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)