Goldman Sachs Variable Insurance Trust NPORT-P Goldman Sachs Variable Insurance Trust Trend Driven Allocation Fund (Sep 2024 report)

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

MULTI-STRATEGY

ALTERNATIVES

PORTFOLIO

Schedule

of

Investments

September

30,

2024

(Unaudited)

Shares

Description

Value

a

a

Underlying

Funds

(Class

R6

Shares)

(a)

–

90.4%

Equity

–

17.0%

256,235

Goldman

Sachs

Global

Infrastructure

Fund

$

3,589,850

376,372

Goldman

Sachs

Emerging

Markets

Equity

Insights

Fund

3,504,025

4,559

Goldman

Sachs

Energy

Infrastructure

Fund

62,140

7,156,015

Fixed

Income

–

73.4%

955,560

Goldman

Sachs

Managed

Futures

Strategy

Fund

9,440,929

1,041,816

Goldman

Sachs

High

Yield

Fund

5,990,443

503,359

Goldman

Sachs

Emerging

Markets

Debt

Fund

4,993,326

553,191

Goldman

Sachs

High

Yield

Floating

Rate

Fund

4,901,276

422,051

Goldman

Sachs

Short

Duration

High

Yield

Fund

3,397,509

240,348

Goldman

Sachs

Core

Fixed

Income

Fund

2,271,285

30,994,768

TOTAL

UNDERLYING

FUNDS

(CLASS

R6

SHARES)

(Cost

$36,282,512)

38,150,783

a

Exchange

Traded

Funds

–

7.6%

26,414

Goldman

Sachs

MarketBeta

U.S.

Equity

ETF

(a)

2,081,688

8,847

Goldman

Sachs

MarketBeta

International

Equity

ETF

(a)

525,025

2,521

iShares

TIPS

Bond

ETF

278,495

886

Health

Care

Select

Sector

SPDR

Fund

136,462

752

iShares

U.S.

Technology

ETF

114,018

1,293

iShares

MSCI

Mexico

ETF

69,447

TOTAL

EXCHANGE

TRADED

FUNDS

(Cost

$2,618,509)

3,205,135

TOTAL

INVESTMENTS

–

98.0%

(Cost

$38,901,021)

$

41,355,918

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

2.0%

842,375

NET

ASSETS

–

100.0%

$

42,198,293

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

Represents

an

affiliated

issuer.

Currency

Abbreviations:

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

ZAR

South

African

Rand

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

MULTI-STRATEGY

ALTERNATIVES

PORTFOLIO

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

ADDITIONAL

INVESTMENT

INFORMATION

FORWARD

FOREIGN

CURRENCY

EXCHANGE

CONTRACTS

—

At

September

30,

2024,

the

Portfolio

had

the

following

forward

foreign

currency

exchange

contracts:

FORWARD

FOREIGN

CURRENCY

EXCHANGE

CONTRACTS

WITH

UNREALIZED

GAIN

Counterparty

Currency

Purchased

Currency

Sold

Settlement

Date

Unrealized

Gain

Morgan

Stanley

Co.,

Inc.

USD

107,349

CHF

90,000

12/18/2024

$

78

TOTAL

$

78

FORWARD

FOREIGN

CURRENCY

EXCHANGE

CONTRACTS

WITH

UNREALIZED

LOSS

Counterparty

Currency

Purchased

Currency

Sold

Settlement

Date

Unrealized

Loss

Morgan

Stanley

Co.,

Inc.

USD

311,548

EUR

280,000

12/18/2024

(1,128)

TOTAL

$

(1,128)

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

4

12/20/24

$

223,966

$

5,403

Euro-OAT

3

12/06/24

423,877

2,698

FTSE/JSE

TOP

40

DEC24

2

12/19/24

92,163

(39)

LONG

GILT

FUTURE

DEC24

2

12/27/24

263,192

(756)

S&P

500

E-Mini

Index

1

12/20/24

290,712

7,566

TOPIX

Index

2

12/12/24

368,412

15,925

U.S.

Treasury

10

Year

Note

3

12/19/24

343,078

773

U.S.

Treasury

5

Year

Note

8

12/31/24

879,562

(2,139)

Total

$

29,431

Short

position

contracts:

Euro

Bund

Future

3

12/06/24

(450,492)

(4,891)

U.S.

Treasury

Ultra

Bond

2

12/19/24

(266,562)

(68)

Total

$

(4,959)

Total

Futures

Contracts

$

24,472

GOLDMAN

SACHS

VARIABLE

INSURANCE

TRUST

MULTI-STRATEGY

ALTERNATIVES

PORTFOLIO

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

PURCHASED

OPTIONS

CONTRACTS

—

At

September

30,

2024,

the

Fund

had

the

following

purchased

option

contracts:

Description

Exercise

Rate

Expiration

Date

Number

of

Contracts

Notional

Amount

Market

Value

Premiums

Paid

(Received)

by

the

Fund

Unrealized

Appreciation/

(Depreciation)

Purchased

Option

Contracts:

Calls

3

Month

SOFR

$

96.38

12/11/2026

11

$

27,500

$

26,331

$

17,076

$

9,255

3

Month

SOFR

96.63

09/11/2026

11

27,500

21,931

18,313

3,618

3

Month

SOFR

96.38

09/11/2026

11

27,500

26,263

15,838

10,424

3

Month

SOFR

96.75

06/12/2026

6

15,000

10,538

9,314

1,224

3

Month

SOFR

96.63

06/12/2026

12

30,000

23,250

18,928

4,322

3

Month

SOFR

96.25

06/12/2026

11

27,500

28,119

15,640

12,479

3

Month

SOFR

96.75

03/13/2026

6

15,000

10,012

9,764

249

3

Month

SOFR

96.63

03/13/2026

12

30,000

22,275

17,878

4,397

3

Month

SOFR

96.25

03/13/2026

12

30,000

29,775

15,028

14,747

3

Month

SOFR

97.50

12/12/2025

26

65,000

18,525

31,260

(12,735)

3

Month

SOFR

96.50

12/12/2025

17

42,500

32,300

26,302

5,998

3

Month

SOFR

96.13

12/12/2025

13

32,500

33,231

14,655

18,576

3

Month

SOFR

97.50

09/12/2025

28

70,000

15,750

31,565

(15,815)

3

Month

SOFR

96.63

09/12/2025

1

2,500

1,469

1,860

(391)

3

Month

SOFR

96.50

09/12/2025

19

47,500

31,469

25,519

5,950

3

Month

SOFR

96.00

09/12/2025

8

20,000

20,550

7,819

12,731

3

Month

SOFR

97.25

06/13/2025

24

60,000

12,300

29,712

(17,412)

3

Month

SOFR

96.63

06/13/2025

1

2,500

1,106

1,723

(617)

3

Month

SOFR

96.25

06/13/2025

13

32,500

21,856

18,418

3,439

3

Month

SOFR

98.00

03/14/2025

13

32,500

1,056

4,093

(3,036)

3

Month

SOFR

97.25

03/14/2025

18

45,000

3,825

32,665

(28,840)

3

Month

SOFR

97.00

03/14/2025

18

45,000

5,625

23,892

(18,267)

3

Month

SOFR

96.50

03/14/2025

1

2,500

669

1,693

(1,025)

3

Month

SOFR

98.00

12/13/2024

20

50,000

125

4,046

(3,921)

3

Month

SOFR

97.25

12/13/2024

21

52,500

525

33,518

(32,994)

3

Month

SOFR

96.25

12/13/2024

1

2,500

156

1,574

(1,418)

Total

purchased

option

contracts

334

$

835,000

$

399,031

$

428,093

$

(29,062)

ADDITIONAL

INVESTMENT

INFORMATION

(

continued

)

Goldman

Sachs

Variable

Insurance

Trust

Trend

Driven

Allocation

Fund

Schedule

of

Investments

September

30,

2024

(Unaudited)

ADDITIONAL

INVESTMENT

INFORMATION

Shares

Dividend

Rate

Value

aa

Investment

Companies

(Institutional

Shares)

–

68.7%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

37,832,555

4.854

%

$

37,832,555

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund

38,541,088

4.897

38,541,088

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

38,546,680

4.822

38,546,680

Goldman

Sachs

Financial

Square

Treasury

Solutions

Fund

38,068,206

4.764

38,068,206

Goldman

Sachs

VIT

Government

Money

Market

Fund

36,437,238

4.844

36,437,238

Total

Investment

Companies

(Cost

$189,425,767)

189,425,767

Shares

Description

Value

a

Exchange-Traded

Funds

–

25.1%

62,465

iShares

Core

S&P

500

ETF

$

36,031,062

63,100

Vanguard

S&P

500

ETF

33,295,977

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost

$34,251,335)

69,327,039

TOTAL

INVESTMENTS

–

93.8%

(Cost

$223,677,102)

$

258,752,806

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

6.2%

17,043,480

NET

ASSETS

–

100.0%

$

275,796,286

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

Represents

an

affiliated

issuer.

FUTURES

CONTRACTS

—

At

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

281

12/20/24

$

15,733,605

$

505,487

FTSE

100

Index

65

12/20/24

7,202,853

(74,181)

S&P

500

E-Mini

Index

238

12/20/24

69,189,575

1,200,569

TOPIX

Index

50

12/12/24

9,210,298

305,175

U.S.

Treasury

10

Year

Note

918

12/19/24

104,981,906

52,625

Total

Futures

Contracts

$

1,989,675

Goldman

Sachs

Variable

Insurance

Trust

Multi-Asset

Strategies

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

GSAM

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940

(the

“Valuation

Designee”).

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

A.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.,

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/

ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

approved

by

the

Trustees

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Securities

traded

on

certain

foreign

securities

exchanges

are

valued

daily

at

fair

value

determined

by

an

independent

fair

value

service

(if

available)

under

Fair

Valuation

Procedures

approved

by

the

Trustees

and

consistent

with

applicable

regulatory

guidance.

The

independent

fair

value

service

takes

into

account

multiple

factors

including,

but

not

limited

to,

movements

in

the

securities

markets,

certain

depositary

receipts,

futures

contracts

and

foreign

currency

exchange

rates

that

have

occurred

subsequent

to

the

close

of

the

foreign

securities

exchange.

These

investments

are

generally

classified

as

Level

2

of

the

fair

value

hierarchy.

Goldman

Sachs

Variable

Insurance

Trust

Multi-Asset

Strategies

Funds

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

Funds

include

ETF’s

and

other

investment

companies.

Investments

in

the

Underlying

Funds

(except

ETFs)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

ETFs

are

valued

daily

at

the

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

the

investment

is

traded.

Because

the

Funds

invest

in

Underlying

Funds

that

fluctuate

in

value,

each

Fund’s

shares

will

correspondingly

fluctuate

in

value.

Underlying

Funds

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

To

the

extent

that

underlying

ETFs

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

For

information

regarding

an

Underlying

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Fund’s

shareholder

report.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivatives

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

midpoint

of

the

bid

and

ask

prices

on

the

exchange

where

they

are

principally

traded

(or,

in

the

absence

of

two-way

trading,

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions).

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Forward

Contracts

—

A

forward

contract

is

a

contract

between

two

parties

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

A

forward

contract

settlement

can

occur

on

a

cash

or

delivery

basis.

Forward

contracts

are

marked-to-market

daily

using

independent

vendor

prices,

and

the

change

in

value,

if

any,

is

recorded

as

an

unrealized

gain

or

loss.

Cash

and

certain

investments

may

be

used

to

collateralize

forward

contracts.

A

forward

foreign

currency

exchange

contract

is

a

forward

contract

in

which

the

Fund

agrees

to

receive

or

deliver

a

fixed

quantity

of

one

currency

for

another,

at

a

pre-determined

price

at

a

future

date.

All

forward

foreign

currency

exchange

contracts

are

marked

to

market

daily

by

using

the

outright

forward

rates

or

interpolating

based

upon

maturity

dates,

where

available.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

ii.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

iii.

Options

—

When

the

Multi-Strategy

Alternatives

Portfolio

writes

call

or

put

options,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

is

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option

written.

Swaptions

are

options

on

swap

contracts.

Upon

the

purchase

of

a

call

option

or

a

put

option

by

the

Multi-Strategy

Alternatives

Portfolio,

the

premium

paid

is

recorded

as

an

investment

and

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option.

Certain

options

may

be

purchased

with

premiums

to

be

determined

on

a

future

date.

The

premiums

for

these

options

are

based

upon

implied

volatility

parameters

at

specified

terms.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Variable

Insurance

Trust

Multi-Asset

Strategies

Funds

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

B.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

Valuation

Procedures

approved

by

the

Trustees.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

C.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Fund’s

investments

and

derivatives

classified

in

the

fair

value

hierarchy

as

of

September

30,

2024:

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Goldman

Sachs

Multi-Strategy

Alternatives

Portfolio

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Underlying

Fund

$

30,994,768

$

—

$

—

Equity

Underlying

Fund

7,156,015

—

—

Exchange

Traded

Funds

3,205,135

—

—

Total

$

41,355,918

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Forward

Foreign

Currency

Exchange

Contracts

(a)

$

—

$

78

$

—

Futures

Contracts

(a)

32,365

—

—

Purchased

Options

Contracts

399,031

—

—

Total

$

431,396

$

78

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Forward

Foreign

Currency

Exchange

Contracts

(a)

$

—

$

(1,128)

$

—

Futures

Contracts

(a)

(7,893)

—

—

Total

$

(7,893)

$

(1,128)

$

—

€

1.00

€

1.00

€

1.00

Goldman

Sachs

Trend

Driven

Allocation

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Exchange-Traded

Funds

$

69,327,039

$

—

$

—

Investment

Companies

189,425,767

—

—

Total

$

258,752,806

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(a)

$

2,063,856

$

—

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Futures

Contracts

(a)

$

(74,181)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Variable

Insurance

Trust

Multi-Asset

Strategies

Funds

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

D.

Securities

Lending

—

The

Multi-Strategy

Alternatives

Portfolio

may

lend

its

securities

through

a

securities

lending

agent,

the

Bank

of

New

York

Mellon

(“BNYM”),

to

certain

qualified

borrowers.

Pursuant

to

exemptive

relief

granted

by

the

Securities

and

Exchange

Commission

(“SEC”)

and

the

terms

and

conditions

contained

therein,

the

Trend

Driven

Allocation

Fund

may

lend

its

securities

through

a

securities

lending

agent,

Goldman

Sachs

Agency

Lending

(“GSAL”),

a

wholly-owned

subsidiary

of

Goldman

Sachs,

to

certain

qualified

borrowers

including

Goldman

Sachs

and

affiliates.

In

accordance

with

the

Funds’

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Government

Money

Market

Fund”),

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

GSAL

will,

and

BNYM

may,

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

GSAL

or

BNYM

are

unable

to

purchase

replacement

securities,

GSAL

and/or

BNYM

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds’

master

netting

agreements

with

certain

borrowers

provide

the

right,

in

the

event

of

a

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

However,

in

the

event

of

a

default

by

a

borrower,

a

resolution

authority

could

determine

that

such

rights

are

not

enforceable

due

to

the

restrictions

or

prohibitions

against

the

right

of

set-off

that

may

be

imposed

in

accordance

with

a

particular

jurisdiction’s

bankruptcy

or

insolvency

laws.

The

Funds’

loaned

securities

were

all

subject

to

enforceable

Securities

Lending

Agreements

and

the

value

of

the

collateral

was

at

least

equal

to

the

value

of

the

cash

received.

The

amounts

of

the

Funds’

overnight

and

continuous

agreements,

which

represent

the

gross

amounts

of

recognized

liabilities

for

securities

lending

transactions

outstanding

as

of

September

30,

2023,

are

disclosed

as

“Payable

upon

return

of

securities

loaned”

on

the

Statements

of

Assets

and

Liabilities,

where

applicable.

The

Funds

did

not

have

securities

on

loan

as

of

September

30,

2023.

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Derivatives

Risk

—

The

Funds’

use

of

derivatives

and

other

similar

instruments

(collectively

referred

to

in

this

paragraph

as

“derivatives”)

may

result

in

loss,

including

due

to

adverse

market

movements.

Derivatives,

which

may

pose

risks

in

addition

to

and

greater

than

those

associated

with

investing

directly

in

securities,

currencies

or

other

assets

and

instruments,

may

increase

market

exposure

and

be

illiquid

or

less

liquid,

volatile,

difficult

to

price

and

leveraged

so

that

small

changes

in

the

value

of

the

underlying

assets

or

instruments

may

produce

disproportionate

losses

to

the

Funds.

Certain

derivatives

are

also

subject

to

counterparty

risk,

which

is

the

risk

that

the

other

party

in

the

transaction

will

not,

or

lacks

the

capacity

or

authority

to,

fulfill

its

contractual

obligations,

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Variable

Insurance

Trust

Multi-Asset

Strategies

Funds

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

liquidity

risk,

which

includes

the

risk

that

the

Funds

will

not

be

able

to

exit

the

derivative

when

it

is

advantageous

to

do

so,

and

risks

arising

from

margin

requirements,

which

include

the

risk

that

the

Funds

will

be

required

to

pay

additional

margin

or

set

aside

additional

collateral

to

maintain

open

derivative

positions.

The

use

of

derivatives

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

investments

in

more

traditional

securities

and

instruments.

Losses

from

derivatives

can

also

result

from

a

lack

of

correlation

between

changes

in

the

value

of

derivative

instruments

and

the

portfolio

assets

(if

any)

being

hedged.

Foreign

and

Emerging

Countries

Risk

—

Investing

in

foreign

markets

may

involve

special

risks

and

considerations

not

typically

associated

with

investing

in

the

U.S.

Foreign

securities

may

be

subject

to

risk

of

loss

because

of

more

or

less

foreign

government

regulation;

less

public

information;

less

stringent

investor

protections;

less

stringent

accounting,

corporate

governance,

financial

reporting

and

disclosure

standards;

and

less

economic,

political

and

social

stability

in

the

countries

in

which

the

Funds

or

an

Underlying

Fund

invests.

The

imposition

of

sanctions,

exchange

controls

(including

repatriation

restrictions),

confiscations

of

assets

and

property,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

U.S.

or

other

governments,

or

problems

with

registration,

settlement

or

custody,

may

also

result

in

losses.

The

type

and

severity

of

sanctions

and

other

similar

measures,

including

counter

sanctions

and

other

retaliatory

actions,

that

may

be

imposed

could

vary

broadly

in

scope,

and

their

impact

is

impossible

to

predict.

For

example,

the

imposition

of

sanctions

and

other

similar

measures

could,

among

other

things,

cause

a

decline

in

the

value

and/or

liquidity

of

securities

issued

by

the

sanctioned

country

or

companies

located

in

or

economically

tied

to

the

sanction

country

and

increase

market

volatility

and

disruption

in

the

sanctioned

country

and

throughout

the

world.

Sanctions

and

other

similar

measures

could

limit

or

prevent

a

Fund

or

an

Underlying

Fund

from

buying

and

selling

securities

(in

the

sanctioned

country

and

other

markets),

significantly

delay

or

prevent

the

settlement

of

securities

transactions,

and

significantly

impact

a

Fund

or

Underlying

Fund’s

liquidity

and

performance.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

the

Funds

or

an

Underlying

Fund

has

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

To

the

extent

that

the

Funds

or

an

Underlying

Fund

also

invests

in

securities

of

issuers

located

in,

or

economically

tied

to,

emerging

markets,

these

risks

may

be

more

pronounced.

Interest

Rate

Risk

—

When

interest

rates

increase,

fixed

income

securities

or

instruments

held

by

a

Fund

will

generally

decline

in

value.

Long-term

fixed

income

securities

or

instruments

will

normally

have

more

price

volatility

because

of

this

risk

than

short-term

fixed

income

securities

or

instruments.

A

wide

variety

of

market

factors

can

cause

interest

rates

to

rise,

including

central

bank

monetary

policy,

rising

inflation

and

changes

in

general

economic

conditions.

Changing

interest

rates

may

have

unpredictable

effects

on

the

markets,

may

result

in

heightened

market

volatility

and

may

detract

from

the

Fund’s

performance.

In

addition,

changes

in

monetary

policy

may

exacerbate

the

risks

associated

with

changing

interest

rates.

Funds

with

longer

average

portfolio

durations

will

generally

be

more

sensitive

to

changes

in

interest

rates

than

funds

with

a

shorter

average

portfolio

duration.

Fluctuations

in

interest

rates

may

also

affect

the

liquidity

of

fixed

income

securities

and

instruments

held

by

the

Fund.

A

sudden

or

unpredictable

increase

in

interest

rates

may

cause

volatility

in

the

market

and

may

decrease

the

liquidity

of

the

Fund’s

investments,

which

would

make

it

harder

for

the

Fund

to

sell

its

investments

at

an

advantageous

time.

Investments

in

Other

Investment

Companies

Risk

—

As

a

shareholder

of

another

investment

company,

including

an

ETF,

the

Funds

will

indirectly

bear

its

proportionate

share

of

any

net

management

fees

and

other

expenses

paid

by

such

other

investment

companies,

in

addition

to

the

fees

and

expenses

regularly

borne

by

the

Fund.

ETFs

are

subject

to

risks

that

do

not

apply

to

conventional

mutual

funds,

including

but

not

limited

to

the

following:

(i)

the

market

price

of

the

ETF’s

shares

may

trade

at

a

premium

or

a

discount

to

their

NAV;

and

(ii)

an

active

trading

market

for

an

ETF’s

shares

may

not

develop

or

be

maintained.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Variable

Insurance

Trust

Multi-Asset

Strategies

Funds

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Investments

in

the

Underlying

Funds

Risk

—

The

investments

of

the

Multi-Strategy

Alternatives

Portfolio

may

be

concentrated

in

one

or

more

Underlying

Funds

(including

ETFs

and

other

registered

investment

companies)

subject

to

statutory

limitations

prescribed

by

the

Act

or

exemptive

relief

or

regulations

thereunder.

The

Multi-Strategy

Alternatives

Portfolio’s

investment

performance

is

directly

related

to

the

investment

performance

of

the

Underlying

Funds

it

holds.

The

Multi-Strategy

Alternatives

Portfolio

is

subject

to

the

risk

factors

associated

with

the

investments

of

the

Underlying

Funds

and

will

be

affected

by

the

investment

policies

and

practices

of

the

Underlying

Funds

in

direct

proportion

to

the

amount

of

assets

allocated

to

each.

If

the

Multi-Strategy

Alternatives

Portfolio

has

a

relative

concentration

of

its

portfolio

in

a

single

Underlying

Fund,

it

may

be

more

susceptible

to

adverse

developments

affecting

that

Underlying

Fund,

and

may

be

more

susceptible

to

losses

because

of

these

developments.

A

strategy

used

by

the

Underlying

Funds

may

fail

to

produce

the

intended

results.

Large

Shareholder

Transactions

Risk

—

A

Fund

or

an

Underlying

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

funds,

participating

insurance

companies,

accounts

and

Goldman

Sachs

affiliates,

purchase

or

redeem

large

amounts

of

shares

of

the

Fund

or

an

Underlying

Fund.

Such

large

shareholder

redemptions,

which

may

occur

rapidly

or

unexpectedly,

may

cause

a

Fund

or

an

Underlying

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negatively

impact

a

Fund’s

or

Underlying

Fund’s

NAV

and

liquidity.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains,

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in

a

Fund’s

or

Underlying

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund’s

or

Underlying

Fund’s

expense

ratio.

Similarly,

large

Fund

or

an

Underlying

Fund

share

purchases

may

adversely

affect

a

Fund’s

or

Underlying

Fund’s

performance

to

the

extent

that

the

Fund

or

an

Underlying

Fund

is

delayed

in

investing

new

cash

or

otherwise

maintains

a

larger

cash

position

than

it

ordinarily

would.

Liquidity

Risk

—

A

Fund

or

an

Underlying

Fund

may

make

investments

that

are

illiquid

or

that

may

become

less

liquid

in

response

to

market

developments

or

adverse

investor

perceptions.

Illiquid

investments

may

be

more

difficult

to

value.

Liquidity

risk

may

also

refer

to

the

risk

that

a

Fund

or

an

Underlying

Fund

will

not

be

able

to

pay

redemption

proceeds

within

the

allowable

time

period

or

without

significant

dilution

to

remaining

investors’

interests

because

of

unusual

market

conditions,

declining

prices

of

the

securities

sold,

an

unusually

high

volume

of

redemption

requests,

or

other

reasons.

To

meet

redemption

requests,

a

Fund

or

an

Underlying

Fund

may

be

forced

to

sell

investments

at

an

unfavorable

time

and/or

under

unfavorable

conditions.

If

a

Fund

or

an

Underlying

Fund

is

forced

to

sell

securities

at

an

unfavorable

time

and/or

under

unfavorable

conditions,

such

sales

may

adversely

affect

the

Fund’s

or

Underlying

Fund’s

NAV

and

dilute

remaining

investors’

interests.

Liquidity

risk

may

be

the

result

of,

among

other

things,

the

reduced

number

and

capacity

of

traditional

market

participants

to

make

a

market

in

fixed

income

securities

or

the

lack

of

an

active

market.

The

potential

for

liquidity

risk

may

be

magnified

by

a

rising

interest

rate

environment

or

other

circumstances

where

investor

redemptions

from

fixed

income

funds

may

be

higher

than

normal,

potentially

causing

increased

supply

in

the

market

due

to

selling

activity.

These

risks

may

be

more

pronounced

in

connection

with

the

Funds’

investments

in

securities

of

issuers

located

in

emerging

market

countries.

Redemptions

by

large

shareholders

may

have

a

negative

impact

on

a

Fund’s

or

Underlying

Fund’s

liquidity.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

or

an

Underlying

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

or

an

Underlying

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

a

Fund

and/or

an

Underlying

Fund

and

their

investments.

Additionally,

a

Fund

and/or

an

Underlying

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

and

the

Underlying

Fund

has

unsettled

or

open

transactions

defaults.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)