GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
MULTI-STRATEGY
ALTERNATIVES
PORTFOLIO
Schedule
of
Investments
March
31,
2024
(Unaudited)
Shares
Description
Value
a
a
Underlying
Funds
(Class
R6
Shares)
(a)
–
90.5%
Equity
–
16.7%
275,495
Goldman
Sachs
Global
Infrastructure
Fund
$
3,427,156
375,856
Goldman
Sachs
Emerging
Markets
Equity
Insights
Fund
3,221,084
4,466
Goldman
Sachs
Energy
Infrastructure
Fund
55,016
6,703,256
Fixed
Income
–
73.8%
1,023,362
Goldman
Sachs
Long
Short
Credit
Strategies
Fund
8,074,329
599,454
Goldman
Sachs
Managed
Futures
Strategy
Fund
6,096,445
494,755
Goldman
Sachs
Emerging
Markets
Debt
Fund
4,719,962
819,199
Goldman
Sachs
High
Yield
Fund
4,579,324
458,293
Goldman
Sachs
High
Yield
Floating
Rate
Fund
4,083,388
223,677
Goldman
Sachs
Core
Fixed
Income
Fund
2,046,649
29,600,097
TOTAL
UNDERLYING
FUNDS
(CLASS
R6
SHARES)
(Cost
$35,440,004)
36,303,353
a
Exchange-Traded
Funds
–
6.7%
27,660
Goldman
Sachs
MarketBeta U.S.
Equity
ETF
(a)
1,985,435
8,847
Goldman
Sachs
MarketBeta
International
Equity
ETF
(a)
502,317
2,255
iShares
7-10
Year
Treasury
Bond
ETF
213,458
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$2,254,112)
2,701,210
Shares
Dividend
Rate
Value
aa
Investment
Company
–
1.1%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
446,367
5.211%
446,367
(Cost
$446,367)
TOTAL
INVESTMENTS
–
98.3%
(Cost
$38,140,483)
$
39,450,930
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.7%
665,557
NET
ASSETS
–
100.0%
$
40,116,487
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
(a)
Represents
an
affiliated
issuer.
Currency
Abbreviations:
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
USD
United
States
Dollar
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
MULTI-STRATEGY
ALTERNATIVES
PORTFOLIO
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
ADDITIONAL
INVESTMENT
INFORMATION
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
—
At
March
31,
2024,
the
Portfolio
had
the
following
forward
foreign
currency
exchange
contracts:
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
WITH
UNREALIZED
GAIN
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Gain
Morgan
Stanley
Co.,
Inc.
USD
276,122
CHF
240,000
6/20/2024
$
7,632
TOTAL
$
7,632
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
WITH
UNREALIZED
LOSS
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Loss
Morgan
Stanley
Co.,
Inc.
EUR
50,000
USD
54,744
6/20/2024
(627)
JPY
31,000,000
USD
213,104
6/20/2024
(5,792)
TOTAL
$
(6,419)
FUTURES
CONTRACTS
—
At
March
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
EURO
STOXX
50
Index
9
06/21/24
$
489,852
$
16,201
LONG
GILT
FUTURE
JUN24
1
06/26/24
125,937
1,288
U.S.
Treasury
10
Year
Note
10
06/18/24
1,107,188
5,325
Total
Futures
Contracts
$
22,814
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
MULTI-STRATEGY
ALTERNATIVES
PORTFOLIO
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
PURCHASED
OPTIONS
CONTRACTS
—
At
March
31,
2024,
the
Fund
had
the
following
purchased
option
contracts:
Description
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Purchased
Option
Contracts:
Calls
3
Month
Secured
Overnight
Financing
Rate
$
96.63
09/11/2026
11
$
2,651,137
$
15,538
$
18,313
$
(2,776)
3
Month
Secured
Overnight
Financing
Rate
96.75
06/12/2026
6
1,445,625
7,125
9,314
(2,189)
3
Month
Secured
Overnight
Financing
Rate
96.63
06/12/2026
12
2,891,250
15,750
18,928
(3,178)
3
Month
Secured
Overnight
Financing
Rate
96.75
03/13/2026
6
1,444,875
6,488
9,764
(3,277)
3
Month
Secured
Overnight
Financing
Rate
96.63
03/13/2026
12
2,889,750
14,400
17,878
(3,478)
3
Month
Secured
Overnight
Financing
Rate
97.50
12/12/2025
26
6,190,925
12,350
31,260
(18,910)
3
Month
Secured
Overnight
Financing
Rate
96.50
12/12/2025
17
4,047,912
20,081
26,302
(6,221)
3
Month
Secured
Overnight
Financing
Rate
97.50
09/12/2025
28
6,728,400
10,500
31,565
(21,065)
3
Month
Secured
Overnight
Financing
Rate
96.63
09/12/2025
1
240,300
875
1,860
(985)
3
Month
Secured
Overnight
Financing
Rate
96.50
09/12/2025
19
4,565,700
18,525
25,519
(6,994)
3
Month
Secured
Overnight
Financing
Rate
97.25
06/13/2025
24
5,756,100
8,400
29,712
(21,312)
3
Month
Secured
Overnight
Financing
Rate
96.63
06/13/2025
1
239,838
644
1,723
(1,079)
3
Month
Secured
Overnight
Financing
Rate
96.25
06/13/2025
13
3,117,888
11,863
18,418
(6,555)
3
Month
Secured
Overnight
Financing
Rate
98.00
03/14/2025
13
3,110,250
1,381
4,093
(2,712)
3
Month
Secured
Overnight
Financing
Rate
97.25
03/14/2025
18
4,306,500
3,937
32,665
(28,727)
3
Month
Secured
Overnight
Financing
Rate
97.00
03/14/2025
18
4,306,500
4,837
23,892
(19,054)
3
Month
Secured
Overnight
Financing
Rate
96.50
03/14/2025
1
239,250
450
1,693
(1,243)
3
Month
Secured
Overnight
Financing
Rate
98.00
12/13/2024
20
4,771,500
1,125
4,047
(2,922)
3
Month
Secured
Overnight
Financing
Rate
97.25
12/13/2024
21
5,010,075
2,363
33,519
(31,156)
3
Month
Secured
Overnight
Financing
Rate
96.25
12/13/2024
1
238,575
281
1,574
(1,293)
3
Month
Secured
Overnight
Financing
Rate
97.25
09/13/2024
12
2,854,050
600
15,979
(15,379)
3
Month
Secured
Overnight
Financing
Rate
96.00
09/13/2024
1
237,837
125
1,421
(1,296)
3
Month
Secured
Overnight
Financing
Rate
95.38
09/13/2024
5
1,189,187
1,281
20,390
(19,109)
3
Month
Secured
Overnight
Financing
Rate
95.38
09/13/2024
5
1,185,813
156
18,375
(18,219)
3
Month
Secured
Overnight
Financing
Rate
95.25
09/13/2024
4
951,350
1,300
15,996
(14,696)
3
Month
Secured
Overnight
Financing
Rate
98.50
06/14/2024
47
11,146,638
294
7,034
(6,740)
3
Month
Secured
Overnight
Financing
Rate
97.75
06/14/2024
40
9,486,500
250
53,460
(53,210)
3
Month
Secured
Overnight
Financing
Rate
97.25
06/14/2024
8
1,897,300
50
7,667
(7,617)
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST
MULTI-STRATEGY
ALTERNATIVES
PORTFOLIO
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Description
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
3
Month
Secured
Overnight
Financing
Rate
$
95.13
06/14/2024
4
$
948,650
$
200
$
14,119
$
(13,919)
Total
purchased
option
contracts
394
$
94,089,675
$
161,169
$
496,480
$
(335,311)
ADDITIONAL
INVESTMENT
INFORMATION
(
continued
)
Goldman
Sachs
Variable
Insurance
Trust
Trend
Driven
Allocation
Fund
Schedule
of
Investments
March
31,
2024
(Unaudited)
ADDITIONAL
INVESTMENT
INFORMATION
Shares
Dividend
Rate
Value
aa
Investment
Companies
(Institutional
Shares)
–
68.5%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
42,012,015
5.211
%
$
42,012,015
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund
39,625,611
5.160
39,625,611
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
39,631,203
5.164
39,631,203
Goldman
Sachs
Financial
Square
Treasury
Solutions
Fund
39,152,729
5.171
39,152,729
Goldman
Sachs
VIT
Government
Money
Market
Fund
35,507,351
5.211
35,507,351
Total
Investment
Companies
(Cost
$195,928,909)
195,928,909
Shares
Description
Value
a
Exchange-Traded
Funds
–
25.0%
70,765
iShares
Core
S&P
500
ETF
$
37,203,283
71,200
Vanguard
S&P
500
ETF
34,225,840
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$38,847,617)
71,429,123
TOTAL
INVESTMENTS
–
93.5%
(Cost
$234,776,526)
$
267,358,032
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
6.5%
18,472,002
NET
ASSETS
–
100.0%
$
285,830,034
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
(a)
Represents
an
affiliated
issuer.
FUTURES
CONTRACTS
—
At
March
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
EURO
STOXX
50
Index
353
06/21/24
$
19,213,086
$
318,168
FTSE
100
Index
81
06/21/24
8,166,473
211,396
S&P
500
E-Mini
Index
328
06/21/24
87,059,400
1,977,313
TOPIX
Index
72
06/13/24
13,077,289
163,812
U.S.
Treasury
10
Year
Note
786
06/18/24
87,024,937
417,937
Total
Futures
Contracts
$
3,088,626
Goldman
Sachs
Variable
Insurance
Trust
Multi-Asset
Strategies
Funds
Schedule
of
Investments
March
31,
2024
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Funds’
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
GSAM
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Investment
Company
Act
of
1940
(the
“Valuation
Designee”).
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
A.
Level
1
and
Level
2
Fair
Value
Investments—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.,
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/
ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
approved
by
the
Trustees
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Securities
traded
on
certain
foreign
securities
exchanges
are
valued
daily
at
fair
value
determined
by
an
independent
fair
value
service
(if
available)
under
Fair
Valuation
Procedures
approved
by
the
Trustees
and
consistent
with
applicable
regulatory
guidance.
The
independent
fair
value
service
takes
into
account
multiple
factors
including,
but
not
limited
to,
movements
in
the
securities
markets,
certain
depositary
receipts,
futures
contracts
and
foreign
currency
exchange
rates
that
have
occurred
subsequent
to
the
close
of
the
foreign
securities
exchange.
These
investments
are
generally
classified
as
Level
2
of
the
fair
value
hierarchy.
Goldman
Sachs
Variable
Insurance
Trust
Multi-Asset
Strategies
Funds
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Underlying
Funds
(including
Money
Market
Funds)
—
Underlying
Funds
include
ETF’s
and
other
investment
companies.
Investments
in
the
Underlying
Funds
(except
ETFs)
are
valued
at
the
NAV
per
share
on
the
day
of
valuation.
ETFs
are
valued
daily
at
the
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
the
investment
is
traded.
Because
the
Funds
invest
in
Underlying
Funds
that
fluctuate
in
value,
each
Fund’s
shares
will
correspondingly
fluctuate
in
value.
Underlying
Funds
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
To
the
extent
that
underlying
ETFs
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
For
information
regarding
an
Underlying
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Fund’s
shareholder
report.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivatives
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
midpoint
of
the
bid
and
ask
prices
on
the
exchange
where
they
are
principally
traded
(or,
in
the
absence
of
two-way
trading,
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions).
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
are
valued
using
market
transactions
and
other
market
evidence,
including
market-based
inputs
to
models,
calibration
to
market-clearing
transactions,
broker
or
dealer
quotations,
or
other
alternative
pricing
sources.
Where
models
are
used,
the
selection
of
a
particular
model
to
value
OTC
and
centrally
cleared
derivatives
depends
upon
the
contractual
terms
of,
and
specific
risks
inherent
in,
the
instrument,
as
well
as
the
availability
of
pricing
information
in
the
market.
Valuation
models
require
a
variety
of
inputs,
including
contractual
terms,
market
prices,
yield
curves,
credit
curves,
measures
of
volatility,
voluntary
and
involuntary
prepayment
rates,
loss
severity
rates
and
correlations
of
such
inputs.
For
OTC
and
centrally
cleared
derivatives
that
trade
in
liquid
markets,
model
inputs
can
generally
be
verified
and
model
selection
does
not
involve
significant
management
judgment.
OTC
and
centrally
cleared
derivatives
are
classified
within
Level
2
of
the
fair
value
hierarchy
when
significant
inputs
are
corroborated
by
market
evidence.
i.
Forward
Contracts
—
A
forward
contract
is
a
contract
between
two
parties
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
A
forward
contract
settlement
can
occur
on
a
cash
or
delivery
basis.
Forward
contracts
are
marked-to-market
daily
using
independent
vendor
prices,
and
the
change
in
value,
if
any,
is
recorded
as
an
unrealized
gain
or
loss.
Cash
and
certain
investments
may
be
used
to
collateralize
forward
contracts.
A
forward
foreign
currency
exchange
contract
is
a
forward
contract
in
which
the
Fund
agrees
to
receive
or
deliver
a
fixed
quantity
of
one
currency
for
another,
at
a
pre-determined
price
at
a
future
date.
All
forward
foreign
currency
exchange
contracts
are
marked
to
market
daily
by
using
the
outright
forward
rates
or
interpolating
based
upon
maturity
dates,
where
available.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
ii.
Futures
Contracts
—
Futures
contracts
are
contracts
to
buy
or
sell
a
standardized
quantity
of
a
specified
commodity
or
security.
Upon
entering
into
a
futures
contract,
a
Fund
deposits
cash
or
securities
in
an
account
on
behalf
of
the
broker
in
an
amount
sufficient
to
meet
the
initial
margin
requirement.
Subsequent
payments
are
made
or
received
by
a
Fund
equal
to
the
daily
change
in
the
contract
value
and
are
recorded
as
variation
margin
receivable
or
payable
with
a
corresponding
offset
to
unrealized
gains
or
losses.
iii.
Options
—
When
the
Multi-Strategy
Alternatives
Portfolio
writes
call
or
put
options,
an
amount
equal
to
the
premium
received
is
recorded
as
a
liability
and
is
subsequently
marked-to-market
to
reflect
the
current
value
of
the
option
written.
Swaptions
are
options
on
swap
contracts.
Upon
the
purchase
of
a
call
option
or
a
put
option
by
the
Multi-Strategy
Alternatives
Portfolio,
the
premium
paid
is
recorded
as
an
investment
and
subsequently
marked-to-market
to
reflect
the
current
value
of
the
option.
Certain
options
may
be
purchased
with
premiums
to
be
determined
on
a
future
date.
The
premiums
for
these
options
are
based
upon
implied
volatility
parameters
at
specified
terms.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Multi-Asset
Strategies
Funds
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
B.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
Valuation
Procedures
approved
by
the
Trustees.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
C.
Fair
Value
Hierarchy—
The
following
is
a
summary
of
the
Fund’s
investments
and
derivatives
classified
in
the
fair
value
hierarchy
as
of
March
31,
2024:
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
Multi-Strategy
Alternatives
Portfolio
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Underlying
Fund
$
29,600,097
$
—
$
—
Equity
Underlying
Fund
6,703,256
—
—
Exchange-Traded
Funds
2,701,210
—
—
Investment
Companies
446,367
—
—
Total
$
39,450,930
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Forward
Foreign
Currency
Exchange
Contracts
(a)
$
—
$
7,632
$
—
Futures
Contracts
(a)
22,814
—
—
Purchased
Options
Contracts
161,169
—
—
Total
$
183,983
$
7,632
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Forward
Foreign
Currency
Exchange
Contracts
(a)
$
—
$
(6,419)
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Trend
Driven
Allocation
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Exchange-Traded
Funds
$
71,429,123
$
—
$
—
Investment
Companies
195,928,909
—
—
Total
$
267,358,032
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(a)
$
3,088,626
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
(a)
Amount
shown
represents
unrealized
gain
(loss)
at
period
end.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Multi-Asset
Strategies
Funds
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
D.
Securities
Lending
—
The
Multi-Strategy
Alternatives
Portfolio
may
lend
its
securities
through
a
securities
lending
agent,
the
Bank
of
New
York
Mellon
(“BNYM”),
to
certain
qualified
borrowers.
Pursuant
to
exemptive
relief
granted
by
the
Securities
and
Exchange
Commission
(“SEC”)
and
the
terms
and
conditions
contained
therein,
the
Trend
Driven
Allocation
Fund
may
lend
its
securities
through
a
securities
lending
agent,
Goldman
Sachs
Agency
Lending
(“GSAL”),
a
wholly-owned
subsidiary
of
Goldman
Sachs,
to
certain
qualified
borrowers
including
Goldman
Sachs
and
affiliates.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
GSAL
will,
and
BNYM
may,
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
GSAL
or
BNYM
are
unable
to
purchase
replacement
securities,
GSAL
and/or
BNYM
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
amounts
of
the
Funds’
overnight
and
continuous
agreements,
which
represent
the
gross
amounts
of
recognized
liabilities
for
securities
lending
transactions
outstanding
as
of
September
30,
2023,
are
disclosed
as
“Payable
upon
return
of
securities
loaned”
on
the
Statements
of
Assets
and
Liabilities,
where
applicable.
The
Funds
did
not
have
securities
on
loan
as
of
September
30,
2023.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Derivatives
Risk
—
The
Funds’
use
of
derivatives
and
other
similar
instruments
(collectively
referred
to
in
this
paragraph
as
“derivatives”)
may
result
in
loss,
including
due
to
adverse
market
movements.
Derivatives,
which
may
pose
risks
in
addition
to
and
greater
than
those
associated
with
investing
directly
in
securities,
currencies
or
other
assets
and
instruments,
may
increase
market
exposure
and
be
illiquid
or
less
liquid,
volatile,
difficult
to
price
and
leveraged
so
that
small
changes
in
the
value
of
the
underlying
assets
or
instruments
may
produce
disproportionate
losses
to
the
Funds.
Certain
derivatives
are
also
subject
to
counterparty
risk,
which
is
the
risk
that
the
other
party
in
the
transaction
will
not,
or
lacks
the
capacity
or
authority
to,
fulfill
its
contractual
obligations,
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Multi-Asset
Strategies
Funds
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
liquidity
risk,
which
includes
the
risk
that
the
Funds
will
not
be
able
to
exit
the
derivative
when
it
is
advantageous
to
do
so,
and
risks
arising
from
margin
requirements,
which
include
the
risk
that
the
Funds
will
be
required
to
pay
additional
margin
or
set
aside
additional
collateral
to
maintain
open
derivative
positions.
The
use
of
derivatives
is
a
highly
specialized
activity
that
involves
investment
techniques
and
risks
different
from
those
associated
with
investments
in
more
traditional
securities
and
instruments.
Losses
from
derivatives
can
also
result
from
a
lack
of
correlation
between
changes
in
the
value
of
derivative
instruments
and
the
portfolio
assets
(if
any)
being
hedged.
Foreign
and
Emerging
Countries
Risk
—
Investing
in
foreign
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
the
U.S.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation;
less
public
information;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
the
Funds
or
an
Underlying
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscations
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
problems
with
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanction
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
Fund
or
an
Underlying
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
a
Fund
or
Underlying
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
the
Funds
or
an
Underlying
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
To
the
extent
that
the
Funds
or
an
Underlying
Fund
also
invests
in
securities
of
issuers
located
in,
or
economically
tied
to,
emerging
markets,
these
risks
may
be
more
pronounced.
Interest
Rate
Risk
—
When
interest
rates
increase,
fixed
income
securities
or
instruments
held
by
a
Fund
will
generally
decline
in
value.
Long-term
fixed
income
securities
or
instruments
will
normally
have
more
price
volatility
because
of
this
risk
than
short-term
fixed
income
securities
or
instruments.
A
wide
variety
of
market
factors
can
cause
interest
rates
to
rise,
including
central
bank
monetary
policy,
rising
inflation
and
changes
in
general
economic
conditions.
Changing
interest
rates
may
have
unpredictable
effects
on
the
markets,
may
result
in
heightened
market
volatility
and
may
detract
from
the
Fund’s
performance.
In
addition,
changes
in
monetary
policy
may
exacerbate
the
risks
associated
with
changing
interest
rates.
Funds
with
longer
average
portfolio
durations
will
generally
be
more
sensitive
to
changes
in
interest
rates
than
funds
with
a
shorter
average
portfolio
duration.
Fluctuations
in
interest
rates
may
also
affect
the
liquidity
of
fixed
income
securities
and
instruments
held
by
the
Fund.
A
sudden
or
unpredictable
increase
in
interest
rates
may
cause
volatility
in
the
market
and
may
decrease
the
liquidity
of
the
Fund’s
investments,
which
would
make
it
harder
for
the
Fund
to
sell
its
investments
at
an
advantageous
time.
Investments
in
Other
Investment
Companies
Risk
—
As
a
shareholder
of
another
investment
company,
including
an
ETF,
the
Funds
will
indirectly
bear
its
proportionate
share
of
any
net
management
fees
and
other
expenses
paid
by
such
other
investment
companies,
in
addition
to
the
fees
and
expenses
regularly
borne
by
the
Fund.
ETFs
are
subject
to
risks
that
do
not
apply
to
conventional
mutual
funds,
including
but
not
limited
to
the
following:
(i)
the
market
price
of
the
ETF’s
shares
may
trade
at
a
premium
or
a
discount
to
their
NAV;
and
(ii)
an
active
trading
market
for
an
ETF’s
shares
may
not
develop
or
be
maintained.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Variable
Insurance
Trust
Multi-Asset
Strategies
Funds
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Investments
in
the
Underlying
Funds
Risk
—
The
investments
of
the
Multi-Strategy
Alternatives
Portfolio
may
be
concentrated
in
one
or
more
Underlying
Funds
(including
ETFs
and
other
registered
investment
companies)
subject
to
statutory
limitations
prescribed
by
the
Act
or
exemptive
relief
or
regulations
thereunder.
The
Multi-Strategy
Alternatives
Portfolio’s
investment
performance
is
directly
related
to
the
investment
performance
of
the
Underlying
Funds
it
holds.
The
Multi-Strategy
Alternatives
Portfolio
is
subject
to
the
risk
factors
associated
with
the
investments
of
the
Underlying
Funds
and
will
be
affected
by
the
investment
policies
and
practices
of
the
Underlying
Funds
in
direct
proportion
to
the
amount
of
assets
allocated
to
each.
If
the
Multi-Strategy
Alternatives
Portfolio
has
a
relative
concentration
of
its
portfolio
in
a
single
Underlying
Fund,
it
may
be
more
susceptible
to
adverse
developments
affecting
that
Underlying
Fund,
and
may
be
more
susceptible
to
losses
because
of
these
developments.
A
strategy
used
by
the
Underlying
Funds
may
fail
to
produce
the
intended
results.
Large
Shareholder
Transactions
Risk
—
A
Fund
or
an
Underlying
Fund
may
experience
adverse
effects
when
certain
large
shareholders,
such
as
other
funds,
participating
insurance
companies,
accounts
and
Goldman
Sachs
affiliates,
purchase
or
redeem
large
amounts
of
shares
of
the
Fund
or
an
Underlying
Fund.
Such
large
shareholder
redemptions,
which
may
occur
rapidly
or
unexpectedly,
may
cause
a
Fund
or
an
Underlying
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negatively
impact
a
Fund’s
or
Underlying
Fund’s
NAV
and
liquidity.
These
transactions
may
also
accelerate
the
realization
of
taxable
income
to
shareholders
if
such
sales
of
investments
resulted
in
gains,
and
may
also
increase
transaction
costs.
In
addition,
a
large
redemption
could
result
in
a
Fund’s
or
Underlying
Fund’s
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund’s
or
Underlying
Fund’s
expense
ratio.
Similarly,
large
Fund
or
an
Underlying
Fund
share
purchases
may
adversely
affect
a
Fund’s
or
Underlying
Fund’s
performance
to
the
extent
that
the
Fund
or
an
Underlying
Fund
is
delayed
in
investing
new
cash
or
otherwise
maintains
a
larger
cash
position
than
it
ordinarily
would.
Liquidity
Risk
—
A
Fund
or
an
Underlying
Fund
may
make
investments
that
are
illiquid
or
that
may
become
less
liquid
in
response
to
market
developments
or
adverse
investor
perceptions.
Illiquid
investments
may
be
more
difficult
to
value.
Liquidity
risk
may
also
refer
to
the
risk
that
a
Fund
or
an
Underlying
Fund
will
not
be
able
to
pay
redemption
proceeds
within
the
allowable
time
period
or
without
significant
dilution
to
remaining
investors’
interests
because
of
unusual
market
conditions,
declining
prices
of
the
securities
sold,
an
unusually
high
volume
of
redemption
requests,
or
other
reasons.
To
meet
redemption
requests,
a
Fund
or
an
Underlying
Fund
may
be
forced
to
sell
investments
at
an
unfavorable
time
and/or
under
unfavorable
conditions.
If
a
Fund
or
an
Underlying
Fund
is
forced
to
sell
securities
at
an
unfavorable
time
and/or
under
unfavorable
conditions,
such
sales
may
adversely
affect
the
Fund’s
or
Underlying
Fund’s
NAV
and
dilute
remaining
investors’
interests.
Liquidity
risk
may
be
the
result
of,
among
other
things,
the
reduced
number
and
capacity
of
traditional
market
participants
to
make
a
market
in
fixed
income
securities
or
the
lack
of
an
active
market.
The
potential
for
liquidity
risk
may
be
magnified
by
a
rising
interest
rate
environment
or
other
circumstances
where
investor
redemptions
from
fixed
income
funds
may
be
higher
than
normal,
potentially
causing
increased
supply
in
the
market
due
to
selling
activity.
These
risks
may
be
more
pronounced
in
connection
with
the
Funds’
investments
in
securities
of
issuers
located
in
emerging
market
countries.
Redemptions
by
large
shareholders
may
have
a
negative
impact
on
a
Fund’s
or
Underlying
Fund’s
liquidity.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
or
an
Underlying
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
or
an
Underlying
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
a
Fund
and/or
an
Underlying
Fund
and
their
investments.
Additionally,
a
Fund
and/or
an
Underlying
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
and
the
Underlying
Fund
has
unsettled
or
open
transactions
defaults.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)