0%			$	123,636,001


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 $210,793, which represents approximately 0.2% of net assets as of December 31, 2023.
(c)		Represents an affiliated issuer.




Investment Abbreviations:
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


Shares	Description	Value

Common Stocks – 99.0%

Automobile Components – 0.2%
8,197	Aptiv PLC*	$	735,435


Automobiles – 2.1%
30,519	Tesla, Inc.*		7,583,361


Beverages – 0.3%
21,135	Coca-Cola Co. (The)		1,245,486


Biotechnology – 2.9%
10,640	Alnylam Pharmaceuticals, Inc.*		2,036,602
5,005	Argenx SE ADR (Netherlands)*		1,904,052
11,252	Biogen, Inc.*		2,911,680
22,630	Exact Sciences Corp.*		1,674,168
6,655	Karuna Therapeutics, Inc.*		2,106,374

			10,632,876


Broadline Retail – 6.5%
158,325	Amazon.com, Inc.*		24,055,901


Capital Markets – 2.0%
54,216	Charles Schwab Corp. (The)		3,730,061
6,495	MSCI, Inc.		3,673,897

			7,403,958


Chemicals – 2.5%
9,719	Linde PLC		3,991,691
16,589	Sherwin-Williams Co. (The)		5,174,109

			9,165,800


Commercial Services & Supplies – 1.0%
23,994	Waste Connections, Inc.		3,581,584


Construction Materials – 0.6%
4,431	Martin Marietta Materials, Inc.		2,210,670


Electrical Equipment – 0.8%
10,105	Rockwell Automation, Inc.		3,137,400


Financial Services – 4.4%
27,340	Mastercard, Inc., Class A		11,660,783
16,335	Visa, Inc., Class A		4,252,817

			15,913,600


Food Products – 1.0%
45,416	McCormick & Co., Inc.		3,107,363
8,221	Mondelez International, Inc., Class A		595,447
			3,702,810


Ground Transportation – 0.9%
8,311	Old Dominion Freight Line, Inc.		3,368,698


Health Care Equipment & Supplies – 2.8%
56,269	Boston Scientific Corp.*		3,252,911
15,091	Insulet Corp.*		3,274,445
10,658	Intuitive Surgical, Inc.*		3,595,583

			10,122,939


Health Care Providers & Services – 0.3%
2,212	Humana, Inc.		1,012,676


Hotels, Restaurants & Leisure – 1.5%
725	Chipotle Mexican Grill, Inc.*		1,658,046
12,610	McDonald’s Corp.		3,738,991

			5,397,037


Shares	Description	Value

Common Stocks – (continued)

Household Products – 0.5%
12,099	Procter & Gamble Co. (The)	$	1,772,987


Interactive Media & Services – 8.6%
113,382	Alphabet, Inc., Class A*		15,838,332
70,366	Alphabet, Inc., Class C*		9,916,680
6,955	Meta Platforms, Inc., Class A*		2,461,792
193,458	Snap, Inc., Class A*		3,275,244

			31,492,048


IT Services – 2.6%
17,784	Accenture PLC, Class A		6,240,584
16,760	Snowflake, Inc., Class A*		3,335,240

			9,575,824


Life Sciences Tools & Services – 0.7%
7,066	Illumina, Inc.*		983,870
4,205	West Pharmaceutical Services, Inc.		1,480,664

			2,464,534


Machinery – 1.1%
13,435	Caterpillar, Inc.		3,972,326


Metals & Mining – 0.3%
28,852	Freeport-McMoRan, Inc.		1,228,230


Oil, Gas & Consumable Fuels – 0.6%
13,735	Cheniere Energy, Inc.		2,344,702


Personal Care Products – 0.8%
20,488	Estee Lauder Cos., Inc. (The), Class A		2,996,370


Pharmaceuticals – 3.9%
50,799	AstraZeneca PLC ADR (United Kingdom)		3,421,313
18,442	Eli Lilly & Co.		10,750,210

			14,171,523


Professional Services – 0.8%
11,979	Equifax, Inc.		2,962,287


Real Estate Management & Development – 0.7%
30,570	CoStar Group, Inc.*		2,671,512


Semiconductors & Semiconductor Equipment – 11.1%
46,548	Advanced Micro Devices, Inc.*		6,861,641
32,923	ARM Holdings PLC ADR*^(a)		2,473,999
12,204	Enphase Energy, Inc.*		1,612,636
3,167	KLA Corp.		1,840,977
106,919	Marvell Technology, Inc.		6,448,285
34,083	NVIDIA Corp.		16,878,583
26,259	Texas Instruments, Inc.		4,476,109

			40,592,230


Software – 18.1%
2,052	Adobe, Inc.*		1,224,223
1,117	Fair Isaac Corp.*		1,300,199
10,921	Intuit, Inc.		6,825,953
119,967	Microsoft Corp.		45,112,391
38,391	Oracle Corp.		4,047,563
18,354	Salesforce, Inc.*		4,829,671
1,206	ServiceNow, Inc.*		852,027


Shares	Description	Value

Common Stocks – (continued)
Software – (continued)
7,603	Workday, Inc., Class A*	$	2,098,884

			66,290,911


Specialized REITs – 1.6%
15,330	American Tower Corp. REIT		3,309,441
3,329	Equinix, Inc. REIT		2,681,143

			5,990,584


Specialty Retail – 3.0%
20,021	Lowe’s Cos., Inc.		4,455,673
4,170	RH*		1,215,472
38,635	Ross Stores, Inc.		5,346,698

			11,017,843


Technology Hardware, Storage & Peripherals – 12.3%
234,252	Apple, Inc.		45,100,538


Textiles, Apparel & Luxury Goods – 2.5%
8,825	Lululemon Athletica, Inc.*		4,512,134
43,452	NIKE, Inc., Class B		4,717,584

			9,229,718


TOTAL COMMON STOCKS (Cost $170,237,363)			363,144,398


Shares	Dividend Rate	Value

Investment Company – 1.0%^(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
3,762,689	5.248%		3,762,689

(Cost $3,762,689)


TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $174,000,052)			366,907,087



Securities Lending Reinvestment Vehicle – 0.7%^(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,531,958	5.248%		2,531,958

(Cost $2,531,958)


TOTAL INVESTMENTS – 100.7% (Cost $176,532,010)		$	369,439,045


LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%			(2,688,035)


NET ASSETS – 100.0%		$	366,751,010


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

*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Represents an affiliated issuer.


Shares	Description	Value

Common Stocks – 99.3%

Aerospace & Defense – 2.3%
8,912	Lockheed Martin Corp.	$	4,039,275
7,446	Northrop Grumman Corp.		3,485,770

			7,525,045


Air Freight & Logistics – 1.1%
4,932	C.H. Robinson Worldwide, Inc.		426,075
19,390	United Parcel Service, Inc., Class B		3,048,690

			3,474,765


Automobile Components – 1.1%
5,629	Aptiv PLC*		505,034
19,815	Lear Corp.		2,798,076

			3,303,110


Automobiles – 1.7%
21,644	Tesla, Inc.*		5,378,101


Banks – 1.8%
98,781	Bank of America Corp.		3,325,956
9,424	Cullen/Frost Bankers, Inc.		1,022,410
287	First Citizens BancShares, Inc.,
	Class A		407,244
5,128	JPMorgan Chase & Co.		872,273
2,056	Prosperity Bancshares, Inc.		139,253

			5,767,136


Beverages – 0.4%
20,521	Monster Beverage Corp.*		1,182,215


Biotechnology – 2.4%
31,295	AbbVie, Inc.		4,849,786
8,254	Moderna, Inc.*		820,860
2,041	Neurocrine Biosciences, Inc.*		268,922
4,668	Vertex Pharmaceuticals, Inc.*		1,899,363

			7,838,931


Broadline Retail – 3.9%
83,511	Amazon.com, Inc.*		12,688,661


Building Products – 0.1%
840	Lennox International, Inc.		375,917


Capital Markets – 2.7%
13,371	CME Group, Inc.		2,815,933
4,217	Coinbase Global, Inc., Class A*		733,421
18,065	Interactive Brokers Group, Inc.,
	Class A		1,497,588
43,196	Northern Trust Corp.		3,644,878

			8,691,820


Chemicals – 2.4%
6,404	Linde PLC		2,630,187
8,312	PPG Industries, Inc.		1,243,060
6,314	RPM International, Inc.		704,832
10,416	Sherwin-Williams Co. (The)		3,248,750

			7,826,829


Communications Equipment – 2.0%
8,735	Arista Networks, Inc.*		2,057,180
38,701	Cisco Systems, Inc.		1,955,175
7,469	Motorola Solutions, Inc.		2,338,469

			6,350,824


Shares	Description	Value

Common Stocks – (continued)

Construction Materials – 0.8%
1,582	Martin Marietta Materials, Inc.	$	789,276
8,704	Vulcan Materials Co.		1,975,895

			2,765,171


Consumer Finance – 1.4%
29,414	Capital One Financial Corp.		3,856,764
16,598	Synchrony Financial		633,877

			4,490,641


Consumer Staples Distribution & Retail – 1.4%
7,058	Costco Wholesale Corp.		4,658,845


Distributors – 0.6%
43,816	LKQ Corp.		2,093,967


Electric Utilities – 0.4%
36,235	Exelon Corp.		1,300,837


Electrical Equipment – 1.6%
22,828	AMETEK, Inc.		3,764,109
21,680	nVent Electric PLC		1,281,071

			5,045,180


Energy Equipment & Services – 0.2%
24,039	Baker Hughes Co.		821,653


Entertainment – 1.1%
3,144	Electronic Arts, Inc.		430,130
6,336	Netflix, Inc.*		3,084,872

			3,515,002


Financial Services – 4.9%
24,196	Berkshire Hathaway, Inc., Class B*		8,629,745
13,801	Equitable Holdings, Inc.		459,573
26,286	Visa, Inc., Class A		6,843,560

			15,932,878


Food Products – 1.1%
52,783	General Mills, Inc.		3,438,285


Health Care Equipment & Supplies – 0.5%
26,403	Boston Scientific Corp.*		1,526,357


Health Care Providers & Services – 3.8%
30,154	Centene Corp.*		2,237,728
9,216	Elevance Health, Inc.		4,345,897
11,772	Encompass Health Corp.		785,428
7,444	UnitedHealth Group, Inc.		3,919,043
7,349	Universal Health Services, Inc.,
	Class B		1,120,281

			12,408,377


Health Care REITs – 0.2%
5,416	Welltower, Inc. REIT		488,361


Health Care Technology – 0.4%
6,946	Veeva Systems, Inc., Class A*		1,337,244


Hotel & Resort REITs – 1.6%
194,943	Host Hotels & Resorts, Inc.
	REIT		3,795,540
82,557	Park Hotels & Resorts, Inc. REIT		1,263,122

			5,058,662


Shares	Description	Value

Common Stocks – (continued)

Hotels, Restaurants & Leisure – 3.1%
12,234	Airbnb, Inc., Class A*	$	1,665,537
1,580	Chipotle Mexican Grill, Inc.*		3,613,397
61,782	Las Vegas Sands Corp.		3,040,292
18,061	Wynn Resorts Ltd.		1,645,537

			9,964,763


Household Durables – 1.1%
22,566	D.R. Horton, Inc.		3,429,581
1,328	PulteGroup, Inc.		137,076

			3,566,657


Household Products – 1.1%
28,110	Kimberly-Clark Corp.		3,415,646


Industrial REITs – 0.3%
18,575	Rexford Industrial Realty, Inc.
	REIT		1,042,057


Insurance – 2.2%
2,490	Kinsale Capital Group, Inc.		833,926
5,617	Principal Financial Group, Inc.		441,890
25,462	Progressive Corp. (The)		4,055,587
10,072	Travelers Cos., Inc. (The)		1,918,615

			7,250,018


Interactive Media & Services – 7.9%
44,273	Alphabet, Inc., Class A*		6,184,495
70,087	Alphabet, Inc., Class C*		9,877,361
27,153	Meta Platforms, Inc., Class A*		9,611,076

			25,672,932


IT Services – 1.3%
23,680	International Business Machines
	Corp.		3,872,864
1,950	VeriSign, Inc.*		401,622

			4,274,486


Life Sciences Tools & Services – 1.2%
4,764	Agilent Technologies, Inc.		662,339
4,978	Bruker Corp.		365,783
2,324	Mettler-Toledo International,
	Inc.*		2,818,919

			3,847,041


Machinery – 0.5%
2,174	PACCAR, Inc.		212,291
3,360	Parker-Hannifin Corp.		1,547,952

			1,760,243


Media – 0.2%
524	Cable One, Inc.		291,653
27,191	Paramount Global, Class B		402,155

			693,808


Oil, Gas & Consumable Fuels – 2.1%
4,554	Antero Midstream Corp.		57,062
44,246	Antero Resources Corp.*		1,003,499
18,862	Cheniere Energy, Inc.		3,219,932
6,106	ConocoPhillips		708,723
449	Exxon Mobil Corp.		44,891
103,484	Kinder Morgan, Inc.		1,825,458

			6,859,565


Shares	Description	Value

Common Stocks – (continued)

Pharmaceuticals – 1.3%
1,089	Eli Lilly & Co.	$	634,800
17,967	Zoetis, Inc.		3,546,147

			4,180,947


Professional Services – 0.2%
2,040	Equifax, Inc.		504,472


Real Estate Management & Development – 0.1%
2,060	CoStar Group, Inc.*		180,023
5,130	Zillow Group, Inc., Class C*		296,822

			476,845


Residential REITs – 1.0%
27,880	American Homes 4 Rent, Class
	A REIT		1,002,565
4,903	AvalonBay Communities, Inc.
	REIT		917,940
42,364	Invitation Homes, Inc. REIT		1,445,036

			3,365,541


Semiconductors & Semiconductor Equipment – 4.9%
14,373	Applied Materials, Inc.		2,329,432
403	Broadcom, Inc.		449,849
17,043	NVIDIA Corp.		8,440,034
27,369	Texas Instruments, Inc.		4,665,320

			15,884,635


Software – 13.4%
3,126	Adobe, Inc.*		1,864,971
3,899	Crowdstrike Holdings, Inc.,
	Class A*		995,493
53,287	Dropbox, Inc., Class A*		1,570,901
14,804	Fortinet, Inc.*		866,478
5,554	Intuit, Inc.		3,471,416
70,050	Microsoft Corp.		26,341,602
17,876	Oracle Corp.		1,884,667
20,385	Salesforce, Inc.*		5,364,109
1,436	ServiceNow, Inc.*		1,014,520

			43,374,157


Specialized REITs – 0.5%
6,468	SBA Communications Corp.
	REIT		1,640,867


Specialty Retail – 1.6%
4,658	Burlington Stores, Inc.*		905,888
3,541	Home Depot, Inc. (The)		1,227,134
21,921	Ross Stores, Inc.		3,033,647

			5,166,669


Technology Hardware, Storage & Peripherals – 10.3%
135,891	Apple, Inc.		26,163,094
45,919	Dell Technologies, Inc., Class C		3,512,804
210,751	Hewlett Packard Enterprise Co.		3,578,552

			33,254,450


Textiles, Apparel & Luxury Goods – 1.0%
606	Deckers Outdoor Corp.*		405,068
4,954	Lululemon Athletica, Inc.*		2,532,931
3,358	Skechers USA, Inc., Class A*		209,338

			3,147,337


	International Equity Insights Fund		Large Cap Value Fund		Mid Cap Growth Fund		Mid Cap Value Fund

Assets:
Investments in unaffiliated issuers, at value (cost $90,220,026, $219,542,688, $47,949,120 and $363,637,798, respectively)^(a)	$	102,506,280	$	279,836,514	$	61,892,135	$	442,992,875
Investments in affiliated issuers, at value (cost $824, $570,736, $342,086 and $5,349,937, respectively)		824		570,736		342,086		5,349,937
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		46,704		—		423,829		3,873,716
Cash		725,910		620,226		43,722		775,398
Foreign Currency, at value (cost $1,165,024, $–, $– and $–,respectively)		1,183,141		—		—		—
Receivables:
Foreign tax reclaims		459,943		4,154		—		—
Dividends		117,062		220,162		17,799		545,877
Collateral on certain derivative contracts		94,519		—		—		—
Reimbursement from investment adviser		15,009		7,521		6,078		—
Fund shares sold		1,097		1,857		175		143,566
Securities lending income		618		—		184		1,297
Variation margin on futures contracts		46,411		—		—		—
Other assets		12,282		346		130,751		2,718

Total assets		105,209,800		281,261,516		62,856,759		453,685,384



Liabilities:

Payables:
Management fees		91,380		158,679		40,830		278,703
Payable upon return of securities loaned		46,704		—		423,829		3,873,716
Fund shares redeemed		40,446		244,949		8,525		263,875
Distribution and Service fees and Transfer Agency fees		1,743		43,075		13,400		30,688
Accrued expenses		126,428		117,240		108,765		247,373

Total liabilities		306,701		563,943		595,349		4,694,355


Net Assets:

Paid-in Capital		99,913,463		218,113,801		48,414,624		376,888,743
Total distributable earnings (loss)		4,989,636		62,583,772		13,846,786		72,102,286

NET ASSETS	$	104,903,099	$	280,697,573	$	62,261,410	$	448,991,029

Net Assets:
Institutional	$	67,220,691	$	80,218,892	$	1,407,705	$	326,257,033
Service		37,682,408		200,478,681		60,853,705		122,733,996
Total Net Assets	$	104,903,099	$	280,697,573	$	62,261,410	$	448,991,029
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		7,590,910		9,518,927		128,116		20,381,501
Service		4,232,909		23,757,903		5,960,603		7,569,570
Net asset value, offering and redemption price per share:
Institutional	$	8.86	$	8.43	$	10.99	$	16.01
Service		8.90		8.44		10.21		16.21

(a)

Includes loaned securities having a market value of $44,675, $–, $401,875 and $3,673,463, respectively.


	Small Cap Equity Insights Fund		Strategic Growth Fund		U.S. Equity Insights Fund

Assets:
Investments in unaffiliated issuers, at value (cost $103,338,825, $170,237,363 and $237,942,519, respectively)^(a)	$	119,769,218	$	363,144,398	$	321,211,572
Investments in affiliated issuers, at value (cost $2,158,240, $3,762,689 and $–, respectively)		2,158,240		3,762,689		—
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		802,485		2,531,958		—
Cash		1,839,052		259,378		2,117,682
Receivables:
Dividends		119,774		65,160		623,452
Fund shares sold		4,686		10,081		58,193
Securities lending income		3,945		1,071		31
Foreign tax reclaims		1,867		2,219		1,006
Reimbursement from investment adviser		1,022		7,459		7,168
Other assets		896		311		44,600

Total assets		124,701,185		369,784,724		324,063,704



Liabilities:
Variation margin on futures contracts		30,020		—		—
Payables:
Payable upon return of securities loaned		802,485		2,531,958		—
Management fees		70,667		217,322		146,268
Fund shares redeemed		68,457		121,441		208,573
Distribution and Service fees and Transfer Agency fees		7,743		49,326		8,596
Accrued expenses		85,812		113,667		111,114

Total liabilities		1,065,184		3,033,714		474,551


Net Assets:
Paid-in Capital		118,334,978		170,657,803		239,326,186
Total distributable earnings (loss)		5,301,023		196,093,207		84,262,967

NET ASSETS	$	123,636,001	$	366,751,010	$	323,589,153

Net Assets:
Institutional	$	95,809,389	$	160,029,694	$	279,958,276
Service		27,826,612		206,721,316		43,630,877
Total Net Assets	$	123,636,001	$	366,751,010	$	323,589,153
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		7,804,797		12,758,780		14,331,285
Service		2,295,595		16,667,265		2,213,610
Net asset value, offering and redemption price per share:
Institutional	$	12.28	$	12.54	$	19.53
Service		12.12		12.40		19.71

(a)

Includes loaned securities having a market value of $754,036, $2,400,808 and $–, respectively.


	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 $372,411, $2,890, $– and $–, respectively)	$	3,257,860		$	6,896,129		$	351,924		$	7,112,417
Securities lending income, net of rebates received or paid to borrowers –affiliated issuer		12,768			185			1,120			2,099
Dividends — affiliated issuers		2,087			94,961			85,776			236,468

Total Investment Income		3,272,715			6,991,275			438,820			7,350,984



Expenses:

Management fees		828,008			2,456,099			497,403			3,155,299
Custody, accounting and administrative services		142,274			25,202			17,913			57,480
Distribution and/or Service (12b-1) fees		92,857			553,944			139,809			252,328
Professional fees		82,554			83,240			92,163			83,258
Trustee fees		21,618			21,919			21,555			22,058
Transfer Agency fees^(a)		20,445			68,225			11,435			81,955
Printing and mailing costs		7,865			8,007			5,964			15,686
Shareholder meeting expense		4,012			14,922			2,301			17,079
Other		20,428			22,789			10,483			65,156

Total expenses		1,220,061			3,254,347			799,026			3,750,299

Less — expense reductions		(291,123	)		(331,417	)		(238,883	)		(60,889	)

Net expenses		928,938			2,922,930			560,143			3,689,410

NET INVESTMENT INCOME (LOSS)		2,343,777			4,068,345			(121,323	)		3,661,574



Realized and Unrealized gain (loss):

Net realized gain (loss) from:
Investments — unaffiliated issuers		4,604,788			16,204,514			906,853			7,137,229
Futures contracts		165,299			—			—			—
Foreign currency transactions		(66,443	)		4			—			(2,091	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		9,919,853			16,350,668			8,679,642			27,802,122
Futures contracts		37,162			—			—			—
Foreign currency translations		22,110			100			—			—

Net realized and unrealized gain		14,682,769			32,555,286			9,586,495			34,937,260

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,026,546		$	36,623,631		$	9,465,172		$	38,598,834

(a)

Class specific Transfer Agency fees were as follows:


	Transfer Agency Fees
Fund	Institutional		Service
International Equity Insights Fund		$13,016		$7,429
Large Cap Value Fund		23,910		44,315
Mid Cap Growth Fund		250		11,185
Mid Cap Value Fund		$61,769		$20,186


	Small Cap Equity Insights Fund			Strategic Growth Fund			U.S. Equity Insights Fund

Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $5,618, $3,246 and $41, respectively)	$	1,737,653		$	2,123,367		$	4,211,375
Dividends — affiliated issuers		49,383			119,273			23,218
Securities lending income, net of rebates received or paid to borrowers – affiliated issuer		20,637			1,363			104

Total Investment Income		1,807,673			2,244,003			4,234,697



Expenses:

Management fees		806,853			2,303,124			1,880,043
Professional fees		85,188			84,279			85,204
Distribution and/or Service (12b-1) fees		60,536			451,691			105,990
Printing and mailing costs		36,934			7,483			8,748
Transfer Agency fees^(a)		23,053			64,877			60,646
Trustee fees		21,635			21,925			21,887
Custody, accounting and administrative services		11,624			26,779			11,978
Shareholder meeting expense		4,688			13,717			12,245
Other		14,917			21,256			20,776

Total expenses		1,065,428			2,995,131			2,207,517

Less — expense reductions		(63,781	)		(120,362	)		(396,073	)

Net expenses		1,001,647			2,874,769			1,811,444

NET INVESTMENT INCOME (LOSS)		806,026			(630,766	)		2,423,253



Realized and Unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		2,826,064			17,652,511			13,340,494
Futures contracts		28,352			—			478,012
Foreign currency transactions		—			24			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		16,250,729			92,241,926			48,912,283
Futures contracts		178,838			—			16,178
Foreign currency translations		—			59			—

Net realized and unrealized gain		19,283,983			109,894,520			62,746,967

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,090,009		$	109,263,754		$	65,170,220

(a)

Class specific Transfer Agency fees were as follows:


	Transfer Agency Fees
Fund	Institutional		Service
Small Cap Equity Insights Fund		$18,210		$4,843
Strategic Growth Fund		28,742		36,135
U.S. Equity Insights Fund		52,167		8,479


	International Equity Insights Fund^.

	For the Fiscal Year Ended December 31, 2023			For the Fiscal Year Ended December 31, 2022

From operations:

Net investment income	$	2,343,777		$	2,825,395

Net realized gain (loss)		4,703,644			(11,194,236	)

Net change in unrealized gain (loss)		9,979,125			(6,519,448	)

Net increase (decrease) in net assets resulting from operations		17,026,546			(14,888,289	)



Distributions to shareholders:

From distributable earnings:
Institutional Shares		(1,735,434	)		(1,971,488	)
Service Shares		(836,056	)		(1,049,519	)

Total distributions to shareholders		(2,571,490	)		(3,021,007	)



From share transactions:

Proceeds from sales of shares		13,433,627			15,434,881

Reinvestment of distributions		2,571,491			3,021,007

Cost of shares redeemed		(18,881,078	)		(14,773,365	)

Net increase (decrease) in net assets resulting from share transactions		(2,875,960	)		3,682,523

TOTAL INCREASE (DECREASE)		11,579,096			(14,226,773	)



Net Assets:

Beginning of year		93,324,003			107,550,776

End of year	$	104,903,099		$	93,324,003


	Large Cap Value Fund						Mid Cap Growth Fund

	For the Fiscal Year Ended December 31, 2023			For the Fiscal Year Ended December 31, 2022			For the Fiscal Year Ended December 31, 2023			For the Fiscal Year Ended December 31, 2022

From operations:

Net investment income (loss)	$	4,068,345		$	5,142,633		$	(121,323	)	$	(199,882	)

Net realized gain (loss)		16,204,518			42,900,507			906,853			(375,140	)

Net change in unrealized gain (loss)		16,350,768			(79,174,841	)		8,679,642			(18,870,736	)

Net increase (decrease) in net assets resulting from operations		36,623,631			(31,131,701	)		9,465,172			(19,445,758	)



Distributions to shareholders:

From distributable earnings:

Institutional Shares		(8,159,428	)		(16,379,536	)		(8,516	)		(39,168	)

Service Shares		(19,903,003	)		(26,593,972	)		(381,393	)		(1,904,522	)

Total distributions to shareholders		(28,062,431	)		(42,973,508	)		(389,909	)		(1,943,690	)



From share transactions:

Proceeds from sales of shares		14,789,390			18,097,425			13,931,487			7,276,149

Reinvestment of distributions		28,062,431			42,973,507			389,910			1,943,690

Cost of shares redeemed		(154,251,084	)		(90,692,163	)		(13,553,045	)		(12,881,102	)

Net increase (decrease) in net assets resulting from share transactions		(111,399,263	)		(29,621,231	)		768,352			(3,661,263	)

TOTAL INCREASE (DECREASE)		(102,838,063	)		(103,726,440	)		9,843,615			(25,050,711	)



Net Assets:

Beginning of year		383,535,636			487,262,076			52,417,795			77,468,506

End of year	$	280,697,573		$	383,535,636		$	62,261,410		$	52,417,795


	Mid Cap Value Fund						Small Cap Equity Insights Fund

	For the Fiscal Year Ended December 31, 2023			For the Fiscal Year Ended December 31, 2022			For the Fiscal Year Ended December 31, 2023			For the Fiscal Year Ended December 31, 2022

From operations:

Net investment income	$	3,661,574		$	3,521,135		$	806,026		$	701,104

Net realized gain (loss)		7,135,138			41,579,679			2,854,416			(13,710,495	)

Net change in unrealized gain (loss)		27,802,122			(104,300,273	)		16,429,567			(12,850,682	)

Net increase (decrease) in net assets resulting from operations		38,598,834			(59,199,459	)		20,090,009			(25,860,073	)



Distributions to shareholders:

From distributable earnings:

Institutional Shares		(10,908,507	)		(50,260,812	)		(893,220	)		(1,287,501	)

Service Shares		(2,909,258	)		(15,201,358	)		(205,539	)		(266,792	)

Total distributions to shareholders		(13,817,765	)		(65,462,170	)		(1,098,759	)		(1,554,293	)



From share transactions:

Proceeds from sales of shares		172,432,600			93,206,792			13,613,836			21,488,587

Reinvestment of distributions		13,817,764			65,462,169			1,098,759			1,554,293

Cost of shares redeemed		(162,940,846	)		(185,704,513	)		(19,561,684	)		(16,964,615	)

Net increase (decrease) in net assets resulting from share transactions		23,309,518			(27,035,552	)		(4,849,089	)		6,078,265

TOTAL INCREASE (DECREASE)		48,090,587			(151,697,181	)		14,142,161			(21,336,101	)


Net Assets:

Beginning of year		400,900,442			552,597,623			109,493,840			130,829,941

End of year	$	448,991,029		$	400,900,442		$	123,636,001		$	109,493,840


	Strategic Growth Fund						U.S. Equity Insights Fund

	For the Fiscal Year Ended December 31, 2023			For the Fiscal Year Ended December 31, 2022			For the Fiscal Year Ended December 31, 2023			For the Fiscal Year Ended December 31, 2022

From operations:

Net investment income (loss)	$	(630,766	)	$	(682,580	)	$	2,423,253		$	2,624,280

Net realized gain (loss)		17,652,535			40,371,059			13,818,506			(12,596,431	)

Net change in unrealized gain (loss)		92,241,985			(166,086,540	)		48,928,461			(63,839,389	)

Net increase (decrease) in net assets resulting from operations		109,263,754			(126,398,061	)		65,170,220			(73,811,540	)



Distributions to shareholders:

From distributable earnings:

Institutional Shares		(6,080,406	)		(23,862,524	)		(1,793,960	)		(3,548,809	)

Service Shares		(7,958,794	)		(22,574,843	)		(188,933	)		(509,957	)

Total distributions to shareholders		(14,039,200	)		(46,437,367	)		(1,982,893	)		(4,058,766	)



From share transactions:

Proceeds from sales of shares		93,672,409			20,861,765			17,073,247			19,568,290

Reinvestment of distributions		14,039,200			46,437,367			1,982,893			4,058,766

Cost of shares redeemed		(73,467,060	)		(107,108,519	)		(42,762,672	)		(40,965,728	)

Net increase (decrease) in net assets resulting from share transactions		34,244,549			(39,809,387	)		(23,706,532	)		(17,338,672	)

TOTAL INCREASE (DECREASE)		129,469,103			(212,644,815	)		39,480,795			(95,208,978	)


Net Assets:

Beginning of year		237,281,907			449,926,722			284,108,358			379,317,336

End of year	$	366,751,010		$	237,281,907		$	323,589,153		$	284,108,358


	Goldman Sachs International Equity Insights Fund

	Institutional Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	7.66			$	9.16			$	8.62			$	8.19			$	7.08


Net investment income^(a)			0.20	^(b)			0.25	^(c)			0.21				0.12				0.17

Net realized and unrealized gain (loss)			1.23				(1.49	)			0.83				0.43				1.14


Total from investment operations			1.43				(1.24	)			1.04				0.55				1.31


Distributions to shareholders from net investment income			(0.23	)			(0.26	)			(0.27	)			(0.12	)			(0.20)

Distributions to shareholders from net realized gains			–				–				(0.23	)			–				–^(d)


Total distributions			(0.23	)			(0.26	)			(0.50	)			(0.12	)			(0.20)


Net asset value, end of year		$	8.86			$	7.66			$	9.16			$	8.62			$	8.19


Total Return^(e)			18.71	%			(13.55	)%			12.17	%			6.79	%			18.45%


Net assets, end of year (in 000’s)		$	67,221			$	59,170			$	63,179			$	50,114			$	43,632

Ratio of net expenses to average net assets			0.82	%			0.83	%			0.85	%			0.87	%			0.90%

Ratio of total expenses to average net assets			1.10	%			0.99	%			1.14	%			1.37	%			1.31%

Ratio of net investment income to average net assets			2.38	%^(b)			3.09	%^(c)			2.22	%			1.59	%			3.21%

Portfolio turnover rate^(f)			162	%			164	%			167	%			175	%			146%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounts to $0.03 per share and 0.33% of average net assets.

(c)

Reflects income recognized from special dividends which amounts to $0.04 per share and 0.45% of average net assets.

(d)

Amount is less than $0.005 per share.

(e)

(f)


	Goldman Sachs International Equity Insights Fund

	Service Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	7.70			$	9.20			$	8.66			$	8.23			$	7.11


Net investment income^(a)			0.18	^(b)			0.22	^(c)			0.19				0.10				0.15

Net realized and unrealized gain (loss)			1.23				(1.48	)			0.83				0.44				1.15


Total from investment operations			1.41				(1.26	)			1.02				0.54				1.30


Distributions to shareholders from net investment income			(0.21	)			(0.24	)			(0.25	)			(0.11	)			(0.18)

Distributions to shareholders from net realized gains			–				–				(0.23	)			–				–^(d)


Total distributions			(0.21	)			(0.24	)			(0.48	)			(0.11	)			(0.18)


Net asset value, end of year		$	8.90			$	7.70			$	9.20			$	8.66			$	8.23


Total Return^(e)			18.43	%			(13.72	)%			11.81	%			6.53	%			18.23%


Net assets, end of year (in 000’s)		$	37,682			$	34,154			$	44,372			$	47,685			$	48,884

Ratio of net expenses to average net assets			1.07	%			1.09	%			1.10	%			1.12	%			1.15%

Ratio of total expenses to average net assets			1.35	%			1.25	%			1.40	%			1.61	%			1.55%

Ratio of net investment income to average net assets			2.14	%^(b)			2.74	%^(c)			1.97	%			1.30	%			1.89%

Portfolio turnover rate^(f)			162	%			164	%			167	%			175	%			146%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounts to $0.03 per share and 0.33% of average net assets.

(c)

Reflects income recognized from special dividends which amounts to $0.04 per share and 0.45% of average net assets.

(d)

Amount is less than $0.005 per share.

(e)

(f)


	Goldman Sachs Large Cap Value Fund

	Institutional Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	8.34			$	9.97			$	9.27			$	9.19			$	7.67


Net investment income^(a)			0.11				0.13				0.11				0.12				0.13

Net realized and unrealized gain (loss)			0.93				(0.72	)			2.09				0.24				1.86


Total from investment operations			1.04				(0.59	)			2.20				0.36				1.99


Distributions to shareholders from net investment income			(0.16	)			(0.13	)			(0.13	)			(0.12	)			(0.14)

Distributions to shareholders from net realized gains			(0.79	)			(0.91	)			(1.37	)			(0.16	)			(0.33)


Total distributions			(0.95	)			(1.04	)			(1.50	)			(0.28	)			(0.47)


Net asset value, end of year		$	8.43			$	8.34			$	9.97			$	9.27			$	9.19


Total Return^(b)			13.01	%			(6.37	)%			24.13	%			3.97	%			25.93%


Net assets, end of year (in 000’s)		$	80,219			$	145,165			$	179,541			$	160,076			$	163,814

Ratio of net expenses to average net assets			0.71	%			0.70	%			0.69	%			0.71	%			0.73%

Ratio of total expenses to average net assets			0.79	%			0.80	%			0.79	%			0.81	%			0.83%

Ratio of net investment income to average net assets			1.33	%			1.38	%			1.08	%			1.44	%			1.46%

Portfolio turnover rate^(c)			58	%			46	%			54	%			58	%			58%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


	Goldman Sachs Large Cap Value Fund

	Service Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	8.35			$	9.98			$	9.27			$	9.19			$	7.67


Net investment income^(a)			0.10				0.11				0.09				0.10				0.11

Net realized and unrealized gain (loss)			0.91				(0.72	)			2.09				0.24				1.85


Total from investment operations			1.01				(0.61	)			2.18				0.34				1.96


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

Distributions to shareholders from net realized gains			(0.79	)			(0.91	)			(1.37	)			(0.16	)			(0.33)


Total distributions			(0.92	)			(1.02	)			(1.47	)			(0.26	)			(0.44)


Net asset value, end of year		$	8.44			$	8.35			$	9.98			$	9.27			$	9.19


Total Return^(b)			12.71	%			(6.57	)%			23.93	%			3.73	%			25.61%


Net assets, end of year (in 000’s)		$	200,479			$	238,371			$	307,721			$	299,564			$	306,058

Ratio of net expenses to average net assets			0.94	%			0.93	%			0.92	%			0.94	%			0.98%

Ratio of total expenses to average net assets			1.04	%			1.05	%			1.04	%			1.06	%			1.08%

Ratio of net investment income to average net assets			1.12	%			1.15	%			0.84	%			1.21	%			1.21%

Portfolio turnover rate^(c)			58	%			46	%			54	%			58	%			58%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


	Goldman Sachs Mid Cap Growth Fund

	Institutional Shares

	Year Ended December 31,^(a)

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	9.32			$	13.05			$	13.93			$	11.50			$	10.51


Net investment loss^(b)			(0.01	)			(0.02	)			(0.07	)			(0.04	)			(0.01)

Net realized and unrealized gain (loss)			1.75				(3.38	)			1.71				5.06				3.59


Total from investment operations			1.74				(3.40	)			1.64				5.02				3.58


Distributions to shareholders from net realized gains			(0.07	)			(0.33	)			(2.52	)			(2.59	)			(2.59)


Net asset value, end of year		$	10.99			$	9.32			$	13.05			$	13.93			$	11.50


Total Return^(c)			18.68	%			(26.20	)%			11.65	%			44.33	%			34.35%


Net assets, end of year (in 000’s)		$	1,408			$	1,132			$	483			$	151			$	94

Ratio of net expenses to average net assets			0.83	%			0.82	%			0.83	%			0.85	%			0.88%

Ratio of total expenses to average net assets			1.15	%			1.20	%			1.33	%			1.23	%			1.26%

Ratio of net investment loss to average net assets			(0.06	)%			(0.16	)%			(0.47	)%			(0.34	)%			(0.12)%

Portfolio turnover rate^(d)			63	%			59	%			50	%			71	%			75%

(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)


	Goldman Sachs Mid Cap Growth Fund

	Service Shares

	Year Ended December 31,^(a)

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	8.68			$	12.20			$	13.19			$	11.00			$	10.15


Net investment loss^(b)			(0.02	)			(0.03	)			(0.09	)			(0.06	)			(0.02)

Net realized and unrealized gain (loss)			1.62				(3.16	)			1.62				4.84				3.46


Total from investment operations			1.60				(3.19	)			1.53				4.78				3.44


Distributions to shareholders from net realized gains			(0.07	)			(0.33	)			(2.52	)			(2.59	)			(2.59)


Net asset value, end of year		$	10.21			$	8.68			$	12.20			$	13.19			$	11.00


Total Return^(c)			18.45	%			(26.30	)%			11.48	%			44.16	%			34.06%


Net assets, end of year (in 000’s)		$	60,854			$	51,286			$	76,986			$	82,134			$	73,406

Ratio of net expenses to average net assets			0.98	%			0.98	%			0.99	%			1.01	%			1.04%

Ratio of total expenses to average net assets			1.40	%			1.51	%			1.43	%			1.48	%			1.51%

Ratio of net investment loss to average net assets			(0.22	)%			(0.36	)%			(0.62	)%			(0.50	)%			(0.28)%

Portfolio turnover rate^(d)			63	%			59	%			50	%			71	%			75%

(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)


	Goldman Sachs Mid Cap Value Fund

	Institutional Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	14.89			$	19.53			$	17.23			$	16.22			$	12.89


Net investment income^(a)			0.14				0.16				0.09				0.10				0.13

Net realized and unrealized gain (loss)			1.53				(1.98	)			5.20				1.26				3.93


Total from investment operations			1.67				(1.82	)			5.29				1.36				4.06


Distributions to shareholders from net investment income			(0.16	)			(0.13	)			(0.10	)			(0.10	)			(0.13)

Distributions to shareholders from net realized gains			(0.39	)			(2.69	)			(2.89	)			(0.25	)			(0.60)


Total distributions			(0.55	)			(2.82	)			(2.99	)			(0.35	)			(0.73)


Net asset value, end of year		$	16.01			$	14.89			$	19.53			$	17.23			$	16.22


Total Return^(b)			11.42	%			(9.99	)%			30.95	%			8.38	%			31.53%


Net assets, end of year (in 000’s)		$	326,257			$	311,440			$	383,315			$	327,376			$	335,229

Ratio of net expenses to average net assets			0.84	%			0.83	%			0.83	%			0.84	%			0.87%

Ratio of total expenses to average net assets			0.85	%			0.85	%			0.85	%			0.90	%			0.90%

Ratio of net investment income to average net assets			0.96	%			0.89	%			0.46	%			0.68	%			0.85%

Portfolio turnover rate^(c)			92	%			75	%			63	%			111	%			89%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


	Goldman Sachs Mid Cap Value Fund

	Service Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	15.07			$	19.73			$	17.39			$	16.37			$	13.01


Net investment income^(a)			0.11				0.10				0.04				0.06				0.10

Net realized and unrealized gain (loss)			1.54				(1.99	)			5.24				1.28				3.95


Total from investment operations			1.65				(1.89	)			5.28				1.34				4.05


Distributions to shareholders from net investment income			(0.12	)			(0.08	)			(0.05	)			(0.07	)			(0.09)

Distributions to shareholders from net realized gains			(0.39	)			(2.69	)			(2.89	)			(0.25	)			(0.60)


Total distributions			(0.51	)			(2.77	)			(2.94	)			(0.32	)			(0.69)


Net asset value, end of year		$	16.21			$	15.07			$	19.73			$	17.39			$	16.37


Total Return^(b)			11.11	%			(10.23	)%			30.57	%			8.17	%			31.17%


Net assets, end of year (in 000’s)		$	122,734			$	89,460			$	169,283			$	158,909			$	174,896

Ratio of net expenses to average net assets			1.09	%			1.08	%			1.08	%			1.09	%			1.12%

Ratio of total expenses to average net assets			1.10	%			1.10	%			1.10	%			1.14	%			1.16%

Ratio of net investment income to average net assets			0.73	%			0.56	%			0.21	%			0.39	%			0.66%

Portfolio turnover rate^(c)			92	%			75	%			63	%			111	%			89%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


	Goldman Sachs Small Cap Equity Insights Fund

	Institutional Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	10.40			$	13.08			$	13.51			$	12.62			$	10.37


Net investment income^(a)			0.08	^(b)			0.07	^(c)			0.05	^(d)			0.05				0.06

Net realized and unrealized gain (loss)			1.92				(2.59	)			3.17				1.03				2.51


Total from investment operations			2.00				(2.52	)			3.22				1.08				2.57


Distributions to shareholders from net investment income			(0.12	)			(0.04	)			(0.08	)			(0.03	)			(0.06)

Distributions to shareholders from net realized gains			–				(0.12	)			(3.57	)			(0.16	)			(0.26)


Total distributions			(0.12	)			(0.16	)			(3.65	)			(0.19	)			(0.32)


Net asset value, end of year		$	12.28			$	10.40			$	13.08			$	13.51			$	12.62


Total Return^(e)			19.28	%			(19.38	)%			23.79	%			8.56	%			24.84%


Net assets, end of year (in 000’s)		$	95,809			$	87,877			$	108,716			$	84,887			$	79,791

Ratio of net expenses to average net assets			0.82	%			0.81	%			0.81	%			0.81	%			0.86%

Ratio of total expenses to average net assets			0.87	%			0.95	%			0.93	%			1.08	%			1.05%

Ratio of net investment income to average net assets			0.75	%^(b)			0.65	%^(c)			0.34	%^(d)			0.46	%			0.51%

Portfolio turnover rate^(f)			152	%			163	%			172	%			147	%			125%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounts to $0.03 per share and 0.26% of average net assets.

(c)

Reflects income recognized from special dividends which amounts to $0.02 per share and 0.21% of average net assets.

(d)

Reflects income recognized from special dividends which amounts to $0.03 per share and 0.22% of average net assets.

(e)

(f)


	Goldman Sachs Small Cap Equity Insights Fund

	Service Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	10.27			$	12.93			$	13.39			$	12.51			$	10.28


Net investment income^(a)			0.06	^(b)			0.05	^(c)			0.01	^(d)			0.02				0.03

Net realized and unrealized gain (loss)			1.88				(2.58	)			3.14				1.02				2.49


Total from investment operations			1.94				(2.53	)			3.15				1.04				2.52


Distributions to shareholders from net investment income			(0.09	)			(0.01	)			(0.04	)			–				(0.03)

Distributions to shareholders from net realized gains			–				(0.12	)			(3.57	)			(0.16	)			(0.26)


Total distributions			(0.09	)			(0.13	)			(3.61	)			(0.16	)			(0.29)


Net asset value, end of year		$	12.12			$	10.27			$	12.93			$	13.39			$	12.51


Total Return^(e)			18.95	%			(19.64	)%			23.50	%			8.34	%			24.53%


Net assets, end of year (in 000’s)		$	27,827			$	21,617			$	22,114			$	17,239			$	15,742

Ratio of net expenses to average net assets			1.07	%			1.06	%			1.06	%			1.06	%			1.10%

Ratio of total expenses to average net assets			1.12	%			1.20	%			1.18	%			1.33	%			1.30%

Ratio of net investment income to average net assets			0.50	%^(b)			0.43	%^(c)			0.09	%^(d)			0.22	%			0.27%

Portfolio turnover rate^(f)			152	%			163	%			172	%			147	%			125%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounts to $0.03 per share and 0.26% of average net assets.

(c)

Reflects income recognized from special dividends which amounts to $0.02 per share and 0.21% of average net assets.

(d)

Reflects income recognized from special dividends which amounts to $0.03 per share and 0.22% of average net assets.

(e)

(f)


	Goldman Sachs Strategic Growth Fund

	Institutional Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	9.20			$	16.63			$	15.43			$	11.90			$	9.78


Net investment income (loss)^(a)			(0.01	)			(0.01	)			(0.05	)			–	^(b)			0.03

Net realized and unrealized gain (loss)			3.84				(5.24	)			3.46				4.79				3.43


Total from investment operations			3.83				(5.25	)			3.41				4.79				3.46


Distributions to shareholders from net investment income			–				–				–				(0.01	)			(0.04)

Distributions to shareholders from net realized gains			(0.49	)			(2.18	)			(2.21	)			(1.25	)			(1.30)


Total distributions			(0.49	)			(2.18	)			(2.21	)			(1.26	)			(1.34)


Net asset value, end of year		$	12.54			$	9.20			$	16.63			$	15.43			$	11.90


Total Return^(c)			41.94	%			(32.52	)%			21.93	%			40.37	%			35.53%


Net assets, end of year (in 000’s)		$	160,030			$	122,077			$	187,144			$	167,930			$	129,686

Ratio of net expenses to average net assets			0.75	%			0.74	%			0.73	%			0.74	%			0.77%

Ratio of total expenses to average net assets			0.79	%			0.82	%			0.79	%			0.81	%			0.85%

Ratio of net investment income (loss) to average net assets			(0.06	)%			(0.11	)%			(0.27	)%			(0.01	)%			0.29%

Portfolio turnover rate^(d)			47	%			29	%			20	%			45	%			44%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


	Goldman Sachs Strategic Growth Fund

	Service Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	9.12			$	16.55			$	15.41			$	11.91			$	9.78


Net investment income (loss)^(a)			(0.03	)			(0.05	)			(0.09	)			(0.03	)			0.01

Net realized and unrealized gain (loss)			3.80				(5.20	)			3.44				4.78				3.43


Total from investment operations			3.77				(5.25	)			3.35				4.75				3.44


Distributions to shareholders from net investment income			–				–				–				–				(0.01)

Distributions to shareholders from net realized gains			(0.49	)			(2.18	)			(2.21	)			(1.25	)			(1.30)


Total distributions			(0.49	)			(2.18	)			(2.21	)			(1.25	)			(1.31)


Net asset value, end of year		$	12.40			$	9.12			$	16.55			$	15.41			$	11.91


Total Return^(b)			41.65	%			(32.68	)%			21.56	%			39.98	%			35.32%


Net assets, end of year (in 000’s)		$	206,721			$	115,205			$	262,782			$	257,714			$	241,375

Ratio of net expenses to average net assets			1.00	%			0.99	%			0.98	%			0.99	%			1.02%

Ratio of total expenses to average net assets			1.03	%			1.07	%			1.04	%			1.06	%			1.10%

Ratio of net investment income (loss) to average net assets			(0.31	)%			(0.38	)%			(0.52	)%			(0.24	)%			0.04%

Portfolio turnover rate^(c)			47	%			29	%			20	%			45	%			44%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


	Goldman Sachs U.S. Equity Insights Fund

	Institutional Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	15.88			$	20.06			$	20.08			$	17.93			$	15.03


Net investment income^(a)			0.15				0.15				0.18				0.15				0.21

Net realized and unrealized gain (loss)			3.63				(4.10	)			5.61				2.98				3.57


Total from investment operations			3.78				(3.95	)			5.79				3.13				3.78


Distributions to shareholders from net investment income			(0.13	)			(0.14	)			(0.19	)			(0.16	)			(0.23)

Distributions to shareholders from net realized gains			–				(0.09	)			(5.62	)			(0.82	)			(0.65)


Total distributions			(0.13	)			(0.23	)			(5.81	)			(0.98	)			(0.88)


Net asset value, end of year		$	19.53			$	15.88			$	20.06			$	20.08			$	17.93


Total Return^(b)			23.81	%			(19.74	)%			29.41	%			17.49	%			25.21%


Net assets, end of year (in 000’s)		$	279,958			$	242,239			$	317,468			$	267,592			$	256,930

Ratio of net expenses to average net assets			0.57	%			0.56	%			0.55	%			0.56	%			0.58%

Ratio of total expenses to average net assets			0.69	%			0.72	%			0.71	%			0.75	%			0.76%

Ratio of net investment income to average net assets			0.83	%			0.86	%			0.81	%			0.85	%			1.24%

Portfolio turnover rate^(c)			201	%			203	%			206	%			203	%			187%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


	Goldman Sachs U.S. Equity Insights Fund

	Service Shares

	Year Ended December 31,

	2023				2022				2021				2020				2019

Per Share Data

Net asset value, beginning of year		$	16.02			$	20.23			$	20.21			$	18.04			$	15.12


Net investment income^(a)			0.11				0.11				0.14				0.12				0.18

Net realized and unrealized gain (loss)			3.66				(4.13	)			5.64				2.99				3.58


Total from investment operations			3.77				(4.02	)			5.78				3.11				3.76


Distributions to shareholders from net investment income			(0.08	)			(0.10	)			(0.14	)			(0.12	)			(0.19)

Distributions to shareholders from net realized gains			–				(0.09	)			(5.62	)			(0.82	)			(0.65)


Total distributions			(0.08	)			(0.19	)			(5.76	)			(0.94	)			(0.84)


Net asset value, end of year		$	19.71			$	16.02			$	20.23			$	20.21			$	18.04


Total Return^(b)			23.59	%			(19.90	)%			29.11	%			17.27	%			24.93%


Net assets, end of year (in 000’s)		$	43,631			$	41,870			$	61,849			$	54,149			$	55,201

Ratio of net expenses to average net assets			0.78	%			0.77	%			0.77	%			0.77	%			0.79%

Ratio of total expenses to average net assets			0.94	%			0.97	%			0.93	%			1.00	%			1.01%

Ratio of net investment income to average net assets			0.62	%			0.64	%			0.60	%			0.63	%			1.03%

Portfolio turnover rate^(c)			201	%			203	%			206	%			203	%			187%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

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 POLICIES

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of December 31, 2023:


International Equity Insights Fund

Investment Type	Level 1			Level 2		Level 3



Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	—		$	153,414	$	—
Asia		1,198,160			26,354,322		—
Europe		3,005,486			54,738,322		—
North America		923,459			8,418,225		—
Oceania		570,889			7,144,003		—
Investment Company		824			—		—
Securities Lending Reinvestment Vehicle		46,704			—		—


Total	$	5,745,522		$	96,808,286	$	—



Derivative Type



Assets
Futures Contracts^(b)	$	16,818		$	—	$	—


Liabilities
Futures Contracts^(b)	$	(4,488	)	$	—	$	—


Large Cap Value Fund

Investment Type	Level 1			Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(a)
Europe	$	3,492,973		$	—	$	—
North America		276,343,541			—		—
Investment Company		570,736			—		—


Total	$	280,407,250		$	—	$	—



Mid Cap Growth Fund

Investment Type	Level 1			Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(a)
Asia	$	364,191		$	—	$	—
North America		61,527,944			—		—
Investment Company		342,086			—		—
Securities Lending Reinvestment Vehicle		423,829			—		—


Total	$	62,658,050		$	—	$	—

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)


Mid Cap Value Fund

Investment Type	Level 1		Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(a)
Europe	$	3,989,517	$	—	$	—
North America		439,003,358		—		—
Investment Company		5,349,937		—		—
Securities Lending Reinvestment Vehicle		3,873,716		—		—


Total	$	452,216,528	$	—	$	—



Small Cap Equity Insights Fund

Investment Type	Level 1		Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(a)
Africa	$	787,794	$	—	$	—
Asia		798,849		—		—
Europe		1,180,749		—		—
North America		115,852,567		—		—
South America		1,149,259		—		—
Investment Company		2,158,240		—		—
Securities Lending Reinvestment Vehicle		802,485		—		—


Total	$	122,729,943	$	—	$	—



Derivative Type



Assets
Futures Contracts^(b)	$	138,085	$	—	$	—


Strategic Growth Fund

Investment Type	Level 1		Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(a)
Europe	$	5,325,365	$	—	$	—
North America		357,819,033		—		—
Investment Company		3,762,689		—		—
Securities Lending Reinvestment Vehicle		2,531,958		—		—


Total	$	369,439,045	$	—	$	—



U.S. Equity Insights Fund

Investment Type	Level 1		Level 2		Level 3



Assets

Common Stock and/or Other Equity Investments^(a)
North America	$	321,211,572	$	—	$	—

^(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 fiscal year end.

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

4. INVESTMENTS IN DERIVATIVES

International Equity Insights Fund

Risk

Statements for Assets and Liabilities

Assets¹

Statements for Assets and Liabilities

Liabilities¹

Equity

Variation margin on futures contracts

16,818

Variation margin on futures contracts

(4,488

)

Small Cap Equity Insights Fund

Risk

Statements for Assets and Liabilities

Assets¹

Statements for Assets and Liabilities

Liabilities¹

Equity

Variation margin on futures contracts

138,085

—

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 31, 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:


International Equity Insights

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

Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	165,299	$	37,162

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	$	28,352	$	178,838

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	$	478,012	$	16,178

4. INVESTMENTS IN DERIVATIVES (continued)

For the fiscal year ended December 31, 2023, the relevant values for each derivative type were as follows:


		Average number of
		Contracts^(a)

Fund		Futures Contracts

International Equity Insights Fund		10

Small Cap Equity Insights Fund		19

U.S. Equity Insights Fund		9

(a)

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 fiscal year ended December 31, 2023.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the fiscal year ended December 31, 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^{^}



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			0.80^*



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^*

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 fiscal year ended December 31, 2023, with respect to the Funds’ investments in an affiliated Underlying Fund GSAM waived $27, $3,140, $2,865, $8,061, $1,598, $4,054 and $64 of 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’ 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 fiscal year ended December 31, 2023 for the U.S.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 attributable to Service Shares. For the fiscal year ended December 31, 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 attributable to Service Shares. 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.

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 fiscal year ended December 31, 2023, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


	Management			Transfer Agency			Distribution and			Other Expense			Total Expense
Fund	Fee Waiver			Waiver/Credits			Service Fee Waiver			Reimbursements			Reductions

International Equity Insights		$	20,472		$	–		$	–		$	270,651		$	291,123

Large Cap Value			139,590			44,315			–			147,512			331,417

Mid Cap Growth			37,169			–			55,924			145,790			238,883

Mid Cap Value			8,061			–			–			52,828			60,889

Small Cap Equity Insights			1,598			–			–			62,183			63,781

Strategic Growth			4,054			–			–			116,308			120,362

U.S. Equity Insights			242,650			–			16,959			136,464			396,073

E. Line of Credit Facility — As of December 31, 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 fiscal year ended December 31, 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 fiscal year ended December 31, 2023, Goldman Sachs earned $9,537, $918, $3,169 and $2,421 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, Mid Cap Value and Strategic Growth Funds, respectively.

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 fiscal year ended December 31, 2023:

International Equity Insights Fund


	Beginning value							Ending value as		Shares as of
	as of December				Proceeds from			of December 31,		December 31,
Underlying Fund	31, 2022		Purchases at Cost		Sales			2023		2023		Dividend Income


Goldman Sachs Financial Square Government Fund - Institutional Shares

	$	–	$	4,039,694	$	(4,038,870	)	$	824		824	$	2,087


Large Cap Value Fund

	Beginning value							Ending value as		Shares as of
	as of December				Proceeds from			of December 31,		December 31,
Underlying Fund	31, 2022		Purchases at Cost		Sales			2023		2023		Dividend Income


Goldman Sachs Financial Square Government Fund - Institutional Shares

	$	394,821	$	39,715,383	$	(39,539,468	)	$	570,736		570,736	$	94,961


Mid Cap Growth Fund

	Beginning value							Ending value as		Shares as of
	as of December				Proceeds from			of December 31,		December 31,
Underlying Fund	31, 2022		Purchases at Cost		Sales			2023		2023		Dividend Income


Goldman Sachs Financial Square Government Fund - Institutional Shares

	$	2,865,404	$	20,746,498	$	(23,269,816	)	$	342,086		342,086	$	85,776


Mid Cap Value Fund

	Beginning value							Ending value as		Shares as of
	as of December				Proceeds from			of December 31,		December 31,
Underlying Fund	31, 2022		Purchases at Cost		Sales			2023		2023		Dividend Income


Goldman Sachs Financial Square Government Fund - Institutional Shares

	$	2,407,505	$	186,340,794	$	(183,398,362	)	$	5,349,937		5,349,937	$	236,468


Small Cap Equity Insights Fund

	Beginning value							Ending value as		Shares as of
	as of December				Proceeds from			of December 31,		December 31,
Underlying Fund	31, 2022		Purchases at Cost		Sales			2023		2023		Dividend Income


Goldman Sachs Financial Square Government Fund - Institutional Shares

	$	852,072	$	13,561,774	$	(12,255,606	)	$	2,158,240		2,158,240	$	49,383


Strategic Growth Fund

	Beginning value							Ending value as		Shares as of
	as of December				Proceeds from			of December 31,		December 31,
Underlying Fund	31, 2022		Purchases at Cost		Sales			2023		2023		Dividend Income


Goldman Sachs Financial Square Government Fund - Institutional Shares

	$	2,849,066	$	91,986,373	$	(91,072,750	)	$	3,762,689		3,762,689	$	119,273


U.S. Equity Insights Fund

	Beginning value							Ending value as		Shares as of
	as of December				Proceeds from			of December 31,		December 31,
Underlying Fund	31, 2022		Purchases at Cost		Sales			2023		2023		Dividend Income


Goldman Sachs Financial Square Government Fund - Institutional Shares

	$	–	$	8,674,124	$	(8,674,124	)	$	–		–	$	23,218

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended December 31, 2023, were as follows:


Fund	Purchases		Sales

International Equity Insights	$	161,953,055	$ 165,589,815

Large Cap Value		195,070,165	327,867,402

Mid Cap Growth		37,784,823	35,115,479

Mid Cap Value		383,018,042	374,812,023

Small Cap Equity Insights		171,820,293	178,094,332

Strategic Growth		168,953,661	150,044,007

U.S. Equity Insights		603,986,397	626,955,128

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 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.

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

7. SECURITIES LENDING (continued)

are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of December 31, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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 fiscal year ended December 31, 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 Fiscal Year Ended December 31, 2023
					Amounts Payable to
	Earnings of GSAL		Amounts Received		Goldman Sachs
	Relating to		by the Funds		Upon Return of
	Securities		from Lending to		Securities Loaned as of
Fund	Loaned		Goldman Sachs		December 31, 2023

International Equity Insights	$	1,418	$	—	$	—

Small Cap Equity Insights		2,336		958		49,555

U.S. Equity Insights		12		—		—

The following table provides information about the Funds’ investments in the Government Money Market Fund for the fiscal year ended December 31, 2023.


	Beginning value as		Purchases		Proceeds			Ending value as
Fund	of December 31, 2022		at Cost		from Sales			of December 31, 2023

International Equity Insights Fund	$	166,392	$	5,890,661	$	(6,010,349	)	$	46,704

Large Cap Value Fund		—		1,997,831		(1,997,831	)		—

Mid Cap Growth Fund		—		1,987,279		(1,563,450	)		423,829

Mid Cap Value Fund		—		9,590,315		(5,716,599	)		3,873,716

Small Cap Equity Insights Fund		1,025,843		9,869,557		(10,092,915	)		802,485

Strategic Growth Fund		—		5,471,113		(2,939,155	)		2,531,958

U.S. Equity Insights Fund		—		1,606,850		(1,606,850	)		—

8. TAX INFORMATION

The tax character of distributions paid during the year ended December 31, 2023 were as follows:


	International Equity
	Insights		Large Cap Value		Mid Cap Growth		Mid Cap Value

Distributions paid from:

Ordinary Income	$	2,571,490	$	8,407,577	$	—	$	3,812,681

Net long-term capital gains		—		19,654,854		389,909		10,005,084

Total distributions	$	2,571,490	$	28,062,431	$	389,909	$	13,817,765

8. TAX INFORMATION (continued)


			Small Cap Equity
			Insights		Strategic Growth		U.S. Equity Insights

Distributions paid from:

Ordinary Income			$	1,098,759	$	2,252,217	$	1,982,893

Net long-term capital gains				—		11,786,983		—

Total distributions			$	1,098,759	$	14,039,200	$	1,982,893

The tax character of distributions paid during the fiscal year ended December 31, 2022 were as follows:

	International Equity
	Insights		Large Cap Value		Mid Cap Growth		Mid Cap Value

Distributions paid from:

Ordinary Income	$	3,021,007	$	5,976,350	$	55,910	$	6,310,139

Net long-term capital gains		—		36,997,158		1,887,780		59,152,031

Total distributions	$	3,021,007	$	42,973,508	$	1,943,690	$	65,462,170

			Small Cap Equity
			Insights		Strategic Growth		U.S. Equity Insights

Distributions paid from:

Ordinary Income			$	366,699	$	2,117,812	$	2,459,145

Net long-term capital gains				1,187,594		44,319,555		1,599,621

Total distributions			$	1,554,293	$	46,437,367	$	4,058,766

As of December 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:


	International
	Equity Insights			Large Cap Value		Mid Cap Growth		Mid Cap Value

Undistributed ordinary income — net	$	388,623		$	1,419,355	$	—	$	1,035,568

Undistributed long-term capital gains		—			3,281,746		265,775		327,008

Total undistributed earnings	$	388,623		$	4,701,101	$	265,775	$	1,362,576

Capital loss carryforwards:

Perpetual Short-Term		(7,012,126	)		—		—		—

Timing differences — (Real Estate Investment Trusts, late year ordinary loss deferral, and post October loss deferral)		—			—		—		(135,469)

Unrealized gains (losses) — net		11,613,139			57,882,671		13,581,011		70,875,179

Total accumulated earnings (losses) — net	$	4,989,636		$	62,583,772	$	13,846,786	$	72,102,286

8. TAX INFORMATION (continued)


	Small Cap Equity Insights			Strategic Growth		U.S. Equity Insights

Undistributed ordinary income — net	$	154,608		$	1,250,758	$	933,575

Undistributed long-term capital gains		—			4,596,366		1,455,775

Total undistributed earnings	$	154,608		$	5,847,124	$	2,389,350

Capital loss carryforwards:

Perpetual Short-Term		(10,658,539	)		—		—

Timing differences — (Real Estate Investment Trusts and post October loss deferral)		(196,458	)		—		5,771

Unrealized gains (losses) — net		16,001,412			190,246,083		81,867,846

Total accumulated earnings (losses) — net	$	5,301,023		$	196,093,207	$	84,262,967

For the period ended December 31, 2023, the International Equity Insights, Mid Cap Growth, Small Cap Equity Insights and U.S. Equity Insights utilized $4,382,463, $184,177, $444,958 and $10,172,329, respectively, in Capital Loss Carryforwards.

As of December 31, 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	$	91,000,464		$	222,524,566		$	49,077,039		$	381,341,349

Gross unrealized gain		13,129,452			62,744,267			14,392,501			75,824,720

Gross unrealized loss		(1,516,313	)		(4,861,596	)		(811,490	)		(4,949,541)

Net unrealized gain (loss)	$	11,613,139		$	57,882,671		$	13,581,011		$	70,875,179

				Small Cap Equity						U.S. Equity
				Insights			Strategic Growth			Insights

Tax Cost				$	106,866,616		$	179,193,020		$	239,343,726

Gross unrealized gain					20,552,329			193,216,624			83,495,564

Gross unrealized loss					(4,550,917	)		(2,970,541	)		(1,627,718)

Net unrealized gain (loss)				$	16,001,412		$	190,246,083		$	81,867,846

The Mid Cap Growth Fund reclassed $121,323 from paid-in capital to distributable earnings. In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from net operating losses.

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 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.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of 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.

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.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

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. OTHER MATTERS

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust II and Goldman Sachs Trust, in July 2023, the Board voted to nominate Cheryl K. Beebe, John G. Chou, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. Messrs. Chou and Wirth and Ms. Dowling were serving as Trustees of the Trust at the time of their nominations. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees (except Messrs. Chou and Wirth and Ms. Dowling) was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024. Each of Messrs. Chou and Wirth and Ms. Dowling was also elected at the meeting and continue to serve as Trustees of the Trust.

12. SUBSEQU ENTEVENTS

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

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	International Equity Insights

	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2023						December 31, 2022



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		639,858		$	5,219,587			1,306,039		$	10,885,092

Reinvestment of distributions		204,169			1,735,435			253,079			1,971,488

Shares redeemed		(975,499	)		(8,244,985	)		(733,445	)		(5,861,784	)



		(131,472	)		(1,289,963	)		825,673			6,994,796



Service Shares

Shares sold		983,126			8,214,040			522,850			4,549,789

Reinvestment of distributions		97,899			836,056			134,038			1,049,519

Shares redeemed		(1,283,597	)		(10,636,093	)		(1,042,479	)		(8,911,581	)



		(202,572	)		(1,585,997	)		(385,591	)		(3,312,273	)



NET INCREASE (DECREASE) IN SHARES		(334,044	)	$	(2,875,960	)		440,082		$	3,682,523



	Large Cap Value

	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2023						December 31, 2022



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		470,506		$	3,979,459			950,934		$	8,789,990

Reinvestment of distributions		1,013,594			8,159,428			1,876,236			16,379,536

Shares redeemed		(9,369,532	)		(80,837,315	)		(3,426,119	)		(32,079,665	)



		(7,885,432	)		(68,698,428	)		(598,949	)		(6,910,139	)

13. SUMMARY OF SHARE TRANSACTIONS (continued)




	Large Cap Value

	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2023						December 31, 2022



	Shares			Dollars			Shares			Dollars



Service Shares

Shares sold		1,272,592		$	10,809,931			996,820		$	9,307,435

Reinvestment of distributions		2,469,355			19,903,003			3,046,274			26,593,971

Shares redeemed		(8,547,313	)		(73,413,769	)		(6,321,557	)		(58,612,498	)



		(4,805,366	)		(42,700,835	)		(2,278,463	)		(22,711,092	)



NET DECREASE IN SHARES		(12,690,798	)	$	(111,399,263	)		(2,877,412	)	$	(29,621,231	)



	Mid Cap Growth

	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2023						December 31, 2022



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		7,630		$	75,000			82,652		$	879,904

Reinvestment of distributions		826			8,516			3,921			39,168

Shares redeemed		(1,848	)		(19,397	)		(2,047	)		(19,226	)



		6,608			64,119			84,526			899,846



Service Shares

Shares sold		1,487,928			13,856,487			689,640			6,396,245

Reinvestment of distributions		39,811			381,394			204,787			1,904,522

Shares redeemed		(1,478,625	)		(13,533,648	)		(1,294,096	)		(12,861,876	)



		49,114			704,233			(399,669	)		(4,561,109	)



NET INCREASE (DECREASE) IN SHARES		55,722		$	768,352			(315,143	)	$	(3,661,263	)



	Mid Cap Value

	For the Fiscal Year Ended						For the Fiscal Year Ended
	December 31, 2023						December 31, 2022



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		1,087,704		$	16,521,129			644,665		$	11,319,610

Reinvestment of distributions		716,251			10,908,507			3,213,607			50,260,811

Shares redeemed		(2,344,362	)		(35,660,701	)		(2,565,377	)		(45,341,378	)



		(540,407	)		(8,231,065	)		1,292,895			16,239,043



Service Shares

Shares sold		10,020,732			155,911,471			4,528,288			81,887,182

Reinvestment of distributions		188,546			2,909,257			959,682			15,201,358

Shares redeemed		(8,576,722	)		(127,280,145	)		(8,132,136	)		(140,363,135	)



		1,632,556			31,540,583			(2,644,166	)		(43,274,595	)



NET INCREASE (DECREASE) IN SHARES		1,092,149		$	23,309,518			(1,351,271	)	$	(27,035,552	)

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small Cap Equity Insights

	For the Fiscal Year Ended December 31, 2023						For the Fiscal Year Ended December 31, 2022



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		790,133		$	8,849,615			1,292,071		$	14,688,216

Reinvestment of distributions		77,874			893,220			116,516			1,287,501

Shares redeemed		(1,516,093	)		(16,664,420	)		(1,264,967	)		(14,195,917	)



		(648,086	)		(6,921,585	)		143,620			1,779,800



Service Shares

Shares sold		436,916			4,764,221			623,675			6,800,371

Reinvestment of distributions		18,141			205,539			24,431			266,792

Shares redeemed		(264,510	)		(2,897,264	)		(253,528	)		(2,768,698	)



		190,547			2,072,496			394,578			4,298,465



NET INCREASE (DECREASE) IN SHARES		(457,539	)	$	(4,849,089	)		538,198		$	6,078,265



	Strategic Growth

	For the Fiscal Year Ended December 31, 2023						For the Fiscal Year Ended December 31, 2022



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		656,479		$	7,335,814			650,339		$	8,099,060

Reinvestment of distributions		509,674			6,080,406			2,405,496			23,862,524

Shares redeemed		(1,682,938	)		(18,954,996	)		(1,036,439	)		(12,855,382	)



		(516,785	)		(5,538,776	)		2,019,396			19,106,202



Service Shares

Shares sold		8,395,060			86,336,595			1,076,390			12,762,705

Reinvestment of distributions		674,474			7,958,794			2,294,192			22,574,843

Shares redeemed		(5,034,990	)		(54,512,064	)		(6,611,696	)		(94,253,137	)



		4,034,544			39,783,325			(3,241,114	)		(58,915,589	)



NET INCREASE (DECREASE) IN SHARES		3,517,759		$	34,244,549			(1,221,718	)	$	(39,809,387	)



	U.S. Equity Insights

	For the Fiscal Year Ended December 31, 2023						For the Fiscal Year Ended December 31, 2022



	Shares			Dollars			Shares			Dollars



Institutional Shares

Shares sold		961,566		$	16,446,636			1,049,282		$	18,219,119

Reinvestment of distributions		95,934			1,793,960			210,737			3,548,809

Shares redeemed		(1,984,079	)		(34,900,675	)		(1,826,212	)		(31,436,133	)



		(926,579	)		(16,660,079	)		(566,193	)		(9,668,205	)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of Goldman Sachs International Equity Insights Fund, 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, and Goldman Sachs U.S. Equity Insights Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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, and Goldman Sachs U.S. Equity Insights Fund (seven of the funds constituting Goldman Sachs Variable Insurance Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2023, the related statements of operations for the year ended December 31, 2023, the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2023 and each of the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 15, 2024

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

Fund Expenses — Six Month Period Ended December 31, 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.


	International Equity Insights Fund							Large Cap Value Fund							Mid Cap Growth Fund							Mid Cap Value Fund
Share Class	Beginning Account Value 7/1/23		Ending Account Value 12/31/23			Expenses Paid for the 6 months ended 12/31/23*		Beginning Account Value 7/1/23		Ending Account Value 12/31/23			Expenses Paid for the 6 months ended 12/31/23*		Beginning Account Value 7/1/23		Ending Account Value 12/31/23			Expenses Paid for the months ended 12/31/23*		Beginning Account Value 7/1/23		Ending Account Value 12/31/23			Expenses Paid for the 6 months ended 12/31/23*
Institutional
Actual		$1,000.00		$1,059.80			$4.26		$1,000.00		$1,072.30			$3.71		$1,000.00		$1,055.50			$4.35		$1,000.00		$1,057.40			$4.36
Hypothetical 5% return		1,000.00		1,021.07	⁺		4.18		1,000.00		1,021.63	⁺		3.62		1,000.00		1,020.97	⁺		4.28		1,000.00		1,020.97	⁺		4.28
Service
Actual		1,000.00		1,059.10			5.55		1,000.00		1,070.70			4.91		1,000.00		1,054.50			4.61		1,000.00		1,055.70			5.65
Hypothetical 5% return		1,000.00		1,019.81	⁺		5.45		1,000.00		1,020.47	⁺		4.79		1,000.00		1,020.72	⁺		4.53		1,000.00		1,019.71	⁺		5.55

+	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.

The annualized net expense ratios for the period were as follows:


Fund	Institutional		Service
International Equity Insights Fund		0.82%		1.07%
Large Cap Value Fund		0.71		0.94
Mid Cap Growth Fund		0.84		0.99
Mid Cap Value Fund		0.84		1.09

Fund Expenses — Six Month Period Ended December 31, 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.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2023 through June 30, 2023, which represents a period of 184 days of a 365 day year.


	Small Cap Equity Insights Fund							Strategic Growth Fund							U.S. Equity Insights Fund
Share Class	Beginning Account Value 7/1/23		Ending Account Value 12/31/23			Expenses Paid for the 6 months ended 12/31/23*		Beginning Account Value 7/1/23		Ending Account Value 12/31/23			Expenses Paid for the months ended 12/31/23*		Beginning Account Value 7/1/23		Ending Account Value 12/31/23			Expenses Paid for the 6 months ended 12/31/23*
Institutional
Actual		$1,000.00		$1,078.70			$4.30		$1,000.00		$1,090.90			$3.95		$1,000.00		$1,082.00			$2.99
Hypothetical 5% return		1,000.00		1,021.07	⁺		4.18		1,000.00		1,021.42	⁺		3.82		1,000.00		1,022.33	⁺		2.91
Service
Actual		1,000.00		1,076.30			5.60		1,000.00		1,090.20			5.27		1,000.00		1,081.30			3.88
Hypothetical 5% return		1,000.00		1,019.81	⁺		5.45		1,000.00		1,020.16	⁺		5.09		1,000.00		1,021.48	⁺		3.77

+	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.

The annualized net expense ratios for the period were as follows:


Fund	Institutional		Service
Small Cap Equity Insights Fund		0.82%		1.07%
Strategic Growth Fund		0.75		1.00
U.S. Equity Insights Fund		0.57		0.78

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Variable Insurance Trust (“the Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:


Proposal Election of Trustees	For	Withheld

Cheryl K. Beebe	932,148,752	26,776,872

John G. Chou	930,378,362	28,547,262

Eileen H. Dowling	932,188,448	26,737,175

Lawrence Hughes	932,346,926	26,578,698

John F. Killian	931,754,574	27,171,049

Steven D. Krichmar	932,002,203	26,923,420

Michael Latham	931,832,553	27,093,071

Lawrence W. Stranghoener	931,376,144	27,549,480

Paul C. Wirth	932,041,013	26,884,610

Trustees and Officers (Unaudited)

Independent Trustees



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Gregory G. Weaver Age: 72	Chair of the Board of Trustees	Since 2023 (Trustee since 2015)	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Chair of the Board of Trustees — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	Verizon Communications Inc.

Dwight L. Bush Age: 66	Trustee	Since 2020	The Honorable Dwight Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, he served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	MoneyLion, Inc. (an operator of a datadriven, digital financial platform)

Kathryn A. Cassidy Age: 69	Trustee	Since 2015	Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	Vertical Aerospace Ltd. (an aerospace and technology company)

John G. Chou Age: 67	Trustee	Since 2022	Mr. Chou is retired. Formerly, he was Executive Vice President and Special Advisor to the Chairman and CEO (2021-2022); Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017) of Cencora, Inc. (a pharmaceutical and healthcare company. Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	None

Joaquin Delgado Age: 63	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	Stepan Company (a specialty chemical manufacturer)

Trustees and Officers (Unaudited) (continued)

Independent Trustees



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Eileen H. Dowling Age: 61	Trustee	Since 2021	Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). As Managing Director, she held senior management positions, including Global Head of Global Consultant Relations (2017-2021), Multinational Corporations (2019-2021), the Institutional Product Group (2015-2019) and Institutional Marketing (2013-2016). Ms. Dowling was a member of the Global Operating Committee and Product Executive Committee of BlackRock. Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	None

Paul C. Wirth Age: 66	Trustee	Since 2022	Mr. Wirth is retired. He is Executive Advisor, My Next Season LLC (a career transition advisory firm) (2023 – Present) Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley. Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.	102	None

Trustees and Officers (Unaudited) (continued)

Interested Trustee*



Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 61	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	192	None

¹	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Robert Griffith. Information is provided as of December 31, 2023.

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

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*



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

James A. McNamara 200 West Street New York, NY 10282 Age: 61	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Robert Griffith 200 West Street New York, NY 10282 Age: 49	Secretary	Since 2023	Managing Director, Goldman Sachs (September 2022 – Present); General Counsel, Exchange Traded Concepts, LLC (October 2021 – September 2022); Vice President, Goldman Sachs (August 2011 – October 2021); Associate General Counsel, Goldman Sachs (December 2014 – Present); Assistant General Counsel, Goldman Sachs (August 2011 – December 2014); Vice President and Counsel, Nomura Holding America, Inc. (2010 – 2011); and Associate, Simpson Thacher & Bartlett LLP (2005 – 2010). Secretary— Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2022)); Goldman Sachs Trust; (previously Assistant Secretary (2022)); Goldman Sachs Trust II (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust (previously Assistant Secretary (2022)); Goldman Sachs ETF Trust II; (previously Assistant Secretary (2022));and Goldman Sachs Real Estate Diversified Income Fund (previously Assistant Secretary (2022)).

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹	Information is provided as of December 31, 2023.

Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)

For the year ended December 31, 2023, 74%, 100%, 100%, 50.33%, and 100%of the dividends paid from net investment company taxable income by the Large Cap Value, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds, respectively, qualified for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Large Cap Value, Mid Cap Growth, Mid Cap Value and Strategic Growth designated $19,654,854, $389,909, $10,005,084, and $11,786,983 respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2023.

For the year end December 31, 2023, the International Equity Insights Fund has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the International Equity Insights Fund from sources within foreign countries and possessions of the United States was $0.2259 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the Fund during the year ended December 31, 2023 from foreign sources was 84.16%. The total amount of foreign taxes paid by the Fund was $0.0284 per share.

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham* Cheryl K. Beebe* James A. McNamara Dwight L. Bush Lawrence W. Stranghoener* Kathryn A. Cassidy Paul C. Wirth John G. Chou *Effective January 1, 2024 Joaquin Delgado Eileen H. Dowling OFFICERS Lawrence Hughes* James A. McNamara, President John F. Killian* Joseph F. DiMaria, Principal Financial Officer, Steven D. Kirchmar* Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser 200 West Street, New York New York 10282 Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns. The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov. The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice. Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. Fund holdings and allocations shown are as of December 31, 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. References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark. The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund’s objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust Funds. © 2024 Goldman Sachs. All rights reserved. VITEQTYAR-24/356077-OTU-1967989

Below, the Goldman Sachs Quantitative Investment Strategies (“QIS”) Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Buffered S&P 500 Fund-Jan/Jul’s (the “Fund”) performance and positioning for the 12-month period ended December 31, 2023 (the “Reporting Period”).

During the Reporting Period, the Fund’s Institutional and Service Shares generated average annual total returns, without sales charges, of 14.76% and 14.76%, respectively. These returns compare to the 25.67% average annual total return of the Fund’s benchmark, the S&P 500 Total Return Index (Net, USD, Unhedged), during the same period. The Fund’s secondary benchmark, a composite index comprised of the S&P 500 Total Return Index (70%) and the ICE BofA Three-Month U.S. Treasury Bill Index (30%), returned 19.76% for the same time period.

The S&P 500 Total Return Index is distinct from the S&P 500 Price Return Index (the Fund’s “Underlying Index”) because the Underlying Index only tracks the performance of the stock prices of the companies included in the index and does not include returns from dividends paid by companies included in the index.

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

The Fund underperformed the S&P 500 Total Return Index during the Reporting Period, 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 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.

What were the Cap and Buffer for the Outcome Period that commenced on January 1, 2023 and ended on June 30, 2023?

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.

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.

What were the Cap and Buffer for the Outcome Period that commenced on July 1, 2023 and ended on December 31, 2023?

The Fund’s next Outcome Period commenced on July 1, 2023 and ended 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 this 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.

What are the Cap and Buffer for the Outcome Period that commenced on January 2, 2024 and will end on June 30, 2024?

The Fund’s next Outcome Period commenced on January 2, 2024 and will end on June 30, 2024. 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 this 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 will be further reduced by any brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses incurred by the Fund.

In order to implement the Buffer and Cap, the Fund primarily invests 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.

The Fund purchases and sells call and put S&P 500 Options to achieve two main targeted outcomes within the Fund’s portfolio. One set of options is designed to buffer the Fund from losses over an Outcome Period, while another set is designed to produce returns that track those of the Underlying Index over an Outcome Period, up to the Cap for that Outcome Period.

The first set of S&P 500 Options is designed to buffer the Fund from losses of up to approximately 5% if the Underlying Index experiences a loss at the end of an Outcome Period. The Fund generally creates this first set of options by employing at-the-money and/or out-of-the-money put S&P 500 Options. There is no guarantee that the Fund will be successful in its attempts to buffer against losses of the Underlying Index and an investor may lose their entire investment. The Buffer is operative only against approximately the first 5% of Underlying Index losses at the end of an Outcome Period. If the Underlying Index has decreased in value by more than the Buffer (approximately 5%) at the end of an Outcome Period, the Fund, and therefore its investors, will participate in those losses. The Buffer is calculated prior to taking into account Fund fees and expenses. After deducting Fund fees and expenses, the Buffer is expected to be approximately 4.65% and 4.52% for Institutional Shares and Service Shares, respectively, for each Outcome Period. Because the Buffer is designed to be in effect only at the end of an Outcome Period, an investor who sells Fund shares before the end of an Outcome Period may not experience the full effect of the Buffer.

The second set of S&P 500 Options is designed to produce returns that track those of the Underlying Index over an Outcome Period if the value of the Underlying Index increases during that Outcome Period. However, unlike other investment products, the potential returns an investor can receive from an investment in the Fund are subject to an upside return Cap. The Fund generally creates this second set of options by employing at-the-money and/or out-of-the-money call S&P 500 Options. This means that if the value of the Underlying Index increases over an Outcome Period beyond the level of the Cap, the Fund will not participate in those excess gains. Therefore, regardless of the performance of the Underlying Index, the Cap, before Fund fees and expenses, is the maximum return an investor can achieve from an investment in the Fund over an Outcome Period.

The Cap is based on the strike prices of the S&P 500 Options that the Fund has sold over an Outcome Period. The Cap is set on or before the first day of an Outcome Period based on the cost of providing the Buffer. The Cap may increase or decrease from one Outcome Period to the next.

As the S&P 500 Options mature at the end of each six-month Outcome Period, the Fund enters into a new set of S&P 500 Options, which may increase or decrease the Cap for the subsequent six-month Outcome Period. The Fund is a continuous investment vehicle. It does not terminate and distribute its assets at the conclusion of each Outcome Period.

The Fund may invest in one or more underlying funds (including exchange-traded funds (“ETFs”)) that seek to track the Underlying Index and one or more money market funds, including ETFs and money market funds for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter. The Fund intends to also invest directly in fixed income securities (bonds) and equity securities (stocks). These investments may be publicly traded, privately issued, or negotiated. The percentage of the Fund invested in equity and fixed income securities will vary from time to time as the Investment Adviser evaluates such securities’ relative attractiveness and determines the optimal option structure for the Outcome Period. The Fund may invest without restriction as to issuer capitalization, country, currency, maturity or credit rating.

In addition to S&P 500 Options, the Fund may invest in other derivatives, including credit default swaps (including credit default index swaps or “CDX”), total return swaps and equity futures, each of which can be used for both hedging purposes and to seek to increase total return. The Fund may also utilize various interest rate-related derivatives, including futures and swaps, to manage the duration of its fixed income positions.

The Fund also may hold cash or invest in cash equivalents in order to collateralize its derivatives positions. Certain underlying funds may invest in derivatives for both hedging purposes and to seek to increase total return.

During the Reporting Period, the Fund invested in S&P 500 Options and equity index futures in implementing its strategy, which contributed positively to its results.

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

The Fund was invested in equity index futures and equity index options at the end of the Reporting Period. The Fund was also invested in various fixed income products, including U.S. Treasuries and money market funds for cash management purposes.

THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN ONE OR MORE ISSUERS OR IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.

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

The Goldman Sachs Variable Insurance Trust — Goldman Sachs Buffered S&P 500 Fund-Mar/Sep (the “Fund”) commenced operations on February 28, 2023. Below, the Goldman Sachs Quantitative Investment Strategies (“QIS”) Team discusses the Fund’s performance and positioning for the period from February 28, 2023 through December 31, 2023 (the “Reporting Period”).

During the Reporting Period, the Fund’s Institutional and Service Shares generated cumulative total returns, without sales charges, of 11.90% and 11.90%, respectively. These returns compare to the 21.30% total return of the Fund’s benchmark, the S&P 500 Total Return Index (Net, USD, Unhedged), during the same period. The Fund’s secondary benchmark, a composite index comprised of the S&P 500 Total Return Index (70%) and the ICE BofA Three-Month U.S. Treasury Bill Index (30%), returned 16.49% for the same time period.

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

The Fund underperformed the S&P 500^® Total Return Index during the Reporting Period, primarily driven by the limited upside participation in the U.S. equity market rally due to the Fund’s targeted outcome strategy.

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.

What were the Cap and Buffer for the Outcome Period that commenced on March 1, 2023 and ended on August 31, 2023?

The Fund’s initial Outcome Period commenced on March 1, 2023 and ended 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.

What are the Cap and Buffer for the Outcome Period that commenced on September 1, 2023 and will end on February 29, 2024?

The Fund’s next Outcome Period commenced on September 1, 2023 and will end on February 29, 2024. 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 this 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 will be further reduced by any brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses incurred by the Fund.

respectively, for each Outcome Period. Because the Buffer is designed to be in effect only at the end of an Outcome Period, an investor who sells Fund shares before the end of an Outcome Period may not experience the full effect of the Buffer.

During the Reporting Period, the Fund invested in S&P 500 Options and equity index futures in implementing its strategy, which contributed positively to results.

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

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

The Goldman Sachs Variable Insurance Trust — Goldman Sachs Buffered S&P 500 Fund-May/Nov (the “Fund”) commenced operations on April 28, 2023. Below, the Goldman Sachs Quantitative Investment Strategies (“QIS”) Team discusses the Fund’s performance and positioning for the period from April 28, 2023 through December 31, 2023 (the “Reporting Period”).

During the Reporting Period, the Fund’s Institutional and Service Shares generated cumulative total returns, without sales charges, of 7.70% and 7.69%, respectively. These returns compare to the 15.29% total return of the Fund’s benchmark, the S&P 500 Total Return Index (Net, USD, Unhedged), during the same period. The Fund’s secondary benchmark, a composite index comprised of the S&P 500 Total Return Index (70%) and the ICE BofA Three-Month U.S. Treasury Bill Index (30%), returned 12.10% for the same time period.

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

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.

What were the Cap and Buffer for the Outcome Period that commenced on May 1, 2023 and ended on October 31, 2023?

The Fund’s initial Outcome Period commenced on May 1, 2023 and ended 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.

What are the Cap and Buffer for the Outcome Period that commenced on November 1, 2023 and will end on April 30, 2024?

The Fund’s next Outcome Period commenced on November 1, 2023 and will end on April 30, 2024. 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 this 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 will be further reduced by any brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses incurred by the Fund.

The first set of S&P 500 Options is designed to buffer the Fund from losses of up to approximately 5% if the Underlying Index experiences a loss at the end of an Outcome Period. The Fund generally creates this first set of options by employing at-the-money and/or out-of-the-money put S&P 500 Options. There is no guarantee that the Fund will be successful in its attempts to buffer against losses of the Underlying Index and an investor may lose their entire investment. The Buffer is operative only against approximately the first 5% of Underlying Index losses at the end of an Outcome Period. If the Underlying Index has decreased in value by more than the Buffer (approximately 5%) at the end of an Outcome Period, the Fund, and therefore its investors, will participate in those losses. The Buffer is calculated prior to taking into account Fund fees and expenses. After deducting Fund fees and expenses, the Buffer is expected to be approximately 4.65% and 4.53% for Institutional Shares and Service Shares, respectively, for each Outcome Period. Because the Buffer is designed to be in effect only at the end of an Outcome Period, an investor who sells Fund shares before the end of an Outcome Period may not experience the full effect of the Buffer.

During the Reporting Period, the Fund invested in S&P 500 Options and equity index futures in implementing its strategy, which contributed positively to results.

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

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

ICE BofAML Three-Month U.S. Treasury Bill Index measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90-day maturity, as reported by Bank of America Merrill Lynch.

S&P 500 Total Return Index is a type of equity index that tracks both the capital gains as well as any cash distributions, such as dividends or interest, attributed to the components of the index. A price return index takes into account only the capital appreciation of its components, while income generated, in the form of dividends or interest, is ignored.

S&P 500 Price Return Index is an unmanaged composite of 500 large capitalization companies. It only tracks the performance of the stock prices of the companies included in the index, and does not include returns from dividends paid by the companies included in the Price Return Index.

FUTURES CONTRACTS — At December 31, 2023, the Fund had the following futures contracts:

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2023, the Fund had the following purchased and written options:

FUTURES CONTRACTS — At December 31, 2023, the Fund had the following futures contracts:

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2023, the Fund had the following purchased and written options:

FUTURES CONTRACTS — At December 31, 2023, the Fund had the following futures contracts:

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2023, the Fund had the following purchased and written options:

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.

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.

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:

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).

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 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.

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.

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

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.

ii. 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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of December 31, 2023:

For further information regarding security characteristics, see Schedules of Investments.

For the year ended December 31, 2023, the relevant values for each derivative type was as follows:

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

For the year ended December 31, 2023, contractual and effective net management fees with GSAM were at the following rates:

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 Government 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 Fund 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.

For the year ended December 31, 2023, management fee waived by GSAM for each Fund was as follows:

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. Line of Credit Facility — As of December 31, 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 fiscal year ended December 31, 2023, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.

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, 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 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

For the year ended December 31, 2023, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

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 year ended December 31, 2023:

As of December 31, 2023, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 100% of the Institutional and Service Shares for the Buffered S&P 500 Fund — Jan/Jul, Buffered S&P 500 Fund — Mar/Sep and Buffered S&P 500 Fund — May/Nov.

For the year ended December 31, 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.

The tax character of distributions paid during the fiscal year ended December 31, 2023 was as follows:

As of December 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:

As of December 31, 2023, the Funds aggregate security unrealized gains and losses based on cost for U.S. federal income tax

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

The Buffered S&P 500 Fund — Jan/Jul, Buffered S&P 500 Fund — Mar/Sep and Buffered S&P 500 Fund — May/Nov Funds reclassed $1,575, $1,456 and 1,243, respectively, from paid in capital to distributable earnings for the year ending December 31, 2023. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from certain non-deductible expenses.

GSAM has reviewed the Funds’ tax positions for the open tax year (the current and prior year, 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.

Buffered Loss Risk — 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. In the event an investor purchases shares after the commencement of the Outcome Period or redeems shares prior to the end of the Outcome Period, the investor may not experience the full effect of the Buffer that the Fund seeks to provide. The Funds do not provide principal protection and an investor may experience significant losses on their investment, including the loss of their entire investment.

Capped Upside Return Risk — A 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, the Fund will not participate in those gains beyond the Cap for that Outcome Period. In the event an investor purchases

shares after the commencement of an Outcome Period and the Fund has risen in value to a level near the Cap, 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 the Fund’s return 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. The Cap may decrease from one Outcome Period to the next.

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, 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).

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.

Investment Objective and Outcomes Risk — There is no guarantee that the Fund will be successful in its attempt to achieve its investment objective and/or its strategy to provide buffered protection against losses. An investor could lose some or all of their investment in the Fund. Certain circumstances under which the Fund might not achieve its objective and/or its strategy to provide buffered protection against losses include, but are not limited to: (i) if the Fund disposes of FLEX Options; (ii) if the Fund is unable to maintain the proportional relationship based on the number of FLEX Options in the Fund’s portfolio; (iii) significant accrual of Fund expenses in connection with effecting the Fund’s investment strategy; (iv) losses resulting from the investment strategy; or (v) adverse tax law changes affecting the treatment of FLEX Options.

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 a 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.

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.

Option Writing Risk — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund’s NAV. Furthermore, the premium received from the Fund’s option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.

Outcome Period Risk — The Fund’s investment strategy is designed to deliver returns that match the Underlying Index, subject to the Buffer and Cap, only if shares are bought by the first day of the Outcome Period and held until the end of the Outcome Period. If an investor purchases or sells shares during the Outcome Period, the returns realized by the investor will not match those that the Fund seeks to achieve. In addition, the Cap may change from one Outcome Period to the next and is unlikely to remain the same for consecutive Outcome Periods. Moreover, the Fund’s returns will be reduced by Fund fees and expenses as well as any brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses incurred by the Fund throughout an Outcome Period. Accordingly, the maximum performance of the Fund over an Outcome Period is expected to be lower than the Cap by these fees and expenses and the performance of the Fund over an Outcome period will be reduced by these fees and expenses in addition to losses beyond the Buffer. When an investor purchases shares of the Fund after the commencement of an Outcome Period, the Fund will enter into additional S&P 500 Options positions in order to maintain the targeted outcomes for the Fund established at the

commencement of the Outcome Period. The Fund will incur additional expenses when entering into these new positions, which will further reduce the Fund’s returns.

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.

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.

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust II and Goldman Sachs Trust, in July 2023, the Board voted to nominate Cheryl K. Beebe, John G. Chou, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. Messrs. Chou and Wirth and Ms. Dowling were serving as Trustees of the Trust at the time of their nominations. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees (except Messrs. Chou and Wirth and Ms. Dowling) was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024. Each of Messrs. Chou and Wirth and Ms. Dowling was also elected at the meeting and continue to serve as Trustees of the Trust.

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of 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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting Goldman Sachs Variable Insurance Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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


Fund Expenses — Six Months Period Ended December 31, 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 July 1, 2023 through December 31, 2023, which represents a period of 184 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 7/1/23		Ending Account Value 12/31/23		Expenses Paid for the 6 months ended 12/31/23*		Beginning Account Value 7/1/23		Ending Account Value 12/31/23		Expenses Paid for the 6 months ended 12/31/23*		Beginning Account Value 7/1/23		Ending Account Value 12/31/23		Expenses Paid for the 6 months ended 12/31/23*

Institutional

Actual	$	1,000.00	$	1,047.10	$	3.20	$	1,000.00	$	1,052.70	$	3.26	$	1,000.00	$	1,039.50	$	3.24
Hypothetical 5% return		1,000.00		1,022.08		3.16		1,000.00		1,022.08		3.21		1,000.00		1,022.03		3.21

Service

Actual		1,000.00		1,047.10		3.20		1,000.00		1,053.60		3.26		1,000.00		1,039.50	$	3.24
Hypothetical 5% return		1,000.00		1,022.08		3.16		1,000.00		1,025.21		3.21		1,000.00		1,022.03		3.21

Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 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		0.62	%		0.62	%
Buffered S&P 500 Fund — Mar/Sep		0.63			0.63
Buffered S&P 500 Fund — May/Nov		0.63			0.63

Information as of the date of this shareholder report. Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

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

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

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

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

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

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

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

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

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

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

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

Item 4 — Principal Accountant Fees and Services for the Goldman Sachs Variable Insurance Trust (“GSVIT”):

Items 4(b)(c) & (d) Table 2. Non-Audit Services to the GSVIT’s* that were pre-approved by the GSVIT’s Audit Committee pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Variable Insurance Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of GSVIT sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GSVIT may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GSVIT at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GSVIT’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GSVIT, the Audit Committee will pre-approve those non-audit services provided to GSVIT’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GSVIT) where the engagement relates directly to the operations or financial reporting of GSVIT.

Item 4(e)(2) — 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GSVIT’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GSVIT’s service affiliates listed in Table 2 were approved by GSVIT’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The aggregate non-audit fees billed to GSVIT for the twelve months ended December 31, 2023 and December 31, 2022 by PwC were approximately $63,000 and $38,900, respectively.

The aggregate non-audit fees billed to GSVIT’s adviser and service affiliates for non-audit services for the twelve months ended December 31, 2022 and December 31, 2021 by PwC were approximately $17.1 million and $14.4 million, respectively. The figures for these entities are not yet available for the twelve months ended December 31, 2023. With regard to the aggregate non-audit fees billed to GSVIT’s adviser and service affiliates, the 2022 and 2021 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GSVIT’s operations or financial reporting.

Items 4(h) — GSVIT’s Audit Committee has considered whether the provision of non-audit services to GSVIT’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditor’s independence.

Schedule of Investments is included as part of the Reports to Shareholders filed under Item 1.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

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.

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.



Currency Abbreviations:
BRL		Brazilian Real
CHF		Swiss Franc
EUR		Euro
USD		United States Dollar


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



Investment Abbreviations: (continued)
MMY		—Money Market Yield
Mo.		—Month
Prime		—Federal Reserve Bank Prime Loan Rate US
SOFR		—Secured Overnight Financing Rate
T-Bill		—Treasury Bill


TABLE OF CONTENTS

Portfolio Management Discussion and Analysis			1

Schedule of Investments			15

Financial Statements			21

Financial Highlights

Goldman Sachs Buffered S&P 500 Fund — Jan/Jul			25

Goldman Sachs Buffered S&P 500 Fund — Mar/Sep			27

Goldman Sachs Buffered S&P 500 Fund — May/Nov			29

Notes to Financial Statements			31

Report of Independent Registered Public Accounting Firm			46

Other Information			47



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	%


Shares	Distribution Rate			Value

Investment Companies^(a) – 51.4%
Goldman Sachs Financial Square Government Fund — Institutional Class
717,585		5.248	%	$	717,585
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Class
567,409		5.206			567,409
Goldman Sachs Financial Square Treasury Obligations Fund —Institutional Class
567,420		5.241			567,420
Goldman Sachs Financial Square Treasury Solutions Fund —Institutional Class
567,422		5.231			567,422
Goldman Sachs Variable Insurance Trust Government Money Market Fund — Institutional Class
525,360		5.270			525,360

TOTAL INVESTMENT COMPANIES
(Cost $2,945,196)				$	2,945,196


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments^(b) – 34.5%
	Federal Home Loan Bank Discount Note
$	500,000		0.000	%		01/24/24	$	498,057
	U.S. Treasury Bill
	1,500,000		0.000			03/21/24		1,482,926

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $1,980,843)						$	1,980,983

	TOTAL INVESTMENTS – 85.9%
	(Cost $4,926,039)						$	4,926,179

	OTHER ASSETS IN EXCESS OF LIABILITIES – 14.1%							810,589

	NET ASSETS – 100.0%						$	5,736,768


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.


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

Purchased option contracts

Puts
S&P 500 Index	$	4,769.830	06/28/2024		12		$	5,723,796		$	169,244		$	168,879		$	365

Written option contracts

Calls
S&P 500 Index		5,141.880	06/28/2024		(12	)		(6,170,256	)		(70,729	)		(66,945	)		(3,784	)

Puts
S&P 500 Index		4,531.340	06/28/2024		(12	)		(5,437,608	)		(102,109	)		(101,853	)		(256	)

Total written option contracts					(24	)	$	(11,607,864	)	$	(172,838	)	$	(168,798	)	$	(4,040	)

TOTAL					(12	)	$	(5,884,068	)	$	(3,594	)	$	81		$	(3,675	)


	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 $1,980,843, $1,930,577 and $1,584,623, respectively)	$	1,980,983	$	1,930,599	$	1,584,694
Investments of affiliated issuers, at value (cost $2,945,196, $2,492,116 and $2,547,332, respectively)		2,945,196		2,492,116		2,547,332
Purchased options, at value (premium paid $168,879, $165,600 and $197,280, respectively)		169,244		27,558		30,230
Cash		108,877		135,435		90,603
Receivables:
Collateral on certain derivative contracts^(a)		924,827		1,134,497		1,552,249
Investments sold		552,138		—		—
Reimbursement from investment adviser		—		7,245		17,706
Dividends and Interest		14,909		11,573		2,312
Deferred offering costs		—		12,085		24,372
Other assets		22		9		—

Total assets		6,696,196		5,751,117		5,849,498


Liabilities:
Written option contracts, at value (premium received $168,798, $165,600 and $197,280, respectively)		172,838		79,105		401,480
Variation margin on futures contracts		297,397		14,088		14,666
Payables:
Investments purchased		411,828		12,032		3,668
Management fees		2,003		1,949		1,931
Distribution and Service fees and Transfer Agency fees		97		94		91
Accrued expenses		75,265		50,267		42,316

Total liabilities		959,428		157,535		464,152


Net Assets:
Paid-in capital		5,472,945		5,183,551		5,148,968
Total distributable earnings		263,823		410,031		236,378

NET ASSETS	$	5,736,768	$	5,593,582	$	5,385,346
Net Assets:
Institutional	$	5,679,402	$	5,537,646	$	5,331,493
Service		57,366		55,936		53,853

Total Net Assets	$	5,736,768	$	5,593,582	$	5,385,346
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Institutional		538,958		511,918		509,162
Service		5,444		5,171		5,143
Net asset value, offering and redemption price per share:
Institutional		$10.54		$10.82		$10.47
Service		10.54		10.82		10.47


Fund	Futures		Options
Buffered S&P 500 Fund — Jan/Jul	$	298,540	$	626,287
Buffered S&P 500 Fund — Mar/Sep		298,540		835,957
Buffered S&P 500 Fund — May/Nov		285,560		1,266,689


	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	$	125,937		$	102,065		$	74,576
Interest		96,761			84,467			66,924

Total investment income		222,698			186,532			141,500


Expenses:
Professional fees		102,257			90,264			81,136
Amortization of offering costs		73,162			61,433			49,146
Printing and mailing costs		41,235			25,756			14,972
Management fees		27,061			22,065			17,460
Trustee fees		20,914			21,413			12,757
Custody, accounting and administrative services		15,604			25,638			20,523
Transfer Agency fees^(c)		1,083			883			698
Distribution and/or Service (12b-1) fees		135			110			88
Organization costs		—			12,000			12,000
Other		9,923			7,107			5,699

Total expenses		291,374			266,669			214,479

Less — expense reductions		(257,003	)		(238,737	)		(192,106	)

Net expenses		34,371			27,932			22,373

NET INVESTMENT INCOME		188,327			158,600			119,127


Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(448	)		(1,456	)		(109	)
Purchased options		546,046			368,446			(274,320	)
Futures contracts		—			148,033			554,598
Written options		3,892			(84,578	)		303,504
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		93			22			71
Purchased options		3,586			(138,042	)		(167,050	)
Futures contracts		1,143			56,063			53,725
Written options		(10,175	)		86,495			(204,200	)

Net realized and unrealized gain		544,137			434,983			266,219

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	732,464		$	593,583		$	385,346


	Transfer Agency Fees
	Institutional		Service Class
Buffered S&P 500 Fund — Jan/Jul	$	1,072	$	11
Buffered S&P 500 Fund — Mar/Sep		874		9
Buffered S&P 500 Fund — May/Nov		691		7


	Buffered S&P 500 Fund — Jan/Jul
	For the Fiscal Year Ended December 31, 2023			For the Period Ended December 31, 2022^(a)

From operations:
Net investment income	$	188,327		$	1,343
Net realized gain		549,490			—
Net change in unrealized gain (loss)		(5,353	)		2,961

Net increase in net assets resulting from operations		732,464			4,304


Distributions to shareholders:
From distributable earnings:
Institutional		(469,777	)		—
Service Shares		(4,745	)		—

Total distributions to shareholders		(474,522	)		—


From share transactions:
Proceeds from sales of shares		—			5,000,000
Reinvestment of distributions		474,522			—

Net increase in net assets resulting from share transactions		474,522			5,000,000

TOTAL INCREASE		732,464			5,004,304


Net assets:

Beginning of year		5,004,304			—

End of year	$	5,736,768		$	5,004,304


	Buffered S&P 500 Fund — Mar/Sep^(a)			Buffered S&P 500 Fund — May/Nov^(b)
	For the Period Ended December 31, 2023			For the Period Ended December 31, 2023

From operations:
Net investment income	$	158,600		$	119,127
Net realized gain		430,445			583,673
Net change in unrealized gain (loss)		4,538			(317,454	)

Net increase in net assets resulting from operations		593,583			385,346


Distributions to shareholders:
From distributable earnings:
Institutional		(183,158	)		(148,709	)
Service Shares		(1,850	)		(1,502	)

Total distributions to shareholders		(185,008	)		(150,211	)


From share transactions:
Proceeds from sales of shares		5,000,020			5,000,020
Reinvestment of distributions		185,008			150,211
Cost of shares redeemed		(21	)		(20	)

Net increase in net assets resulting from share transactions		5,185,007			5,150,211

TOTAL INCREASE		5,593,582			5,385,346


Net assets:

Beginning of period		—			—

End of period	$	5,593,582		$	5,385,346


	Goldman Sachs Buffered S&P 500 Fund — Jan/Jul
	Institutional Shares
	Year Ended December 31, 2023			Period Ended December 31, 2022^(a)

Per Share Data

Net asset value, beginning of period	$	10.00		$	10.00

Net investment income^(b)(c)		0.38			0.00	^(d)

Net realized and unrealized gain		1.09			0.00	^(d)

Total from investment operations		1.47			—

Distributions to shareholders from net investment income		(0.37	)		—

Distributions to shareholders from net realized gains		(0.56	)		—

Total distributions		(0.93	)		—

Net asset value, end of period	$	10.54		$	10.00

Total return^(e)		14.76	%		—	%

Net assets, end of period (in 000s)	$	5,679		$	4,954

Ratio of net expenses to average net assets^(f)		0.64	%		0.54	%^(g)

Ratio of total expenses to average net assets^(f)		5.38	%		66.87	%^(g)

Ratio of net investment income to average net assets^(c)		3.48	%		4.90	%^(g)

Portfolio turnover rate^(h)		—	%		—	%


	Goldman Sachs Buffered S&P 500 Fund — Mar/Sep
	Institutional Shares
	Period Ended December 31, 2023^(a)

Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(b)(c)		0.32

Net realized and unrealized gain		0.87

Total from investment operations		1.19

Distributions to shareholders from net investment income		(0.32	)

Distributions to shareholders from net realized gains		(0.05	)

Total distributions		(0.37	)

Net asset value, end of period	$	10.82

Total return^(d)		11.90	%

Net assets, end of period (in 000s)	$	5,538

Ratio of net expenses to average net assets^(e)		0.63	%^(f)

Ratio of total expenses to average net assets^(e)		5.82	%^(f)

Ratio of net investment income to average net assets^(c)		3.59	%^(f)

Portfolio turnover rate^(g)		—	%


	Goldman Sachs Buffered S&P 500 Fund — May/Nov
	Service Shares
	Period Ended December 31, 2023^(a)

Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^{(b) (c)}		0.24

Net realized and unrealized gain		0.53

Total from investment operations		0.77

Distributions to shareholders from net investment income		(0.24	)

Distributions to shareholders from net realized gains		(0.06	)

Total distributions		(0.30	)

Net asset value, end of period	$	10.47

Total return^(d)		7.69	%

Net assets, end of period (in 000s)	$	54

Ratio of net expenses to average net assets^(e)		0.64	%^(f)

Ratio of total expenses to average net assets^(e)		5.83	%^(f)

Ratio of net investment income to average net assets^(c)		3.41	%^(f)

Portfolio turnover rate^(g)		—	%


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


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


	Average Number of Contracts, or Shares/Units^(a)
Fund	Futures Contracts		Purchased Options		Written Options
Buffered S&P 500 Fund — Jan/Jul		23		2,445		2,483
Buffered S&P 500 Fund — Mar/Sep		23		2,500		2,627
Buffered S&P 500 Fund — May/Nov		23		2,400		2,700


Fund Name	Management Fee Waived
Buffered S&P 500 Fund — Jan/Jul	$	3,951
Buffered S&P 500 Fund — Mar/Sep		3,509
Buffered S&P 500 Fund — May/Nov		2,541


Fund	Management Fee Waiver		Distribution and Service Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Buffered S&P 500 Fund — Jan/Jul	$	3,951	$	135	$	252,917	$	257,003
Buffered S&P 500 Fund — Mar/Sep		3,509		100		235,128		238,737
Buffered S&P 500 Fund — May/Nov		2,541		88		189,477		192,106


Underlying Fund	Beginning Value as of December 31, 2022		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2023		Shares as of December 31, 2023		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Class	$	949,142	$	3,327,769	$	(3,559,326	)	$	717,585		717,585	$	19,220
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Class		500,109		78,706		(11,406	)		567,409		567,409		27,029
Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Class		500,114		78,751		(11,445	)		567,420		567,420		27,399
Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Class		500,114		78,748		(11,440	)		567,422		567,422		27,402
Goldman Sachs Variable Insurance Trust Government Money Market Fund — Institutional Class		500,000		25,360		—			525,360		525,360		24,887

Total	$	2,949,479	$	3,589,334	$	(3,593,617	)	$	2,945,196			$	125,937


Underlying Fund	Beginning Value as of February 28, 2023		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2023		Shares as of December 31, 2023		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Class	$	—	$	5,285,233	$	(4,947,265	)	$	337,968	$	337,968	$	15,534
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Class		—		561,528		(17,325	)		544,203		544,203		21,809
Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Class		—		561,576		(17,364	)		544,212		544,212		21,619
Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Class		—		561,575		(17,359	)		544,216		544,216		21,787
Goldman Sachs Variable Insurance Trust Government Money Market Fund — Institutional Class		—		521,517		—			521,517		521,517		21,316

Total	$	—	$	7,491,429	$	(4,999,313	)	$	2,492,116			$	102,065


Underlying Fund	Beginning Value as of April 28, 2023		Purchases at Cost		Proceeds from Sales			Ending Value as of December 31, 2023		Shares as of December 31, 2023		Dividend Income
Goldman Sachs Financial Square Government Fund — Institutional Class	$	—	$	2,214,381	$	(1,794,658	)	$	419,723		419,723	$	4,949
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Class		—		545,426		(7,942	)		537,484		537,484		17,492
Goldman Sachs Financial Square Treasury Obligations Fund — Institutional Class		—		540,962		(5,811	)		535,151		535,151		17,642
Goldman Sachs Financial Square Treasury Solutions Fund — Institutional Class		—		545,460		(7,967	)		537,493		537,493		17,434
Goldman Sachs Variable Insurance Trust Government Money Market Fund — Institutional Class		—		517,481		—			517,481		517,481		17,059

Total	$	—	$	4,363,710	$	(1,816,378	)	$	2,547,332			$	74,576


	Buffered S&P 500 Fund — Jan/Jul
	For the Fiscal Year Ended December 31, 2023				For the Period Ended December 31, 2022^(a)
	Shares		Dollars		Shares		Dollars
Institutional Shares
Shares sold		—	$	—		495,000	$	4,950,000
Reinvestment of distributions		43,958		469,777		—		—
		43,958		469,777		495,000		4,950,000
Service Shares
Shares sold		—		—		5,000		50,000
Reinvestment of distributions		444		4,745		—		—
		444		4,745		5,000		50,000

NET INCREASE		44,402	$	474,522		500,000	$	5,000,000


	Buffered S&P 500 Fund — Mar/Sep
	For the Fiscal Year Ended December 31, 2023^(a)
	Shares			Dollars
Class A Shares
Shares sold		495,001		$	4,950,010
Reinvestment of distributions		16,918			183,158
Shares redeemed		(1	)		(11	)
		511,918			5,133,157
Class C Shares
Shares sold		5,001			50,010
Reinvestment of distributions		171			1,850
Shares redeemed		(1	)		(10	)
		5,171			51,850

NET INCREASE		517,089		$	5,185,007


	Buffered S&P 500 Fund — May/Nov
	For the Fiscal Year Ended December 31, 2023^(a)
	Shares			Dollars
Institutional Shares
Shares sold		495,001		$	4,950,010
Reinvestment of distributions		14,162			148,709
Shares redeemed		(1	)		(10	)
		509,162			5,098,709
Service Shares
Shares sold		5,001			50,010
Reinvestment of distributions		143			1,502
Shares redeemed		(1	)		(10	)
		5,143			51,502

NET INCREASE		514,305		$	5,150,211


Fund	Statement of operations	Statement of changes in net assets	Financial highlights
Goldman Sachs Buffered S&P 500 Fund — Jan/Jul	For the year ended December 31, 2023	For the year ended December 31, 2023, and for the period December 30, 2022 (commencement of operations) through December 31, 2022	For the year ended December 31, 2023, and for the period December 30, 2022 (commencement of operations) through December 31, 2022
Goldman Sachs Buffered S&P 500 Fund — Mar/Sep	For the period February 28, 2023 (commencement of operations) through December 31, 2023
Goldman Sachs Buffered S&P 500 Fund — May/Nov	For the period April 28, 2023 (commencement of operations) through December 31, 2023