Goldman Sachs Variable Insurance Trust NPORT-P Goldman Sachs Variable Insurance Trust Strategic Growth Fund (Sep 2024 report)

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

September

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

97.3%

Australia

–

8.3%

51,915

ANZ

Group

Holdings

Ltd.

(Banks)

$

1,091,042

3,593

Aristocrat

Leisure

Ltd.

(Consumer

Services)

145,066

38,683

BHP

Group

Ltd.

(Materials)

1,200,959

15,008

Commonwealth

Bank

of

Australia

(Banks)

1,399,884

27,005

Computershare

Ltd.

(Commercial

&

Professional

Services)

470,775

36,572

Fortescue

Ltd.

(Materials)

515,833

83,816

Glencore

PLC

(Materials)*

479,985

9,568

Insurance

Australia

Group

Ltd.

(Insurance)

48,625

5,138

JB

Hi-Fi

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

282,779

51,845

National

Australia

Bank

Ltd.

(Banks)

1,342,283

56,680

Northern

Star

Resources

Ltd.

(Materials)

620,887

1,111

Pro

Medicus

Ltd.

(Health

Care

Equipment

&

Services)

136,747

58,200

Scentre

Group

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

146,309

19,954

Suncorp

Group

Ltd.

(Insurance)

249,171

122,773

Telstra

Group

Ltd.

(Telecommunication

Services)

328,606

32,090

Westpac

Banking

Corp.

(Banks)

701,247

9,160,198

Austria

–

0.4%

5,898

BAWAG

Group

AG

(Banks)*

(a)

456,959

Belgium

–

0.1%

2,366

KBC

Ancora

(Banks)

127,898

China

–

1.2%

22,710

Prosus

NV

(Consumer

Discretionary

Distribution

&

Retail)*

992,479

185,700

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Capital

Goods)

354,427

1,346,906

Denmark

–

3.9%

2,399

Genmab

A/S

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

581,599

26,861

Novo

Nordisk

A/S,

Class

B

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

3,186,024

1,545

Pandora

A/S

(Consumer

Durables

&

Apparel)

254,644

2,191

Scandinavian

Tobacco

Group

A/S

(Food,

Beverage

&

Tobacco)

(a)

33,634

254

Sydbank

AS

(Banks)

12,502

Shares

Description

Value

a

Common

Stocks

–

(continued)

Denmark

–

(continued)

11,789

Vestas

Wind

Systems

A/S

(Capital

Goods)*

$

259,402

4,327,805

Finland

–

0.1%

21,229

Nokia

OYJ

(Technology

Hardware

&

Equipment)

92,689

France

–

9.8%

8,035

Air

Liquide

SA

(Materials)

1,551,642

6,803

Bouygues

SA

(Capital

Goods)

227,704

976

Capgemini

SE

(Software

&

Services)

210,719

3,015

Cie

de

Saint-Gobain

SA

(Capital

Goods)

274,976

11,772

Danone

SA

(Food,

Beverage

&

Tobacco)

857,467

1,961

Dassault

Aviation

SA

(Capital

Goods)

404,924

9,728

Dassault

Systemes

(Software

&

Services)

386,404

6,278

Eiffage

SA

(Capital

Goods)

606,240

4,044

EssilorLuxottica

SA

(Health

Care

Equipment

&

Services)

958,123

2,799

Gecina

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

322,276

169

Hermes

International

SCA

(Consumer

Durables

&

Apparel)

416,138

5,604

Klepierre

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

183,621

979

La

Francaise

des

Jeux

SAEM

(Consumer

Services)

(a)

40,285

9,553

Legrand

SA

(Capital

Goods)

1,100,562

293

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Durables

&

Apparel)

224,695

2,330

Publicis

Groupe

SA

(Media

&

Entertainment)

254,987

2,657

Rexel

SA

(Capital

Goods)

77,018

5,931

Safran

SA

(Capital

Goods)

1,395,701

6,101

SCOR

SE

(Insurance)

136,480

1,200

Thales

SA

(Capital

Goods)

190,718

9,785

Valeo

SE

(Automobiles

&

Components)

118,398

27,392

Veolia

Environnement

SA

(Utilities)

901,835

10,840,913

Georgia

–

0.1%

1,499

TBC

Bank

Group

PLC

(Banks)

53,108

Germany

–

11.6%

3,639

Allianz

SE

(Insurance)

1,196,938

614

Atoss

Software

SE

(Software

&

Services)

88,877

15,091

BASF

SE

(Materials)

799,867

3,401

Continental

AG

(Automobiles

&

Components)

220,398

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

10,306

Deutsche

Bank

AG

(Financial

Services)

$

178,414

354

Deutsche

Post

AG

(Transportation)

15,791

6,992

Fresenius

Medical

Care

AG

(Health

Care

Equipment

&

Services)

297,102

16,998

Fresenius

SE

&

Co.

KGaA

(Health

Care

Equipment

&

Services)*

648,486

9,023

FUCHS

SE

(Materials)

338,963

8,558

GEA

Group

AG

(Capital

Goods)

419,741

2,778

Hannover

Rueck

SE

(Insurance)

793,007

7,881

Henkel

AG

&

Co.

KGaA

(Household

&

Personal

Products)

669,982

549

Hornbach

Holding

AG

&

Co.

KGaA

(Consumer

Discretionary

Distribution

&

Retail)

53,986

5,652

Knorr-Bremse

AG

(Capital

Goods)

503,621

2,014

MTU

Aero

Engines

AG

(Capital

Goods)

629,432

1,848

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Insurance)

1,018,331

1,915

Nemetschek

SE

(Software

&

Services)

199,045

10,333

SAP

SE

(Software

&

Services)

2,363,496

441

Scout24

SE

(Media

&

Entertainment)

(a)

37,969

6,616

Siemens

AG

(Capital

Goods)

1,338,470

12,058

Siemens

Energy

AG

(Capital

Goods)*

445,180

984

Talanx

AG

(Insurance)

82,946

9,871

TeamViewer

SE

(Software

&

Services)*

(a)

126,028

7,538

Zalando

SE

(Consumer

Discretionary

Distribution

&

Retail)*

(a)

249,146

12,715,216

Hong

Kong

–

2.5%

146,200

AIA

Group

Ltd.

(Insurance)

1,276,744

56,500

Johnson

Electric

Holdings

Ltd.

(Automobiles

&

Components)

82,831

5,000

Power

Assets

Holdings

Ltd.

(Utilities)

31,872

12,072

Prudential

PLC

(Insurance)

111,995

22,500

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

243,784

55,000

Swire

Pacific

Ltd.,

Class

A

(Capital

Goods)

469,003

225,000

Swire

Pacific

Ltd.,

Class

B

(Capital

Goods)

302,831

Shares

Description

Value

a

Common

Stocks

–

(continued)

Hong

Kong

–

(continued)

328,500

WH

Group

Ltd.

(Food,

Beverage

&

Tobacco)

(a)

$

258,726

2,777,786

Italy

–

1.8%

2,595

Azimut

Holding

SpA

(Financial

Services)

67,115

64,697

Banca

Mediolanum

SpA

(Financial

Services)

817,210

82,441

Banco

BPM

SpA

(Banks)

557,009

6,622

BPER

Banca

SpA

(Banks)

37,310

246

Prysmian

SpA

(Capital

Goods)

17,899

28,439

RAI

Way

SpA

(Telecommunication

Services)

(a)

168,731

7,483

UniCredit

SpA

(Banks)

328,516

1,993,790

Japan

–

21.8%

3,200

Alfresa

Holdings

Corp.

(Health

Care

Equipment

&

Services)

50,618

2,300

Arcs

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

41,227

16,200

Asahi

Kasei

Corp.

(Materials)

122,819

2,600

Brother

Industries

Ltd.

(Technology

Hardware

&

Equipment)

50,992

15,700

Central

Japan

Railway

Co.

(Transportation)

362,514

3,100

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

36,432

7,400

CMK

Corp.

(Technology

Hardware

&

Equipment)

21,148

2,400

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

(Food,

Beverage

&

Tobacco)

33,347

1,200

Daiichi

Jitsugyo

Co.

Ltd.

(Capital

Goods)

19,481

14,800

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

384,021

13,000

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

429,421

1,500

Dainichiseika

Color

&

Chemicals

Manufacturing

Co.

Ltd.

(Materials)

31,531

24,500

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

771,162

66,600

Daiwa

Securities

Group,

Inc.

(Financial

Services)

472,372

18,200

DIC

Corp.

(Materials)

412,555

3,600

Enomoto

Co.

Ltd.

(Technology

Hardware

&

Equipment)

34,838

7,800

Feed

One

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

48,387

7,800

Food

&

Life

Cos.

Ltd.

(Consumer

Services)

156,729

1,300

Foster

Electric

Co.

Ltd.

(Consumer

Durables

&

Apparel)

16,690

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

25,600

Fujikura

Kasei

Co.

Ltd.

(Materials)

$

83,270

13,900

Hitachi

Ltd.

(Capital

Goods)

368,591

4,900

Hokuhoku

Financial

Group,

Inc.

(Banks)

53,897

11,400

Hokuriku

Electric

Power

Co.

(Utilities)

73,381

47,200

Honda

Motor

Co.

Ltd.

(Automobiles

&

Components)

503,923

31,700

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

322,690

2,200

Ines

Corp.

(Software

&

Services)

25,125

10,400

J

Front

Retailing

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

113,165

4,200

Japan

Aviation

Electronics

Industry

Ltd.

(Technology

Hardware

&

Equipment)

74,980

43,500

Japan

Post

Bank

Co.

Ltd.

(Banks)

408,346

22,400

Japan

Post

Holdings

Co.

Ltd.

(Insurance)

214,797

5,600

Kagome

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

125,484

2,000

Kaken

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

53,492

3,200

Kawasaki

Heavy

Industries

Ltd.

(Capital

Goods)

131,165

6,300

KDDI

Corp.

(Telecommunication

Services)

201,836

1,300

Keio

Corp.

(Transportation)

31,019

2,100

Kewpie

Corp.

(Food,

Beverage

&

Tobacco)

52,459

19,400

Kikkoman

Corp.

(Food,

Beverage

&

Tobacco)

220,705

3,100

Kimura

Unity

Co.

Ltd.

(Commercial

&

Professional

Services)

31,326

5,900

Kirin

Holdings

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

89,915

200

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

33,345

1,600

Life

Corp.

(Consumer

Staples

Distribution

&

Retail)

40,590

16,700

Lintec

Corp.

(Materials)

386,210

10,000

Marusan

Securities

Co.

Ltd.

(Financial

Services)

64,503

1,000

Maxell

Ltd.

(Technology

Hardware

&

Equipment)

12,902

11,900

Mito

Securities

Co.

Ltd.

(Financial

Services)

39,084

53,000

Mitsubishi

Electric

Corp.

(Capital

Goods)

859,710

11,400

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

180,055

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

13,200

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

$

93,748

33,100

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

339,891

16,000

Mitsui

OSK

Lines

Ltd.

(Transportation)

553,930

16,900

Mizuho

Financial

Group,

Inc.

(Banks)

349,337

16,800

Modec,

Inc.

(Energy)

403,276

36,400

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

855,552

900

NEC

Networks

&

System

Integration

Corp.

(Software

&

Services)

17,422

5,500

Nexon

Co.

Ltd.

(Media

&

Entertainment)

109,295

21,600

NGK

Insulators

Ltd.

(Capital

Goods)

284,086

1,800

Nichimo

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

23,255

2,100

Nippon

Carbide

Industries

Co.,

Inc.

(Materials)

25,077

6,200

Nippon

Kayaku

Co.

Ltd.

(Materials)

54,163

476,200

Nippon

Telegraph

&

Telephone

Corp.

(Telecommunication

Services)

488,193

18,500

Nippon

Yusen

KK

(Transportation)

679,534

6,800

Nisshin

Group

Holdings

Co.

Ltd.

(Real

Estate

Management

&

Development)

23,495

7,500

Nitto

Denko

Corp.

(Materials)

126,212

68,700

Nomura

Holdings,

Inc.

(Financial

Services)

358,544

15,600

Nomura

Real

Estate

Holdings,

Inc.

(Real

Estate

Management

&

Development)

420,312

41,400

ORIX

Corp.

(Financial

Services)

968,713

3,800

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

215,837

10,700

PHC

Holdings

Corp.

(Health

Care

Equipment

&

Services)

(b)

79,176

15,700

Rakuten

Group,

Inc.

(Consumer

Discretionary

Distribution

&

Retail)*

101,303

3,300

Sakata

INX

Corp.

(Materials)

37,288

2,900

Sangetsu

Corp.

(Consumer

Durables

&

Apparel)

57,029

5,700

Sankyo

Co.

Ltd.

(Consumer

Durables

&

Apparel)

84,012

1,200

Sanyo

Chemical

Industries

Ltd.

(Materials)

34,854

2,100

Sawai

Group

Holdings

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

30,002

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

14,800

SBI

Holdings,

Inc.

(Financial

Services)

$

342,509

4,000

Scroll

Corp.

(Consumer

Discretionary

Distribution

&

Retail)

27,010

1,000

Sekisui

Chemical

Co.

Ltd.

(Consumer

Durables

&

Apparel)

15,636

23,900

Sekisui

House

Ltd.

(Consumer

Durables

&

Apparel)

663,600

1,300

Shimamura

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

71,014

3,200

Shindengen

Electric

Manufacturing

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

52,462

42,900

Shionogi

&

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

614,937

4,700

Siix

Corp.

(Technology

Hardware

&

Equipment)

36,335

15,700

Sintokogio

Ltd.

(Capital

Goods)

106,307

183,000

SoftBank

Corp.

(Telecommunication

Services)

238,923

4,400

SoftBank

Group

Corp.

(Telecommunication

Services)

260,991

22,400

Sojitz

Corp.

(Capital

Goods)

530,738

3,100

Solasto

Corp.

(Health

Care

Equipment

&

Services)

12,060

4,600

Sompo

Holdings,

Inc.

(Insurance)

103,688

900

SPK

Corp.

(Consumer

Discretionary

Distribution

&

Retail)

12,208

8,200

SRA

Holdings

(Software

&

Services)

245,057

2,400

Subaru

Corp.

(Automobiles

&

Components)

42,459

42,300

Sumitomo

Electric

Industries

Ltd.

(Automobiles

&

Components)

686,854

2,100

Sumitomo

Heavy

Industries

Ltd.

(Capital

Goods)

50,814

8,700

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

185,890

15,700

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(Banks)

375,779

2,900

Sumitomo

Seika

Chemicals

Co.

Ltd.

(Materials)

104,523

11,900

T&D

Holdings,

Inc.

(Insurance)

209,807

53,600

Takashimaya

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

430,311

16,000

TDK

Corp.

(Technology

Hardware

&

Equipment)

204,389

5,200

Toho

Holdings

Co.

Ltd.

(Health

Care

Equipment

&

Services)

165,268

91,800

Tokai

Tokyo

Financial

Holdings,

Inc.

(Financial

Services)

311,971

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

9,800

Tokio

Marine

Holdings,

Inc.

(Insurance)

$

361,370

2,000

Tokyo

Century

Corp.

(Financial

Services)

22,529

3,900

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

695,509

20,400

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate

Management

&

Development)

141,936

4,400

TOPPAN

Holdings,

Inc.

(Commercial

&

Professional

Services)

130,954

2,400

Towa

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

50,711

900

Toyo

Tire

Corp.

(Automobiles

&

Components)

13,218

5,000

Toyota

Motor

Corp.

(Automobiles

&

Components)

89,870

10,500

Trend

Micro,

Inc.

(Software

&

Services)

623,441

7,200

USS

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

68,342

4,700

World

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

63,137

120,600

Yamada

Holdings

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

378,142

2,000

Yamazaki

Baking

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

39,629

4,200

Yokogawa

Electric

Corp.

(Technology

Hardware

&

Equipment)

107,624

23,993,737

Netherlands

–

3.8%

18,605

ABN

AMRO

Bank

NV

(Banks)

(a)

336,227

796

ASM

International

NV

(Semiconductors

&

Semiconductor

Equipment)

525,169

1,899

ASML

Holding

NV

(Semiconductors

&

Semiconductor

Equipment)

1,579,704

28,732

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples

Distribution

&

Retail)

992,434

9,225

Wereldhave

NV

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

152,836

3,423

Wolters

Kluwer

NV

(Commercial

&

Professional

Services)

577,364

4,163,734

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Norway

–

0.4%

4,252

Kongsberg

Gruppen

ASA

(Capital

Goods)

$

415,333

Singapore

–

0.4%

127,800

Singapore

Technologies

Engineering

Ltd.

(Capital

Goods)

461,581

South

Africa

–

0.3%

10,998

Anglo

American

PLC

(Materials)

357,498

Spain

–

1.6%

10,108

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

109,189

64,606

Banco

Santander

SA

(Banks)

331,033

22,163

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary

Distribution

&

Retail)

1,312,637

1,752,859

Sweden

–

3.6%

11,865

Alfa

Laval

AB

(Capital

Goods)

570,422

4,077

Ambea

AB

(Health

Care

Equipment

&

Services)

(a)

36,082

21,511

Essity

AB,

Class

B

(Household

&

Personal

Products)

671,223

7,613

Evolution

AB

(Consumer

Services)

(a)

748,762

6,613

Fagerhult

Group

AB

(Capital

Goods)

42,325

4,753

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Consumer

Discretionary

Distribution

&

Retail)

80,951

1,571

Indutrade

AB

(Capital

Goods)

48,890

19,004

Investor

AB,

Class

B

(Financial

Services)

585,631

38,859

SSAB

AB,

Class

A

(Materials)

203,469

53,663

SSAB

AB,

Class

B

(Materials)

274,764

7,911

Svenska

Handelsbanken

AB,

Class

A

(Banks)

81,261

19,916

Swedbank

AB,

Class

A

(Banks)

422,730

22,204

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Technology

Hardware

&

Equipment)

167,784

3,934,294

Switzerland

–

5.7%

11,874

ABB

Ltd.

(Capital

Goods)

688,878

1,067

Lonza

Group

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

677,101

20,171

Novartis

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

2,322,537

3,572

Sika

AG

(Materials)

1,183,995

43,621

UBS

Group

AG

(Financial

Services)

1,349,810

6,222,321

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

10.4%

11,144

Associated

British

Foods

PLC

(Food,

Beverage

&

Tobacco)

$

348,280

23,630

AstraZeneca

PLC

ADR

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,841,013

6,647

Auto

Trader

Group

PLC

(Media

&

Entertainment)

(a)

77,273

31,706

Aviva

PLC

(Insurance)

205,352

39,425

BAE

Systems

PLC

(Capital

Goods)

654,537

11,316

Barclays

PLC

(Banks)

34,000

62,369

Barratt

Developments

PLC

(Consumer

Durables

&

Apparel)

400,135

18,310

Beazley

PLC

(Insurance)

186,985

3,067

Bellway

PLC

(Consumer

Durables

&

Apparel)

127,687

1,391

Bloomsbury

Publishing

PLC

(Media

&

Entertainment)

12,607

130,289

BT

Group

PLC

(Telecommunication

Services)

258,242

11,221

Central

Asia

Metals

PLC

(Materials)

29,344

3,070

Dunelm

Group

PLC

(Consumer

Discretionary

Distribution

&

Retail)

47,394

8,737

Entain

PLC

(Consumer

Services)

89,267

24,107

Galliford

Try

Holdings

PLC

(Capital

Goods)

99,268

9,455

Halfords

Group

PLC

(Consumer

Discretionary

Distribution

&

Retail)

19,012

92,318

HSBC

Holdings

PLC

(Banks)

828,187

32,339

Imperial

Brands

PLC

(Food,

Beverage

&

Tobacco)

940,712

5,648

Investec

PLC

(Financial

Services)

42,987

50,339

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

199,209

18,313

Lancashire

Holdings

Ltd.

(Insurance)

168,202

93,150

M&G

PLC

(Financial

Services)

258,385

23,839

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

118,967

14,808

Mears

Group

PLC

(Commercial

&

Professional

Services)

74,835

13,917

MONY

Group

PLC

(Media

&

Entertainment)

39,404

67,741

National

Grid

PLC

(Utilities)

936,385

105,708

NatWest

Group

PLC

(Banks)

489,360

1,439

Next

PLC

(Consumer

Discretionary

Distribution

&

Retail)

188,504

8,687

Persimmon

PLC

(Consumer

Durables

&

Apparel)

191,165

14,598

Polar

Capital

Holdings

PLC

(Financial

Services)

104,610

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

9,486

Rentokil

Initial

PLC

(Commercial

&

Professional

Services)

$

46,385

83,164

Rolls-Royce

Holdings

PLC

(Capital

Goods)*

588,593

3,634

Smiths

Group

PLC

(Capital

Goods)

81,667

9,122

SSE

PLC

(Utilities)

229,915

139,769

Taylor

Wimpey

PLC

(Consumer

Durables

&

Apparel)

307,447

72,337

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

347,312

5,499

Vistry

Group

PLC

(Consumer

Durables

&

Apparel)*

96,167

44,995

Vodafone

Group

PLC

ADR

(Telecommunication

Services)

450,850

34,086

Wickes

Group

PLC

(Consumer

Discretionary

Distribution

&

Retail)

79,841

34,496

Zigup

PLC

(Transportation)

177,705

11,417,190

United

States

–

9.5%

21,245

BP

PLC

ADR

(Energy)

666,881

2,123

Carnival

PLC

ADR

(Consumer

Services)*

35,390

32,345

GSK

PLC

ADR

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,322,264

24,740

Nestle

SA

(Food,

Beverage

&

Tobacco)

2,486,183

7,709

Roche

Holding

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

2,467,013

2,324

Sanofi

SA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

267,584

6,672

Schneider

Electric

SE

(Capital

Goods)

1,758,793

27,573

Shell

PLC

(Energy)

910,858

4,265

Swiss

Re

AG

(Insurance)

590,188

10,505,154

TOTAL

COMMON

STOCKS

(Cost

$91,950,504)

107,116,969

Shares

Description

Rate

Value

a

Preferred

Stock

–

0.4%

Germany

–

0.4%

5,193

Henkel

AG

&

Co.

KGaA

(Household

&

Personal

Products)

(Cost

$398,024)

2.19

%

488,142

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$92,348,528)

107,605,111

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.1%

(c)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

79,000

4.854%

$

79,000

(Cost

$79,000)

TOTAL

INVESTMENTS

–

97.8%

(Cost

$92,427,528)

$

107,684,111

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

2.2%

2,407,162

NET

ASSETS

–

100.0%

$

110,091,273

  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.

(b)

All

or

a

portion

of

security

is

on

loan.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Financials

23.0

%

Industrials

18.4

Health

Care

15.2

Consumer

Discretionary

9.7

Consumer

Staples

8.4

Materials

8.3

Information

Technology

7.4

Communication

Services

2.8

Real

Estate

2.7

Utilities

2.1

Energy

1.9

Securities

Lending

Reinvestment

Vehicle

0.1

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Additional

Investment

Information 

FUTURES

CONTRACTS

—

At

September

30,

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

10

12/20/24

$

559,915

$

9,689

FTSE

100

Index

2

12/20/24

221,626

(2,648)

MSCI

Singapore

Index

1

10/29/24

26,718

(8)

SPI

200

Index

1

12/19/24

143,559

1,606

TOPIX

Index

2

12/12/24

368,412

6,697

Total

Futures

Contracts

$

15,336

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-LARGE

CAP

VALUE

FUND

Schedule

of

Investments

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.2%

Aerospace

&

Defense

–

1.8%

28,440

General

Electric

Co.

$

5,363,215

Air

Freight

&

Logistics

–

1.0%

22,504

United

Parcel

Service,

Inc.,

Class

B

3,068,195

Banks

–

6.6%

133,347

Bank

of

America

Corp.

5,291,209

71,630

Citigroup,

Inc.

4,484,038

44,638

JPMorgan

Chase &

Co.

9,412,369

19,187,616

Beverages

–

1.7%

68,028

Coca-Cola

Co.

(The)

4,888,492

Biotechnology

–

2.3%

12,595

AbbVie,

Inc.

2,487,261

12,121

Amgen,

Inc.

3,905,507

5,176

BioMarin

Pharmaceutical,

Inc.*

363,821

6,756,589

Capital

Markets

–

6.1%

4,937

BlackRock,

Inc.

4,687,731

12,121

Blackstone,

Inc.

1,856,089

21,720

KKR

&

Co.,

Inc.

2,836,197

44,550

Morgan

Stanley

4,643,892

52,020

Nasdaq,

Inc.

3,797,980

17,821,889

Chemicals

–

2.9%

9,422

Linde

PLC

4,492,975

10,567

Sherwin-Williams

Co.

(The)

4,033,107

8,526,082

Commercial

Services

&

Supplies

–

0.8%

13,014

Waste

Connections,

Inc.

2,327,164

Construction

Materials

–

1.2%

6,684

Martin

Marietta

Materials,

Inc.

3,597,663

Consumer

Finance

–

2.0%

21,649

American

Express

Co.

5,871,209

Consumer

Staples

Distribution

&

Retail

–

1.8%

65,203

Walmart,

Inc.

5,265,142

Containers

&

Packaging

–

0.7%

31,053

Ball

Corp.

2,108,809

Diversified

Telecommunication

Services

–

1.8%

237,911

AT&T,

Inc.

5,234,042

Electric

Utilities

–

2.8%

86,669

Exelon

Corp.

3,514,428

54,290

NextEra

Energy,

Inc.

4,589,134

8,103,562

Electrical

Equipment

–

3.8%

14,872

Eaton

Corp.

PLC

4,929,176

24,355

GE

Vernova,

Inc.*

6,210,038

11,139,214

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

4.7%

14,313

Berkshire

Hathaway,

Inc.,

Class

B*

$

6,587,702

49,794

Fidelity

National

Information

Services,

Inc.

4,170,248

11,234

Visa,

Inc.,

Class

A

3,088,788

13,846,738

Food

Products

–

0.8%

68,513

Kraft

Heinz

Co.

(The)

2,405,491

Ground

Transportation

–

1.8%

18,460

Old

Dominion

Freight

Line,

Inc.

3,666,895

3,439

Saia,

Inc.*

1,503,737

5,170,632

Health

Care

Equipment

&

Supplies

–

4.3%

29,259

Abbott

Laboratories

3,335,818

5,818

Align

Technology,

Inc.*

1,479,634

58,682

Boston

Scientific

Corp.*

4,917,552

24,445

Cooper

Cos.,

Inc.

(The)*

2,697,261

12,430,265

Health

Care

Providers

&

Services

–

2.9%

9,507

Humana,

Inc.

3,011,247

9,495

UnitedHealth

Group,

Inc.

5,551,537

8,562,784

Household

Durables

–

0.7%

10,832

Lennar

Corp.,

Class

A

2,030,783

Household

Products

–

1.0%

28,313

Colgate-Palmolive

Co.

2,939,173

Industrial

Conglomerates

–

3.2%

31,356

3M

Co.

4,286,365

23,546

Honeywell

International,

Inc.

4,867,194

9,153,559

Industrial

REITs

–

1.3%

30,245

Prologis,

Inc.

REIT

3,819,339

Insurance

–

2.2%

17,224

Allstate

Corp.

(The)

3,266,532

13,662

Marsh

&

McLennan

Cos.,

Inc.

3,047,855

6,314,387

Interactive

Media

&

Services

–

1.9%

33,160

Alphabet,

Inc.,

Class

A

5,499,586

IT

Services

–

1.3%

10,411

Accenture

PLC,

Class

A

(Ireland)

3,680,080

Life

Sciences

Tools

&

Services

–

3.0%

23,846

Danaher

Corp.

6,629,665

3,662

Thermo

Fisher

Scientific,

Inc.

2,265,203

8,894,868

Machinery

–

3.2%

13,855

Caterpillar,

Inc.

5,418,968

14,579

Illinois

Tool

Works,

Inc.

3,820,718

9,239,686

Metals

&

Mining

–

1.5%

90,255

Freeport-McMoRan,

Inc.

4,505,530

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-LARGE

CAP

VALUE

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Multi-Utilities

–

2.9%

54,320

Ameren

Corp.

$

4,750,827

53,275

CMS

Energy

Corp.

3,762,813

8,513,640

Oil,

Gas

&

Consumable

Fuels

–

6.2%

12,760

Cheniere

Energy,

Inc.

2,294,758

30,287

EOG

Resources,

Inc.

3,723,181

86,504

Exxon

Mobil

Corp.

10,139,999

14,882

Phillips

66

1,956,239

18,114,177

Personal

Care

Products

–

1.6%

207,438

Kenvue,

Inc.

4,798,041

Pharmaceuticals

–

4.6%

46,052

AstraZeneca

PLC

ADR

(United

Kingdom)

3,587,911

40,226

Johnson &

Johnson

6,519,026

29,449

Merck &

Co.,

Inc.

3,344,228

13,451,165

Residential

REITs

–

1.4%

18,140

AvalonBay

Communities,

Inc.

REIT

4,086,035

Semiconductors

&

Semiconductor

Equipment

–

4.0%

5,954

Enphase

Energy,

Inc.*

672,921

53,609

Marvell

Technology,

Inc.

3,866,281

25,764

Micron

Technology,

Inc.

2,671,985

21,490

Texas

Instruments,

Inc.

4,439,189

11,650,376

Software

–

2.3%

48,116

Dynatrace,

Inc.*

2,572,762

15,642

Salesforce,

Inc.

4,281,372

6,854,134

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Specialized

REITs

–

2.0%

9,441

American

Tower

Corp.

REIT

$

2,195,599

20,000

Extra

Space

Storage,

Inc.

REIT

3,603,800

5,799,399

Specialty

Retail

–

1.8%

19,926

Lowe’s

Cos.,

Inc.

5,396,957

Textiles,

Apparel

&

Luxury

Goods

–

1.3%

43,039

NIKE,

Inc.,

Class

B

3,804,648

TOTAL

COMMON

STOCKS

(Cost

$210,382,431)

290,220,356

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.7%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,928,353

4.854%

1,928,353

(Cost

$1,928,353)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$212,310,784)

$

292,148,709

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

166,092

NET

ASSETS

–

100.0%

$

292,314,801

  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,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

97.6%

Aerospace

&

Defense

–

0.7%

2,568

Woodward,

Inc.

$

440,438

Beverages

–

1.0%

8,251

Coca-Cola

Europacific

Partners

PLC

(United

Kingdom)

649,766

Biotechnology

–

4.2%

4,057

Alnylam

Pharmaceuticals,

Inc.*

1,115,796

6,037

BioMarin

Pharmaceutical,

Inc.*

424,341

5,731

Neurocrine

Biosciences,

Inc.*

660,326

41,365

Roivant

Sciences

Ltd.*

477,352

2,677,815

Building

Products

–

1.3%

2,186

Trane

Technologies

PLC

849,764

Capital

Markets

–

6.5%

8,572

Ares

Management

Corp.,

Class

A

1,335,861

1,173

Coinbase

Global,

Inc.,

Class

A*

208,993

2,752

MSCI,

Inc.

1,604,223

5,160

Nasdaq,

Inc.

376,732

4,635

Tradeweb

Markets,

Inc.,

Class

A

573,210

4,099,019

Chemicals

–

1.0%

7,236

Ashland,

Inc.

629,315

Construction

&

Engineering

–

1.0%

1,619

Comfort

Systems

USA,

Inc.

631,977

Construction

Materials

–

1.6%

1,935

Martin

Marietta

Materials,

Inc.

1,041,514

Consumer

Staples

Distribution

&

Retail

–

1.5%

11,147

BJ's

Wholesale

Club

Holdings,

Inc.*

919,405

Containers

&

Packaging

–

1.2%

11,519

Ball

Corp.

782,255

Electrical

Equipment

–

6.4%

3,574

AMETEK,

Inc.

613,692

5,535

GE

Vernova,

Inc.*

1,411,314

1,829

Rockwell

Automation,

Inc.

491,013

15,228

Vertiv

Holdings

Co.,

Class

A

1,515,034

4,031,053

Entertainment

–

1.1%

6,215

Live

Nation

Entertainment,

Inc.*

680,480

Financial

Services

–

2.6%

3,399

Corpay,

Inc.*

1,063,071

6,738

Fidelity

National

Information

Services,

Inc.

564,308

1,627,379

Ground

Transportation

–

3.2%

6,606

Old

Dominion

Freight

Line,

Inc.

1,312,216

1,640

Saia,

Inc.*

717,106

2,029,322

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Equipment

&

Supplies

–

6.6%

3,459

Align

Technology,

Inc.*

$

879,693

6,384

Cooper

Cos.,

Inc.

(The)*

704,411

2,155

IDEXX

Laboratories,

Inc.*

1,088,749

6,443

Insulet

Corp.*

1,499,608

4,172,461

Health

Care

Providers

&

Services

–

2.3%

6,475

Cencora,

Inc.

1,457,393

Health

Care

Technology

–

1.3%

4,024

Veeva

Systems,

Inc.,

Class

A*

844,517

Hotel

&

Resort

REITs

–

1.0%

5,699

Ryman

Hospitality

Properties,

Inc.

REIT

611,161

Hotels,

Restaurants

&

Leisure

–

6.6%

5,201

Cava

Group,

Inc.*

644,144

2,636

Domino's

Pizza,

Inc.

1,133,849

4,163

DoorDash,

Inc.,

Class

A*

594,185

23,841

DraftKings,

Inc.,

Class

A*

934,567

5,102

Texas

Roadhouse,

Inc.

901,013

4,207,758

Independent

Power

and

Renewable

Electricity

Producers

–

2.5%

13,327

Vistra

Corp.

1,579,783

Interactive

Media

&

Services

–

1.0%

60,899

Snap,

Inc.,

Class

A*

651,619

IT

Services

–

2.6%

10,016

Cloudflare,

Inc.,

Class

A*

810,194

3,221

MongoDB,

Inc.*

870,797

1,680,991

Life

Sciences

Tools

&

Services

–

2.7%

527

Mettler-Toledo

International,

Inc.*

790,342

3,000

West

Pharmaceutical

Services,

Inc.

900,480

1,690,822

Machinery

–

1.5%

7,511

Fortive

Corp.

592,843

2,315

ITT,

Inc.

346,116

938,959

Media

–

2.7%

15,603

Trade

Desk,

Inc.

(The),

Class

A*

1,710,869

Oil,

Gas

&

Consumable

Fuels

–

4.2%

5,079

Cheniere

Energy,

Inc.

913,407

8,648

DT

Midstream,

Inc.

680,252

4,969

Hess

Corp.

674,790

26,875

Permian

Resources

Corp.

365,769

2,634,218

Personal

Care

Products

–

0.7%

4,066

elf

Beauty,

Inc.*

443,316

Professional

Services

–

1.3%

2,678

Equifax,

Inc.

786,957

Real

Estate

Management

&

Development

–

0.7%

6,082

CoStar

Group,

Inc.*

458,826

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-MID

CAP

GROWTH

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Semiconductors

&

Semiconductor

Equipment

–

2.9%

5,346

Entegris,

Inc.

$

601,585

12,898

Marvell

Technology,

Inc.

930,204

2,535

MKS

Instruments,

Inc.

275,580

1,807,369

Software

–

17.8%

13,811

AppLovin

Corp.,

Class

A*

1,803,026

8,917

Datadog,

Inc.,

Class

A*

1,025,990

13,367

Dynatrace,

Inc.*

714,734

839

Fair

Isaac

Corp.*

1,630,613

1,190

HubSpot,

Inc.*

632,604

4,051

Manhattan

Associates,

Inc.*

1,139,870

1,356

Monday.com

Ltd.*

376,656

29,294

Palantir

Technologies,

Inc.,

Class

A*

1,089,737

10,264

Samsara,

Inc.,

Class

A*

493,904

2,430

Tyler

Technologies,

Inc.*

1,418,440

6,328

Varonis

Systems,

Inc.*

357,532

3,498

Zscaler,

Inc.*

597,948

11,281,054

Specialty

Retail

–

2.6%

8,229

Ross

Stores,

Inc.

1,238,547

976

Ulta

Beauty,

Inc.*

379,781

1,618,328

Technology

Hardware,

Storage

&

Peripherals

–

0.3%

458

Super

Micro

Computer,

Inc.*

190,711

Trading

Companies

&

Distributors

–

3.0%

15,735

Fastenal

Co.

1,123,794

933

United

Rentals,

Inc.

755,478

1,879,272

TOTAL

COMMON

STOCKS

(Cost

$48,107,901)

61,735,886

Shares

Dividend

Rate

Value

aa

Investment

Company

–

2.4%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,497,093

4.854%

1,497,093

(Cost

$1,497,093)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$49,604,994)

$

63,232,979

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.0)%

(11,419)

NET

ASSETS

–

100.0%

$

63,221,560

  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:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-MID

CAP

VALUE

FUND

Schedule

of

Investments

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.4%

Aerospace

&

Defense

–

2.3%

23,554

L3Harris

Technologies,

Inc.

$

5,602,790

30,715

Woodward,

Inc.

5,267,930

10,870,720

Banks

–

5.1%

102,612

Citizens

Financial

Group,

Inc.

4,214,275

55,452

East

West

Bancorp,

Inc.

4,588,099

338,552

Huntington

Bancshares,

Inc.

4,976,714

32,770

M&T

Bank

Corp.

5,836,992

40,653

Pinnacle

Financial

Partners,

Inc.

3,982,775

23,598,855

Beverages

–

1.7%

60,242

Coca-Cola

Europacific

Partners

PLC

(United

Kingdom)

4,744,057

12,314

Constellation

Brands,

Inc.,

Class

A

3,173,195

7,917,252

Biotechnology

–

1.5%

20,875

Biogen,

Inc.*

4,046,410

246,883

Roivant

Sciences

Ltd.*

2,849,030

6,895,440

Capital

Markets

–

2.4%

82,902

Nasdaq,

Inc.

6,052,675

40,341

Raymond

James

Financial,

Inc.

4,940,159

10,992,834

Chemicals

–

3.6%

76,382

Ashland,

Inc.

6,642,943

28,151

Celanese

Corp.

3,827,410

52,528

RPM

International,

Inc.

6,355,888

16,826,241

Construction

&

Engineering

–

0.4%

4,718

Comfort

Systems

USA,

Inc.

1,841,671

Construction

Materials

–

1.0%

8,808

Martin

Marietta

Materials,

Inc.

4,740,906

Consumer

Staples

Distribution

&

Retail

–

1.5%

40,538

BJ's

Wholesale

Club

Holdings,

Inc.*

3,343,574

49,161

Performance

Food

Group

Co.*

3,852,748

7,196,322

Containers

&

Packaging

–

2.3%

20,797

Avery

Dennison

Corp.

4,591,146

88,970

Ball

Corp.

6,041,952

10,633,098

Electric

Utilities

–

2.7%

95,223

Eversource

Energy

6,479,925

12,974

NRG

Energy,

Inc.

1,181,931

257,757

PG&E

Corp.

5,095,856

12,757,712

Electrical

Equipment

–

5.4%

45,543

AMETEK,

Inc.

7,820,188

49,347

GE

Vernova,

Inc.*

12,582,498

17,241

Rockwell

Automation,

Inc.

4,628,519

25,031,205

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Electronic

Equipment,

Instruments

&

Components

–

1.9%

21,272

Keysight

Technologies,

Inc.*

$

3,380,759

14,854

Zebra

Technologies

Corp.,

Class

A*

5,500,733

8,881,492

Entertainment

–

1.0%

32,146

Electronic

Arts,

Inc.

4,611,022

Financial

Services

–

3.1%

131,957

Fidelity

National

Information

Services,

Inc.

11,051,399

43,367

Voya

Financial,

Inc.

3,435,534

14,486,933

Food

Products

–

1.0%

136,931

Kraft

Heinz

Co.

(The)

4,807,647

Ground

Transportation

–

1.1%

12,888

Old

Dominion

Freight

Line,

Inc.

2,560,072

5,479

Saia,

Inc.*

2,395,748

4,955,820

Health

Care

Equipment

&

Supplies

–

2.8%

67,294

Cooper

Cos.,

Inc.

(The)*

7,425,220

51,446

Zimmer

Biomet

Holdings,

Inc.

5,553,596

12,978,816

Health

Care

Providers

&

Services

–

2.0%

23,730

Cencora,

Inc.

5,341,149

12,422

Humana,

Inc.

3,934,544

9,275,693

Health

Care

REITs

–

1.4%

36,967

Alexandria

Real

Estate

Equities,

Inc.

REIT

4,389,831

39,254

Ventas,

Inc.

REIT

2,517,359

6,907,190

Hotels,

Restaurants

&

Leisure

–

1.9%

4,785

Domino's

Pizza,

Inc.

2,058,220

48,580

Red

Rock

Resorts,

Inc.,

Class

A

2,644,695

23,759

Royal

Caribbean

Cruises

Ltd.

4,213,896

8,916,811

Household

Durables

–

1.5%

38,392

Lennar

Corp.,

Class

A

7,197,732

Independent

Power

and

Renewable

Electricity

Producers

–

1.9%

359,134

AES

Corp.

(The)

7,204,228

15,557

Vistra

Corp.

1,844,127

9,048,355

Insurance

–

6.8%

44,331

Allstate

Corp.

(The)

8,407,374

25,310

American

Financial

Group,

Inc.

3,406,726

39,798

Arch

Capital

Group

Ltd.*

4,452,600

15,667

Arthur

J

Gallagher

&

Co.

4,408,224

24,392

Globe

Life,

Inc.

2,583,357

22,356

Prudential

Financial,

Inc.

2,707,311

97,975

Unum

Group

5,823,634

31,789,226

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-MID

CAP

VALUE

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Life

Sciences

Tools

&

Services

–

2.0%

16,745

Agilent

Technologies,

Inc.

$

2,486,298

4,406

Mettler-Toledo

International,

Inc.*

6,607,678

9,093,976

Machinery

–

6.3%

92,999

Fortive

Corp.

7,340,411

20,299

IDEX

Corp.

4,354,136

59,825

Ingersoll

Rand,

Inc.

5,872,422

25,369

ITT,

Inc.

3,792,919

44,465

Stanley

Black

&

Decker,

Inc.

4,896,930

22,140

Xylem,

Inc.

2,989,564

29,246,382

Media

–

0.8%

36,704

Omnicom

Group,

Inc.

3,794,827

Metals

&

Mining

–

1.8%

67,362

Steel

Dynamics,

Inc.

8,493,001

Multi-Utilities

–

5.9%

210,552

CenterPoint

Energy,

Inc.

6,194,440

84,259

CMS

Energy

Corp.

5,951,213

273,452

NiSource,

Inc.

9,475,112

66,300

Public

Service

Enterprise

Group,

Inc.

5,914,623

27,535,388

Oil,

Gas

&

Consumable

Fuels

–

5.3%

30,034

Chesapeake

Energy

Corp.

2,470,296

35,786

Diamondback

Energy,

Inc.

6,169,506

47,638

DT

Midstream,

Inc.

3,747,205

180,598

Marathon

Oil

Corp.

4,809,325

191,865

Permian

Resources

Corp.

2,611,283

35,473

Phillips

66

4,662,926

24,470,541

Passenger

Airlines

–

1.5%

119,592

United

Airlines

Holdings,

Inc.*

6,823,920

Residential

REITs

–

3.5%

74,343

American

Homes

4

Rent,

Class

A

REIT

2,854,028

38,547

AvalonBay

Communities,

Inc.

REIT

8,682,712

66,640

Equity

LifeStyle

Properties,

Inc.

REIT

4,754,098

16,290,838

Semiconductors

&

Semiconductor

Equipment

–

2.6%

114,545

Marvell

Technology,

Inc.

8,260,985

34,966

MKS

Instruments,

Inc.

3,801,154

12,062,139

Software

–

1.3%

44,128

Dynatrace,

Inc.*

2,359,524

110,105

Klaviyo,

Inc.,

Class

A*

3,895,515

6,255,039

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Specialized

REITs

–

4.2%

27,101

Digital

Realty

Trust,

Inc.

REIT

$

4,385,755

33,834

Extra

Space

Storage,

Inc.

REIT

6,096,548

274,853

VICI

Properties,

Inc.

REIT

9,155,353

19,637,656

Specialty

Retail

–

4.1%

138,008

Foot

Locker,

Inc.

3,566,127

3,870

RH*

1,294,244

34,091

Ross

Stores,

Inc.

5,131,036

12,860

Ulta

Beauty,

Inc.*

5,004,083

75,205

Wayfair,

Inc.,

Class

A*

4,225,017

19,220,507

Technology

Hardware,

Storage

&

Peripherals

–

1.3%

286,332

Hewlett

Packard

Enterprise

Co.

5,858,353

Trading

Companies

&

Distributors

–

2.5%

77,019

Fastenal

Co.

5,500,697

7,772

United

Rentals,

Inc.

6,293,222

11,793,919

TOTAL

COMMON

STOCKS

(Cost

$358,731,328)

463,735,479

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.4%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

2,085,426

4.854%

2,085,426

(Cost

$2,085,426)

TOTAL

INVESTMENTS

–

99.8%

(Cost

$360,816,754)

$

465,820,905

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.2%

998,309

NET

ASSETS

–

100.0%

$

466,819,214

  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:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

97.6%

Aerospace

&

Defense

–

1.0%

170

AeroVironment,

Inc.*

$

34,085

695

Cadre

Holdings,

Inc.

26,375

4,045

Kratos

Defense &

Security

Solutions,

Inc.*

94,249

20,470

Leonardo

DRS,

Inc.*

577,663

4,242

Park

Aerospace

Corp.

55,273

69,605

Rocket

Lab

USA,

Inc.*

(a)

677,257

1,464,902

Automobile

Components

–

1.9%

29,368

American

Axle &

Manufacturing

Holdings,

Inc.*

181,494

1,701

Cooper-Standard

Holdings,

Inc.*

23,593

7,479

Fox

Factory

Holding

Corp.*

310,379

106,444

Goodyear

Tire

&

Rubber

Co.

(The)*

942,029

21,636

Holley,

Inc.*

63,826

246

LCI

Industries

29,653

7,861

Modine

Manufacturing

Co.*

1,043,862

6,714

Stoneridge,

Inc.*

75,130

2,669,966

Banks

–

10.4%

10,071

Amalgamated

Financial

Corp.

315,927

10,689

Ameris

Bancorp

666,887

5,645

Axos

Financial,

Inc.*

354,958

5,113

BancFirst

Corp.

538,143

11,097

Bancorp,

Inc.

(The)*

593,690

10,690

BankUnited,

Inc.

389,544

3,325

Banner

Corp.

198,037

6,682

Berkshire

Hills

Bancorp,

Inc.

179,946

2,820

Business

First

Bancshares,

Inc.

72,389

19,529

Cadence

Bank

621,999

1,043

Capital

City

Bank

Group,

Inc.

36,807

67,291

Capitol

Federal

Financial,

Inc.

392,979

1,229

Cathay

General

Bancorp

52,786

1,035

Civista

Bancshares,

Inc.

18,444

3,484

Community

Trust

Bancorp,

Inc.

173,015

32,089

CVB

Financial

Corp.

571,826

942

Dime

Community

Bancshares,

Inc.

27,130

1,276

Eagle

Bancorp,

Inc.

28,812

309

Esquire

Financial

Holdings,

Inc.

20,150

2,569

Financial

Institutions,

Inc.

65,432

584

First

Bancorp,

Inc.

(The)

15,371

19,579

First

BanCorp.

(Puerto

Rico)

414,487

17,467

First

Commonwealth

Financial

Corp.

299,559

413

First

Financial

Bancorp

10,420

9,857

First

Financial

Bankshares,

Inc.

364,808

2,862

First

Internet

Bancorp

98,052

4,362

Fulton

Financial

Corp.

79,083

13,420

Hancock

Whitney

Corp.

686,701

22,647

Hanmi

Financial

Corp.

421,234

16,841

Heritage

Financial

Corp.

366,629

1,621

Home

Bancorp,

Inc.

72,264

4,556

Home

BancShares,

Inc.

123,422

3,980

HomeTrust

Bancshares,

Inc.

135,638

6,492

Hope

Bancorp,

Inc.

81,540

1,175

Independent

Bank

Corp.

39,186

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Banks

–

(continued)

9,640

Independent

Bank

Corp.

$

570,013

9,228

International

Bancshares

Corp.

551,742

11,509

Kearny

Financial

Corp.

79,067

5,315

Live

Oak

Bancshares,

Inc.

251,772

3,055

Metrocity

Bankshares,

Inc.

93,544

307

Nicolet

Bankshares,

Inc.

29,358

5,723

Northeast

Community

Bancorp,

Inc.

151,373

904

Northrim

BanCorp,

Inc.

64,383

11,227

OFG

Bancorp

(Puerto

Rico)

504,317

15,831

Old

Second

Bancorp,

Inc.

246,805

1,257

Park

National

Corp.

211,151

4,212

Preferred

Bank

338,013

4,471

Primis

Financial

Corp.

54,457

1,223

Provident

Financial

Services,

Inc.

22,699

1,952

Red

River

Bancshares,

Inc.

101,504

14,817

Renasant

Corp.

481,553

2,967

ServisFirst

Bancshares,

Inc.

238,695

1,919

Sierra

Bancorp

55,421

1,566

SmartFinancial,

Inc.

45,633

4,058

Southern

First

Bancshares,

Inc.*

138,297

363

Southern

Missouri

Bancorp,

Inc.

20,506

457

Southern

States

Bancshares,

Inc.

14,044

10,414

Southside

Bancshares,

Inc.

348,140

6,078

Stock

Yards

Bancorp,

Inc.

376,775

8,176

Texas

Capital

Bancshares,

Inc.*

584,257

1,452

Timberland

Bancorp,

Inc.

43,938

393

Tompkins

Financial

Corp.

22,711

13,400

TrustCo

Bank

Corp.

443,138

427

UMB

Financial

Corp.

44,882

748

Univest

Financial

Corp.

21,049

3,620

USCB

Financial

Holdings,

Inc.

55,205

7,086

Valley

National

Bancorp

64,199

13,273

WesBanco,

Inc.

395,270

3,496

Westamerica

BanCorp

172,772

15,363,978

Biotechnology

–

8.4%

8,399

89bio,

Inc.*

62,153

37,947

ACADIA

Pharmaceuticals,

Inc.*

583,625

7,858

ADMA

Biologics,

Inc.*

157,081

1,885

Akero

Therapeutics,

Inc.*

54,081

61,442

Amicus

Therapeutics,

Inc.*

656,201

2,668

AnaptysBio,

Inc.*

89,378

18,530

Annexon,

Inc.*

109,698

1,012

Apogee

Therapeutics,

Inc.*

59,445

3,092

Arcturus

Therapeutics

Holdings,

Inc.*

71,765

1,738

Arcus

Biosciences,

Inc.*

26,574

9,440

Ardelyx,

Inc.*

65,042

1,380

ArriVent

Biopharma,

Inc.*

(a)

32,430

71,044

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

520,753

6,352

Beam

Therapeutics,

Inc.*

155,624

20,836

BioCryst

Pharmaceuticals,

Inc.*

158,354

5,631

Biohaven

Ltd.*

281,381

1,508

Biomea

Fusion,

Inc.*

(a)

15,231

5,999

Blueprint

Medicines

Corp.*

554,907

10,935

Bridgebio

Pharma,

Inc.*

278,405

7,498

C4

Therapeutics,

Inc.*

42,739

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

3,555

Cabaletta

Bio,

Inc.*

$

16,780

3,793

CareDx,

Inc.*

118,436

7,570

Caribou

Biosciences,

Inc.*

14,837

12,545

Catalyst

Pharmaceuticals,

Inc.*

249,395

14,635

Celldex

Therapeutics,

Inc.*

497,444

10,450

Coherus

Biosciences,

Inc.*

(a)

10,868

3,996

Day

One

Biopharmaceuticals,

Inc.*

55,664

16,657

Denali

Therapeutics,

Inc.*

485,218

9,376

Design

Therapeutics,

Inc.*

50,443

3,853

Dyne

Therapeutics,

Inc.*

138,400

17,498

Editas

Medicine,

Inc.*

59,668

6,409

Generation

Bio

Co.*

15,830

10,963

Heron

Therapeutics,

Inc.*

21,816

6,451

Ideaya

Biosciences,

Inc.*

204,368

7,349

Immunovant,

Inc.*

209,520

768

Insmed,

Inc.*

56,064

8,772

Iovance

Biotherapeutics,

Inc.*

82,369

19,585

iTeos

Therapeutics,

Inc.*

199,963

3,287

Janux

Therapeutics,

Inc.*

149,328

1,449

Keros

Therapeutics,

Inc.*

84,143

9,070

Kodiak

Sciences,

Inc.*

23,673

1,170

Krystal

Biotech,

Inc.*

212,975

5,722

Larimar

Therapeutics,

Inc.*

37,479

530

Madrigal

Pharmaceuticals,

Inc.*

112,477

23,975

MannKind

Corp.*

150,803

7,791

MeiraGTx

Holdings

PLC*

32,488

26,758

Monte

Rosa

Therapeutics,

Inc.*

141,817

3,957

Nurix

Therapeutics,

Inc.*

88,914

2,660

Nuvalent,

Inc.,

Class

A*

272,118

2,268

ORIC

Pharmaceuticals,

Inc.*

23,247

32,240

Poseida

Therapeutics,

Inc.*

92,206

8,468

Precigen,

Inc.*

8,020

7,940

Protagonist

Therapeutics,

Inc.*

357,300

5,525

Prothena

Corp.

PLC

(Ireland)*

92,433

20,927

PTC

Therapeutics,

Inc.*

776,392

29,445

RAPT

Therapeutics,

Inc.*

59,184

2,581

Recursion

Pharmaceuticals,

Inc.,

Class

A*

17,009

49,731

Relay

Therapeutics,

Inc.*

352,095

4,807

REVOLUTION

Medicines,

Inc.*

217,997

798

Rhythm

Pharmaceuticals,

Inc.*

41,807

5,403

Rocket

Pharmaceuticals,

Inc.*

99,793

7,303

Sage

Therapeutics,

Inc.*

52,728

3,250

Solid

Biosciences,

Inc.*

22,652

6,574

SpringWorks

Therapeutics,

Inc.*

210,631

68,469

Sutro

Biopharma,

Inc.*

236,903

2,720

Syndax

Pharmaceuticals,

Inc.*

52,360

26,876

Taysha

Gene

Therapies,

Inc.*

54,021

21,102

Tenaya

Therapeutics,

Inc.*

40,727

29,929

TG

Therapeutics,

Inc.*

700,039

3,007

Tyra

Biosciences,

Inc.*

70,695

12,514

Vanda

Pharmaceuticals,

Inc.*

58,691

2,695

Vaxcyte,

Inc.*

307,958

2,976

Vera

Therapeutics,

Inc.*

131,539

11,833

Veracyte,

Inc.*

402,795

22,804

Verve

Therapeutics,

Inc.*

110,371

2,217

Xencor,

Inc.*

44,584

12,402,342

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Broadline

Retail

–

0.2%

33,436

Savers

Value

Village,

Inc.*

$

351,747

Capital

Markets

–

1.5%

25,277

BGC

Group,

Inc.,

Class

A

232,043

2,267

Brightsphere

Investment

Group,

Inc.

57,582

8,337

Moelis

&

Co.,

Class

A

571,168

24,318

Open

Lending

Corp.*

148,826

18,646

Patria

Investments

Ltd.,

Class

A

(Cayman

Islands)

208,276

1,723

Piper

Sandler

Cos.

489,004

4,537

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

78,218

2,318

StoneX

Group,

Inc.*

189,798

764

Virtus

Investment

Partners,

Inc.

160,020

2,134,935

Chemicals

–

2.0%

25,568

Arcadium

Lithium

PLC

(Argentina)*

72,869

1,383

Aspen

Aerogels,

Inc.*

38,295

226

Balchem

Corp.

39,776

3,721

Hawkins,

Inc.

474,316

10,922

HB

Fuller

Co.

866,988

605

Ingevity

Corp.*

23,595

7,097

Innospec,

Inc.

802,600

11,187

Mativ

Holdings,

Inc.

190,067

2,285

Minerals

Technologies,

Inc.

176,471

743

Orion

SA

(Germany)

13,233

3,101

Stepan

Co.

239,552

1,562

Tronox

Holdings

PLC

22,852

2,960,614

Commercial

Services

&

Supplies

–

1.4%

2,830

ABM

Industries,

Inc.

149,311

20,011

CECO

Environmental

Corp.*

564,310

9,359

Deluxe

Corp.

182,407

10,117

Enviri

Corp.*

104,610

69,098

Healthcare

Services

Group,

Inc.*

771,825

3,827

Montrose

Environmental

Group,

Inc.*

100,650

3,127

Viad

Corp.*

112,040

1,985,153

Communications

Equipment

–

0.7%

39,783

NetScout

Systems,

Inc.*

865,280

11,947

Viasat,

Inc.*

142,647

1,007,927

Construction

&

Engineering

–

3.1%

3,042

Construction

Partners,

Inc.,

Class

A*

212,332

2,255

Dycom

Industries,

Inc.*

444,460

16,209

Fluor

Corp.*

773,331

5,004

Great

Lakes

Dredge

&

Dock

Corp.*

52,692

3,793

IES

Holdings,

Inc.*

757,159

7,860

Limbach

Holdings,

Inc.*

595,474

11,016

Primoris

Services

Corp.

639,809

7,890

Sterling

Infrastructure,

Inc.*

1,144,208

4,619,465

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Construction

Materials

–

1.1%

5,734

Knife

River

Corp.*

$

512,562

23,732

Summit

Materials,

Inc.,

Class

A*

926,260

1,571

United

States

Lime

&

Minerals,

Inc.

153,424

1,592,246

Consumer

Finance

–

1.7%

1,171

Bread

Financial

Holdings,

Inc.

55,716

9,978

Encore

Capital

Group,

Inc.*

471,660

6,792

Enova

International,

Inc.*

569,102

17,698

Green

Dot

Corp.,

Class

A*

207,244

2,168

Medallion

Financial

Corp.

17,648

1,727

Moneylion,

Inc.*

71,757

30,016

Navient

Corp.

467,949

1,414

PRA

Group,

Inc.*

31,617

2,822

PROG

Holdings,

Inc.

136,839

8,690

Regional

Management

Corp.

284,250

2,328

Upstart

Holdings,

Inc.*

93,143

729

World

Acceptance

Corp.*

86,007

2,492,932

Consumer

Staples

Distribution

&

Retail

–

0.3%

1,924

SpartanNash

Co.

43,117

3,800

Sprouts

Farmers

Market,

Inc.*

419,558

477

Weis

Markets,

Inc.

32,879

495,554

Containers

&

Packaging

–

0.2%

19,843

O-I

Glass,

Inc.*

260,340

Distributors

–

0.0%

659

Weyco

Group,

Inc.

22,432

Diversified

Consumer

Services

–

1.3%

74,174

Coursera,

Inc.*

588,942

8,951

Frontdoor,

Inc.*

429,558

114

Graham

Holdings

Co.,

Class

B

93,676

13,041

Mister

Car

Wash,

Inc.*

84,897

9,869

OneSpaWorld

Holdings

Ltd.

(Bahamas)

162,937

5,704

Strategic

Education,

Inc.

527,905

1,887,915

Diversified

REITs

–

0.5%

12,542

American

Assets

Trust,

Inc.

REIT

335,122

27,290

Armada

Hoffler

Properties,

Inc.

REIT

295,551

23,984

NexPoint

Diversified

Real

Estate

Trust

REIT

149,900

780,573

Diversified

Telecommunication

Services

–

0.4%

4,629

AST

SpaceMobile,

Inc.*

(a)

121,049

612

ATN

International,

Inc.

19,792

4,754

Liberty

Latin

America

Ltd.,

Class

A

(Puerto

Rico)*

45,543

58,609

Lumen

Technologies,

Inc.*

416,124

602,508

Electrical

Equipment

–

1.9%

3,195

American

Superconductor

Corp.*

75,402

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Electrical

Equipment

–

(continued)

9,140

Atkore,

Inc.

$

774,524

11,049

Bloom

Energy

Corp.,

Class

A*

116,677

1,146

Enovix

Corp.*

(a)

10,704

10,581

Fluence

Energy,

Inc.*

240,295

62,175

FuelCell

Energy,

Inc.*

(a)

23,626

4,893

NEXTracker,

Inc.,

Class

A*

183,390

6,685

NuScale

Power

Corp.*

(a)

77,412

1,319

Powell

Industries,

Inc.

292,805

23,090

Shoals

Technologies

Group,

Inc.,

Class

A*

129,535

16,318

Sunrun,

Inc.*

294,703

18,437

Thermon

Group

Holdings,

Inc.*

550,160

11,891

TPI

Composites,

Inc.*

(a)

54,104

2,823,337

Electronic

Equipment,

Instruments

&

Components

–

3.0%

6,633

Arlo

Technologies,

Inc.*

80,326

3,349

Badger

Meter,

Inc.

731,455

852

Belden,

Inc.

99,795

1,116

ePlus,

Inc.*

109,747

5,168

Fabrinet

(Thailand)*

1,221,922

7,172

Itron,

Inc.*

766,041

40,518

Knowles

Corp.*

730,540

2,420

Napco

Security

Technologies,

Inc.

97,913

14,121

nLight,

Inc.*

150,953

726

Novanta,

Inc.*

129,896

9,678

Vishay

Precision

Group,

Inc.*

250,660

4,369,248

Energy

Equipment

&

Services

–

1.5%

5,014

Archrock,

Inc.

101,483

12,680

Borr

Drilling

Ltd.

(Mexico)*

69,613

13,265

ChampionX

Corp.

399,940

4,963

Expro

Group

Holdings

NV*

85,215

1,316

Nabors

Industries

Ltd.*

84,843

14,666

Newpark

Resources,

Inc.*

101,635

17,064

Oceaneering

International,

Inc.*

424,382

3,497

Oil

States

International,

Inc.*

16,086

32,406

Patterson-UTI

Energy,

Inc.

247,906

7,783

SEACOR

Marine

Holdings,

Inc.*

75,106

6,624

Tidewater,

Inc.*

475,537

31,292

Transocean

Ltd.*

132,991

2,214,737

Entertainment

–

0.8%

25,238

AMC

Entertainment

Holdings,

Inc.,

Class

A*

114,833

43,411

Eventbrite,

Inc.,

Class

A*

118,512

19,500

Madison

Square

Garden

Entertainment

Corp.*

829,335

1,062,680

Financial

Services

–

2.5%

2,562

Alerus

Financial

Corp.

58,618

10,908

AvidXchange

Holdings,

Inc.*

88,464

28,840

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

937,012

17,271

I3

Verticals,

Inc.,

Class

A*

368,045

3,577

Jackson

Financial,

Inc.,

Class

A

326,330

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

(continued)

14,724

Merchants

Bancorp

$

661,991

2,814

Mr

Cooper

Group,

Inc.*

259,394

3,652

NCR

Atleos

Corp.*

104,192

6,558

NMI

Holdings,

Inc.,

Class

A*

270,124

63,347

Payoneer

Global,

Inc.*

477,003

16,173

Paysign,

Inc.*

59,355

3,610,528

Food

Products

–

0.6%

1,703

Dole

PLC

27,742

21,100

Hain

Celestial

Group,

Inc.

(The)*

182,093

306

John

B.

Sanfilippo

&

Son,

Inc.

28,859

2,602

Lancaster

Colony

Corp.

459,435

13,242

WK

Kellogg

Co.

226,570

924,699

Gas

Utilities

–

0.5%

9,073

ONE

Gas,

Inc.

675,213

Ground

Transportation

–

1.2%

1,807

ArcBest

Corp.

195,969

19,018

Heartland

Express,

Inc.

233,541

2,706

Marten

Transport

Ltd.

47,896

3,699

PAM

Transportation

Services,

Inc.*

68,432

9,055

RXO,

Inc.*

253,540

23,174

Werner

Enterprises,

Inc.

894,285

1,693,663

Health

Care

Equipment

&

Supplies

–

1.8%

747

Artivion,

Inc.*

19,885

20,307

AtriCure,

Inc.*

569,408

3,194

Avanos

Medical,

Inc.*

76,752

1,696

CVRx,

Inc.*

14,942

25,783

Embecta

Corp.

363,540

1,603

Haemonetics

Corp.*

128,849

2,528

Inari

Medical,

Inc.*

104,255

7,337

iRadimed

Corp.

368,978

4,247

Lantheus

Holdings,

Inc.*

466,108

215

LeMaitre

Vascular,

Inc.

19,971

3,355

Merit

Medical

Systems,

Inc.*

331,575

1,554

PROCEPT

BioRobotics

Corp.*

124,507

7,370

Pulmonx

Corp.*

61,097

2,649,867

Health

Care

Providers

&

Services

–

3.9%

716

Addus

HomeCare

Corp.*

95,249

115,777

agilon

health,

Inc.*

455,004

29,011

Brookdale

Senior

Living,

Inc.*

196,985

60,993

Community

Health

Systems,

Inc.*

370,227

2,440

DocGo,

Inc.*

8,101

31,452

Enhabit,

Inc.*

248,471

6,110

Ensign

Group,

Inc.

(The)

878,740

13,104

Guardant

Health,

Inc.*

300,606

5,980

HealthEquity,

Inc.*

489,463

2,004

InfuSystem

Holdings,

Inc.*

13,427

17,228

Joint

Corp.

(The)*

197,088

83,911

LifeStance

Health

Group,

Inc.*

587,377

4,807

ModivCare,

Inc.*

68,644

1,112

NeoGenomics,

Inc.*

16,402

1,349

Option

Care

Health,

Inc.*

42,224

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Providers

&

Services

–

(continued)

524

PACS

Group,

Inc.*

$

20,944

6,739

Pediatrix

Medical

Group,

Inc.*

78,105

18,413

Pennant

Group,

Inc.

(The)*

657,344

3,074

Privia

Health

Group,

Inc.*

55,977

12,529

Select

Medical

Holdings

Corp.

436,886

7,416

Surgery

Partners,

Inc.*

239,092

35,820

Viemed

Healthcare,

Inc.*

262,561

5,718,917

Health

Care

REITs

–

0.1%

2,760

Universal

Health

Realty

Income

Trust

REIT

126,270

Health

Care

Technology

–

0.4%

10,334

Evolent

Health,

Inc.,

Class

A*

292,245

14,494

Health

Catalyst,

Inc.*

117,981

25,828

LifeMD,

Inc.*

135,339

545,565

Hotel

&

Resort

REITs

–

1.1%

8,856

Apple

Hospitality

REIT,

Inc.

REIT

131,512

47,170

Chatham

Lodging

Trust

REIT

401,888

79,620

RLJ

Lodging

Trust

REIT

730,912

61,983

Service

Properties

Trust

REIT

282,643

6,157

Summit

Hotel

Properties,

Inc.

REIT

42,237

1,589,192

Hotels,

Restaurants

&

Leisure

–

3.4%

16,407

BJ's

Restaurants,

Inc.*

534,212

6,727

Cheesecake

Factory,

Inc.

(The)

272,780

3,406

Cracker

Barrel

Old

Country

Store,

Inc.

(a)

154,462

62,462

Denny’s

Corp.*

402,880

11,824

Dine

Brands

Global,

Inc.

369,263

25,126

El

Pollo

Loco

Holdings,

Inc.*

344,226

5,062

Hilton

Grand

Vacations,

Inc.*

183,852

12,953

International

Game

Technology

PLC

275,899

5,739

Jack

in

the

Box,

Inc.

267,093

30,935

Life

Time

Group

Holdings,

Inc.*

755,433

670

Nathan's

Famous,

Inc.

54,203

22,410

Portillo's,

Inc.,

Class

A*

301,863

7,171

RCI

Hospitality

Holdings,

Inc.

319,468

5,445

Red

Rock

Resorts,

Inc.,

Class

A

296,426

17,546

Rush

Street

Interactive,

Inc.*

190,374

2,762

Shake

Shack,

Inc.,

Class

A*

285,066

5,007,500

Household

Durables

–

2.0%

59,055

GoPro,

Inc.,

Class

A*

80,315

6,418

Green

Brick

Partners,

Inc.*

536,031

2,448

Installed

Building

Products,

Inc.

602,869

1,417

KB

Home

121,423

4,183

LGI

Homes,

Inc.*

495,769

6,864

M/I

Homes,

Inc.*

1,176,215

3,012,622

Industrial

REITs

–

0.6%

90,159

LXP

Industrial

Trust

REIT

906,098

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Insurance

–

2.2%

7,105

Ambac

Financial

Group,

Inc.*

$

79,647

6,427

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*

320,065

4,579

CNO

Financial

Group,

Inc.

160,723

72,218

Genworth

Financial,

Inc.,

Class

A*

494,693

1,224

HCI

Group,

Inc.

131,041

32,412

James

River

Group

Holdings

Ltd.

203,223

4,324

Lemonade,

Inc.*

71,303

11,695

Mercury

General

Corp.

736,551

6,157

Selective

Insurance

Group,

Inc.

574,448

1,589

Tiptree,

Inc.

31,097

17,713

Universal

Insurance

Holdings,

Inc.

392,520

3,195,311

Interactive

Media

&

Services

–

1.0%

12,497

EverQuote,

Inc.,

Class

A*

263,562

65,998

fuboTV,

Inc.*

93,717

17,111

MediaAlpha,

Inc.,

Class

A*

309,880

3,369

Outbrain,

Inc.*

16,373

14,178

QuinStreet,

Inc.*

271,225

84,960

Vimeo,

Inc.*

429,048

11,251

ZipRecruiter,

Inc.,

Class

A*

106,885

1,490,690

IT

Services

–

0.2%

2,534

Backblaze,

Inc.,

Class

A*

16,192

12,133

Hackett

Group,

Inc.

(The)

318,734

11,015

Information

Services

Group,

Inc.

36,350

371,276

Leisure

Products

–

0.8%

8,213

Malibu

Boats,

Inc.,

Class

A*

318,746

4,423

Marine

Products

Corp.

42,859

32,645

Peloton

Interactive,

Inc.,

Class

A*

152,779

23,953

Smith

&

Wesson

Brands,

Inc.

310,910

25,944

Topgolf

Callaway

Brands

Corp.*

284,865

1,110,159

Life

Sciences

Tools

&

Services

–

0.6%

57,607

Adaptive

Biotechnologies

Corp.*

294,948

4,279

BioLife

Solutions,

Inc.*

107,146

19,918

Codexis,

Inc.*

61,347

24,986

Cytek

Biosciences,

Inc.*

138,423

33,846

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

281,260

11,273

Pacific

Biosciences

of

California,

Inc.*

19,164

1,078

Quanterix

Corp.*

13,971

916,259

Machinery

–

3.6%

2,290

Chart

Industries,

Inc.*

284,281

22,890

Douglas

Dynamics,

Inc.

631,306

2,846

ESCO

Technologies,

Inc.

367,077

11,156

Federal

Signal

Corp.

1,042,640

6,430

Gencor

Industries,

Inc.*

134,130

4,352

Gorman-Rupp

Co.

(The)

169,510

2,171

Helios

Technologies,

Inc.

103,557

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Machinery

–

(continued)

16,402

Hillman

Solutions

Corp.*

$

173,205

1,543

Kennametal,

Inc.

40,010

5,542

Mayville

Engineering

Co.,

Inc.*

116,825

10,158

Miller

Industries,

Inc.

619,638

6,522

Mueller

Industries,

Inc.

483,280

1,787

Mueller

Water

Products,

Inc.,

Class

A

38,778

2,618

Omega

Flex,

Inc.

130,691

5,635

SPX

Technologies,

Inc.*

898,557

2,732

Wabash

National

Corp.

52,427

5,285,912

Marine

Transportation

–

0.1%

2,267

Pangaea

Logistics

Solutions

Ltd.

16,390

18,063

Safe

Bulkers,

Inc.

(Monaco)

93,566

109,956

Media

–

0.8%

10,809

AMC

Networks,

Inc.,

Class

A*

93,930

1,112

Cable

One,

Inc.

388,966

28,162

Entravision

Communications

Corp.,

Class

A

58,295

78,298

EW

Scripps

Co.

(The),

Class

A*

175,779

75,199

Gray

Television,

Inc.

403,067

2,666

Magnite,

Inc.*

36,924

4,220

Thryv

Holdings,

Inc.*

72,711

1,229,672

Metals

&

Mining

–

1.8%

7,360

Carpenter

Technology

Corp.

1,174,509

34,203

Coeur

Mining,

Inc.*

235,317

111,864

Hecla

Mining

Co.

746,133

1,716

Kaiser

Aluminum

Corp.

124,444

1,182

Materion

Corp.

132,218

3,764

Olympic

Steel,

Inc.

146,796

1,191

Ryerson

Holding

Corp.

23,713

2,720

Worthington

Steel,

Inc.

92,507

2,675,637

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

1.3%

56,480

Arbor

Realty

Trust,

Inc.

REIT

878,829

9,247

BrightSpire

Capital,

Inc.

REIT

51,783

22,134

Invesco

Mortgage

Capital,

Inc.

REIT

207,838

5,622

Ladder

Capital

Corp.

REIT

65,215

30,193

Orchid

Island

Capital,

Inc.

REIT

248,187

18,555

PennyMac

Mortgage

Investment

Trust

REIT

264,594

16,431

TPG

RE

Finance

Trust,

Inc.

REIT

140,157

1,856,603

Multi-Utilities

–

0.6%

15,534

Black

Hills

Corp.

949,438

Office

REITs

–

0.3%

13,991

Brandywine

Realty

Trust

REIT

76,111

5,535

City

Office

REIT,

Inc.

REIT

32,324

9,177

COPT

Defense

Properties

REIT

278,338

5,889

Hudson

Pacific

Properties,

Inc.

REIT

28,149

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Office

REITs

–

(continued)

5,071

JBG

SMITH

Properties

REIT

$

88,641

503,563

Oil,

Gas

&

Consumable

Fuels

–

2.4%

1,741

Ardmore

Shipping

Corp.

(Ireland)

31,512

10,891

Dorian

LPG

Ltd.

374,868

13,838

Excelerate

Energy,

Inc.,

Class

A

304,574

6,951

FLEX

LNG

Ltd.

(Norway)

176,833

6,406

Kinetik

Holdings,

Inc.

289,936

31,397

Kosmos

Energy

Ltd.

(Ghana)*

126,530

7,741

Murphy

Oil

Corp.

261,181

145,641

Nordic

American

Tankers

Ltd.

534,503

2,510

Par

Pacific

Holdings,

Inc.*

44,176

7,536

PBF

Energy,

Inc.,

Class

A

233,239

6,612

Scorpio

Tankers,

Inc.

(Monaco)

471,436

2,850

SM

Energy

Co.

113,915

15,563

Talos

Energy,

Inc.*

161,077

1,217

Teekay

Corp.

(Bermuda)*

11,196

4,342

Vital

Energy,

Inc.*

116,800

9,168

World

Kinect

Corp.

283,383

3,535,159

Paper

&

Forest

Products

–

0.3%

5,375

Sylvamo

Corp.

461,444

Passenger

Airlines

–

0.5%

6,545

Allegiant

Travel

Co.

360,368

8,403

Joby

Aviation,

Inc.*

(a)

42,267

4,493

SkyWest,

Inc.*

381,995

784,630

Pharmaceuticals

–

1.7%

1,227

Amphastar

Pharmaceuticals,

Inc.*

59,546

804

ANI

Pharmaceuticals,

Inc.*

47,967

7,457

Arvinas,

Inc.*

183,666

3,827

Axsome

Therapeutics,

Inc.*

343,932

5,115

Collegium

Pharmaceutical,

Inc.*

197,643

8,379

Corcept

Therapeutics,

Inc.*

387,780

5,845

Evolus,

Inc.*

94,689

4,373

Innoviva,

Inc.*

84,443

157

Ligand

Pharmaceuticals,

Inc.*

15,714

5,586

Phathom

Pharmaceuticals,

Inc.*

100,995

14,032

Phibro

Animal

Health

Corp.,

Class

A

316,001

19,606

Supernus

Pharmaceuticals,

Inc.*

611,315

15,034

Theravance

Biopharma,

Inc.*

121,174

2,564,865

Professional

Services

–

1.9%

21,441

Conduent,

Inc.*

86,407

18,085

ExlService

Holdings,

Inc.*

689,943

2,568

Exponent,

Inc.

296,039

6,320

Franklin

Covey

Co.*

259,941

8,127

Maximus,

Inc.

757,111

783

NV5

Global,

Inc.*

73,195

5,206

TriNet

Group,

Inc.

504,826

2,667,462

Real

Estate

Management

&

Development

–

0.2%

17,479

Compass,

Inc.,

Class

A*

106,797

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

Management

&

Development

–

(continued)

6,156

Newmark

Group,

Inc.,

Class

A

$

95,603

11,599

Redfin

Corp.*

145,335

347,735

Residential

REITs

–

0.8%

3,202

Centerspace

REIT

225,645

20,060

NexPoint

Residential

Trust,

Inc.

REIT

882,841

1,108,486

Retail

REITs

–

0.5%

400

Alexander's,

Inc.

REIT

96,944

13,289

Kite

Realty

Group

Trust

REIT

352,956

5,516

Macerich

Co.

(The)

REIT

100,612

3,413

Tanger,

Inc.

REIT

113,243

663,755

Semiconductors

&

Semiconductor

Equipment

–

1.4%

2,796

Ambarella,

Inc.*

157,708

5,243

Axcelis

Technologies,

Inc.*

549,728

797

Cohu,

Inc.*

20,483

10,172

FormFactor,

Inc.*

467,912

573

Impinj,

Inc.*

124,066

3,752

MaxLinear,

Inc.*

54,329

5,873

PDF

Solutions,

Inc.*

186,057

3,871

Photronics,

Inc.*

95,846

496

Power

Integrations,

Inc.

31,803

2,610

Semtech

Corp.*

119,173

636

SiTime

Corp.*

109,080

2,592

Ultra

Clean

Holdings,

Inc.*

103,499

806

Veeco

Instruments,

Inc.*

26,703

2,046,387

Software

–

7.6%

24,702

ACI

Worldwide,

Inc.*

1,257,332

2,756

Agilysys,

Inc.*

300,321

14,951

Alarm.com

Holdings,

Inc.*

817,371

23,842

Alkami

Technology,

Inc.*

751,977

727

AudioEye,

Inc.*

16,612

9,742

BlackLine,

Inc.*

537,174

15,657

Blend

Labs,

Inc.,

Class

A*

58,714

1,331

C3.ai,

Inc.,

Class

A*

32,250

4,913

Cleanspark,

Inc.*

45,887

33,831

Clear

Secure,

Inc.,

Class

A

1,121,159

26,816

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

677,104

7,256

CommVault

Systems,

Inc.*

1,116,336

17,212

Consensus

Cloud

Solutions,

Inc.*

405,343

2,036

Dave,

Inc.*

81,359

7,287

Intapp,

Inc.*

348,537

10,920

MARA

Holdings,

Inc.*

177,122

58,943

Olo,

Inc.,

Class

A*

292,357

7,352

OneSpan,

Inc.*

122,558

15,951

Pagaya

Technologies

Ltd.,

Class

A*

(a)

168,602

6,595

Q2

Holdings,

Inc.*

526,083

1,513

Rapid7,

Inc.*

60,354

5,300

Red

Violet,

Inc.*

150,785

4,687

Riot

Platforms,

Inc.*

34,777

693

Sapiens

International

Corp.

NV

(Israel)

25,828

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

(continued)

2,623

SoundThinking,

Inc.*

$

30,401

8,513

Varonis

Systems,

Inc.*

480,984

19,168

Verint

Systems,

Inc.*

485,525

3,573

Workiva,

Inc.*

282,696

978

Xperi,

Inc.*

9,037

9,049

Zeta

Global

Holdings

Corp.,

Class

A*

269,932

64,172

Zuora,

Inc.,

Class

A*

553,163

11,237,680

Specialty

Retail

–

3.2%

7,211

Abercrombie

&

Fitch

Co.,

Class

A*

1,008,819

40,447

American

Eagle

Outfitters,

Inc.

905,608

4,123

America's

Car-Mart,

Inc.*

172,836

5,093

Arko

Corp.

35,753

13,807

Buckle,

Inc.

(The)

607,094

798

Genesco,

Inc.*

21,682

3,837

Haverty

Furniture

Cos.,

Inc.

105,402

46,615

Leslie's,

Inc.*

147,304

1,352

Monro,

Inc.

39,019

13,813

Revolve

Group,

Inc.*

342,286

17,146

Shoe

Carnival,

Inc.

751,852

4,597

Upbound

Group,

Inc.

147,058

1,898

Warby

Parker,

Inc.,

Class

A*

30,994

18,751

Zumiez,

Inc.*

399,396

4,715,103

Technology

Hardware,

Storage

&

Peripherals

–

0.1%

13,048

Eastman

Kodak

Co.*

61,587

1,997

IonQ,

Inc.*

(a)

17,454

5,945

Turtle

Beach

Corp.*

91,196

170,237

Textiles,

Apparel

&

Luxury

Goods

–

0.3%

4,579

Figs,

Inc.,

Class

A*

31,320

10,807

G-III

Apparel

Group

Ltd.*

329,829

2,931

Steven

Madden

Ltd.

143,590

504,739

Tobacco

–

0.2%

4,718

Universal

Corp.

250,573

Trading

Companies

&

Distributors

–

1.1%

145

Boise

Cascade

Co.

20,442

1,065

DXP

Enterprises,

Inc.*

56,828

7,191

FTAI

Aviation

Ltd.

955,684

2,961

H&E

Equipment

Services,

Inc.

144,142

1,330

McGrath

RentCorp

140,022

21,966

MRC

Global,

Inc.*

279,847

1,596,965

Water

Utilities

–

0.4%

1,985

California

Water

Service

Group

107,627

1,108

Consolidated

Water

Co.

Ltd.

27,933

1,234

Global

Water

Resources,

Inc.

15,536

7,511

SJW

Group

436,464

587,560

Wireless

Telecommunication

Services

–

0.3%

3,576

Spok

Holdings,

Inc.

53,855

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Wireless

Telecommunication

Services

–

(continued)

18,516

Telephone

and

Data

Systems,

Inc.

$

430,497

484,352

TOTAL

COMMON

STOCKS

(Cost

$125,699,939)

143,447,273

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.7%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,075,664

4.854%

1,075,664

(Cost

$1,075,664)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$126,775,603)

144,522,937

a

Securities

Lending

Reinvestment

Vehicle

–

0.7%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

1,078,475

4.854%

1,078,475

(Cost

$1,078,475)

TOTAL

INVESTMENTS

–

99.0%

(Cost

$127,854,078)

$

145,601,412

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.0%

1,450,299

NET

ASSETS

–

100.0%

$

147,051,711

  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)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

ADDITIONAL

INVESTMENT

INFORMATION

**End

swaps

header**

FUTURES

CONTRACTS

—

At

September

30,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

Russell

2000

E-Mini

Index

19

12/20/24

$

2,136,740

$

40,682

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-STRATEGIC

GROWTH

FUND

Schedule

of

Investments

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.9%

Automobiles

–

1.3%

20,466

Tesla,

Inc.*

$

5,354,520

Biotechnology

–

1.8%

10,379

Alnylam

Pharmaceuticals,

Inc.*

2,854,536

4,497

Argenx

SE

ADR

(Netherlands)*

2,437,734

16,339

Neurocrine

Biosciences,

Inc.*

1,882,580

7,174,850

Broadline

Retail

–

6.5%

141,734

Amazon.com,

Inc.*

26,409,296

Capital

Markets

–

1.9%

59,286

Charles

Schwab

Corp.

(The)

3,842,326

6,899

MSCI,

Inc.

4,021,634

7,863,960

Chemicals

–

1.7%

3,803

Linde

PLC

1,813,498

13,592

Sherwin-Williams

Co.

(The)

5,187,659

7,001,157

Commercial

Services

&

Supplies

–

0.5%

11,277

Waste

Connections,

Inc.

2,016,553

Construction

Materials

–

0.7%

5,550

Martin

Marietta

Materials,

Inc.

2,987,287

Electrical

Equipment

–

1.7%

13,763

GE

Vernova,

Inc.*

3,509,290

12,501

Rockwell

Automation,

Inc.

3,356,018

6,865,308

Entertainment

–

2.6%

10,639

Netflix,

Inc.*

7,545,924

8,072

Spotify

Technology

SA*

2,974,774

10,520,698

Financial

Services

–

3.2%

26,389

Mastercard,

Inc.,

Class

A

13,030,888

Ground

Transportation

–

1.8%

19,911

Old

Dominion

Freight

Line,

Inc.

3,955,121

7,411

Saia,

Inc.*

3,240,534

7,195,655

Health

Care

Equipment

&

Supplies

–

3.7%

7,218

Align

Technology,

Inc.*

1,835,682

51,162

Boston

Scientific

Corp.*

4,287,375

17,869

Insulet

Corp.*

4,159,010

9,656

Intuitive

Surgical,

Inc.*

4,743,703

15,025,770

Hotels,

Restaurants

&

Leisure

–

2.5%

19,359

Cava

Group,

Inc.*

2,397,612

16,853

DoorDash,

Inc.,

Class

A*

2,405,429

64,146

DraftKings,

Inc.,

Class

A*

2,514,523

9,287

McDonald's

Corp.

2,827,985

10,145,549

Household

Products

–

0.8%

18,241

Procter &

Gamble

Co.

(The)

3,159,341

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Interactive

Media

&

Services

–

9.2%

105,762

Alphabet,

Inc.,

Class

A

$

17,540,628

63,853

Alphabet,

Inc.,

Class

C

10,675,583

11,082

Meta

Platforms,

Inc.,

Class

A

6,343,780

249,049

Snap,

Inc.,

Class

A*

2,664,824

37,224,815

IT

Services

–

1.3%

8,502

Accenture

PLC,

Class

A

(Ireland)

3,005,287

21,474

Snowflake,

Inc.,

Class

A*

2,466,504

5,471,791

Machinery

–

0.5%

14,149

Xylem,

Inc.

1,910,539

Oil,

Gas

&

Consumable

Fuels

–

1.3%

29,943

Cheniere

Energy,

Inc.

5,384,949

Pharmaceuticals

–

4.5%

46,964

AstraZeneca

PLC

ADR

(United

Kingdom)

3,658,965

16,669

Eli

Lilly

&

Co.

14,767,734

18,426,699

Professional

Services

–

0.8%

10,856

Equifax,

Inc.

3,190,144

Semiconductors

&

Semiconductor

Equipment

–

16.4%

85,636

Broadcom,

Inc.

14,772,210

19,761

Enphase

Energy,

Inc.*

2,233,388

3,442

KLA

Corp.

2,665,519

62,381

Marvell

Technology,

Inc.

4,498,918

314,861

NVIDIA

Corp.

38,236,720

20,345

Texas

Instruments,

Inc.

4,202,667

66,609,422

Software

–

19.6%

11,008

Adobe,

Inc.*

5,699,722

38,643

AppLovin

Corp.,

Class

A*

5,044,844

54,075

Dynatrace,

Inc.*

2,891,390

1,563

Fair

Isaac

Corp.*

3,037,722

3,060

HubSpot,

Inc.*

1,626,696

8,038

Intuit,

Inc.

4,991,598

111,560

Microsoft

Corp.

48,004,268

15,834

Oracle

Corp.

2,698,113

19,918

Salesforce,

Inc.

5,451,756

79,446,109

Specialty

Retail

–

2.5%

22,592

Lowe’s

Cos.,

Inc.

6,119,043

26,340

Ross

Stores,

Inc.

3,964,434

10,083,477

Technology

Hardware,

Storage

&

Peripherals

–

13.1%

227,608

Apple,

Inc.

53,032,664

TOTAL

COMMON

STOCKS

(Cost

$164,513,565)

405,531,441

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST-STRATEGIC

GROWTH

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.1%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

490,135

4.854%

$

490,135

(Cost

$490,135)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$165,003,700)

$

406,021,576

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.0%

32,624

NET

ASSETS

–

100.0%

$

406,054,200

  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

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.2%

Aerospace

&

Defense

–

1.6%

5,544

General

Dynamics

Corp.

$

1,675,397

8,049

Huntington

Ingalls

Industries,

Inc.

2,127,994

3,712

Northrop

Grumman

Corp.

1,960,196

5,763,587

Air

Freight

&

Logistics

–

1.2%

33,308

United

Parcel

Service,

Inc.,

Class

B

4,541,213

Automobile

Components

–

0.4%

13,915

Lear

Corp.

1,518,822

Automobiles

–

0.9%

12,800

Tesla,

Inc.*

3,348,864

Banks

–

0.8%

18,879

Bank

of

America

Corp.

749,119

6,102

Citizens

Financial

Group,

Inc.

250,609

3,992

JPMorgan

Chase &

Co.

841,753

14,980

Prosperity

Bancshares,

Inc.

1,079,609

2,921,090

Beverages

–

0.4%

1,116

Coca-Cola

Consolidated,

Inc.

1,469,102

Biotechnology

–

2.5%

37,110

Gilead

Sciences,

Inc.

3,111,302

2,884

Natera,

Inc.*

366,124

4,358

Regeneron

Pharmaceuticals,

Inc.*

4,581,304

2,873

Vertex

Pharmaceuticals,

Inc.*

1,336,175

9,394,905

Broadline

Retail

–

4.5%

89,748

Amazon.com,

Inc.*

16,722,745

Capital

Markets

–

3.6%

4,407

Ameriprise

Financial,

Inc.

2,070,453

20,830

CME

Group,

Inc.

4,596,140

619

Evercore,

Inc.,

Class

A

156,817

90,076

Franklin

Resources,

Inc.

1,815,031

2,238

Interactive

Brokers

Group,

Inc.,

Class

A

311,888

24,266

Northern

Trust

Corp.

2,184,668

21,446

Stifel

Financial

Corp.

2,013,779

13,148,776

Chemicals

–

1.6%

3,085

Axalta

Coating

Systems

Ltd.*

111,646

16,903

Ecolab,

Inc.

4,315,843

3,624

Sherwin-Williams

Co.

(The)

1,383,172

5,810,661

Commercial

Services

&

Supplies

–

1.2%

21,069

Cintas

Corp.

4,337,686

Communications

Equipment

–

1.8%

86,909

Cisco

Systems,

Inc.

4,625,297

4,930

Motorola

Solutions,

Inc.

2,216,676

6,841,973

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Construction

&

Engineering

–

0.9%

7,974

Comfort

Systems

USA,

Inc.

$

3,112,651

1,432

MasTec,

Inc.*

176,279

3,288,930

Consumer

Finance

–

0.8%

36,453

Ally

Financial,

Inc.

1,297,362

2,118

Capital

One

Financial

Corp.

317,128

4,246

OneMain

Holdings,

Inc.

199,859

20,271

Synchrony

Financial

1,011,118

2,825,467

Consumer

Staples

Distribution

&

Retail

–

3.1%

7,820

Costco

Wholesale

Corp.

6,932,587

28,533

Target

Corp.

4,447,153

11,379,740

Containers

&

Packaging

–

0.2%

11,354

Berry

Global

Group,

Inc.

771,845

Diversified

Consumer

Services

–

0.4%

11,603

Bright

Horizons

Family

Solutions,

Inc.*

1,625,928

Electric

Utilities

–

0.3%

19,320

PG&E

Corp.

381,956

9,482

Xcel

Energy,

Inc.

619,175

1,001,131

Electrical

Equipment

–

0.0%

773

AMETEK,

Inc.

132,732

Electronic

Equipment,

Instruments

&

Components

–

0.4%

11,316

Jabil,

Inc.

1,355,996

Energy

Equipment

&

Services

–

1.4%

112,587

Halliburton

Co.

3,270,652

25,778

Schlumberger

NV

1,081,387

24,902

TechnipFMC

PLC

(United

Kingdom)

653,180

5,005,219

Entertainment

–

2.3%

9,014

Netflix,

Inc.*

6,393,360

44,913

ROBLOX

Corp.,

Class

A*

1,987,849

8,381,209

Financial

Services

–

4.4%

22,128

Berkshire

Hathaway,

Inc.,

Class

B*

10,184,633

8,327

Euronet

Worldwide,

Inc.*

826,288

27,626

Fiserv,

Inc.*

4,963,011

15,973,932

Ground

Transportation

–

1.1%

14,135

Old

Dominion

Freight

Line,

Inc.

2,807,776

15,255

Uber

Technologies,

Inc.*

1,146,566

3,954,342

Health

Care

Equipment

&

Supplies

–

0.3%

2,409

Penumbra,

Inc.*

468,093

2,178

Teleflex,

Inc.

538,663

1,006,756

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Providers

&

Services

–

5.1%

4,842

Centene

Corp.*

$

364,506

952

Elevance

Health,

Inc.

495,040

39,458

Encompass

Health

Corp.

3,813,221

1,471

Quest

Diagnostics,

Inc.

228,373

14,522

Tenet

Healthcare

Corp.*

2,413,556

13,148

UnitedHealth

Group,

Inc.

7,687,373

17,237

Universal

Health

Services,

Inc.,

Class

B

3,947,445

18,949,514

Hotel

&

Resort

REITs

–

0.2%

66,579

Park

Hotels

&

Resorts,

Inc.

REIT

938,764

Hotels,

Restaurants

&

Leisure

–

2.0%

3,023

Carnival

Corp.*

55,865

12,466

Marriott

International,

Inc.,

Class

A

3,099,048

22,512

MGM

Resorts

International*

879,994

2,136

Texas

Roadhouse,

Inc.

377,218

5,827

Wingstop,

Inc.

2,424,498

6,699

Wynn

Resorts

Ltd.

642,300

7,478,923

Household

Durables

–

1.1%

6,496

D.R.

Horton,

Inc.

1,239,242

5,894

Lennar

Corp.,

Class

A

1,105,007

195

NVR,

Inc.*

1,913,301

4,257,550

Household

Products

–

1.9%

40,393

Procter &

Gamble

Co.

(The)

6,996,068

Industrial

REITs

–

0.1%

6,138

Rexford

Industrial

Realty,

Inc.

REIT

308,803

Insurance

–

1.7%

3,382

Arthur

J

Gallagher

&

Co.

951,593

8,345

First

American

Financial

Corp.

550,853

2,789

Kinsale

Capital

Group,

Inc.

1,298,475

2,109

Progressive

Corp.

(The)

535,180

13,355

Travelers

Cos.,

Inc.

(The)

3,126,673

6,462,774

Interactive

Media

&

Services

–

7.7%

30,003

Alphabet,

Inc.,

Class

A

4,975,998

66,876

Alphabet,

Inc.,

Class

C

11,180,998

21,466

Meta

Platforms,

Inc.,

Class

A

12,287,997

28,444,993

IT

Services

–

0.1%

297

Gartner,

Inc.*

150,508

4,753

Kyndryl

Holdings,

Inc.*

109,224

1,847

VeriSign,

Inc.*

350,856

610,588

Leisure

Products

–

0.6%

29,921

Hasbro,

Inc.

2,163,887

Life

Sciences

Tools

&

Services

–

1.6%

17,050

IQVIA

Holdings,

Inc.*

4,040,339

5,523

Medpace

Holdings,

Inc.*

1,843,577

5,883,916

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Machinery

–

2.4%

17,449

Illinois

Tool

Works,

Inc.

$

4,572,859

12,256

PACCAR,

Inc.

1,209,422

4,779

Parker-Hannifin

Corp.

3,019,468

8,801,749

Media

–

0.7%

6,855

Charter

Communications,

Inc.,

Class

A*

2,221,568

7,973

News

Corp.,

Class

A

212,321

2,433,889

Oil,

Gas

&

Consumable

Fuels

–

1.9%

4,309

Chord

Energy

Corp.

561,161

34,553

ConocoPhillips

3,637,740

3,754

Devon

Energy

Corp.

146,856

1,871

DT

Midstream,

Inc.

147,173

1,058

Exxon

Mobil

Corp.

124,019

18,954

Ovintiv,

Inc.

726,128

884

Phillips

66

116,202

12,233

Valero

Energy

Corp.

1,651,822

7,111,101

Pharmaceuticals

–

4.1%

42,742

Bristol-Myers

Squibb

Co.

2,211,471

1,940

Eli

Lilly

&

Co.

1,718,724

41,841

Johnson &

Johnson

6,780,752

22,536

Zoetis,

Inc.

4,403,084

15,114,031

Professional

Services

–

0.7%

4,571

Equifax,

Inc.

1,343,234

5,702

FTI

Consulting,

Inc.*

1,297,547

2,640,781

Residential

REITs

–

1.0%

9,106

American

Homes

4

Rent,

Class

A

REIT

349,579

25,770

Camden

Property

Trust

REIT

3,183,368

3,532,947

Semiconductors

&

Semiconductor

Equipment

–

9.0%

39,629

Broadcom,

Inc.

6,836,002

13,390

Marvell

Technology,

Inc.

965,687

172,570

NVIDIA

Corp.

20,956,901

22,311

Texas

Instruments,

Inc.

4,608,783

33,367,373

Software

–

10.0%

1,876

Adobe,

Inc.*

971,355

17,169

Fortinet,

Inc.*

1,331,456

2,458

Intuit,

Inc.

1,526,418

60,406

Microsoft

Corp.

25,992,702

12,083

Nutanix,

Inc.,

Class

A*

715,918

36,803

Oracle

Corp.

6,271,231

1,234

Workday,

Inc.,

Class

A*

301,602

37,110,682

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Specialty

Retail

–

2.0%

9,439

Best

Buy

Co.,

Inc.

$

975,049

22,937

CarMax,

Inc.*

1,774,865

1,630

Floor

&

Decor

Holdings,

Inc.,

Class

A*

202,397

1,879

Lowe’s

Cos.,

Inc.

508,927

27,292

Ross

Stores,

Inc.

4,107,719

7,568,957

Technology

Hardware,

Storage

&

Peripherals

–

7.6%

119,772

Apple,

Inc.

27,906,876

Textiles,

Apparel

&

Luxury

Goods

–

1.0%

7,371

Birkenstock

Holding

PLC

*

363,317

47,737

Skechers

USA,

Inc.,

Class

A*

3,194,560

3,557,877

Trading

Companies

&

Distributors

–

0.6%

10,986

Ferguson

Enterprises,

Inc.

2,181,490

TOTAL

INVESTMENTS

–

99.2%

(Cost

$254,181,435)

$

366,346,184

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.8%

2,928,492

NET

ASSETS

–

100.0%

$

369,274,676

  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

Goldman

Sachs

Variable

Insurance

Trust

Funds

Schedule

of

Investments

September

30,

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

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,

2024

(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,

2024

(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,

2024:

(a)

International

Equity

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

—

$

357,498

$

—

Asia

1,045,587

27,587,531

—

Europe

4,903,009

54,046,134

—

North

America

2,024,535

8,480,619

—

Oceania

—

9,160,198

—

Securities

Lending

Reinvestment

Vehicle

79,000

—

—

Total

$

8,052,131

$

99,631,980

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

17,992

$

—

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Futures

Contracts

(b)

$

(2,656)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Large

Cap

Value

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

7,267,991

$

—

$

—

North

America

282,952,365

—

—

Investment

Company

1,928,353

—

—

Total

$

292,148,709

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Mid

Cap

Growth

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

649,766

$

—

$

—

North

America

61,086,120

—

—

Investment

Company

1,497,093

—

—

Total

$

63,232,979

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Mid

Cap

Value

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

4,744,057

$

—

$

—

North

America

458,991,422

—

—

Investment

Company

2,085,426

—

—

Total

$

465,820,905

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Variable

Insurance

Trust

Funds

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

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

Small

Cap

Equity

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

126,530

$

—

$

—

Asia

1,247,750

—

—

Europe

879,013

—

—

North

America

141,121,111

—

—

South

America

72,869

—

—

Investment

Company

1,075,664

—

—

Securities

Lending

Reinvestment

Vehicle

1,078,475

—

—

Total

$

145,601,412

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

40,682

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Strategic

Growth

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

9,101,986

$

—

$

—

North

America

396,429,455

—

—

Investment

Company

490,135

—

—

Total

$

406,021,576

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

U.S.

Equity

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

1,016,497

$

—

$

—

North

America

365,329,687

—

—

Total

$

366,346,184

$

—

$

—

€

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.

The

Fund

utilizes

fair

value

model

prices

provided

by

an

independent

third-party

fair

value

service

for

certain

international

equity

securities

resulting

in

a

level

2

classification.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Variable

Insurance

Trust

Funds

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

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:

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Variable

Insurance

Trust

Funds

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Large

Shareholder

Transactions

Risk

—

A

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

funds,

participating

insurance

companies,

accounts

and

Goldman

Sachs

affiliates,

purchase

or

redeem

large

amounts

of

shares

of

a

Fund.

Such

large

shareholder

redemptions,

which

may

occur

rapidly

or

unexpectedly,

may

cause

a

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negatively

impact

a

Fund’s

NAV

and

liquidity.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains,

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in

a

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund’s

expense

ratio.

Similarly,

large

Fund

share

purchases

may

adversely

affect

a

Fund’s

performance

to

the

extent

that

the

Fund

is

delayed

in

investing

new

cash

or

otherwise

maintains

a

larger

cash

position

than

it

ordinarily

would.

Market

Risk

—

The

value

of

the

securities

in

which

the

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

the

Fund

and

its

investments.

Mid-Cap

and

Small-Cap

Risk

—

Investments

in

mid-capitalization

and

small-capitalization

companies

involve

greater

risks

than

those

associated

with

larger,

more

established

companies.

These

securities

may

be

subject

to

more

abrupt

or

erratic

price

movements

and

may

lack

sufficient

market

liquidity,

and

these

issuers

often

face

greater

business

risks.

Non-Diversification

Risk

—

The

Strategic

Growth

Fund

is

non-diversified,

meaning

that

it

is

permitted

to

invest

a

larger

percentage

of

its

assets

in

one

or

more

issuers

or

in

fewer

issuers

than

diversified

mutual

funds.

Thus,

the

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

held

in

its

portfolio,

and

may

be

more

susceptible

to

greater

losses

because

of

these

developments.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)