GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

March 31, 2025 (Unaudited)

Shares

Description

Value

a

a

Underlying Funds (Class R6 Shares) – 87.4%

Equity – 16.6%

218,264

Goldman Sachs Global

Infrastructure Fund

$

2,787,227

304,141

Goldman Sachs Emerging

Markets Equity Insights Fund

2,691,648

5,124

Goldman Sachs Energy

Infrastructure Fund

73,688

5,552,563

Fixed Income – 70.8%

726,384

Goldman Sachs Managed Futures

Strategy Fund

6,348,593

853,993

Goldman Sachs High Yield Fund

4,765,280

421,445

Goldman Sachs Emerging

Markets Debt Fund

4,050,082

458,453

Goldman Sachs High Yield

Floating Rate Fund

3,979,369

348,014

Goldman Sachs Short Duration

High Yield Fund

2,735,388

190,745

Goldman Sachs Core Fixed

Income Fund

1,758,669

23,637,381

TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)

(Cost $29,089,743)

29,189,944

a

Exchange Traded Funds – 6.4%

19,283

Goldman Sachs MarketBeta U.S.

Equity ETF

(a)

1,482,862

5,653

Goldman Sachs MarketBeta

International Equity ETF

(a)

328,924

1,459

Health Care Select Sector SPDR

Fund

213,029

752

iShares U.S. Technology ETF

105,611

TOTAL EXCHANGE TRADED FUNDS

(Cost $1,657,368)

2,130,426

Shares

Dividend Rate

Value

aa

Investment Company – 5.5%

(a)

Goldman Sachs Financial Square Government

Fund - Institutional Shares

1,831,803

4.259%

1,831,803

(Cost $1,831,803)

TOTAL INVESTMENTS – 99.3%

(Cost $32,578,914)

$

33,152,173

OTHER ASSETS IN EXCESS OF LIABILITIES

– 0.7%

240,300

NET ASSETS – 100.0%

$

33,392,473

  a

The percentage shown for each investment category reflects the

value of investments in that category as a percentage of net assets.

(a)

Represents an affiliated issuer.

Currency Abbreviations:

CHF

Swiss Franc

INR

Indian Rupee

USD

United States Dollar

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

(continued)

March 31, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

—

At March 31, 2025, 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.

INR

38,500,000

USD

441,137

4/8/2025

$

9,072

USD

102,879

CHF

90,000

4/8/2025

1,076

TOTAL

$

10,148

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty

Currency Purchased

Currency Sold

Settlement Date

Unrealized Loss

Morgan Stanley Co., Inc.

CHF

90,000

USD

103,637

4/8/2025

(1,835)

USD

437,438

INR

38,500,000

4/8/2025

(12,770)

TOTAL

$

(14,605)

Goldman Sachs Variable Insurance Trust Trend Driven Allocation Fund

Schedule of Investments

March 31, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

Shares

Dividend Rate

Value

aa

Investment Companies (Institutional Shares) – 69.3%

(a)

Goldman Sachs Financial Square Government

Fund

29,370,274

4.259

%

$

29,370,274

Goldman Sachs Financial Square Treasury

Instruments Fund

35,227,378

4.180

35,227,378

Goldman Sachs Financial Square Treasury

Obligations Fund

35,232,970

4.236

35,232,970

Goldman Sachs Financial Square Treasury

Solutions Fund

34,754,496

4.188

34,754,496

Goldman Sachs VIT Government Money Market

Fund

37,252,546

4.249

37,252,546

Total Investment Companies

(Cost $171,837,664)

171,837,664

Shares

Description

Value

a

Exchange-Traded Funds – 25.2%

57,965

iShares Core S&P 500 ETF

$

32,570,533

58,500

Vanguard S&P 500 ETF

30,063,735

TOTAL EXCHANGE-TRADED FUNDS

(Cost $32,556,202)

62,634,268

TOTAL INVESTMENTS – 94.5%

(Cost $204,393,866)

$

234,471,932

OTHER ASSETS IN EXCESS OF LIABILITIES

– 5.5%

13,688,637

NET ASSETS – 100.0%

$

248,160,569

  a

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 March 31, 2025, the

Portfolio

had the following futures contracts:

Description

Number of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long position contracts:

EURO STOXX 50 Index

241

06/20/25

$

13,522,190

$

(652,774)

FTSE 100 Index

61

06/20/25

6,770,222

(90,718)

S&P 500 E-Mini Index

209

06/20/25

59,076,463

(879,509)

TOPIX Index

57

06/12/25

10,116,274

(22,650)

U.S. Treasury 10 Year Note

870

06/18/25

96,760,312

844,926

Total Futures Contracts

$

(800,725)

Goldman Sachs Variable Insurance Trust Multi-Asset Strategies Funds

Schedule of Investments

March 31, 2025 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation —

The Funds’ valuation policy is to value investments at fair value.

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 GSAM 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:

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 approved by the Trustees and consistent

with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value

hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as

Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if

no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service

(if available) under Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The

independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets,

certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the

foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Goldman Sachs Variable Insurance Trust Multi-Asset Strategies Funds

Schedule of Investments

(continued)

March 31, 2025 (Unaudited)

Underlying Funds (including Money Market Funds) —

Underlying Funds include ETF’s 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 derivatives

contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the

exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint

of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price

for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value

hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence,

including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative

pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends

upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the

market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures

of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally

cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant

management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant

inputs are corroborated by market evidence.

i. Forward Contracts —

A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future

date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using

independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may

be used to collateralize forward contracts.

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, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient

to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract

value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Options

—

When the Multi-Strategy Alternatives Portfolio writes call or put options, an amount equal to the premium received is

recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on

swap contracts.

Upon the purchase of a call option or a put option by the Multi-Strategy Alternatives Portfolio, the premium paid is recorded as

an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with

premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified

terms.

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Goldman Sachs Variable Insurance Trust Multi-Asset Strategies Funds

Schedule of Investments

(continued)

March 31, 2025 (Unaudited)

B. Level 3 Fair Value Investments —

To the extent that significant inputs to valuation models and other alternative pricing sources are

unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value,

the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with

its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or

foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining

a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed

through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy —

The following is a summary of the Fund’s investments and derivatives classified in the fair value

hierarchy as of March 31, 2025:

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

Multi-Strategy Alternatives Portfolio

Investment Type

Level 1

Level 2

Level 3

Assets

Fixed Income Underlying Fund

$

23,637,381

$

—

$

—

Equity Underlying Fund

5,552,563

—

—

Exchange Traded Funds

2,130,426

—

—

Investment Companies

1,831,803

—

—

Total

$

33,152,173

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative Type

Assets

Forward Foreign Currency Exchange Contracts

(a)

$

—

$

10,148

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Forward Foreign Currency Exchange Contracts

(a)

$

—

$

(14,605)

$

—

€

1.00

€

1.00

€

1.00

Trend Driven Allocation Fund

Investment Type

Level 1

Level 2

Level 3

Assets

Exchange-Traded Funds

$

62,634,268

$

—

$

—

Investment Companies

171,837,664

—

—

Total

$

234,471,932

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative Type

Assets

Futures Contracts

(a)

$

844,926

$

—

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Futures Contracts

(a)

$

(1,645,651)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

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

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Goldman Sachs Variable Insurance Trust Multi-Asset Strategies Funds

Schedule of Investments

(continued)

March 31, 2025 (Unaudited)

D. 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.

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 March 31, 2025, 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 March 31, 2025.

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,

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Goldman Sachs Variable Insurance Trust Multi-Asset Strategies Funds

Schedule of Investments

(continued)

March 31, 2025 (Unaudited)

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.

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 problems with

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 sanction country and

increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures

could limit or prevent a Fund or an Underlying Fund from buying and selling securities (in the sanctioned country and other markets),

significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund or Underlying Fund’s liquidity

and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of

securities denominated in such foreign currency (or other instruments through which the Funds or an Underlying Fund has exposure

to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent

that the Funds or an Underlying Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these

risks may be more pronounced.

Interest Rate Risk —

When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in

value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term

fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary

policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the

markets, may result in heightened market volatility and may detract from the Fund’s performance. In addition, changes in monetary

policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be

more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also

affect the liquidity of fixed income securities and instruments held by the Fund. A sudden or unpredictable increase in interest rates may

cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell

its investments at an advantageous time.

Investments in Other Investment Companies Risk

—

As a shareholder of another investment company, including an ETF, the Funds

will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in

addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds,

including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV;

and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Goldman Sachs Variable Insurance Trust Multi-Asset Strategies Funds

Schedule of Investments

(continued)

March 31, 2025 (Unaudited)

Investments in the Underlying Funds Risk

—

The investments of the Multi-Strategy Alternatives Portfolio may be concentrated in

one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed

by the Act or exemptive relief or regulations thereunder. The Multi-Strategy Alternatives Portfolio’s investment performance is directly

related to the investment performance of the Underlying Funds it holds. The Multi-Strategy Alternatives Portfolio is subject to the

risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of

the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Multi-Strategy Alternatives Portfolio has a

relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that

Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may

fail to produce the intended results.

Large Shareholder Transactions Risk

—

A Fund or an Underlying Fund may experience adverse effects when certain large

shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large

amounts of shares of the Fund or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly,

may cause a Fund or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively

impact a Fund’s or Underlying Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to

shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption

could result in a Fund’s or Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the

Fund’s or Underlying Fund’s expense ratio. Similarly, large Fund or an Underlying Fund share purchases may adversely affect a Fund’s

or Underlying Fund’s performance to the extent that the Fund or an Underlying Fund is delayed in investing new cash or otherwise

maintains a larger cash position than it ordinarily would.

Liquidity Risk

—

A Fund or an Underlying Fund may make investments that are illiquid or that may become less liquid in response to

market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer

to the risk that a Fund or an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without

significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an

unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund or an Underlying Fund may be

forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund or an Underlying Fund is forced to sell

securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s or Underlying Fund’s

NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity

of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity

risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income

funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more

pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by

large shareholders may have a negative impact on a Fund’s or Underlying Fund’s liquidity.

Market and Credit Risks

—

In the normal course of business, a Fund or an Underlying Fund trades financial instruments and enters

into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities

in which a Fund or an Underlying Fund invests may go up or down in response to the prospects of individual companies, particular

sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies

and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural

disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or

the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments,

could also significantly impact a Fund and/or an Underlying Fund and their investments. Additionally, a Fund and/or an Underlying

Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with

which the Fund and the Underlying Fund has unsettled or open transactions defaults.

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)