UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08361

Goldman Sachs Variable Insurance Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Caroline Kraus, Esq.
Goldman, Sachs & Co.
200 West Street
New York, NY 10208 Copies to:
Geoffrey R.T. Kenyon, Esq. Dechert LLP One International Place, 40 Floor 100 Oliver Street Boston, MA 02110-2605

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 655-4400

Date of fiscal year end: December 31

Date of reporting period: September 30, 2014

Item 1. Schedule of Investments.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 26.2%
Automobiles & Components – 0.5%
Ford Motor Credit Co. LLC
$	475,000		5.875	%	08/02/21	$       545,854
Banks – 7.8%
American Express Co.(a)(b)
	200,000		6.800		09/01/66	213,500
Bank of America Corp.
	100,000		5.625		07/01/20	112,916
	225,000		4.125		01/22/24	228,581
	275,000		4.000		04/01/24	277,630
Barclays Bank PLC
	275,000		2.500		02/20/19	275,674
CBA Capital Trust II(a)(b)(c)
	375,000		6.024		03/29/49	392,812
Citigroup, Inc.
	150,000		3.375		03/01/23	147,472
Compass Bank
	375,000		2.750	(b)	09/29/19	374,471
	175,000		5.500		04/01/20	191,245
Credit Suisse New York
	325,000		2.300		05/28/19	322,006
ING Bank NV(a)(b)
	325,000		4.125		11/21/23	330,665
Intesa Sanpaolo SpA
	350,000		2.375		01/13/17	352,458
	350,000		3.875		01/16/18	364,200
JPMorgan Chase & Co.
	450,000		4.400		07/22/20	483,822
Lloyds Bank PLC
	175,000		2.300		11/27/18	175,686
Macquarie Bank Ltd.(c)
	250,000		2.600		06/24/19	249,797
Mizuho Corporate Bank Ltd.(c)
	200,000		2.550		03/17/17	204,928
Morgan Stanley & Co.
	200,000		6.250		08/28/17	224,149
	550,000		5.950		12/28/17	615,858
PNC Preferred Funding Trust II(a)(b)(c)
	400,000		1.457		03/29/49	384,500
Regions Bank
	250,000		7.500		05/15/18	291,435
Regions Financial Corp.
	325,000		5.750		06/15/15	335,369
Resona Bank Ltd.(a)(b)(c)
	650,000		5.850		09/29/49	687,375
Royal Bank of Scotland Group PLC
	250,000		2.550		09/18/15	253,618
	100,000		9.500	(a)(b)	03/16/22	114,000
Santander Holdings USA, Inc.
	75,000		3.000	(b)	09/24/15	76,346
	165,000		4.625		04/19/16	173,451
Santander UK PLC(c)
	250,000		5.000		11/07/23	262,289
Wells Fargo & Co. Series S(a)(b)
	450,000		5.900		12/29/49	458,438
						8,574,691
Diversified Financials(a)(b) – 0.2%
GE Capital Trust I
	150,000		6.375		11/15/67	163,125

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Manufacturing – 0.2%
Xylem, Inc.
$	250,000		3.550	%	09/20/16	$       261,217
Electric – 0.8%
Florida Power & Light Co.(b)
	193,000		4.125		02/01/42	193,300
Progress Energy, Inc.
	350,000		7.000		10/30/31	459,706
Puget Sound Energy, Inc. Series A(a)(b)
	100,000		6.974		06/01/67	104,750
Southern California Edison Co.(b)
	175,000		4.050		03/15/42	172,002
						929,758
Energy – 2.1%
Anadarko Petroleum Corp.
	125,000		6.450		09/15/36	152,103
BG Energy Capital PLC(a)(b)
	325,000		6.500		11/30/72	353,606
Dolphin Energy Ltd.(c)
	148,200		5.888		06/15/19	162,820
	200,000		5.500		12/15/21	224,020
Nexen Energy ULC
	90,000		6.400		05/15/37	109,947
Pemex Project Funding Master Trust
	150,000		6.625		06/15/35	173,437
Petrobras Global Finance BV
	280,000		4.875		03/17/20	283,678
	50,000		6.250		03/17/24	52,520
PTTEP Canada International Finance Ltd.(c)
	240,000		5.692		04/05/21	269,662
Transocean, Inc.
	275,000		6.500		11/15/20	291,300
Weatherford International Ltd.
	175,000		9.625		03/01/19	224,738
						2,297,831
Food & Beverage – 0.8%
Mondelez International, Inc.
	139,000		6.500		02/09/40	174,482
Pernod-Ricard SA(c)
	375,000		4.450		01/15/22	396,284
Suntory Holdings Ltd.(c)
	275,000		2.550		09/29/19	274,643
						845,409
Food & Staples Retailing – 0.3%
Sysco Corp.(b)
	175,000		2.350		10/02/19	175,161
Walgreen Co.
	175,000		1.800		09/15/17	175,261
						350,422
Healthcare – 0.1%
DENTSPLY International, Inc.
	125,000		2.750		08/15/16	128,067
Insurance – 0.2%
Teachers Insurance & Annuity Association of America(c)
	180,000		4.900		09/15/44	183,442
Life Insurance – 0.9%
American International Group, Inc.(b)
	525,000		4.500		07/16/44	520,316

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Life Insurance – (continued)
Genworth Financial, Inc.
$	75,000		8.625	%	12/15/16	$         86,453
	75,000		7.200		02/15/21	88,516
The Northwestern Mutual Life Insurance Co.(c)
	200,000		6.063		03/30/40	247,680
						942,965
Materials – 0.3%
Ecolab, Inc.
	100,000		5.500		12/08/41	114,469
Monsanto Co.(b)
	200,000		4.400		07/15/44	196,879
						311,348
Media – 1.1%
DIRECTV Holdings LLC
	450,000		3.800		03/15/22	458,529
Time Warner Cable, Inc.
	375,000		7.300		07/01/38	506,627
	75,000		5.875	(b)	11/15/40	87,731
	150,000		5.500	(b)	09/01/41	167,917
						1,220,804
Metals and Mining(c) – 0.7%
Glencore Funding LLC
	125,000		1.700		05/27/16	125,848
	175,000		2.500		01/15/19	171,311
Xstrata Finance Canada Ltd.
	500,000		2.700		10/25/17	508,343
						805,502
Noncaptive-Financial – 0.7%
General Electric Capital Corp.
	300,000		5.875		01/14/38	360,829
International Lease Finance Corp.
	375,000		5.750		05/15/16	390,000
						750,829
Pharmaceuticals, Biotechnology & Life Sciences(c) – 0.2%
Forest Laboratories, Inc.
	200,000		4.375		02/01/19	211,000
Pipelines – 1.2%
Enterprise Products Operating LLC Series A(a)(b)
	450,000		8.375		08/01/66	493,875
Tennessee Gas Pipeline Co. LLC
	200,000		8.375		06/15/32	264,389
TransCanada Pipelines Ltd.(a)(b)
	325,000		6.350		05/15/67	331,500
Williams Partners LP(b)
	250,000		3.900		01/15/25	246,260
						1,336,024
Real Estate Development(b) – 0.2%
MDC Holdings, Inc.
	150,000		5.500		01/15/24	147,764
	125,000		6.000		01/15/43	114,899
						262,663
Real Estate Investment Trusts – 3.3%
American Campus Communities Operating Partnership LP(b)
	275,000		4.125		07/01/24	275,799
Camden Property Trust
	325,000		5.700		05/15/17	358,295

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trusts – (continued)
CBL & Associates LP(b)
$	175,000		5.250	%	12/01/23	$       187,087
DDR Corp.
	375,000		7.500		04/01/17	426,281
	225,000		7.875		09/01/20	279,594
HCP, Inc.
	275,000		6.000		01/30/17	303,513
	125,000		2.625	(b)	02/01/20	123,734
Health Care REIT, Inc.
	375,000		2.250		03/15/18	377,732
Healthcare Realty Trust, Inc.
	350,000		5.750		01/15/21	389,715
Healthcare Trust of America Holdings LP(b)
	100,000		3.375		07/15/21	99,159
Kilroy Realty LP
	275,000		5.000		11/03/15	287,106
	150,000		3.800	(b)	01/15/23	149,700
Senior Housing Properties Trust(b)
	150,000		3.250		05/01/19	151,018
WEA Finance LLC / Westfield UK & Europe Finance PLC(b)(c)
	225,000		3.750		09/17/24	224,390
						3,633,123
Technology – 0.6%
Amphenol Corp.(b)
	125,000		3.125		09/15/21	125,002
Hewlett-Packard Co.
	250,000		3.000		09/15/16	258,785
	150,000		2.600		09/15/17	154,059
	150,000		2.750		01/14/19	152,121
						689,967
Tobacco(c) – 0.4%
Imperial Tobacco Finance PLC
	400,000		2.050		02/11/18	398,381
Transportation(c) – 0.8%
ERAC USA Finance LLC
	350,000		2.350		10/15/19	347,993
Penske Truck Leasing Co. LP / PTL Finance Corp.
	225,000		2.500		03/15/16	229,627
	125,000		4.875		07/11/22	134,943
	125,000		4.250		01/17/23	128,533
						841,096
Wireless Telecommunications – 0.1%
American Tower Corp.
	125,000		4.700		03/15/22	130,933
Wirelines Telecommunications – 2.7%
Telefonica Emisiones SAU
	175,000		3.192		04/27/18	180,624
	100,000		5.462		02/16/21	111,248
Verizon Communications, Inc.
	607,000		2.625	(c)	02/21/20	599,003
	850,000		4.500		09/15/20	917,609
	1,050,000		5.150		09/15/23	1,158,518
						2,967,002
TOTAL CORPORATE OBLIGATIONS						$  28,781,453

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 33.1%
Adjustable Rate Non-Agency(a)(b) – 0.6%
Countrywide Alternative Loan Trust Series 2005-38, Class A1
$	197,971		1.617	%	09/25/35	$       180,648
Lehman XS Trust Series 2005-7N, Class 1A1A
	282,639		0.425		12/25/35	250,108
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	372,093		0.967		12/25/46	285,358
						716,114
Collateralized Mortgage Obligations – 7.9%
Agency Multi-Family – 4.6%
FHLMC Multifamily Structured Pass-Through Certificates Series K031, Class A2(a)
$	300,000		3.300	%	04/25/23	$       309,082
FHLMC Multifamily Structured Pass-Through Certificates Series K714, Class A2(a)
	300,000		3.034		10/25/20	310,476
FNMA
	372,181		2.800		03/01/18	385,221
	1,048,245		3.740		05/01/18	1,118,737
	320,000		3.840		05/01/18	342,747
	800,000		4.506		06/01/19	864,986
	188,676		3.416		10/01/20	199,010
	179,090		3.615		12/01/20	190,783
	934,643		3.763		12/01/20	1,000,376
FNMA ACES Series 2012-M8, Class A2
	100,000		2.349		05/25/22	96,908
FNMA ACES Series 2012-M8, Class ASQ2
	100,000		1.520		12/25/19	99,738
GNMA
	142,845		3.950		07/15/25	148,918
						5,066,982
Covered Bond(c) – 1.4%
Northern Rock Asset Management PLC
	900,000		5.625		06/22/17	999,177
Sparebank 1 Boligkreditt AS
	500,000		2.625		05/27/16	514,129
						1,513,306
Regular Floater(a) – 1.4%
Aire Valley Mortgages PLC Series 2004-1X, Class 3A2
EUR	386,867		0.502		09/20/66	482,779
Aire Valley Mortgages PLC Series 2006-1A, Class 1A(c)
$	81,116		0.453		09/20/66	79,492
Aire Valley Mortgages PLC Series 2006-1X, Class 2A1
EUR	72,791		0.382		09/20/66	90,404
Eurosail PRIME-UK 2007-A PLC Series 2007-PR1X, Class A1(b)
GBP	84,691		0.963		09/13/45	133,450
FNMA Connecticut Avenue Securities Series 2014-C03, Class 1M1
$	57,510		1.355		07/25/24	57,046
Granite Master Issuer PLC Series 2003-3, Class 3A
GBP	31,532		0.937		01/20/44	51,067
Leek Finance Number Eighteen PLC Series 18X, Class A2B
$	195,944		0.493		09/21/38	204,562
Leek Finance Number Eighteen PLC Series 18X, Class A2C
EUR	48,986		0.342		09/21/38	64,617
Leek Finance Number Seventeen PLC Series 17X, Class A2C
	32,137		0.362		12/21/37	42,771

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater(a) – (continued)
Quadrivio Finance SRL Series 2011-1, Class A1
EUR	165,864		0.708	%	07/25/60	$       209,259
Thrones 2013-1 PLC Series 2013-1, Class A(b)
GBP	85,717		2.057		07/20/44	141,465
						1,556,912
Sequential Fixed Rate – 0.5%
FNMA REMIC Series 2012-111, Class B
$	50,301		7.000		10/25/42	57,067
FNMA REMIC Series 2012-153, Class B
	111,089		7.000		07/25/42	125,991
National Credit Union Administration Guaranteed Notes Series A4
	300,000		3.000		06/12/19	315,294
						498,352
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$    8,635,552
Commercial Mortgage-Backed Securities – 3.1%
Sequential Fixed Rate – 3.1%
Banc of America Commercial Mortgage Trust Series 2007-4, Class A1A
$	318,714		5.774	%	02/10/51	$       350,762
GS Mortgage Securities Trust Series 2007-GG10, Class A1A(d)
	605,081		5.991		08/10/45	663,800
GS Mortgage Securities Trust Series 2007-GG10, Class A4(d)
	272,091		5.991		08/10/45	297,609
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-CB15, Class A1A(a)
	463,118		5.811		06/12/43	493,797
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB19, Class A1A(a)(d)
	264,524		5.891		02/12/49	288,835
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class A4
	800,000		2.858		11/15/45	782,303
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class A1A
	496,277		5.608		05/15/46	533,108
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$    3,410,214
Federal Agencies – 21.5%
Adjustable Rate FHLMC(a) – 1.1%
$	1,081,158		2.375	%	09/01/35	$    1,155,058
Adjustable Rate FNMA(a) – 1.4%
	319,063		1.847		05/01/33	335,965
	606,765		2.333		05/01/35	645,724
	524,906		2.590		09/01/35	562,631
						1,544,320
FHLMC – 1.1%
	3,776		7.500		06/01/15	3,820
	124,109		5.500		02/01/18	131,554
	13,134		5.500		04/01/18	13,922
	5,103		4.500		09/01/18	5,381
	22,161		5.500		09/01/18	23,490
	971		9.500		08/01/19	982
	36		9.500		08/01/20	36
	69,422		6.500		10/01/20	75,890

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	15,043		4.500	%	07/01/24	$         16,145
	74,721		4.500		11/01/24	80,427
	14,193		4.500		12/01/24	15,268
	23,457		6.000		03/01/29	26,537
	172		6.000		04/01/29	193
	18,964		7.500		12/01/29	22,165
	167,572		7.000		05/01/32	198,404
	370		6.000		08/01/32	423
	100,350		7.000		12/01/32	119,339
	7,316		5.000		10/01/33	8,087
	10,357		5.000		07/01/35	11,456
	13,739		5.000		12/01/35	15,187
	113,019		5.500		01/01/37	125,603
	3,856		5.000		03/01/38	4,246
	213,279		7.000		02/01/39	242,688
	8,046		5.000		06/01/41	8,903
						1,150,146
FNMA – 17.1%
	5,633		6.000		04/01/16	5,759
	11,726		6.500		05/01/16	12,070
	19,826		6.500		09/01/16	20,567
	27,154		6.500		11/01/16	28,172
	4,300		7.500		04/01/17	4,428
	131,354		5.500		02/01/18	139,088
	146,387		5.000		05/01/18	154,506
	12,539		6.500		08/01/18	13,540
	73,264		7.000		08/01/18	78,303
	390,397		4.375		06/01/21	430,714
	1,701		5.000		06/01/23	1,824
	55,627		5.000		08/01/23	61,370
	169,786		5.500		09/01/23	184,077
	43,961		5.500		10/01/23	47,695
	3,894		6.000		12/01/23	4,396
	11,835		4.500		07/01/24	12,722
	181,968		4.500		11/01/24	195,764
	76,395		4.500		12/01/24	82,205
	74		7.000		07/01/25	74
	376		7.000		11/01/25	377
	19,645		9.000		11/01/25	23,465
	66,862		7.000		08/01/26	76,532
	730		7.000		08/01/27	847
	7,012		7.000		09/01/27	7,743
	16,919		6.000		12/01/27	19,214
	207		7.000		01/01/28	232
	3,542		6.000		01/01/29	4,000
	118,399		6.000		02/01/29	135,276
	105,731		6.000		06/01/29	120,868
	35,977		8.000		10/01/29	41,736
	9,559		7.000		12/01/29	11,178
	50,320		5.000		01/01/30	55,692
	1,410		8.500		04/01/30	1,728
	2,627		8.000		05/01/30	2,702
	325		8.500		06/01/30	369
	10,578		7.000		05/01/32	12,512
	79,158		7.000		06/01/32	91,350
	107,777		7.000		08/01/32	122,829
	27,006		8.000		08/01/32	33,042
	5,161		5.000		08/01/33	5,723
	387,833		5.000		09/01/33	428,415
	4,920		5.500		09/01/33	5,526
	967,952		5.000		12/01/33	1,069,237

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	1,932		5.500	%		02/01/34		$           2,167
	297		5.500			04/01/34		336
	11,695		5.500			12/01/34		13,114
	44,823		5.000			04/01/35		49,749
	86,870		6.000			04/01/35		99,340
	4,424		6.000			05/01/35		5,005
	2,316		5.500			09/01/35		2,603
	183,549		6.000			10/01/35		207,648
	473,401		6.000			09/01/36		535,554
	159		5.500			02/01/37		178
	321,709		6.000			03/01/37		363,177
	250		5.500			04/01/37		279
	234		5.500			05/01/37		261
	314,659		5.500			08/01/37		351,862
	281,890		6.000			09/01/37		318,144
	208,040		6.000			02/01/38		234,825
	382		5.500			03/01/38		427
	385,242		6.000			03/01/38		434,842
	231		5.500			06/01/38		258
	382		5.500			07/01/38		427
	355,778		6.000			07/01/38		401,563
	393		5.500			08/01/38		440
	311		5.500			09/01/38		348
	5,025		5.500			10/01/38		5,614
	138		5.500			12/01/38		154
	186,277		5.000			01/01/39		207,269
	140,932		7.000			03/01/39		159,757
	546,074		6.000			05/01/39		616,532
	27,632		4.500			08/01/39		30,109
	268,626		5.500			12/01/39		300,158
	203,351		6.000			10/01/40		229,503
	447,787		6.000			05/01/41		506,408
	211,988		3.000			08/01/42		210,689
	189,192		3.000			09/01/42		188,032
	64,155		3.000			11/01/42		63,729
	1,010,106		3.000			12/01/42		1,003,171
	805,939		3.000			01/01/43		800,620
	316,130		3.000			02/01/43		313,847
	354,250		3.000			03/01/43		351,856
	429,076		3.000			04/01/43		426,176
	301,440		3.000			05/01/43		299,403
	2,000,000		3.500			TBA-30yr	(e)	2,043,906
	4,000,000		4.500			TBA-30yr	(e)	4,305,000
								18,832,347
GNMA – 0.8%
	3,653		7.000			10/15/25		3,840
	10,982		7.000			11/15/25		12,074
	1,569		7.000			02/15/26		1,637
	7,593		7.000			04/15/26		8,290
	3,731		7.000			03/15/27		3,965
	71,950		7.000			11/15/27		77,641
	3,232		7.000			01/15/28		3,580
	31,319		7.000			02/15/28		35,016
	6,908		7.000			03/15/28		7,541
	1,169		7.000			04/15/28		1,173
	400		7.000			05/15/28		442
	7,131		7.000			06/15/28		7,997
	14,304		7.000			07/15/28		16,027
	15,400		7.000			09/15/28		16,312
	2,599		7.000			11/15/28		2,750
	4,016		7.500			11/15/30		4,068

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	267,799		6.000	%	08/20/34	$       306,678
	355,221		5.000		06/15/40	395,499
						904,530
TOTAL FEDERAL AGENCIES						$  23,586,401
TOTAL MORTGAGE-BACKED OBLIGATIONS						$  36,348,281
Agency Debentures – 5.4%
FHLB
$	400,000		1.875	%	03/13/20	$       397,083
	600,000		3.000		09/10/21	618,698
	600,000		2.125		06/09/23	568,790
	300,000		3.250		06/09/23	309,556
	100,000		3.375		12/08/23	104,126
FHLMC
	600,000		2.375		01/13/22	596,903
FNMA
	1,600,000		0.625		10/30/14	1,600,709
	400,000		6.250		05/15/29	540,253
Tennessee Valley Authority
	500,000		3.875		02/15/21	546,999
	500,000		5.375		04/01/56	614,187
TOTAL AGENCY DEBENTURES						$    5,897,304
Asset-Backed Securities(a) – 7.0%
Collateralized Loan Obligations – 5.7%
Aberdeen Loan Funding Ltd. Series 2008-1A, Class A(c)
$	867,423		0.890	%	11/01/18	$       860,935
Acis CLO Ltd. Series 2013-1A(c)
	1,500,000		1.461		04/18/24	1,445,700
Acis CLO Ltd. Series 2013-2A(c)
	950,000		1.149		10/14/22	929,860
Acis CLO Ltd. Series 2013-2A, Class A(c)
	150,000		0.734		10/14/22	146,926
Black Diamond CLO Ltd. Series 2006-1A, Class AD(c)
	233,738		0.484		04/29/19	229,795
Ocean Trails CLO I Series 2006-1X, Class A1
	1,341,414		0.484		10/12/20	1,334,808
OFSI Fund V Ltd. Series 2013-5A(c)
	950,000		1.559		04/17/25	935,845
Red River CLO Ltd. Series 1A, Class A(c)
	360,152		0.510		07/27/18	358,225
						6,242,094
Home Equity – 1.0%
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1(b)
	78,783		7.000		09/25/37	78,312
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1(b)
	122,264		6.827		09/25/37	122,286
Sound Point CLO VI Ltd. Series 2014-2A(c)
	900,000		1.453		10/20/26	891,810
						1,092,408

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Student Loans – 0.3%
Access Group, Inc. Series 2005-2, Class A3(b)
$	398,789		0.415	%	11/22/24	$       396,616
TOTAL ASSET-BACKED SECURITIES						$    7,731,118
Foreign Debt Obligations – 3.5%
Sovereign – 2.4%
Brazilian Government International Bond
$	340,000		4.250	%	01/07/25	$       336,600
Italy Buoni Poliennali Del Tesoro
	220,000		1.150		05/15/17	282,067
	121,290		2.350		09/15/19	169,280
Mexico Government International Bond
	160,000		4.750		03/08/44	158,400
	10,000		5.750		10/12/10	10,350
United Kingdom Treasury Gilt
GBP	1,000,000		2.750		01/22/15	1,632,657
						2,589,354
Supranational – 1.1%
Inter-American Development Bank
$	200,000		1.000		02/27/18	193,354
International Finance Corp.
	1,100,000		0.875		06/15/18	1,076,310
						1,269,664
TOTAL FOREIGN DEBT OBLIGATIONS						$    3,859,018
Municipal Debt Obligations – 1.3%
California – 0.3%
California State Various Purpose GO Bonds Series 2010
$	140,000		7.950	%(b)	03/01/36	$       170,770
	105,000		7.625		03/01/40	153,105
						323,875
Illinois – 0.2%
Illinois State GO Bonds for Build America Bonds Series 2010-5
	250,000		7.350		07/01/35	286,948
New York – 0.5%
Rensselaer Polytechnic Institute Taxable Bonds Series 2010
	475,000		5.600		09/01/20	536,600
Ohio – 0.3%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	250,000		6.270		02/15/50	306,780
TOTAL MUNICIPAL DEBT OBLIGATIONS						$    1,454,203
Government Guarantee Obligations – 1.7%
Hashemite Kingdom of Jordan Government AID Bond(f)
$	700,000		2.503	%	10/30/20	$       706,422
Israel Government AID Bond(f)
	400,000		5.500		09/18/23	487,102
	200,000		5.500		12/04/23	243,679
	100,000		5.500		04/26/24	122,130

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Government Guarantee Obligations – (continued)
Kommunalbanken AS(c)(g)
$	300,000		1.000	%	09/26/17	$       297,692
TOTAL GOVERNMENT GUARANTEE OBLIGATIONS						$    1,857,025
U.S. Treasury Obligations – 23.7%
United States Treasury Bonds
$	100,000		2.750	%	11/15/42	$         91,482
	4,300,000		3.625	(h)	08/15/43	4,647,827
	700,000		3.750		11/15/43	773,647
	700,000		3.625		02/15/44	756,525
	1,300,000		3.375		05/15/44	1,342,016
United States Treasury Inflation-Protected Securities
	631,584		0.125		01/15/22	617,272
	724,967		0.625		01/15/24	729,041
	277,423		2.500		01/15/29	338,977
	306,681		1.375		02/15/44	328,293
United States Treasury Notes
	7,000,000		0.375		01/31/16	7,010,150
	1,800,000		1.500		01/31/19	1,788,858
	500,000		1.625		04/30/19	498,120
	700,000		1.500		05/31/19	692,727
	1,700,000		1.750		09/30/19	1,697,535
	1,300,000		2.250		04/30/21	1,306,383
	700,000		2.125		06/30/21	696,878
	1,400,000		2.250		07/31/21	1,404,732
United States Treasury Principal-Only STRIPS(i)
	1,900,000		0.000		11/15/27	1,307,105
TOTAL U.S. TREASURY OBLIGATIONS						$  26,027,568
TOTAL INVESTMENTS – 101.9%						$111,955,970
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.9)%						(2,080,819)
NET ASSETS – 100.0%						$109,875,151

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2014.
(b)	Securities with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $14,709,210, which represents approximately 13.4% of net assets as of September 30, 2014.
(d)	Interest is based on the weighted net interest rate of the collateral.

(e)	TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $6,348,906 which represents approximately 5.8% of net assets as of September 30, 2014.
(f)	Guaranteed by the United States Government. Total market value of these securities amounts to 1,559,333, which represents 1.4% of net assets as of September 30, 2014.
(g)	Guaranteed by a foreign government. Total market value of these securities amounts to 297,692, which represents 0.3% of net assets as of September 30, 2014.
(h)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(i)	Issued with a zero coupon. Income is recognized through the accretion of discount.
Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
BA	— Banker Acceptance Rate
BRR	— Bank Bill Reference Rate
EURIBOR	— Euro Interbank Offered Rate
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
GO	— General Obligation
LIBOR	— London Interbank Offered Rate
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
RMKT	— Remarketed
STIBOR	— Stockholm Interbank Offered Rate
STRIPS	— Separate Trading of Registered Interest and Principal of      Securities
UK	— United Kingdom
Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
EUR	— Euro
GBP	— British Pound
JPY	— Japanese Yen
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
SEK	— Swedish Krona
USD	— United States Dollar
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2014, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Gain
Bank of America NA	GBP/EUR	12/17/14	$	129,798	$	3,423
	NOK/EUR	12/17/14		127,670		2,559
	USD/EUR	12/17/14		1,252,371		41,193
	USD/JPY	12/17/14		188,683		4,317
Barclays Bank PLC	CAD/CHF	12/17/14		77,197		51
	GBP/USD	12/17/14		518,417		2,873
	USD/AUD	12/17/14		684,908		27,997
	USD/CAD	12/17/14		638,790		4,710
	USD/EUR	12/17/14		126,375		3,189
	USD/GBP	12/17/14		254,348		1,211
	USD/NZD	12/17/14		122,384		4,891
	USD/SEK	12/17/14		227,010		3,930
BNP Paribas SA	EUR/USD	12/17/14		128,902		16
	GBP/EUR	12/17/14		126,740		2,893
	NZD/USD	12/17/14		255,614		596
	SEK/EUR	12/17/14		257,905		101
	USD/AUD	12/17/14		249,029		6,654
	USD/EUR	12/17/14		127,638		982
	USD/GBP	12/17/14		508,697		7,578
	USD/JPY	12/17/14		163,407		1,951
	USD/NZD	12/17/14		499,608		10,232
Citibank NA	CHF/EUR	12/17/14		126,752		378
	GBP/EUR	12/17/14		252,857		1,372
	NOK/EUR	12/17/14		381,739		5,143
	USD/CAD	12/17/14		190,790		2,710
	USD/CHF	12/17/14		399,417		8,062
	USD/NZD	12/17/14		375,649		23,239
Deutsche Bank AG	USD/GBP	10/22/14		2,238,027		33,783
JPMorgan Chase Bank NA	SEK/EUR	12/17/14		476,906		1,738
	USD/EUR	10/30/14		1,080,000		27,868
	USD/EUR	12/17/14		63,187		529
	USD/JPY	12/17/14		175,273		7,903
Morgan Stanley Co., Inc.	USD/AUD	12/17/14		272,877		5,374
	USD/JPY	12/17/14		95,263		737
State Street Bank	AUD/USD	12/17/14		192,432		931
	USD/CHF	12/17/14		402,335		8,823
	USD/JPY	12/17/14		188,583		4,417
	USD/NZD	12/17/14		202,273		12,744
	USD/SEK	12/17/14		472,545		8,023
Westpac Banking Corp.	AUD/USD	12/17/14		255,995		669
	USD/AUD	12/17/14		526,608		20,373
	USD/CHF	12/17/14		430,672		8,934
	USD/EUR	10/30/14		75,966		1,746
	USD/EUR	12/17/14		62,556		1,586
	USD/NZD	12/17/14		241,671		14,709
TOTAL					$	333,138

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Loss
Bank of America NA	CHF/USD	12/17/14	$	126,146	$	(2,853	)
	EUR/CHF	12/17/14		257,804		(161	)
	EUR/GBP	12/17/14		248,958		(3,830	)
	EUR/USD	12/17/14		317,200		(4,662	)
Barclays Bank PLC	CAD/USD	12/17/14		378,781		(7,219	)
	EUR/USD	12/17/14		1,336,943		(31,221	)
	GBP/USD	12/17/14		252,728		(3,920	)
	JPY/USD	12/17/14		560,252		(21,748	)
	NZD/USD	12/17/14		242,446		(12,394	)
	USD/GBP	12/17/14		259,208		(933	)
BNP Paribas SA	AUD/USD	12/17/14		306,498		(13,075	)
	EUR/USD	12/17/14		189,562		(2,602	)
	GBP/USD	12/17/14		127,243		(3,236	)
Citibank NA	AUD/USD	12/17/14		312,593		(6,629	)
	EUR/CHF	12/17/14		251,485		(149	)
	EUR/GBP	12/17/14		125,111		(1,559	)
	GBP/USD	10/22/14		114,296		(1,733	)
	NOK/EUR	12/17/14		257,436		(367	)
	NZD/USD	12/17/14		122,385		(4,834	)
JPMorgan Chase Bank NA	EUR/GBP	12/17/14		252,749		(7,067	)
	EUR/NOK	12/17/14		251,485		(3,557	)
	JPY/USD	12/17/14		250,958		(6,042	)
	SEK/USD	12/17/14		254,413		(4,587	)
Morgan Stanley Co., Inc.	AUD/USD	12/17/14		184,595		(7,223	)
	CAD/USD	12/17/14		306,884		(3,775	)
	CHF/USD	12/17/14		126,291		(2,709	)
	EUR/CHF	12/17/14		250,222		(197	)
	EUR/USD	12/17/14		510,553		(4,484	)
State Street Bank	AUD/USD	12/17/14		62,693		(1,354	)
	EUR/GBP	12/17/14		125,111		(2,224	)
	EUR/USD	12/17/14		126,374		(2,766	)
	GBP/USD	12/17/14		254,348		(3,386	)
	JPY/USD	12/17/14		444,280		(3,720	)
Westpac Banking Corp.	AUD/USD	12/17/14		620,833		(18,811	)
	NZD/USD	12/17/14		582,846		(25,861	)
TOTAL					$	(220,888	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At September 30, 2014, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(e)	Settlement Date	Principal Amount		Value
FNMA (Proceeds Receivable: $2,949,063)		3.000	%	TBA - 30yr	10/25/44	$	(3,000,000)	$	(2,956,641)

FUTURES CONTRACTS — At September 30, 2014, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)
90 Day Eurodollar	1	December 2015	$	247,238		$	(7	)
90 Day Eurodollar	(44)	March 2017		(10,733,250	)		11,758
90 Day Eurodollar	(39)	June 2017		(9,495,038	)		13,786
90 Day Eurodollar	(28)	September 2017		(6,806,450	)		14,626
90 Day Sterling	(26)	December 2016		(5,157,040	)		2,533
Euro-BTP Italian Government Bonds	3	December 2014		494,408			5,211
Euro-OAT	(2)	December 2014		(363,127	)		(1,070	)
Long Gilt	(3)	December 2014		(550,251	)		(2,469	)
U.S. Long Bond	4	December 2014		551,625			2,307
U.S. Ultra Long Treasury Bonds	(24)	December 2014		(3,660,000	)		42,296
2 Year U.S. Treasury Notes	186	December 2014		40,704,938			(9,501	)
5 Year U.S. Treasury Notes	(8)	December 2014		(946,063	)		(1,351	)
10 Year Japanese Government Bonds	(1)	December 2014		(1,329,747	)		(1,447	)
10 Year U.S. Treasury Notes	(32)	December 2014		(3,988,500	)		3,171
TOTAL						$	79,843

GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2014, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

				Rates Exchanged		Market Value
	Notional Amount (000’s)(a)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
	AUD	770	12/17/19	6 Month BBR	3.750%	$	(8,361	)	$	(3,222	)
	EUR	770	12/17/19	1.000%	6 Month EURIBOR		23,520			1,870
	NZD	1,140	12/17/19	4.500	3 Month BBR		(2,600	)		6,155
	SEK	6,970	12/17/19	3 Month STIBOR	1.250		(8,485	)		2,212
	$	2,000	12/17/19	3 Month LIBOR	2.250		(17,799	)		601
	AUD	190	09/17/24	4.500	6 Month BBR		164			—
	GBP	130	09/17/24	6 Month LIBOR	3.250		(1,745	)		—
	AUD	360	12/17/24	4.500	6 Month BBR		13,340			3,137
	CAD	220	12/17/24	3.000	3 Month BA		8,871			(2,949	)
	EUR	190	12/17/24	6 Month EURIBOR	2.000		(20,970	)		1,905
	JPY	135,380	12/17/24	6 Month LIBOR	0.750		(12,049	)		3,939
	NZD	450	12/17/24	5.000	3 Month BBR		6,583			4,638
	EUR	600	12/18/24	6 Month EURIBOR	2.000		863			(3,449	)
	GBP	500	12/18/24	3.250	6 Month LIBOR		4,279			1,901
	GBP	200	12/17/44	6 Month LIBOR	3.250		(17,985	)		(5,856	)
	$	210	12/17/44	3.500	3 Month LIBOR		5,851			5,376
TOTAL						$	(26,523	)	$	16,258

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.

TAX INFORMATION — At September 30, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	109,174,010
Gross unrealized gain		3,380,830
Gross unrealized loss		(598,870	)
Net unrealized security gain	$	2,781,960

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.3%
	Automobiles & Components – 1.0%
	2,486	BorgWarner, Inc.	$         130,789
	3,217	Delphi Automotive PLC	197,331
	41,454	Ford Motor Co.	613,105
	14,145	General Motors Co.	451,791
	2,312	Harley-Davidson, Inc.	134,558
	7,097	Johnson Controls, Inc.	312,268
	2,723	The Goodyear Tire & Rubber Co.	61,499
			1,901,341
	Banks – 6.1%
	112,391	Bank of America Corp.	1,916,267
	7,744	BB&T Corp.	288,154
	32,462	Citigroup, Inc.	1,682,181
	1,971	Comerica, Inc.	98,274
	9,058	Fifth Third Bancorp	181,341
	5,171	Hudson City Bancorp, Inc.	50,262
	9,054	Huntington Bancshares, Inc.	88,095
	40,188	JPMorgan Chase & Co.	2,420,925
	9,250	KeyCorp	123,303
	1,390	M&T Bank Corp.	171,373
	3,438	People’s United Financial, Inc.	49,748
	14,538	Regions Financial Corp.	145,962
	5,676	SunTrust Banks, Inc.	215,858
	5,729	The PNC Financial Services Group, Inc.	490,288
	19,261	U.S. Bancorp	805,688
	50,758	Wells Fargo & Co.	2,632,817
	2,089	Zions Bancorporation	60,706
			11,421,242
	Capital Goods – 7.5%
	6,923	3M Co.	980,851
	1,011	Allegion PLC	48,164
	2,582	AMETEK, Inc.	129,642
	6,655	Caterpillar, Inc.	659,045
	1,815	Cummins, Inc.	239,544
	6,454	Danaher Corp.	490,375
	3,830	Deere & Co.	314,022
	1,795	Dover Corp.	144,192
	5,073	Eaton Corp. PLC	321,476
	7,457	Emerson Electric Co.	466,659
	2,957	Fastenal Co.	132,769
	1,502	Flowserve Corp.	105,921
	1,679	Fluor Corp.	112,140
	3,400	General Dynamics Corp.	432,106
	107,228	General Electric Co.	2,747,181
	8,373	Honeywell International, Inc.	779,694
	3,865	Illinois Tool Works, Inc.	326,283
	2,708	Ingersoll-Rand PLC	152,623
	1,438	Jacobs Engineering Group, Inc.*	70,203
	1,110	Joy Global, Inc.	60,539
	938	L-3 Communications Holdings, Inc.	111,547
	2,838	Lockheed Martin Corp.	518,730
	3,792	Masco Corp.	90,705
	2,199	Northrop Grumman Corp.	289,740
	3,825	PACCAR, Inc.	217,547
	1,146	Pall Corp.	95,920
	1,618	Parker Hannifin Corp.	184,695

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	2,057	Pentair PLC	$         134,713
	1,533	Precision Castparts Corp.	363,137
	2,397	Quanta Services, Inc.*	86,987
	3,333	Raytheon Co.	338,699
	1,476	Rockwell Automation, Inc.	162,183
	1,449	Rockwell Collins, Inc.	113,747
	1,080	Roper Industries, Inc.	157,993
	633	Snap-on, Inc.	76,644
	1,697	Stanley Black & Decker, Inc.	150,677
	3,060	Textron, Inc.	110,129
	7,161	The Boeing Co.	912,168
	1,000	United Rentals, Inc.*	111,100
	9,048	United Technologies Corp.	955,469
	647	W.W. Grainger, Inc.	162,818
	2,047	Xylem, Inc.	72,648
			14,131,425
	Commercial & Professional Services – 0.7%
	1,032	Cintas Corp.	72,849
	1,327	Equifax, Inc.	99,180
	1,764	Iron Mountain, Inc.	57,595
	3,149	Nielsen NV	139,595
	2,265	Pitney Bowes, Inc.	56,602
	2,723	Republic Services, Inc.	106,251
	1,495	Robert Half International, Inc.	73,255
	912	Stericycle, Inc.*	106,303
	1,895	The ADT Corp.	67,197
	389	The Dun & Bradstreet Corp.	45,696
	4,739	Tyco International Ltd.	211,217
	4,571	Waste Management, Inc.	217,260
			1,253,000
	Consumer Durables & Apparel – 1.3%
	2,999	Coach, Inc.	106,794
	3,216	D.R. Horton, Inc.	65,992
	512	Fossil Group, Inc.*	48,077
	1,334	Garmin Ltd.	69,355
	722	Harman International Industries, Inc.	70,785
	1,259	Hasbro, Inc.	69,239
	1,467	Leggett & Platt, Inc.	51,228
	1,923	Lennar Corp. Class A	74,670
	3,689	Mattel, Inc.	113,068
	2,155	Michael Kors Holdings Ltd.*	153,846
	654	Mohawk Industries, Inc.*	88,172
	3,015	Newell Rubbermaid, Inc.	103,746
	7,515	NIKE, Inc. Class B	670,338
	3,706	PulteGroup, Inc.	65,448
	895	PVH Corp.	108,429
	642	Ralph Lauren Corp.	105,757
	1,761	Under Armour, Inc. Class A*	121,685
	3,642	VF Corp.	240,481
	845	Whirlpool Corp.	123,074
			2,450,184
	Consumer Services – 1.6%
	4,658	Carnival Corp.	187,112
	331	Chipotle Mexican Grill, Inc.*	220,641
	1,449	Darden Restaurants, Inc.	74,565
	2,865	H&R Block, Inc.	88,844

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	2,328	Marriott International, Inc. Class A	$         162,727
	10,492	McDonald’s Corp.	994,746
	8,020	Starbucks Corp.	605,189
	2,036	Starwood Hotels & Resorts Worldwide, Inc.	169,416
	1,376	Wyndham Worldwide Corp.	111,814
	851	Wynn Resorts Ltd.	159,205
	4,716	Yum! Brands, Inc.	339,458
			3,113,717
	Diversified Financials – 5.2%
	600	Affiliated Managers Group, Inc.*	120,216
	9,617	American Express Co.	841,872
	2,020	Ameriprise Financial, Inc.	249,228
	19,452	Berkshire Hathaway, Inc. Class B*	2,687,099
	1,345	BlackRock, Inc.	441,590
	6,032	Capital One Financial Corp.	492,332
	3,355	CME Group, Inc.	268,249
	4,971	Discover Financial Services	320,083
	3,134	E*TRADE Financial Corp.*	70,797
	4,259	Franklin Resources, Inc.	232,584
	1,220	Intercontinental Exchange, Inc.	237,961
	4,591	Invesco Ltd.	181,253
	1,043	Legg Mason, Inc.	53,360
	3,475	Leucadia National Corp.	82,844
	2,891	McGraw Hill Financial, Inc.	244,145
	1,986	Moody’s Corp.	187,677
	16,414	Morgan Stanley	567,432
	4,077	Navient Corp.	72,204
	2,344	Northern Trust Corp.	159,462
	4,525	State Street Corp.	333,085
	2,826	T. Rowe Price Group, Inc.	221,558
	12,091	The Bank of New York Mellon Corp.	468,284
	12,255	The Charles Schwab Corp.	360,175
	4,347	The Goldman Sachs Group, Inc.(a)	797,979
	1,204	The NASDAQ OMX Group, Inc.	51,074
			9,742,543
	Energy – 9.6%
	5,425	Anadarko Petroleum Corp.	550,312
	4,087	Apache Corp.	383,647
	4,649	Baker Hughes, Inc.	302,464
	4,417	Cabot Oil & Gas Corp.	144,392
	2,220	Cameron International Corp.*	147,364
	5,492	Chesapeake Energy Corp.	126,261
	20,290	Chevron Corp.	2,421,003
	935	Cimarex Energy Co.	118,306
	13,106	ConocoPhillips	1,002,871
	2,500	CONSOL Energy, Inc.	94,650
	3,836	Denbury Resources, Inc.	57,655
	4,118	Devon Energy Corp.	280,765
	746	Diamond Offshore Drilling, Inc.	25,565
	2,513	Ensco PLC Class A	103,812
	5,822	EOG Resources, Inc.	576,494
	1,612	EQT Corp.	147,562

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	45,567	Exxon Mobil Corp.	$      4,285,576
	2,557	FMC Technologies, Inc.*	138,871
	8,997	Halliburton Co.	580,396
	1,176	Helmerich & Payne, Inc.	115,095
	2,808	Hess Corp.	264,851
	7,029	Kinder Morgan, Inc.	269,492
	7,197	Marathon Oil Corp.	270,535
	3,027	Marathon Petroleum Corp.	256,296
	1,808	Murphy Oil Corp.	102,893
	2,846	Nabors Industries Ltd.	64,775
	4,595	National Oilwell Varco, Inc.	349,680
	1,404	Newfield Exploration Co.*	52,046
	2,712	Noble Corp. PLC	60,261
	3,879	Noble Energy, Inc.	265,168
	8,330	Occidental Petroleum Corp.	800,930
	2,183	ONEOK, Inc.	143,096
	5,972	Phillips 66	485,583
	1,537	Pioneer Natural Resources Co.	302,743
	1,816	QEP Resources, Inc.	55,896
	1,777	Range Resources Corp.	120,498
	13,852	Schlumberger Ltd.	1,408,610
	3,839	Southwestern Energy Co.*	134,173
	7,147	Spectra Energy Corp.	280,591
	1,370	Tesoro Corp.	83,543
	7,219	The Williams Companies, Inc.	399,572
	3,683	Transocean Ltd.	117,746
	5,641	Valero Energy Corp.	261,009
			18,153,048
	Food & Staples Retailing – 2.2%
	4,707	Costco Wholesale Corp.	589,881
	12,381	CVS Health Corp.	985,404
	2,504	Safeway, Inc.	85,887
	6,261	Sysco Corp.	237,605
	5,269	The Kroger Co.	273,988
	9,376	Walgreen Co.	555,716
	16,859	Wal-Mart Stores, Inc.	1,289,208
	3,859	Whole Foods Market, Inc.	147,066
			4,164,755
	Food, Beverage & Tobacco – 5.2%
	21,193	Altria Group, Inc.	973,606
	6,897	Archer-Daniels-Midland Co.	352,437
	1,688	Brown-Forman Corp. Class B	152,291
	1,875	Campbell Soup Co.	80,119
	2,463	Coca-Cola Enterprises, Inc.	109,259
	4,593	ConAgra Foods, Inc.	151,753
	1,800	Constellation Brands, Inc. Class A*	156,888
	2,085	Dr. Pepper Snapple Group, Inc.	134,086
	6,578	General Mills, Inc.	331,860
	1,464	Hormel Foods Corp.	75,235
	2,772	Kellogg Co.	170,755
	1,302	Keurig Green Mountain, Inc.	169,429
	6,375	Kraft Foods Group, Inc.	359,550
	3,847	Lorillard, Inc.	230,474
	1,412	McCormick & Co., Inc.	94,463
	2,159	Mead Johnson Nutrition Co.	207,739
	1,702	Molson Coors Brewing Co. Class B	126,697
	18,026	Mondelez International, Inc. Class A	617,661

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	1,480	Monster Beverage Corp.*	$         135,672
	16,137	PepsiCo, Inc.	1,502,193
	16,691	Philip Morris International, Inc.	1,392,029
	3,324	Reynolds American, Inc.	196,116
	42,191	The Coca-Cola Co.	1,799,868
	1,567	The Hershey Co.	149,539
	1,090	The J.M. Smucker Co.	107,899
	3,019	Tyson Foods, Inc. Class A	118,858
			9,896,476
	Health Care Equipment & Services – 4.3%
	16,010	Abbott Laboratories	665,856
	3,789	Aetna, Inc.	306,909
	2,300	AmerisourceBergen Corp.	177,790
	5,818	Baxter International, Inc.	417,558
	2,048	Becton, Dickinson and Co.	233,083
	14,383	Boston Scientific Corp.*	169,863
	817	C. R. Bard, Inc.	116,594
	3,618	Cardinal Health, Inc.	271,061
	2,168	CareFusion Corp.*	98,102
	3,127	Cerner Corp.*	186,275
	2,853	Cigna Corp.	258,739
	4,832	Covidien PLC	418,016
	1,865	DaVita HealthCare Partners, Inc.*	136,406
	1,506	DENTSPLY International, Inc.	68,674
	1,138	Edwards Lifesciences Corp.*	116,247
	8,005	Express Scripts Holding Co.*	565,393
	1,651	Humana, Inc.	215,109
	384	Intuitive Surgical, Inc.*	177,339
	928	Laboratory Corp. of America Holdings*	94,424
	2,473	McKesson Corp.	481,419
	10,433	Medtronic, Inc.	646,324
	908	Patterson Companies, Inc.	37,618
	1,529	Quest Diagnostics, Inc.	92,780
	3,091	St. Jude Medical, Inc.	185,862
	3,157	Stryker Corp.	254,928
	1,062	Tenet Healthcare Corp.*	63,072
	10,409	UnitedHealth Group, Inc.	897,776
	1,000	Universal Health Services, Inc. Class B	104,500
	1,096	Varian Medical Systems, Inc.*	87,811
	2,930	WellPoint, Inc.	350,487
	1,777	Zimmer Holdings, Inc.	178,677
			8,074,692
	Household & Personal Products – 2.0%
	4,817	Avon Products, Inc.	60,694
	9,138	Colgate-Palmolive Co.	595,980
	3,995	Kimberly-Clark Corp.	429,742
	1,410	The Clorox Co.	135,417
	2,366	The Estee Lauder Companies, Inc. Class A	176,788
	28,931	The Procter & Gamble Co.	2,422,682
			3,821,303
	Insurance – 2.8%
	3,597	ACE Ltd.	377,217
	4,875	Aflac, Inc.	283,969

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	15,213	American International Group, Inc.	$         821,806
	3,103	Aon PLC	272,040
	805	Assurant, Inc.	51,761
	1,516	Cincinnati Financial Corp.	71,328
	5,397	Genworth Financial, Inc. Class A*	70,701
	4,785	Hartford Financial Services Group, Inc.	178,241
	2,790	Lincoln National Corp.	149,488
	3,315	Loews Corp.	138,103
	5,859	Marsh & McLennan Companies, Inc.	306,660
	11,997	MetLife, Inc.	644,479
	2,973	Principal Financial Group, Inc.	155,993
	4,954	Prudential Financial, Inc.	435,655
	4,618	The Allstate Corp.	283,407
	2,570	The Chubb Corp.	234,076
	5,786	The Progressive Corp.	146,270
	3,614	The Travelers Companies, Inc.	339,499
	1,444	Torchmark Corp.	75,622
	2,807	Unum Group	96,505
	2,837	XL Group PLC	94,103
			5,226,923
	Materials – 3.4%
	2,048	Air Products & Chemicals, Inc.	266,609
	731	Airgas, Inc.	80,885
	12,283	Alcoa, Inc.	197,634
	1,171	Allegheny Technologies, Inc.	43,444
	1,064	Avery Dennison Corp.	47,508
	1,530	Ball Corp.	96,803
	1,121	Bemis Co., Inc.	42,620
	531	CF Industries Holdings, Inc.	148,266
	9,787	E.I. du Pont de Nemours & Co.	702,315
	1,606	Eastman Chemical Co.	129,909
	2,903	Ecolab, Inc.	333,352
	1,388	FMC Corp.	79,380
	11,133	Freeport-McMoRan, Inc.	363,493
	889	International Flavors & Fragrances, Inc.	85,237
	4,626	International Paper Co.	220,845
	4,434	LyondellBasell Industries NV Class A	481,798
	666	Martin Marietta Materials, Inc.	85,874
	1,777	MeadWestvaco Corp.	72,750
	5,586	Monsanto Co.	628,481
	5,334	Newmont Mining Corp.	122,949
	3,463	Nucor Corp.	187,972
	1,826	Owens-Illinois, Inc.*	47,567
	1,473	PPG Industries, Inc.	289,798
	3,140	Praxair, Inc.	405,060
	2,008	Sealed Air Corp.	70,039
	1,290	Sigma-Aldrich Corp.	175,453
	12,035	The Dow Chemical Co.	631,115
	3,403	The Mosaic Co.	151,127
	899	The Sherwin-Williams Co.	196,872
	1,366	Vulcan Materials Co.	82,274
			6,467,429

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Media – 3.5%
	2,316	Cablevision Systems Corp. Class A	$           40,553
	5,235	CBS Corp. Class B	280,073
	27,653	Comcast Corp. Class A	1,487,179
	5,323	DIRECTV*	460,546
	1,590	Discovery Communications, Inc. Class A*	60,102
	2,890	Discovery Communications, Inc. Class C*	107,739
	2,481	Gannett Co., Inc.	73,611
	5,189	News Corp. Class A*	84,840
	2,684	Omnicom Group, Inc.	184,820
	1,108	Scripps Networks Interactive, Inc. Class A	86,524
	4,476	The Interpublic Group of Companies, Inc.	82,001
	16,909	The Walt Disney Co.	1,505,408
	2,986	Time Warner Cable, Inc.	428,461
	9,105	Time Warner, Inc.	684,787
	20,166	Twenty-First Century Fox, Inc. Class A	691,492
	4,079	Viacom, Inc. Class B	313,838
			6,571,974
	Pharmaceuticals, Biotechnology & Life Sciences – 9.5%
	17,056	AbbVie, Inc.	985,155
	2,781	Actavis PLC*	671,000
	3,527	Agilent Technologies, Inc.	200,968
	2,128	Alexion Pharmaceuticals, Inc.*	352,865
	3,236	Allergan, Inc.	576,623
	8,083	Amgen, Inc.	1,135,338
	2,523	Biogen Idec, Inc.*	834,634
	17,773	Bristol-Myers Squibb Co.	909,622
	8,563	Celgene Corp.*	811,601
	10,501	Eli Lilly & Co.	680,990
	16,152	Gilead Sciences, Inc.*	1,719,380
	1,816	Hospira, Inc.*	94,486
	30,156	Johnson & Johnson	3,214,328
	1,200	Mallinckrodt PLC*	108,180
	30,834	Merck & Co., Inc.	1,827,840
	4,064	Mylan, Inc.*	184,871
	1,238	PerkinElmer, Inc.	53,977
	1,425	Perrigo Co. PLC	214,021
	67,783	Pfizer, Inc.	2,004,343
	756	Regeneron Pharmaceuticals, Inc.*	272,553
	4,288	Thermo Fisher Scientific, Inc.	521,850
	2,554	Vertex Pharmaceuticals, Inc.*	286,840
	887	Waters Corp.*	87,919
	5,448	Zoetis, Inc.	201,304
			17,950,688
	Real Estate – 2.2%
	4,242	American Tower Corp. (REIT)	397,178
	1,564	Apartment Investment & Management Co. Class A (REIT)	49,767
	1,396	AvalonBay Communities, Inc. (REIT)	196,794
	1,636	Boston Properties, Inc. (REIT)	189,383
	2,891	CBRE Group, Inc. Class A*	85,978

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	3,555	Crown Castle International Corp. (REIT)	$         286,284
	3,860	Equity Residential (REIT)	237,699
	664	Essex Property Trust, Inc. (REIT)	118,690
	6,703	General Growth Properties, Inc. (REIT)	157,856
	4,918	HCP, Inc. (REIT)	195,294
	3,487	Health Care REIT, Inc. (REIT)	217,484
	8,017	Host Hotels & Resorts, Inc. (REIT)	171,003
	4,491	Kimco Realty Corp. (REIT)	98,398
	1,947	Plum Creek Timber Co., Inc. (REIT)	75,953
	5,276	Prologis, Inc. (REIT)	198,905
	1,541	Public Storage (REIT)	255,559
	3,320	Simon Property Group, Inc. (REIT)	545,874
	1,524	The Macerich Co. (REIT)	97,277
	3,133	Ventas, Inc. (REIT)	194,089
	1,895	Vornado Realty Trust (REIT)	189,424
	5,216	Weyerhaeuser Co. (REIT)	166,182
			4,125,071
	Retailing – 4.2%
	4,048	Amazon.com, Inc.*	1,305,237
	799	AutoNation, Inc.*	40,198
	352	AutoZone, Inc.*	179,400
	2,140	Bed Bath & Beyond, Inc.*	140,876
	2,996	Best Buy Co., Inc.	100,636
	2,364	CarMax, Inc.*	109,808
	3,265	Dollar General Corp.*	199,524
	2,197	Dollar Tree, Inc.*	123,186
	1,060	Expedia, Inc.	92,877
	1,059	Family Dollar Stores, Inc.	81,797
	1,274	GameStop Corp. Class A	52,489
	1,612	Genuine Parts Co.	141,389
	2,136	Kohl’s Corp.	130,360
	2,648	L Brands, Inc.	177,363
	10,547	Lowe’s Companies, Inc.	558,147
	3,805	Macy’s, Inc.	221,375
	641	Netflix, Inc.*	289,206
	1,541	Nordstrom, Inc.	105,358
	1,129	O’Reilly Automotive, Inc.*	169,757
	1,088	PetSmart, Inc.	76,258
	2,241	Ross Stores, Inc.	169,375
	6,712	Staples, Inc.	81,215
	6,788	Target Corp.	425,472
	2,844	The Gap, Inc.	118,566
	14,349	The Home Depot, Inc.	1,316,377
	561	The Priceline Group, Inc.*	649,963
	1,207	Tiffany & Co.	116,246
	7,404	TJX Companies, Inc.	438,095
	1,506	Tractor Supply Co.	92,634
	1,217	TripAdvisor, Inc.*	111,258
	1,108	Urban Outfitters, Inc.*	40,664
			7,855,106
	Semiconductors & Semiconductor Equipment – 2.4%
	3,335	Altera Corp.	119,326
	3,305	Analog Devices, Inc.	163,564
	12,973	Applied Materials, Inc.	280,347

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	2,706	Avago Technologies Ltd.	$         235,422
	5,752	Broadcom Corp. Class A	232,496
	780	First Solar, Inc.*	51,332
	52,903	Intel Corp.	1,842,082
	1,738	KLA-Tencor Corp.	136,920
	1,760	Lam Research Corp.	131,472
	2,572	Linear Technology Corp.	114,171
	2,178	Microchip Technology, Inc.	102,867
	11,363	Micron Technology, Inc.*	389,296
	5,489	NVIDIA Corp.	101,272
	11,417	Texas Instruments, Inc.	544,477
	2,818	Xilinx, Inc.	119,342
			4,564,386
	Software & Services – 10.5%
	6,745	Accenture PLC Class A	548,503
	4,947	Adobe Systems, Inc.*	342,283
	1,893	Akamai Technologies, Inc.*	113,201
	557	Alliance Data Systems Corp.*	138,286
	2,469	Autodesk, Inc.*	136,042
	5,138	Automatic Data Processing, Inc.	426,865
	3,488	CA, Inc.	97,455
	1,766	Citrix Systems, Inc.*	125,986
	6,532	Cognizant Technology Solutions Corp. Class A*	292,438
	1,564	Computer Sciences Corp.	95,639
	12,068	eBay, Inc.*	683,411
	3,420	Electronic Arts, Inc.*	121,786
	20,814	Facebook, Inc. Class A*	1,645,138
	3,105	Fidelity National Information Services, Inc.	174,811
	2,637	Fiserv, Inc.*	170,442
	3,027	Google, Inc. Class A*	1,781,117
	3,027	Google, Inc. Class C*	1,747,669
	9,913	International Business Machines Corp.	1,881,785
	3,024	Intuit, Inc.	265,054
	10,517	Mastercard, Inc. Class A	777,417
	88,102	Microsoft Corp.	4,084,409
	34,781	Oracle Corp.	1,331,417
	3,520	Paychex, Inc.	155,584
	2,071	Red Hat, Inc.*	116,287
	6,049	salesforce.com inc*	347,999
	7,324	Symantec Corp.	172,187
	1,725	Teradata Corp.*	72,312
	5,660	The Western Union Co.	90,786
	1,806	Total System Services, Inc.	55,914
	1,155	VeriSign, Inc.*	63,664
	5,268	Visa, Inc. Class A	1,124,033
	11,482	Xerox Corp.	151,907
	9,883	Yahoo!, Inc.*	402,732
			19,734,559
	Technology Hardware & Equipment – 6.6%
	1,668	Amphenol Corp. Class A	166,566
	64,014	Apple, Inc.	6,449,410
	54,556	Cisco Systems, Inc.	1,373,174
	13,794	Corning, Inc.	266,776
	21,676	EMC Corp.	634,240
	736	F5 Networks, Inc.*	87,393

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	1,526	FLIR Systems, Inc.	$         47,825
	1,165	Harris Corp.	77,356
	20,004	Hewlett-Packard Co.	709,542
	2,092	Jabil Circuit, Inc.	42,196
	4,289	Juniper Networks, Inc.	95,001
	2,359	Motorola Solutions, Inc.	149,277
	3,480	NetApp, Inc.	149,501
	17,875	QUALCOMM, Inc.	1,336,514
	2,417	SanDisk Corp.	236,745
	3,477	Seagate Technology PLC	199,128
	4,387	TE Connectivity Ltd.	242,557
	2,230	Western Digital Corp.	217,024
			12,480,225
	Telecommunication Services – 2.4%
	55,472	AT&T, Inc.	1,954,833
	6,139	CenturyLink, Inc.	251,024
	10,443	Frontier Communications Corp.	67,984
	44,269	Verizon Communications, Inc.	2,213,007
	6,282	Windstream Holdings, Inc.	67,720
			4,554,568
	Transportation – 2.1%
	1,615	C.H. Robinson Worldwide, Inc.	107,107
	10,680	CSX Corp.	342,401
	9,081	Delta Air Lines, Inc.	328,278
	2,085	Expeditors International of Washington, Inc.	84,609
	2,836	FedEx Corp.	457,872
	1,156	Kansas City Southern	140,107
	3,330	Norfolk Southern Corp.	371,628
	600	Ryder System, Inc.	53,982
	7,392	Southwest Airlines Co.	249,628
	9,569	Union Pacific Corp.	1,037,471
	7,534	United Parcel Service, Inc. Class B	740,517
			3,913,600
	Utilities – 3.0%
	7,046	AES Corp.	99,912
	1,304	AGL Resources, Inc.	66,947
	2,546	Ameren Corp.	97,588
	5,226	American Electric Power Co., Inc.	272,849
	4,631	CenterPoint Energy, Inc.	113,321
	2,929	CMS Energy Corp.	86,874
	3,102	Consolidated Edison, Inc.	175,759
	6,264	Dominion Resources, Inc.	432,780
	1,920	DTE Energy Co.	146,074
	7,594	Duke Energy Corp.	567,803
	3,438	Edison International	192,253
	1,951	Entergy Corp.	150,871
	9,152	Exelon Corp.	311,992
	4,578	FirstEnergy Corp.	153,683
	870	Integrys Energy Group, Inc.	56,393
	4,663	NextEra Energy, Inc.	437,762
	3,361	NiSource, Inc.	137,734
	3,436	Northeast Utilities	152,215
	3,660	NRG Energy, Inc.	111,557
	2,730	Pepco Holdings, Inc.	73,055

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	4,954	PG&E Corp.	$       223,128
	1,214	Pinnacle West Capital Corp.	66,333
	6,932	PPL Corp.	227,647
	5,366	Public Service Enterprise Group, Inc.	199,830
	1,546	SCANA Corp.	76,697
	2,423	Sempra Energy	255,336
	2,312	TECO Energy, Inc.	40,183
	9,494	The Southern Co.	414,413
	2,467	Wisconsin Energy Corp.	106,081
	5,465	Xcel Energy, Inc.	166,136
			5,613,206
	TOTAL COMMON STOCKS		187,181,461

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligation(b)(c) – 0.1%
United States Treasury Bill
$	100,000		0.000	%		11/06/14	$         99,998
TOTAL INVESTMENTS – 99.4%							$187,281,459
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%							1,214,360
NET ASSETS – 100.0%							$188,495,819

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.
(b)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(c)	All or portion of security is segregated as collateral for initial margin requirements on futures transactions.

Investment Abbreviation:
REIT	— Real Estate Investment Trust
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY INDEX FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2014, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
S&P 500 E-mini Index	15	December 2014	$	1,474,125	$	(8,404	)

TAX INFORMATION — At September 30, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	107,767,791
Gross unrealized gain		94,644,384
Gross unrealized loss		(15,130,716	)
Net unrealized security gain	$	79,513,668

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL MARKETS NAVIGATOR FUND

Schedule of Investments

September 30, 2014 (Unaudited)

Principal Amount	Interest Rate			Maturity Date	Value
Agency Debentures(a) – 12.7%
FHLMC
$15,794,000		0.000	%	10/16/14	$    15,793,921
FNMA
10,114,000		0.000		12/29/14	10,113,626
TOTAL AGENCY DEBENTURES					$    25,907,547

Shares		Description	Value
	Exchange Traded Funds – 58.0%
	1,377,565	iShares MSCI Emerging Markets ETF	$    57,251,602
	335,870	Vanguard S&P 500 ETF	60,654,763
	TOTAL EXCHANGE TRADED FUNDS		$  117,906,365

U.S. Treasury Obligation(a) – 15.0%
United States Treasury Bill
$30,505,000	0.000	%	12/11/14	$    30,503,917

Shares	Distribution Rate	Value
Investment Company(b)(c) – 12.9%
Goldman Sachs Financial Square Government Fund — FST Shares(b)(c)
26,196,427	0.006%		$    26,196,427
TOTAL INVESTMENTS – 98.6%			$  200,514,256
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%			2,799,874
NET ASSETS – 100.0%			$  203,314,130

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2014.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GLOBAL MARKETS NAVIGATOR FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2014, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
EURO STOXX 50 Index	252	December 2014	$	10,258,441	$	64,450
Euro-Bund	200	December 2014		37,815,717		207,370
TSE TOPIX Index	259	December 2014		31,325,598		896,227
TOTAL					$	1,168,047

TAX INFORMATION — At September 30, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	197,013,927
Gross unrealized gain		5,991,507
Gross unrealized loss		(2,491,178	)
Net unrealized security gain	$	3,500,329

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.2%
	Automobiles & Components – 1.0%
	7,839	Tesla Motors, Inc.*	$    1,902,369
	Banks – 3.0%
	80,650	First Republic Bank	3,982,497
	239,724	MGIC Investment Corp.*	1,872,244
			5,854,741
	Capital Goods – 12.6%
	58,775	AMETEK, Inc.	2,951,093
	27,069	Flowserve Corp.	1,908,906
	50,134	Generac Holdings, Inc.*	2,032,432
	45,462	Graco, Inc.	3,317,817
	24,800	Hubbell, Inc. Class B	2,989,144
	47,770	Kennametal, Inc.	1,973,378
	50,931	Quanta Services, Inc.*	1,848,286
	78,983	Sensata Technologies Holding NV*	3,517,113
	16,612	W.W. Grainger, Inc.	4,180,410
			24,718,579
	Commercial & Professional Services – 0.8%
	33,039	Waste Connections, Inc.	1,603,052
	Consumer Durables & Apparel – 7.1%
	120,552	Kate Spade & Co.*	3,162,079
	32,118	PVH Corp.	3,891,096
	52,389	Toll Brothers, Inc.*	1,632,441
	35,995	Under Armour, Inc. Class A*	2,487,255
	41,442	VF Corp.	2,736,415
			13,909,286
	Consumer Services – 2.6%
	3,656	Chipotle Mexican Grill, Inc.*	2,437,053
	16,396	Panera Bread Co. Class A*	2,667,957
			5,105,010
	Diversified Financials – 4.5%
	23,588	Intercontinental Exchange, Inc.	4,600,839
	157,869	Navient Corp.	2,795,860
	176,208	SLM Corp.	1,508,341
			8,905,040
	Energy – 5.5%
	12,676	Core Laboratories NV	1,855,133
	28,516	Dril-Quip, Inc.*	2,549,330
	31,589	Noble Energy, Inc.	2,159,424
	88,747	Weatherford International PLC*	1,845,937
	31,092	Whiting Petroleum Corp.*	2,411,185
			10,821,009
	Food & Staples Retailing – 2.2%
	115,419	Whole Foods Market, Inc.	4,398,618
	Food, Beverage & Tobacco – 7.2%
	59,182	Coca-Cola Enterprises, Inc.	2,625,314
	24,994	Keurig Green Mountain, Inc.	3,252,469
	28,730	McCormick & Co., Inc.	1,922,037
	33,309	The Hain Celestial Group, Inc.*	3,409,176
	35,708	TreeHouse Foods, Inc.*	2,874,494
			14,083,490
	Health Care Equipment & Services – 5.5%
	52,570	CareFusion Corp.*	2,378,793

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	35,441	Cerner Corp.*	$    2,111,220
	19,120	Henry Schein, Inc.*	2,226,907
	114,814	HMS Holdings Corp.*	2,164,244
	3,898	Intuitive Surgical, Inc.*	1,800,174
			10,681,338
	Materials – 4.5%
	27,069	Airgas, Inc.	2,995,185
	28,286	International Flavors & Fragrances, Inc.	2,712,062
	14,075	The Sherwin-Williams Co.	3,082,284
			8,789,531
	Media – 1.9%
	48,563	Discovery Communications, Inc. Class A*	1,835,681
	48,285	Discovery Communications, Inc. Class C*	1,800,065
			3,635,746
	Pharmaceuticals, Biotechnology & Life Sciences – 8.6%
	51,501	Agilent Technologies, Inc.	2,934,527
	61,863	Cepheid, Inc.*	2,723,828
	13,366	Incyte Corp. Ltd.*	655,602
	14,359	Medivation, Inc.*	1,419,674
	7,432	Mettler-Toledo International, Inc.*	1,903,558
	90,737	Mylan, Inc.*	4,127,626
	26,602	Vertex Pharmaceuticals, Inc.*	2,987,671
			16,752,486
	Real Estate – 1.8%
	120,414	CBRE Group, Inc. Class A*	3,581,112
	Retailing – 10.1%
	46,535	Dollar General Corp.*	2,843,754
	76,156	Five Below, Inc.*	3,016,539
	49,339	L Brands, Inc.	3,304,726
	106,309	LKQ Corp.*	2,826,756
	27,989	Lumber Liquidators Holdings, Inc.*	1,606,009
	20,541	Restoration Hardware Holdings, Inc.*	1,634,037
	16,556	TripAdvisor, Inc.*	1,513,549
	25,093	Ulta Salon, Cosmetics & Fragrance, Inc.*	2,965,240
			19,710,610
	Semiconductors & Semiconductor Equipment – 2.1%
	98,910	Xilinx, Inc.	4,188,838
	Software & Services – 11.2%
	18,878	Equinix, Inc.*	4,011,198
	33,550	Fidelity National Information Services, Inc.	1,888,865
	20,311	FleetCor Technologies, Inc.*	2,886,599
	46,735	Guidewire Software, Inc.*	2,072,230
	17,427	LinkedIn Corp. Class A*	3,621,156
	55,089	Pandora Media, Inc.*	1,330,950
	39,781	Red Hat, Inc.*	2,233,703
	41,879	ServiceNow, Inc.*	2,461,648
	29,300	Twitter, Inc.*	1,511,294
			22,017,643

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – 1.6%
	30,967	Amphenol Corp. Class A	$    3,092,365
	Telecommunication Services – 3.5%
	42,652	SBA Communications Corp. Class A*	4,730,107
	49,185	tw telecom, inc.*	2,046,588
			6,776,695
	Transportation – 1.9%
	29,884	Kansas City Southern	3,621,941
	TOTAL INVESTMENTS – 99.2%		$194,149,499
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%		1,616,784
	NET ASSETS – 100.0%		$195,766,283

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.
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	152,137,704
Gross unrealized gain		46,486,548
Gross unrealized loss		(4,474,753	)
Net unrealized security gain	$	42,011,795

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 60.5%
Collateralized Mortgage Obligations – 46.0%
Agency Multi-Family(a) – 10.4%
FHLMC Multifamily Structured Pass-Through Certificates Series KF02, Class A1
$	2,284,337		0.580	%	07/25/20	$  2,292,605
FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A
	698,005		0.495		01/25/21	697,618
FHLMC Multifamily Structured Pass-Through Certificates Series KS02, Class A
	1,493,847		0.534		08/25/23	1,493,847
FNMA
	186,090		2.800		03/01/18	192,610
	476,475		3.740		05/01/18	508,517
	110,000		3.840		05/01/18	117,819
	400,000		4.506		06/01/19	432,493
	94,338		3.416		10/01/20	99,505
	89,545		3.615		12/01/20	95,392
	373,857		3.763		12/01/20	400,150
	195,198		4.375		06/01/21	215,357
FNMA ACES Series 2013-M11, Class FA
	1,033,218		0.484		01/25/18	1,034,621
FNMA ACES Series 2014-M5, Class FA
	361,336		0.521		01/25/17	361,835
GNMA
	71,422		3.950		07/15/25	74,459
						8,016,828
Regular Floater(a) – 35.6%
Aire Valley Mortgages PLC Series 2006-1A, Class 1A(b)
	1,892,711		0.453		09/20/66	1,854,816
FHLMC REMIC Series 3208, Class FD(c)
	456,090		0.554		08/15/36	457,672
FHLMC REMIC Series 3208, Class FG(c)
	1,836,605		0.554		08/15/36	1,842,975
FHLMC REMIC Series 3307, Class FT
	2,685,360		0.394		07/15/34	2,692,544
FHLMC REMIC Series 3311, Class KF
	4,094,115		0.494		05/15/37	4,098,330
FHLMC REMIC Series 3371, Class FA(c)
	1,142,186		0.754		09/15/37	1,154,870
FHLMC REMIC Series 4174, Class FB
	1,784,410		0.454		05/15/39	1,779,737
FNMA REMIC Series 2006-82, Class F
	1,283,810		0.725		09/25/36	1,296,079
FNMA REMIC Series 2006-96, Class FA
	1,388,336		0.455		10/25/36	1,392,055
FNMA REMIC Series 2007-85, Class FC
	1,071,643		0.695		09/25/37	1,082,752
FNMA REMIC Series 2008-8, Class FB
	1,628,040		0.974		02/25/38	1,644,585
FNMA REMIC Series 2012-35, Class QF
	2,477,643		0.555		04/25/42	2,489,399
GNMA Series 2005-48, Class AF
	1,322,688		0.353		06/20/35	1,318,132
Granite Master Issuer PLC Series 2006-3, Class A4
	217,036		0.234		12/20/54	215,929
Granite Master Issuer PLC Series 2007-1, Class 2A1
	1,025,986		0.294		12/20/54	1,021,250
Leek Finance Number Eighteen PLC Series 18X, Class A2B
	146,958		0.493		09/21/38	153,422
Leek Finance Number Seventeen PLC Series 17A, Class A2B(b)
	64,274		0.513		12/21/37	67,642

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater(a) – (continued)
National Credit Union Administration Guaranteed Notes Trust Series 2011-R1, Class 1A(c)
$	2,968,996		0.606	%	01/08/20	$  2,984,769
						27,546,958
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$35,563,786
Commercial Mortgage-Backed Securities – 2.9%
Regular Floater(a)(b) – 2.6%
Commercial Mortgage Pass-Through Certificates Series 2014-KYO, Class A
$	900,000		1.054	%	06/11/27	$     898,931
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-FBLU, Class A
	1,100,000		1.104		12/15/28	1,100,053
						1,998,984
Sequential Fixed Rate(a) – 0.3%
Banc of America Commercial Mortgage Trust Series 2006-3, Class A4
	195,200		5.889		07/10/44	207,962
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$  2,206,946
Federal Agencies(a) – 11.6%
Adjustable Rate FHLMC – 6.0%
$	270,289		2.375	%	09/01/35	$     288,764
	750,367		2.485		12/01/36	805,568
	1,041,734		2.800		04/01/37	1,116,609
	807,298		2.429		01/01/38	863,932
	428,475		2.252		05/01/35	455,143
	1,056,933		2.406		01/01/38	1,134,390
						4,664,406
Adjustable Rate FNMA – 4.9%
	106,354		1.847		05/01/33	111,988
	303,383		2.333		05/01/35	322,862
	761,842		2.589		06/01/35	815,807
	955,103		2.141		11/01/35	1,021,106
	155,455		2.396		12/01/35	165,608
	569,542		2.509		03/01/37	612,946
	705,010		2.293		12/01/37	754,568
						3,804,885
Adjustable Rate GNMA – 0.7%
	521,036		1.625		04/20/33	541,025
TOTAL FEDERAL AGENCIES						$  9,010,316
TOTAL MORTGAGE-BACKED OBLIGATIONS						$46,781,048
Asset-Backed Securities – 34.7%
Auto – 1.6%(a)
Ally Master Owner Trust Series 2013-1, Class A1
$	1,250,000		0.604	%	02/15/18	$  1,252,601
Collateralized Loan Obligations(a) – 9.3%
Acis CLO Ltd. Series 2013-2A, Class A(b)
	925,000		0.734		10/14/22	906,047
Black Diamond CLO Ltd. Series 2006-1A, Class AD(b)
	420,728		0.484		04/29/19	413,632

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(a) – (continued)
Brentwood CLO Corp. Series 2006-1A, Class A1A(b)
$	1,150,777		0.510	%	02/01/22	$  1,140,055
Brentwood CLO Corp. Series 2006-1A, Class A1B(b)
	452,091		0.510		02/01/22	446,969
KKR Financial CLO Ltd. Series 2007-1A, Class A(b)
	1,343,236		0.584		05/15/21	1,332,905
OZLM Funding III Ltd. Series 2013-3A, Class A1(b)
	500,000		1.562		01/22/25	496,785
Westbrook CLO Ltd. Series 2006-1X, Class A1
	498,136		0.473		12/20/20	495,059
Westchester CLO Ltd. Series 2007-1X, Class A1A
	2,006,327		0.465		08/01/22	1,987,648
						7,219,100
Credit Card – 1.3%(a)
Bank of America Credit Card Trust Series 2014-A1, Class A
	1,000,000		0.534		06/15/21	999,914
Home Equity(b) – 2.8%
HLSS Servicer Advance Receivables Trust Series 2013-T5, Class AT5
	650,000		1.979		08/15/46	652,964
HLSS Servicer Advance Receivables Trust Series 2014-T1, Class AT1
	1,250,000		1.244		01/17/45	1,251,282
New Residential Advance Receivables Trust Series 2014-T1, Class A1
	225,000		1.274		03/15/45	225,248
						2,129,494
Student Loans(a) – 19.7%
Academic Loan Funding Trust Series 2013-1A, Class A(b)
	901,999		0.955		12/26/44	901,733
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
	700,735		0.955		02/25/41	700,315
Brazos Higher Education Authority Series 2005-2, Class A10(c)
	930,087		0.354		12/26/19	927,893
Education Loan Asset-Backed Trust I Series 2013-1, Class A1(b)
	592,786		0.955		06/25/26	595,992
Educational Funding of the South, Inc. Series 2011-1, Class A2(c)
	1,000,000		0.884		04/25/35	1,002,320
Educational Services of America, Inc Series 2010-1, Class A1(b)(c)
	1,945,814		1.084		07/25/23	1,958,120
Educational Services of America, Inc. Series 2014-1, Class A(b)(c)
	567,086		0.855		02/25/39	568,316
EFS Volunteer No. 3 LLC Series 2012-1, Class A2(b)
	1,750,000		1.154		02/25/25	1,771,038
GCO Education Loan Funding Trust Series 2006-1, Class A8L
	738,929		0.365		05/25/25	724,170
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2
	1,236,973		1.154		05/20/30	1,256,316
Nelnet Student Loan Trust Series 2008-3, Class A4(c)
	1,200,000		1.885		11/25/24	1,242,661
Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2
	1,052,072		1.185		07/01/24	1,062,634
SLM Student Loan Trust Series 2003-12, Class A5(b)
	313,384		0.514		09/15/22	313,361

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans(a) – (continued)
SLM Student Loan Trust Series 2005-9, Class A6
$	650,000		0.706	%	10/26/26	$     652,267
SLM Student Loan Trust Series 2008-5, Class A4(c)
	300,000		1.934		07/25/23	313,617
SLM Student Loan Trust Series 2011-2, Class A1
	1,059,224		0.754		11/25/27	1,066,895
SLM Student Loan Trust Series 2012-2, Class A(c)
	196,937		0.855		01/25/29	198,315
						15,255,963
TOTAL ASSET-BACKED SECURITIES						$26,857,072
TOTAL INVESTMENTS – 95.2%						$73,638,120
OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.8%						3,745,557
NET ASSETS – 100.0%						$77,383,677

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2014.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $16,895,889, which represents approximately 21.8% of net assets as of September 30, 2014.
(c)	Securities with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

Investment Abbreviations:
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
REMIC	— Real Estate Mortgage Investment Conduit
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2014, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)
U.S. Long Bond	(29)	December 2014	$	(3,999,281	)	$	51,080
U.S. Ultra Long Treasury Bonds	6	December 2014		915,000			(10,852	)
2 Year U.S. Treasury Notes	18	December 2014		3,939,188			(717	)
5 Year U.S. Treasury Notes	(68)	December 2014		(8,041,531	)		27,105
10 Year U.S. Treasury Notes	41	December 2014		5,110,266			(38,027	)
TOTAL						$	28,589

TAX INFORMATION — At September 30, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	73,286,617
Gross unrealized gain		486,746
Gross unrealized loss		(135,243	)
Net unrealized security gain	$	351,503

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.3%
	Automobiles & Components – 1.2%
	373,283	General Motors Co.	$     11,922,659
	Banks – 11.4%
	2,199,944	Bank of America Corp.	37,509,045
	416,492	Citigroup, Inc.	21,582,615
	574,163	JPMorgan Chase & Co.	34,587,579
	247,232	SunTrust Banks, Inc.	9,402,233
	240,742	Wells Fargo & Co.	12,487,288
			115,568,760
	Capital Goods – 8.4%
	2,039,437	General Electric Co.	52,250,376
	67,001	Parker-Hannifin Corp.	7,648,164
	203,838	The Boeing Co.	25,964,884
			85,863,424
	Commercial & Professional Services – 1.2%
	257,094	Waste Management, Inc.	12,219,678
	Consumer Durables & Apparel – 0.8%
	262,642	Toll Brothers, Inc.*	8,183,925
	Consumer Services – 0.9%
	111,812	Starwood Hotels & Resorts Worldwide, Inc.	9,303,876
	Diversified Financials – 6.5%
	50,958	Affiliated Managers Group, Inc.*	10,209,945
	88,697	Ameriprise Financial, Inc.	10,943,436
	219,125	Capital One Financial Corp.	17,884,983
	179,738	Franklin Resources, Inc.	9,815,492
	144,789	Morgan Stanley	5,005,356
	693,557	Navient Corp.	12,282,894
			66,142,106
	Energy – 10.7%
	247,356	Apache Corp.	23,219,308
	408,849	Devon Energy Corp.	27,875,325
	323,479	Exxon Mobil Corp.	30,423,200
	120,380	Halliburton Co.	7,765,714
	565,472	Southwestern Energy Co.*	19,763,246
			109,046,793
	Food & Staples Retailing – 1.7%
	205,380	The Kroger Co.	10,679,760
	174,190	Whole Foods Market, Inc.	6,638,381
			17,318,141
	Food, Beverage & Tobacco – 3.0%
	61,762	Anheuser-Busch InBev NV ADR	6,846,318
	348,073	ConAgra Foods, Inc.	11,500,332
	300,549	Tyson Foods, Inc. Class A	11,832,614
			30,179,264
	Health Care Equipment & Services – 5.4%
	35,442	Covidien PLC	3,066,087

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	150,706	Express Scripts Holding Co.*	$     10,644,365
	433,812	Medtronic, Inc.	26,874,653
	161,370	UnitedHealth Group, Inc.	13,918,163
			54,503,268
	Household & Personal Products – 2.5%
	198,414	The Estee Lauder Companies, Inc. Class A	14,825,494
	127,591	The Procter & Gamble Co.	10,684,470
			25,509,964
	Insurance – 8.2%
	560,171	American International Group, Inc.	30,260,438
	385,240	Genworth Financial, Inc. Class A*	5,046,644
	410,820	Hartford Financial Services Group, Inc.	15,303,045
	189,238	MetLife, Inc.	10,165,865
	260,915	Prudential Financial, Inc.	22,944,865
			83,720,857
	Materials – 1.5%
	83,705	Celanese Corp. Series A	4,898,416
	126,667	Eastman Chemical Co.	10,246,094
			15,144,510
	Media – 4.4%
	78,404	AMC Networks, Inc. Class A*	4,580,362
	250,807	CBS Corp. Class B	13,418,174
	434,798	Liberty Global PLC Series C*	17,833,240
	123,277	Viacom, Inc. Class B	9,484,932
			45,316,708
	Pharmaceuticals, Biotechnology & Life Sciences – 7.4%
	100,285	Bristol-Myers Squibb Co.	5,132,586
	78,466	Eli Lilly & Co.	5,088,520
	143,988	Merck & Co., Inc.	8,535,609
	439,605	Mylan, Inc.*	19,997,631
	1,227,594	Pfizer, Inc.	36,299,955
			75,054,301
	Real Estate Investment Trust – 0.7%
	53,441	AvalonBay Communities, Inc.	7,533,578
	Retailing – 3.6%
	90,424	Expedia, Inc.	7,922,951
	154,282	L Brands, Inc.	10,333,808
	431,408	The Gap, Inc.	17,985,400
			36,242,159
	Semiconductors & Semiconductor Equipment – 3.1%
	657,252	Intel Corp.	22,885,515
	276,448	Maxim Integrated Products, Inc.	8,359,787
			31,245,302

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – 4.7%
	85,739	Citrix Systems, Inc.*	$       6,116,620
	184,176	eBay, Inc.*	10,429,887
	19,724	Google, Inc. Class A*	11,605,799
	423,950	Microsoft Corp.	19,654,322
			47,806,628
	Technology Hardware & Equipment – 4.6%
	823,614	Cisco Systems, Inc.	20,730,364
	898,875	EMC Corp.	26,301,083
			47,031,447
	Telecommunication Services – 1.4%
	294,385	Verizon Communications, Inc.	14,716,306
	Transportation – 2.1%
	181,587	C.H. Robinson Worldwide, Inc.	12,042,850
	376,180	Hertz Global Holdings, Inc.*	9,551,210
			21,594,060
	Utilities – 2.9%
	294,200	FirstEnergy Corp.	9,876,294
	75,137	NextEra Energy, Inc.	7,053,862
	282,551	PG&E Corp.	12,726,097
			29,656,253
	TOTAL INVESTMENTS – 98.3%		$1,000,823,967
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.7%		16,966,312
	NET ASSETS – 100.0%		$1,017,790,279

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 Abbreviation:
ADR	— American Depositary Receipt
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	806,751,036
Gross unrealized gain		208,211,132
Gross unrealized loss		(14,138,201	)
Net unrealized security gain	$	194,072,931

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.5%
	Banks – 5.3%
	879,820	Fifth Third Bancorp	$   17,613,996
	1,260,732	Huntington Bancshares, Inc.	12,266,922
	135,492	M&T Bank Corp.	16,704,809
	65,947	Signature Bank*	7,390,021
			53,975,748
	Capital Goods – 8.1%
	160,751	Armstrong World Industries, Inc.*	9,002,056
	63,054	Carlisle Companies, Inc.	5,068,280
	56,575	Crane Co.	3,576,106
	243,912	Fortune Brands Home & Security, Inc.	10,027,222
	262,485	ITT Corp.	11,796,076
	224,993	Terex Corp.	7,148,028
	427,701	Textron, Inc.	15,392,959
	159,376	The Timken Co.	6,755,949
	217,767	Triumph Group, Inc.	14,165,743
			82,932,419
	Commercial & Professional Services – 0.8%
	69,707	The Dun & Bradstreet Corp.	8,188,481
	Consumer Durables & Apparel – 3.7%
	87,730	Fossil Group, Inc.*	8,237,847
	64,044	Mohawk Industries, Inc.*	8,634,412
	90,011	PVH Corp.	10,904,833
	322,420	Toll Brothers, Inc.*	10,046,607
			37,823,699
	Consumer Services – 1.9%
	287,437	MGM Resorts International*	6,547,815
	150,230	Starwood Hotels & Resorts Worldwide, Inc.	12,500,638
			19,048,453
	Diversified Financials – 6.8%
	416,463	Invesco Ltd.	16,441,959
	781,935	Navient Corp.	13,848,069
	213,758	Raymond James Financial, Inc.	11,453,154
	1,242,865	SLM Corp.	10,638,924
	184,861	The NASDAQ OMX Group, Inc.	7,841,804
	234,230	Voya Financial, Inc.	9,158,393
			69,382,303
	Energy – 7.6%
	104,147	Cameron International Corp.*	6,913,278
	376,191	Chesapeake Energy Corp.	8,648,631
	94,276	Cimarex Energy Co.	11,928,742
	217,474	Newfield Exploration Co.*	8,061,761
	181,590	Oil States International, Inc.*	11,240,421
	295,071	QEP Resources, Inc.	9,082,286
	405,841	Southwestern Energy Co.*	14,184,143
	127,762	Tesoro Corp.	7,790,927
			77,850,189
	Food & Staples Retailing – 1.6%
	205,661	The Kroger Co.	10,694,372
	135,546	Whole Foods Market, Inc.	5,165,658
			15,860,030

Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – 2.5%
	51,716	Constellation Brands, Inc. Class A*	$     4,507,567
	81,093	Ingredion, Inc.	6,146,038
	382,990	Tyson Foods, Inc. Class A	15,078,316
			25,731,921
	Health Care Equipment & Services – 6.7%
	213,992	Cardinal Health, Inc.	16,032,281
	266,618	Cigna Corp.	24,179,586
	147,098	Envision Healthcare Holdings, Inc.*	5,101,359
	76,944	Laboratory Corp. of America Holdings*	7,829,052
	78,760	Tenet Healthcare Corp.*	4,677,556
	109,595	Zimmer Holdings, Inc.	11,019,777
			68,839,611
	Household & Personal Products – 0.8%
	63,952	Energizer Holdings, Inc.	7,879,526
	Insurance – 8.5%
	204,031	Arthur J. Gallagher & Co.	9,254,846
	74,441	Everest Re Group Ltd.	12,060,187
	343,690	Lincoln National Corp.	18,414,910
	344,486	Principal Financial Group, Inc.	18,075,181
	211,260	Unum Group	7,263,119
	203,665	Validus Holdings Ltd.	7,971,448
	408,502	XL Group PLC	13,550,011
			86,589,702
	Materials – 6.4%
	205,193	Celanese Corp. Series A	12,007,894
	36,876	CF Industries Holdings, Inc.	10,296,517
	94,069	Newmont Mining Corp.	2,168,290
	171,324	Packaging Corp. of America	10,933,898
	103,414	Reliance Steel & Aluminum Co.	7,073,518
	284,877	Steel Dynamics, Inc.	6,441,069
	133,578	The Valspar Corp.	10,551,326
	124,366	TimkenSteel Corp.	5,781,775
			65,254,287
	Media – 2.6%
	151,405	AMC Networks, Inc. Class A*	8,845,080
	101,281	Liberty Media Corp. Series A*	4,778,438
	186,886	Liberty Media Corp. Series C*	8,781,773
	59,445	Scripps Networks Interactive, Inc. Class A	4,642,060
			27,047,351
	Pharmaceuticals, Biotechnology & Life Sciences – 4.0%
	278,165	Agilent Technologies, Inc.	15,849,842
	227,606	Endo International PLC*	15,554,594
	205,772	Mylan, Inc.*	9,360,568
			40,765,004
	Real Estate Investment Trust – 5.8%
	88,606	AvalonBay Communities, Inc.	12,490,788
	266,182	Brixmor Property Group, Inc.	5,925,211
	116,067	Camden Property Trust	7,954,072
	512,817	DDR Corp.	8,579,428
	212,071	RLJ Lodging Trust	6,037,661

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trust – (continued)
	408,485	Starwood Property Trust, Inc.	$       8,970,331
	122,844	Taubman Centers, Inc.	8,967,612
			58,925,103
	Retailing – 4.4%
	71,644	Expedia, Inc.	6,277,447
	176,509	GNC Holdings, Inc. Class A	6,837,959
	339,427	Liberty Interactive Corp. Series A*	9,680,458
	679,778	Staples, Inc.	8,225,314
	338,843	The Gap, Inc.	14,126,365
			45,147,543
	Semiconductors & Semiconductor Equipment – 4.9%
	354,633	Altera Corp.	12,688,769
	213,072	Analog Devices, Inc.	10,544,933
	268,433	Applied Materials, Inc.	5,800,837
	960,274	Atmel Corp.*	7,759,014
	434,516	Maxim Integrated Products, Inc.	13,139,764
			49,933,317
	Software & Services – 5.0%
	120,780	AOL, Inc.*	5,429,061
	120,614	Check Point Software Technologies Ltd.*	8,351,313
	163,411	Citrix Systems, Inc.*	11,657,741
	71,249	Global Payments, Inc.	4,978,880
	226,220	Informatica Corp.*	7,745,773
	25,438	Red Hat, Inc.*	1,428,344
	868,345	Xerox Corp.	11,488,204
			51,079,316
	Technology Hardware & Equipment – 1.2%
	390,605	Brocade Communications Systems, Inc.	4,245,876
	181,125	NetApp, Inc.	7,781,130
			12,027,006
	Transportation – 2.7%
	432,291	Hertz Global Holdings, Inc.*	10,975,869
	58,427	Kansas City Southern	7,081,352
	208,548	United Continental Holdings, Inc.*	9,757,961
			27,815,182
	Utilities – 6.2%
	174,313	Calpine Corp.*	3,782,592
	45,797	Edison International	2,560,968
	453,104	FirstEnergy Corp.	15,210,701
	278,021	NRG Energy, Inc.	8,474,080
	167,298	PG&E Corp.	7,535,102
	140,848	SCANA Corp.	6,987,469
	161,483	Sempra Energy	17,017,079
	50,007	Xcel Energy, Inc.	1,520,213
			63,088,204
	TOTAL INVESTMENTS – 97.5%		$     995,184,395
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.5%		25,613,525
	NET ASSETS – 100.0%		$  1,020,797,920

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.
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	907,499,093
Gross unrealized gain		104,930,738
Gross unrealized loss		(17,245,436	)
Net unrealized security gain	$	87,685,302

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Commercial Paper and Corporate Obligations – 17.1%
Alpine Securitization Corp.
$	7,200,000		0.170	%	11/25/14	$    7,198,130
Chariot Funding LLC
	5,000,000		0.281		11/21/14	4,998,017
Dexia Credit Local New York Branch
	5,000,000		0.306		05/20/15	4,990,215
Electricite de France
	1,000,000		0.553		01/02/15	998,579
	1,000,000		0.553		01/06/15	998,518
Erste Abwicklungsanstalt
	5,000,000		0.625		11/20/14	5,002,206
Jupiter Securitization Co. LLC
	3,000,000		0.281		11/05/14	2,999,183
	1,000,000		0.271		04/13/15	998,545
LMA Americas LLC
	10,600,000		0.150		10/29/14	10,598,763
Standard Chartered Bank
	5,000,000		0.250		02/10/15	4,995,417
Victory Receivables Corp.
	8,267,000		0.170		10/15/14	8,266,453
	3,000,000		0.170		11/25/14	2,999,221
TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$   55,043,247
Eurodollar Certificate of Deposit – 1.6%
Credit Industriel et Commercial, New York
$	5,000,000		0.360	%	11/03/14	$     5,000,069
Fixed Rate Municipal Debt Obligations – 9.5%
Baptist Memorial Health Care
$	2,000,000		0.170	%	10/14/14	$     2,000,000
Commonwealth of Massachusetts Series 2014 K (TD Bank N.A., LIQ)
	2,000,000		0.090		10/07/14	2,000,000
JEA, Florida Water & Sewer System RB Series 2013-B
	1,400,000		0.450		10/01/14	1,400,000
Municipal Electric Authority of Georgia RB Taxable Series 2011 A
	1,180,000		2.352		01/01/15	1,186,074
New York City, New York GO Series 2008 Subseries D2
	1,900,000		5.070		12/01/14	1,915,169
New York City, New York Transitional Finance Authority RB Future Tax Secured Series 2010 Subseries F-3
	2,000,000		3.070		02/01/15	2,018,468
New York State Urban Development Corp. RB State Personal Income Tax General Purpose Series 2010 B
	600,000		2.626	(a)	12/15/14	602,862
Private Colleges & Universities Authority for Emory University
	1,000,000		0.150		10/01/14	1,000,000
Rutgers State University of New Jersey
	3,000,000		0.170		10/17/14	3,000,000

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Fixed Rate Municipal Debt Obligations – (continued)
South Carolina Association of Governmental Organizations Taxable COPS Series 2014 B (South Carolina State Department of Education)
$	3,000,000		0.750	%	03/02/15	$      3,005,274
State of California GO Various Purpose Series 2009-3
	3,775,000		5.450		04/01/15	3,868,349
State of Illinois RB for Build Illinois Taxable Series 2012
	1,775,000		1.064		06/15/15	1,782,875
University of Houston System Series 2014 T-A
	1,674,000		0.150		10/01/14	1,674,000
University of North Texas Financing System Series 2014 A
	3,000,000		0.220		10/01/14	3,000,000
University of Utah Series 2013-B
	2,000,000		0.080		10/01/14	2,000,000
TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS						$    30,453,071
U.S. Government Agency Obligations – 4.7%
Federal Home Loan Bank
$	5,000,000		0.210	%	08/17/15	$      5,000,000
	300,000		0.250		10/05/15	300,000
	3,000,000		0.263		10/09/15	3,000,000
Overseas Private Investment Corp. (USA)
	7,000,000		0.110	(b)	10/07/14	7,000,000
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$    15,300,000
Variable Rate Municipal Debt Obligations(b) – 18.5%
ABAG California Finance Authority for Non-profit Corporations VRDN RB for Bachenheimer Building Project Series 2002-A-T (FNMA, LIQ)
$	865,000		0.110	%	10/07/14	$         865,000
ABAG California Finance Authority for Non-profit Corporations VRDN RB for Berkeleyen Project Series 2003-A-T (FNMA, LIQ)
	700,000		0.110		10/07/14	700,000
ABAG California Finance Authority for Non-profit Corporations VRDN RB for Darling Florist Building Project Series 2002-A-T (FNMA, LIQ)
	140,000		0.110		10/07/14	140,000
ABAG California Finance Authority for Non-profit Corporations VRDN RB for GAIA Building Project Series 2000-A-T (FNMA, LIQ)
	100,000		0.110		10/07/14	100,000
BlackRock Municipal Income Trust VRDN RB Putters Series 2012-T0008 (JPMorgan Chase Bank N.A., LIQ)
	1,000,000		0.160	(c)	10/01/14	1,000,000
BlackRock MuniVest Fund VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)
	950,000		0.160	(c)	10/01/14	950,000
Collier County, Florida Housing Finance Authority MF Hsg VRDN RB for Brittany Bay Housing Series 2001-B (FNMA, LIQ)
	670,000		0.140		10/07/14	670,000

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Variable Rate Municipal Debt Obligations(b) – (continued)
Dekalb County, Georgia Development Authority VRDN RB for Emory University Series 1995-B (GO of University)
$	4,800,000		0.110	%	10/07/14	$      4,800,000
Kentucky State Housing Corp. VRDN RB for Overlook Terrace Series 2008-B (FNMA, LIQ)
	690,000		0.110		10/07/14	690,000
Los Angeles, California Community College District GO VRDN for Build America Boards P-Floats Series 2010-TN-027 (Bank of America N.A., LIQ)
	10,250,000		0.400	(c)	10/07/14	10,250,000
Massachusetts State Housing Finance Agency VRDN RB Series 2009-B (Bank of NY Mellon, LOC)
	6,104,000		0.110		10/07/14	6,104,000
New York City, New York GO VRDN Series 2007 Subseries D-4 (Credit Agricole Corporate and Investment Bank, SPA)
	250,000		0.060		10/07/14	250,000
New York State Housing Finance Agency VRDN RB for 100 Maiden Lane Series 2004-B RMKT (FNMA, LIQ)
	1,000,000		0.200		10/07/14	1,000,000
New York State Housing Finance Agency VRDN RB for West 20th Street Series 2000-B RMKT (FNMA, LIQ)
	300,000		0.110		10/07/14	300,000
Nuveen Municipal Market Opportunity Fund, Inc. VRDP Series 2010-1 (Deutsche Bank A.G., LIQ)
	1,500,000		0.170	(c)	10/07/14	1,500,000
Nuveen Municipal Opportunity Fund, Inc. VRDP Series 2010 (Citibank N.A., LIQ)
	1,000,000		0.130	(c)	10/07/14	1,000,000
Nuveen Premier Municipal Income Fund, Inc. VRDP Series 2011-1-1277 (Barclays Bank PLC, LIQ)
	1,000,000		0.130	(c)	10/07/14	1,000,000
Oglethorpe, Georgia Power Corp. VRDN RB Putters Series 2012-SGT05 (NATL-RE FGIC) (Societe Generale, LIQ)
	10,200,000		0.120	(c)	10/01/14	10,200,000
Port Authority of New York & New Jersey VRDN RB SPEARS Series 2013-DB-1201 (GO of Authority) (Deutsche Bank A.G., LIQ)
	1,000,000		0.090	(c)	10/07/14	1,000,000
Port of Corpus Christi Authority of Nueces County, Texas VRDN RB for Flint Hills Resources LP Project Series 2007 (GTY AGMT-Flint Hills Resources LLC)
	2,000,000		0.070		10/07/14	2,000,000
Puttable Floating Option VRDN RB P-Floats Series 2013-TNP-1006 (Multi-State) (Bank of America N.A., LIQ)
	9,495,000		0.450	(c)	10/01/14	9,495,000
Regional Transportation Authority, Illinois VRDN RB Putters Series 2014-T0021 (JPMorgan Chase & Co., LIQ)
	1,560,000		0.100	(c)	10/01/14	1,560,000
South Carolina State Public Service Authority VRDN RB Taxable LIBOR Index Series 2013 D
	3,355,000		1.032		06/01/15	3,358,726
State of California GO VRDN SPEARS Series 2014-DBE-1342 (GTY AGMT - Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)
	500,000		0.100	(c)	10/07/14	500,000
TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$    59,432,726

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Variable Rate Obligations(b) – 13.4%
Australia & New Zealand Banking Group Ltd.
$	5,000,000		0.353	%(c)	09/18/15	$        5,000,000
Bank of Nova Scotia (The)
	5,000,000		0.325		10/23/15	5,000,000
Commonwealth Bank of Australia
	3,000,000		0.238	(c)	01/02/15	3,000,000
Credit Suisse Securities (USA) LLC
	5,000,000		0.245		01/29/15	5,000,000
JPMorgan Chase Bank NA
	8,000,000		0.353		10/07/15	8,000,000
Kells Funding LLC
	5,000,000		0.244	(c)	05/15/15	5,000,000
Providence Health & Services Obligated Group (U.S.Bank N.A., SBPA)
	800,000		0.110		10/07/14	800,000
Svenska Handelsbanken AB
	5,000,000		0.362		10/02/15	5,000,000
Wells Fargo Bank N.A.
	2,500,000		0.353		10/20/15	2,500,000
Westpac Banking Corp.
	4,000,000		0.434	(c)	10/01/15	4,000,000
TOTAL VARIABLE RATE OBLIGATIONS						$      43,300,000
Yankee Certificates of Deposit – 16.5%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
$	3,000,000		0.350	%	01/09/15	$        3,000,000
	5,000,000		0.395		09/11/15	5,000,000
DZ Bank AG
	5,000,000		0.310		02/13/15	5,000,000
Mitsubishi UFJ Trust & Banking Corp.
	10,000,000		0.245		12/08/14	10,000,000
Norinchukin Bank
	5,000,000		0.230		01/16/15	5,000,000
Oversea-Chinese Banking Corp. Ltd.
	5,000,000		0.250		11/18/14	5,000,000
Sumitomo Mitsui Banking Corp./New York
	10,000,000		0.220		10/24/14	10,000,000
	10,000,000		0.230		11/07/14	10,000,000
TOTAL YANKEE CERTIFICATES OF DEPOSIT						$      53,000,000
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$    261,529,113
Repurchase Agreements(d) – 17.1%
ABN Amro Funding (USA) LLC
$	1,000,000		0.260	%(b)	10/07/14	$        1,000,000
Maturity Value: $1,000,051
Collateralized by various equity securities. The aggregate market value of the collateral, including accrued interest, was $1,080,013.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements(d) – (continued)
BNP Paribas Securities Corp.
$	3,000,000		0.180%		10/01/14	$    3,000,000
Maturity Value: $3,000,015
Collateralized by various auction rate preferred securities, 5.500% to 8.000%, due 04/01/33 to perpetual maturity, various corporate security issuers, 1.125% to 5.250%, due 02/01/18 to 09/01/20, various equity securities and Exchange-Traded Funds. The aggregate market value of the collateral, including accrued interest, was $3,268,711.
	5,000,000		0.430		10/01/14	5,000,000
Maturity Value: $5,000,060
Collateralized by various asset backed obligations, 0.255% to 7.184%, due 01/17/20 to 06/25/47 and various mortgage-backed securities, 0.333% to 3.904%, due 10/25/23 to 02/25/47. The aggregate market value of the collateral, including accrued interest, was $6,122,527.
	5,000,000		0.310	(b)(e)	10/07/14	5,000,000
Maturity Value: $5,000,301
Collateralized by various corporate security issuers, 0.500% to 7.500%, due 02/15/16 to 02/15/33. The aggregate market value of the collateral, including accrued interest, was $5,499,999.
ING Financial Markets LLC
	5,000,000		0.130		10/01/14	5,000,000
Maturity Value: $5,000,018
Collateralized by a corporate security issuer, 6.125%, due 09/15/36. The market value of the collateral, including accrued interest, was $5,252,344.
Joint Repurchase Agreement Account III
	36,200,000		0.015		10/01/14	36,200,000
Maturity Value: $36,200,015
TOTAL REPURCHASE AGREEMENTS						$  55,200,000
TOTAL INVESTMENTS – 98.4%						$316,729,113
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%						5,281,350
NET ASSETS – 100.0%						$322,010,463

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)	All or a portion represents a forward commitment.
(b)	Variable or floating rate security. Interest rate disclosed is that which is in effect at September 30, 2014.
(c)	Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At September 30, 2014, these securities amounted to $55,455,000 or approximately 17.2% of net assets.
(d)	Unless noted, all repurchase agreements were entered into on September 30, 2014. Additional information on Joint Repurchase Agreement Account III appears on pages 64-65.
(e)	The instrument is subject to a demand feature.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
COPS	— Certificates of Participation
FGIC	— Insured by Financial Guaranty Insurance Co.
FNMA	— Insured by Federal National Mortgage Association
GO	— General Obligation
GTY AGMT	— Guaranty Agreement
LIBOR	— London Interbank Offered Rates
LIQ	— Liquidity Agreement
LOC	— Letter of Credit
MF Hsg	— Multi-Family Housing
NATL-RE	— National Reinsurance Corp.
RB	— Revenue Bond
RMKT	— Remarketed
SBPA	— Standby Bond Purchase Agreement
SPA	— Standby Purchase Agreement
SPEARS	— Short Puttable Exempt Adjustable Receipts
VRDN	— Variable Rate Demand Notes
VRDP	— Variable Rate Demand Preferred Shares

For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments

September 30, 2014 (Unaudited)

Shares		Description	Value
	Underlying Funds (Institutional Shares)(a) – 79.7%
	Equity – 12.9%
	20,304	Goldman Sachs VIT Global Markets Navigator Fund	$   237,562
	4,344	Goldman Sachs Real Estate Securities Fund	76,853
	9,727	Goldman Sachs International Real Estate Securities Fund	61,087
			375,502
	Fixed Income – 66.8%
	56,573	Goldman Sachs Absolute Return Tracker Fund	530,652
	37,600	Goldman Sachs Strategic Income Fund	398,184
	32,454	Goldman Sachs Managed Futures Strategy Fund	318,373
	32,265	Goldman Sachs Fixed Income Macro Strategies Fund	317,489
	20,515	Goldman Sachs Long Short Credit Strategies Fund	212,129
	19,357	Goldman Sachs Commodity Strategy Fund	101,240
	7,129	Goldman Sachs Dynamic Emerging Markets Debt Fund	66,585
			1,944,652
	TOTAL UNDERLYING FUNDS (INSTITUTIONAL SHARES) – 79.7%		$2,320,154
	Exchange Traded Funds – 6.1%
	1,777	iShares Global Infrastructure ETF	$     75,398
	521	SPDR S&P 500 ETF Trust	102,647
	TOTAL EXCHANGE TRADED FUNDS		$   178,045
	TOTAL INVESTMENTS – 85.8%		$2,498,199
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 14.2%		412,182
	NET ASSETS – 100.0%		$2,910,381

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents Affiliated Funds.
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-STRATEGY ALTERNATIVES PORTFOLIO

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2014, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	2,507,274
Gross unrealized gain		7,514
Gross unrealized loss		(16,589	)
Net unrealized security loss	$	(9,075	)

Additional information regarding the Portfolio is available in the Portfolio’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.2%
	Automobiles & Components – 1.1%
	41,103	Modine Manufacturing Co.*	$       487,893
	3,726	Standard Motor Products, Inc.	128,286
	15,852	Stoneridge, Inc.*	178,652
	13,506	Tower International, Inc.*	340,216
			1,135,047
	Banks – 4.0%
	4,876	1st Source Corp.	138,869
	53,906	CVB Financial Corp.	773,551
	6,132	First Bancorp, Inc.	102,220
	26,387	First Interstate Bancsystem, Inc.	701,103
	11,752	International Bancshares Corp.	289,863
	35,942	OFG Bancorp	538,411
	3,260	Oritani Financial Corp.	45,933
	28,007	PrivateBancorp, Inc.	837,689
	11,199	Prosperity Bancshares, Inc.	640,247
			4,067,886
	Capital Goods – 5.5%
	21,391	AAR Corp.	516,593
	3,352	American Science & Engineering, Inc.	185,634
	5,860	American Woodmark Corp.*	216,000
	6,629	Ducommun, Inc.*	181,701
	14,530	Engility Holdings, Inc.*	452,900
	1,460	Esterline Technologies Corp.*	162,454
	10,383	Hillenbrand, Inc.	320,731
	8,281	Hyster-Yale Materials Handling, Inc.	593,085
	3,426	John Bean Technologies Corp.	96,373
	5,240	Kadant, Inc.	204,622
	20,835	LSI Industries, Inc.	126,469
	9,579	Miller Industries, Inc.	161,885
	5,339	Moog, Inc. Class A*	365,188
	18,796	Polypore International, Inc.*(a)	731,352
	2,179	Quanex Building Products Corp.	39,418
	16,164	TAL International Group, Inc.*	666,765
	2,109	The Greenbrier Cos., Inc.(a)	154,758
	2,623	Tutor Perini Corp.*	69,247
	723	Universal Forest Products, Inc.	30,879
	4,397	Watsco, Inc.	378,934
			5,654,988
	Commercial & Professional Services – 3.5%
	807	Barrett Business Services, Inc.	31,868
	11,013	CDI Corp.	159,909
	6,859	Civeo Corp.	79,633
	12,497	Deluxe Corp.	689,335
	8,302	Heidrick & Struggles International, Inc.	170,523
	38,104	Kimball International, Inc. Class B	573,465
	24,911	Korn/Ferry International*	620,284
	14,762	Mobile Mini, Inc.	516,227
	3,098	Navigant Consulting, Inc.*	43,093
	20,955	Quad/Graphics, Inc.	403,384
	20,965	RPX Corp.*	287,849
			3,575,570
	Consumer Durables & Apparel – 4.2%
	4,597	Callaway Golf Co.	33,282
	8,491	Cavco Industries, Inc.*	577,388
	14,928	Columbia Sportswear Co.(a)	534,124

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Durables & Apparel – (continued)
	2,729	CSS Industries, Inc.	$       66,178
	14,302	Ethan Allen Interiors, Inc.	326,086
	12,212	Helen of Troy Ltd.*	641,374
	16,241	Iconix Brand Group, Inc.*	599,943
	4,786	Movado Group, Inc.	158,225
	2,528	NACCO Industries, Inc. Class A	125,718
	9,014	Skechers U.S.A., Inc. Class A*	480,536
	1,004	The Ryland Group, Inc.	33,373
	11,940	Universal Electronics, Inc.*	589,478
	5,894	William Lyon Homes Class A*	130,257
			4,295,962
	Consumer Services – 4.2%
	7,673	American Public Education, Inc.*	207,094
	19,200	Bridgepoint Education, Inc.*	214,272
	5,104	Buffalo Wild Wings, Inc.*	685,314
	2,529	Capella Education Co.	158,316
	25,474	K12, Inc.*	406,565
	1,802	La Quinta Holdings, Inc.*	34,220
	12,274	Marriott Vacations Worldwide Corp.*	778,295
	13,628	Papa John’s International, Inc.	544,984
	33,395	Regis Corp.	532,984
	24,284	Sonic Corp.*	542,990
	3,348	Strayer Education, Inc.*	200,478
			4,305,512
	Diversified Financials – 3.9%
	15,590	Cash America International, Inc.	682,842
	677	Diamond Hill Investment Group, Inc.	83,305
	11,353	Evercore Partners, Inc. Class A	533,591
	51,266	Ezcorp, Inc. Class A*	508,046
	7,909	GAMCO Investors, Inc. Class A	559,483
	11,228	HFF, Inc. Class A	325,051
	7,625	Investment Technology Group, Inc.*	120,170
	12,193	Piper Jaffray Companies*	636,962
	7,779	World Acceptance Corp.*(a)	525,082
			3,974,532
	Energy – 3.3%
	20,242	Basic Energy Services, Inc.*	439,049
	28,201	Comstock Resources, Inc.	525,103
	3,425	Contango Oil & Gas Co.*	113,847
	53,463	Forest Oil Corp.*	62,552
	16,804	Green Plains, Inc.	628,301
	22,357	ION Geophysical Corp.*	62,376
	43,459	Key Energy Services, Inc.*	210,342
	46,929	Pioneer Energy Services Corp.*	657,945
	5,780	REX American Resources Corp.*	421,246
	12,292	Tesco Corp.	243,996
			3,364,757
	Food & Staples Retailing – 0.1%
	5,020	The Pantry, Inc.*	101,555
	Food, Beverage & Tobacco – 1.8%
	8,577	Cal-Maine Foods, Inc.	766,183
	3,992	Coca-Cola Bottling Co. Consolidated	297,923

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	8,798	Sanderson Farms, Inc.(a)	$       773,784
			1,837,890
	Health Care Equipment & Services – 5.1%
	2,498	Amsurg Corp.*	125,025
	10,085	Anika Therapeutics, Inc.*	369,716
	440	Atrion Corp.	134,204
	8,217	Cantel Medical Corp.	282,501
	2,128	Computer Programs & Systems, Inc.	122,339
	13,239	Greatbatch, Inc.*	564,114
	3,435	Invacare Corp.	40,567
	27,073	Kindred Healthcare, Inc.	525,216
	11,395	Magellan Health Services, Inc.*	623,648
	12,104	Masimo Corp.*	257,573
	6,140	Molina Healthcare, Inc.*	259,722
	1,671	National Healthcare Corp.	92,757
	6,408	Natus Medical, Inc.*	189,100
	17,967	NuVasive, Inc.*	626,509
	2,372	Orthofix International NV*	73,437
	18,643	PharMerica Corp.*	455,449
	22,345	Skilled Healthcare Group, Inc. Class A*	147,477
	7,470	Triple-S Management Corp. Class B*	148,653
	8,175	Vascular Solutions, Inc.*	201,923
			5,239,930
	Household & Personal Products – 0.4%
	6,339	USANA Health Sciences, Inc.*(a)	466,931
	Insurance – 3.0%
	33,240	American Equity Investment Life Holding Co.	760,531
	18,200	Amtrust Financial Services, Inc.(a)	724,724
	13,405	Argo Group International Holdings Ltd.	674,406
	2,632	Employers Holdings, Inc.	50,666
	1,442	Global Indemnity PLC*	36,382
	4,422	Maiden Holdings Ltd.	48,996
	34,098	Symetra Financial Corp.	795,506
			3,091,211
	Materials – 5.5%
	14,248	A. Schulman, Inc.	515,208
	28,282	Commercial Metals Co.	482,774
	8,870	FutureFuel Corp.	105,464
	38,466	Globe Specialty Metals, Inc.	699,696
	71,971	Graphic Packaging Holding Co.*	894,599
	10,698	Innophos Holdings, Inc.	589,353
	10,000	Kaiser Aluminum Corp.	762,200
	20,521	Materion Corp.	629,379
	4,864	Olin Corp.	122,816
	10,320	OM Group, Inc.	267,804
	10,943	PolyOne Corp.	389,352
	10,236	Schnitzer Steel Industries, Inc. Class A	246,176
			5,704,821
	Media – 0.8%
	8,061	Entercom Communications Corp. Class A*	64,730
	7,679	Harte-Hanks, Inc.	48,915

Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	30,647	Time, Inc.*	$       718,059
			831,704
	Pharmaceuticals, Biotechnology & Life Sciences – 9.9%
	21,736	Acorda Therapeutics, Inc.*(b)	736,416
	20,068	Aegerion Pharmaceuticals, Inc.*(a)	669,870
	37,633	Affymetrix, Inc.*	300,311
	27,901	Arena Pharmaceuticals, Inc.*(a)	116,905
	64,208	Dyax Corp.*	649,785
	26,849	Emergent Biosolutions, Inc.*	572,152
	20,774	Genomic Health, Inc.*(a)	588,112
	10,972	Halozyme Therapeutics, Inc.*(a)	99,845
	28,044	Horizon Pharma PLC*(a)	344,380
	5,383	ImmunoGen, Inc.*	57,006
	26,319	Impax Laboratories, Inc.*	624,024
	2,475	Insys Therapeutics, Inc.*	95,981
	24,578	Isis Pharmaceuticals, Inc.*(a)	954,364
	12,391	Ligand Pharmaceuticals, Inc. Class B*	582,253
	27,504	NPS Pharmaceuticals, Inc.*	715,104
	7,650	Pacira Pharmaceuticals, Inc.*	741,438
	10,403	PAREXEL International Corp.*	656,325
	30,003	PDL BioPharma, Inc.(a)	224,122
	3,637	Prestige Brands Holdings, Inc.*	117,730
	1,553	Puma Biotechnology, Inc.*	370,499
	28,464	Repligen Corp.*	566,718
	17,248	Sangamo Biosciences, Inc.*(a)	186,020
	25,949	Sciclone Pharmaceuticals, Inc.*	178,789
			10,148,149
	Real Estate Investment Trust – 12.1%
	21,548	American Assets Trust, Inc.	710,437
	115,864	Anworth Mortgage Asset Corp.	554,989
	11,793	CoreSite Realty Corp.	387,636
	23,364	Cousins Properties, Inc.	279,200
	25,964	CubeSmart	466,833
	24,406	CyrusOne, Inc.	586,720
	72,291	CYS Investments, Inc.	595,678
	26,345	DuPont Fabros Technology, Inc.	712,369
	26,703	First Industrial Realty Trust, Inc.	451,548
	11,279	Getty Realty Corp.	191,743
	39,910	Invesco Mortgage Capital, Inc.	627,385
	2,624	LaSalle Hotel Properties	89,846
	19,636	Pebblebrook Hotel Trust	733,208
	33,998	Pennsylvania Real Estate Investment Trust	677,920
	9,212	PS Business Parks, Inc.	701,402
	38,100	Resource Capital Corp.	185,547
	29,213	RLJ Lodging Trust	831,694
	11,334	Sovran Self Storage, Inc.	842,796
	45,760	Strategic Hotels & Resorts, Inc.*	533,104
	57,545	Sunstone Hotel Investors, Inc.	795,272
	23,227	The Geo Group, Inc.	887,736
	42,058	Western Asset Mortgage Capital Corp.(a)	621,617
			12,464,680
	Retailing – 5.7%
	21,720	Brown Shoe Co., Inc.	589,264
	1,396	Core-Mark Holding Co., Inc.	74,044
	5,934	Fred’s, Inc. Class A	83,076
	23,299	Haverty Furniture Companies, Inc.	507,685
	11,564	hhgregg, Inc.*(a)	72,969
	16,027	Lands’ End, Inc.*(a)	659,030

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	3,705	Lithia Motors, Inc. Class A	$       280,432
	11,759	Outerwall, Inc.*(a)	659,680
	25,354	Pier 1 Imports, Inc.	301,459
	26,032	Select Comfort Corp.*	544,590
	10,634	The Buckle, Inc.(a)	482,677
	14,629	The Cato Corp. Class A	504,115
	6,920	The Children’s Place, Inc.	329,807
	16,980	The Finish Line, Inc. Class A	425,009
	29,214	The Pep Boys-Manny Moe & Jack*	260,297
	2,910	Zumiez, Inc.*	81,771
			5,855,905
	Semiconductors & Semiconductor Equipment – 6.4%
	21,613	Brooks Automation, Inc.	227,153
	4,062	Cavium, Inc.*	202,003
	33,274	Cirrus Logic, Inc.*	693,763
	23,076	Diodes, Inc.*	551,978
	43,168	Fairchild Semiconductor International, Inc.*	670,399
	51,998	Integrated Device Technology, Inc.*	829,368
	5,018	International Rectifier Corp.*	196,906
	53,532	Intersil Corp. Class A	760,690
	16,056	Lattice Semiconductor Corp.*	120,420
	22,612	OmniVision Technologies, Inc.*	598,313
	2,768	Power Integrations, Inc.	149,223
	51,748	Rambus, Inc.*	645,815
	75,258	RF Micro Devices, Inc.*	868,477
	5,397	Spansion, Inc. Class A*	122,998
			6,637,506
	Software & Services – 11.6%
	15,106	Advent Software, Inc.	476,745
	21,330	Aspen Technology, Inc.*	804,568
	33,344	AVG Technologies NV*	552,843
	17,992	Blackbaud, Inc.	706,906
	7,009	Blucora, Inc.*	106,817
	39,913	Ciber, Inc.*	136,902
	21,742	Compuware Corp.	230,683
	7,065	comScore, Inc.*	257,237
	23,267	Constant Contact, Inc.*	631,466
	24,102	Conversant, Inc.*	825,493
	6,920	Ebix, Inc.(a)	98,126
	2,233	Envestnet, Inc.*	100,485
	2,411	ExlService Holdings, Inc.*	58,852
	15,965	LogMeIn, Inc.*	735,508
	21,551	ManTech International Corp. Class A	580,799
	19,803	Marchex, Inc. Class B	82,182
	290	MicroStrategy, Inc. Class A*	37,944
	22,609	Monotype Imaging Holdings, Inc.	640,287
	14,137	NetScout Systems, Inc.*	647,475
	26,048	Pegasystems, Inc.	497,777
	15,696	Progress Software Corp.*	375,291
	7,763	QAD, Inc. Class A	144,547
	19,928	SS&C Technologies Holdings, Inc.*	874,640
	14,404	Sykes Enterprises, Inc.*	287,792
	32,532	Take-Two Interactive Software, Inc.*	750,513
	8,629	TeleTech Holdings, Inc.*	212,101
	21,543	Web.com Group, Inc.*	429,998

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	14,701	WebMD Health Corp.*(a)	$        614,649
			11,898,626
	Technology Hardware & Equipment – 2.7%
	5,849	Anixter International, Inc.	496,229
	29,704	Benchmark Electronics, Inc.*	659,726
	8,863	Calix, Inc.*	84,819
	49,144	Harmonic, Inc.*	311,573
	1,200	NETGEAR, Inc.*	37,500
	50,906	Polycom, Inc.*	625,380
	29,519	Sanmina Corp.*	615,766
			2,830,993
	Telecommunication Services – 0.3%
	1,636	Consolidated Communications Holdings, Inc.(a)	40,982
	8,305	magicJack VocalTec Ltd.*(a)	81,804
	11,582	Spok Holdings, Inc.	150,682
			273,468
	Transportation – 1.8%
	15,443	ArcBest Corp.	576,024
	74,121	JetBlue Airways Corp.*	787,165
	3,380	Marten Transport Ltd.	60,198
	31,885	SkyWest, Inc.	248,065
	6,588	Swift Transportation Co.*	138,216
			1,809,668
	Utilities – 0.3%
	10,912	Avista Corp.	333,143
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE		$  99,900,434

Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle(c)(d) – 7.5%
Goldman Sachs Financial Square Money Market Fund — FST Shares
7,729,489	0.053%	$    7,729,489
TOTAL INVESTMENTS – 104.7%		$107,629,923
LIABILITIES IN EXCESS OF     OTHER ASSETS – (4.7)%		(4,823,537)
NET ASSETS – 100.0%		$102,806,386

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2014.
(d)	Represents an affiliated issuer.
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2014, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
Russell 2000 Mini Index	14	December 2014	$	1,535,240	$	(62,252	)

TAX INFORMATION — At September 30, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	103,770,092
Gross unrealized gain		10,747,386
Gross unrealized loss		(6,887,555	)
Net unrealized security gain	$	3,859,831

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.3%
	Banks – 1.4%
	42,459	Citigroup, Inc.	$   2,200,225
	104,946	First Republic Bank	5,182,234
			7,382,459
	Capital Goods – 8.8%
	89,932	Danaher Corp.	6,833,033
	108,204	Honeywell International, Inc.	10,075,956
	59,428	Ingersoll-Rand PLC	3,349,362
	39,802	Precision Castparts Corp.	9,428,298
	139,635	Sensata Technologies Holding NV*	6,217,947
	35,665	The Boeing Co.	4,543,008
	16,943	W.W. Grainger, Inc.	4,263,706
			44,711,310
	Consumer Durables & Apparel – 4.0%
	116,299	NIKE, Inc. Class B	10,373,871
	58,701	PVH Corp.	7,111,626
	87,425	Toll Brothers, Inc.*	2,724,163
			20,209,660
	Consumer Services – 4.4%
	5,438	Chipotle Mexican Grill, Inc.*	3,624,917
	59,854	Las Vegas Sands Corp.	3,723,517
	86,749	Starbucks Corp.	6,546,080
	117,779	Yum! Brands, Inc.	8,477,732
			22,372,246
	Diversified Financials – 2.5%
	44,320	Intercontinental Exchange, Inc.	8,644,616
	219,589	Navient Corp.	3,888,921
			12,533,537
	Energy – 4.8%
	56,670	Anadarko Petroleum Corp.	5,748,605
	61,358	Cameron International Corp.*	4,072,944
	106,671	Halliburton Co.	6,881,346
	49,453	Noble Energy, Inc.	3,380,607
	40,905	Schlumberger Ltd.	4,159,630
			24,243,132
	Food & Staples Retailing – 4.0%
	99,846	Costco Wholesale Corp.	12,512,701
	203,851	Whole Foods Market, Inc.	7,768,761
			20,281,462
	Food, Beverage & Tobacco – 4.3%
	51,859	Coca-Cola Enterprises, Inc.	2,300,465
	33,160	McCormick & Co., Inc.	2,218,404
	51,808	PepsiCo, Inc.	4,822,807
	146,954	The Coca-Cola Co.	6,269,058
	62,336	The Hain Celestial Group, Inc.*	6,380,089
			21,990,823
	Health Care Equipment & Services – 3.5%
	145,776	Abbott Laboratories	6,062,824
	70,005	Cerner Corp.*	4,170,198
	40,153	McKesson Corp.	7,816,584
			18,049,606
	Household & Personal Products – 1.2%
	91,536	Colgate-Palmolive Co.	5,969,978

Shares		Description	Value
	Common Stocks – (continued)
	Materials – 3.0%
	39,601	Airgas, Inc.	$   4,381,851
	41,607	Monsanto Co.	4,681,203
	29,174	The Sherwin-Williams Co.	6,388,814
			15,451,868
	Media – 4.5%
	168,986	Comcast Corp. Class A	9,088,067
	79,555	Discovery Communications, Inc. Class A*	3,007,179
	79,555	Discovery Communications, Inc. Class C*	2,965,810
	233,126	Twenty-First Century Fox, Inc. Class A	7,993,891
			23,054,947
	Pharmaceuticals, Biotechnology & Life Sciences – 9.5%
	86,928	AbbVie, Inc.	5,020,961
	84,643	Agilent Technologies, Inc.	4,822,958
	46,244	Amgen, Inc.	6,495,432
	10,226	Biogen Idec, Inc.*	3,382,863
	90,960	Celgene Corp.*	8,621,189
	66,522	Gilead Sciences, Inc.*	7,081,267
	162,995	Mylan, Inc.*	7,414,643
	15,188	Regeneron Pharmaceuticals, Inc.*	5,475,578
			48,314,891
	Real Estate – 4.3%
	148,483	American Tower Corp. (REIT)	13,902,463
	264,833	CBRE Group, Inc. Class A*	7,876,134
			21,778,597
	Retailing – 7.7%
	38,632	Amazon.com, Inc.*	12,456,502
	88,728	Dollar General Corp.*	5,422,168
	105,446	L Brands, Inc.	7,062,773
	97,827	The Home Depot, Inc.	8,974,649
	4,486	The Priceline Group, Inc.*	5,197,390
			39,113,482
	Semiconductors & Semiconductor Equipment – 0.4%
	51,683	Xilinx, Inc.	2,188,775
	Software & Services – 19.8%
	32,658	Alibaba Group Holding Ltd. ADR*	2,901,663
	177,583	eBay, Inc.*	10,056,525
	48,375	Equinix, Inc.*	10,278,720
	104,494	Facebook, Inc. Class A*	8,259,206
	20,652	FleetCor Technologies, Inc.*	2,935,062
	18,648	Google, Inc. Class A*	10,972,670
	18,648	Google, Inc. Class C*	10,766,609
	26,016	International Business Machines Corp.	4,938,617
	41,431	LinkedIn Corp. Class A*	8,608,948
	165,552	Microsoft Corp.	7,674,991
	274,486	Oracle Corp.	10,507,324
	87,200	ServiceNow, Inc.*	5,125,616
	36,920	Visa, Inc. Class A	7,877,620
			100,903,571
	Technology Hardware & Equipment – 9.8%
	277,240	Apple, Inc.	27,931,930
	365,794	EMC Corp.	10,703,133

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	150,220	QUALCOMM, Inc.	$  11,231,949
			49,867,012
	Transportation – 1.4%
	57,523	Kansas City Southern	6,971,788
	TOTAL INVESTMENTS – 99.3%		$505,389,144
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%		3,492,461
	NET ASSETS – 100.0%		$508,881,605

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

Investment Abbreviations:
ADR	— American Depositary Receipt
REIT	— Real Estate Investment Trust
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	407,490,486
Gross unrealized gain		104,840,803
Gross unrealized loss		(6,942,145	)
Net unrealized security gain	$	97,898,658

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 8.1%
Banks(a)(b) – 2.2%
ABN AMRO Bank NV
EUR	50,000		4.310	%	03/29/49	$       64,089
Bank of America Corp. Series V
$	50,000		5.125		12/29/49	48,437
Bank of America Corp. Series X
	25,000		6.250		09/29/49	24,750
Bank of Scotland Capital Funding LP
GBP	50,000		6.059		03/29/49	82,414
Citigroup Capital XIII
$	1,475		7.875		10/30/40	39,707
Citigroup, Inc. Series M
	50,000		6.300		12/29/49	49,438
Morgan Stanley Series I
	1,136		6.375		12/31/49	28,480
PNC Preferred Funding Trust II(c)
	100,000		1.457		03/29/49	96,125
						433,440
Capital Goods – 0.3%
HD Supply, Inc.(b)
	50,000		8.125		04/15/19	54,000
Consumer Services – 0.1%
Caesars Entertainment Operating Co., Inc.(b)
	25,000		9.000		02/15/20	19,188
Containers & Packaging(b) – 1.2%
Beverage Packaging Holdings Luxembourg II SA(c)
	25,000		5.625		12/15/16	24,687
Reynolds Group Issuer, Inc.
	100,000		7.875		08/15/19	106,000
	100,000		9.875		08/15/19	107,625
						238,312
Energy(b) – 0.5%
Halcon Resources Corp.
	50,000		8.875		05/15/21	49,500
Kodiak Oil & Gas Corp.
	50,000		8.125		12/01/19	53,750
						103,250
Food & Beverage(b) – 0.5%
Bumble Bee Holding, Inc. (c)
	50,000		9.625		03/15/18	51,750
Post Holdings, Inc.
	50,000		7.375		02/15/22	49,750
						101,500
Food & Staples Retailing(b)(c) – 0.5%
1011778 BC ULC / New Red Finance, Inc.
	50,000		6.000		04/01/22	49,625
BI-LO LLC / BI-LO Finance Corp.
	50,000		9.375		09/15/18	45,625
						95,250
Media – 0.3%
Univision Communications, Inc.(b)(c)
	50,000		8.500		05/15/21	53,000
Pipelines – 0.6%
Sabine Pass LNG LP
	100,000		7.500		11/30/16	106,375

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing – 0.5%
Best Buy Co., Inc.
$	75,000		5.000	%	08/01/18	$       77,625
The Men’s Wearhouse, Inc.(b)(c)
	25,000		7.000		07/01/22	25,375
						103,000
Software & Services – 0.6%
First Data Corp.(b)(c)
	100,000		8.875		08/15/20	107,125
Wireless Telecommunications – 0.5%
Sprint Corp.(c)
	100,000		7.875		09/15/23	106,250
Wirelines Telecommunications – 0.3%
Level 3 Financing, Inc.(b)
	60,000		8.625		07/15/20	64,950
TOTAL CORPORATE OBLIGATIONS						$  1,585,640
Mortgage-Backed Obligations – 13.2%
Adjustable Rate Non-Agency(a)(b) – 1.7%
Alternative Loan Trust Series 2005-51, Class 2A1
$	76,683		0.456	%	11/20/35	$       63,524
Alternative Loan Trust Series 2006-HY11, Class A1
	82,574		0.275		06/25/36	70,616
CHL Mortgage Pass-Through Trust Series 2006-OA5, Class 1A1
	55,631		0.354		04/25/46	45,484
IndyMac INDA Mortgage Loan Trust Series 2006-AR2, Class 1A1
	65,871		2.554		09/25/36	56,367
JP Morgan Alternative Loan Trust Series 2006-A5, Class 1A1
	54,308		0.314		10/25/36	44,511
Lehman XS Trust Series 2005-7N, Class 1A1A
	58,883		0.425		12/25/35	52,106
						332,608
Collateralized Mortgage Obligations – 5.5%
Agency Multi-Family(b) – 4.6%
FHLMC Multifamily Structured Pass-Through Certificates Series K020, Class A2
$	400,000		2.373	%	05/25/22	$     391,542
FHLMC Multifamily Structured Pass-Through Certificates Series K029, Class A2(a)
	500,000		3.320		02/25/23	516,723
						908,265
Regular Floater(a)(b) – 0.9%
Alternative Loan Trust Series 2005-36, Class 2A1A
	99,793		0.465		08/25/35	75,972
FNMA Connecticut Avenue Securities Series 2014-C03, Class 1M1
	19,170		1.355		07/25/24	19,016
Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A
	169,690		0.325		11/25/36	74,166
						169,154
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  1,077,419

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Security – 0.2%
Sequential Fixed Rate – 0.2%
Residential Accredit Loans, Inc. Trust Series 2007-QS1, Class 2A5(b)
$	61,249		6.000	%	01/25/37	$       50,261
Federal Agency – 5.8%
FNMA – 5.8%
	1,000,000		6.000		TBA-30yr(d)	1,128,516
TOTAL MORTGAGE-BACKED OBLIGATIONS						$  2,588,804
Asset-Backed Securities – 14.3%
Collateralized Loan Obligations(a)(c) – 12.6%
Aberdeen Loan Funding Ltd. Series 2008-1A, Class A
$	216,856		0.890	%	11/01/18	$     215,234
Acis CLO Ltd. Series 2014-4A, Class ACOM
	150,000		1.710		05/01/26	147,030
Anchorage Capital CLO IV Ltd. Series 2014-4A, Class A1A
	250,000		1.732		07/28/26	248,103
Hildene CLO II Ltd. Series 2014-2A, Class A
	250,000		1.726		07/19/26	248,722
MidOcean Credit CLO Series 2014-3A, Class A
	250,000		1.690		07/21/26	248,877
Ocean Trails CLO IV Series 2013-4A, Class A
	250,000		1.534		08/13/25	247,596
OFSI Fund V Ltd. Series 2014-7A, Class ACOM
	100,000		1.872		10/18/26	98,980
Regatta IV Funding Ltd. Series 2014-1A, Class ACOM
	250,000		1.775		07/25/26	247,950
Silvermore CLO Ltd. Series 2014-1A, Class A1
	250,000		1.675		05/15/26	248,730
Trinitas CLO II Ltd. Series 2014-2A, Class ACOM
	250,000		1.691		07/15/26	245,050
Wasatch Ltd. Series 2006-1A, Class A1B
	283,735		0.473		11/14/22	274,167
						2,470,439
Home Equity(b) – 1.7%
Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH1, Class M3(a)
	100,000		0.555		01/25/36	82,893
Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF2
	16,414		4.230		12/25/35	16,744
Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF3
	25,000		5.749		12/25/35	23,853
Lehman XS Trust Series 2007-3, Class 1BA2(a)
	57,703		0.830		03/25/37	39,709
Saxon Asset Securities Trust Series 2007-2, Class A2C(a)
	100,231		0.635		05/25/47	72,022

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Home Equity – (continued)
Structured Asset Securities Corp. Mortgage Loan Trust 2005-NC2 Series 2005-NC2, Class M4(a)
$	100,000		0.624	%	05/25/35	$       83,147
						318,368
TOTAL ASSET-BACKED SECURITIES						$  2,788,807
Foreign Debt Obligations – 10.4%
Sovereign – 10.4%
Argentine Republic Government International Bond(a)
EUR	10,000		0.000	%	12/15/35	$            935
	967,000		0.000		12/15/35	73,492
Brazilian Government International Bond
BRL	265,000		6.000		08/15/50	257,276
Bundesrepublik Deutschland
EUR	100,000		2.000		08/15/23	139,527
Dominican Republic International Bond(c)
$	100,000		7.450		04/30/44	107,000
Italy Buoni Poliennali Del Tesoro
EUR	250,000		1.150		05/15/17	320,530
	143,343		2.350		09/15/19	200,059
	100,000		4.750		09/01/21	151,601
	60,000		5.500		11/01/22	95,362
Mexico Government International Bond(e)
MXN	2,550,030		0.000		10/16/14	189,364
	630,850		0.000		12/18/14	46,680
	600,720		0.000		02/05/15	44,198
	234,590		0.000		02/19/15	17,240
	225,470		0.000		03/19/15	16,555
Mexico Government International Bond Series M
	86,900		7.750		05/29/31	7,162
Mexico Government International Bond Series M 10
	1,733,000		7.750		12/14/17	140,817
Mexico Government International Bond Series M 30
	5,900		8.500		11/18/38	520
Spain Government Bond(c)
EUR	20,000		5.400		01/31/23	32,266
	110,000		5.900		07/30/26	187,243
						2,027,827
TOTAL FOREIGN DEBT OBLIGATIONS						$  2,027,827
Municipal Debt Obligations – 2.4%
Puerto Rico – 2.4%
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A
$	5,000		6.000	%	07/01/44	$        3,688
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A
	10,000		5.750		07/01/37	7,377
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A
	5,000		5.000		07/01/33	3,551
	5,000		5.125		07/01/37	3,550
Puerto Rico Commonwealth GO Bonds Series 2014 A
	265,000		8.000		07/01/35	233,206
Puerto Rico Commonwealth GO Refunding for Public Improvement Series 2008 A
	10,000		5.500		07/01/32	7,512

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Puerto Rico – (continued)
Puerto Rico Commonwealth GO Refunding for Public Improvement Series 2009 B
$	10,000		6.000	%	07/01/39	$         7,674
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A
	20,000		5.500		08/01/28	16,896
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A
	45,000		6.000		08/01/42	36,100
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A
	5,000		5.500		08/01/37	3,919
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A
	20,000		5.375		08/01/39	15,260
	25,000		5.500		08/01/42	19,096
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C
	10,000		5.375		08/01/38	7,756
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C
	20,000		5.250		08/01/41	14,758
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2011 A-1
	120,000		5.000		08/01/43	85,969
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A
	15,000		0.000	(e)	08/01/32	11,802
						478,114
TOTAL MUNICIPAL DEBT OBLIGATIONS						$     478,114
Bank Loan Obligations – 1.1%
Consumer Services – 0.9%
Burger King Worldwide, Inc.
$	75,000		0.000	%	12/31/15	$       74,417
	100,000		0.000		07/29/21	100,000
						174,417
Media Non Cable – 0.2%
Clear Channel Communications, Inc.
	48,444		0.000		11/29/16	47,929
TOTAL BANK LOAN OBLIGATIONS						$     222,346
U.S. Treasury Obligations – 36.5%
United States Treasury Bonds
$	200,000		3.375	%	05/15/44	$     206,464
United States Treasury Inflation-Protected Securities
	219,876		0.500		04/15/15	220,115
	122,487		1.875		07/15/15	125,281
	110,175		1.375		01/15/20	117,302
	105,264		0.125		01/15/22	102,879
	102,227		1.375		02/15/44	109,431

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Notes
$	900,000		0.375	%	04/30/16	$     899,640
	100,000		1.625		04/30/19	99,624
	200,000		1.500		05/31/19	197,922
	700,000		1.625		08/31/19	695,226
	700,000		1.750		09/30/19	698,985
	1,100,000		2.250		04/30/21	1,105,401
	400,000		2.500		05/15/24	400,244
	2,200,000		2.375		08/15/24	2,174,392
TOTAL U.S. TREASURY OBLIGATIONS						$  7,152,906
TOTAL INVESTMENTS – 86.0%						$16,844,444
OTHER ASSETS IN EXCESS OF     LIABILITIES – 14.0%						2,736,031
NET ASSETS – 100.0%						$19,580,475

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2014.
(b)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $3,169,267, which represents approximately 16.2% of net assets as of September 30, 2014.
(d)	TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $1,128,516 which represents approximately 5.8% of net assets as of September 30, 2014.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Investment Abbreviations:
BA	— Bankers Acceptance Rate
BBR	— Bank Base Rate
CDI	— Average One-Day Interbank Deposit
EURIBOR	— Euro Interbank Offered Rate
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GO	— General Obligation
LIBOR	— London Interbank Offered Rate
RB	— Revenue Bond
STIBOR	— Stockholm Interbank Offered Rate
WIBOR	— Warsaw Interbank Offered Rate
Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

CHF	— Swiss Franc
CNH	— Chinese Renminbi
EUR	— Euro
GBP	— British Pound
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
ILS	— Israel New Shekel
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PHP	— Philippines peso
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona
SGD	— Singapore Dollar
TRY	— Turkish Lira
TWD	— Taiwan Dollar
USD	— United States Dollar
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2014, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Gain
Bank of America, N.A.	GBP/EUR	12/17/14	$	62,303	$	1,643
	MXN/USD	10/31/14		57,184		378
	NOK/EUR	12/17/14		61,900		1,241
	SEK/EUR	12/17/14		238,265		681
	USD/EUR	12/17/14		1,192,976		39,239
	USD/JPY	12/17/14		121,227		2,773
	USD/MXN	10/31/14		726,837		13,363
	USD/MYR	10/03/14		355,725		8,216
	USD/SEK	11/06/14		42,865		629
Barclays Bank PLC	CAD/CHF	12/17/14		53,947		36
	GBP/USD	12/17/14		247,868		1,378
	USD/AUD	12/17/14		173,673		7,119
	USD/BRL	10/24/14		271,618		21,277
	USD/EUR	12/17/14		60,660		1,558
	USD/ILS	12/17/14		66,036		4,581
	USD/INR	10/07/14		120,959		2,041
	USD/INR	10/27/14		48,233		767
	USD/JPY	11/07/14		58,684		236
	USD/KRW	10/27/14		95,067		933
	USD/NZD	12/17/14		59,644		2,383
	USD/SEK	12/17/14		107,789		1,866
BNP Paribas SA	EUR/PLN	12/17/14		63,187		128
	EUR/USD	12/17/14		128,902		16
	GBP/EUR	12/17/14		60,783		1,387
	SEK/EUR	12/17/14		128,952		50
	USD/AUD	12/17/14		241,194		6,444
	USD/BRL	10/22/14		60,271		1,729
	USD/EUR	12/17/14		63,187		540
	USD/GBP	12/17/14		244,628		3,608
	USD/JPY	12/17/14		262,974		10,441
	USD/MYR	10/20/14		61,011		989
	USD/RUB	10/27/14		125,874		2,126
	USD/TRY	12/17/14		56,511		2,741

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Gain
Citibank NA	CHF/EUR	12/17/14	$	60,841	$	181
	GBP/EUR	12/17/14		123,252		669
	NOK/EUR	12/17/14		185,743		2,500
	USD/CAD	12/17/14		91,697		1,303
	USD/CHF	12/17/14		189,119		3,817
	USD/EUR	10/30/14		2,574,771		65,624
	USD/INR	10/14/14		121,717		2,283
	USD/MYR	10/29/14		304,832		1,142
	USD/NZD	11/13/14		31,154		293
	USD/NZD	12/17/14		175,544		10,860
	USD/PHP	10/14/14		30,257		743
	USD/SGD	12/17/14		99,708		1,670
	USD/TRY	12/17/14		60,016		1,984
	USD/TWD	10/17/14		123,705		1,295
	USD/TWD	10/20/14		123,907		1,093
Deutsche Bank AG	MXN/USD	12/17/14		64,215		214
	RUB/USD	11/17/14		15,580		32
	USD/AUD	12/17/14		227,111		9,204
	USD/BRL	10/27/14		39,362		592
	USD/CNH	12/17/14		762,183		1,817
	USD/EUR	12/17/14		60,660		1,514
	USD/GBP	10/22/14		116,553		1,759
	USD/IDR	10/31/14		49,906		866
	USD/INR	10/07/14		80,731		471
	USD/INR	10/29/14		95,097		903
	USD/KRW	10/14/14		121,291		2,709
	USD/KRW	10/22/14		18,324		195
	USD/KRW	10/23/14		43,531		469
	USD/MXN	12/17/14		441,508		6,892
	USD/MYR	10/07/14		384,253		8,502
	USD/NZD	12/17/14		250,191		4,998
	USD/PHP	10/14/14		30,263		737
	USD/PHP	10/20/14		61,107		893
	USD/RUB	11/17/14		131,527		8,817
	USD/SEK	12/17/14		116,633		2,212
	USD/SGD	12/17/14		143,671		2,695
	USD/TRY	12/17/14		118,476		4,524
	USD/TWD	10/20/14		12,151		85
Merrill Lynch & Co., Inc.	MXN/USD	10/31/14		41,959		206
Morgan Stanley Co., Inc.	TWD/USD	10/17/14		128,076		76
	USD/AUD	12/17/14		79,143		2,715
	USD/ILS	12/17/14		107,241		6,581
	USD/TRY	12/17/14		57,240		2,839
Royal Bank of Canada	USD/AUD	12/17/14		127,128		459
	USD/CAD	12/17/14		313,482		2,518
	USD/EUR	10/30/14		45,466		1,043
	USD/INR	10/14/14		19,015		272
	USD/JPY	12/17/14		62,026		474
	USD/TRY	12/17/14		55,087		2,782
Royal Bank of Scotland	USD/EUR	12/17/14		60,660		1,540
	USD/GBP	12/17/14		127,984		619
	USD/JPY	12/17/14		59,733		262
	USD/TRY	12/17/14		122,244		2,756
State Street Bank	AUD/USD	12/17/14		127,998		619
	EUR/USD	10/30/14		269,545		1,100
	USD/CHF	12/17/14		190,499		4,178
	USD/JPY	12/17/14		182,720		4,280
	USD/NZD	12/17/14		94,523		5,956
	USD/SEK	12/17/14		107,704		1,621

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Gain
UBS AG	NZD/USD	12/17/14	$	119,286	$	378
	USD/BRL	10/14/14		126,704		1,296
	USD/EUR	12/17/14		63,187		491
	USD/HUF	12/17/14		86,420		2,155
	USD/RUB	10/02/14		57,997		3,003
	USD/RUB	10/20/14		30,179		821
	USD/TRY	12/17/14		60,166		3,035
Westpac Banking Corp.	AUD/USD	12/17/14		191,561		501
	USD/AUD	12/17/14		285,951		11,063
	USD/CHF	12/17/14		234,143		4,857
	USD/EUR	10/30/14		77,088		1,772
	USD/EUR	12/17/14		244,435		5,792
	USD/MYR	10/20/14		58,562		1,150
	USD/NZD	12/17/14		114,639		6,977
	USD/SGD	12/17/14		125,388		2,365
TOTAL					$	387,646
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Loss
Bank of America, N.A.	EUR/CHF	12/17/14	$	128,902	$	(81	)
	EUR/GBP	12/17/14		117,528		(1,808	)
	EUR/NOK	12/17/14		121,320		(2,018	)
	EUR/USD	12/17/14		310,881		(5,024	)
	HUF/USD	12/17/14		62,809		(1,191	)
	NZD/USD	11/13/14		39,095		(499	)
Barclays Bank PLC	EUR/PLN	12/17/14		121,320		(856	)
	EUR/USD	12/17/14		60,660		(1,413	)
	ILS/USD	12/17/14		32,664		(991	)
	INR/USD	10/07/14		141,039		(1,726	)
	INR/USD	10/27/14		100,899		(1,819	)
	JPY/USD	12/17/14		327,993		(12,007	)
	MYR/USD	10/07/14		696,233		(20,183	)
	MYR/USD	10/20/14		50,919		(81	)
	MYR/USD	10/29/14		31,783		(217	)
	NZD/USD	12/17/14		58,094		(3,438	)
	PLN/USD	12/17/14		83,575		(2,743	)
	TWD/USD	10/27/14		63,577		(423	)
	USD/GBP	12/17/14		123,124		(443	)
BNP Paribas SA	AUD/USD	12/17/14		120,161		(4,478	)
	EUR/GBP	12/17/14		120,056		(3,207	)
	EUR/USD	12/17/14		58,132		(430	)
	GBP/USD	12/17/14		58,203		(1,480	)
	ILS/USD	12/17/14		91,812		(1,188	)
	INR/USD	10/14/14		29,718		(441	)
	JPY/USD	12/17/14		243,192		(5,808	)
	MYR/USD	10/03/14		50,070		(1,060	)
	PLN/USD	12/17/14		84,254		(1,940	)
	RUB/USD	10/02/14		58,013		(3,986	)
	SEK/USD	12/17/14		120,668		(2,332	)
Citibank NA	AUD/USD	12/17/14		185,466		(3,718	)
	EUR/CHF	12/17/14		120,056		(71	)
	EUR/GBP	12/17/14		60,660		(756	)
	IDR/USD	10/31/14		49,906		(1,945	)
	ILS/USD	12/17/14		54,623		(1,377	)
	JPY/USD	11/07/14		58,256		(230	)
	MXN/USD	12/17/14		119,020		(1,599	)
	MYR/USD	10/03/14		305,655		(946	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Loss
Citibank NA (continued)	NOK/EUR	12/17/14	$	128,718	$	(184	)
	NZD/USD	12/17/14		44,926		(1,774	)
	PHP/USD	10/20/14		31,990		(10	)
	PHP/USD	10/29/14		31,878		(122	)
Deutsche Bank AG	AUD/USD	12/17/14		119,290		(4,649	)
	CNH/USD	12/17/14		244,797		(1,203	)
	EUR/USD	12/17/14		393,025		(8,120	)
	IDR/USD	11/03/14		63,911		(89	)
	INR/USD	10/07/14		80,731		(440	)
	INR/USD	10/29/14		80,334		(566	)
	KRW/USD	10/14/14		63,903		(97	)
	MXN/USD	12/17/14		308,745		(5,643	)
	MYR/USD	10/20/14		31,872		(128	)
	PHP/USD	10/20/14		127,914		(86	)
	PLN/USD	12/17/14		104,170		(3,370	)
	RUB/USD	10/02/14		15,696		(820	)
	RUB/USD	10/17/14		30,094		(906	)
	RUB/USD	10/27/14		124,416		(3,583	)
	SEK/USD	11/06/14		32,100		(420	)
	SGD/USD	12/17/14		126,904		(1,096	)
	TRY/USD	12/17/14		104,981		(2,019	)
	USD/MXN	12/17/14		168,549		(549	)
	USD/RUB	10/02/14		15,712		(3	)
Merrill Lynch & Co., Inc.	EUR/USD	10/30/14		453,777		(9,132	)
Morgan Stanley Co., Inc.	AUD/USD	12/17/14		118,420		(4,523	)
	BRL/USD	10/14/14		38,473		(1,663	)
	BRL/USD	10/27/14		72,463		(1,537	)
	CHF/USD	12/17/14		60,698		(1,302	)
	EUR/CHF	12/17/14		121,320		(95	)
	EUR/HUF	12/17/14		30,330		(584	)
	EUR/USD	12/17/14		382,915		(2,012	)
	INR/USD	10/27/14		93,972		(1,515	)
	KRW/USD	10/27/14		62,758		(1,242	)
Royal Bank of Canada	CAD/USD	12/17/14		342,488		(5,653	)
	EUR/USD	10/30/14		722,208		(10,007	)
	EUR/USD	12/17/14		121,319		(2,283	)
	GBP/USD	12/17/14		123,124		(1,987	)
	JPY/USD	12/17/14		117,496		(5,504	)
	MXN/USD	10/31/14		165,066		(2,572	)
	MXN/USD	12/17/14		243,666		(4,588	)
Royal Bank of Scotland	NZD/USD	12/17/14		59,643		(2,547	)
	TRY/USD	12/17/14		298,316		(9,322	)
	USD/TRY	12/17/14		64,251		(251	)
State Street Bank	AUD/USD	12/17/14		60,951		(1,316	)
	EUR/GBP	12/17/14		59,396		(1,056	)
	EUR/USD	12/17/14		121,320		(2,656	)
	GBP/USD	12/17/14		121,504		(1,618	)
	JPY/USD	12/17/14		222,140		(1,860	)
UBS AG	BRL/USD	10/14/14		116,544		(7,456	)
	CHF/USD	12/17/14		60,645		(1,355	)
	EUR/USD	10/30/14		40,824		(693	)
	INR/USD	10/07/14		60,651		(1,060	)
	INR/USD	10/14/14		196,119		(2,131	)
	INR/USD	10/27/14		93,285		(1,419	)
	PLN/USD	12/17/14		84,553		(1,740	)
	RUB/USD	11/17/14		117,636		(8,654	)
Westpac Banking Corp.	AUD/USD	12/17/14		342,198		(9,433	)
	NZD/USD	12/17/14		284,490		(12,607	)
TOTAL					$	(253,203	)

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2014, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)
90 Day Eurodollar	(18)	March 2017	$	(4,390,875	)	$	5,729
90 Day Eurodollar	(24)	June 2017		(5,843,100	)		13,138
Euro-OAT Future	(2)	December 2014		(363,127	)		(1,070	)
2 Year U.S. Treasury Notes	(4)	December 2014		(875,375	)		196
5 Year U.S. Treasury Notes	2	December 2014		236,516			363
10 Year U.S. Treasury Notes	(23)	December 2014		(2,866,734	)		19,043
TOTAL						$	37,399

SWAP CONTRACTS — At September 30, 2014, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

						Market Value
Referenced Obligation	Notional Amount (000’s)		Rates Received (Paid)	Termination Date	Credit Spread at September 30, 2014(a)	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
CDX North America Investment Grade Index	$	4,125	(1.000)%	06/20/19	0.645%	$	(63,418	)	$	(3,776	)

(a) Credit spread on the Referenced Obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACT

							Market Value
Counterparty	Referenced Obligation	Notional Amount (000’s)		Rates Received (Paid)	Termination Date	Credit Spread at September 30, 2014(a)	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America, N.A.	People’s Republic of China, 4.250%, 10/28/14	$	30	(1.000)%	06/20/19	0.781%	$	(188	)	$	(79	)
			180	(1.000)	06/20/19	0.781		(1,079	)		(520	)
JPMorgan Chase Bank, N.A.	People’s Republic of China, 4.250%, 10/28/14		50	(1.000)	06/20/19	0.781		(324	)		(120	)
			1,200	(1.000)	06/20/19	0.781		(5,349	)		(5,311	)
TOTAL							$	(6,940	)	$	(6,030	)

(a) Credit spread on the Referenced Obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

					Rates Exchanged		Market Value
	Notional Amount (000’s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
	GBP	570	(a)	09/12/17	6 Month LIBOR	2.250%	$	1,260		$	(1,571	)
	JPY	181,860	(a)	02/12/19	6 Month LIBOR	0.420		(2,525	)		(5,069	)
	PLN	90		06/17/19	3.048%	6 Month WIBOR		471			468
		90		06/17/19	6 Month WIBOR	3.045		—			(935	)
	EUR	1,080	(a)	12/17/19	1.000	6 Month EURIBOR		32,694			2,294
	$	3,600	(a)	12/17/19	3 Month LIBOR	2.250		(32,268	)		1,311
	SEK	9,170	(a)	12/17/19	3 Month STIBOR	1.250		(10,244	)		1,992
	NZD	1,640	(a)	12/17/19	4.500	3 Month BBR		(3,359	)		8,472
	AUD	890	(a)	12/17/19	6 Month BBR	3.750		(9,664	)		(3,724	)
	GBP	240	(a)	12/17/19	6 Month LIBOR	2.250		(2,801	)		(344	)
		140	(a)	02/05/21	2.840	6 Month LIBOR		(66	)		3,663
		570	(a)	09/12/21	2.680	6 Month LIBOR		(7,400	)		8,473
	$	3,400	(a)	12/17/21	3 Month LIBOR	2.500		(14,510	)		(4,346	)
	EUR	110	(a)	12/17/21	6 Month EURIBOR	1.500		(6,985	)		(46	)
	JPY	159,000	(a)	12/17/21	6 Month LIBOR	0.500		(7,588	)		856
		255,930	(a)	02/12/22	1.080	6 Month LIBOR		5,800			18,393
	$	180	(a)	04/04/24	4.000	3 Month LIBOR		901			3,607
	AUD	240	(a)	09/17/24	4.500	6 Month BBR		207			—
	GBP	150	(a)	09/17/24	6 Month LIBOR	3.250		(2,013	)		—
	$	310	(a)	12/17/24	3 Month LIBOR	3.000		(5,085	)		(2,482	)
	CAD	160	(a)	12/17/24	3.000	3 Month BA		6,575			(2,268	)
	AUD	460	(a)	12/17/24	4.500	6 Month BBR		17,046			4,008
	NZD	510	(a)	12/17/24	5.000	3 Month BBR		7,707			5,011
	EUR	20	(a)	12/17/24	6 Month EURIBOR	2.000		(2,207	)		211
	JPY	269,760	(a)	12/17/24	6 Month LIBOR	0.750		(23,415	)		7,255
	GBP	140	(a)	12/17/24	6 Month LIBOR	3.000		(9,675	)		355
		580	(a)	12/18/24	3.250	6 Month LIBOR		4,970			2,198
	EUR	770	(a)	12/18/24	6 Month EURIBOR	2.000		1,099			(4,418	)
	JPY	203,000	(a)	02/14/25	6 Month LIBOR	1.720		(2,952	)		(18,895	)
	GBP	310	(a)	09/12/26	6 Month LIBOR	2.980		4,830			(7,965	)
	$	2,900	(a)	12/17/29	3 Month LIBOR	3.250		(55,781	)		(30,428	)
	GBP	80	(a)	02/05/36	6 Month LIBOR	3.500		(518	)		(9,367	)
	$	310	(a)	12/17/44	3.500	3 Month LIBOR		8,637			7,936
	GBP	280	(a)	12/17/44	6 Month LIBOR	3.250		(24,645	)		(8,732	)
TOTAL							$	(131,504	)	$	(24,087	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

				Rates Exchanged		Market Value
Counterparty	Notional Amount (000’s)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)		Unrealized Gain (Loss)
Bank of America, N.A.	KRW	693,840	08/06/24	3 Month LIBOR	2.970%	$	—	$	(16,244	)
JPMorgan Chase Bank, N.A.	BRL	226	01/04/21	12.330%	1 Day CDI		—		2,452
						$	—	$	(13,792	)

TAX INFORMATION — At September 30, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	16,933,589
Gross unrealized gain		61,199
Gross unrealized loss		(150,344	)
Net unrealized security loss	$	(89,145	)

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – 93.7%
	Australia – 4.3%
	590,757	Aurizon Holdings Ltd. (Transportation)	$    2,340,082
	111,701	Australia & New Zealand Banking Group Ltd. (Banks)	3,019,523
	256,847	Computershare Ltd. (Software & Services)	2,731,210
			8,090,815
	Belgium – 3.7%
	43,794	Anheuser-Busch InBev NV (Food, Beverage & Tobacco)	4,856,661
	13,995	Solvay SA (Materials)	2,149,403
			7,006,064
	China – 0.7%
	305,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)	1,255,102
	Denmark – 2.5%
	96,304	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	4,585,206
	France – 8.5%
	33,107	Air Liquide SA (Materials)	4,036,434
	14,851	Air Liquide SA-Prime De Fidelite (Materials)*	1,810,646
	46,993	Safran SA (Capital Goods)	3,046,731
	18,397	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)	2,080,161
	76,604	Total SA (Energy)	4,960,423
			15,934,395
	Germany – 7.5%
	20,113	Adidas AG (Consumer Durables & Apparel)	1,500,740
	32,300	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	4,494,165
	27,462	Bayerische Motoren Werke AG (Automobiles & Components)	2,934,981
	40,206	Beiersdorf AG (Household & Personal Products)	3,345,206
	40,159	GEA Group AG (Capital Goods)	1,744,652
			14,019,744
	India – 2.0%
	43,845	Hero MotoCorp Ltd. (Automobiles & Components)	2,011,276
	121,076	Thermax Ltd. (Capital Goods)	1,799,770
			3,811,046
	Ireland – 3.0%
	7,351,375	Bank of Ireland (Banks)*	2,877,590
	37,587	Kerry Group PLC Class A (Food, Beverage & Tobacco)	2,650,013
			5,527,603

Shares		Description	Value
	Common Stocks – (continued)
	Italy – 1.9%
	1,173,398	Intesa Sanpaolo SpA (Banks)	$    3,542,167
	Japan – 15.3%
	101,100	Credit Saison Co. Ltd. (Diversified Financials)	1,948,159
	198,000	Ebara Corp. (Capital Goods)	1,186,925
	112,000	Fujitec Co. Ltd. (Capital Goods)	1,222,486
	94,700	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	3,077,317
	31,600	KDDI Corp. (Telecommunication Services)	1,900,937
	134,000	Kubota Corp. (Capital Goods)	2,121,673
	801,800	Mitsubishi UFJ Financial Group, Inc. (Banks)	4,518,716
	50,500	Nidec Corp. (Capital Goods)	3,412,647
	62,900	Pola Orbis Holdings, Inc. (Household & Personal Products)	2,468,026
	375,000	Sumitomo Osaka Cement Co. Ltd. (Materials)	1,231,169
	359,600	Tokyu Fudosan Holdings Corp. (Real Estate)	2,468,900
	137,400	Unicharm Corp. (Household & Personal Products)	3,131,541
			28,688,496
	Luxembourg – 0.7%
	40,169	SES SA FDR (Media)	1,388,883
	Netherlands – 4.1%
	263,090	Aegon NV (Insurance)	2,166,337
	143,403	Royal Dutch Shell PLC Class A (Energy)	5,480,921
			7,647,258
	Russia – 1.1%
	8,578	Magnit OJSC (Food & Staples Retailing)*	2,144,953
	Singapore – 1.5%
	187,921	DBS Group Holdings Ltd. (Banks)	2,710,296
	South Korea – 2.1%
	53,560	Hana Financial Group, Inc. (Banks)	1,949,426
	37,859	Kia Motors Corp. (Automobiles & Components)	1,922,823
			3,872,249
	Spain – 3.9%
	258,303	Banco Bilbao Vizcaya Argentaria SA (Banks)	3,108,799
	188,702	Banco Popular Espanol SA (Banks)	1,150,951
	431,388	Iberdrola SA (Utilities)	3,083,516
			7,343,266

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Sweden – 4.6%
	61,187	Hennes & Mauritz AB (Retailing)	$    2,530,082
	81,339	Svenska Cellulosa AB SCA (Household & Personal Products)	1,932,705
	191,022	Telefonaktiebolaget LM Ericsson (Technology Hardware & Equipment)	2,408,572
	153,458	Volvo AB (Capital Goods)	1,660,247
			8,531,606
	Switzerland – 12.6%
	149,065	Credit Suisse Group AG (Registered) (Diversified Financials)*	4,123,981
	53,305	Julius Baer Group Ltd. (Diversified Financials)*	2,382,053
	81,226	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	7,648,921
	10,653	Syngenta AG (Registered) (Materials)	3,373,227
	220,250	UBS AG (Registered) (Diversified Financials)*	3,828,568
	40,857	Wolseley PLC (Capital Goods)	2,140,048
			23,496,798
	Taiwan – 1.3%
	161,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)	2,384,363
	United Kingdom – 12.4%
	197,517	BG Group PLC (Energy)	3,646,331
	194,847	Drax Group PLC (Utilities)	2,035,456
	134,273	HSBC Holdings PLC (Banks)	1,364,387
	452,292	ITV PLC (Media)	1,518,650
	464,258	Melrose Industries PLC (Capital Goods)	1,858,256
	55,912	Rio Tinto PLC (Materials)	2,739,681
	34,434	Spirax-Sarco Engineering PLC (Capital Goods)	1,571,253
	97,623	Standard Chartered PLC (Banks)	1,800,642
	171,487	Tullow Oil PLC (Energy)	1,787,939
	1,506,812	Vodafone Group PLC (Telecommunication Services)	4,965,285
			23,287,880
	TOTAL COMMON STOCKS		$175,268,190

Shares		Description	Value
	Exchange Traded Fund – 4.7%
	Japan – 4.7%
	745,778	iShares MSCI Japan Fund	$    8,777,807

Units		Description	Expiration Month	Value
	Right – 0.0%
	Spain – 0.0%
	258,303	Banco Bilbao Vizcaya Argentaria SA (Banks)*	10/14	$         25,774
	TOTAL INVESTMENTS – 98.4%			$184,071,771
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%			3,060,859
	NET ASSETS – 100.0%			$187,132,630

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 Abbreviation:
FDR	— Fiduciary Depositary Receipt

For information on the mutual funds, please call our

toll-free Shareholder Services Line at 1-800-526-7384

or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At September 30, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	178,850,965
Gross unrealized gain		17,404,358
Gross unrealized loss		(12,183,552	)
Net unrealized security gain	$	5,220,806

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.8%
	Banks – 5.4%
	164,293	JPMorgan Chase & Co.	$    9,897,010
	35,814	The PNC Financial Services Group, Inc.	3,064,962
	200,664	Wells Fargo & Co.	10,408,442
			23,370,414
	Capital Goods – 8.3%
	45,376	3M Co.	6,428,872
	20,478	Caterpillar, Inc.	2,027,936
	72,558	Danaher Corp.	5,512,957
	15,030	Emerson Electric Co.	940,577
	402,707	General Electric Co.	10,317,353
	59,530	Illinois Tool Works, Inc.	5,025,523
	50,369	Raytheon Co.	5,118,498
	4,602	SPX Corp.	432,266
			35,803,982
	Consumer Durables & Apparel – 2.0%
	69,202	Garmin Ltd.(a)	3,597,812
	12,167	Newell Rubbermaid, Inc.	418,666
	474	NVR, Inc.*	535,630
	27,542	Whirlpool Corp.	4,011,492
			8,563,600
	Consumer Services – 3.1%
	101,611	Carnival Corp.	4,081,714
	64,274	Royal Caribbean Cruises Ltd.	4,324,997
	70,804	Yum! Brands, Inc.	5,096,472
			13,503,183
	Diversified Financials – 3.6%
	13,623	Berkshire Hathaway, Inc. Class B*	1,881,881
	66,989	Capital One Financial Corp.	5,467,642
	102,314	The NASDAQ OMX Group, Inc.	4,340,160
	98,644	Voya Financial, Inc.	3,856,981
			15,546,664
	Energy – 12.0%
	18,628	Baker Hughes, Inc.	1,211,937
	62,530	Chesapeake Energy Corp.	1,437,565
	80,041	Chevron Corp.	9,550,492
	60,877	ConocoPhillips	4,658,308
	150,516	Exxon Mobil Corp.	14,156,030
	2,908	HollyFrontier Corp.	127,021
	58,014	Marathon Petroleum Corp.	4,912,045
	24,880	Nabors Industries Ltd.	566,269
	14,028	National Oilwell Varco, Inc.	1,067,531
	57,153	Occidental Petroleum Corp.	5,495,261
	20,509	Phillips 66	1,667,587
	45,213	Tesoro Corp.	2,757,089
	91,200	Valero Energy Corp.	4,219,824
			51,826,959
	Food & Staples Retailing – 2.8%
	51,617	CVS Health Corp.	4,108,197
	12,011	The Kroger Co.	624,572
	95,617	Wal-Mart Stores, Inc.	7,311,832
			12,044,601

Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – 2.2%
	140,841	Altria Group, Inc.	$    6,470,236
	18,488	Pilgrim’s Pride Corp.*	564,993
	65,424	Tyson Foods, Inc. Class A	2,575,743
			9,610,972
	Health Care Equipment & Services – 2.2%
	61,624	Aetna, Inc.	4,991,544
	1,459	Cigna Corp.	132,317
	34,879	WellPoint, Inc.	4,172,226
			9,296,087
	Household & Personal Products – 1.6%
	50,234	Kimberly-Clark Corp.	5,403,671
	15,404	The Procter & Gamble Co.	1,289,931
			6,693,602
	Insurance – 3.0%
	33,463	Allied World Assurance Co. Holdings AG	1,232,777
	41,166	Aspen Insurance Holdings Ltd.	1,760,670
	6,643	Assurant, Inc.	427,145
	53,309	Reinsurance Group of America, Inc.	4,271,650
	55,262	The Travelers Companies, Inc.	5,191,312
			12,883,554
	Materials – 0.6%
	12,012	Ball Corp.	759,999
	13,540	Praxair, Inc.	1,746,660
			2,506,659
	Media – 4.8%
	142,104	Comcast Corp. Class A	7,626,822
	14,470	DIRECTV*	1,251,944
	8,600	Time Warner Cable, Inc.	1,234,014
	71,607	Time Warner, Inc.	5,385,562
	65,599	Viacom, Inc. Class B	5,047,187
			20,545,529
	Pharmaceuticals, Biotechnology & Life Sciences – 13.3%
	111,471	AbbVie, Inc.(b)	6,438,565
	18,777	Biogen Idec, Inc.*	6,211,619
	45,697	Bristol-Myers Squibb Co.	2,338,773
	66,257	Celgene Corp.*	6,279,838
	78,426	Gilead Sciences, Inc.*	8,348,448
	95,327	Johnson & Johnson	10,160,905
	144,109	Merck & Co., Inc.	8,542,782
	302,176	Pfizer, Inc.	8,935,344
			57,256,274
	Real Estate – 1.2%
	32,050	American Tower Corp. (REIT)	3,000,842
	25,599	Crown Castle International Corp. (REIT)	2,061,487
	7,341	Hospitality Properties Trust (REIT)	197,106
			5,259,435
	Retailing – 3.9%
	9,333	Amazon.com, Inc.*	3,009,332
	5,144	Bed Bath & Beyond, Inc.*	338,630

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	75,136	GameStop Corp. Class A(a)	$    3,095,603
	105,897	Lowe’s Companies, Inc.	5,604,069
	111,123	The Gap, Inc.	4,632,718
	162	The Priceline Group, Inc.*	187,690
			16,868,042
	Semiconductors & Semiconductor Equipment – 1.7%
	51,727	Micron Technology, Inc.*	1,772,167
	117,312	Texas Instruments, Inc.	5,594,609
			7,366,776
	Software & Services – 9.9%
	59,098	Adobe Systems, Inc.*	4,088,991
	46,499	CA, Inc.	1,299,182
	109,790	eBay, Inc.*	6,217,408
	49,930	Electronic Arts, Inc.*	1,778,007
	2,928	Google, Inc. Class A*	1,722,864
	8,895	Google, Inc. Class C*	5,135,617
	730	International Business Machines Corp.	138,576
	243,239	Microsoft Corp.	11,276,560
	191,496	Oracle Corp.	7,330,467
	268,016	Xerox Corp.	3,545,852
			42,533,524
	Technology Hardware & Equipment – 11.2%
	181,750	Apple, Inc.	18,311,312
	128,364	Corning, Inc.	2,482,560
	91,376	EMC Corp.	2,673,662
	146,547	Flextronics International Ltd.*	1,512,365
	162,357	Hewlett-Packard Co.	5,758,803
	97,226	QUALCOMM, Inc.	7,269,588
	23,935	SanDisk Corp.	2,344,433
	53,399	Seagate Technology PLC	3,058,161
	49,880	Western Digital Corp.	4,854,322
			48,265,206
	Telecommunication Services – 1.4%
	89,053	AT&T, Inc.(b)	3,138,228
	50,204	CenturyLink, Inc.	2,052,841
	14,940	Verizon Communications, Inc.	746,851
			5,937,920
	Transportation – 2.9%
	57,943	CSX Corp.	1,857,653
	139,177	Delta Air Lines, Inc.	5,031,249
	7,718	FedEx Corp.	1,246,071
	122,111	Southwest Airlines Co.	4,123,688
	3,428	Union Pacific Corp.	371,664
			12,630,325
	Utilities – 0.7%
	40,100	Entergy Corp.	3,100,933
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE		$421,414,241

Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle(c)(d) – 1.4%
Goldman Sachs Financial Square Money Market Fund — FST Shares
6,097,500	0.053%	$    6,097,500
TOTAL INVESTMENTS – 99.2%		$427,511,741
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%		3,241,769
NET ASSETS – 100.0%		$430,753,510

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2014.
(d)	Represents an affiliated issuer.

Investment Abbreviation:
REIT	— Real Estate Investment Trust
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS VARIABLE INSURANCE TRUST U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2014, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
S&P 500 E-mini Index	41	December 2014	$	4,029,275	$	(22,110	)

TAX INFORMATION — At September 30, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	402,965,860
Gross unrealized gain		30,162,573
Gross unrealized loss		(5,616,692	)
Net unrealized security gain	$	24,545,881

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — The Funds’ and Portfolio’s valuation policy (except VIT Money Market Fund) is to value investments at fair value.

It is the Money Market Fund’s policy to use the amortized-cost method permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Act”), which approximates market value, for valuing portfolio securities. Under this method, all investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue, as an adjustment to interest income. Under procedures and tolerance established by the Trustees, Goldman Sachs Asset Management, L.P. (“GSAM”) evaluated the difference between the Fund’s net asset value (“NAV”) based upon the amortized cost of the Fund’s securities and the NAV based upon available market quotations (or permitted substitutes).

Investments and Fair Value Measurements — The fair value of a financial instrument is 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). Accounting principles generally accepted in the United States of America (“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 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 or Goldman Sachs Asset Management International (“GSAMI”) assumptions in determining fair value measurement).

The Trustees have adopted Valuation Procedures that govern the valuation of the portfolio investments held by the Funds and the Portfolio, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM or GSAMI day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ and the Portfolio’s portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM or GSAMI 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 and investment companies 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 no sale occurs, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. 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.

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. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under 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 FUNDS

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Underlying Funds — Investments in the Underlying Funds are valued at the NAV per share of the Institutional Share class of each Underlying Fund on the day of valuation. Because the Portfolio invests primarily in other mutual funds that fluctuate in value, the Portfolio’s shares will correspondingly fluctuate in value. These investments are generally classified as Level 1 of the fair value hierarchy.

The Underlying Funds may invest in debt securities which, if market quotations are readily available, are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value. With the exception of treasury securities of G8 countries (not held in money market funds), which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

The Underlying Funds may invest in equity securities and investment companies. Investments in equity securities and investment companies 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 no sale occurs, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. 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.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value. With the exception of treasury securities of G8 countries (not held in money market funds), which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

ii. Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold.

iii. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

iv. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement which may result in a realized gain or loss.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors.

Exchange-traded derivatives, including futures contracts, 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 counterparty prices, and the change in value, if any, is recorded as an unrealized gain or loss.

A forward foreign currency contract is a forward contract in which a 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 at the applicable forward rate. 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 and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. 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. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”)(“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.

i. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation, income payments, events of default and maintenance of securities for repurchase agreements. A MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Fund, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

JOINT REPURCHASE AGREEMENT ACCOUNT III — At September 30, 2014, the Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of October 1, 2014, as follows:

Principal Amount	Maturity Value	Collateral Value
$36,200,000	$36,200,015	$37,229,037

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

REPURCHASE AGREEMENTS — At September 30, 2014, the Principal Amounts of the Money Market Fund’s interest in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate			Principal Amount
ABN Amro Bank N.V.		0.020	%	$	18,886,957
Credit Agricole Corporate and Investment Bank		0.010			17,313,043
TOTAL				$	36,200,000

At September 30, 2014, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.500 to 5.000	%		08/01/26 to 09/01/44
Federal National Mortgage Association		2.500 to 6.000			10/15/15 to 10/01/44
Government National Mortgage Association		4.500 to 5.000			07/15/39 to 12/20/43
U.S. Treasury Bond		3.750			08/15/41
U.S. Treasury Inflation-Indexed Note		1.875			07/15/15
U.S. Treasury Notes		1.250 to 2.250			04/30/16 to 05/31/21

B. Level 3 Fair Value Investments — To the extent that the aforementioned significant inputs 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 the Funds’ and the Portfolio’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 and the Portfolio’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Funds’ and Portfolio’s investments and derivatives classified in the fair value hierarchy as of September 30, 2014. For the Money Market Fund, all investments are classified as Level 2. Please refer to the Schedule of Investments for further detail.

CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	28,781,453		$	—
Mortgage-Backed Obligations		—			36,348,281			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		26,027,568			5,897,304			—
Asset-Backed Securities		—			7,731,118			—
Foreign Debt Obligations		2,084,004			1,775,014			—
Municipal Debt Obligations		—			1,454,203			—
Government Guarantee Obligations		—			1,857,025			—
Total	$	28,111,572		$	83,844,398		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(2,956,641	)	$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	333,138		$	—
Futures Contracts		95,688			—			—
Interest Rate Swaps		—			31,734			—
Total	$	95,688		$	364,872		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(220,888	)	$	—
Futures Contracts		(15,845	)		—			—
Interest Rate Swaps		—			(15,476	)		—
Total	$	(15,845	)	$	(236,364	)	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

EQUITY INDEX
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	187,181,461		$	—	$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		99,998			—		—
Total	$	187,281,459		$	—	$	—
Derivative Type
Liabilities(a)
Futures Contracts	$	(8,404	)	$	—	$	—
GLOBAL MARKETS NAVIGATOR
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Obligations and/or Other U.S. Government Agencies	$	30,503,917		$	25,907,547	$	—
Exchange Traded Fund		117,906,365			—		—
Investment Company		26,196,427			—		—
Total	$	174,606,709		$	25,907,547	$	—
Derivative Type
Assets(a)
Futures Contracts	$	1,168,047		$	—	$	—
GROWTH OPPORTUNITIES
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	194,149,499		$	—	$	—
HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	46,781,048	$	—
Asset-Backed Securities		—			26,857,072		—
Total	$	—		$	73,638,120	$	—
Derivative Type
Assets(a)
Futures Contracts	$	78,185		$	—	$	—
Liabilities(a)
Futures Contracts	$	(49,596	)	$	—	$	—
LARGE CAP VALUE
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	1,000,823,967		$	—	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

MID CAP VALUE
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	995,184,395		$	—		$	—
MULTI-STRATEGY ALTERNATIVES
Investment Type	Level 1			Level 2			Level 3
Assets
Equity Underlying Funds	$	375,502		$	—		$	—
Fixed Income Underlying Funds		1,944,652			—			—
Exchange Traded Funds		178,045			—			—
Total	$	2,498,199		$	—		$	—
SMALL CAP EQUITY INSIGHTS
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	99,900,434		$	—		$	—
Securities Lending Reinvestment Vehicle		7,729,489			—			—
Total	$	107,629,923		$	—		$	—
Derivative Type
Liabilities(a)
Futures Contracts	$	(62,252	)	$	—		$	—
STRATEGIC GROWTH
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	505,389,144		$	—		$	—
STRATEGIC INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,585,640		$	—
Mortgage-Backed Obligations		—			2,588,804			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		7,152,906			—			—
Asset-Backed Securities		—			2,788,807			—
Foreign Debt Obligations		314,037			1,713,790			—
Municipal Debt Obligations		—			478,114			—
Bank Loan Obligations		—			222,346			—
Total	$	7,466,943		$	9,377,501		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	387,646		$	—
Futures Contracts		38,469			—			—
Interest Rate Swaps		—			78,955			—
Total	$	38,469		$	466,601		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(253,203	)	$	—
Futures Contracts		(1,070	)		—			—
Credit Default Swaps		—			(9,806	)		—
Interest Rate Swaps		—			(116,834	)		—
Total	$	(1,070	)	$	(379,843	)	$	—

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

STRATEGIC INTERNATIONAL EQUITY
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stocks and/or Other Equity Investments(b)
Asia	$	8,777,807		$	44,866,505	$	—
Australia		—			8,090,815		—
Europe		—			122,336,644		—
North America		—			—		—
Total	$	8,777,807		$	175,293,964	$	—
U.S. EQUITY INSIGHTS
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	421,414,241		$	—	$	—
Securities Lending Reinvestment Vehicle		6,097,500			—		—
Total	$	427,511,741		$	—	$	—
Derivative Type
Liabilities(a)
Futures Contracts	$	(22,110	)	$	—	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

For further information regarding security characteristic see the Schedule of Investments.

Securities Lending — Pursuant to exemptive relief granted by SEC and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a 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.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Money Market Fund (“Money Market Fund”), an affiliated series of the Trust. The 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 an investment advisory fee of up to 0.205% on an annualized basis of the average daily net assets of the Money Market Fund.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities.

The Funds’ and Portfolio’s risks include, but are not limited to, the following:

Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be

GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

subject to little or no regulatory oversight or independent evaluation of their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Large Shareholder Transactions Risk — A Fund, Portfolio, and Underlying Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund, Portfolio, and Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund, Portfolio, and Underlying Fund. Such large shareholder redemptions may cause a Fund, Portfolio, and Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s, Portfolio’s, and Underlying Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s, Portfolio’s, and Underlying Fund’s performance to the extent that a Fund, Portfolio, and Underlying Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. 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 the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in a Fund’s, Portfolio’s, and Underlying Fund’s expense ratio.

Interest Rate Risk — In a declining interest rate environment, low yields on the Money Market Fund’s holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders. As a result, GSAM and/or Goldman Sachs may voluntarily agree to waive certain fees (such as distribution and service, transfer agency and management fees) which can fluctuate daily.

Investments in the Underlying Funds — The investments of a Portfolio are concentrated in the Underlying Funds, and the Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. A Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. A Portfolio that has a relative concentration of its portfolio in a single Underlying Fund may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange traded fund (“ETF”), a Fund, Portfolio, and Underlying Fund will directly bear its proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by a Fund, Portfolio, and Underlying 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.

Liquidity Risk — The Funds and 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 will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. 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 mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, the Funds, Portfolio, and Underlying trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds, Portfolio, and Underlying 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 Funds, Portfolio, and Underlying Funds have unsettled or open transactions defaults.

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 and less economic, political and social stability in the countries in which the Funds, Portfolio, and Underlying invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. 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 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 Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Item 2. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days of the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Separate certifications for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Goldman Sachs Variable Insurance Trust
By (Signature and Title)*	/s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER
Date November 26, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER
Date November 26, 2014
By (Signature and Title)*	/s/ SCOTT McHUGH, PRINCIPAL FINANCIAL OFFICER
Date November 26, 2014

* Print the name and title of each signing officer under his or her signature.