Goldman Sachs Variable Insurance Trust NPORT-P Goldman Sachs Variable Insurance Trust Large Cap Value Fund (Sep 2023 report)

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

September

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

97.6%

Australia

–

8.2%

44,802

ANZ

Group

Holdings

Ltd.

(Banks)

$

734,828

35,864

BHP

Group

Ltd.

(Materials)

1,007,450

15,943

BlueScope

Steel

Ltd.

(Materials)

197,430

10,748

Challenger

Ltd.

(Financial

Services)

44,051

1,323

Cochlear

Ltd.

(Health

Care

Equipment

&

Services)

216,685

22,207

Commonwealth

Bank

of

Australia

(Banks)

1,418,496

137,403

Glencore

PLC

(Materials)

782,443

2,458

Goodman

Group

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

33,689

18,308

Helia

Group

Ltd.

(Financial

Services)

41,007

68,549

Insurance

Australia

Group

Ltd.

(Insurance)

248,665

7,079

Macquarie

Group

Ltd.

(Financial

Services)

758,077

2,820

National

Australia

Bank

Ltd.

(Banks)

52,352

90,301

Perenti

Ltd.

(Materials)*

62,431

12,134

Perseus

Mining

Ltd.

(Materials)

12,670

16,079

Qantas

Airways

Ltd.

(Transportation)*

53,229

314,673

Scentre

Group

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

494,466

167,928

Telstra

Group

Ltd.

(Telecommunication

Services)

414,890

28,634

Woodside

Energy

Group

Ltd.

(Energy)

665,772

37,018

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

886,256

8,124,887

Austria

–

0.9%

6,452

BAWAG

Group

AG

(Banks)*

(a)

294,896

5,713

Erste

Group

Bank

AG

(Banks)

197,309

3,086

Raiffeisen

Bank

International

AG

(Banks)*

44,964

8,027

Strabag

SE

(Capital

Goods)

316,711

853,880

Belgium

–

0.3%

3,387

Ageas

SA/NV

(Insurance)

139,498

3,739

KBC

Ancora

(Banks)

152,458

141

Melexis

NV

(Semiconductors

&

Semiconductor

Equipment)

12,135

304,091

China

–

0.7%

14,728

Prosus

NV

(Consumer

Discretionary

Distribution

&

Retail)*

434,747

243,100

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Capital

Goods)

294,684

729,431

Denmark

–

2.4%

109

AP

Moller

-

Maersk

A/S,

Class

B

(Transportation)

196,080

Shares

Description

Value

a

Common

Stocks

–

(continued)

Denmark

–

(continued)

42

AP

Moller

–

Maersk

A/S,

Class

A

(Transportation)

$

74,327

1,115

Genmab

A/S

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

394,767

1,276

Jyske

Bank

A/S

(Banks)*

93,077

14,752

Novo

Nordisk

A/S,

Class

B

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,343,188

2,616

Pandora

A/S

(Consumer

Durables

&

Apparel)

269,948

2,371,387

Finland

–

1.5%

1,100

Kone

OYJ,

Class

B

(Capital

Goods)

46,354

1,292

Konecranes

OYJ

(Capital

Goods)

42,829

26,193

Nokia

OYJ

(Technology

Hardware

&

Equipment)

98,488

28,846

Nordea

Bank

Abp

(Banks)

316,260

15,766

Sampo

OYJ,

Class

A

(Insurance)*

681,588

7,586

UPM-Kymmene

Oyj

(Materials)

259,751

1,445,270

France

–

9.3%

7,636

Air

Liquide

SA

(Materials)

1,286,144

4,418

Airbus

SE

(Capital

Goods)

591,343

1,083

AXA

SA

(Insurance)

32,131

2,770

Dassault

Aviation

SA

(Capital

Goods)

521,730

18,708

Dassault

Systemes

(Software

&

Services)

694,861

3,979

Edenred

(Financial

Services)

248,911

6,278

Eiffage

SA

(Capital

Goods)

595,893

33,983

Engie

SA

(Utilities)

521,169

573

Hermes

International

(Consumer

Durables

&

Apparel)

1,044,481

8,975

Legrand

SA

(Capital

Goods)

824,680

663

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Durables

&

Apparel)

500,453

13,130

Rexel

SA

(Capital

Goods)

294,191

5,459

Safran

SA

(Capital

Goods)

855,476

6,044

Societe

Generale

SA

(Banks)

146,251

2,760

Thales

SA

(Capital

Goods)

387,899

9,911

Veolia

Environnement

SA

(Utilities)

286,489

3,064

Vinci

SA

(Capital

Goods)

338,974

9,171,076

Georgia

–

0.1%

2,456

TBC

Bank

Group

PLC

(Banks)

89,448

Germany

–

9.1%

6,945

Bayerische

Motoren

Werke

AG

(Automobiles

&

Components)

705,385

1,865

Beiersdorf

AG

(Household

&

Personal

Products)

240,565

6,756

Brenntag

SE

(Capital

Goods)

522,757

5,892

Commerzbank

AG

(Banks)

66,870

14,273

Deutsche

Bank

AG

(Financial

Services)

156,864

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

3,116

Deutsche

Telekom

AG

(Telecommunication

Services)

$

65,364

9,125

Deutz

AG

(Capital

Goods)

40,187

4,488

DWS

Group

GmbH

&

Co.

KGaA

(Financial

Services)

(a)

152,399

68,885

E.ON

SE

(Utilities)

814,635

3,543

Fresenius

SE

&

Co.

KGaA

(Health

Care

Equipment

&

Services)

110,046

9,579

FUCHS

SE

(Materials)

306,739

966

GEA

Group

AG

(Capital

Goods)

35,601

2,280

Hannover

Rueck

SE

(Insurance)

500,275

321

Hapag-Lloyd

AG

(Transportation)

(a)

58,173

7,881

Henkel

AG

&

Co.

KGaA

(Household

&

Personal

Products)

496,911

22,493

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)

744,986

7,341

Mercedes-Benz

Group

AG

(Automobiles

&

Components)

510,910

1,333

MTU

Aero

Engines

AG

(Capital

Goods)

241,419

2,759

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Insurance)

1,074,501

12,694

SAP

SE

(Software

&

Services)

1,643,138

3,678

Siemens

AG

(Capital

Goods)

525,619

9,013,344

Hong

Kong

–

1.8%

140,600

AIA

Group

Ltd.

(Insurance)

1,137,053

13,900

Jardine

Matheson

Holdings

Ltd.

(Capital

Goods)

648,435

35,000

Swire

Pacific

Ltd.,

Class

B

(Real

Estate

Management

&

Development)

38,190

1,823,678

Italy

–

1.3%

64,697

Banca

Mediolanum

SpA

(Financial

Services)

551,309

37,866

Banco

BPM

SpA

(Banks)

180,337

973

Prysmian

SpA

(Capital

Goods)

39,055

16,154

UniCredit

SpA

(Banks)

384,892

23,614

Unipol

Gruppo

SpA

(Insurance)

127,453

1,283,046

Japan

–

23.7%

6,500

Advan

Group

Co.

Ltd.

(Capital

Goods)

45,853

17,000

Aisan

Industry

Co.

Ltd.

(Automobiles

&

Components)

151,934

19,000

Aisin

Corp.

(Automobiles

&

Components)

717,916

3,200

Amiyaki

Tei

Co.

Ltd.

(Consumer

Services)

80,247

4,400

Asahi

Kasei

Corp.

(Materials)

27,696

9,800

Astellas

Pharma,

Inc.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

135,648

3,400

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

43,282

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

2,500

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

&

Professional

Services)

$

65,045

3,900

Daiichi

Jitsugyo

Co.

Ltd.

(Capital

Goods)

48,546

9,500

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

254,974

4,800

Doutor

Nichires

Holdings

Co.

Ltd.

(Consumer

Services)

74,789

1,000

FCC

Co.

Ltd.

(Automobiles

&

Components)

12,581

4,200

FJ

Next

Holdings

Co.

Ltd.

(Consumer

Durables

&

Apparel)

29,458

2,000

Fujitsu

Ltd.

(Software

&

Services)

235,222

3,400

H2O

Retailing

Corp.

(Consumer

Staples

Distribution

&

Retail)

41,294

13,000

Heiwa

Corp.

(Consumer

Services)

186,573

1,400

HIS

Co.

Ltd.

(Consumer

Services)*

16,890

47,700

Honda

Motor

Co.

Ltd.

(Automobiles

&

Components)

536,611

3,200

Icom,

Inc.

(Technology

Hardware

&

Equipment)

71,305

8,200

Inaba

Seisakusho

Co.

Ltd.

(Commercial

&

Professional

Services)

84,753

14,100

Isetan

Mitsukoshi

Holdings

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

163,351

6,700

ITOCHU

Corp.

(Capital

Goods)

241,963

7,500

Itoki

Corp.

(Commercial

&

Professional

Services)

75,572

1,600

J

Front

Retailing

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

16,374

3,100

Japan

Electronic

Materials

Corp.

(Semiconductors

&

Semiconductor

Equipment)

28,374

5,600

Japan

Medical

Dynamic

Marketing,

Inc.

(Health

Care

Equipment

&

Services)

28,197

56,300

JFE

Holdings,

Inc.

(Materials)

824,474

3,600

J-Oil

Mills,

Inc.

(Food,

Beverage

&

Tobacco)

42,943

6,900

JSP

Corp.

(Materials)

94,244

1,200

Kamigumi

Co.

Ltd.

(Transportation)

24,713

4,800

Kato

Sangyo

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

127,526

18,300

KDDI

Corp.

(Telecommunication

Services)

560,172

2,100

Kissei

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

47,556

6,500

Kitagawa

Corp.

(Capital

Goods)*

62,689

56,100

Kobe

Steel

Ltd.

(Materials)

730,694

8,100

Kokuyo

Co.

Ltd.

(Commercial

&

Professional

Services)

128,362

700

Komatsu

Ltd.

(Capital

Goods)

18,880

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

13,200

Kyoei

Steel

Ltd.

(Materials)

$

175,535

9,100

Kyokuto

Securities

Co.

Ltd.

(Financial

Services)

56,530

1,700

Kyoritsu

Maintenance

Co.

Ltd.

(Consumer

Services)

70,750

1,600

Mandom

Corp.

(Household

&

Personal

Products)

14,752

4,800

Mars

Group

Holdings

Corp.

(Consumer

Durables

&

Apparel)

89,644

600

Maruichi

Steel

Tube

Ltd.

(Materials)

14,916

12,600

Marusan

Securities

Co.

Ltd.

(Financial

Services)

70,430

41,400

Mazda

Motor

Corp.

(Automobiles

&

Components)

470,076

8,800

Mimasu

Semiconductor

Industry

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

163,216

40,300

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

525,755

118,800

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

791,574

2,700

Mitsubishi

Heavy

Industries

Ltd.

(Capital

Goods)

150,598

4,900

Mitsubishi

Logisnext

Co.

Ltd.

(Capital

Goods)

44,722

20,600

Mitsubishi

Motors

Corp.

(Automobiles

&

Components)

89,781

8,600

Mitsubishi

Shokuhin

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

224,476

84,800

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

718,608

13,500

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

297,324

1,300

Mizuho

Leasing

Co.

Ltd.

(Financial

Services)

42,652

4,600

Mochida

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

102,476

5,000

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

182,972

3,300

Nakamoto

Packs

Co.

Ltd.

(Commercial

&

Professional

Services)

36,611

8,300

NEC

Corp.

(Software

&

Services)

458,348

400

NIPPON

EXPRESS

HOLDINGS,

Inc.

(Transportation)

20,872

2,000

Nippon

Road

Co.

Ltd.

(The)

(Capital

Goods)

25,131

17,900

Nippon

Steel

Corp.

(Materials)

419,364

313,900

Nippon

Telegraph

&

Telephone

Corp.

(Telecommunication

Services)

371,543

8,200

Nippon

Yusen

KK

(Transportation)

212,912

149,500

Nissan

Motor

Co.

Ltd.

(Automobiles

&

Components)

659,780

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

2,400

Nisshin

Oillio

Group

Ltd.

(The)

(Food,

Beverage

&

Tobacco)

$

67,168

2,800

Okamura

Corp.

(Commercial

&

Professional

Services)

42,280

35,600

Ono

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

682,751

4,400

Oriental

Land

Co.

Ltd.

(Consumer

Services)

144,354

44,400

ORIX

Corp.

(Financial

Services)

829,055

5,200

Otsuka

Corp.

(Software

&

Services)

220,004

21,600

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

766,910

9,100

PS

Mitsubishi

Construction

Co.

Ltd.

(Capital

Goods)

50,795

11,100

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)*

169,552

2,800

Riken

Corp.

(Automobiles

&

Components)

68,250

6,300

Riken

Technos

Corp.

(Materials)

30,092

4,800

Sakata

INX

Corp.

(Materials)

41,303

12,100

Santen

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

111,022

12,600

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

612,311

20,600

Sekisui

Chemical

Co.

Ltd.

(Consumer

Durables

&

Apparel)

296,371

8,300

Sekisui

House

Ltd.

(Consumer

Durables

&

Apparel)

165,182

16,600

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

649,893

6,900

Shikoku

Electric

Power

Co.,

Inc.

(Utilities)

47,177

1,300

Shionogi

&

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

57,986

4,300

Sintokogio

Ltd.

(Capital

Goods)

31,440

14,800

SKY

Perfect

JSAT

Holdings,

Inc.

(Media

&

Entertainment)

69,206

10,000

SoftBank

Group

Corp.

(Telecommunication

Services)

421,255

2,500

Sompo

Holdings,

Inc.

(Insurance)

107,142

17,500

SPK

Corp.

(Consumer

Discretionary

Distribution

&

Retail)

225,351

8,200

SRA

Holdings

(Software

&

Services)

191,070

17,200

Subaru

Corp.

(Automobiles

&

Components)

334,445

7,700

SUMCO

Corp.

(Semiconductors

&

Semiconductor

Equipment)

100,200

25,100

Sumitomo

Corp.

(Capital

Goods)

500,944

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

10,500

Sumitomo

Heavy

Industries

Ltd.

(Capital

Goods)

$

265,893

24,200

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

628,269

6,100

T&D

Holdings,

Inc.

(Insurance)

100,315

17,500

Taiho

Kogyo

Co.

Ltd.

(Automobiles

&

Components)

105,186

5,200

Takara

&

Co.

Ltd.

(Commercial

&

Professional

Services)

85,764

13,600

Takashimaya

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

199,227

44,900

Tanseisha

Co.

Ltd.

(Commercial

&

Professional

Services)

280,688

79,700

Tokai

Tokyo

Financial

Holdings,

Inc.

(Financial

Services)

258,369

6,600

Tokio

Marine

Holdings,

Inc.

(Insurance)

152,814

1,300

Tokyo

Century

Corp.

(Financial

Services)

51,819

4,300

Tokyo

Tekko

Co.

Ltd.

(Materials)

101,501

117,600

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate

Management

&

Development)

722,600

1,800

Towa

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

34,177

8,800

Toyo

Engineering

Corp.

(Capital

Goods)*

40,232

8,700

Toyota

Motor

Corp.

(Automobiles

&

Components)

156,081

5,700

Toyota

Tsusho

Corp.

(Capital

Goods)

335,251

7,200

Trend

Micro,

Inc.

(Software

&

Services)

272,544

2,200

WingArc1st,

Inc.

(Software

&

Services)

37,526

800

Yellow

Hat

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

10,150

23,449,964

Macau

–

0.0%

4,400

Sands

China

Ltd.

(Consumer

Services)*

13,380

Netherlands

–

5.3%

3,678

ASML

Holding

NV

(Semiconductors

&

Semiconductor

Equipment)

2,165,425

491

BE

Semiconductor

Industries

NV

(Semiconductors

&

Semiconductor

Equipment)

48,023

4,250

Eurocommercial

Properties

NV

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

94,212

4,509

EXOR

NV

(Financial

Services)

398,815

3,615

Fugro

NV

(Capital

Goods)*

55,419

Shares

Description

Value

a

Common

Stocks

–

(continued)

Netherlands

–

(continued)

386

Heineken

Holding

NV

(Food,

Beverage

&

Tobacco)

$

29,089

26,726

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples

Distribution

&

Retail)

805,514

46,296

Shell

PLC

(Energy)

1,490,403

5,456

Van

Lanschot

Kempen

NV

(Financial

Services)

146,358

5,233,258

New

Zealand

–

0.2%

3,425

Xero

Ltd.

(Software

&

Services)*

246,319

Norway

–

0.8%

7,957

Kongsberg

Gruppen

ASA

(Capital

Goods)

327,937

26,940

Odfjell

Drilling

Ltd.

(Energy)

94,989

55,484

PGS

ASA

(Energy)*

48,210

9,451

Protector

Forsikring

ASA

(Insurance)

153,207

3,980

SpareBank

1

SR-Bank

ASA

(Banks)

45,579

7,926

TGS

ASA

(Energy)

108,187

5,178

Wallenius

Wilhelmsen

ASA

(Transportation)

40,869

818,978

Portugal

–

0.4%

19,536

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)

438,744

Singapore

–

1.1%

47,600

Keppel

Corp.

Ltd.

(Capital

Goods)

236,374

23,000

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

215,097

56,800

Sembcorp

Industries

Ltd.

(Utilities)

211,119

753

STMicroelectronics

NV

(Semiconductors

&

Semiconductor

Equipment)

32,457

19,700

United

Overseas

Bank

Ltd.

(Banks)

410,314

1,105,361

South

Africa

–

0.2%

6,130

Anglo

American

PLC

(Materials)

168,327

Spain

–

2.7%

10,624

Amadeus

IT

Group

SA

(Consumer

Services)

641,719

56,847

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

460,059

50,126

Banco

Santander

SA

(Banks)

190,883

54,638

Bankinter

SA

(Banks)

347,607

26,492

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary

Distribution

&

Retail)

985,822

2,626,090

Sweden

–

3.9%

10,663

Atlas

Copco

AB,

Class

B

(Capital

Goods)

124,704

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

12,534

Epiroc

AB,

Class

B

(Capital

Goods)

$

200,510

4,409

Evolution

AB

(Consumer

Services)

(a)

444,909

13,141

Fortnox

AB

(Software

&

Services)

69,949

16,838

Hexagon

AB,

Class

B

(Technology

Hardware

&

Equipment)

143,304

11,817

Investor

AB,

Class

A

(Financial

Services)

223,735

42,324

Investor

AB,

Class

B

(Financial

Services)

810,272

13,892

Nyfosa

AB

(Real

Estate

Management

&

Development)

74,486

279

Saab

AB,

Class

B

(Capital

Goods)

14,200

4,862

Sandvik

AB

(Capital

Goods)

89,463

4,426

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Banks)

52,766

19,321

SKF

AB,

Class

B

(Capital

Goods)

320,758

19,346

SSAB

AB,

Class

B

(Materials)

106,132

634

Swedbank

AB,

Class

A

(Banks)

11,654

801

Swedish

Orphan

Biovitrum

AB

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

16,367

5,576

Trelleborg

AB,

Class

B

(Capital

Goods)

138,540

15,543

Volvo

AB,

Class

A

(Capital

Goods)

322,775

31,609

Volvo

AB,

Class

B

(Capital

Goods)

651,071

24,248

Volvo

Car

AB,

Class

B

(Automobiles

&

Components)*

98,079

3,913,674

Switzerland

–

5.4%

31,255

ABB

Ltd.

(Capital

Goods)

1,115,591

22

Chocoladefabriken

Lindt

&

Spruengli

AG

(Food,

Beverage

&

Tobacco)

244,476

2,416

Dufry

AG

(Consumer

Discretionary

Distribution

&

Retail)*

91,726

10,613

Julius

Baer

Group

Ltd.

(Financial

Services)

679,316

17,498

Novartis

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,787,047

37,682

UBS

Group

AG

(Financial

Services)

928,190

1,149

Zurich

Insurance

Group

AG

(Insurance)

525,732

5,372,078

United

Kingdom

–

8.8%

18,376

AstraZeneca

PLC

ADR

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,244,423

109,003

Aviva

PLC

(Insurance)

515,929

25,454

BAE

Systems

PLC

(Capital

Goods)

309,313

3,067

Bellway

PLC

(Consumer

Durables

&

Apparel)

85,208

20,079

BP

PLC

ADR

(Energy)

777,459

38,787

British

American

Tobacco

PLC

(Food,

Beverage

&

Tobacco)

1,217,862

31,125

Centrica

PLC

(Utilities)

58,543

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

29,500

CK

Hutchison

Holdings

Ltd.

(Capital

Goods)

$

156,618

33,084

Compass

Group

PLC

(Consumer

Services)

805,318

6,322

Dunelm

Group

PLC

(Consumer

Discretionary

Distribution

&

Retail)

80,992

6,420

Imperial

Brands

PLC

(Food,

Beverage

&

Tobacco)

130,239

50,633

Informa

PLC

(Media

&

Entertainment)

462,354

5,648

Investec

PLC

(Financial

Services)

33,195

6,799

Lancashire

Holdings

Ltd.

(Insurance)

48,943

22,671

M&G

PLC

(Financial

Services)

54,318

34,963

National

Grid

PLC

(Utilities)

418,135

114,950

NatWest

Group

PLC

(Banks)

328,821

28,126

Redrow

PLC

(Consumer

Durables

&

Apparel)

169,233

157,464

Rolls-Royce

Holdings

PLC

(Capital

Goods)*

421,907

6,689

Sage

Group

PLC

(The)

(Software

&

Services)

80,495

20,063

Smiths

Group

PLC

(Capital

Goods)

395,000

6,983

SSE

PLC

(Utilities)

136,841

72,795

Standard

Chartered

PLC

(Banks)

669,535

7,045

Vesuvius

PLC

(Capital

Goods)

37,216

14,160

WPP

PLC

(Media

&

Entertainment)

126,156

8,764,053

United

States

–

9.5%

2,420

CRH

PLC

(Materials)

132,447

7,596

Experian

PLC

(Commercial

&

Professional

Services)

248,447

19,269

GSK

PLC

ADR

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

698,501

8,895

Holcim

AG

(Materials)*

569,359

14,490

Nestle

SA

(Food,

Beverage

&

Tobacco)

1,640,210

7,014

Roche

Holding

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,914,830

14,619

Sanofi

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,569,720

5,276

Schneider

Electric

SE

(Capital

Goods)

869,444

56,111

Stellantis

NV

(Automobiles

&

Components)

1,074,438

1,273

Swiss

Re

AG

(Insurance)

130,738

33,715

Tenaris

SA

(Energy)

532,561

9,380,695

TOTAL

COMMON

STOCKS

(Cost

$92,988,648)

96,740,459

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

ADDITIONAL

INVESTMENT

INFORMATION

Shares

Description

Rate

Value

A

Preferred

Stocks

–

0.7%

Germany

–

0.7%

866

Bayerische

Motoren

Werke

AG

(Automobiles

&

Components)

9.62

%

$

80,608

921

FUCHS

SE

(Materials)

2.90

35,702

5,193

Henkel

AG

&

Co.

KGaA

(Household

&

Personal

Products)

2.74

369,791

3,969

Porsche

Automobil

Holding

SE

(Automobiles

&

Components)

5.49

195,233

TOTAL

PREFERRED

STOCKS

(Cost

$753,472)

681,334

TOTAL

INVESTMENTS

–

98.3%

(Cost

$93,742,120)

$

97,421,793

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.7%

1,637,577

NET

ASSETS

–

100.0%

$

99,059,370

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Financials

21.3

%

Industrials

17.0

Consumer

Discretionary

13.7

Health

Care

11.6

Information

Technology

8.8

Consumer

Staples

7.9

Materials

7.5

Energy

3.8

Real

Estate

3.2

Utilities

2.6

Communication

Services

2.6

TOTAL

INVESTMENTS

100.0%

FUTURES

CONTRACTS

—

At

September

30,

2023,

the

Fund

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

EURO

STOXX

50

Index

1

12/15/23

$

44,447

$

(887)

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

LARGE

CAP

VALUE

FUND

Schedule

of

Investments

September

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.4%

Aerospace

&

Defense

–

1.7%

24,723

L3Harris

Technologies,

Inc.

$

4,304,769

Automobile

Components

–

1.3%

33,768

Aptiv

PLC

*

3,329,187

Banks

–

6.8%

166,366

Bank

of

America

Corp.

4,555,101

23,720

East

West

Bancorp,

Inc.

1,250,281

60,896

JPMorgan

Chase

&

Co.

8,831,138

23,144

M&T

Bank

Corp.

2,926,559

17,563,079

Beverages

–

1.5%

68,275

Coca-Cola

Co.

(The)

3,822,034

Biotechnology

–

2.1%

50,599

Gilead

Sciences,

Inc.

3,791,889

12,737

Neurocrine

Biosciences,

Inc.

*

1,432,912

5,224,801

Broadline

Retail

–

0.8%

16,237

Amazon.com,

Inc.

*

2,064,047

Capital

Markets

–

4.0%

7,222

BlackRock,

Inc.

4,668,951

48,279

KKR

&

Co.,

Inc.

2,973,986

59,716

Nasdaq,

Inc.

2,901,600

10,544,537

Chemicals

–

3.1%

12,218

Linde

PLC

4,549,372

13,644

Sherwin-Williams

Co.

(The)

3,479,902

8,029,274

Commercial

Services

&

Supplies

–

0.7%

13,526

Waste

Connections,

Inc.

1,816,542

Communications

Equipment

–

0.6%

7,965

Arista

Networks,

Inc.

*

1,465,002

Construction

Materials

–

1.5%

9,689

Martin

Marietta

Materials,

Inc.

3,977,141

Consumer

Finance

–

1.3%

22,727

American

Express

Co.

3,390,641

Consumer

Staples

Distribution

&

Retail

–

2.9%

46,422

Walmart,

Inc.

7,424,270

Containers

&

Packaging

–

0.9%

46,513

Ball

Corp.

2,315,417

Diversified

Telecommunication

Services

–

1.5%

122,011

Verizon

Communications,

Inc.

3,954,377

Electric

Utilities

–

3.4%

72,784

Exelon

Corp.

2,750,507

59,178

NextEra

Energy,

Inc.

3,390,308

45,175

Xcel

Energy,

Inc.

2,584,914

8,725,729

Electrical

Equipment

–

2.0%

23,902

Eaton

Corp.

PLC

5,097,819

Financial

Services

–

3.6%

14,322

Berkshire

Hathaway,

Inc.,

Class

B

*

5,016,997

46,835

Fidelity

National

Information

Services,

Inc.

2,588,570

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

(continued)

8,306

Visa,

Inc.,

Class

A

$

1,910,463

9,516,030

Food

Products

–

1.3%

47,624

Mondelez

International,

Inc.,

Class

A

3,305,106

Gas

Utilities

–

0.9%

21,664

Atmos

Energy

Corp.

2,294,868

Ground

Transportation

–

2.5%

18,031

Norfolk

Southern

Corp.

3,550,845

7,159

Old

Dominion

Freight

Line,

Inc.

2,929,033

6,479,878

Health

Care

Equipment

&

Supplies

–

4.1%

76,072

Boston

Scientific

Corp.

*

4,016,602

8,762

Cooper

Cos.,

Inc.

(The)

2,786,404

34,825

Zimmer

Biomet

Holdings,

Inc.

3,908,062

10,711,068

Health

Care

Providers

&

Services

–

2.7%

30,177

Centene

Corp.

*

2,078,592

70,720

CVS

Health

Corp.

4,937,670

7,016,262

Household

Products

–

1.4%

52,203

Colgate-Palmolive

Co.

3,712,155

Industrial

Conglomerates

–

1.8%

43,347

General

Electric

Co.

4,792,011

Industrial

REITs

–

1.5%

34,719

Prologis,

Inc.

REIT

3,895,819

Insurance

–

2.8%

31,436

Allstate

Corp.

(The)

3,502,285

34,144

Globe

Life,

Inc.

3,712,477

7,214,762

Interactive

Media

&

Services

–

1.9%

38,066

Alphabet,

Inc.,

Class

A

*

4,981,317

Life

Sciences

Tools

&

Services

–

1.5%

10,507

Danaher

Corp.

2,606,787

4,959

Waters

Corp.

*

1,359,807

3,966,594

Machinery

–

4.1%

16,183

Caterpillar,

Inc.

4,417,959

10,457

Illinois

Tool

Works,

Inc.

2,408,352

45,418

Stanley

Black

&

Decker,

Inc.

3,796,036

10,622,347

Media

–

0.9%

32,003

Omnicom

Group,

Inc.

2,383,583

Metals

&

Mining

–

1.5%

105,057

Freeport-McMoRan,

Inc.

3,917,576

Multi-Utilities

–

1.9%

41,906

Ameren

Corp.

3,135,826

36,049

CMS

Energy

Corp.

1,914,562

5,050,388

Oil,

Gas

&

Consumable

Fuels

–

8.5%

30,228

Chesapeake

Energy

Corp.

2,606,560

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

LARGE

CAP

VALUE

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Oil,

Gas

&

Consumable

Fuels

–

(continued)

37,834

EOG

Resources,

Inc.

$

4,795,838

92,223

Exxon

Mobil

Corp.

10,843,580

25,341

Hess

Corp.

3,877,173

22,123,151

Personal

Care

Products

–

1.3%

171,552

Kenvue,

Inc.

3,444,764

Pharmaceuticals

–

5.0%

52,865

AstraZeneca

PLC

ADR

(United

Kingdom)

3,580,018

87,000

Bristol-Myers

Squibb

Co.

5,049,480

28,009

Johnson

&

Johnson

4,362,402

12,991,900

Residential

REITs

–

1.4%

20,822

AvalonBay

Communities,

Inc.

REIT

3,575,970

Semiconductors

&

Semiconductor

Equipment

–

4.1%

12,845

Applied

Materials,

Inc.

1,778,390

18,355

ARM

Holdings

PLC

ADR

*

982,360

4,231

KLA

Corp.

1,940,590

69,104

Marvell

Technology,

Inc.

3,740,600

35,086

Micron

Technology,

Inc.

2,386,901

10,828,841

Software

–

3.1%

3,455

Adobe,

Inc.

*

1,761,705

30,639

Oracle

Corp.

3,245,283

14,453

Salesforce,

Inc.

*

2,930,779

7,937,767

Specialized

REITs

–

0.7%

10,836

American

Tower

Corp.

REIT

1,781,980

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Specialty

Retail

–

2.0%

110,246

Foot

Locker,

Inc.

$

1,912,768

30,679

Ross

Stores,

Inc.

3,465,193

5,377,961

Technology

Hardware,

Storage

&

Peripherals

–

1.6%

59,100

Dell

Technologies,

Inc.,

Class

C

4,071,990

Textiles,

Apparel

&

Luxury

Goods

–

1.2%

32,137

NIKE,

Inc.,

Class

B

3,072,940

TOTAL

COMMON

STOCKS

(Cost

$221,605,414)

258,115,694

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.6%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,463,838

5.240%

1,463,838

(Cost

$1,463,838)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$223,069,252)

$

259,579,532

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.0%

123,693

NET

ASSETS

–

100.0%

$

259,703,225

  a

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

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

MID

CAP

GROWTH

FUND

Schedule

of

Investments

September

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.9%

Aerospace

&

Defense

–

2.0%

2,948

L3Harris

Technologies,

Inc.

$

513,306

4,682

Woodward,

Inc.

581,785

1,095,091

Automobile

Components

–

2.0%

7,637

Aptiv

PLC

*

752,932

8,323

Mobileye

Global,

Inc.,

Class

A

(Israel)

*

345,821

1,098,753

Biotechnology

–

7.7%

3,649

Alnylam

Pharmaceuticals,

Inc.

*

646,238

2,085

Biogen,

Inc.

*

535,866

5,978

BioMarin

Pharmaceutical,

Inc.

*

528,933

7,008

Exact

Sciences

Corp.

*

478,086

5,675

Neurocrine

Biosciences,

Inc.

*

638,437

4,212

Sarepta

Therapeutics,

Inc.

*

510,579

3,927

Seagen,

Inc.

*

833,113

4,171,252

Broadline

Retail

–

1.7%

14,591

Etsy,

Inc.

*

942,287

Building

Products

–

2.2%

5,896

Trane

Technologies

PLC

1,196,357

Capital

Markets

–

3.6%

7,103

KKR

&

Co.,

Inc.

437,545

2,178

MSCI,

Inc.

1,117,488

4,452

Tradeweb

Markets,

Inc.,

Class

A

357,050

1,912,083

Chemicals

–

1.9%

9,268

Ashland,

Inc.

757,010

2,083

PPG

Industries,

Inc.

270,373

1,027,383

Communications

Equipment

–

1.4%

3,991

Arista

Networks,

Inc.

*

734,065

Construction

Materials

–

1.9%

2,547

Martin

Marietta

Materials,

Inc.

1,045,493

Consumer

Finance

–

0.6%

3,828

Discover

Financial

Services

331,620

Containers

&

Packaging

–

1.6%

16,904

Ball

Corp.

841,481

Electrical

Equipment

–

4.6%

5,335

AMETEK,

Inc.

788,300

5,967

Rockwell

Automation,

Inc.

1,705,786

2,494,086

Electronic

Equipment,

Instruments

&

Components

–

2.6%

11,679

Amphenol

Corp.,

Class

A

980,919

3,086

Keysight

Technologies,

Inc.

*

408,309

1,389,228

Entertainment

–

1.0%

6,302

Live

Nation

Entertainment,

Inc.

*

523,318

Financial

Services

–

1.0%

7,238

Fidelity

National

Information

Services,

Inc.

400,044

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

(continued)

1,103

Jack

Henry

&

Associates,

Inc.

$

166,707

566,751

Food

Products

–

2.5%

9,217

McCormick

&

Co.,

Inc.

697,174

50,069

Utz

Brands,

Inc.

672,427

1,369,601

Ground

Transportation

–

2.9%

2,840

Old

Dominion

Freight

Line,

Inc.

1,161,958

1,122

Saia,

Inc.

*

447,285

1,609,243

Health

Care

Equipment

&

Supplies

–

6.8%

1,017

Align

Technology,

Inc.

*

310,510

1,545

Cooper

Cos.,

Inc.

(The)

491,325

11,593

Dexcom,

Inc.

*

1,081,627

5,503

Insulet

Corp.

*

877,673

8,326

Zimmer

Biomet

Holdings,

Inc.

934,344

3,695,479

Health

Care

Technology

–

1.2%

3,208

Veeva

Systems,

Inc.,

Class

A

*

652,668

Hotel

&

Resort

REITs

–

0.8%

5,521

Ryman

Hospitality

Properties,

Inc.

REIT

459,789

Hotels,

Restaurants

&

Leisure

–

4.4%

2,518

Domino's

Pizza,

Inc.

953,793

7,594

Expedia

Group,

Inc.

*

782,714

5,260

Yum!

Brands,

Inc.

657,184

2,393,691

IT

Services

–

0.5%

794

MongoDB,

Inc.

*

274,613

Life

Sciences

Tools

&

Services

–

5.5%

5,062

Agilent

Technologies,

Inc.

566,033

2,626

Illumina,

Inc.

*

360,497

886

Mettler-Toledo

International,

Inc.

*

981,750

2,835

West

Pharmaceutical

Services,

Inc.

1,063,720

2,972,000

Machinery

–

6.2%

3,518

Chart

Industries,

Inc.

*

594,964

2,656

Cummins,

Inc.

606,790

9,069

Fortive

Corp.

672,557

7,884

ITT,

Inc.

771,922

8,322

Xylem,

Inc.

757,552

3,403,785

Media

–

2.7%

19,015

Trade

Desk,

Inc.

(The),

Class

A

*

1,486,022

Oil,

Gas

&

Consumable

Fuels

–

3.7%

5,167

Cheniere

Energy,

Inc.

857,515

2,913

Chesapeake

Energy

Corp.

251,188

3,433

Hess

Corp.

525,249

3,690

Targa

Resources

Corp.

316,307

1,950,259

Professional

Services

–

1.6%

2,387

Equifax,

Inc.

437,251

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

MID

CAP

GROWTH

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Professional

Services

–

(continued)

1,610

Paycom

Software,

Inc.

$

417,425

854,676

Real

Estate

Management

&

Development

–

2.0%

14,076

CoStar

Group,

Inc.

*

1,082,304

Semiconductors

&

Semiconductor

Equipment

–

4.5%

3,885

ARM

Holdings

PLC

ADR

*

207,925

5,481

Enphase

Energy,

Inc.

*

658,542

3,073

Entegris,

Inc.

288,585

15,367

Marvell

Technology,

Inc.

831,816

5,330

MKS

Instruments,

Inc.

461,258

2,448,126

Software

–

12.7%

2,952

ANSYS,

Inc.

*

878,368

7,443

Crowdstrike

Holdings,

Inc.,

Class

A

*

1,245,809

10,352

Datadog,

Inc.,

Class

A

*

942,964

8,912

DocuSign,

Inc.

*

374,304

17,408

Dynatrace,

Inc.

*

813,476

908

Fair

Isaac

Corp.

*

788,625

2,012

HubSpot,

Inc.

*

990,910

3,652

Klaviyo,

Inc.,

Class

A

*

125,994

4,985

Zscaler,

Inc.

*

775,616

6,936,066

Specialized

REITs

–

0.3%

861

SBA

Communications

Corp.

REIT

172,346

Specialty

Retail

–

4.6%

1,480

RH

*

391,253

12,008

Ross

Stores,

Inc.

1,356,304

1,846

Ulta

Beauty,

Inc.

*

737,385

2,484,942

Textiles,

Apparel

&

Luxury

Goods

–

1.2%

1,649

Lululemon

Athletica,

Inc.

*

635,871

TOTAL

COMMON

STOCKS

(Cost

$48,217,778)

54,250,729

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.8%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

418,920

5.240%

418,920

(Cost

$418,920)

TOTAL

INVESTMENTS

–

100.7%

(Cost

$48,636,698)

$

54,669,649

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.7)%

(354,409)

NET

ASSETS

–

100.0%

$

54,315,240

  a

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

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

MID

CAP

VALUE

FUND

Schedule

of

Investments

September

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

100.2%

Aerospace

&

Defense

–

2.1%

15,506

L3Harris

Technologies,

Inc.

$

2,699,905

42,982

Woodward,

Inc.

5,340,943

8,040,848

Automobile

Components

–

0.5%

18,198

Aptiv

PLC

*

1,794,141

Banks

–

4.3%

109,277

Citizens

Financial

Group,

Inc.

2,928,624

83,195

East

West

Bancorp,

Inc.

4,385,208

36,734

M&T

Bank

Corp.

4,645,014

67,711

Pinnacle

Financial

Partners,

Inc.

4,539,345

16,498,191

Beverages

–

1.3%

79,541

Coca-Cola

Europacific

Partners

PLC

(United

Kingdom)

4,969,722

Biotechnology

–

0.7%

8,054

Biogen,

Inc.

*

2,069,959

7,703

Sarepta

Therapeutics,

Inc.

*

933,758

3,003,717

Broadline

Retail

–

0.8%

49,008

Etsy,

Inc.

*

3,164,937

Building

Products

–

2.0%

38,924

Allegion

PLC

4,055,881

16,752

Trane

Technologies

PLC

3,399,148

7,455,029

Capital

Markets

–

4.2%

31,562

KKR

&

Co.,

Inc.

1,944,219

6,535

MSCI,

Inc.

3,352,978

83,208

Nasdaq,

Inc.

4,043,077

69,872

Raymond

James

Financial,

Inc.

7,017,245

16,357,519

Chemicals

–

3.6%

69,419

Ashland,

Inc.

5,670,144

35,044

Celanese

Corp.

4,398,723

29,438

PPG

Industries,

Inc.

3,821,052

13,889,919

Communications

Equipment

–

1.3%

8,652

Motorola

Solutions,

Inc.

2,355,420

295,778

Viavi

Solutions,

Inc.

*

2,703,411

5,058,831

Construction

Materials

–

2.1%

19,430

Martin

Marietta

Materials,

Inc.

7,975,626

Consumer

Staples

Distribution

&

Retail

–

1.4%

89,286

Grocery

Outlet

Holding

Corp.

*

2,575,901

45,934

Performance

Food

Group

Co.

*

2,703,675

5,279,576

Containers

&

Packaging

–

1.5%

117,634

Ball

Corp.

5,855,820

Electric

Utilities

–

2.4%

42,756

Eversource

Energy

2,486,261

96,462

FirstEnergy

Corp.

3,297,071

57,234

Xcel

Energy,

Inc.

3,274,929

9,058,261

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Electrical

Equipment

–

2.8%

42,208

AMETEK,

Inc.

$

6,236,654

15,537

Rockwell

Automation,

Inc.

4,441,562

10,678,216

Electronic

Equipment,

Instruments

&

Components

–

1.6%

21,554

Keysight

Technologies,

Inc.

*

2,851,810

15,032

Zebra

Technologies

Corp.,

Class

A

*

3,555,519

6,407,329

Entertainment

–

1.7%

32,574

Electronic

Arts,

Inc.

3,921,910

260,590

Warner

Bros

Discovery,

Inc.

*

2,830,007

6,751,917

Financial

Services

–

3.3%

119,864

Fidelity

National

Information

Services,

Inc.

6,624,883

19,765

Jack

Henry

&

Associates,

Inc.

2,987,282

43,843

Voya

Financial,

Inc.

2,913,367

12,525,532

Food

Products

–

0.6%

163,969

Utz

Brands,

Inc.

2,202,104

Ground

Transportation

–

1.6%

8,835

Old

Dominion

Freight

Line,

Inc.

3,614,752

6,819

Saia,

Inc.

*

2,718,394

6,333,146

Health

Care

Equipment

&

Supplies

–

3.1%

16,883

Cooper

Cos.,

Inc.

(The)

5,368,963

59,776

Zimmer

Biomet

Holdings,

Inc.

6,708,063

12,077,026

Health

Care

Providers

&

Services

–

2.5%

27,599

Cencora,

Inc.

4,966,992

64,314

Centene

Corp.

*

4,429,948

9,396,940

Health

Care

REITs

–

1.0%

91,861

Ventas,

Inc.

REIT

3,870,104

Hotels,

Restaurants

&

Leisure

–

3.2%

81,300

Las

Vegas

Sands

Corp.

3,726,792

21,560

Royal

Caribbean

Cruises

Ltd.

*

1,986,538

51,726

Yum!

Brands,

Inc.

6,462,646

12,175,976

Household

Durables

–

1.4%

47,904

Lennar

Corp.,

Class

A

5,376,266

Independent

Power

and

Renewable

Electricity

Producers

–

1.0%

246,273

AES

Corp.

(The)

3,743,350

Industrial

REITs

–

1.1%

61,792

Americold

Realty

Trust,

Inc.

REIT

1,879,095

14,488

EastGroup

Properties,

Inc.

REIT

2,412,687

4,291,782

Insurance

–

7.6%

44,493

Allstate

Corp.

(The)

4,956,965

26,135

American

Financial

Group,

Inc.

2,918,495

71,960

Arch

Capital

Group

Ltd.

*

5,735,932

20,973

Arthur

J

Gallagher

&

Co.

4,780,376

46,081

Globe

Life,

Inc.

5,010,387

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

MID

CAP

VALUE

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Insurance

–

(continued)

1,222

Markel

Group,

Inc.

*

$

1,799,383

79,987

Unum

Group

3,934,561

29,136,099

Interactive

Media

&

Services

–

0.8%

79,182

Match

Group,

Inc.

*

3,101,955

Life

Sciences

Tools

&

Services

–

0.6%

2,179

Mettler-Toledo

International,

Inc.

*

2,414,485

Machinery

–

8.3%

9,318

Chart

Industries,

Inc.

*

1,575,860

24,056

Cummins,

Inc.

5,495,834

92,954

Fortive

Corp.

6,893,469

11,345

IDEX

Corp.

2,359,987

72,637

ITT,

Inc.

7,111,889

69,543

Stanley

Black

&

Decker,

Inc.

5,812,404

35,487

Xylem,

Inc.

3,230,382

32,479,825

Metals

&

Mining

–

2.1%

73,596

Steel

Dynamics,

Inc.

7,890,963

Multi-Utilities

–

3.6%

36,234

Ameren

Corp.

2,711,390

90,906

CMS

Energy

Corp.

4,828,018

73,227

NiSource,

Inc.

1,807,242

51,774

WEC

Energy

Group,

Inc.

4,170,396

13,517,046

Office

REITs

–

1.1%

42,630

Alexandria

Real

Estate

Equities,

Inc.

REIT

4,267,263

Oil,

Gas

&

Consumable

Fuels

–

6.2%

24,760

Cheniere

Energy,

Inc.

4,109,170

44,470

Chesapeake

Energy

Corp.

3,834,648

62,621

Devon

Energy

Corp.

2,987,022

29,097

Diamondback

Energy,

Inc.

4,506,543

235,314

Marathon

Oil

Corp.

6,294,649

16,768

Phillips

66

2,014,675

23,746,707

Passenger

Airlines

–

0.5%

48,757

United

Airlines

Holdings,

Inc.

*

2,062,421

Residential

REITs

–

2.8%

32,611

AvalonBay

Communities,

Inc.

REIT

5,600,613

28,047

Equity

LifeStyle

Properties,

Inc.

REIT

1,786,874

99,032

Invitation

Homes,

Inc.

REIT

3,138,324

10,525,811

Retail

REITs

–

1.0%

61,687

Regency

Centers

Corp.

REIT

3,666,675

Semiconductors

&

Semiconductor

Equipment

–

4.5%

50,132

ARM

Holdings

PLC

ADR

*

2,683,065

179,520

Marvell

Technology,

Inc.

9,717,418

57,928

MKS

Instruments,

Inc.

5,013,089

17,413,572

Software

–

1.6%

5,531

ANSYS,

Inc.

*

1,645,749

25,824

DocuSign,

Inc.

*

1,084,608

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

(continued)

72,723

Dynatrace,

Inc.

*

$

3,398,346

6,128,703

Specialized

REITs

–

2.0%

79,353

CubeSmart

REIT

3,025,730

155,388

VICI

Properties,

Inc.

REIT

4,521,791

7,547,521

Specialty

Retail

–

3.1%

9,914

Burlington

Stores,

Inc.

*

1,341,364

165,591

Foot

Locker,

Inc.

2,873,004

6,847

RH

*

1,810,073

54,569

Ross

Stores,

Inc.

6,163,569

12,188,010

Trading

Companies

&

Distributors

–

1.3%

11,225

United

Rentals,

Inc.

4,990,298

TOTAL

INVESTMENTS

–

100.2%

(Cost

$354,511,955)

$

385,309,179

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.2)%

(629,625)

NET

ASSETS

–

100.0%

$

384,679,554

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

September

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

97.6%

Aerospace

&

Defense

–

0.4%

3,408

AAR

Corp.

*

$

202,878

953

National

Presto

Industries,

Inc.

69,054

8,851

Triumph

Group,

Inc.

*

67,799

339,731

Air

Freight

&

Logistics

–

0.3%

4,051

Hub

Group,

Inc.,

Class

A

*

318,166

Automobile

Components

–

1.6%

18,419

Adient

PLC

*

675,977

69,811

American

Axle

&

Manufacturing

Holdings,

Inc.

*

506,828

618

Dorman

Products,

Inc.

*

46,820

47,892

Goodyear

Tire

&

Rubber

Co.

(The)

*

595,298

2,013

Luminar

Technologies,

Inc.

*

(a)

9,159

1,104

Modine

Manufacturing

Co.

*

50,508

692

Patrick

Industries,

Inc.

51,942

752

XPEL,

Inc.

*

57,987

1,994,519

Banks

–

8.8%

17,298

Amalgamated

Financial

Corp.

297,872

11,659

Ameris

Bancorp

447,589

4,175

Axos

Financial,

Inc.

*

158,065

5,028

BancFirst

Corp.

436,078

12,440

Bancorp,

Inc.

(The)

*

429,180

25,552

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

(Bermuda)

691,948

2,528

Banner

Corp.

107,137

6,116

Business

First

Bancshares,

Inc.

114,736

1,043

Capital

City

Bank

Group,

Inc.

31,113

15,885

Capitol

Federal

Financial,

Inc.

75,771

19,396

Central

Pacific

Financial

Corp.

323,525

3,484

Community

Trust

Bancorp,

Inc.

119,362

3,299

Enterprise

Financial

Services

Corp.

123,712

4,506

Esquire

Financial

Holdings,

Inc.

205,879

2,569

Financial

Institutions,

Inc.

43,236

584

First

Bancorp,

Inc.

(The)

13,724

33,235

First

BanCorp.

(Puerto

Rico)

447,343

23,282

First

Commonwealth

Financial

Corp.

284,273

2,785

First

Financial

Bankshares,

Inc.

69,959

17,152

Glacier

Bancorp,

Inc.

488,832

10,243

Hancock

Whitney

Corp.

378,889

15,433

Hanmi

Financial

Corp.

250,478

1,328

Heartland

Financial

USA,

Inc.

39,083

21,740

Heritage

Financial

Corp.

354,579

2,784

Home

Bancorp,

Inc.

88,726

4,850

HomeTrust

Bancshares,

Inc.

105,099

10,328

International

Bancshares

Corp.

447,616

33,227

Macatawa

Bank

Corp.

297,714

4,142

Metrocity

Bankshares,

Inc.

81,515

12,469

National

Bank

Holdings

Corp.,

Class

A

371,077

3,958

Northeast

Community

Bancorp,

Inc.

58,420

2,541

OFG

Bancorp

(Puerto

Rico)

75,874

4,422

Old

National

Bancorp

64,296

2,801

Old

Second

Bancorp,

Inc.

38,122

2,113

Origin

Bancorp,

Inc.

61,002

8,606

Pathward

Financial,

Inc.

396,651

607

Preferred

Bank

37,786

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Banks

–

(continued)

2,199

Renasant

Corp.

$

57,592

3,533

Seacoast

Banking

Corp.

of

Florida

77,585

1,919

Sierra

Bancorp

36,384

4,064

Southside

Bancshares,

Inc.

116,637

8,020

Texas

Capital

Bancshares,

Inc.

*

472,378

10,924

TrustCo

Bank

Corp.

298,116

7,667

UMB

Financial

Corp.

475,737

7,600

Veritex

Holdings,

Inc.

136,420

238

Westamerica

BanCorp

10,293

9,737,403

Beverages

–

1.1%

961

Coca-Cola

Consolidated,

Inc.

611,504

2,232

National

Beverage

Corp.

*

104,949

37,985

Primo

Water

Corp.

524,193

1,240,646

Biotechnology

–

8.0%

13,856

ACADIA

Pharmaceuticals,

Inc.

*

288,759

62,415

ADMA

Biologics,

Inc.

*

223,446

4,990

Agenus,

Inc.

*

5,639

1,307

Akero

Therapeutics,

Inc.

*

66,108

29,845

Alkermes

PLC

*

835,958

2,970

Allogene

Therapeutics,

Inc.

*

9,415

20,586

Amicus

Therapeutics,

Inc.

*

250,326

4,446

AnaptysBio,

Inc.

*

79,850

1,569

Arcturus

Therapeutics

Holdings,

Inc.

*

40,088

44,528

Aurinia

Pharmaceuticals,

Inc.

(Canada)

*

345,983

1,037

BioCryst

Pharmaceuticals,

Inc.

*

7,342

18,553

Biohaven

Ltd.

*

482,564

3,321

Bridgebio

Pharma,

Inc.

*

87,575

14,110

CareDx,

Inc.

*

98,770

14,547

Catalyst

Pharmaceuticals,

Inc.

*

170,054

5,221

Coherus

Biosciences,

Inc.

*

19,527

2,280

Day

One

Biopharmaceuticals,

Inc.

*

27,976

19,623

Deciphera

Pharmaceuticals,

Inc.

*

249,605

6,528

Denali

Therapeutics,

Inc.

*

134,673

5,968

Eagle

Pharmaceuticals,

Inc.

*

94,115

5,471

Enanta

Pharmaceuticals,

Inc.

*

61,111

6,717

Erasca,

Inc.

*

13,232

6,409

Generation

Bio

Co.

*

24,290

17,151

Halozyme

Therapeutics,

Inc.

*

655,168

5,818

Ideaya

Biosciences,

Inc.

*

156,970

1,666

Immunovant,

Inc.

*

63,958

22,887

Iovance

Biotherapeutics,

Inc.

*

104,136

2,923

iTeos

Therapeutics,

Inc.

*

32,007

1,051

KalVista

Pharmaceuticals,

Inc.

*

10,121

26,450

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

*

459,436

17,823

Kodiak

Sciences,

Inc.

*

32,081

22,579

MacroGenics,

Inc.

*

105,218

758

Madrigal

Pharmaceuticals,

Inc.

*

110,698

93,470

MannKind

Corp.

*

386,031

11,745

Myriad

Genetics,

Inc.

*

188,390

8,147

Nurix

Therapeutics,

Inc.

*

64,035

4,154

Organogenesis

Holdings,

Inc.

*

13,210

34,012

PMV

Pharmaceuticals,

Inc.

*

208,834

25,514

Poseida

Therapeutics,

Inc.

*

60,723

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

8,468

Precigen,

Inc.

*

$

12,025

8,314

PTC

Therapeutics,

Inc.

*

186,317

2,747

Rhythm

Pharmaceuticals,

Inc.

*

62,975

13,269

Rigel

Pharmaceuticals,

Inc.

*

14,330

5,370

Rocket

Pharmaceuticals,

Inc.

*

110,031

6,463

Selecta

Biosciences,

Inc.

*

(a)

6,851

8,685

SpringWorks

Therapeutics,

Inc.

*

200,797

45,539

Sutro

Biopharma,

Inc.

*

158,020

8,933

TG

Therapeutics,

Inc.

*

74,680

10,474

Travere

Therapeutics,

Inc.

*

93,638

3,843

Twist

Bioscience

Corp.

*

77,859

850

Tyra

Biosciences,

Inc.

*

11,704

48,172

Vanda

Pharmaceuticals,

Inc.

*

208,103

3,416

Vaxcyte,

Inc.

*

174,148

12,876

Veracyte,

Inc.

*

287,521

16,508

Vericel

Corp.

*

553,348

11,522

Viking

Therapeutics,

Inc.

*

127,549

1,425

Vir

Biotechnology,

Inc.

*

13,352

28,624

Y-mAbs

Therapeutics,

Inc.

*

156,001

8,796,671

Broadline

Retail

–

0.1%

217

Dillard's,

Inc.,

Class

A

(a)

71,786

Building

Products

–

1.1%

11,352

AAON,

Inc.

645,588

2,202

American

Woodmark

Corp.

*

166,493

1,988

JELD-WEN

Holding,

Inc.

*

26,560

36,394

Masterbrand,

Inc.

*

442,187

1,280,828

Capital

Markets

–

0.3%

7,530

Moelis

&

Co.,

Class

A

339,829

6,804

Open

Lending

Corp.

*

49,805

380

Piper

Sandler

Cos.

55,218

266

StoneX

Group,

Inc.

*

25,781

470,633

Chemicals

–

1.3%

6,922

Innospec,

Inc.

707,428

10,705

Minerals

Technologies,

Inc.

586,206

12,502

Orion

SA

(Germany)

266,043

1,559,677

Commercial

Services

&

Supplies

–

1.1%

20,129

ACV

Auctions,

Inc.,

Class

A

*

305,558

15,944

Ennis,

Inc.

338,332

5,792

Healthcare

Services

Group,

Inc.

60,411

2,701

Montrose

Environmental

Group,

Inc.

*

79,031

31,114

Steelcase,

Inc.,

Class

A

347,543

1,130,875

Communications

Equipment

–

0.9%

16,855

NetScout

Systems,

Inc.

*

472,277

65,757

Viavi

Solutions,

Inc.

*

601,019

1,073,296

Construction

&

Engineering

–

3.2%

10,618

Arcosa,

Inc.

763,434

5,822

Comfort

Systems

USA,

Inc.

992,127

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Construction

&

Engineering

–

(continued)

1,033

Construction

Partners,

Inc.,

Class

A

*

$

37,766

2,416

Dycom

Industries,

Inc.

*

215,024

7,569

Fluor

Corp.

*

277,782

29,243

Great

Lakes

Dredge

&

Dock

Corp.

*

233,067

3,062

IES

Holdings,

Inc.

*

201,694

2,315

Northwest

Pipe

Co.

*

69,844

3,332

Primoris

Services

Corp.

109,056

9,138

Sterling

Infrastructure,

Inc.

*

671,460

3,571,254

Construction

Materials

–

0.7%

24,569

Summit

Materials,

Inc.,

Class

A

*

765,079

Consumer

Finance

–

0.0%

1,953

Regional

Management

Corp.

54,059

1,874

Upstart

Holdings,

Inc.

*

(a)

53,484

107,543

Consumer

Staples

Distribution

&

Retail

–

0.0%

2,984

Natural

Grocers

by

Vitamin

Cottage,

Inc.

38,523

302

Weis

Markets,

Inc.

19,026

57,549

Distributors

–

0.0%

968

Weyco

Group,

Inc.

24,539

Diversified

Consumer

Services

–

1.8%

45,212

Coursera,

Inc.

*

845,012

5,806

Duolingo,

Inc.

*

963,041

7,675

Frontdoor,

Inc.

*

234,778

1,281

Perdoceo

Education

Corp.

21,905

504

Strategic

Education,

Inc.

37,926

2,102,662

Diversified

REITs

–

0.4%

19,140

Alexander

&

Baldwin,

Inc.

REIT

320,212

6,361

American

Assets

Trust,

Inc.

REIT

123,721

443,933

Diversified

Telecommunication

Services

–

0.3%

4,504

Liberty

Latin

America

Ltd.,

Class

A

(Puerto

Rico)

*

36,753

40,100

Liberty

Latin

America

Ltd.,

Class

C

(Puerto

Rico)

*

327,216

363,969

Electric

Utilities

–

0.0%

306

ALLETE,

Inc.

16,157

Electrical

Equipment

–

3.3%

807

Allient,

Inc.

24,952

6,375

Atkore,

Inc.

*

951,086

4,830

Encore

Wire

Corp.

881,282

2,641

Enovix

Corp.

*

(a)

33,145

52,518

FTC

Solar,

Inc.

*

(a)

67,223

18,461

NEXTracker,

Inc.,

Class

A

*

741,394

5,956

Powell

Industries,

Inc.

493,752

16,258

Thermon

Group

Holdings,

Inc.

*

446,607

1,888

Vicor

Corp.

*

111,184

3,750,625

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Electronic

Equipment,

Instruments

&

Components

–

1.9%

2,825

Badger

Meter,

Inc.

$

406,433

4,658

Belden,

Inc.

449,730

2,178

ePlus,

Inc.

*

138,347

2,471

Fabrinet

(Thailand)

*

411,718

2,478

Methode

Electronics,

Inc.

56,622

1,734

Napco

Security

Technologies,

Inc.

38,581

2,301

PC

Connection,

Inc.

122,827

6,829

Sanmina

Corp.

*

370,678

1,261

ScanSource,

Inc.

*

38,221

3,868

Vishay

Precision

Group,

Inc.

*

129,887

2,163,044

Energy

Equipment

&

Services

–

1.3%

16,568

Borr

Drilling

Ltd.

(Mexico)

*

117,633

3,706

ChampionX

Corp.

132,008

4,307

Dril-Quip,

Inc.

*

121,328

4,609

Helix

Energy

Solutions

Group,

Inc.

*

51,483

4,970

Nabors

Industries

Ltd.

*

612,006

4,017

Oil

States

International,

Inc.

*

33,622

21,836

ProFrac

Holding

Corp.,

Class

A

*

237,576

23,160

RPC,

Inc.

207,050

1,920

Tidewater,

Inc.

*

136,454

1,649,160

Entertainment

–

0.5%

4,305

Cinemark

Holdings,

Inc.

*

78,997

14,420

IMAX

Corp.

*

278,594

6,590

Madison

Square

Garden

Entertainment

Corp.

*

216,877

574,468

Financial

Services

–

2.9%

13,668

A-Mark

Precious

Metals,

Inc.

400,882

29,758

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

630,870

9,078

Essent

Group

Ltd.

429,299

3,039

EVERTEC,

Inc.

(Puerto

Rico)

112,990

6,939

I3

Verticals,

Inc.,

Class

A

*

146,690

33,384

Marqeta,

Inc.,

Class

A

*

199,636

18,954

NMI

Holdings,

Inc.,

Class

A

*

(b)

513,464

68,619

StoneCo

Ltd.,

Class

A

(Brazil)

*

732,165

3,165,996

Food

Products

–

0.4%

8,198

B&G

Foods,

Inc.

(a)

81,078

3,650

John

B.

Sanfilippo

&

Son,

Inc.

360,620

441,698

Gas

Utilities

–

0.1%

4,245

Northwest

Natural

Holding

Co.

161,989

Ground

Transportation

–

0.2%

4,735

Marten

Transport

Ltd.

93,327

3,699

PAM

Transportation

Services,

Inc.

*

79,713

173,040

Health

Care

Equipment

&

Supplies

–

2.6%

19,302

AngioDynamics,

Inc.

*

141,098

15,669

Artivion,

Inc.

*

237,542

6,452

AtriCure,

Inc.

*

282,598

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Equipment

&

Supplies

–

(continued)

30,116

Embecta

Corp.

$

453,246

5,326

Inari

Medical,

Inc.

*

348,320

419

Inmode

Ltd.

*

12,763

3,942

iRadimed

Corp.

174,907

3,245

LeMaitre

Vascular,

Inc.

176,788

2,024

LivaNova

PLC

*

107,029

1,951

Merit

Medical

Systems,

Inc.

*

134,658

7,839

Nano-X

Imaging

Ltd.

(Israel)

*

(a)

51,424

4,689

Pulmonx

Corp.

*

48,437

2,727

Surmodics,

Inc.

*

87,509

3,384

Utah

Medical

Products,

Inc.

291,024

18,169

Varex

Imaging

Corp.

*

341,395

2,888,738

Health

Care

Providers

&

Services

–

4.4%

12,654

Accolade,

Inc.

*

133,879

57,669

Alignment

Healthcare,

Inc.

*

400,223

43,225

Brookdale

Senior

Living,

Inc.

*

178,951

11,441

Community

Health

Systems,

Inc.

*

33,179

2,409

Guardant

Health,

Inc.

*

71,403

12,647

HealthEquity,

Inc.

*

923,863

61,995

Hims

&

Hers

Health,

Inc.

*

389,949

24,024

Joint

Corp.

(The)

*

215,976

6,234

National

HealthCare

Corp.

398,851

20,839

OPKO

Health,

Inc.

*

33,342

1,496

Owens

&

Minor,

Inc.

*

24,175

17,377

Pediatrix

Medical

Group,

Inc.

*

220,862

29,018

Pennant

Group,

Inc.

(The)

*

322,970

4,236

PetIQ,

Inc.

*

83,449

16,086

Progyny,

Inc.

*

547,246

25,863

Select

Medical

Holdings

Corp.

653,558

8,507

Surgery

Partners,

Inc.

*

248,830

4,880,706

Health

Care

Technology

–

0.2%

11,111

American

Well

Corp.,

Class

A

*

13,000

11,024

Phreesia,

Inc.

*

205,928

218,928

Hotel

&

Resort

REITs

–

2.8%

47,170

Chatham

Lodging

Trust

REIT

451,417

83,311

DiamondRock

Hospitality

Co.

REIT

668,987

68,965

RLJ

Lodging

Trust

REIT

675,167

9,888

Ryman

Hospitality

Properties,

Inc.

REIT

823,473

77,773

Service

Properties

Trust

REIT

598,074

4,190

Xenia

Hotels

&

Resorts,

Inc.

REIT

49,358

3,266,476

Hotels,

Restaurants

&

Leisure

–

2.4%

27,893

Bloomin'

Brands,

Inc.

685,889

2,059

Cheesecake

Factory,

Inc.

(The)

62,388

13,410

Chuy's

Holdings,

Inc.

*

477,128

5,638

Dine

Brands

Global,

Inc.

278,799

17,514

Everi

Holdings,

Inc.

*

231,535

9,974

International

Game

Technology

PLC

302,412

993

Monarch

Casino

&

Resort,

Inc.

61,665

10,197

PlayAGS,

Inc.

*

66,484

20,686

Portillo's,

Inc.,

Class

A

*

318,358

6,452

Sabre

Corp.

*

28,969

2,681

Shake

Shack,

Inc.,

Class

A

*

155,686

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Hotels,

Restaurants

&

Leisure

–

(continued)

1,052

Xponential

Fitness,

Inc.,

Class

A

*

$

16,306

2,685,619

Household

Durables

–

1.9%

7,019

Beazer

Homes

USA,

Inc.

*

174,843

1,148

Century

Communities,

Inc.

76,663

2,233

Dream

Finders

Homes,

Inc.,

Class

A

*

49,640

6,418

Green

Brick

Partners,

Inc.

*

266,411

553

Hovnanian

Enterprises,

Inc.,

Class

A

*

56,218

6,607

LGI

Homes,

Inc.

*

657,330

9,149

M/I

Homes,

Inc.

*

768,882

943

MDC

Holdings,

Inc.

38,880

2,088,867

Household

Products

–

0.1%

297

WD-40

Co.

60,362

Industrial

REITs

–

0.6%

49,819

LXP

Industrial

Trust

REIT

443,389

4,767

Terreno

Realty

Corp.

REIT

270,766

714,155

Insurance

–

3.4%

12,981

Ambac

Financial

Group,

Inc.

*

156,551

31,325

CNO

Financial

Group,

Inc.

743,342

27,976

Crawford

&

Co.,

Class

A

261,296

16,663

Employers

Holdings,

Inc.

665,687

137

Enstar

Group

Ltd.

*

33,154

62,100

Genworth

Financial,

Inc.,

Class

A

*

363,906

7,099

Goosehead

Insurance,

Inc.,

Class

A

*

529,088

22

Hippo

Holdings,

Inc.

*

175

20,273

James

River

Group

Holdings

Ltd.

311,191

7,388

Palomar

Holdings,

Inc.

*

374,941

10,411

Stewart

Information

Services

Corp.

456,002

2,934

Universal

Insurance

Holdings,

Inc.

41,135

3,936,468

Interactive

Media

&

Services

–

1.4%

43,892

Bumble,

Inc.,

Class

A

*

654,869

8,259

Cars.com,

Inc.

*

139,247

20,999

Eventbrite,

Inc.,

Class

A

*

207,050

97,327

Vimeo,

Inc.

*

344,538

17,801

ZipRecruiter,

Inc.,

Class

A

*

213,434

1,559,138

IT

Services

–

0.7%

15,294

Fastly,

Inc.,

Class

A

*

293,186

2,726

Information

Services

Group,

Inc.

11,940

2,190

Perficient,

Inc.

*

126,713

17,100

Rackspace

Technology,

Inc.

*

40,185

1,687

Squarespace,

Inc.,

Class

A

*

48,872

29,372

Thoughtworks

Holding,

Inc.

*

119,838

62,340

Unisys

Corp.

*

215,073

855,807

Leisure

Products

–

0.7%

8,688

Malibu

Boats,

Inc.,

Class

A

*

425,886

12,859

MasterCraft

Boat

Holdings,

Inc.

*

285,727

711,613

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Life

Sciences

Tools

&

Services

–

0.6%

24,991

Adaptive

Biotechnologies

Corp.

*

$

136,201

5,233

Mesa

Laboratories,

Inc.

549,831

31,768

NanoString

Technologies,

Inc.

*

54,641

832

Quanterix

Corp.

*

22,580

763,253

Machinery

–

3.1%

2,290

Chart

Industries,

Inc.

*

387,285

11,357

Douglas

Dynamics,

Inc.

342,754

8,590

Franklin

Electric

Co.,

Inc.

766,486

2,759

Gorman-Rupp

Co.

(The)

90,771

7,806

Greenbrier

Cos.,

Inc.

(The)

312,240

3,950

Kennametal,

Inc.

98,276

5,873

Mueller

Industries,

Inc.

441,415

530

Omega

Flex,

Inc.

41,727

429

REV

Group,

Inc.

6,864

464

Shyft

Group,

Inc.

(The)

6,946

1,468

Standex

International

Corp.

213,873

8,087

Wabash

National

Corp.

170,797

3,058

Watts

Water

Technologies,

Inc.,

Class

A

528,484

3,407,918

Marine

Transportation

–

0.0%

5,357

Costamare,

Inc.

(Monaco)

51,534

Media

–

0.6%

130

Daily

Journal

Corp.

*

38,220

4,645

Gray

Television,

Inc.

32,143

7,222

TechTarget,

Inc.

*

219,260

22,833

Thryv

Holdings,

Inc.

*

428,575

2,024

WideOpenWest,

Inc.

*

15,484

733,682

Metals

&

Mining

–

2.4%

9,224

ATI,

Inc.

*

379,568

13,035

Carpenter

Technology

Corp.

876,082

33,750

Coeur

Mining,

Inc.

*

74,925

7,738

Commercial

Metals

Co.

382,335

9,334

Constellium

SE

*

169,879

8,192

Haynes

International,

Inc.

381,092

2,514

Olympic

Steel,

Inc.

141,312

2,863

Ryerson

Holding

Corp.

83,285

7,955

SunCoke

Energy,

Inc.

80,743

1,422

Worthington

Industries,

Inc.

87,908

2,657,129

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

1.3%

14,545

Arbor

Realty

Trust,

Inc.

REIT

220,793

47,284

ARMOUR

Residential

REIT,

Inc.

REIT

*

200,957

9,247

BrightSpire

Capital,

Inc.

REIT

57,886

27,262

Invesco

Mortgage

Capital,

Inc.

REIT

272,893

13,556

KKR

Real

Estate

Finance

Trust,

Inc.

REIT

160,910

14,456

Ladder

Capital

Corp.

REIT

148,319

15,732

MFA

Financial,

Inc.

REIT

151,185

1,524

Nexpoint

Real

Estate

Finance,

Inc.

REIT

24,933

27,944

Two

Harbors

Investment

Corp.

REIT

369,979

1,607,855

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Multi-Utilities

–

0.1%

2,156

Black

Hills

Corp.

$

109,072

Office

REITs

–

0.5%

31,888

Equity

Commonwealth

REIT

585,783

Oil,

Gas

&

Consumable

Fuels

–

5.5%

2,350

CONSOL

Energy,

Inc.

246,538

47,519

DHT

Holdings,

Inc.

489,446

5,520

Dorian

LPG

Ltd.

158,590

1,424

Energy

Fuels,

Inc.

*

11,705

12,138

Golar

LNG

Ltd.

(Cameroon)

294,468

6,909

International

Seaways,

Inc.

310,905

63,436

Kosmos

Energy

Ltd.

(Ghana)

*

518,906

2,485

Magnolia

Oil

&

Gas

Corp.,

Class

A

56,931

8,093

Murphy

Oil

Corp.

367,018

153,773

Nordic

American

Tankers

Ltd.

633,545

25,444

Orion

SA

355,198

4,765

PBF

Energy,

Inc.,

Class

A

255,070

6,512

Peabody

Energy

Corp.

169,247

11,826

Scorpio

Tankers,

Inc.

(Monaco)

640,023

742

SilverBow

Resources,

Inc.

*

26,541

49,301

Teekay

Corp.

(Bermuda)

*

304,187

15,401

Teekay

Tankers

Ltd.,

Class

A

(Canada)

641,144

23,492

Vitesse

Energy,

Inc.

537,732

6,017,194

Personal

Care

Products

–

0.1%

4,435

Edgewell

Personal

Care

Co.

163,918

Pharmaceuticals

–

1.4%

37,713

Amneal

Pharmaceuticals,

Inc.

*

159,149

7,496

Amphastar

Pharmaceuticals,

Inc.

*

344,741

2,295

Arvinas,

Inc.

*

45,074

12,035

Assertio

Holdings,

Inc.

*

30,810

3,894

Atea

Pharmaceuticals,

Inc.

*

11,682

102

Axsome

Therapeutics,

Inc.

*

7,129

1,828

Collegium

Pharmaceutical,

Inc.

*

40,856

3,291

Intra-Cellular

Therapies,

Inc.

*

171,428

6,083

Phibro

Animal

Health

Corp.,

Class

A

77,680

13,062

Prestige

Consumer

Healthcare,

Inc.

*

747,016

1,635,565

Professional

Services

–

3.0%

21,770

Alight,

Inc.,

Class

A

*

154,349

13,300

CBIZ,

Inc.

*

690,270

28,060

ExlService

Holdings,

Inc.

*

786,802

8,359

Exponent,

Inc.

715,530

6,265

Franklin

Covey

Co.

*

268,894

384

Huron

Consulting

Group,

Inc.

*

39,997

4,599

IBEX

Holdings

Ltd.

*

71,055

10,777

Legalzoom.com,

Inc.

*

117,900

12,647

Parsons

Corp.

*

687,364

3,532,161

Real

Estate

Management

&

Development

–

0.6%

18,294

Anywhere

Real

Estate,

Inc.

*

117,630

13,336

Compass,

Inc.,

Class

A

*

38,674

11,872

Cushman

&

Wakefield

PLC

*

90,465

26,984

Douglas

Elliman,

Inc.

60,984

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

Management

&

Development

–

(continued)

5,370

Forestar

Group,

Inc.

*

$

144,668

18,884

Newmark

Group,

Inc.,

Class

A

121,424

22,018

Redfin

Corp.

*

155,007

728,852

Residential

REITs

–

1.5%

7,318

Centerspace

REIT

440,983

46,466

Independence

Realty

Trust,

Inc.

REIT

653,777

17,245

NexPoint

Residential

Trust,

Inc.

REIT

554,944

1,649,704

Retail

REITs

–

0.2%

148

Alexander's,

Inc.

REIT

26,970

5,027

Kite

Realty

Group

Trust

REIT

107,678

5,516

Macerich

Co.

(The)

REIT

60,180

2,446

Tanger

Factory

Outlet

Centers,

Inc.

REIT

55,280

250,108

Semiconductors

&

Semiconductor

Equipment

–

1.7%

1,231

ACM

Research,

Inc.,

Class

A

*

22,287

5,463

Axcelis

Technologies,

Inc.

*

890,742

748

Cohu,

Inc.

*

25,761

743

Diodes,

Inc.

*

58,578

10,326

FormFactor,

Inc.

*

360,790

12,339

Ichor

Holdings

Ltd.

*

382,015

4,989

PDF

Solutions,

Inc.

*

161,644

2,115

Photronics,

Inc.

*

42,744

628

SiTime

Corp.

*

71,749

2,016,310

Software

–

5.4%

6,579

Alarm.com

Holdings,

Inc.

*

402,240

7,133

Amplitude,

Inc.,

Class

A

*

82,529

3,971

Appian

Corp.,

Class

A

*

181,117

20,869

Asana,

Inc.,

Class

A

*

382,111

1,431

Braze,

Inc.,

Class

A

*

66,871

677

C3.ai,

Inc.,

Class

A

*

17,277

92,261

Cleanspark,

Inc.

*

351,514

34,155

Clear

Secure,

Inc.,

Class

A

650,311

685

CommVault

Systems,

Inc.

*

46,313

2,405

Ebix,

Inc.

23,761

23,530

Instructure

Holdings,

Inc.

*

597,662

9,596

Intapp,

Inc.

*

321,658

3,094

Marathon

Digital

Holdings,

Inc.

*

(a)

26,299

720

MicroStrategy,

Inc.,

Class

A

*

(a)

236,362

5,762

Q2

Holdings,

Inc.

*

185,940

2,301

Rapid7,

Inc.

*

105,340

4,505

Red

Violet,

Inc.

*

90,145

2,551

Riot

Platforms,

Inc.

*

23,801

8,976

Sapiens

International

Corp.

NV

(Israel)

255,188

15,351

SolarWinds

Corp.

*

144,913

3,435

SPS

Commerce,

Inc.

*

586,045

14,167

Tenable

Holdings,

Inc.

*

634,682

3,161

Varonis

Systems,

Inc.

*

96,537

4,793

Weave

Communications,

Inc.

*

39,063

15,346

Yext,

Inc.

*

97,140

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

ADDITIONAL

INVESTMENT

INFORMATION

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

(continued)

39,862

Zeta

Global

Holdings

Corp.,

Class

A

*

$

332,848

9,029

Zuora,

Inc.,

Class

A

*

74,399

6,052,066

Specialized

REITs

–

0.1%

353

Four

Corners

Property

Trust,

Inc.

REIT

7,833

16,112

Uniti

Group,

Inc.

REIT

76,049

83,882

Specialty

Retail

–

2.4%

6,673

Academy

Sports

&

Outdoors,

Inc.

315,433

4,982

American

Eagle

Outfitters,

Inc.

82,751

3,275

Asbury

Automotive

Group,

Inc.

*

753,479

750

Boot

Barn

Holdings,

Inc.

*

60,892

18,349

CarParts.com,

Inc.

*

75,598

3,617

Carvana

Co.

*

(a)

151,842

1,935

Group

1

Automotive,

Inc.

519,954

6,216

Monro,

Inc.

172,618

27,226

Sally

Beauty

Holdings,

Inc.

*

228,154

1,180

Sleep

Number

Corp.

*

29,016

4,591

Urban

Outfitters,

Inc.

*

150,080

143

Winmark

Corp.

53,358

2,593,175

Technology

Hardware,

Storage

&

Peripherals

–

1.4%

14,852

Eastman

Kodak

Co.

*

62,527

4,612

Super

Micro

Computer,

Inc.

*

1,264,703

14,834

Xerox

Holdings

Corp.

232,745

1,559,975

Textiles,

Apparel

&

Luxury

Goods

–

0.7%

7,158

G-III

Apparel

Group

Ltd.

*

178,377

7,824

Kontoor

Brands,

Inc.

343,552

2,935

Oxford

Industries,

Inc.

282,142

804,071

Trading

Companies

&

Distributors

–

1.8%

4,276

Applied

Industrial

Technologies,

Inc.

661,112

947

Boise

Cascade

Co.

97,579

2,345

H&E

Equipment

Services,

Inc.

101,281

862

Herc

Holdings,

Inc.

102,526

21,762

NOW,

Inc.

*

258,315

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Trading

Companies

&

Distributors

–

(continued)

18,670

Rush

Enterprises,

Inc.,

Class

A

$

762,296

1,983,109

TOTAL

COMMON

STOCKS

(Cost

$109,487,049)

110,400,129

Shares

Dividend

Rate

Value

aa

Investment

Company

–

1.0%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,090,139

5.240%

1,090,139

(Cost

$1,090,139)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$110,577,188)

111,490,268

a

Securities

Lending

Reinvestment

Vehicle

–

0.6%

(c)

a

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

721,511

5.240%

721,511

(Cost

$721,511)

TOTAL

INVESTMENTS

–

99.2%

(Cost

$111,298,699)

$

112,211,779

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.8%

810,391

NET

ASSETS

–

100.0%

$

113,022,170

  a

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

$284,445,

which

represents

approximately

0.3%

of

net

assets

as

of

September

30,

2023.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

September

30,

2023,

the

Fund

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

Russell

2000

E-Mini

Index

20

12/15/23

$

1,798,600

$

(73,691)

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

STRATEGIC

GROWTH

FUND

Schedule

of

Investments

September

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.4%

Automobile

Components

–

0.5%

16,741

Aptiv

PLC

*

$

1,650,495

Automobiles

–

2.4%

31,589

Tesla,

Inc.

*

7,904,200

Beverages

–

1.1%

35,270

Coca-Cola

Co.

(The)

1,974,415

28,641

Monster

Beverage

Corp.

*

1,516,541

3,490,956

Biotechnology

–

3.2%

11,011

Alnylam

Pharmaceuticals,

Inc.

*

1,950,048

3,637

Argenx

SE

ADR

(Netherlands)

*

1,788,058

7,872

Biogen,

Inc.

*

2,023,183

23,423

Exact

Sciences

Corp.

*

1,597,917

22,198

Gilead

Sciences,

Inc.

1,663,518

14,874

Sarepta

Therapeutics,

Inc.

*

1,803,026

10,825,750

Broadline

Retail

–

6.2%

162,239

Amazon.com,

Inc.

*

20,623,822

Capital

Markets

–

1.8%

50,925

Charles

Schwab

Corp.

(The)

2,795,782

6,725

MSCI,

Inc.

3,450,463

6,246,245

Chemicals

–

2.8%

10,059

Linde

PLC

3,745,469

22,437

Sherwin-Williams

Co.

(The)

5,722,557

9,468,026

Commercial

Services

&

Supplies

–

1.0%

24,834

Waste

Connections,

Inc.

3,335,206

Construction

Materials

–

0.6%

4,587

Martin

Marietta

Materials,

Inc.

1,882,872

Electrical

Equipment

–

0.9%

10,458

Rockwell

Automation,

Inc.

2,989,628

Electronic

Equipment,

Instruments

&

Components

–

0.4%

16,717

Amphenol

Corp.,

Class

A

1,404,061

Financial

Services

–

4.4%

26,756

Mastercard,

Inc.,

Class

A

10,592,968

16,907

Visa,

Inc.,

Class

A

3,888,779

14,481,747

Food

Products

–

1.3%

47,010

McCormick

&

Co.,

Inc.

3,555,836

8,508

Mondelez

International,

Inc.,

Class

A

590,455

4,146,291

Ground

Transportation

–

1.1%

8,602

Old

Dominion

Freight

Line,

Inc.

3,519,422

Health

Care

Equipment

&

Supplies

–

2.6%

68,838

Boston

Scientific

Corp.

*

3,634,646

10,874

Insulet

Corp.

*

1,734,294

11,031

Intuitive

Surgical,

Inc.

*

3,224,251

8,593,191

Health

Care

Providers

&

Services

–

0.5%

3,740

Humana,

Inc.

1,819,585

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Hotels,

Restaurants

&

Leisure

–

1.2%

752

Chipotle

Mexican

Grill,

Inc.

*

$

1,377,536

10,633

McDonald's

Corp.

2,801,157

4,178,693

Household

Products

–

1.1%

24,738

Procter

&

Gamble

Co.

(The)

3,608,285

Interactive

Media

&

Services

–

8.7%

117,361

Alphabet,

Inc.,

Class

A

*

15,357,860

72,835

Alphabet,

Inc.,

Class

C

*

9,603,295

7,198

Meta

Platforms,

Inc.,

Class

A

*

2,160,912

200,249

Snap,

Inc.,

Class

A

*

1,784,219

28,906,286

IT

Services

–

2.6%

18,942

Accenture

PLC,

Class

A

5,817,278

17,347

Snowflake,

Inc.,

Class

A

*

2,650,101

8,467,379

Life

Sciences

Tools

&

Services

–

0.8%

7,313

Illumina,

Inc.

*

1,003,929

4,352

West

Pharmaceutical

Services,

Inc.

1,632,914

2,636,843

Machinery

–

1.6%

16,284

Caterpillar,

Inc.

4,445,532

2,594

Deere

&

Co.

978,924

5,424,456

Metals

&

Mining

–

0.3%

29,863

Freeport-McMoRan,

Inc.

1,113,591

Oil,

Gas

&

Consumable

Fuels

–

0.5%

9,988

Cheniere

Energy,

Inc.

1,657,608

Personal

Care

Products

–

0.6%

13,544

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

1,957,785

Pharmaceuticals

–

4.2%

52,581

AstraZeneca

PLC

ADR

(United

Kingdom)

3,560,785

19,091

Eli

Lilly

&

Co.

10,254,349

13,815,134

Professional

Services

–

0.6%

10,048

Equifax,

Inc.

1,840,593

Real

Estate

Management

&

Development

–

0.7%

31,643

CoStar

Group,

Inc.

*

2,433,030

Semiconductors

&

Semiconductor

Equipment

–

10.2%

27,033

Advanced

Micro

Devices,

Inc.

*

2,779,533

23,776

ARM

Holdings

PLC

ADR

*

1,272,492

12,631

Enphase

Energy,

Inc.

*

1,517,615

6,732

KLA

Corp.

3,087,699

110,671

Marvell

Technology,

Inc.

5,990,621

43,969

NVIDIA

Corp.

19,126,075

33,774,035

Software

–

16.7%

2,126

Adobe,

Inc.

*

1,084,047

11,306

Intuit,

Inc.

5,776,688

122,933

Microsoft

Corp.

38,816,095

33,999

Oracle

Corp.

3,601,174

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

STRATEGIC

GROWTH

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

(continued)

18,997

Salesforce,

Inc.

*

$

3,852,212

1,250

ServiceNow,

Inc.

*

698,700

7,868

Workday,

Inc.,

Class

A

*

1,690,440

55,519,356

Specialized

REITs

–

1.4%

12,391

American

Tower

Corp.

REIT

2,037,700

3,448

Equinix,

Inc.

REIT

2,504,144

4,541,844

Specialty

Retail

–

2.6%

14,378

Lowe's

Cos.,

Inc.

2,988,323

4,315

RH

*

1,140,713

39,989

Ross

Stores,

Inc.

4,516,758

8,645,794

Technology

Hardware,

Storage

&

Peripherals

–

12.5%

242,476

Apple,

Inc.

41,514,316

Textiles,

Apparel

&

Luxury

Goods

–

2.3%

10,649

Lululemon

Athletica,

Inc.

*

4,106,361

38,356

NIKE,

Inc.,

Class

B

3,667,601

7,773,962

TOTAL

COMMON

STOCKS

(Cost

$175,042,733)

$

330,190,487

Shares

Dividend

Rate

Value

aa

INVESTMENT

COMPANY

(a)

–

0.7%

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

2,414,876

5.240%

2,414,876

(Cost

$2,414,876)

TOTAL

INVESTMENTS

–

100.1%

(Cost

$177,457,609)

$

332,605,363

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.1)%

(336,976)

NET

ASSETS

–

100.0%

$

332,268,387

  a

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

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

September

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.1%

Aerospace

&

Defense

–

1.9%

11,280

Boeing

Co.

(The)

*

$

2,162,150

8,912

Lockheed

Martin

Corp.

3,644,652

880

Woodward,

Inc.

109,349

5,916,151

Air

Freight

&

Logistics

–

0.3%

9,237

CH

Robinson

Worldwide,

Inc.

795,583

Automobile

Components

–

0.8%

18,017

Lear

Corp.

2,417,881

Automobiles

–

2.4%

97,193

General

Motors

Co.

3,204,453

15,989

Tesla,

Inc.

*

4,000,768

7,205,221

Banks

–

4.3%

131,580

Bank

of

America

Corp.

3,602,660

12,018

Commerce

Bancshares,

Inc.

576,624

9,991

Cullen/Frost

Bankers,

Inc.

911,279

42,657

JPMorgan

Chase

&

Co.

6,186,118

5,658

M&T

Bank

Corp.

715,454

16,625

Prosperity

Bancshares,

Inc.

907,392

12,899,527

Beverages

–

1.9%

85,076

Coca-Cola

Co.

(The)

4,762,554

13,932

Monster

Beverage

Corp.

*

737,699

5,500,253

Biotechnology

–

3.8%

36,136

AbbVie,

Inc.

5,386,432

7,913

Incyte

Corp.

*

457,134

14,645

Moderna,

Inc.

*

1,512,682

10,894

Vertex

Pharmaceuticals,

Inc.

*

3,788,280

11,144,528

Broadline

Retail

–

3.9%

92,647

Amazon.com,

Inc.

*

11,777,287

Building

Products

–

0.1%

3,172

Johnson

Controls

International

PLC

168,782

Capital

Markets

–

2.5%

1,054

Ameriprise

Financial,

Inc.

347,483

12,903

Bank

of

New

York

Mellon

Corp.

(The)

550,313

19,527

CME

Group,

Inc.

3,909,696

2,434

Interactive

Brokers

Group,

Inc.,

Class

A

210,687

30,444

Northern

Trust

Corp.

2,115,249

5,420

Stifel

Financial

Corp.

333,005

7,466,433

Chemicals

–

2.2%

12,426

Linde

PLC

4,626,821

543

NewMarket

Corp.

247,087

5,689

Sherwin-Williams

Co.

(The)

1,450,979

6,324,887

Commercial

Services

&

Supplies

–

1.4%

5,513

Cintas

Corp.

2,651,808

10,608

Republic

Services,

Inc.

1,511,746

4,163,554

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Communications

Equipment

–

1.2%

8,132

Arista

Networks,

Inc.

*

$

1,495,719

7,851

Motorola

Solutions,

Inc.

2,137,356

3,633,075

Construction

Materials

–

1.7%

3,992

Martin

Marietta

Materials,

Inc.

1,638,636

15,685

Vulcan

Materials

Co.

3,168,684

4,807,320

Consumer

Finance

–

1.1%

18,937

Ally

Financial,

Inc.

505,239

9,690

Capital

One

Financial

Corp.

940,415

55,798

Synchrony

Financial

1,705,745

3,151,399

Consumer

Staples

Distribution

&

Retail

–

1.8%

9,505

Costco

Wholesale

Corp.

5,369,945

Distributors

–

0.8%

50,878

LKQ

Corp.

2,518,970

Electrical

Equipment

–

1.1%

22,043

AMETEK,

Inc.

3,257,074

Electronic

Equipment,

Instruments

&

Components

–

0.6%

35,899

Avnet,

Inc.

1,729,973

Entertainment

–

1.1%

8,665

Netflix,

Inc.

*

3,271,904

1,367

TKO

Group

Holdings,

Inc.

114,910

3,386,814

Financial

Services

–

5.2%

24,196

Berkshire

Hathaway,

Inc.,

Class

B

*

8,475,859

27,815

Equitable

Holdings,

Inc.

789,668

9,116

Toast,

Inc.,

Class

A

*

170,743

26,286

Visa,

Inc.,

Class

A

6,046,043

15,482,313

Food

Products

–

0.1%

5,907

General

Mills,

Inc.

377,989

Ground

Transportation

–

0.7%

10,324

Union

Pacific

Corp.

2,102,276

Health

Care

Equipment

&

Supplies

–

0.9%

4,245

Intuitive

Surgical,

Inc.

*

1,240,771

5,529

Stryker

Corp.

1,510,910

2,751,681

Health

Care

Providers

&

Services

–

5.0%

47,154

Centene

Corp.

*

3,247,968

461

Cigna

Group

(The)

131,878

9,216

Elevance

Health,

Inc.

4,012,831

3,675

HCA

Healthcare,

Inc.

903,976

3,516

Humana,

Inc.

1,710,604

2,376

McKesson

Corp.

1,033,204

7,657

UnitedHealth

Group,

Inc.

3,860,583

14,901,044

Hotel

&

Resort

REITs

–

1.1%

86,531

Host

Hotels

&

Resorts,

Inc.

REIT

1,390,553

147,853

Park

Hotels

&

Resorts,

Inc.

REIT

1,821,549

3,212,102

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Hotels,

Restaurants

&

Leisure

–

1.3%

21,604

Boyd

Gaming

Corp.

$

1,314,171

41,999

Las

Vegas

Sands

Corp.

1,925,234

11,129

Wynn

Resorts

Ltd.

1,028,431

4,267,836

Household

Durables

–

0.9%

15,243

DR

Horton,

Inc.

1,638,165

6,734

Lennar

Corp.,

Class

A

755,757

2,393,922

Household

Products

–

1.0%

25,756

Kimberly-Clark

Corp.

3,112,613

Industrial

REITs

–

1.7%

27,921

First

Industrial

Realty

Trust,

Inc.

REIT

1,328,760

33,892

Prologis,

Inc.

REIT

3,803,021

5,131,781

Insurance

–

2.0%

3,235

Kinsale

Capital

Group,

Inc.

1,339,711

7,441

Progressive

Corp.

(The)

1,036,531

20,798

Travelers

Cos.,

Inc.

(The)

3,396,521

1,848

W

R

Berkley

Corp.

117,330

5,890,093

Interactive

Media

&

Services

–

6.0%

46,369

Alphabet,

Inc.,

Class

A

*

6,067,847

70,087

Alphabet,

Inc.,

Class

C

*

9,240,971

9,391

Meta

Platforms,

Inc.,

Class

A

*

2,819,272

18,128,090

IT

Services

–

0.9%

1,471

Gartner,

Inc.

*

505,450

570

Okta,

Inc.

*

46,461

10,120

VeriSign,

Inc.

*

2,049,604

2,601,515

Life

Sciences

Tools

&

Services

–

1.2%

10,608

Bruker

Corp.

660,878

2,787

Mettler-Toledo

International,

Inc.

*

3,088,191

3,749,069

Machinery

–

0.4%

520

Caterpillar,

Inc.

141,960

9,840

PACCAR,

Inc.

836,597

978,557

Media

–

0.3%

991

Cable

One,

Inc.

610,099

17,639

News

Corp.,

Class

A

353,838

963,937

Oil,

Gas

&

Consumable

Fuels

–

2.3%

36,874

Antero

Resources

Corp.

*

935,862

5,704

Exxon

Mobil

Corp.

670,676

21,470

Hess

Corp.

3,284,910

14,168

Valero

Energy

Corp.

2,007,747

6,899,195

Pharmaceuticals

–

2.5%

66,511

Bristol-Myers

Squibb

Co.

3,860,298

8,998

Elanco

Animal

Health,

Inc.

*

101,138

869

Eli

Lilly

&

Co.

466,766

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Pharmaceuticals

–

(continued)

709

Johnson

&

Johnson

$

110,427

4,713

Organon

&

Co.

81,818

105,572

Royalty

Pharma

PLC,

Class

A

2,865,224

7,485,671

Residential

REITs

–

0.1%

1,839

Mid-America

Apartment

Communities,

Inc.

REIT

236,587

Semiconductors

&

Semiconductor

Equipment

–

4.4%

11,817

Applied

Materials,

Inc.

1,636,064

403

Broadcom,

Inc.

334,724

4,203

KLA

Corp.

1,927,748

8,122

Microchip

Technology,

Inc.

633,922

3,719

Micron

Technology,

Inc.

253,004

18,593

NVIDIA

Corp.

8,087,769

1,657

NXP

Semiconductors

NV

(China)

331,267

13,204,498

Software

–

14.1%

9,731

Adobe,

Inc.

*

4,961,837

7,590

Confluent,

Inc.,

Class

A

*

224,740

47,580

Dropbox,

Inc.,

Class

A

*

1,295,603

942

Fair

Isaac

Corp.

*

818,155

57,735

Fortinet,

Inc.

*

3,387,890

8,636

Intuit,

Inc.

4,412,478

71,299

Microsoft

Corp.

22,512,659

9,015

Oracle

Corp.

954,869

542

Palo

Alto

Networks,

Inc.

*

127,066

17,277

Salesforce,

Inc.

*

3,503,430

42,198,727

Specialized

REITs

–

0.6%

9,218

SBA

Communications

Corp.

REIT

1,845,167

Specialty

Retail

–

2.0%

2,783

Burlington

Stores,

Inc.

*

376,540

9,174

CarMax,

Inc.

*

648,877

1,591

Home

Depot,

Inc.

(The)

480,737

3,742

O'Reilly

Automotive,

Inc.

*

3,400,954

9,572

Ross

Stores,

Inc.

1,081,157

5,988,265

Technology

Hardware,

Storage

&

Peripherals

–

8.0%

104,667

Apple,

Inc.

17,920,037

28,261

Dell

Technologies,

Inc.,

Class

C

1,947,183

201,297

Hewlett

Packard

Enterprise

Co.

3,496,529

16,688

HP,

Inc.

428,882

23,792,631

Textiles,

Apparel

&

Luxury

Goods

–

0.6%

4,522

Lululemon

Athletica,

Inc.

*

1,743,728

Tobacco

–

0.6%

20,532

Philip

Morris

International,

Inc.

1,900,853

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

ADDITIONAL

INVESTMENT

INFORMATION

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Trading

Companies

&

Distributors

–

0.3%

4,804

Ferguson

PLC

$

790,114

TOTAL

INVESTMENTS

–

99.1%

(Cost

$246,115,381)

$

295,764,911

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.9%

2,782,180

NET

ASSETS

–

100.0%

$

298,547,091

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

September

30,

2023,

the

Fund

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

S&P

500

E-Mini

Index

8

12/15/23

$

1,730,200

$

(82,389)

Goldman

Sachs

Variable

Insurance

Trust

Funds

Schedule

of

Investments

September

30,

2023

(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

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:

Equity

Securities

—

Equity

securities

traded

on

a

U.S.

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/

ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Securities

traded

on

certain

foreign

securities

exchanges

are

valued

daily

at

fair

value

determined

by

an

independent

fair

value

service

(if

available)

under

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

The

independent

fair

value

service

takes

into

account

multiple

factors

including,

but

not

limited

to,

movements

in

the

securities

markets,

certain

depositary

receipts,

futures

contracts

and

foreign

currency

exchange

rates

that

have

occurred

subsequent

to

the

close

of

the

foreign

securities

exchange.

These

investments

are

generally

classified

as

Level

2

of

the

fair

value

hierarchy.

Goldman

Sachs

Variable

Insurance

Trust

Funds

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

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.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivative

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

midpoint

of

the

bid

and

ask

prices

on

the

exchange

where

they

are

principally

traded

(or,

in

the

absence

of

two-way

trading,

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions).

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Variable

Insurance

Trust

Funds

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

C.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

and

derivatives

classified

in

the

fair

value

hierarchy

as

of

September

30,

2023:

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

—‌

$

168,327‌

$

—‌

Asia

1,172,630‌

26,038,632‌

—‌

Europe

2,185,012‌

50,105,291‌

—‌

North

America

830,948‌

8,549,747‌

—‌

Oceania

—‌

8,371,206‌

—‌

Total

$

4,188,590‌

$

93,233,203‌

$

—‌

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(887‌)

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

LARGE

CAP

VALUE

FUND

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

3,580,018‌

$

—‌

$

—‌

North

America

254,535,676‌

—‌

—‌

Investment

Company

1,463,838‌

—‌

—‌

Total

$

259,579,532‌

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

MID

CAP

GROWTH

FUND

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

345,821‌

$

—‌

$

—‌

North

America

53,904,908‌

—‌

—‌

Investment

Company

418,920‌

—‌

—‌

Total

$

54,669,649‌

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

MID

CAP

VALUE

FUND

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

4,969,722‌

$

—‌

$

—‌

North

America

380,339,457‌

—‌

—‌

Total

$

385,309,179‌

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Variable

Insurance

Trust

Funds

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

SMALL

CAP

EQUITY

INSIGHTS

FUND

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

813,374‌

$

—‌

$

—‌

Asia

718,330‌

—‌

—‌

Europe

957,600‌

—‌

—‌

North

America

107,178,660‌

—‌

—‌

South

America

732,165‌

—‌

—‌

Investment

Company

1,090,139‌

—‌

—‌

Securities

Lending

Reinvestment

Vehicle

721,511‌

—‌

—‌

Total

$

112,211,779‌

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(73,691‌)

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

STRATEGIC

GROWTH

FUND

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

5,348,843‌

$

—‌

$

—‌

North

America

324,841,644‌

—‌

—‌

Investment

Company

2,414,876‌

—‌

—‌

Total

$

332,605,363‌

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

U.S.

EQUITY

INSIGHTS

FUND

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

331,267‌

$

—‌

$

—‌

North

America

295,433,644‌

—‌

—‌

Total

$

295,764,911‌

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(82,389‌)

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Variable

Insurance

Trust

Funds

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

D.

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

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

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Variable

Insurance

Trust

Funds

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

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.

Foreign

Custody

Risk

—

A

Fund

invests

in

foreign

securities,

and

as

such

the

Fund

may

hold

such

securities

and

cash

with

foreign

banks,

agents,

and

securities

depositories

appointed

by

the

Fund’s

custodian

(each

a

“Foreign

Custodian”).

Some

foreign

custodians

may

be

recently

organized

or

new

to

the

foreign

custody

business.

In

some

countries,

Foreign

Custodians

may

be

subject

to

little

or

no

regulatory

oversight

over,

or

independent

evaluation

of,

their

operations.

Further,

the

laws

of

certain

countries

may

place

limitations

on

a

Fund’s

ability

to

recover

its

assets

if

a

Foreign

Custodian

enters

bankruptcy.

Investments

in

emerging

markets

may

be

subject

to

even

greater

custody

risks

than

investments

in

more

developed

markets.

Custody

services

in

emerging

market

countries

are

very

often

undeveloped

and

may

be

considerably

less

well

regulated

than

in

more

developed

countries,

and

thus

may

not

afford

the

same

level

of

investor

protection

as

would

apply

in

developed

countries.

Investments

in

Other

Investment

Companies

Risk

—

As

a

shareholder

of

another

investment

company,

a

Fund

will

indirectly

bear

its

proportionate

share

of

any

net

management

fees

and

other

expenses

paid

by

such

other

investment

companies,

in

addition

to

the

fees

and

expenses

regularly

borne

by

the

Fund.

Large

Shareholder

Transactions

Risk

—

A

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

funds,

institutional

investors

(including

those

trading

by

use

of

non-discretionary

mathematical

formulas),

financial

intermediaries

(who

may

make

investment

decisions

on

behalf

of

underlying

clients

and/or

include

a

Fund

in

their

investment

model),

individuals,

accounts

and

Goldman

Sachs

affiliates,

purchase

or

redeem

large

amounts

of

shares

of

a

Fund.

Such

large

shareholder

redemptions,

which

may

occur

rapidly

or

unexpectedly,

may

cause

a

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negatively

impact

a

Fund’s

NAV

and

liquidity.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains,

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in

a

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund’s

expense

ratio.

Similarly,

large

Fund

share

purchases

may

adversely

affect

the

Fund’s

performance

to

the

extent

that

a

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Variable

Insurance

Trust

Funds

Schedule

of

Investments

(continued)

September

30,

2023

(Unaudited)

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

a

Fund

and

its

investments.

Additionally,

a

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

has

unsettled

or

open

transactions

defaults.

Non-Diversification

Risk

—

The

Strategic

Growth

Fund

is

non-diversified,

meaning

that

it

is

permitted

to

invest

a

larger

percentage

of

its

assets

in

one

or

more

issuers

or

in

fewer

issuers

than

diversified

mutual

funds.

Thus,

a

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)